Sebastian FHA Loan Rates, Closing Costs & Stats

Sebastian-Vero Beach, FL

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.

Sebastian's 105 lenders originated 571 FHA loans during 2022. The total origination value was $144,975,000, with an average FHA loan value of $253,897.

Sebastian FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sebastian averaged -0.74% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Sebastian's average FHA mortgage closing costs are $7,918.

The average rate for the prior week (2024-02-16) was 6.29% and one month ago for the week of 2024-01-19, the average rate was 5.74%.

The average rate one year ago was 5.9%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.62%.

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

Sebastian 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 Sebastian level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CALIBER HOME LOANS, INC. 68 4.71% $10,445
UNITED WHOLESALE MORTGAGE, LLC 45 4.72% $11,042
QUICKEN LOANS, LLC 43 4.41% $11,256
CROSSCOUNTRY MORTGAGE, LLC 16 5.04% $12,175
PENNYMAC LOAN SERVICES, LLC 16 4.11% $10,660
CARDINAL FINANCIAL 14 5.09% $9,781
LOANDEPOT.COM, LLC 14 4.51% $11,177
BAYSHORE MORTGAGE FUNDING, LLC 14 5.22% $12,571
DHI MORTGAGE COMPANY, LTD. 11 4.22% $11,769
MOVEMENT MORTGAGE, LLC 10 5.13% $12,194
FREEDOM MORTGAGE CORPORATION 10 4.53% $9,217
EMM LOANS LLC 9 5.04% $13,435
RADIUS FINANCIAL GROUP INC. 8 4.80% $11,298
Paramount Residential Mortgage Group, Inc. 7 5.73% $13,327
FBC MORTGAGE, LLC 6 4.96% $11,682
LAKEVIEW LOAN SERVICING, LLC 6 4.15% $8,589
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.32% $12,303
EVERETT FINANCIAL, INC. 5 5.38% $8,175
ACOPIA, LLC 5 4.70% $11,383
Mr. Cooper ( Nationstar Mortgage ) 5 4.48% $11,502
Carrington Mortgage Services, LLC 5 5.00% $10,942
THE MORTGAGE FIRM, INC. 5 5.35% $12,305
Mortgage Lenders Investment Trading Corporation 5 4.05% $8,740
GUARANTEED RATE, INC. 4 5.02% $12,705
South State Bank 4 4.59% $10,424
Equity Prime Mortgage LLC 4 5.56% $10,102
NVR Mortgage Finance, Inc. 4 3.66% $13,286
Flagstar Bank, FSB 4 5.72% $9,556
AMERISAVE MORTGAGE CORPORATION 4 4.94% $18,944
MY MORTGAGE, INC. 4 6.03% $14,312
ACADEMY MORTGAGE CORPORATION 3 4.00% $10,226
Northpointe Bank 3 4.50% $9,838
NFM, INC. 3 6.33% $14,740
JPMorgan Chase Bank 3 5.58% $7,789
TOTAL MORTGAGE SERVICES, LLC 3 5.04% $13,740
Plains Commerce Bank 3 4.83% $11,440
Pacific Lending LLC 3 5.67% $11,405
HOME POINT FINANCIAL CORPORATION 3 4.54% $11,161
MID AMERICA MORTGAGE, INC. 2 4.56% $8,184
Bank of England 2 6.25% $11,950
BROKER SOLUTIONS, INC. 2 5.63% $11,259
Century Mortgage Company DBA Century Lending Company 2 6.00% $13,279
COLUMBUS CAPITAL LENDING, LLC 2 4.94% $13,607
First Federal Bank 2 5.00% $13,467
GENEVA FINANCIAL, LLC 2 5.13% $11,235
Ixonia Bank 2 4.13% $8,710
J. VIRGIL, INC. 2 4.69% $10,262
LOANPAL, LLC 2 4.19% $13,378
Nations Lending Corporation 2 4.94% $12,510
NEW DAY FINANCIAL, LLC 2 4.93% $8,684
OCMBC, INC. 2 4.94% $11,224
PLANET HOME LENDING, LLC 2 3.25% $10,058
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.94% $13,141
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.94% $11,874
Prosperity Home Mortgage, LLC 2 5.06% $10,887
PULTE MORTGAGE LLC 2 5.44% $12,810
RELIANCE FIRST CAPITAL, LLC 2 3.56% $12,902
SUCCESS MORTGAGE PARTNERS, INC. 2 3.94% $11,539
UNITED MORTGAGE CORP 2 4.75% $11,200
VILLAGE CAPITAL MORTGAGE 2 3.06% $2,669
NATIONS DIRECT MORTGAGE, LLC 1 5.38% $19,358
SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $9,492
NBKC BANK 1 4.88% $8,586
NETWORK CAPITAL FUNDING CORPORATION 1 6.63% $14,955
SWBC MORTGAGE CORPORATION 1 4.00% $10,774
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 4.63% $11,955
First Guaranty Mortgage Corporation 1 3.25% $9,383
NP, Inc. 1 4.75% $12,728
FIRST EQUITY MORTGAGE BANKERS, INC. 1 4.63% $10,913
TD Bank 1 4.88% $8,072
Old National Bank 1 3.88% $7,731
OPEN MORTGAGE, LLC 1 5.63% $14,763
Financial Freedom Mortgage, LLC 1 3.50% $14,581
FAIRWAY FUNDING GROUP, INC. 1 5.75% $12,130
CityWorth Mortgage LLC 1 4.25% $14,263
PHH Mortgage Corporation 1 4.63% $11,715
Christensen Financial, Inc. 1 3.63% $8,813
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.13% $17,213
PLAZA HOME MORTGAGE, INC. 1 4.63% $16,030
TOP FLITE FINANCIAL, INC. 1 4.25% $9,505
AMERICAN FINANCING CORPORATION 1 4.25% $13,530
TOWNE MORTGAGE COMPANY 1 4.99% $11,069
Waterstone Mortgage Corporation 1 6.63% $15,644
CERTAINTY HOME LOANS, LLC 1 5.25% $8,039
CASTLE & COOKE MORTGAGE, LLC 1 6.25% $9,535
Alcova Mortgage LLC 1 3.88% $4,525
ROSS MORTGAGE CORPORATION 1 5.25% $0
RUOFF MORTGAGE COMPANY, INC. 1 5.25% $5,913
Seacoast National Bank 1 3.75% $12,735
SHELTER MORTGAGE COMPANY, L.L.C. 1 3.50% $8,255
Bank of America 1 5.63% $8,363
VERITAS FUNDING, LLC 1 5.25% $20,829
LIBERTY HOME MORTGAGE CORPORATION 1 3.75% $7,641
JMAC LENDING, INC. 1 3.88% $9,172
Summit Mortgage Corporation 1 6.25% $13,613
Loan Simple, Inc. 1 7.00% $18,873
MICHIGAN MUTUAL, INC. 1 7.13% $14,549
ABSOLUTE HOME MORTGAGE CORPORATION 1 6.63% $9,069
MILEND, INC. 1 5.25% $16,452
INTELLILOAN, INC. 1 4.25% $9,406
Mortgage Research Center, LLC 1 4.38% $6,047
GUARANTY HOME MORTGAGE CORPORATION 1 5.00% $11,901
GUARANTEED RATE AFFINITY, LLC 1 5.60% $9,567
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $22,220
GSF Mortgage Corporation 1 3.50% $5,624

The top Sebastian FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 68 FHA loans originated. Their average total fees are $10,445, which is $597 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Sebastian FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($9,217), CARDINAL FINANCIAL ($9,781), CALIBER HOME LOANS, INC. ($10,445), PENNYMAC LOAN SERVICES, LLC ($10,660) and UNITED WHOLESALE MORTGAGE, LLC ($11,042).

The lowest rate Sebastian FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.11%), DHI MORTGAGE COMPANY, LTD. (4.22%), QUICKEN LOANS, LLC (4.41%), LOANDEPOT.COM, LLC (4.51%) and FREEDOM MORTGAGE CORPORATION (4.53%).

Sebastian FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SEBASTIAN-VERO BEACH, FL INDIAN RIVER 2022 $420,680 $538,650 $651,050 $809,150
SEBASTIAN-VERO BEACH, FL INDIAN RIVER 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sebastian (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $353,500 (1.0%) $705,701 (-0.3%) 1.31 1,472
2018-02-01 $349,500 (0.4%) $701,692 (-0.3%) 1.27 1,565
2018-03-01 $350,000 (1.3%) $703,852 (0.6%) 1.23 1,663
2018-04-01 $355,000 (0.0%) $708,499 (0.3%) 1.20 1,671
2018-05-01 $340,000 (-2.4%) $695,261 (1.7%) 1.14 1,613
2018-06-01 $334,900 (-4.2%) $677,644 (-6.0%) 1.12 1,566
2018-07-01 $336,464 (-2.5%) $699,982 (0.3%) 1.12 1,477
2018-08-01 $337,450 (-2.8%) $710,533 (3.6%) 1.13 1,457
2018-09-01 $340,000 (-2.6%) $706,407 (-0.9%) 1.14 1,484
2018-10-01 $338,934 (-2.8%) $694,356 (-3.6%) 1.15 1,579
2018-11-01 $339,675 (-3.0%) $685,758 (-7.0%) 1.15 1,695
2018-12-01 $339,000 (-3.1%) $677,364 (-5.2%) 1.17 1,760
2019-01-01 $344,513 (-2.5%) $679,044 (-3.8%) 1.19 1,777
2019-02-01 $348,900 (-0.2%) $665,615 (-5.1%) 1.18 1,918
2019-03-01 $342,957 (-2.0%) $661,243 (-6.1%) 1.12 1,921
2019-04-01 $338,057 (-4.8%) $667,144 (-5.8%) 1.07 1,879
2019-05-01 $336,223 (-1.1%) $678,622 (-2.4%) 1.05 1,794
2019-06-01 $337,500 (0.8%) $688,976 (1.7%) 1.05 1,625
2019-07-01 $340,000 (1.1%) $693,171 (-1.0%) 1.06 1,554
2019-08-01 $344,545 (2.1%) $694,030 (-2.3%) 1.09 1,507
2019-09-01 $347,614 (2.2%) $695,681 (-1.5%) 1.11 1,465
2019-10-01 $354,500 (4.6%) $701,540 (1.0%) 1.14 1,436
2019-11-01 $340,000 (0.1%) $658,081 (-4.0%) 1.11 1,572
2019-12-01 $341,816 (0.8%) $651,427 (-3.8%) 1.14 1,599
2020-01-01 $341,038 (-1.0%) $654,625 (-3.6%) 1.14 1,631
2020-02-01 $340,000 (-2.6%) $652,731 (-1.9%) 1.11 1,662
2020-03-01 $338,000 (-1.5%) $649,553 (-1.8%) 1.06 1,673
2020-04-01 $329,975 (-2.4%) $635,833 (-4.7%) 1.03 1,696
2020-05-01 $329,450 (-2.0%) $640,543 (-5.6%) 1.00 1,612
2020-06-01 $330,916 (-2.0%) $654,787 (-5.0%) 0.97 1,503
2020-07-01 $339,000 (-0.3%) $645,812 (-6.8%) 0.98 1,401
2020-08-01 $347,950 (1.0%) $676,831 (-2.5%) 1.00 1,233
2020-09-01 $343,600 (-1.2%) $689,217 (-0.9%) 0.98 1,094
2020-10-01 $347,000 (-2.1%) $696,722 (-0.7%) 0.99 1,015
2020-11-01 $348,750 (2.6%) $704,238 (7.0%) 1.02 997
2020-12-01 $348,500 (2.0%) $717,464 (10.1%) 1.04 927
2021-01-01 $349,900 (2.6%) $703,956 (7.5%) 1.04 827
2021-02-01 $344,000 (1.2%) $724,965 (11.1%) 1.00 656
2021-03-01 $349,450 (3.4%) $741,170 (14.1%) 0.99 550
2021-04-01 $366,250 (11.0%) $776,277 (22.1%) 0.99 498
2021-05-01 $396,700 (20.4%) $860,422 (34.3%) 1.05 401
2021-06-01 $389,950 (17.8%) $921,349 (40.7%) 1.03 383
2021-07-01 $362,123 (6.8%) $886,158 (37.2%) 0.96 395
2021-08-01 $369,000 (6.1%) $885,784 (30.9%) 0.98 406
2021-09-01 $371,088 (8.0%) $823,952 (19.6%) 0.99 439
2021-10-01 $398,500 (14.8%) $825,232 (18.4%) 1.06 407
2021-11-01 $404,000 (15.8%) $903,815 (28.3%) 1.08 395
2021-12-01 $431,000 (23.7%) $988,075 (37.7%) 1.17 360
2022-01-01 $429,000 (22.6%) $964,474 (37.0%) 1.16 330
2022-02-01 $402,000 (16.9%) $1,006,260 (38.8%) 1.05 337
2022-03-01 $399,200 (14.2%) $966,311 (30.4%) 1.00 343
2022-04-01 $420,575 (14.8%) $890,652 (14.7%) 1.00 387
2022-05-01 $427,235 (7.7%) $909,406 (5.7%) 0.98 465
2022-06-01 $427,000 (9.5%) $835,009 (-9.4%) 0.95 572
2022-07-01 $425,000 (17.4%) $864,450 (-2.5%) 0.96 723
2022-08-01 $414,988 (12.5%) $838,383 (-5.4%) 0.96 795
2022-09-01 $417,450 (12.5%) $838,614 (1.8%) 0.98 818
2022-10-01 $430,000 (7.9%) $859,800 (4.2%) 1.01 821
2022-11-01 $431,700 (6.9%) $853,291 (-5.6%) 1.04 919
2022-12-01 $429,900 (-0.3%) $883,231 (-10.6%) 1.06 954
2023-01-01 $437,225 (1.9%) $881,207 (-8.6%) 1.08 997
2023-02-01 $434,625 (8.1%) $994,959 (-1.1%) 1.05 1,048
2023-03-01 $435,750 (9.2%) $1,042,899 (7.9%) 1.03 1,029
2023-04-01 $446,000 (6.1%) $1,064,617 (19.5%) 1.04 1,008
2023-05-01 $444,750 (4.1%) $966,890 (6.3%) 1.01 916
2023-06-01 $442,000 (3.5%) $984,712 (17.9%) 0.99 892
2023-07-01 $450,000 (5.9%) $1,036,013 (19.9%) 1.02 885
2023-08-01 $449,225 (8.3%) $1,037,554 (23.8%) 1.03 900
2023-09-01 $459,000 (10.0%) $1,056,778 (26.0%) 1.07 939
2023-10-01 $467,450 (8.7%) $1,042,019 (21.2%) 1.10 1,057
2023-11-01 $469,000 (8.6%) $1,025,264 (20.2%) 1.12 1,177
2023-12-01 $475,000 (10.5%) $1,018,127 (15.3%) 1.16 1,261
Sebastian's median listing price for 2023-12-01 was $475,000, a difference of $45,100 (10.5%) versus the prior year and $6,000 versus the prior month.

Sebastian's median listing price comes in at 116% of the national average.

Sebastian's average listing price for 2023-12-01 was $1,018,127, a difference of $134,896 (15.3%) versus the prior year and $-7,137 versus the prior month.

For the 2023-12-01 period, Sebastian had 1,261 MLS listings, a difference of 84 listings (7%) versus the prior month and 307 listings (32%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sebastian (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 81 days 2,035 sqft
2018-02-01 70 days 2,024 sqft
2018-03-01 64 days 2,020 sqft
2018-04-01 73 days 2,040 sqft
2018-05-01 79 days 2,007 sqft
2018-06-01 85 days 2,001 sqft
2018-07-01 88 days 2,021 sqft
2018-08-01 89 days 2,002 sqft
2018-09-01 84 days 2,006 sqft
2018-10-01 79 days 1,998 sqft
2018-11-01 78 days 1,992 sqft
2018-12-01 79 days 1,964 sqft
2019-01-01 86 days 1,965 sqft
2019-02-01 78 days 1,977 sqft
2019-03-01 77 days 1,963 sqft
2019-04-01 79 days 1,953 sqft
2019-05-01 81 days 1,951 sqft
2019-06-01 89 days 1,956 sqft
2019-07-01 92 days 1,962 sqft
2019-08-01 89 days 1,962 sqft
2019-09-01 88 days 1,970 sqft
2019-10-01 89 days 1,975 sqft
2019-11-01 82 days 1,914 sqft
2019-12-01 76 days 1,900 sqft
2020-01-01 80 days 1,901 sqft
2020-02-01 82 days 1,900 sqft
2020-03-01 74 days 1,906 sqft
2020-04-01 83 days 1,909 sqft
2020-05-01 95 days 1,900 sqft
2020-06-01 101 days 1,900 sqft
2020-07-01 98 days 1,900 sqft
2020-08-01 89 days 1,900 sqft
2020-09-01 93 days 1,900 sqft
2020-10-01 83 days 1,900 sqft
2020-11-01 67 days 1,900 sqft
2020-12-01 67 days 1,900 sqft
2021-01-01 69 days 1,900 sqft
2021-02-01 50 days 1,849 sqft
2021-03-01 45 days 1,847 sqft
2021-04-01 42 days 1,856 sqft
2021-05-01 46 days 1,864 sqft
2021-06-01 45 days 1,825 sqft
2021-07-01 46 days 1,767 sqft
2021-08-01 47 days 1,760 sqft
2021-09-01 47 days 1,724 sqft
2021-10-01 45 days 1,810 sqft
2021-11-01 47 days 1,812 sqft
2021-12-01 52 days 1,830 sqft
2022-01-01 49 days 1,848 sqft
2022-02-01 35 days 1,752 sqft
2022-03-01 34 days 1,693 sqft
2022-04-01 33 days 1,700 sqft
2022-05-01 35 days 1,701 sqft
2022-06-01 36 days 1,709 sqft
2022-07-01 37 days 1,700 sqft
2022-08-01 48 days 1,717 sqft
2022-09-01 58 days 1,708 sqft
2022-10-01 65 days 1,789 sqft
2022-11-01 64 days 1,795 sqft
2022-12-01 64 days 1,780 sqft
2023-01-01 71 days 1,789 sqft
2023-02-01 61 days 1,805 sqft
2023-03-01 57 days 1,821 sqft
2023-04-01 63 days 1,828 sqft
2023-05-01 65 days 1,780 sqft
2023-06-01 66 days 1,783 sqft
2023-07-01 71 days 1,812 sqft
2023-08-01 65 days 1,828 sqft
2023-09-01 64 days 1,828 sqft
2023-10-01 60 days 1,819 sqft
2023-11-01 58 days 1,813 sqft
2023-12-01 65 days 1,770 sqft
Sebastian's median listing age (time on market) for 2023-12-01 was 65 days. This is 2% longer than the same period one year ago.

Sebastian's median square footage for active listings during the 2023-12-01 period was 1,770 sqft. One year prior, the average listing was 1,780 sqft.

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).