Albertville FHA Loan Rates, Closing Costs & Stats

Albertville, AL

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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.

    Albertville's 51 lenders originated 320 FHA loans during 2023. The total origination value was $63,430,000, with an average FHA loan value of $198,219.

    Albertville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albertville averaged 6.55% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Albertville's average FHA mortgage closing costs are $6,747.

    The average rate for the prior week (2024-04-12) was 6.64% and one month ago for the week of 2024-03-15, the average rate was 6.41%.

    The average rate one year ago was 6.04%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Albertville 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 Albertville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 32 6.56% $7,019
    QUICKEN LOANS, LLC 28 6.47% $8,342
    TJC Mortgage, Inc. 27 6.63% $10,368
    GUARANTEED RATE, INC. 27 6.31% $9,186
    FirstBank 23 6.36% $9,649
    UNITED WHOLESALE MORTGAGE, LLC 20 6.48% $9,530
    Victorian Finance, LLC 15 6.43% $10,581
    BROKER SOLUTIONS, INC. 13 6.11% $9,068
    Renasant Bank 10 6.66% $8,619
    Carrington Mortgage Services, LLC 8 6.58% $9,140
    Hamilton Mortgage Corporation 7 6.80% $6,445
    PENNYMAC LOAN SERVICES, LLC 6 5.90% $11,771
    LOANDEPOT.COM, LLC 6 6.39% $10,965
    First Federal Bank, A FSB 6 6.44% $9,279
    INSPIRE HOME LOANS INC. 6 6.21% $7,624
    CROSSCOUNTRY MORTGAGE, LLC 4 6.66% $8,865
    GUILD MORTGAGE COMPANY 4 6.97% $8,654
    GMFS LLC 4 6.31% $5,502
    MOVEMENT MORTGAGE, LLC 4 6.38% $13,591
    Mr. Cooper ( Nationstar Mortgage ) 3 5.63% $11,674
    United Community Bank 2 5.94% $6,934
    Mortgage Research Center, LLC 2 6.62% $4,124
    Assurance Financial Group, L.L.C. 2 6.50% $10,636
    MORTGAGE INVESTORS GROUP, INC. 2 6.50% $8,221
    SUCCESS MORTGAGE PARTNERS, INC. 2 6.88% $9,514
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $10,227
    AMERICAN FINANCING CORPORATION 2 6.69% $7,229
    REDSTONE Federal Credit Union 2 6.19% $9,065
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.44% $6,091
    Wolfe Financial, Inc 1 7.13% $6,817
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.75% $6,564
    AmeriHome Mortgage Company, LLC 1 5.75% $14,658
    BancorpSouth 1 7.38% $5,800
    CARDINAL FINANCIAL 1 7.63% $12,963
    Citizens Bank 1 6.75% $6,953
    EMM LOANS LLC 1 5.75% $17,235
    FBC MORTGAGE, LLC 1 4.88% $8,667
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $7,438
    Flagstar Bank, FSB 1 7.13% $6,543
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,077
    ISERVE RESIDENTIAL LENDING, LLC 1 6.25% $13,212
    LAKEVIEW LOAN SERVICING, LLC 1 7.75% $7,857
    Magnolia Bank 1 6.63% $11,854
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $9,658
    Nations Lending Corporation 1 7.50% $7,043
    Regions Bank 1 6.13% $7,303
    STOCKTON MORTGAGE CORPORATION 1 7.63% $11,622
    TOTAL MORTGAGE SERVICES, LLC 1 7.00% $16,948
    Truist 1 6.13% $3,878
    UNION HOME MORTGAGE CORP. 1 7.75% $5,266
    ACOPIA, LLC 1 7.25% $9,763

    The top Albertville FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 32 FHA loans originated. Their average total fees are $7,019, which is $1,323 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Albertville FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,019), QUICKEN LOANS, LLC ($8,342), Renasant Bank ($8,619), BROKER SOLUTIONS, INC. ($9,068) and GUARANTEED RATE, INC. ($9,186).

    The lowest rate Albertville FHA lenders (with over 10 loans originated) are BROKER SOLUTIONS, INC. (6.11%), GUARANTEED RATE, INC. (6.31%), FirstBank (6.36%), Victorian Finance, LLC (6.43%) and QUICKEN LOANS, LLC (6.47%).

    Albertville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALBERTVILLE, AL MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
    ALBERTVILLE, AL MARSHALL 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Albertville (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 $179,900 (5.9%) $261,445 (4.7%) 0.00 425
    2018-02-01 $170,000 (0.1%) $260,392 (4.1%) 0.00 419
    2018-03-01 $179,900 (2.8%) $274,964 (5.2%) 0.00 420
    2018-04-01 $184,900 (2.9%) $274,759 (3.7%) 0.00 419
    2018-05-01 $185,750 (0.8%) $280,540 (3.9%) 0.00 424
    2018-06-01 $198,950 (6.3%) $282,349 (5.6%) 0.00 416
    2018-07-01 $192,400 (3.2%) $276,363 (3.5%) 0.00 409
    2018-08-01 $189,025 (-1.0%) $273,941 (0.9%) 0.00 413
    2018-09-01 $195,700 (0.4%) $277,743 (2.5%) 0.00 425
    2018-10-01 $199,900 (6.7%) $289,067 (6.7%) 0.00 393
    2018-11-01 $222,400 (23.6%) $302,120 (14.7%) 0.00 360
    2018-12-01 $224,900 (24.1%) $308,709 (18.0%) 0.00 347
    2019-01-01 $219,500 (22.0%) $296,894 (13.6%) 0.00 363
    2019-02-01 $229,900 (35.2%) $305,182 (17.2%) 0.00 345
    2019-03-01 $229,921 (27.8%) $305,448 (11.1%) 0.00 351
    2019-04-01 $229,946 (24.4%) $309,023 (12.5%) 0.00 362
    2019-05-01 $229,200 (23.4%) $315,337 (12.4%) 0.00 370
    2019-06-01 $239,900 (20.6%) $330,586 (17.1%) 0.00 370
    2019-07-01 $233,975 (21.6%) $326,257 (18.1%) 0.00 365
    2019-08-01 $229,691 (21.5%) $320,290 (16.9%) 0.00 360
    2019-09-01 $229,302 (17.2%) $316,945 (14.1%) 0.00 342
    2019-10-01 $228,500 (14.3%) $313,368 (8.4%) 0.00 329
    2019-11-01 $229,900 (3.4%) $315,503 (4.4%) 0.00 315
    2019-12-01 $225,100 (0.1%) $311,638 (1.0%) 0.00 301
    2020-01-01 $222,288 (1.3%) $309,768 (4.3%) 0.00 278
    2020-02-01 $234,900 (2.2%) $327,264 (7.2%) 0.00 269
    2020-03-01 $236,900 (3.0%) $337,032 (10.3%) 0.00 281
    2020-04-01 $239,600 (4.2%) $340,815 (10.3%) 0.00 285
    2020-05-01 $240,000 (4.7%) $346,849 (10.0%) 0.00 270
    2020-06-01 $247,425 (3.1%) $351,867 (6.4%) 0.00 250
    2020-07-01 $238,775 (2.1%) $353,787 (8.4%) 0.00 216
    2020-08-01 $249,300 (8.5%) $357,584 (11.6%) 0.00 222
    2020-09-01 $246,925 (7.7%) $352,856 (11.3%) 0.00 208
    2020-10-01 $259,000 (13.4%) $370,719 (18.3%) 0.00 197
    2020-11-01 $249,925 (8.7%) $356,694 (13.1%) 0.00 193
    2020-12-01 $247,475 (9.9%) $354,677 (13.8%) 0.00 180
    2021-01-01 $249,000 (12.0%) $354,585 (14.5%) 0.00 169
    2021-02-01 $261,250 (11.2%) $384,424 (17.5%) 0.00 125
    2021-03-01 $262,400 (10.8%) $405,454 (20.3%) 0.00 110
    2021-04-01 $266,200 (11.1%) $415,783 (22.0%) 0.00 111
    2021-05-01 $299,900 (25.0%) $427,828 (23.4%) 0.00 129
    2021-06-01 $301,175 (21.7%) $510,186 (45.0%) 0.00 111
    2021-07-01 $289,900 (21.4%) $476,312 (34.6%) 0.00 130
    2021-08-01 $293,200 (17.6%) $481,908 (34.8%) 0.00 146
    2021-09-01 $272,450 (10.3%) $435,546 (23.4%) 0.00 142
    2021-10-01 $259,900 (0.4%) $415,701 (12.1%) 0.00 162
    2021-11-01 $284,250 (13.7%) $457,375 (28.2%) 0.00 159
    2021-12-01 $275,750 (11.4%) $438,373 (23.6%) 0.00 131
    2022-01-01 $284,400 (14.2%) $488,481 (37.8%) 0.00 118
    2022-02-01 $289,575 (10.8%) $491,651 (27.9%) 0.00 116
    2022-03-01 $307,425 (17.2%) $496,518 (22.5%) 0.00 126
    2022-04-01 $332,000 (24.7%) $501,458 (20.6%) 0.00 130
    2022-05-01 $357,925 (19.4%) $532,533 (24.5%) 0.00 143
    2022-06-01 $357,400 (18.7%) $519,544 (1.8%) 0.00 181
    2022-07-01 $339,450 (17.1%) $489,579 (2.8%) 0.00 198
    2022-08-01 $327,125 (11.6%) $490,614 (1.8%) 0.00 215
    2022-09-01 $319,900 (17.4%) $488,196 (12.1%) 0.00 219
    2022-10-01 $324,900 (25.0%) $485,500 (16.8%) 0.00 222
    2022-11-01 $359,990 (26.7%) $505,232 (10.5%) 0.00 220
    2022-12-01 $350,000 (26.9%) $528,914 (20.7%) 0.00 213
    2023-01-01 $351,823 (23.7%) $522,657 (7.0%) 0.00 216
    2023-02-01 $352,900 (21.9%) $518,308 (5.4%) 0.00 220
    2023-03-01 $354,900 (15.4%) $497,517 (0.2%) 0.00 227
    2023-04-01 $359,450 (8.3%) $505,262 (0.8%) 0.00 210
    2023-05-01 $359,870 (0.5%) $503,808 (-5.4%) 0.00 202
    2023-06-01 $365,950 (2.4%) $518,367 (-0.2%) 0.00 197
    2023-07-01 $379,900 (11.9%) $537,460 (9.8%) 0.00 196
    2023-08-01 $371,700 (13.6%) $507,186 (3.4%) 0.00 221
    2023-09-01 $366,995 (14.7%) $504,110 (3.3%) 0.00 246
    2023-10-01 $364,900 (12.3%) $494,321 (1.8%) 0.00 260
    2023-11-01 $357,200 (-0.8%) $476,780 (-5.6%) 0.00 278
    2023-12-01 $365,000 (4.3%) $495,594 (-6.3%) 0.00 268
    2024-01-01 $359,900 (2.3%) $485,605 (-7.1%) 0.00 245
    2024-02-01 $354,900 (0.6%) $465,516 (-10.2%) 0.00 259
    2024-03-01 $354,950 (0.0%) $475,101 (-4.5%) 0.00 250
    Albertville's median listing price for 2024-03-01 was $354,950, a difference of $50 (0.0%) versus the prior year and $50 versus the prior month.

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

    Albertville's average listing price for 2024-03-01 was $475,101, a difference of $-22,416 (-4.5%) versus the prior year and $9,585 versus the prior month.

    For the 2024-03-01 period, Albertville had 250 MLS listings, a difference of -9 listings (-3%) versus the prior month and 23 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albertville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,077 sqft
    2018-02-01 0 days 2,046 sqft
    2018-03-01 0 days 2,100 sqft
    2018-04-01 0 days 2,115 sqft
    2018-05-01 0 days 2,100 sqft
    2018-06-01 0 days 2,169 sqft
    2018-07-01 0 days 2,068 sqft
    2018-08-01 0 days 2,152 sqft
    2018-09-01 0 days 2,189 sqft
    2018-10-01 0 days 2,200 sqft
    2018-11-01 0 days 2,287 sqft
    2018-12-01 0 days 2,298 sqft
    2019-01-01 0 days 2,213 sqft
    2019-02-01 0 days 2,262 sqft
    2019-03-01 0 days 2,293 sqft
    2019-04-01 0 days 2,293 sqft
    2019-05-01 0 days 2,332 sqft
    2019-06-01 0 days 2,374 sqft
    2019-07-01 0 days 2,381 sqft
    2019-08-01 0 days 2,364 sqft
    2019-09-01 0 days 2,367 sqft
    2019-10-01 0 days 2,360 sqft
    2019-11-01 0 days 2,290 sqft
    2019-12-01 0 days 2,255 sqft
    2020-01-01 0 days 2,185 sqft
    2020-02-01 0 days 2,180 sqft
    2020-03-01 0 days 2,274 sqft
    2020-04-01 0 days 2,239 sqft
    2020-05-01 0 days 2,209 sqft
    2020-06-01 0 days 2,154 sqft
    2020-07-01 0 days 2,194 sqft
    2020-08-01 0 days 2,297 sqft
    2020-09-01 0 days 2,281 sqft
    2020-10-01 0 days 2,290 sqft
    2020-11-01 0 days 2,236 sqft
    2020-12-01 0 days 2,173 sqft
    2021-01-01 0 days 2,164 sqft
    2021-02-01 0 days 2,140 sqft
    2021-03-01 0 days 2,174 sqft
    2021-04-01 0 days 2,359 sqft
    2021-05-01 0 days 2,246 sqft
    2021-06-01 0 days 2,351 sqft
    2021-07-01 0 days 2,290 sqft
    2021-08-01 0 days 2,279 sqft
    2021-09-01 0 days 2,178 sqft
    2021-10-01 0 days 2,031 sqft
    2021-11-01 0 days 2,200 sqft
    2021-12-01 0 days 2,049 sqft
    2022-01-01 0 days 2,070 sqft
    2022-02-01 0 days 2,103 sqft
    2022-03-01 0 days 2,148 sqft
    2022-04-01 0 days 2,250 sqft
    2022-05-01 0 days 2,224 sqft
    2022-06-01 0 days 2,217 sqft
    2022-07-01 0 days 2,198 sqft
    2022-08-01 0 days 2,187 sqft
    2022-09-01 0 days 2,217 sqft
    2022-10-01 0 days 2,298 sqft
    2022-11-01 0 days 2,265 sqft
    2022-12-01 0 days 2,241 sqft
    2023-01-01 0 days 2,294 sqft
    2023-02-01 0 days 2,214 sqft
    2023-03-01 0 days 2,200 sqft
    2023-04-01 0 days 2,200 sqft
    2023-05-01 0 days 2,214 sqft
    2023-06-01 0 days 2,213 sqft
    2023-07-01 0 days 2,190 sqft
    2023-08-01 0 days 2,200 sqft
    2023-09-01 0 days 2,200 sqft
    2023-10-01 0 days 2,224 sqft
    2023-11-01 0 days 2,161 sqft
    2023-12-01 0 days 2,172 sqft
    2024-01-01 0 days 2,168 sqft
    2024-02-01 0 days 2,102 sqft
    2024-03-01 0 days 2,056 sqft
    Albertville's median listing age (time on market) for 2024-03-01 was 0 days.

    Albertville's median square footage for active listings during the 2024-03-01 period was 2,056 sqft. One year prior, the average listing was 2,200 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).