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 81 lenders originated 461 FHA loans during 2024. The total origination value was $157,895,000, with an average FHA loan value of $342,505.

    Albany FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albany averaged 0.16% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Albany's average FHA mortgage closing costs are $10,632.

    The average rate for the prior week (2025-06-27) was 6.35% and one month ago for the week of 2025-05-30, the average rate was 6.82%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.31%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 30 6.04% $15,825
    SUMMIT FUNDING, INC. 29 6.02% $21,286
    GUILD MORTGAGE COMPANY 26 6.30% $14,522
    NEWREZ LLC 26 6.06% $14,480
    MOVEMENT MORTGAGE, LLC 23 6.43% $15,457
    QUICKEN LOANS, LLC 22 6.32% $14,350
    FREEDOM MORTGAGE CORPORATION 20 6.41% $12,011
    LOANDEPOT.COM, LLC 16 6.38% $16,173
    PACIFIC RESIDENTIAL MORTGAGE, LLC 15 6.41% $17,201
    S1L, Inc. 13 6.59% $16,392
    DAS Acquisition Company, LLC 12 6.30% $20,610
    NATIONS DIRECT MORTGAGE, LLC 11 6.03% $13,207
    MORTGAGE EXPRESS, LLC 10 6.57% $14,341
    PENNYMAC LOAN SERVICES, LLC 9 5.91% $12,313
    CROSSCOUNTRY MORTGAGE, LLC 9 6.47% $17,721
    EAGLE HOME MORTGAGE, LLC 7 5.12% $14,394
    DIRECTORS MORTGAGE, INC. 7 6.34% $18,584
    LAKEVIEW LOAN SERVICING, LLC 6 6.23% $9,344
    V.I.P. MORTGAGE, INC. 5 6.15% $12,762
    LPMC, LLC 5 6.05% $13,413
    UNION HOME MORTGAGE CORP. 5 6.78% $14,195
    CANOPY MORTGAGE, LLC 4 6.44% $17,185
    Sierra Pacific Mortgage Company, Inc. 4 6.15% $15,016
    PLAZA HOME MORTGAGE, INC. 4 6.68% $12,645
    Equity Prime Mortgage LLC 4 7.56% $14,207
    AMERICAN FINANCIAL NETWORK, INC. 4 6.38% $19,913
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.25% $17,546
    NOVA FINANCIAL & INVESTMENT CORPORATION 4 6.69% $13,346
    MASON MCDUFFIE MORTGAGE CORPORATION 3 6.71% $15,395
    PANORAMA MORTGAGE GROUP, LLC 3 6.42% $14,361
    CMG MORTGAGE, INC. 3 6.25% $15,020
    KeyBank 3 6.17% $12,931
    CHURCHILL MORTGAGE CORPORATION 3 6.25% $14,312
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.08% $13,902
    ENVOY MORTGAGE, LTD 2 5.75% $13,743
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.94% $18,590
    AMERICAN FINANCING CORPORATION 2 5.25% $12,228
    Century Mortgage Company DBA Century Lending Company 2 5.75% $18,132
    Flagstar Bank, FSB 2 5.88% $12,996
    Franklin Loan Corporation 2 6.13% $14,650
    GUARANTEED RATE, INC. 2 6.00% $14,958
    Hometown Equity Mortgage, LLC 2 5.50% $8,715
    Mortgage Research Center, LLC 2 6.56% $8,814
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.94% $17,730
    Nations Lending Corporation 2 6.50% $23,298
    OnPoint Community Credit Union 2 6.38% $12,778
    Paramount Residential Mortgage Group, Inc. 2 6.38% $13,821
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.12% $15,670
    SUN WEST MORTGAGE COMPANY, INC. 2 5.50% $13,153
    HOMEXPRESS MORTGAGE CORP. 1 6.63% $13,497
    HomeStreet Bank 1 6.13% $10,060
    VILLAGE CAPITAL MORTGAGE 1 6.38% $5,588
    ONY GLO, INC. 1 5.50% $11,010
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $20,917
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 6.25% $16,644
    ALLIED MORTGAGE GROUP, INC. 1 5.75% $16,620
    EVERETT FINANCIAL, INC. 1 7.13% $11,471
    PLANET HOME LENDING, LLC 1 6.38% $7,346
    AHL FUNDING 1 5.75% $8,967
    Willamette Valley Bank 1 6.00% $20,447
    Presidential Bank, FSB 1 5.88% $13,280
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.38% $11,992
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $15,016
    CORNERSTONE HOME LENDING, INC. 1 6.63% $15,017
    RELIANCE FIRST CAPITAL, LLC 1 5.50% $10,803
    Carrington Mortgage Services, LLC 1 5.88% $21,087
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $13,886
    Cache Valley Bank 1 6.13% $7,263
    SIRVA MORTGAGE, INC. 1 6.50% $7,317
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $17,921
    BROKER SOLUTIONS, INC. 1 7.00% $15,699
    Sunflower Bank 1 6.49% $11,505
    ZILLOW HOME LOANS, LLC 1 6.75% $11,637
    Umpqua Bank 1 7.63% $13,090
    Bank of England 1 7.88% $5,616
    Ixonia Bank 1 5.63% $15,170
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $5,294
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $15,741
    ISERVE RESIDENTIAL LENDING, LLC 1 6.13% $17,574
    U.S. Bank 1 6.38% $10,605
    NBKC BANK 1 6.50% $10,997

    The top Albany FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 30 FHA loans originated. Their average total fees are $15,825, which is $5,462 lower than the next largest lender, SUMMIT FUNDING, INC..

    The lowest fee Albany FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($12,011), NATIONS DIRECT MORTGAGE, LLC ($13,207), MORTGAGE EXPRESS, LLC ($14,341), QUICKEN LOANS, LLC ($14,350) and NEWREZ LLC ($14,480).

    The lowest rate Albany FHA lenders (with over 10 loans originated) are SUMMIT FUNDING, INC. (6.02%), NATIONS DIRECT MORTGAGE, LLC (6.03%), UNITED WHOLESALE MORTGAGE, LLC (6.04%), NEWREZ LLC (6.06%) and GUILD MORTGAGE COMPANY (6.30%).

    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).