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 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 -0.34% for the week of 2023-06-02, 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 (2023-05-26) was 6.09% and one month ago for the week of 2023-04-28, the average rate was 5.73%.

    The average rate one year ago was 4.79%.

    For refis of the same type during the week of 2023-06-02, 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 (-2.5%) $695,261 (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 $338,934 (-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%) $649,568 (-1.8%) 1.06 1,674
    2020-04-01 $330,000 (-2.4%) $635,868 (-4.7%) 1.03 1,697
    2020-05-01 $329,900 (-1.9%) $640,578 (-5.6%) 1.00 1,613
    2020-06-01 $331,833 (-1.7%) $654,815 (-5.0%) 0.98 1,504
    2020-07-01 $339,000 (-0.3%) $645,829 (-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 (20.3%) $860,422 (34.3%) 1.06 401
    2021-06-01 $389,950 (17.5%) $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
    Sebastian's median listing price for 2023-05-01 was $444,750, a difference of $17,515 (4.1%) versus the prior year and $-1,250 versus the prior month.

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

    Sebastian's average listing price for 2023-05-01 was $966,890, a difference of $57,484 (6.3%) versus the prior year and $-97,727 versus the prior month.

    For the 2023-05-01 period, Sebastian had 916 MLS listings, a difference of -92 listings (-9%) versus the prior month and 451 listings (97%) 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 2,064 sqft
    2018-02-01 70 days 2,060 sqft
    2018-03-01 64 days 2,050 sqft
    2018-04-01 73 days 2,093 sqft
    2018-05-01 79 days 2,036 sqft
    2018-06-01 85 days 2,034 sqft
    2018-07-01 88 days 2,042 sqft
    2018-08-01 89 days 2,028 sqft
    2018-09-01 84 days 2,039 sqft
    2018-10-01 79 days 2,021 sqft
    2018-11-01 78 days 2,005 sqft
    2018-12-01 79 days 1,991 sqft
    2019-01-01 86 days 1,995 sqft
    2019-02-01 78 days 1,999 sqft
    2019-03-01 77 days 1,979 sqft
    2019-04-01 79 days 1,961 sqft
    2019-05-01 81 days 1,949 sqft
    2019-06-01 89 days 1,958 sqft
    2019-07-01 92 days 1,967 sqft
    2019-08-01 89 days 1,972 sqft
    2019-09-01 88 days 1,975 sqft
    2019-10-01 89 days 1,978 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 1,851 sqft
    2021-03-01 45 days 1,848 sqft
    2021-04-01 42 days 1,861 sqft
    2021-05-01 46 days 1,865 sqft
    2021-06-01 45 days 1,833 sqft
    2021-07-01 46 days 1,770 sqft
    2021-08-01 47 days 1,766 sqft
    2021-09-01 47 days 1,726 sqft
    2021-10-01 45 days 1,814 sqft
    2021-11-01 47 days 1,818 sqft
    2021-12-01 52 days 1,835 sqft
    2022-01-01 49 days 1,863 sqft
    2022-02-01 35 days 1,753 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 1,793 sqft
    2022-12-01 64 days 1,780 sqft
    2023-01-01 71 days 1,789 sqft
    2023-02-01 61 days 1,804 sqft
    2023-03-01 57 days 1,820 sqft
    2023-04-01 63 days 1,828 sqft
    2023-05-01 65 days 1,780 sqft
    Sebastian's median listing age (time on market) for 2023-05-01 was 65 days. This is 84% longer than the same period one year ago.

    Sebastian's median square footage for active listings during the 2023-05-01 period was 1,780 sqft. One year prior, the average listing was 1,701 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).