Albany FHA Loan Rates, Closing Costs & Stats

ALBANY, GA

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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.

    Albany's 79 lenders originated 477 FHA loans during 2024. The total origination value was $99,125,000, with an average FHA loan value of $207,809.

    Albany FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albany averaged 6.61% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Albany's average FHA mortgage closing costs are $7,075.

    The average rate for the prior week (2025-03-28) was 6.61% and one month ago for the week of 2025-02-28, the average rate was 6.59%.

    The average rate one year ago was 6.91%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.01%.

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

    Albany 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 Albany level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Flagstar Bank, FSB 93 6.48% $9,862
    QUICKEN LOANS, LLC 52 6.40% $9,095
    Colony Bank 40 6.38% $8,432
    Ameris Bank 24 6.23% $9,081
    Synovus Bank 24 5.98% $8,897
    UNITED WHOLESALE MORTGAGE, LLC 19 6.43% $10,999
    FREEDOM MORTGAGE CORPORATION 12 6.46% $9,260
    Renasant Bank 12 6.50% $10,140
    LOANDEPOT.COM, LLC 11 6.66% $8,942
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 8 6.45% $8,717
    PENNYMAC LOAN SERVICES, LLC 7 5.98% $11,589
    SOUTHPOINT FINANCIAL SERVICES, INC. 7 6.77% $8,679
    TOWNE MORTGAGE COMPANY 7 6.96% $8,533
    BROKER SOLUTIONS, INC. 7 6.86% $12,254
    CANOPY MORTGAGE, LLC 6 5.90% $15,514
    Capital City Home Loans, LLC 6 6.92% $8,803
    NEWREZ LLC 6 6.19% $8,609
    Carrington Mortgage Services, LLC 4 6.13% $9,815
    Mortgage Research Center, LLC 4 7.03% $4,828
    Mr. Cooper ( Nationstar Mortgage ) 4 6.38% $11,968
    Equity Prime Mortgage LLC 4 7.38% $11,549
    AMERICAN FINANCIAL NETWORK, INC. 3 6.83% $7,280
    NATIONS DIRECT MORTGAGE, LLC 3 6.17% $9,162
    CALCON MUTUAL MORTGAGE LLC 3 6.54% $17,094
    VILLAGE CAPITAL MORTGAGE 3 6.54% $4,411
    MORTGAGE INVESTORS GROUP, INC. 3 6.42% $10,227
    Wells Fargo Bank 3 6.42% $9,267
    ACOPIA, LLC 2 5.81% $11,866
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.56% $11,455
    AMERISAVE MORTGAGE CORPORATION 2 6.31% $11,696
    BancorpSouth 2 6.31% $7,782
    CROSSCOUNTRY MORTGAGE, LLC 2 6.41% $9,103
    GUILD MORTGAGE COMPANY 2 5.94% $7,571
    MID AMERICA MORTGAGE, INC. 2 7.19% $7,770
    MILEND, INC. 2 6.38% $11,716
    MOVEMENT MORTGAGE, LLC 2 6.69% $8,849
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.44% $11,182
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.94% $16,000
    RELIANCE FIRST CAPITAL, LLC 2 7.00% $7,993
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 7.19% $9,795
    SUN WEST MORTGAGE COMPANY, INC. 2 6.38% $15,392
    Truist 2 5.80% $5,925
    U.S. Bank 2 6.19% $6,381
    ZILLOW HOME LOANS, LLC 2 6.25% $10,850
    FIRST COLONY MORTGAGE CORPORATION 1 6.25% $8,316
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $18,827
    ENDEAVOR CAPITAL, LLC. 1 6.50% $9,625
    EMM LOANS LLC 1 6.75% $13,557
    NFM, INC. 1 7.38% $9,217
    Northpointe Bank 1 5.75% $9,257
    OCEANSIDE MORTGAGE COMPANY 1 6.25% $2,209
    Paramount Residential Mortgage Group, Inc. 1 7.13% $3,681
    East Coast Capital Corp. 1 7.13% $8,467
    PLANET HOME LENDING, LLC 1 5.13% $12,880
    PREMIA MORTGAGE, LLC 1 5.50% $5,215
    UNITED MORTGAGE CORP 1 7.25% $7,848
    Prosperity Home Mortgage, LLC 1 6.00% $19,525
    DAS Acquisition Company, LLC 1 7.25% $8,139
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 7.13% $16,306
    CORNERSTONE HOME LENDING, INC. 1 7.12% $6,998
    Residential Acceptance Corporation 1 8.00% $7,206
    ROYAL UNITED MORTGAGE LLC 1 6.50% $16,504
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $4,519
    Sierra Pacific Mortgage Company, Inc. 1 6.75% $14,599
    Assurance Financial Group, L.L.C. 1 7.13% $8,916
    Southern First Bank 1 5.63% $6,149
    Core Bank 1 6.25% $10,248
    ALAMEDA MORTGAGE CORPORATION 1 6.63% $7,672
    Hometown Equity Mortgage, LLC 1 6.50% $17,293
    JMAC LENDING, INC. 1 7.63% $4,014
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $6,665
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $7,638
    HOMESIDE FINANCIAL, LLC 1 7.13% $6,541
    Meridian Bank Corporation 1 6.75% $9,527
    CARDINAL FINANCIAL 1 5.99% $8,763
    The Loan Store, Inc. 1 6.25% $10,472
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.38% $19,706
    GENEVA FINANCIAL, LLC 1 6.13% $26,101
    BETTER MORTGAGE CORPORATION 1 6.13% $11,961

    The top Albany FHA lender as defined by loan originations is Flagstar Bank, FSB, with 93 FHA loans originated. Their average total fees are $9,862, which is $767 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Albany FHA lenders (with over 10 loans originated) are Colony Bank ($8,432), Synovus Bank ($8,897), LOANDEPOT.COM, LLC ($8,942), Ameris Bank ($9,081) and QUICKEN LOANS, LLC ($9,095).

    The lowest rate Albany FHA lenders (with over 10 loans originated) are Synovus Bank (5.98%), Ameris Bank (6.23%), Colony Bank (6.38%), QUICKEN LOANS, LLC (6.40%) and UNITED WHOLESALE MORTGAGE, LLC (6.43%).

    Albany FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALBANY, GA DOUGHERTY 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY, GA LEE 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY, GA TERRELL 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY, GA WORTH 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY, GA DOUGHERTY 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY, GA LEE 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY, GA TERRELL 2023 $472,030 $604,400 $730,525 $907,900
    ALBANY, GA WORTH 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Albany (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 $119,900 (4.3%) $150,518 (9.8%) 0.44 581
    2018-02-01 $119,900 (4.3%) $154,222 (13.2%) 0.44 581
    2018-03-01 $124,000 (7.4%) $154,431 (8.4%) 0.44 603
    2018-04-01 $129,900 (9.3%) $161,849 (9.1%) 0.44 590
    2018-05-01 $129,900 (8.3%) $164,043 (5.0%) 0.43 589
    2018-06-01 $129,900 (0.4%) $163,899 (2.1%) 0.43 602
    2018-07-01 $122,500 (-4.3%) $155,992 (-1.6%) 0.41 612
    2018-08-01 $128,950 (-0.8%) $157,633 (-3.7%) 0.43 593
    2018-09-01 $125,000 (-3.8%) $156,084 (-4.3%) 0.42 619
    2018-10-01 $126,375 (-1.0%) $155,465 (-3.3%) 0.43 608
    2018-11-01 $122,450 (-5.4%) $152,829 (-1.2%) 0.42 597
    2018-12-01 $118,450 (-5.2%) $149,094 (-1.8%) 0.41 560
    2019-01-01 $116,900 (-2.5%) $147,935 (-1.7%) 0.40 494
    2019-02-01 $116,258 (-3.0%) $146,725 (-4.9%) 0.39 485
    2019-03-01 $118,329 (-4.6%) $148,143 (-4.1%) 0.39 487
    2019-04-01 $118,479 (-8.8%) $149,058 (-7.9%) 0.38 498
    2019-05-01 $115,975 (-10.7%) $148,259 (-9.6%) 0.36 511
    2019-06-01 $116,500 (-10.3%) $147,950 (-9.7%) 0.36 538
    2019-07-01 $122,500 (0.0%) $151,270 (-3.0%) 0.38 583
    2019-08-01 $119,950 (-7.0%) $150,577 (-4.5%) 0.38 595
    2019-09-01 $119,950 (-4.0%) $151,191 (-3.1%) 0.38 565
    2019-10-01 $119,950 (-5.1%) $151,802 (-2.4%) 0.39 528
    2019-11-01 $129,425 (5.7%) $157,693 (3.2%) 0.42 488
    2019-12-01 $134,950 (13.9%) $161,718 (8.5%) 0.45 457
    2020-01-01 $134,275 (14.9%) $160,107 (8.2%) 0.45 421
    2020-02-01 $135,000 (16.1%) $160,393 (9.3%) 0.44 432
    2020-03-01 $131,950 (11.5%) $159,265 (7.5%) 0.41 449
    2020-04-01 $134,900 (13.9%) $162,162 (8.8%) 0.42 432
    2020-05-01 $135,000 (16.4%) $163,444 (10.2%) 0.41 408
    2020-06-01 $137,425 (18.0%) $170,244 (15.1%) 0.40 358
    2020-07-01 $138,075 (12.7%) $169,935 (12.3%) 0.40 292
    2020-08-01 $135,000 (12.6%) $167,876 (11.5%) 0.39 280
    2020-09-01 $142,250 (18.6%) $181,411 (20.0%) 0.41 265
    2020-10-01 $149,900 (25.0%) $184,503 (21.5%) 0.43 280
    2020-11-01 $145,000 (12.0%) $181,726 (15.2%) 0.42 252
    2020-12-01 $144,000 (6.7%) $184,724 (14.2%) 0.43 254
    2021-01-01 $144,950 (8.0%) $185,940 (16.1%) 0.43 236
    2021-02-01 $138,875 (2.9%) $179,597 (12.0%) 0.40 228
    2021-03-01 $122,850 (-6.9%) $171,325 (7.6%) 0.35 217
    2021-04-01 $119,975 (-11.1%) $163,593 (0.9%) 0.32 208
    2021-05-01 $110,000 (-18.5%) $166,599 (1.9%) 0.29 193
    2021-06-01 $127,475 (-7.2%) $167,394 (-1.7%) 0.34 193
    2021-07-01 $133,500 (-3.3%) $168,435 (-0.9%) 0.35 210
    2021-08-01 $126,525 (-6.3%) $163,146 (-2.8%) 0.34 225
    2021-09-01 $139,900 (-1.7%) $169,552 (-6.5%) 0.37 246
    2021-10-01 $139,900 (-6.7%) $166,621 (-9.7%) 0.37 212
    2021-11-01 $134,475 (-7.3%) $168,312 (-7.4%) 0.36 219
    2021-12-01 $117,500 (-18.4%) $152,919 (-17.2%) 0.32 221
    2022-01-01 $115,000 (-20.7%) $157,188 (-15.5%) 0.31 180
    2022-02-01 $129,200 (-7.0%) $195,534 (8.9%) 0.34 166
    2022-03-01 $139,000 (13.2%) $193,709 (13.1%) 0.35 166
    2022-04-01 $173,000 (44.2%) $210,329 (28.6%) 0.41 174
    2022-05-01 $173,725 (57.9%) $215,800 (29.5%) 0.40 177
    2022-06-01 $180,600 (41.7%) $222,729 (33.1%) 0.40 195
    2022-07-01 $189,900 (42.3%) $232,258 (37.9%) 0.43 230
    2022-08-01 $208,750 (65.0%) $235,817 (44.5%) 0.48 235
    2022-09-01 $199,925 (42.9%) $250,151 (47.5%) 0.47 247
    2022-10-01 $209,900 (50.0%) $238,936 (43.4%) 0.49 249
    2022-11-01 $222,225 (65.3%) $241,099 (43.3%) 0.53 260
    2022-12-01 $199,900 (70.1%) $229,206 (49.9%) 0.49 252
    2023-01-01 $189,225 (64.5%) $223,901 (42.4%) 0.47 234
    2023-02-01 $171,125 (32.5%) $231,676 (18.5%) 0.41 238
    2023-03-01 $199,675 (43.7%) $252,005 (30.1%) 0.47 200
    2023-04-01 $217,450 (25.7%) $256,715 (22.1%) 0.51 186
    2023-05-01 $217,475 (25.2%) $285,043 (32.1%) 0.49 178
    2023-06-01 $226,350 (25.3%) $307,836 (38.2%) 0.51 192
    2023-07-01 $225,000 (18.5%) $292,936 (26.1%) 0.51 215
    2023-08-01 $212,450 (1.8%) $290,179 (23.1%) 0.49 249
    2023-09-01 $213,000 (6.5%) $288,794 (15.5%) 0.50 272
    2023-10-01 $200,000 (-4.7%) $284,187 (18.9%) 0.47 262
    2023-11-01 $200,000 (-10.0%) $250,693 (4.0%) 0.48 279
    2023-12-01 $200,000 (0.1%) $245,141 (7.0%) 0.49 264
    2024-01-01 $200,000 (5.7%) $281,923 (25.9%) 0.49 239
    2024-02-01 $205,000 (19.8%) $267,991 (15.7%) 0.49 264
    2024-03-01 $177,500 (-11.1%) $243,262 (-3.5%) 0.42 334
    2024-04-01 $183,750 (-15.5%) $247,463 (-3.6%) 0.43 327
    2024-05-01 $166,950 (-23.2%) $245,898 (-13.7%) 0.38 354
    2024-06-01 $189,900 (-16.1%) $239,676 (-22.1%) 0.43 464
    2024-07-01 $192,688 (-14.4%) $238,428 (-18.6%) 0.44 405
    2024-08-01 $199,500 (-6.1%) $235,673 (-18.8%) 0.46 389
    2024-09-01 $199,950 (-6.1%) $239,043 (-17.2%) 0.47 394
    2024-10-01 $193,475 (-3.3%) $240,925 (-15.2%) 0.46 405
    2024-11-01 $194,500 (-2.8%) $238,493 (-4.9%) 0.47 419
    2024-12-01 $199,900 (-0.1%) $244,979 (-0.1%) 0.50 370
    2025-01-01 $189,475 (-5.3%) $243,246 (-13.7%) 0.47 386
    2025-02-01 $180,267 (-12.1%) $240,802 (-10.2%) 0.44 389
    2025-03-01 $188,950 (6.5%) $249,182 (2.4%) 0.00 397
    Albany's median listing price for 2025-03-01 was $188,950, a difference of $11,450 (6.5%) versus the prior year and $8,683 versus the prior month.

    Albany's median listing price comes in at 0% of the national average.

    Albany's average listing price for 2025-03-01 was $249,182, a difference of $5,920 (2.4%) versus the prior year and $8,380 versus the prior month.

    For the 2025-03-01 period, Albany had 397 MLS listings, a difference of 8 listings (2%) versus the prior month and 63 listings (19%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 1,813 sqft
    2018-02-01 86 days 1,840 sqft
    2018-03-01 73 days 1,836 sqft
    2018-04-01 70 days 1,857 sqft
    2018-05-01 73 days 1,848 sqft
    2018-06-01 75 days 1,839 sqft
    2018-07-01 73 days 1,784 sqft
    2018-08-01 75 days 1,802 sqft
    2018-09-01 79 days 1,825 sqft
    2018-10-01 96 days 1,809 sqft
    2018-11-01 97 days 1,800 sqft
    2018-12-01 107 days 1,765 sqft
    2019-01-01 118 days 1,783 sqft
    2019-02-01 108 days 1,753 sqft
    2019-03-01 88 days 1,737 sqft
    2019-04-01 68 days 1,725 sqft
    2019-05-01 68 days 1,721 sqft
    2019-06-01 61 days 1,707 sqft
    2019-07-01 59 days 1,705 sqft
    2019-08-01 68 days 1,711 sqft
    2019-09-01 79 days 1,734 sqft
    2019-10-01 90 days 1,752 sqft
    2019-11-01 95 days 1,784 sqft
    2019-12-01 90 days 1,806 sqft
    2020-01-01 95 days 1,805 sqft
    2020-02-01 87 days 1,823 sqft
    2020-03-01 62 days 1,800 sqft
    2020-04-01 65 days 1,804 sqft
    2020-05-01 78 days 1,823 sqft
    2020-06-01 91 days 1,843 sqft
    2020-07-01 81 days 1,837 sqft
    2020-08-01 58 days 1,826 sqft
    2020-09-01 59 days 1,912 sqft
    2020-10-01 50 days 1,893 sqft
    2020-11-01 54 days 1,910 sqft
    2020-12-01 61 days 1,901 sqft
    2021-01-01 72 days 1,916 sqft
    2021-02-01 63 days 1,875 sqft
    2021-03-01 42 days 1,734 sqft
    2021-04-01 37 days 1,657 sqft
    2021-05-01 52 days 1,640 sqft
    2021-06-01 44 days 1,700 sqft
    2021-07-01 38 days 1,667 sqft
    2021-08-01 40 days 1,614 sqft
    2021-09-01 41 days 1,670 sqft
    2021-10-01 48 days 1,645 sqft
    2021-11-01 42 days 1,658 sqft
    2021-12-01 50 days 1,541 sqft
    2022-01-01 53 days 1,580 sqft
    2022-02-01 48 days 1,607 sqft
    2022-03-01 54 days 1,639 sqft
    2022-04-01 33 days 1,652 sqft
    2022-05-01 38 days 1,687 sqft
    2022-06-01 30 days 1,755 sqft
    2022-07-01 32 days 1,790 sqft
    2022-08-01 45 days 1,875 sqft
    2022-09-01 52 days 1,780 sqft
    2022-10-01 50 days 1,812 sqft
    2022-11-01 64 days 1,846 sqft
    2022-12-01 73 days 1,827 sqft
    2023-01-01 74 days 1,825 sqft
    2023-02-01 57 days 1,725 sqft
    2023-03-01 48 days 1,846 sqft
    2023-04-01 50 days 1,883 sqft
    2023-05-01 48 days 1,871 sqft
    2023-06-01 43 days 1,897 sqft
    2023-07-01 43 days 1,949 sqft
    2023-08-01 38 days 1,897 sqft
    2023-09-01 44 days 1,816 sqft
    2023-10-01 56 days 1,806 sqft
    2023-11-01 65 days 1,771 sqft
    2023-12-01 79 days 1,747 sqft
    2024-01-01 81 days 1,713 sqft
    2024-02-01 57 days 1,759 sqft
    2024-03-01 31 days 1,625 sqft
    2024-04-01 61 days 1,657 sqft
    2024-05-01 77 days 1,668 sqft
    2024-06-01 61 days 1,667 sqft
    2024-07-01 80 days 1,634 sqft
    2024-08-01 78 days 1,601 sqft
    2024-09-01 74 days 1,629 sqft
    2024-10-01 78 days 1,654 sqft
    2024-11-01 71 days 1,678 sqft
    2024-12-01 80 days 1,720 sqft
    2025-01-01 90 days 1,668 sqft
    2025-02-01 92 days 1,617 sqft
    2025-03-01 0 days 1,660 sqft
    Albany's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Albany's median square footage for active listings during the 2025-03-01 period was 1,660 sqft. One year prior, the average listing was 1,625 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).