Albany FHA Loans

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 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).