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 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 6.37% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.24% and one month ago for the week of 2024-11-08, the average rate was 6.5%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

    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%) 0.47 394
    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
    Albany's median listing price for 2024-11-01 was $194,500, a difference of $-5,500 (-2.8%) versus the prior year and $1,025 versus the prior month.

    Albany's median listing price comes in at 47% of the national average.

    Albany's average listing price for 2024-11-01 was $238,493, a difference of $-12,200 (-4.9%) versus the prior year and $-2,432 versus the prior month.

    For the 2024-11-01 period, Albany had 419 MLS listings, a difference of 14 listings (3%) versus the prior month and 140 listings (50%) 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 74 days 1,629 sqft
    2024-10-01 78 days 1,654 sqft
    2024-11-01 71 days 1,678 sqft
    Albany's median listing age (time on market) for 2024-11-01 was 71 days. This is 10% longer than the same period one year ago.

    Albany's median square footage for active listings during the 2024-11-01 period was 1,678 sqft. One year prior, the average listing was 1,771 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).