Sebring FHA Loan Rates, Closing Costs & Stats

SEBRING-AVON PARK, FL

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).