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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.