Albertville FHA Loan Rates, Closing Costs & Stats

Albertville, AL

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 6.68% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.74% and one month ago for the week of 2024-06-14, the average rate was 6.69%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.4%.

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

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).