Albany FHA Loan Rates, Closing Costs & Stats

ALBANY-LEBANON, OR

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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 73 lenders originated 379 FHA loans during 2023. The total origination value was $126,785,000, with an average FHA loan value of $334,525.

    Albany FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albany averaged 6.08% 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 $10,052.

    The average rate for the prior week (2024-11-01) was 6.36% and one month ago for the week of 2024-10-04, the average rate was 5.68%.

    The average rate one year ago was 7.42%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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
    SUMMIT FUNDING, INC. 39 6.08% $18,763
    UNITED WHOLESALE MORTGAGE, LLC 30 6.20% $15,958
    QUICKEN LOANS, LLC 24 6.14% $13,747
    NEWREZ LLC 17 6.36% $14,554
    MANN FINANCIAL INC. 13 6.83% $15,356
    MOVEMENT MORTGAGE, LLC 12 6.50% $17,243
    CMG MORTGAGE, INC. 11 6.44% $15,582
    LPMC, LLC 11 6.84% $12,447
    CALIBER HOME LOANS, INC. 11 6.33% $15,662
    GUILD MORTGAGE COMPANY 10 6.36% $15,467
    PACIFIC RESIDENTIAL MORTGAGE, LLC 10 6.41% $18,969
    CROSSCOUNTRY MORTGAGE, LLC 10 6.32% $16,178
    LOANDEPOT.COM, LLC 9 6.44% $16,045
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.61% $11,620
    ACADEMY MORTGAGE CORPORATION 9 6.38% $16,947
    DAS Acquisition Company, LLC 8 6.75% $17,887
    S1L, Inc. 8 6.16% $14,992
    MORTGAGE EXPRESS, LLC 7 6.45% $16,176
    PLAZA HOME MORTGAGE, INC. 7 6.32% $16,332
    Century Mortgage Company DBA Century Lending Company 6 5.94% $16,306
    Mr. Cooper ( Nationstar Mortgage ) 5 5.98% $18,340
    SUN WEST MORTGAGE COMPANY, INC. 5 6.52% $8,799
    NATIONS DIRECT MORTGAGE, LLC 5 6.50% $13,566
    FREEDOM MORTGAGE CORPORATION 4 6.75% $18,511
    KeyBank 3 5.96% $15,410
    DIRECTORS MORTGAGE, INC. 3 7.13% $21,791
    AMERISAVE MORTGAGE CORPORATION 3 5.42% $21,955
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.88% $13,809
    EAGLE HOME MORTGAGE, LLC 3 6.38% $14,077
    AMERICAN FINANCIAL NETWORK, INC. 3 7.42% $14,491
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.83% $12,804
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.38% $13,752
    Keystone Funding, Inc. 2 6.63% $12,729
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.25% $14,393
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.88% $12,257
    American Mortgage & Equity Consultants, Inc. 2 6.75% $15,284
    OCMBC, INC. 2 7.19% $18,046
    Franklin Loan Corporation 2 6.13% $16,447
    MASON MCDUFFIE MORTGAGE CORPORATION 2 7.00% $16,880
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 7.00% $21,501
    Umpqua Bank 2 6.50% $14,273
    Bank of England 2 7.31% $16,103
    AMERICAN FINANCING CORPORATION 2 6.44% $13,457
    Summit Mortgage Corporation 1 5.63% $17,950
    The Federal Savings Bank 1 5.63% $16,912
    U.S. Bank 1 6.75% $8,206
    V.I.P. MORTGAGE, INC. 1 6.12% $17,413
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $15,338
    BROKER SOLUTIONS, INC. 1 5.25% $22,012
    EMM LOANS LLC 1 5.75% $20,230
    BECKAM FUNDING CORP. 1 6.00% $15,359
    GUARANTEED RATE, INC. 1 5.75% $16,754
    Banner Bank 1 6.75% $15,573
    HomeStreet Bank 1 6.13% $12,423
    JPMorgan Chase Bank 1 5.38% $6,782
    LAKEVIEW LOAN SERVICING, LLC 1 5.63% $18,236
    Bank of the Pacific 1 5.63% $13,078
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $12,227
    MYCUMORTGAGE, LLC 1 7.13% $7,966
    Nations Lending Corporation 1 7.13% $11,201
    NBKC BANK 1 6.13% $10,668
    NEXERA HOLDING LLC 1 5.63% $10,882
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.25% $19,889
    OnPoint Community Credit Union 1 6.88% $6,861
    PANORAMA MORTGAGE GROUP, LLC 1 7.13% $17,213
    PENNYMAC LOAN SERVICES, LLC 1 6.63% $12,673
    PHH Mortgage Corporation 1 5.25% $14,594
    Plains Commerce Bank 1 6.38% $18,917
    PLANET HOME LENDING, LLC 1 6.25% $12,133
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.63% $13,058
    Prosperity Home Mortgage, LLC 1 5.75% $11,017
    Willamette Valley Bank 1 5.25% $16,139
    SOUTHWEST STAGE FUNDING, LLC 1 7.25% $9,260

    The top Albany FHA lender as defined by loan originations is SUMMIT FUNDING, INC., with 39 FHA loans originated. Their average total fees are $18,763, which is $2,805 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Albany FHA lenders (with over 10 loans originated) are LPMC, LLC ($12,447), QUICKEN LOANS, LLC ($13,747), NEWREZ LLC ($14,554), MANN FINANCIAL INC. ($15,356) and GUILD MORTGAGE COMPANY ($15,467).

    The lowest rate Albany FHA lenders (with over 10 loans originated) are SUMMIT FUNDING, INC. (6.08%), QUICKEN LOANS, LLC (6.14%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), CROSSCOUNTRY MORTGAGE, LLC (6.32%) and CALIBER HOME LOANS, INC. (6.33%).

    Albany FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALBANY-LEBANON, OR LINN 2022 $420,680 $538,650 $651,050 $809,150
    ALBANY-LEBANON, OR LINN 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).