Altoona FHA Loans
ALTOONA, PA
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.
Altoona's 52 lenders originated 420 FHA loans during 2021. The total origination value was $55,960,000, with an average FHA loan value of $133,238.
Altoona FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Altoona
averaged
5%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.23% and
one month ago for the week of 2022-04-08, the
average rate was 4.8%.
The average rate one year ago was 3.11%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.74%.
Altoona 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 Altoona level.
The top Altoona FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
64 FHA loans originated. Their average total fees are
$6,234, which is $419
lower than the next largest lender,
NORWICH COMMERCIAL GROUP, INC..
The lowest fee Altoona FHA lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. ($4,983), UNION HOME MORTGAGE CORP. ($5,298), First Commonwealth Bank ($5,768), Citizens Bank ($5,843) and EQUITY RESOURCES, INC. ($5,946).
The lowest rate Altoona FHA lenders (with over 10 loans originated) are
Citizens Bank (2.64%), UNION HOME MORTGAGE CORP. (2.66%), First Commonwealth Bank (2.69%), Manufacturers and Traders Trust Company (2.78%) and CALIBER HOME LOANS, INC. (2.81%).
Altoona FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
ALTOONA, PA | BLAIR | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Altoona (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $138,900 (20.8%) | $210,366 (11.9%) | 0.00 | 346 |
2018-02-01 | $137,950 (20.0%) | $205,966 (8.2%) | 0.00 | 342 |
2018-03-01 | $138,000 (8.3%) | $208,985 (0.6%) | 0.00 | 334 |
2018-04-01 | $139,925 (7.7%) | $213,197 (3.8%) | 0.00 | 312 |
2018-05-01 | $139,975 (1.8%) | $189,066 (-8.7%) | 0.00 | 343 |
2018-06-01 | $140,000 (0.1%) | $188,714 (-13.6%) | 0.00 | 355 |
2018-07-01 | $139,900 (0.0%) | $187,519 (-13.1%) | 0.00 | 374 |
2018-08-01 | $139,925 (0.7%) | $185,899 (-14.0%) | 0.00 | 377 |
2018-09-01 | $138,000 (2.3%) | $187,402 (-10.9%) | 0.00 | 369 |
2018-10-01 | $133,250 (2.5%) | $182,474 (-8.7%) | 0.00 | 380 |
2018-11-01 | $129,000 (-0.7%) | $173,747 (-10.2%) | 0.00 | 378 |
2018-12-01 | $125,000 (-4.6%) | $173,593 (-15.2%) | 0.00 | 344 |
2019-01-01 | $127,450 (-8.2%) | $178,499 (-15.2%) | 0.00 | 322 |
2019-02-01 | $127,950 (-7.3%) | $180,371 (-12.4%) | 0.00 | 323 |
2019-03-01 | $131,529 (-4.7%) | $180,407 (-13.7%) | 0.00 | 318 |
2019-04-01 | $137,400 (-1.8%) | $183,715 (-13.8%) | 0.00 | 319 |
2019-05-01 | $137,400 (-1.8%) | $185,303 (-2.0%) | 0.00 | 357 |
2019-06-01 | $134,900 (-3.6%) | $181,160 (-4.0%) | 0.00 | 381 |
2019-07-01 | $134,700 (-3.7%) | $177,653 (-5.3%) | 0.00 | 391 |
2019-08-01 | $132,586 (-5.3%) | $178,562 (-4.0%) | 0.00 | 389 |
2019-09-01 | $129,700 (-6.0%) | $177,416 (-5.3%) | 0.00 | 395 |
2019-10-01 | $129,200 (-3.0%) | $175,622 (-3.8%) | 0.00 | 408 |
2019-11-01 | $126,000 (-2.3%) | $181,479 (4.5%) | 0.00 | 390 |
2019-12-01 | $124,975 (0.0%) | $179,661 (3.5%) | 0.00 | 384 |
2020-01-01 | $126,950 (-0.4%) | $180,077 (0.9%) | 0.00 | 360 |
2020-02-01 | $125,000 (-2.3%) | $175,702 (-2.6%) | 0.00 | 340 |
2020-03-01 | $127,000 (-3.4%) | $177,974 (-1.4%) | 0.00 | 330 |
2020-04-01 | $130,000 (-5.4%) | $185,747 (1.1%) | 0.00 | 319 |
2020-05-01 | $139,900 (1.8%) | $195,074 (5.3%) | 0.00 | 321 |
2020-06-01 | $137,200 (1.7%) | $187,408 (3.5%) | 0.00 | 296 |
2020-07-01 | $149,900 (11.3%) | $192,882 (8.6%) | 0.00 | 277 |
2020-08-01 | $149,000 (12.4%) | $197,172 (10.4%) | 0.00 | 271 |
2020-09-01 | $145,000 (11.8%) | $191,866 (8.1%) | 0.00 | 263 |
2020-10-01 | $144,900 (12.2%) | $191,354 (9.0%) | 0.00 | 264 |
2020-11-01 | $145,000 (15.1%) | $204,103 (12.5%) | 0.00 | 219 |
2020-12-01 | $149,450 (19.6%) | $203,151 (13.1%) | 0.00 | 198 |
2021-01-01 | $145,900 (14.9%) | $205,114 (13.9%) | 0.00 | 196 |
2021-02-01 | $145,450 (16.4%) | $192,026 (9.3%) | 0.00 | 175 |
2021-03-01 | $149,900 (18.0%) | $197,841 (11.2%) | 0.00 | 156 |
2021-04-01 | $158,500 (21.9%) | $201,146 (8.3%) | 0.00 | 142 |
2021-05-01 | $150,000 (7.2%) | $194,742 (-0.2%) | 0.00 | 128 |
2021-06-01 | $157,000 (14.4%) | $198,101 (5.7%) | 0.00 | 141 |
2021-07-01 | $160,000 (6.7%) | $199,407 (3.4%) | 0.00 | 157 |
2021-08-01 | $149,900 (0.6%) | $189,638 (-3.8%) | 0.00 | 167 |
2021-09-01 | $149,950 (3.4%) | $188,103 (-2.0%) | 0.00 | 170 |
2021-10-01 | $149,900 (3.5%) | $200,753 (4.9%) | 0.00 | 170 |
2021-11-01 | $152,950 (5.5%) | $218,451 (7.0%) | 0.00 | 163 |
2021-12-01 | $140,000 (-6.3%) | $205,565 (1.2%) | 0.00 | 157 |
2022-01-01 | $144,900 (-0.7%) | $209,682 (2.2%) | 0.00 | 138 |
2022-02-01 | $143,450 (-1.4%) | $208,470 (8.6%) | 0.00 | 128 |
2022-03-01 | $145,950 (-2.6%) | $217,901 (10.1%) | 0.00 | 108 |
2022-04-01 | $149,900 (-5.4%) | $227,696 (13.2%) | 0.00 | 106 |
Altoona's median listing price comes in at 0% of the national average.
Altoona's average listing price for 2022-04-01 was $227,696, a difference of $26,550 (13.2%) versus the prior year and $9,795 versus the prior month.
For the 2022-04-01 period, Altoona had 106 MLS listings, a difference of -2 listings (-2%) versus the prior month and -36 listings (-25%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Altoona (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 2,020 sqft |
2018-02-01 | 0 days | 1,901 sqft |
2018-03-01 | 0 days | 1,900 sqft |
2018-04-01 | 0 days | 1,843 sqft |
2018-05-01 | 0 days | 1,788 sqft |
2018-06-01 | 0 days | 1,828 sqft |
2018-07-01 | 0 days | 1,745 sqft |
2018-08-01 | 0 days | 1,728 sqft |
2018-09-01 | 0 days | 1,800 sqft |
2018-10-01 | 0 days | 1,737 sqft |
2018-11-01 | 0 days | 1,684 sqft |
2018-12-01 | 0 days | 1,700 sqft |
2019-01-01 | 0 days | 1,729 sqft |
2019-02-01 | 0 days | 1,740 sqft |
2019-03-01 | 0 days | 1,782 sqft |
2019-04-01 | 0 days | 1,800 sqft |
2019-05-01 | 0 days | 1,873 sqft |
2019-06-01 | 0 days | 1,805 sqft |
2019-07-01 | 0 days | 1,848 sqft |
2019-08-01 | 0 days | 1,892 sqft |
2019-09-01 | 0 days | 1,907 sqft |
2019-10-01 | 0 days | 1,795 sqft |
2019-11-01 | 0 days | 1,826 sqft |
2019-12-01 | 0 days | 1,816 sqft |
2020-01-01 | 0 days | 1,798 sqft |
2020-02-01 | 0 days | 1,800 sqft |
2020-03-01 | 0 days | 1,740 sqft |
2020-04-01 | 0 days | 1,734 sqft |
2020-05-01 | 0 days | 1,800 sqft |
2020-06-01 | 0 days | 1,793 sqft |
2020-07-01 | 0 days | 1,878 sqft |
2020-08-01 | 0 days | 1,860 sqft |
2020-09-01 | 0 days | 1,736 sqft |
2020-10-01 | 0 days | 1,758 sqft |
2020-11-01 | 0 days | 1,718 sqft |
2020-12-01 | 0 days | 1,713 sqft |
2021-01-01 | 0 days | 1,784 sqft |
2021-02-01 | 0 days | 1,897 sqft |
2021-03-01 | 0 days | 2,040 sqft |
2021-04-01 | 0 days | 1,988 sqft |
2021-05-01 | 0 days | 1,824 sqft |
2021-06-01 | 0 days | 1,853 sqft |
2021-07-01 | 0 days | 1,882 sqft |
2021-08-01 | 0 days | 1,832 sqft |
2021-09-01 | 0 days | 1,797 sqft |
2021-10-01 | 0 days | 1,732 sqft |
2021-11-01 | 0 days | 1,810 sqft |
2021-12-01 | 0 days | 1,810 sqft |
2022-01-01 | 0 days | 1,792 sqft |
2022-02-01 | 0 days | 1,780 sqft |
2022-03-01 | 0 days | 1,800 sqft |
2022-04-01 | 0 days | 1,848 sqft |
Altoona's median square footage for active listings during the 2022-04-01 period was 1,848 sqft. One year prior, the average listing was 1,988 sqft.