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 93 lenders originated 426 FHA loans during 2023. The total origination value was $92,630,000, with an average FHA loan value of $217,441.

    Sebring FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sebring averaged 6.77% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Sebring's average FHA mortgage closing costs are $7,589.

    The average rate for the prior week (2024-07-12) was 6.82% and one month ago for the week of 2024-06-14, the average rate was 6.78%.

    The average rate one year ago was 6.67%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.69%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 64 6.51% $11,420
    QUICKEN LOANS, LLC 34 6.15% $9,726
    LEADERONE FINANCIAL CORPORATION 25 6.95% $9,829
    FREEDOM MORTGAGE CORPORATION 16 6.90% $11,349
    HOME SOLUTION LENDERS INC. 14 5.72% $17,988
    LOANDEPOT.COM, LLC 12 6.61% $9,856
    FBC MORTGAGE, LLC 10 5.93% $10,531
    Bell Bank 10 6.41% $8,716
    Flagstar Bank, FSB 10 6.09% $12,322
    THE MORTGAGE FIRM, INC. 9 6.50% $9,669
    CROSSCOUNTRY MORTGAGE, LLC 8 6.88% $10,862
    Equity Prime Mortgage LLC 7 7.04% $10,664
    TOWNE MORTGAGE COMPANY 6 6.25% $11,770
    BROKER SOLUTIONS, INC. 6 6.90% $9,778
    NEWREZ LLC 6 6.25% $11,009
    Plains Commerce Bank 5 6.78% $15,004
    Nations Lending Corporation 5 6.80% $11,737
    AMERISAVE MORTGAGE CORPORATION 5 5.90% $15,447
    Paramount Residential Mortgage Group, Inc. 4 6.56% $18,391
    PENNYMAC LOAN SERVICES, LLC 4 6.28% $11,490
    Mr. Cooper ( Nationstar Mortgage ) 4 6.31% $12,779
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.63% $10,791
    MY MORTGAGE, INC. 3 6.96% $18,955
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.33% $10,041
    CARDINAL FINANCIAL 3 6.29% $14,594
    MOVEMENT MORTGAGE, LLC 3 6.71% $7,894
    Sierra Pacific Mortgage Company, Inc. 3 6.13% $11,017
    LAKEVIEW LOAN SERVICING, LLC 3 6.21% $11,096
    LOANPAL, LLC 2 6.31% $8,475
    GARDNER FINANCIAL SERVICES, LTD. 2 7.38% $9,686
    South State Bank 2 6.25% $7,321
    Carrington Mortgage Services, LLC 2 5.63% $12,353
    Century Mortgage Company DBA Century Lending Company 2 6.62% $16,059
    Citizens Bank 2 6.88% $8,733
    AMCAP MORTGAGE, LTD. 2 6.63% $10,545
    NTFN, INC. 2 6.25% $9,612
    AMERICAN FINANCING CORPORATION 2 7.13% $10,051
    GENEVA FINANCIAL, LLC 2 6.31% $11,883
    Mortgage Lenders Investment Trading Corporation 2 8.25% $11,238
    ZILLOW HOME LOANS, LLC 2 6.13% $11,383
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $11,130
    EVERETT FINANCIAL, INC. 2 7.13% $9,796
    CALIBER HOME LOANS, INC. 2 6.00% $13,503
    Waterstone Mortgage Corporation 2 6.88% $9,943
    GUARANTEED RATE, INC. 2 6.50% $7,595
    RELIANCE FIRST CAPITAL, LLC 2 6.69% $14,122
    Willamette Valley Bank 1 6.13% $6,944
    The Federal Savings Bank 1 6.13% $11,824
    ACOPIA, LLC 1 7.50% $9,667
    Acre Mortgage and Financial Inc 1 7.13% $20,233
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $10,565
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.00% $11,080
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $16,206
    Barrington Bank & Trust Company, N.A. 1 6.75% $9,665
    CANOPY MORTGAGE, LLC 1 7.25% $8,013
    CMG MORTGAGE, INC. 1 6.25% $9,571
    Cornerstone First Mortgage, Inc 1 6.25% $12,629
    First Option Mortgage, LLC 1 6.63% $14,239
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.50% $10,576
    GUILD MORTGAGE COMPANY 1 6.25% $7,994
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $13,763
    HOMESIDE FINANCIAL, LLC 1 6.63% $14,667
    INSPIRE HOME LOANS INC. 1 4.88% $16,383
    Integrity Home Mortgage Corp 1 7.25% $10,093
    Ixonia Bank 1 6.75% $10,941
    JMAC LENDING, INC. 1 6.38% $14,955
    JPMorgan Chase Bank 1 7.13% $3,425
    Loan Simple, Inc. 1 7.25% $10,704
    Magnolia Bank 1 7.25% $9,311
    Midwest Mortgage Associates Corporation 1 6.75% $9,584
    MORTGAGE EQUITY PARTNERS LLC 1 6.13% $16,216
    MORTGAGE INVESTORS GROUP, INC. 1 6.13% $7,146
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.13% $12,629
    NATION ONE MORTGAGE CORPORATION 1 6.63% $15,882
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $14,365
    NFM, INC. 1 7.63% $10,663
    Northpointe Bank 1 7.25% $11,118
    OCMBC, INC. 1 7.13% $8,428
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $7,407
    PLAZA HOME MORTGAGE, INC. 1 7.25% $14,649
    POLARIS HOME FUNDING CORP. 1 6.25% $10,719
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.50% $3,614
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $12,496
    Semper Home Loans, Inc. 1 6.25% $15,270
    STOCKTON MORTGAGE CORPORATION 1 6.63% $9,088
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $7,441
    Synovus Bank 1 7.63% $11,016
    ABSOLUTE HOME MORTGAGE CORPORATION 1 8.13% $17,629
    TOTAL MORTGAGE SERVICES, LLC 1 6.50% $11,255
    VAN DYK MORTGAGE CORPORATION 1 6.88% $4,951
    VILLAGE CAPITAL MORTGAGE 1 6.38% $17,339
    V.I.P. MORTGAGE, INC. 1 8.13% $18,471
    Wells Fargo Bank 1 5.25% $6,586

    The top Sebring FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 64 FHA loans originated. Their average total fees are $11,420, which is $1,694 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Sebring FHA lenders (with over 10 loans originated) are Bell Bank ($8,716), QUICKEN LOANS, LLC ($9,726), LEADERONE FINANCIAL CORPORATION ($9,829), LOANDEPOT.COM, LLC ($9,856) and FBC MORTGAGE, LLC ($10,531).

    The lowest rate Sebring FHA lenders (with over 10 loans originated) are HOME SOLUTION LENDERS INC. (5.72%), FBC MORTGAGE, LLC (5.93%), Flagstar Bank, FSB (6.09%), QUICKEN LOANS, LLC (6.15%) and Bell Bank (6.41%).

    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).