Altoona FHA Loans

ALTOONA, PA

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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.

    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%.

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

    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.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 64 2.88% $6,234
    NORWICH COMMERCIAL GROUP, INC. 41 3.45% $6,653
    Citizens Bank 33 2.64% $5,843
    EQUITY RESOURCES, INC. 28 2.89% $5,946
    First Commonwealth Bank 15 2.69% $5,768
    Manufacturers and Traders Trust Company 15 2.78% $5,978
    CALIBER HOME LOANS, INC. 13 2.81% $4,983
    NATIONS RELIABLE LENDING, LLC 13 3.63% $7,395
    UNION HOME MORTGAGE CORP. 12 2.66% $5,298
    Flagstar Bank, FSB 8 2.91% $5,314
    FREEDOM MORTGAGE CORPORATION 6 2.81% $6,081
    First Federal Bank 6 2.88% $6,863
    Mr. Cooper ( Nationstar Mortgage ) 5 3.33% $3,255
    VILLAGE CAPITAL & INVESTMENT LLC 5 2.97% $2,423
    PENNYMAC LOAN SERVICES, LLC 4 3.09% $4,895
    Paramount Residential Mortgage Group, Inc. 4 3.25% $8,606
    LOANDEPOT.COM, LLC 4 3.78% $6,046
    AmeriHome Mortgage Company, LLC 3 2.75% $4,948
    LAKEVIEW LOAN SERVICING, LLC 3 3.13% $4,605
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.21% $6,076
    HOME POINT FINANCIAL CORPORATION 3 3.41% $4,855
    ALLIED MORTGAGE GROUP, INC. 2 2.88% $11,234
    AMERICAN FINANCING CORPORATION 2 2.56% $9,723
    Bank of England 2 3.63% $5,537
    BROKER SOLUTIONS, INC. 2 2.88% $7,728
    EMM LOANS LLC 2 2.94% $8,298
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.38% $4,864
    FINANCE OF AMERICA MORTGAGE LLC 2 2.44% $5,368
    GUARANTEED RATE, INC. 2 3.75% $7,724
    MCLEAN MORTGAGE CORPORATION 2 3.69% $5,194
    MEMBER FIRST MORTGAGE, LLC 2 3.00% $5,509
    MOVEMENT MORTGAGE, LLC 2 3.06% $6,486
    UNITED WHOLESALE MORTGAGE, LLC 2 2.66% $6,424
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $7,386
    Northpointe Bank 1 3.00% $6,880
    Mortgage Network, Inc. 1 2.88% $6,593
    OCEANSIDE MORTGAGE COMPANY 1 2.49% $3,259
    Magnolia Bank 1 3.25% $8,326
    First National Bank of Pennsylvania 1 2.63% $7,799
    PLAZA HOME MORTGAGE, INC. 1 2.25% $10,472
    PNC Bank 1 3.13% $4,401
    EVERETT FINANCIAL, INC. 1 3.38% $4,162
    Equity Prime Mortgage LLC 1 2.75% $4,904
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.38% $8,313
    ROYAL UNITED MORTGAGE LLC 1 3.00% $9,203
    STEARNS LENDING, LLC 1 3.38% $7,343
    TOWNE MORTGAGE COMPANY 1 3.25% $6,611
    Barrington Bank & Trust Company, N.A. 1 3.25% $3,105
    ZILLOW HOME LOANS, LLC 1 3.25% $6,463
    U.S. Bank 1 2.75% $6,551
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.50% $4,973
    Mortgage Research Center, LLC 1 2.99% $2,461

    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. Louis
    Date 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 for 2022-04-01 was $149,900, a difference of $-8,600 (-5.4%) versus the prior year and $3,950 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 0 days.

    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.

    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).