Albany FHA Loan Rates, Closing Costs & Stats

ALBANY, GA

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 72 lenders originated 438 FHA loans during 2023. The total origination value was $84,060,000, with an average FHA loan value of $191,918.

Albany FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Albany averaged 5.78% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

Albany's average FHA mortgage closing costs are $6,651.

The average rate for the prior week (2024-09-27) was 5.77% and one month ago for the week of 2024-08-30, the average rate was 6.43%.

The average rate one year ago was 7.37%.

For refis of the same type during the week of 2024-10-04, the average rate was 5.99%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Flagstar Bank, FSB 97 6.67% $8,862
QUICKEN LOANS, LLC 50 6.20% $8,769
Colony Bank 32 6.46% $8,527
Ameris Bank 21 6.36% $9,081
BROKER SOLUTIONS, INC. 16 6.73% $9,882
Renasant Bank 13 6.67% $9,471
SOUTHPOINT FINANCIAL SERVICES, INC. 12 7.05% $7,895
UNITED WHOLESALE MORTGAGE, LLC 10 6.34% $13,873
Synovus Bank 9 6.40% $8,433
FREEDOM MORTGAGE CORPORATION 8 6.53% $11,399
PENNYMAC LOAN SERVICES, LLC 7 6.12% $10,331
CALCON MUTUAL MORTGAGE LLC 6 6.94% $11,940
Capital City Home Loans, LLC 6 7.27% $8,740
HOMESTAR FINANCIAL CORPORATION 6 6.42% $7,923
AMERISAVE MORTGAGE CORPORATION 5 6.40% $10,874
MEMBER FIRST MORTGAGE, LLC 5 6.53% $6,163
CARDINAL FINANCIAL 5 6.10% $7,969
Mr. Cooper ( Nationstar Mortgage ) 4 5.94% $10,663
CROSSCOUNTRY MORTGAGE, LLC 4 6.69% $11,996
LOANDEPOT.COM, LLC 4 6.84% $9,496
Carrington Mortgage Services, LLC 4 6.47% $10,546
SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 6.63% $9,608
Equity Prime Mortgage LLC 3 6.46% $7,560
TOP FLITE FINANCIAL, INC. 3 7.04% $11,119
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.92% $7,929
TOWNE MORTGAGE COMPANY 3 6.54% $7,478
AMERICAN FINANCIAL NETWORK, INC. 3 7.83% $8,391
GUARANTEED RATE, INC. 2 5.64% $6,747
First Federal Bank 2 6.31% $7,819
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $9,667
NEWREZ LLC 2 6.44% $9,228
CANOPY MORTGAGE, LLC 2 7.25% $9,863
MORTGAGE INVESTORS GROUP, INC. 2 5.63% $7,541
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $8,369
SWBC MORTGAGE CORPORATION 2 6.75% $7,867
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.13% $7,972
GENEVA FINANCIAL, LLC 2 6.50% $8,251
JPMorgan Chase Bank 2 5.93% $2,569
UNION HOME MORTGAGE CORP. 2 6.56% $10,044
LAKEVIEW LOAN SERVICING, LLC 2 5.69% $11,282
ZILLOW HOME LOANS, LLC 2 5.75% $9,485
THRIVE MORTGAGE, LLC 1 7.63% $7,993
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $11,871
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $12,677
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $8,331
Franklin Loan Corporation 1 5.63% $12,742
GEORGIA'S OWN 1 6.50% $6,374
GUARANTEED RATE AFFINITY, LLC 1 6.88% $10,404
LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $4,643
MICHIGAN MUTUAL, INC. 1 6.63% $9,893
MID AMERICA MORTGAGE, INC. 1 7.75% $8,113
MILEND, INC. 1 6.13% $12,102
MORIA DEVELOPMENT, INC. 1 6.88% $19,916
Mortgage Research Center, LLC 1 7.13% $7,174
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $10,097
MOVEMENT MORTGAGE, LLC 1 7.13% $9,168
M&T Bank 1 6.63% $6,173
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $16,690
NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $6,885
Northpointe Bank 1 6.00% $7,326
Paramount Residential Mortgage Group, Inc. 1 6.25% $3,511
PLANET HOME LENDING, LLC 1 6.75% $6,963
PLAZA HOME MORTGAGE, INC. 1 6.25% $9,218
Regions Bank 1 5.75% $5,275
SOVEREIGN LENDING GROUP INCORPORATED 1 4.88% $16,147
STOCKTON MORTGAGE CORPORATION 1 6.75% $10,577
SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $10,018
ACADEMY MORTGAGE CORPORATION 1 6.63% $6,683
TJC Mortgage, Inc. 1 5.75% $8,706
Truist 1 6.38% $5,327
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.38% $5,958
Wells Fargo Bank 1 6.00% $4,445

The top Albany FHA lender as defined by loan originations is Flagstar Bank, FSB, with 97 FHA loans originated. Their average total fees are $8,862, which is $93 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Albany FHA lenders (with over 10 loans originated) are SOUTHPOINT FINANCIAL SERVICES, INC. ($7,895), Colony Bank ($8,527), QUICKEN LOANS, LLC ($8,769), Flagstar Bank, FSB ($8,862) and Ameris Bank ($9,081).

The lowest rate Albany FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.20%), UNITED WHOLESALE MORTGAGE, LLC (6.34%), Ameris Bank (6.36%), Colony Bank (6.46%) and Flagstar Bank, FSB (6.67%).

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 $119,964 (-7.0%) $150,636 (-4.4%) 0.38 595
2019-09-01 $119,984 (-4.0%) $151,339 (-3.0%) 0.38 564
2019-10-01 $119,998 (-5.1%) $152,021 (-2.2%) 0.39 527
2019-11-01 $129,900 (6.1%) $157,943 (3.4%) 0.43 487
2019-12-01 $134,950 (13.9%) $161,995 (8.7%) 0.45 456
2020-01-01 $134,925 (15.4%) $160,396 (8.4%) 0.45 420
2020-02-01 $135,000 (16.1%) $160,675 (9.5%) 0.44 431
2020-03-01 $132,450 (11.9%) $159,535 (7.7%) 0.42 448
2020-04-01 $134,900 (13.9%) $162,451 (9.0%) 0.42 431
2020-05-01 $135,000 (16.4%) $163,307 (10.2%) 0.41 406
2020-06-01 $137,425 (18.0%) $170,124 (15.0%) 0.40 356
2020-07-01 $137,450 (12.2%) $169,379 (12.0%) 0.40 291
2020-08-01 $135,000 (12.5%) $167,279 (11.1%) 0.39 279
2020-09-01 $142,100 (18.4%) $180,815 (19.5%) 0.41 264
2020-10-01 $149,900 (24.9%) $184,503 (21.4%) 0.43 279
2020-11-01 $145,000 (11.6%) $181,726 (15.1%) 0.42 252
2020-12-01 $144,000 (6.7%) $184,724 (14.0%) 0.43 254
2021-01-01 $144,950 (7.4%) $185,940 (15.9%) 0.43 236
2021-02-01 $138,875 (2.9%) $179,597 (11.8%) 0.40 228
2021-03-01 $122,850 (-7.3%) $171,325 (7.4%) 0.35 217
2021-04-01 $119,975 (-11.1%) $163,593 (0.7%) 0.32 208
2021-05-01 $110,000 (-18.5%) $166,599 (2.0%) 0.29 193
2021-06-01 $127,475 (-7.2%) $167,394 (-1.6%) 0.34 193
2021-07-01 $133,500 (-2.9%) $168,435 (-0.6%) 0.35 210
2021-08-01 $126,525 (-6.3%) $163,146 (-2.5%) 0.34 225
2021-09-01 $139,900 (-1.6%) $169,552 (-6.2%) 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%) $238,467 (43.1%) 0.49 249
2022-11-01 $223,500 (66.2%) $242,190 (43.9%) 0.54 260
2022-12-01 $199,900 (70.1%) $230,487 (50.7%) 0.49 253
2023-01-01 $189,900 (65.1%) $225,423 (43.4%) 0.47 235
2023-02-01 $172,350 (33.4%) $233,076 (19.2%) 0.42 240
2023-03-01 $199,675 (43.7%) $251,808 (30.0%) 0.47 200
2023-04-01 $219,900 (27.1%) $257,606 (22.5%) 0.51 186
2023-05-01 $217,625 (25.3%) $285,819 (32.5%) 0.49 179
2023-06-01 $227,450 (25.9%) $308,485 (38.5%) 0.51 193
2023-07-01 $225,000 (18.5%) $293,619 (26.4%) 0.51 216
2023-08-01 $212,675 (1.9%) $290,822 (23.3%) 0.49 250
2023-09-01 $213,000 (6.5%) $288,794 (15.5%) 0.50 272
2023-10-01 $200,000 (-4.7%) $284,187 (19.2%) 0.47 262
2023-11-01 $200,000 (-10.5%) $250,693 (3.5%) 0.48 279
2023-12-01 $200,000 (0.1%) $245,141 (6.4%) 0.49 264
2024-01-01 $200,000 (5.3%) $281,476 (24.9%) 0.49 239
2024-02-01 $205,000 (18.9%) $267,991 (15.0%) 0.49 264
2024-03-01 $177,500 (-11.1%) $243,262 (-3.4%) 0.42 334
2024-04-01 $183,750 (-16.4%) $247,463 (-3.9%) 0.43 327
2024-05-01 $164,900 (-24.2%) $245,898 (-14.0%) 0.37 354
2024-06-01 $189,900 (-16.5%) $239,240 (-22.5%) 0.43 464
2024-07-01 $191,563 (-14.9%) $238,428 (-18.8%) 0.44 405
2024-08-01 $199,500 (-6.2%) $235,673 (-19.0%) 0.46 389
2024-09-01 $199,950 (-6.1%) $239,043 (-17.2%) 0.00 394
Albany's median listing price for 2024-09-01 was $199,950, a difference of $-13,050 (-6.1%) versus the prior year and $450 versus the prior month.

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

Albany's average listing price for 2024-09-01 was $239,043, a difference of $-49,751 (-17.2%) versus the prior year and $3,370 versus the prior month.

For the 2024-09-01 period, Albany had 394 MLS listings, a difference of 5 listings (1%) versus the prior month and 122 listings (45%) 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 1,814 sqft
2018-02-01 86 days 1,841 sqft
2018-03-01 73 days 1,840 sqft
2018-04-01 70 days 1,859 sqft
2018-05-01 73 days 1,848 sqft
2018-06-01 75 days 1,840 sqft
2018-07-01 73 days 1,785 sqft
2018-08-01 75 days 1,803 sqft
2018-09-01 79 days 1,825 sqft
2018-10-01 96 days 1,810 sqft
2018-11-01 97 days 1,800 sqft
2018-12-01 107 days 1,765 sqft
2019-01-01 118 days 1,786 sqft
2019-02-01 108 days 1,755 sqft
2019-03-01 88 days 1,740 sqft
2019-04-01 68 days 1,731 sqft
2019-05-01 68 days 1,723 sqft
2019-06-01 61 days 1,708 sqft
2019-07-01 59 days 1,705 sqft
2019-08-01 68 days 1,711 sqft
2019-09-01 79 days 1,735 sqft
2019-10-01 90 days 1,753 sqft
2019-11-01 95 days 1,785 sqft
2019-12-01 89 days 1,806 sqft
2020-01-01 95 days 1,806 sqft
2020-02-01 87 days 1,823 sqft
2020-03-01 61 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 1,848 sqft
2020-07-01 81 days 1,837 sqft
2020-08-01 58 days 1,825 sqft
2020-09-01 59 days 1,914 sqft
2020-10-01 50 days 1,894 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 1,847 sqft
2022-12-01 73 days 1,828 sqft
2023-01-01 73 days 1,831 sqft
2023-02-01 59 days 1,736 sqft
2023-03-01 49 days 1,846 sqft
2023-04-01 51 days 1,884 sqft
2023-05-01 48 days 1,878 sqft
2023-06-01 43 days 1,898 sqft
2023-07-01 44 days 1,950 sqft
2023-08-01 38 days 1,901 sqft
2023-09-01 44 days 1,814 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 81 days 1,635 sqft
2024-06-01 61 days 1,665 sqft
2024-07-01 80 days 1,629 sqft
2024-08-01 78 days 1,600 sqft
2024-09-01 0 days 1,629 sqft
Albany's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2024-09-01 period was 1,629 sqft. One year prior, the average listing was 1,814 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).