Sebastian FHA Loans

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 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).