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 87 lenders originated 475 FHA loans during 2023. The total origination value was $133,335,000, with an average FHA loan value of $280,705.

    Sebastian FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sebastian averaged 6.31% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Sebastian's average FHA mortgage closing costs are $8,464.

    The average rate for the prior week (2024-07-12) was 6.46% and one month ago for the week of 2024-06-14, the average rate was 6.82%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.79%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 66 6.36% $13,157
    QUICKEN LOANS, LLC 49 6.15% $12,237
    CALIBER HOME LOANS, INC. 23 6.23% $11,452
    DHI MORTGAGE COMPANY, LTD. 18 5.57% $9,912
    BAYSHORE MORTGAGE FUNDING, LLC 15 6.22% $13,834
    CROSSCOUNTRY MORTGAGE, LLC 14 7.03% $13,985
    CARDINAL FINANCIAL 13 6.76% $13,143
    LOANDEPOT.COM, LLC 13 6.32% $13,785
    South State Bank 12 6.54% $11,190
    EVERETT FINANCIAL, INC. 11 6.86% $12,153
    MOVEMENT MORTGAGE, LLC 9 6.78% $13,884
    PENNYMAC LOAN SERVICES, LLC 7 6.46% $15,811
    PLAZA HOME MORTGAGE, INC. 5 6.20% $13,768
    Paramount Residential Mortgage Group, Inc. 5 6.87% $11,784
    FBC MORTGAGE, LLC 5 6.50% $11,145
    NEWREZ LLC 5 6.83% $11,006
    TOTAL MORTGAGE SERVICES, LLC 4 6.69% $11,787
    EMM LOANS LLC 4 6.28% $14,450
    Carrington Mortgage Services, LLC 4 6.34% $9,609
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.50% $13,145
    FREEDOM MORTGAGE CORPORATION 3 6.88% $19,566
    PLANET HOME LENDING, LLC 3 6.63% $11,814
    Prosperity Home Mortgage, LLC 3 5.91% $11,884
    BAY EQUITY LLC 3 6.71% $14,609
    BROKER SOLUTIONS, INC. 3 6.25% $10,791
    SWBC MORTGAGE CORPORATION 3 7.17% $14,552
    THE MORTGAGE FIRM, INC. 3 6.88% $12,232
    Waterstone Mortgage Corporation 3 6.25% $12,561
    Cornerstone First Mortgage, Inc 3 7.38% $14,266
    GUARANTEED RATE AFFINITY, LLC 2 6.05% $11,707
    Sierra Pacific Mortgage Company, Inc. 2 5.44% $16,381
    AMERISAVE MORTGAGE CORPORATION 2 5.25% $12,920
    VERITAS FUNDING, LLC 2 7.00% $15,617
    VILLAGE CAPITAL MORTGAGE 2 5.50% $18,400
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.63% $19,904
    ZILLOW HOME LOANS, LLC 2 5.94% $13,623
    Keystone Funding, Inc. 2 5.56% $13,187
    ACOPIA, LLC 2 6.69% $11,551
    Flagstar Bank, FSB 2 6.69% $12,681
    GENEVA FINANCIAL, LLC 2 7.38% $11,753
    RADIUS FINANCIAL GROUP INC. 2 6.94% $14,174
    MICHIGAN MUTUAL, INC. 2 7.31% $14,103
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.44% $16,897
    EAGLE HOME MORTGAGE, LLC 2 6.31% $14,859
    PNC Bank 2 6.31% $8,327
    Plains Commerce Bank 2 6.75% $9,131
    Equity Prime Mortgage LLC 2 6.25% $13,855
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.69% $16,091
    ON Q FINANCIAL, INC. 2 7.00% $13,177
    ACADEMY MORTGAGE CORPORATION 2 6.31% $19,316
    Synovus Bank 2 6.25% $10,758
    TOP FLITE FINANCIAL, INC. 1 6.63% $31,471
    AMERICAN BANCSHARES MORTGAGE 1 6.75% $13,957
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $19,184
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $14,555
    AmeriHome Mortgage Company, LLC 1 5.63% $11,495
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $11,523
    CASTLE & COOKE MORTGAGE, LLC 1 5.75% $17,797
    COMPASS MORTGAGE, INC. 1 5.75% $15,722
    GEO-CORP, INC. 1 6.63% $17,079
    GSF Mortgage Corporation 1 5.50% $11,158
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $16,212
    HOMESIDE FINANCIAL, LLC 1 7.25% $12,916
    HOMESTAR FINANCIAL CORPORATION 1 5.25% $7,237
    HOMESTEAD FUNDING CORP. 1 7.25% $10,672
    JPMorgan Chase Bank 1 6.25% $4,421
    LAKEVIEW LOAN SERVICING, LLC 1 6.13% $17,446
    LEADERONE FINANCIAL CORPORATION 1 5.63% $7,490
    LOANPAL, LLC 1 6.38% $7,703
    Mortgage Lenders Investment Trading Corporation 1 7.25% $11,261
    Mortgage Research Center, LLC 1 5.38% $19,066
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $19,233
    M&T Bank 1 5.88% $10,536
    MY MORTGAGE, INC. 1 6.63% $21,507
    NETWORK CAPITAL FUNDING CORPORATION 1 5.88% $19,865
    NEW FED MORTGAGE, CORP. 1 6.25% $12,733
    NFM, INC. 1 7.25% $11,190
    NVR Mortgage Finance, Inc. 1 6.13% $20,878
    READY MORTGAGE LENDERS, LLC 1 6.50% $14,529
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $21,139
    SHELTER MORTGAGE COMPANY, L.L.C. 1 6.75% $7,172
    SPACE COAST Credit Union 1 6.50% $9,413
    SUN WEST MORTGAGE COMPANY, INC. 1 6.74% $12,253
    TOWNE MORTGAGE COMPANY 1 5.99% $16,946
    UNION HOME MORTGAGE CORP. 1 6.63% $10,018
    U.S. Bank 1 6.13% $9,805
    VAN DYK MORTGAGE CORPORATION 1 6.75% $6,881

    The top Sebastian FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 66 FHA loans originated. Their average total fees are $13,157, which is $920 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sebastian FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($9,912), South State Bank ($11,190), CALIBER HOME LOANS, INC. ($11,452), EVERETT FINANCIAL, INC. ($12,153) and QUICKEN LOANS, LLC ($12,237).

    The lowest rate Sebastian FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.57%), QUICKEN LOANS, LLC (6.15%), BAYSHORE MORTGAGE FUNDING, LLC (6.22%), CALIBER HOME LOANS, INC. (6.23%) and LOANDEPOT.COM, LLC (6.32%).

    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

    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).