Sebastian FHA Loans

Sebastian-Vero Beach, FL

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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.

    Sebastian's 129 lenders originated 929 FHA loans during 2021. The total origination value was $200,335,000, with an average FHA loan value of $215,646.

    Sebastian FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sebastian averaged 5.31% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.54% and one month ago for the week of 2022-04-08, the average rate was 4.91%.

    The average rate one year ago was 3.01%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.27%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Sebastian level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CALIBER HOME LOANS, INC. 141 3.11% $8,332
    QUICKEN LOANS, LLC 103 2.68% $6,966
    FREEDOM MORTGAGE CORPORATION 35 2.96% $5,493
    FBC MORTGAGE, LLC 31 3.08% $8,213
    LAKEVIEW LOAN SERVICING, LLC 30 3.12% $4,921
    PENNYMAC LOAN SERVICES, LLC 30 3.17% $5,848
    UNITED WHOLESALE MORTGAGE, LLC 26 2.79% $8,537
    DHI MORTGAGE COMPANY, LTD. 24 2.97% $8,670
    CROSSCOUNTRY MORTGAGE, LLC 23 3.17% $9,100
    Mr. Cooper ( Nationstar Mortgage ) 19 3.30% $4,332
    BAYSHORE MORTGAGE FUNDING, LLC 19 2.80% $9,313
    MOVEMENT MORTGAGE, LLC 18 3.27% $7,970
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 15 3.07% $7,868
    ACADEMY MORTGAGE CORPORATION 12 3.00% $7,902
    NEWREZ LLC 10 2.89% $7,590
    Carrington Mortgage Services, LLC 9 3.85% $9,858
    LOANDEPOT.COM, LLC 9 3.18% $7,802
    AmeriHome Mortgage Company, LLC 8 2.94% $5,029
    PRIMARY RESIDENTIAL MORTGAGE, INC. 8 3.48% $9,703
    Plains Commerce Bank 7 2.89% $7,634
    Mortgage Lenders Investment Trading Corporation 7 3.46% $5,547
    TOTAL MORTGAGE SERVICES, LLC 7 3.95% $7,750
    AMERISAVE MORTGAGE CORPORATION 7 2.91% $9,142
    PNC Bank 6 2.88% $5,528
    South State Bank 6 2.85% $7,679
    SWBC MORTGAGE CORPORATION 6 3.19% $7,266
    GROUP ONE MORTGAGE, INC. 6 2.79% $8,505
    VILLAGE CAPITAL & INVESTMENT LLC 6 3.13% $2,371
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 3.14% $10,288
    MICHIGAN MUTUAL, INC. 5 3.05% $10,817
    Paramount Residential Mortgage Group, Inc. 5 3.40% $8,775
    GUARANTEED RATE, INC. 5 2.95% $8,953
    AMERIFIRST FINANCIAL CORPORATION 4 4.16% $9,156
    THE MORTGAGE FIRM, INC. 4 3.41% $8,744
    Flagstar Bank, FSB 4 2.93% $7,382
    RADIUS FINANCIAL GROUP INC. 4 3.16% $8,079
    HOMESIDE FINANCIAL, LLC 4 3.34% $7,368
    SHELTER MORTGAGE COMPANY, L.L.C. 4 3.15% $9,247
    HOME POINT FINANCIAL CORPORATION 4 2.59% $9,244
    BROKER SOLUTIONS, INC. 3 3.00% $11,518
    PLANET HOME LENDING, LLC 3 2.92% $6,552
    MUTUAL OF OMAHA MORTGAGE, INC. 3 3.21% $9,264
    BAY CAPITAL MORTGAGE CORPORATION 3 3.08% $7,901
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.04% $9,471
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.04% $10,803
    EVERETT FINANCIAL, INC. 3 3.54% $7,658
    SPACE COAST Credit Union 3 2.88% $7,162
    Equity Prime Mortgage LLC 3 3.33% $9,550
    GREAT WESTERN FINANCIAL SERVICES, INC. 3 2.83% $8,956
    AMERICAN FINANCIAL NETWORK, INC. 3 2.79% $9,478
    U.S. Bank 3 2.79% $8,255
    InterContinental Capital Group, Inc 3 2.88% $6,637
    NP, Inc. 3 3.08% $8,495
    OCMBC, INC. 3 3.21% $13,130
    CELEBRITY HOME LOANS, LLC 2 2.69% $8,129
    ANGEL OAK HOME LOANS LLC 2 3.75% $7,028
    HAMILTON HOME LOANS, INC. 2 3.12% $10,382
    PULTE MORTGAGE LLC 2 2.81% $6,791
    NVR Mortgage Finance, Inc. 2 3.06% $10,581
    AMCAP MORTGAGE, LTD. 2 2.69% $7,085
    Lakeview Community Capital, LLC 2 3.47% $3,743
    First Midwest Bank 2 3.06% $6,656
    CAPITAL PARTNERS MORTGAGE, LLC 2 2.94% $9,243
    FINANCE OF AMERICA MORTGAGE LLC 2 2.88% $8,345
    GUARANTEED RATE AFFINITY, LLC 2 3.00% $7,978
    SUCCESS MORTGAGE PARTNERS, INC. 2 3.06% $8,792
    Lend Smart Mortgage, LLC 2 3.44% $6,856
    Waterstone Mortgage Corporation 1 2.75% $10,062
    ACOPIA, LLC 1 3.38% $9,812
    Advisors Mortgage Group, L.L.C. 1 3.25% $6,787
    ALLIED MORTGAGE GROUP, INC. 1 2.50% $7,699
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $5,832
    AMERICAN FINANCING CORPORATION 1 2.25% $9,180
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $8,993
    Ameris Bank 1 3.13% $7,525
    ARC HOME LLC 1 2.50% $9,237
    Bank of England 1 2.75% $7,888
    BECKAM FUNDING CORP. 1 2.50% $16,524
    CALCON MUTUAL MORTGAGE LLC 1 3.75% $11,864
    Christensen Financial, Inc. 1 3.75% $9,314
    CityWorth Mortgage LLC 1 3.50% $10,772
    CMG MORTGAGE, INC. 1 3.25% $19,326
    Colonial Savings, F.A. 1 3.63% $6,914
    COLUMBUS CAPITAL LENDING, LLC 1 3.50% $9,641
    DEVELOPER'S MORTGAGE COMPANY 1 3.25% $6,429
    EAGLE HOME MORTGAGE, LLC 1 3.75% $9,056
    EMBRACE HOME LOANS, INC. 1 3.25% $13,383
    EMM LOANS LLC 1 2.50% $9,707
    FIDELITY FUNDING MORTGAGE CORP. 1 3.25% $6,498
    Financial Freedom Mortgage, LLC 1 2.88% $8,729
    First Federal Bank 1 3.13% $16,475
    First Guaranty Mortgage Corporation 1 3.13% $5,733
    First Savings Bank 1 3.25% $14,861
    Florida Capital Bank 1 3.13% $7,919
    GENEVA FINANCIAL, LLC 1 3.25% $7,221
    GREENTREE MORTGAGE COMPANY, L.P. 1 2.88% $9,357
    GUARANTY HOME MORTGAGE CORPORATION 1 3.50% $11,247
    HARBORONE MORTGAGE, LLC 1 2.75% $6,224
    HOMESTAR FINANCIAL CORPORATION 1 3.25% $7,697
    Hometown Equity Mortgage, LLC 1 3.00% $10,812
    JPMorgan Chase Bank 1 2.75% $2,608
    KELLER MORTGAGE, LLC 1 3.13% $5,324
    Lake Area Bank 1 3.75% $9,114
    LEADERONE FINANCIAL CORPORATION 1 3.75% $11,757
    LIBERTY HOME MORTGAGE CORPORATION 1 3.75% $7,132
    LOANLEADERS OF AMERICA, INC. 1 4.13% $17,106
    LOANPAL, LLC 1 2.25% $17,368
    Loan Simple, Inc. 1 4.25% $13,573
    MID AMERICA MORTGAGE, INC. 1 4.13% $9,878
    Mid-Continent Funding, Inc. 1 3.25% $6,933
    Nations Lending Corporation 1 3.13% $5,405
    NATIONWIDE MORTGAGE BANKERS, INC. 1 2.75% $7,119
    NETWORK CAPITAL FUNDING CORPORATION 1 2.50% $9,154
    Northpointe Bank 1 3.13% $8,324
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $2,556
    PLAZA HOME MORTGAGE, INC. 1 2.25% $7,353
    POLARIS HOME FUNDING CORP. 1 2.75% $18,376
    Seacoast National Bank 1 2.25% $9,148
    SHELTER HOME MORTGAGE, LLC 1 2.88% $5,570
    Strong Home Mortgage, LLC 1 2.63% $5,591
    Summit Mortgage Corporation 1 3.75% $10,008
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $7,195
    The Federal Savings Bank 1 2.50% $13,506
    The Home Loan Expert LLC 1 2.75% $6,754
    TruHome Solutions, LLC 1 3.13% $10,173
    Truist Bank 1 3.00% $8,289
    UNITED MORTGAGE CORP. 1 3.63% $7,988
    Valley National Bank 1 3.88% $11,557
    ABSOLUTE HOME MORTGAGE CORPORATION 1 3.00% $11,354

    The top Sebastian FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 141 FHA loans originated. Their average total fees are $8,332, which is $1,366 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sebastian FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,332), LAKEVIEW LOAN SERVICING, LLC ($4,921), FREEDOM MORTGAGE CORPORATION ($5,493), PENNYMAC LOAN SERVICES, LLC ($5,848) and QUICKEN LOANS, LLC ($6,966).

    The lowest rate Sebastian FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.68%), UNITED WHOLESALE MORTGAGE, LLC (2.79%), BAYSHORE MORTGAGE FUNDING, LLC (2.80%), NEWREZ LLC (2.89%) and FREEDOM MORTGAGE CORPORATION (2.96%).

    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

    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 $349,995 (0.0%) $697,857 (0.6%) 1.29 1,666
    2018-02-01 $346,750 (0.5%) $692,011 (-0.2%) 1.25 1,786
    2018-03-01 $349,000 (2.4%) $687,533 (0.3%) 1.21 1,903
    2018-04-01 $350,338 (0.1%) $688,548 (-0.5%) 1.18 1,940
    2018-05-01 $335,500 (-3.9%) $672,215 (-0.6%) 1.12 1,855
    2018-06-01 $329,000 (-6.0%) $653,512 (-7.9%) 1.10 1,818
    2018-07-01 $327,500 (-4.4%) $669,061 (-2.8%) 1.09 1,720
    2018-08-01 $332,000 (-2.6%) $676,446 (0.5%) 1.11 1,700
    2018-09-01 $335,976 (-1.8%) $672,212 (-4.0%) 1.12 1,748
    2018-10-01 $338,956 (-0.7%) $663,829 (-6.6%) 1.13 1,884
    2018-11-01 $339,000 (-2.1%) $660,106 (-9.9%) 1.14 2,057
    2018-12-01 $339,000 (-3.1%) $653,649 (-7.9%) 1.16 2,126
    2019-01-01 $346,900 (-0.9%) $655,286 (-6.1%) 1.20 2,155
    2019-02-01 $349,900 (0.9%) $647,706 (-6.4%) 1.17 2,298
    2019-03-01 $344,800 (-1.2%) $646,226 (-6.0%) 1.12 2,287
    2019-04-01 $339,450 (-3.1%) $649,935 (-5.6%) 1.07 2,234
    2019-05-01 $332,450 (-0.9%) $652,738 (-2.9%) 1.02 2,155
    2019-06-01 $329,371 (0.1%) $659,532 (0.9%) 1.01 1,937
    2019-07-01 $335,000 (2.3%) $655,282 (-2.1%) 1.04 1,870
    2019-08-01 $336,286 (1.3%) $651,179 (-3.7%) 1.06 1,869
    2019-09-01 $336,286 (0.1%) $635,554 (-5.5%) 1.07 1,852
    2019-10-01 $349,950 (3.2%) $678,144 (2.2%) 1.12 1,700
    2019-11-01 $339,900 (0.3%) $644,324 (-2.4%) 1.10 1,880
    2019-12-01 $339,000 (0.0%) $627,515 (-4.0%) 1.13 1,914
    2020-01-01 $339,450 (-2.2%) $631,251 (-3.7%) 1.13 1,952
    2020-02-01 $339,900 (-2.9%) $636,269 (-1.8%) 1.10 1,976
    2020-03-01 $334,499 (-3.0%) $634,457 (-1.8%) 1.05 1,995
    2020-04-01 $329,000 (-3.1%) $619,984 (-4.6%) 1.02 2,000
    2020-05-01 $325,000 (-2.2%) $626,973 (-4.0%) 0.98 1,927
    2020-06-01 $327,000 (-0.7%) $633,166 (-4.0%) 0.95 1,798
    2020-07-01 $334,333 (-0.2%) $627,690 (-4.2%) 0.96 1,678
    2020-08-01 $349,900 (4.1%) $659,668 (1.3%) 1.00 1,476
    2020-09-01 $346,950 (3.2%) $686,056 (8.0%) 0.99 1,282
    2020-10-01 $349,900 (0.0%) $684,328 (0.9%) 1.00 1,186
    2020-11-01 $339,999 (0.0%) $684,801 (6.3%) 0.97 1,160
    2020-12-01 $346,350 (2.2%) $698,256 (11.3%) 1.02 1,085
    2021-01-01 $344,700 (1.6%) $685,676 (8.6%) 1.01 968
    2021-02-01 $337,495 (-0.7%) $695,109 (9.3%) 0.97 759
    2021-03-01 $343,750 (2.8%) $720,561 (13.6%) 0.96 620
    2021-04-01 $361,950 (10.0%) $759,987 (22.6%) 0.97 560
    2021-05-01 $395,000 (21.5%) $839,926 (34.0%) 1.04 441
    2021-06-01 $391,950 (19.9%) $877,584 (38.6%) 1.02 432
    2021-07-01 $364,000 (8.9%) $874,893 (39.4%) 0.95 446
    2021-08-01 $369,000 (5.5%) $881,158 (33.6%) 0.97 473
    2021-09-01 $365,000 (5.2%) $786,919 (14.7%) 0.96 499
    2021-10-01 $393,990 (12.6%) $800,809 (17.0%) 1.04 467
    2021-11-01 $398,495 (17.2%) $855,704 (25.0%) 1.05 460
    2021-12-01 $442,495 (27.8%) $944,920 (35.3%) 1.18 418
    2022-01-01 $415,000 (20.4%) $918,401 (33.9%) 1.11 389
    2022-02-01 $398,950 (18.2%) $938,326 (35.0%) 1.02 391
    2022-03-01 $398,000 (15.8%) $905,983 (25.7%) 0.98 397
    2022-04-01 $421,150 (16.4%) $847,428 (11.5%) 0.99 441
    Sebastian's median listing price for 2022-04-01 was $421,150, a difference of $59,200 (16.4%) versus the prior year and $23,150 versus the prior month.

    Sebastian's median listing price comes in at 99% of the national average.

    Sebastian's average listing price for 2022-04-01 was $847,428, a difference of $87,441 (11.5%) versus the prior year and $-58,555 versus the prior month.

    For the 2022-04-01 period, Sebastian had 441 MLS listings, a difference of 44 listings (11%) versus the prior month and -119 listings (-21%) 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 85 days 2,031 sqft
    2018-02-01 77 days 2,021 sqft
    2018-03-01 67 days 2,018 sqft
    2018-04-01 74 days 2,064 sqft
    2018-05-01 80 days 2,008 sqft
    2018-06-01 86 days 2,016 sqft
    2018-07-01 90 days 2,008 sqft
    2018-08-01 90 days 1,991 sqft
    2018-09-01 84 days 2,003 sqft
    2018-10-01 79 days 1,990 sqft
    2018-11-01 76 days 1,983 sqft
    2018-12-01 80 days 1,969 sqft
    2019-01-01 88 days 1,992 sqft
    2019-02-01 85 days 2,010 sqft
    2019-03-01 73 days 2,009 sqft
    2019-04-01 78 days 2,000 sqft
    2019-05-01 80 days 1,996 sqft
    2019-06-01 87 days 2,000 sqft
    2019-07-01 87 days 2,001 sqft
    2019-08-01 92 days 1,993 sqft
    2019-09-01 94 days 1,969 sqft
    2019-10-01 89 days 1,994 sqft
    2019-11-01 79 days 1,926 sqft
    2019-12-01 74 days 1,900 sqft
    2020-01-01 79 days 1,900 sqft
    2020-02-01 81 days 1,908 sqft
    2020-03-01 73 days 1,922 sqft
    2020-04-01 81 days 1,914 sqft
    2020-05-01 93 days 1,900 sqft
    2020-06-01 96 days 1,904 sqft
    2020-07-01 92 days 1,904 sqft
    2020-08-01 81 days 1,913 sqft
    2020-09-01 88 days 1,900 sqft
    2020-10-01 80 days 1,900 sqft
    2020-11-01 67 days 1,900 sqft
    2020-12-01 69 days 1,900 sqft
    2021-01-01 73 days 1,900 sqft
    2021-02-01 59 days 1,836 sqft
    2021-03-01 46 days 1,816 sqft
    2021-04-01 47 days 1,853 sqft
    2021-05-01 49 days 1,867 sqft
    2021-06-01 46 days 1,841 sqft
    2021-07-01 44 days 1,780 sqft
    2021-08-01 44 days 1,808 sqft
    2021-09-01 45 days 1,739 sqft
    2021-10-01 41 days 1,815 sqft
    2021-11-01 42 days 1,847 sqft
    2021-12-01 49 days 1,864 sqft
    2022-01-01 43 days 1,868 sqft
    2022-02-01 36 days 1,774 sqft
    2022-03-01 32 days 1,696 sqft
    2022-04-01 30 days 1,724 sqft
    Sebastian's median listing age (time on market) for 2022-04-01 was 30 days. This is -35% shorter than the same period one year ago.

    Sebastian's median square footage for active listings during the 2022-04-01 period was 1,724 sqft. One year prior, the average listing was 1,853 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).