Albany FHA Loan Rates, Closing Costs & Stats

ALBANY-LEBANON, OR

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 6.4% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Albany's average FHA mortgage closing costs are $10,052.

The average rate for the prior week (2024-05-10) was 6.74% and one month ago for the week of 2024-04-12, the average rate was 6.6%.

The average rate one year ago was 6.16%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.74%.

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

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 $319,900 (39.3%) $361,950 (24.0%) 0.00 294
2018-02-01 $325,450 (32.9%) $361,111 (18.9%) 0.00 244
2018-03-01 $332,900 (30.7%) $359,696 (16.4%) 0.00 252
2018-04-01 $341,200 (31.3%) $375,648 (20.4%) 0.00 251
2018-05-01 $343,125 (29.5%) $404,665 (29.3%) 0.00 277
2018-06-01 $349,950 (30.7%) $398,908 (28.3%) 0.00 313
2018-07-01 $347,500 (15.8%) $394,197 (12.2%) 0.00 345
2018-08-01 $346,200 (12.2%) $389,812 (10.0%) 0.00 378
2018-09-01 $349,450 (12.8%) $395,642 (12.4%) 0.00 350
2018-10-01 $346,988 (10.2%) $401,295 (11.1%) 0.00 351
2018-11-01 $342,000 (5.2%) $399,130 (8.4%) 0.00 342
2018-12-01 $334,900 (4.7%) $398,290 (10.9%) 0.00 343
2019-01-01 $329,500 (3.0%) $407,704 (12.6%) 0.00 302
2019-02-01 $331,423 (1.8%) $430,532 (19.2%) 0.00 286
2019-03-01 $340,621 (2.3%) $432,752 (20.3%) 0.00 284
2019-04-01 $348,250 (2.1%) $437,612 (16.5%) 0.00 273
2019-05-01 $348,700 (1.6%) $432,413 (6.9%) 0.00 294
2019-06-01 $349,900 (0.0%) $427,350 (7.1%) 0.00 323
2019-07-01 $339,800 (-2.2%) $417,477 (5.9%) 0.00 336
2019-08-01 $335,691 (-3.0%) $404,808 (3.9%) 0.00 363
2019-09-01 $329,677 (-5.7%) $403,018 (1.9%) 0.00 363
2019-10-01 $328,168 (-5.4%) $408,626 (1.8%) 0.00 345
2019-11-01 $322,900 (-5.6%) $405,677 (1.6%) 0.00 312
2019-12-01 $329,450 (-1.6%) $404,294 (1.5%) 0.00 299
2020-01-01 $339,900 (3.2%) $430,022 (5.5%) 0.00 259
2020-02-01 $339,250 (2.4%) $432,102 (0.4%) 0.00 239
2020-03-01 $336,700 (-1.2%) $413,537 (-4.4%) 0.00 213
2020-04-01 $347,200 (-0.3%) $417,010 (-4.7%) 0.00 254
2020-05-01 $349,900 (0.3%) $426,478 (-1.4%) 0.00 227
2020-06-01 $366,449 (4.7%) $468,174 (9.6%) 0.00 177
2020-07-01 $375,450 (10.5%) $450,484 (7.9%) 0.00 185
2020-08-01 $387,900 (15.6%) $468,365 (15.7%) 0.00 165
2020-09-01 $380,938 (15.6%) $486,111 (20.6%) 0.00 138
2020-10-01 $374,900 (14.2%) $481,101 (17.7%) 0.00 147
2020-11-01 $388,550 (20.3%) $514,776 (26.9%) 0.00 121
2020-12-01 $389,675 (18.3%) $522,822 (29.3%) 0.00 111
2021-01-01 $390,450 (14.9%) $495,050 (15.1%) 0.00 102
2021-02-01 $340,450 (0.4%) $445,596 (3.1%) 0.00 105
2021-03-01 $316,250 (-6.1%) $442,278 (7.0%) 0.00 105
2021-04-01 $332,375 (-4.3%) $480,934 (15.3%) 0.00 109
2021-05-01 $395,000 (12.9%) $522,780 (22.6%) 0.00 111
2021-06-01 $410,725 (12.1%) $509,679 (8.9%) 0.00 124
2021-07-01 $399,900 (6.5%) $509,222 (13.0%) 0.00 136
2021-08-01 $404,900 (4.4%) $494,023 (5.5%) 0.00 169
2021-09-01 $399,500 (4.9%) $471,002 (-3.1%) 0.00 186
2021-10-01 $419,900 (12.0%) $494,813 (2.9%) 0.00 192
2021-11-01 $420,000 (8.1%) $534,918 (3.9%) 0.00 174
2021-12-01 $417,450 (7.1%) $528,473 (1.1%) 0.00 149
2022-01-01 $423,925 (8.6%) $541,167 (9.3%) 0.00 111
2022-02-01 $419,450 (23.2%) $558,216 (25.3%) 0.00 105
2022-03-01 $430,000 (36.0%) $573,662 (29.7%) 0.00 105
2022-04-01 $435,000 (30.9%) $594,974 (23.7%) 0.00 118
2022-05-01 $420,425 (6.4%) $577,084 (10.4%) 0.00 160
2022-06-01 $419,450 (2.1%) $568,210 (11.5%) 0.00 189
2022-07-01 $424,900 (6.3%) $571,843 (12.3%) 0.00 256
2022-08-01 $427,550 (5.6%) $571,508 (15.7%) 0.00 270
2022-09-01 $424,900 (6.4%) $550,927 (17.0%) 0.00 278
2022-10-01 $434,400 (3.5%) $573,062 (15.8%) 0.00 275
2022-11-01 $436,750 (4.0%) $569,527 (6.5%) 0.00 266
2022-12-01 $419,950 (0.6%) $548,967 (3.9%) 0.00 272
2023-01-01 $419,675 (-1.0%) $534,089 (-1.3%) 0.00 244
2023-02-01 $425,950 (1.6%) $535,290 (-4.1%) 0.00 219
2023-03-01 $421,200 (-2.1%) $542,888 (-5.4%) 0.00 203
2023-04-01 $419,950 (-3.5%) $541,760 (-8.9%) 0.00 187
2023-05-01 $429,450 (2.2%) $568,014 (-1.6%) 0.00 202
2023-06-01 $462,000 (10.1%) $598,041 (5.3%) 0.00 215
2023-07-01 $449,900 (5.9%) $607,520 (6.2%) 0.00 237
2023-08-01 $449,950 (5.2%) $622,812 (9.0%) 0.00 252
2023-09-01 $469,900 (10.6%) $613,186 (11.3%) 0.00 270
2023-10-01 $469,950 (8.2%) $619,877 (8.2%) 0.00 262
2023-11-01 $472,200 (8.1%) $610,048 (7.1%) 0.00 263
2023-12-01 $469,000 (11.7%) $618,012 (12.6%) 0.00 230
2024-01-01 $454,900 (8.4%) $578,977 (8.4%) 0.00 230
2024-02-01 $464,900 (9.1%) $577,930 (8.0%) 0.00 216
2024-03-01 $464,999 (10.4%) $593,502 (9.3%) 0.00 212
2024-04-01 $465,600 (10.9%) $593,728 (9.6%) 0.00 230
Albany's median listing price for 2024-04-01 was $465,600, a difference of $45,650 (10.9%) versus the prior year and $601 versus the prior month.

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

Albany's average listing price for 2024-04-01 was $593,728, a difference of $51,968 (9.6%) versus the prior year and $226 versus the prior month.

For the 2024-04-01 period, Albany had 230 MLS listings, a difference of 18 listings (8%) versus the prior month and 43 listings (23%) 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 0 days 1,897 sqft
2018-02-01 0 days 1,897 sqft
2018-03-01 0 days 1,871 sqft
2018-04-01 0 days 1,854 sqft
2018-05-01 0 days 1,853 sqft
2018-06-01 0 days 1,857 sqft
2018-07-01 0 days 1,860 sqft
2018-08-01 0 days 1,864 sqft
2018-09-01 0 days 1,871 sqft
2018-10-01 0 days 1,844 sqft
2018-11-01 0 days 1,839 sqft
2018-12-01 0 days 1,821 sqft
2019-01-01 0 days 1,821 sqft
2019-02-01 0 days 1,839 sqft
2019-03-01 0 days 1,813 sqft
2019-04-01 0 days 1,794 sqft
2019-05-01 0 days 1,810 sqft
2019-06-01 0 days 1,827 sqft
2019-07-01 0 days 1,782 sqft
2019-08-01 0 days 1,733 sqft
2019-09-01 0 days 1,737 sqft
2019-10-01 0 days 1,748 sqft
2019-11-01 0 days 1,720 sqft
2019-12-01 0 days 1,722 sqft
2020-01-01 0 days 1,842 sqft
2020-02-01 0 days 1,805 sqft
2020-03-01 0 days 1,731 sqft
2020-04-01 0 days 1,795 sqft
2020-05-01 0 days 1,771 sqft
2020-06-01 0 days 1,892 sqft
2020-07-01 0 days 1,882 sqft
2020-08-01 0 days 1,992 sqft
2020-09-01 0 days 1,850 sqft
2020-10-01 0 days 1,845 sqft
2020-11-01 0 days 1,763 sqft
2020-12-01 0 days 1,756 sqft
2021-01-01 0 days 1,756 sqft
2021-02-01 0 days 1,603 sqft
2021-03-01 0 days 1,542 sqft
2021-04-01 0 days 1,462 sqft
2021-05-01 0 days 1,728 sqft
2021-06-01 0 days 1,709 sqft
2021-07-01 0 days 1,672 sqft
2021-08-01 0 days 1,715 sqft
2021-09-01 0 days 1,644 sqft
2021-10-01 0 days 1,688 sqft
2021-11-01 0 days 1,752 sqft
2021-12-01 0 days 1,701 sqft
2022-01-01 0 days 1,673 sqft
2022-02-01 0 days 1,671 sqft
2022-03-01 0 days 1,682 sqft
2022-04-01 0 days 1,641 sqft
2022-05-01 0 days 1,660 sqft
2022-06-01 0 days 1,652 sqft
2022-07-01 0 days 1,660 sqft
2022-08-01 0 days 1,646 sqft
2022-09-01 0 days 1,618 sqft
2022-10-01 0 days 1,649 sqft
2022-11-01 0 days 1,652 sqft
2022-12-01 0 days 1,643 sqft
2023-01-01 0 days 1,648 sqft
2023-02-01 0 days 1,660 sqft
2023-03-01 0 days 1,678 sqft
2023-04-01 0 days 1,680 sqft
2023-05-01 0 days 1,688 sqft
2023-06-01 0 days 1,722 sqft
2023-07-01 0 days 1,680 sqft
2023-08-01 0 days 1,734 sqft
2023-09-01 0 days 1,800 sqft
2023-10-01 0 days 1,820 sqft
2023-11-01 0 days 1,770 sqft
2023-12-01 0 days 1,732 sqft
2024-01-01 0 days 1,744 sqft
2024-02-01 0 days 1,711 sqft
2024-03-01 0 days 1,716 sqft
2024-04-01 0 days 1,690 sqft
Albany's median listing age (time on market) for 2024-04-01 was 0 days.

Albany's median square footage for active listings during the 2024-04-01 period was 1,690 sqft. One year prior, the average listing was 1,680 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).