Sebring FHA Loan Rates, Closing Costs & Stats

SEBRING-AVON PARK, 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.

    Sebring's 84 lenders originated 406 FHA loans during 2022. The total origination value was $79,950,000, with an average FHA loan value of $196,921.

    Sebring FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sebring averaged 6.73% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Sebring's average FHA mortgage closing costs are $6,906.

    The average rate for the prior week (2023-11-24) was 6.54% and one month ago for the week of 2023-10-27, the average rate was 7.15%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.96%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Sebring 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 Sebring level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 54 4.56% $9,182
    UNITED WHOLESALE MORTGAGE, LLC 40 4.86% $9,308
    FREEDOM MORTGAGE CORPORATION 19 5.05% $8,919
    CALIBER HOME LOANS, INC. 19 4.26% $8,301
    Flagstar Bank, FSB 18 4.81% $10,397
    LOANDEPOT.COM, LLC 14 4.84% $10,339
    Bell Bank 14 4.37% $7,805
    Equity Prime Mortgage LLC 10 6.09% $12,984
    CROSSCOUNTRY MORTGAGE, LLC 9 5.19% $8,932
    Paramount Residential Mortgage Group, Inc. 9 4.82% $11,348
    THE MORTGAGE FIRM, INC. 9 5.10% $9,204
    Carrington Mortgage Services, LLC 8 4.67% $10,161
    FBC MORTGAGE, LLC 8 5.75% $11,729
    CARDINAL FINANCIAL 8 5.30% $10,779
    PENNYMAC LOAN SERVICES, LLC 8 3.98% $8,983
    NEWREZ LLC 5 5.03% $6,267
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.08% $12,459
    HOME SOLUTION LENDERS INC. 5 4.33% $10,133
    NTFN, INC. 4 4.72% $7,596
    BROKER SOLUTIONS, INC. 4 4.63% $9,971
    Nations Lending Corporation 4 5.63% $8,858
    Sierra Pacific Mortgage Company, Inc. 4 4.53% $7,652
    Hometown Equity Mortgage, LLC 3 5.08% $9,048
    MOVEMENT MORTGAGE, LLC 3 4.79% $13,152
    AMERISAVE MORTGAGE CORPORATION 3 4.83% $12,184
    EVERETT FINANCIAL, INC. 3 5.50% $6,777
    Plains Commerce Bank 3 4.46% $12,695
    LOANPAL, LLC 2 4.25% $13,411
    MID AMERICA MORTGAGE, INC. 2 5.25% $10,174
    Mortgage Research Center, LLC 2 3.88% $5,730
    AMERICAN FINANCING CORPORATION 2 5.63% $8,629
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.06% $11,805
    CROSSFIRE FINANCIAL NETWORK, INC. 2 5.12% $11,940
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.44% $12,988
    South State Bank 2 3.94% $7,547
    EMM LOANS LLC 2 5.38% $11,510
    Lakeview Community Capital, LLC 2 4.50% $6,936
    Town Square Mortgage & Investments, Inc. 2 4.75% $12,613
    Waterstone Mortgage Corporation 2 5.13% $13,484
    Synovus Bank 1 4.00% $11,837
    The Central Trust Bank 1 5.88% $10,446
    TJC Mortgage, Inc. 1 4.13% $17,098
    UNITED MORTGAGE CORP 1 5.63% $13,383
    VAN DYK MORTGAGE CORPORATION 1 5.50% $9,860
    ACADEMY MORTGAGE CORPORATION 1 5.13% $9,184
    Wyndham Capital Mortgage, Inc. 1 4.75% $9,320
    Advisors Mortgage Group, L.L.C. 1 4.75% $12,365
    AMCAP MORTGAGE, LTD. 1 5.25% $16,996
    AMERICAN MORTGAGE SERVICE COMPANY 1 3.50% $5,694
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 3.63% $11,957
    AMERIFIRST FINANCIAL CORPORATION 1 5.88% $12,445
    Ameris Bank 1 2.63% $10,733
    Citizens Bank 1 5.25% $10,823
    CMG MORTGAGE, INC. 1 6.38% $8,661
    COLUMBUS CAPITAL LENDING, LLC 1 3.88% $9,569
    EMBRACE HOME LOANS, INC. 1 5.13% $11,427
    First Federal Bank 1 4.88% $4,669
    FIRST HOME MORTGAGE CORPORATION 1 5.50% $9,196
    First Horizon Bank 1 5.13% $11,176
    GERSHMAN INVESTMENT CORP. 1 6.13% $8,246
    GMFS LLC 1 3.88% $8,445
    GUARANTEED RATE, INC. 1 7.25% $11,305
    HAMILTON HOME LOANS, INC. 1 4.38% $9,926
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.13% $12,501
    JPMorgan Chase Bank 1 6.75% $8,772
    KELLER MORTGAGE, LLC 1 3.25% $7,836
    Key Mortgage Services, Inc. 1 5.25% $7,169
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $7,053
    MICHIGAN MUTUAL, INC. 1 5.63% $10,693
    MLD MORTGAGE INC. 1 4.75% $7,096
    Mortgage Lenders Investment Trading Corporation 1 5.25% $11,722
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.50% $16,358
    Mr. Cooper ( Nationstar Mortgage ) 1 5.13% $8,840
    MY MORTGAGE, INC. 1 5.13% $8,116
    NATIONS DIRECT MORTGAGE, LLC 1 4.63% $9,893
    NFM, INC. 1 3.63% $12,054
    PLANET HOME LENDING, LLC 1 6.13% $12,172
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.50% $9,057
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 4.13% $9,829
    RUOFF MORTGAGE COMPANY, INC. 1 4.00% $4,573
    Seacoast National Bank 1 5.13% $8,869
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.63% $19,099
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.50% $13,215
    SWBC MORTGAGE CORPORATION 1 5.63% $6,323

    The top Sebring FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 54 FHA loans originated. Their average total fees are $9,182, which is $127 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Sebring FHA lenders (with over 10 loans originated) are Bell Bank ($7,805), CALIBER HOME LOANS, INC. ($8,301), FREEDOM MORTGAGE CORPORATION ($8,919), QUICKEN LOANS, LLC ($9,182) and UNITED WHOLESALE MORTGAGE, LLC ($9,308).

    The lowest rate Sebring FHA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. (4.26%), Bell Bank (4.37%), QUICKEN LOANS, LLC (4.56%), Flagstar Bank, FSB (4.81%) and LOANDEPOT.COM, LLC (4.84%).

    Sebring FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SEBRING-AVON PARK, FL HIGHLANDS 2022 $420,680 $538,650 $651,050 $809,150
    SEBRING-AVON PARK, FL HIGHLANDS 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).