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%.

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).