San Juan FHA Loan Rates, Closing Costs & Stats

SAN JUAN-BAYAMÓN-CAGUAS, PR

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    San Juan's 28 lenders originated 4,435 FHA loans during 2023. The total origination value was $654,975,000, with an average FHA loan value of $147,683.

    San Juan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in San Juan averaged 6.47% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    San Juan's average FHA mortgage closing costs are $8,221.

    The average rate for the prior week (2024-04-05) was 6.6% and one month ago for the week of 2024-03-08, the average rate was 6.44%.

    The average rate one year ago was 5.87%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.26%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    San Juan FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the San Juan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    THE MONEY HOUSE INC. 594 6.56% $8,876
    FIRSTBANK PUERTO RICO 366 5.39% $10,792
    Banco Popular de Puerto Rico 348 5.17% $13,654
    FIRST EQUITY MORTGAGE BANKERS, INC. 304 6.45% $9,440
    METRO ISLAND MORTGAGE, INC. 288 6.49% $10,205
    Oriental Bank 284 5.69% $8,947
    PREFERRED MORTGAGE CORPORATION 278 6.41% $9,395
    TRUST MORTGAGE, CORP 223 6.24% $9,808
    HOME MORTGAGE BANKERS CORP. 194 6.80% $10,959
    HR MORTGAGE CORP. 169 6.48% $8,795
    VIG MORTGAGE CORPORATION 162 6.79% $9,554
    SUN WEST MORTGAGE COMPANY, INC. 150 6.46% $10,528
    E.M.I. EQUITY MORTGAGE, INC. 147 6.46% $8,036
    Rf Mortgage & Investment Corp 117 6.68% $11,587
    RM ACTUAL MORTGAGE, INC. 100 6.61% $8,274
    COOPERATIVA DE AHORRO Y CREDITO LA PUERTORRIQUEÑA 95 6.90% $10,283
    Senior Mortgage Bankers Inc 53 6.57% $10,873
    MULTIPLES MORTGAGE CORPORATION 41 6.93% $9,631
    Capital Mortgage Services Corp. 38 7.31% $9,945
    CROSSCOUNTRY MORTGAGE, LLC 24 6.47% $16,964
    COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA 13 6.73% $7,303
    Cooperativa A/C Oriental 10 6.48% $8,255
    EVERETT FINANCIAL, INC. 9 6.78% $12,292
    Equity Prime Mortgage LLC 8 7.06% $14,052
    CALCON MUTUAL MORTGAGE LLC 5 6.48% $13,333
    PLANET HOME LENDING, LLC 2 7.31% $11,369
    The Lending Center Corporation 2 5.75% $15,485
    COOPERATIVA DE AHORRO Y CREDITO DE MANATI INC. 1 6.50% $6,743

    The top San Juan FHA lender as defined by loan originations is THE MONEY HOUSE INC., with 594 FHA loans originated. Their average total fees are $8,876, which is $1,916 lower than the next largest lender, FIRSTBANK PUERTO RICO.

    The lowest fee San Juan FHA lenders (with over 10 loans originated) are COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA ($7,303), E.M.I. EQUITY MORTGAGE, INC. ($8,036), Cooperativa A/C Oriental ($8,255), RM ACTUAL MORTGAGE, INC. ($8,274) and HR MORTGAGE CORP. ($8,795).

    The lowest rate San Juan FHA lenders (with over 10 loans originated) are Banco Popular de Puerto Rico (5.17%), FIRSTBANK PUERTO RICO (5.39%), Oriental Bank (5.69%), TRUST MORTGAGE, CORP (6.24%) and PREFERRED MORTGAGE CORPORATION (6.41%).

    San Juan FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SAN JUAN-BAYAMON-CAGUAS, PR AGUAS BUENAS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR AIBONITO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR BARCELONETA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR BARRANQUITAS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR BAYAMON 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CAGUAS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CANOVANAS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CAROLINA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CATANO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CAYEY 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CEIBA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CIALES 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR CIDRA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR COMERIO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR COROZAL 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR DORADO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR FAJARDO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR FLORIDA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR GUAYNABO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR GURABO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR HUMACAO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR JUNCOS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR LAS PIEDRAS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR LOIZA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR LUQUILLO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR MANATI 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR MAUNABO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR MOROVIS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR NAGUABO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR NARANJITO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR OROCOVIS 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR RIO GRANDE 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR SAN JUAN 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR SAN LORENZO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR TOA ALTA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR TOA BAJA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR TRUJILLO ALTO 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR VEGA ALTA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR VEGA BAJA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR YABUCOA 2022 $420,680 $538,650 $651,050 $809,150
    SAN JUAN-BAYAMON-CAGUAS, PR AGUAS BUENAS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR AIBONITO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR BARCELONETA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR BARRANQUITAS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR BAYAMON 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CAGUAS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CANOVANAS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CAROLINA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CATANO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CAYEY 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CEIBA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CIALES 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR CIDRA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR COMERIO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR COROZAL 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR DORADO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR FAJARDO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR FLORIDA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR GUAYNABO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR GURABO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR HUMACAO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR JUNCOS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR LAS PIEDRAS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR LOIZA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR LUQUILLO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR MANATI 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR MAUNABO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR MOROVIS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR NAGUABO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR NARANJITO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR OROCOVIS 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR RIO GRANDE 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR SAN JUAN 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR SAN LORENZO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR TOA ALTA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR TOA BAJA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR TRUJILLO ALTO 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR VEGA ALTA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR VEGA BAJA 2023 $472,030 $604,400 $730,525 $907,900
    SAN JUAN-BAYAMON-CAGUAS, PR YABUCOA 2023 $472,030 $604,400 $730,525 $907,900

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).