Albany FHA Loans

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 92 lenders originated 759 FHA loans during 2021. The total origination value was $199,355,000, with an average FHA loan value of $262,655.

    Albany FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albany averaged 5.38% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.28% and one month ago for the week of 2022-04-15, the average rate was 5.17%.

    The average rate one year ago was 3.34%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.86%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albany level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    CALIBER HOME LOANS, INC. 54 2.77% $9,506
    QUICKEN LOANS, LLC 48 2.73% $7,603
    MOVEMENT MORTGAGE, LLC 31 3.04% $9,035
    LOANDEPOT.COM, LLC 28 3.25% $9,466
    LAKEVIEW LOAN SERVICING, LLC 27 3.04% $5,315
    GUILD MORTGAGE COMPANY 25 3.04% $10,664
    HOMEBRIDGE FINANCIAL SERVICES, INC. 25 2.79% $9,700
    PACIFIC RESIDENTIAL MORTGAGE, LLC 24 3.10% $10,788
    SUMMIT FUNDING, INC. 19 3.27% $12,135
    GENEVA FINANCIAL, LLC 17 3.03% $9,907
    FREEDOM MORTGAGE CORPORATION 15 2.78% $5,886
    FINANCE OF AMERICA MORTGAGE LLC 14 3.14% $11,387
    MANN FINANCIAL INC. 14 3.34% $10,705
    PENNYMAC LOAN SERVICES, LLC 14 2.99% $7,132
    CROSSCOUNTRY MORTGAGE, LLC 14 3.11% $10,876
    AMERICAN PACIFIC MORTGAGE CORPORATION 12 3.11% $10,784
    UNITED WHOLESALE MORTGAGE, LLC 12 2.57% $9,594
    LPMC, LLC 12 2.60% $8,902
    NATIONS DIRECT MORTGAGE, LLC 10 2.83% $10,403
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 10 2.95% $12,118
    Mr. Cooper ( Nationstar Mortgage ) 9 3.14% $5,949
    S1L, Inc. 9 3.21% $11,460
    ACADEMY MORTGAGE CORPORATION 9 3.21% $9,731
    Umpqua Bank 8 2.95% $10,398
    Carrington Mortgage Services, LLC 7 3.09% $10,130
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.25% $10,640
    BROKER SOLUTIONS, INC. 6 3.16% $9,455
    Sierra Pacific Mortgage Company, Inc. 6 2.52% $12,678
    AMERICAN FINANCING CORPORATION 6 2.94% $9,486
    NEWREZ LLC 6 2.96% $6,151
    Nations Lending Corporation 6 3.19% $13,653
    STEARNS LENDING, LLC 6 2.71% $8,641
    VILLAGE CAPITAL & INVESTMENT LLC 6 2.85% $3,329
    InterContinental Capital Group, Inc 5 2.60% $9,969
    DIRECTORS MORTGAGE, INC. 5 3.53% $11,465
    SUN WEST MORTGAGE COMPANY, INC. 4 3.03% $9,734
    RANLIFE, INC. 4 3.13% $8,845
    OCMBC, INC. 4 3.66% $12,901
    MYCUMORTGAGE, LLC 4 3.00% $8,606
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.13% $9,634
    First Guaranty Mortgage Corporation 4 2.75% $8,464
    Prosperity Home Mortgage, LLC 4 3.50% $13,121
    AmeriHome Mortgage Company, LLC 4 2.72% $4,971
    Willamette Valley Bank 3 2.92% $10,400
    AMERICAN FINANCIAL RESOURCES, INC. 3 3.00% $7,740
    Bank of England 3 3.46% $11,628
    CMG MORTGAGE, INC. 3 2.79% $9,624
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 3.33% $11,503
    HOME POINT FINANCIAL CORPORATION 3 2.91% $8,981
    MID AMERICA MORTGAGE, INC. 3 3.42% $5,443
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.96% $11,050
    Hometown Equity Mortgage, LLC 2 4.38% $8,801
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.75% $9,979
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.56% $10,344
    AMERICAN FINANCIAL NETWORK, INC. 2 3.38% $12,410
    INSPIRE HOME LOANS INC. 2 3.31% $10,707
    CHERRY CREEK MORTGAGE, LLC 2 2.69% $10,575
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.19% $9,392
    AMERISAVE MORTGAGE CORPORATION 2 2.75% $9,737
    PANORAMA MORTGAGE GROUP, LLC 2 3.75% $10,818
    Flagstar Bank, FSB 2 2.56% $10,834
    PLANET HOME LENDING, LLC 2 2.94% $6,231
    Loan Simple, Inc. 2 4.25% $9,143
    PLAZA HOME MORTGAGE, INC. 1 2.99% $8,180
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.63% $10,083
    COASTAL FUNDING SLC, INC. 1 3.13% $10,366
    CHURCHILL MORTGAGE CORPORATION 1 3.00% $8,511
    Century Mortgage Company DBA Century Lending Company 1 2.88% $9,546
    CELEBRITY HOME LOANS, LLC 1 2.88% $9,450
    SOUTHWEST STAGE FUNDING, LLC 1 3.75% $12,657
    1st Security Bank of Washington 1 2.88% $10,327
    BAYSHORE MORTGAGE FUNDING, LLC 1 2.63% $5,990
    BAY EQUITY LLC 1 3.00% $9,609
    Summit Mortgage Corporation 1 2.50% $14,009
    SUMMIT MORTGAGE CORPORATION 1 2.75% $11,054
    AXIA FINANCIAL, LLC 1 3.25% $10,109
    ARC HOME LLC 1 2.63% $8,360
    U.S. Bank 1 2.63% $6,953
    VERITAS FUNDING, LLC 1 3.63% $14,480
    LEADERONE FINANCIAL CORPORATION 1 3.13% $5,995
    LOANPAL, LLC 1 2.75% $9,879
    KeyBank 1 3.38% $11,262
    INTELLILOAN, INC. 1 3.00% $14,197
    Manufacturers and Traders Trust Company 1 3.25% $8,880
    MORTGAGE EXPRESS, LLC 1 2.88% $10,269
    GUARANTEED RATE, INC. 1 2.50% $9,925
    Gateway First Bank 1 4.13% $6,586
    FBC MORTGAGE, LLC 1 2.75% $6,153
    NP, Inc. 1 2.88% $6,875
    Equity Prime Mortgage LLC 1 3.25% $10,018
    COUNTRYPLACE MORTGAGE, LTD. 1 3.13% $10,328
    Commerce Home Mortgage, Inc. 1 3.38% $9,253

    The top Albany FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 54 FHA loans originated. Their average total fees are $9,506, which is $1,903 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Albany FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,315), FREEDOM MORTGAGE CORPORATION ($5,886), PENNYMAC LOAN SERVICES, LLC ($7,132), QUICKEN LOANS, LLC ($7,603) and LPMC, LLC ($8,902).

    The lowest rate Albany FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.57%), LPMC, LLC (2.60%), QUICKEN LOANS, LLC (2.73%), CALIBER HOME LOANS, INC. (2.77%) and FREEDOM MORTGAGE CORPORATION (2.78%).

    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

    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).