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 6.42% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.39% and one month ago for the week of 2024-10-04, the average rate was 6.01%.

    The average rate one year ago was 7.66%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

    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

    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).