Sebastian FHA Loan Rates, Closing Costs & Stats

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 0.05% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

    Sebastian's average FHA mortgage closing costs are $7,337.

    The average rate for the prior week (2022-11-18) was 6.57% and one month ago for the week of 2022-10-21, the average rate was 6.98%.

    The average rate one year ago was 3.25%.

    For refis of the same type during the week of 2022-11-25, the average rate was -0.3%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    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 MORTGAGE 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 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 $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 (-2.5%) $695,375 (1.5%) 1.14 1,613
    2018-06-01 $334,900 (-4.3%) $677,644 (-6.1%) 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 $338,456 (-3.0%) $693,890 (-3.7%) 1.14 1,581
    2018-11-01 $339,150 (-3.1%) $685,155 (-7.1%) 1.15 1,697
    2018-12-01 $339,000 (-3.1%) $676,798 (-5.3%) 1.17 1,762
    2019-01-01 $343,498 (-2.8%) $678,488 (-3.9%) 1.19 1,779
    2019-02-01 $348,900 (-0.2%) $665,105 (-5.2%) 1.18 1,920
    2019-03-01 $342,957 (-2.0%) $660,746 (-6.1%) 1.12 1,923
    2019-04-01 $338,007 (-4.8%) $666,919 (-5.9%) 1.07 1,881
    2019-05-01 $335,698 (-1.3%) $678,011 (-2.5%) 1.05 1,797
    2019-06-01 $337,000 (0.6%) $688,312 (1.6%) 1.05 1,628
    2019-07-01 $340,000 (1.1%) $692,481 (-1.1%) 1.06 1,558
    2019-08-01 $344,182 (2.0%) $693,077 (-2.5%) 1.09 1,512
    2019-09-01 $347,455 (2.2%) $694,344 (-1.7%) 1.11 1,470
    2019-10-01 $354,000 (4.6%) $699,894 (0.9%) 1.14 1,442
    2019-11-01 $340,000 (0.3%) $656,768 (-4.1%) 1.11 1,578
    2019-12-01 $340,705 (0.5%) $650,138 (-3.9%) 1.14 1,605
    2020-01-01 $340,048 (-1.0%) $653,353 (-3.7%) 1.14 1,637
    2020-02-01 $339,998 (-2.6%) $651,492 (-2.1%) 1.11 1,668
    2020-03-01 $332,500 (-3.1%) $648,377 (-1.9%) 1.04 1,679
    2020-04-01 $329,900 (-2.4%) $634,728 (-4.8%) 1.03 1,702
    2020-05-01 $329,000 (-2.0%) $639,351 (-5.7%) 1.00 1,618
    2020-06-01 $330,000 (-2.1%) $653,463 (-5.1%) 0.97 1,509
    2020-07-01 $335,875 (-1.2%) $644,442 (-6.9%) 0.97 1,407
    2020-08-01 $345,000 (0.2%) $675,283 (-2.6%) 0.99 1,239
    2020-09-01 $342,000 (-1.6%) $687,270 (-1.0%) 0.98 1,100
    2020-10-01 $345,000 (-2.5%) $694,493 (-0.8%) 0.99 1,021
    2020-11-01 $347,725 (2.3%) $701,991 (6.9%) 1.02 1,004
    2020-12-01 $347,053 (1.9%) $714,999 (10.0%) 1.03 934
    2021-01-01 $349,900 (2.9%) $701,541 (7.4%) 1.04 834
    2021-02-01 $344,000 (1.2%) $721,509 (10.8%) 1.00 663
    2021-03-01 $349,245 (5.0%) $737,238 (13.7%) 0.99 557
    2021-04-01 $363,750 (10.3%) $771,605 (21.6%) 0.98 505
    2021-05-01 $395,000 (20.1%) $853,996 (33.6%) 1.05 408
    2021-06-01 $389,225 (18.0%) $912,645 (39.7%) 1.02 390
    2021-07-01 $359,725 (7.1%) $877,154 (36.1%) 0.95 401
    2021-08-01 $366,625 (6.3%) $876,627 (29.8%) 0.98 412
    2021-09-01 $369,275 (8.0%) $815,668 (18.7%) 0.98 444
    2021-10-01 $395,990 (14.8%) $816,510 (17.6%) 1.06 412
    2021-11-01 $399,500 (14.9%) $894,656 (27.5%) 1.07 400
    2021-12-01 $427,000 (23.0%) $978,060 (36.8%) 1.16 365
    2022-01-01 $424,950 (21.5%) $954,363 (36.0%) 1.15 335
    2022-02-01 $399,000 (16.0%) $994,519 (37.8%) 1.04 342
    2022-03-01 $397,000 (13.7%) $955,690 (29.6%) 0.99 349
    2022-04-01 $419,945 (15.5%) $881,032 (14.2%) 1.00 393
    2022-05-01 $425,000 (7.6%) $902,398 (5.7%) 0.97 471
    2022-06-01 $426,118 (9.5%) $829,912 (-9.1%) 0.95 578
    2022-07-01 $424,950 (18.1%) $860,299 (-1.9%) 0.96 729
    2022-08-01 $413,788 (12.9%) $834,635 (-4.8%) 0.96 801
    2022-09-01 $415,000 (12.4%) $834,284 (2.3%) 0.97 824
    2022-10-01 $429,450 (8.5%) $856,021 (4.8%) 1.01 827
    Sebastian's median listing price for 2022-10-01 was $429,450, a difference of $33,460 (8.5%) versus the prior year and $14,450 versus the prior month.

    Sebastian's median listing price comes in at 101% of the national average.

    Sebastian's average listing price for 2022-10-01 was $856,021, a difference of $39,511 (4.8%) versus the prior year and $21,737 versus the prior month.

    For the 2022-10-01 period, Sebastian had 827 MLS listings, a difference of 3 listings (0%) versus the prior month and 415 listings (101%) 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 89 days 2,059 sqft
    2018-02-01 81 days 2,045 sqft
    2018-03-01 71 days 2,039 sqft
    2018-04-01 79 days 2,068 sqft
    2018-05-01 85 days 2,033 sqft
    2018-06-01 92 days 2,027 sqft
    2018-07-01 96 days 2,044 sqft
    2018-08-01 98 days 2,029 sqft
    2018-09-01 92 days 2,040 sqft
    2018-10-01 86 days 2,018 sqft
    2018-11-01 85 days 2,005 sqft
    2018-12-01 87 days 1,996 sqft
    2019-01-01 93 days 1,996 sqft
    2019-02-01 88 days 1,997 sqft
    2019-03-01 85 days 1,984 sqft
    2019-04-01 86 days 1,967 sqft
    2019-05-01 92 days 1,952 sqft
    2019-06-01 99 days 1,961 sqft
    2019-07-01 103 days 1,971 sqft
    2019-08-01 101 days 1,974 sqft
    2019-09-01 102 days 1,976 sqft
    2019-10-01 103 days 1,978 sqft
    2019-11-01 99 days 1,914 sqft
    2019-12-01 89 days 1,900 sqft
    2020-01-01 88 days 1,901 sqft
    2020-02-01 93 days 1,900 sqft
    2020-03-01 90 days 1,906 sqft
    2020-04-01 92 days 1,910 sqft
    2020-05-01 105 days 1,900 sqft
    2020-06-01 112 days 1,900 sqft
    2020-07-01 118 days 1,900 sqft
    2020-08-01 107 days 1,900 sqft
    2020-09-01 109 days 1,900 sqft
    2020-10-01 100 days 1,900 sqft
    2020-11-01 83 days 1,900 sqft
    2020-12-01 78 days 1,900 sqft
    2021-01-01 79 days 1,900 sqft
    2021-02-01 63 days 1,851 sqft
    2021-03-01 50 days 1,848 sqft
    2021-04-01 49 days 1,861 sqft
    2021-05-01 50 days 1,865 sqft
    2021-06-01 49 days 1,835 sqft
    2021-07-01 49 days 1,772 sqft
    2021-08-01 50 days 1,786 sqft
    2021-09-01 48 days 1,736 sqft
    2021-10-01 47 days 1,815 sqft
    2021-11-01 49 days 1,821 sqft
    2021-12-01 55 days 1,838 sqft
    2022-01-01 50 days 1,863 sqft
    2022-02-01 36 days 1,765 sqft
    2022-03-01 36 days 1,696 sqft
    2022-04-01 36 days 1,700 sqft
    2022-05-01 37 days 1,705 sqft
    2022-06-01 37 days 1,712 sqft
    2022-07-01 39 days 1,700 sqft
    2022-08-01 50 days 1,718 sqft
    2022-09-01 59 days 1,709 sqft
    2022-10-01 66 days 1,787 sqft
    Sebastian's median listing age (time on market) for 2022-10-01 was 66 days. This is 39% longer than the same period one year ago.

    Sebastian's median square footage for active listings during the 2022-10-01 period was 1,787 sqft. One year prior, the average listing was 1,815 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).