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 -0.01% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.39% and one month ago for the week of 2024-10-25, the average rate was 6.06%.

The average rate one year ago was 6.75%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.19%.

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
2024-04-01 $349,748 (-2.7%) $459,532 (-9.1%) 0.00 270
2024-05-01 $347,175 (-3.5%) $483,346 (-4.1%) 0.00 306
2024-06-01 $349,000 (-4.6%) $480,289 (-7.4%) 0.00 339
2024-07-01 $329,450 (-13.3%) $455,028 (-15.3%) 0.00 385
2024-08-01 $325,900 (-12.3%) $448,934 (-11.5%) 0.00 390
2024-09-01 $315,475 (-14.0%) $430,895 (-14.5%) 0.00 423
2024-10-01 $319,872 (-12.3%) $436,232 (-11.8%) 0.00 415
Albertville's median listing price for 2024-10-01 was $319,872, a difference of $-45,028 (-12.3%) versus the prior year and $4,397 versus the prior month.

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

Albertville's average listing price for 2024-10-01 was $436,232, a difference of $-58,089 (-11.8%) versus the prior year and $5,337 versus the prior month.

For the 2024-10-01 period, Albertville had 415 MLS listings, a difference of -8 listings (-2%) versus the prior month and 155 listings (60%) 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 2,177 sqft
2024-02-01 0 days 2,103 sqft
2024-03-01 0 days 2,056 sqft
2024-04-01 0 days 2,003 sqft
2024-05-01 0 days 1,996 sqft
2024-06-01 0 days 1,990 sqft
2024-07-01 0 days 1,971 sqft
2024-08-01 0 days 1,948 sqft
2024-09-01 0 days 1,950 sqft
2024-10-01 0 days 1,942 sqft
Albertville's median listing age (time on market) for 2024-10-01 was 0 days.

Albertville's median square footage for active listings during the 2024-10-01 period was 1,942 sqft. One year prior, the average listing was 2,224 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).