Altoona FHA Loan Rates, Closing Costs & Stats

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 46 lenders originated 229 FHA loans during 2023. The total origination value was $33,305,000, with an average FHA loan value of $145,437.

Altoona FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Altoona averaged 6.31% for the week of 2024-12-06, compared to the national average (all FHA variants) of 6.363% for the same period.

Altoona's average FHA mortgage closing costs are $6,313.

The average rate for the prior week (2024-11-29) was 6.15% and one month ago for the week of 2024-11-01, the average rate was 6.44%.

The average rate one year ago was 6.97%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.46%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Altoona level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Flagstar Bank, FSB 32 6.45% $7,268
QUICKEN LOANS, LLC 31 6.38% $6,996
EQUITY RESOURCES, INC. 19 6.60% $7,693
Citizens Bank 17 5.95% $8,139
CROSSCOUNTRY MORTGAGE, LLC 13 6.91% $8,811
NORWICH COMMERCIAL GROUP, INC. 7 6.89% $9,320
M&T Bank 7 6.05% $6,305
UNION HOME MORTGAGE CORP. 7 6.55% $6,746
NEWREZ LLC 7 6.91% $6,599
FREEDOM MORTGAGE CORPORATION 6 7.29% $12,139
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.75% $6,063
Carrington Mortgage Services, LLC 4 6.44% $9,662
PENNYMAC LOAN SERVICES, LLC 4 6.41% $9,817
LOANDEPOT.COM, LLC 3 6.74% $11,501
UNITED WHOLESALE MORTGAGE, LLC 3 6.12% $8,134
EMM LOANS LLC 3 6.33% $8,630
AmeriHome Mortgage Company, LLC 3 6.67% $7,322
First Commonwealth Bank 3 6.50% $8,009
U.S. Bank 2 6.38% $5,069
AMERISAVE MORTGAGE CORPORATION 2 6.25% $8,698
Equity Prime Mortgage LLC 2 6.31% $8,995
GUILD MORTGAGE COMPANY 2 6.38% $10,942
Mortgage Research Center, LLC 2 7.19% $2,695
Paramount Residential Mortgage Group, Inc. 2 6.94% $9,753
TIDEWATER MORTGAGE SERVICES, INC. 2 6.88% $9,421
AMERICAN FINANCING CORPORATION 2 6.44% $11,783
LOANPAL, LLC 1 6.75% $10,051
Barrington Bank & Trust Company, N.A. 1 6.25% $9,204
MOVEMENT MORTGAGE, LLC 1 6.50% $6,972
EVERETT FINANCIAL, INC. 1 7.88% $16,383
DRAPER AND KRAMER MORTGAGE CORP. 1 6.38% $6,991
NFM, INC. 1 6.00% $14,828
Century Mortgage Company DBA Century Lending Company 1 4.99% $12,176
OCEANSIDE MORTGAGE COMPANY 1 6.75% $5,640
Bethpage Federal Credit Union 1 7.88% $2,687
CARDINAL FINANCIAL 1 6.38% $5,251
PENTAGON FEDERAL CREDIT UNION 1 6.00% $8,143
PLANET HOME LENDING, LLC 1 5.50% $4,970
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $6,122
BROKER SOLUTIONS, INC. 1 6.13% $8,272
STOCKTON MORTGAGE CORPORATION 1 7.25% $9,797
FIRST HERITAGE FINANCIAL, LLC 1 7.63% $5,430
First Federal Bank 1 7.13% $10,127
The Huntington National Bank 1 6.25% $8,079
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $15,156
Fifth Third Bank 1 6.63% $6,263

The top Altoona FHA lender as defined by loan originations is Flagstar Bank, FSB, with 32 FHA loans originated. Their average total fees are $7,268, which is $272 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Altoona FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,996), Flagstar Bank, FSB ($7,268), EQUITY RESOURCES, INC. ($7,693), Citizens Bank ($8,139) and CROSSCOUNTRY MORTGAGE, LLC ($8,811).

The lowest rate Altoona FHA lenders (with over 10 loans originated) are Citizens Bank (5.95%), QUICKEN LOANS, LLC (6.38%), Flagstar Bank, FSB (6.45%), EQUITY RESOURCES, INC. (6.60%) and CROSSCOUNTRY MORTGAGE, LLC (6.91%).

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
ALTOONA, PA BLAIR 2023 $472,030 $604,400 $730,525 $907,900

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 $138,650 (22.8%) $200,003 (15.0%) 0.00 335
2018-02-01 $134,975 (18.7%) $195,581 (12.4%) 0.00 329
2018-03-01 $132,500 (4.0%) $197,976 (2.5%) 0.00 322
2018-04-01 $139,900 (11.9%) $201,666 (3.9%) 0.00 303
2018-05-01 $139,913 (2.2%) $186,437 (-5.3%) 0.00 338
2018-06-01 $139,900 (0.3%) $185,821 (-9.1%) 0.00 344
2018-07-01 $139,250 (0.9%) $182,943 (-8.8%) 0.00 361
2018-08-01 $137,975 (2.2%) $181,137 (-10.6%) 0.00 363
2018-09-01 $135,000 (3.5%) $181,856 (-8.7%) 0.00 358
2018-10-01 $129,950 (0.0%) $177,815 (-5.6%) 0.00 370
2018-11-01 $129,000 (-0.7%) $170,331 (-6.6%) 0.00 367
2018-12-01 $125,000 (-7.3%) $170,001 (-13.3%) 0.00 336
2019-01-01 $126,950 (-8.4%) $173,359 (-13.3%) 0.00 315
2019-02-01 $124,950 (-7.4%) $172,263 (-11.9%) 0.00 308
2019-03-01 $128,386 (-3.1%) $171,556 (-13.4%) 0.00 306
2019-04-01 $135,900 (-2.9%) $175,680 (-12.9%) 0.00 310
2019-05-01 $132,250 (-5.5%) $177,192 (-5.0%) 0.00 335
2019-06-01 $130,000 (-7.1%) $174,813 (-5.9%) 0.00 362
2019-07-01 $129,975 (-6.7%) $173,932 (-4.9%) 0.00 381
2019-08-01 $133,536 (-3.2%) $177,675 (-1.9%) 0.00 386
2019-09-01 $131,491 (-2.6%) $176,154 (-3.1%) 0.00 395
2019-10-01 $129,900 (0.0%) $176,122 (-1.0%) 0.00 399
2019-11-01 $125,000 (-3.1%) $178,381 (4.7%) 0.00 376
2019-12-01 $124,800 (-0.2%) $175,637 (3.3%) 0.00 369
2020-01-01 $124,850 (-1.7%) $176,005 (1.5%) 0.00 348
2020-02-01 $124,900 (0.0%) $174,930 (1.6%) 0.00 322
2020-03-01 $124,988 (-2.7%) $178,294 (3.9%) 0.00 311
2020-04-01 $129,925 (-4.4%) $186,222 (6.0%) 0.00 298
2020-05-01 $139,500 (5.5%) $193,335 (9.1%) 0.00 299
2020-06-01 $137,950 (6.1%) $185,654 (6.2%) 0.00 283
2020-07-01 $149,700 (15.2%) $192,185 (10.5%) 0.00 263
2020-08-01 $145,000 (8.6%) $195,195 (9.9%) 0.00 259
2020-09-01 $142,225 (8.2%) $187,876 (6.7%) 0.00 250
2020-10-01 $143,400 (10.4%) $187,753 (6.6%) 0.00 241
2020-11-01 $144,925 (15.9%) $188,371 (5.6%) 0.00 203
2020-12-01 $149,000 (19.4%) $197,992 (12.7%) 0.00 182
2021-01-01 $145,900 (16.9%) $201,852 (14.7%) 0.00 180
2021-02-01 $143,450 (14.9%) $186,804 (6.8%) 0.00 160
2021-03-01 $148,450 (18.8%) $188,563 (5.8%) 0.00 140
2021-04-01 $157,325 (21.1%) $195,161 (4.8%) 0.00 128
2021-05-01 $149,900 (7.5%) $190,886 (-1.3%) 0.00 120
2021-06-01 $154,475 (12.0%) $195,612 (5.4%) 0.00 132
2021-07-01 $150,000 (0.2%) $198,761 (3.4%) 0.00 148
2021-08-01 $148,725 (2.6%) $189,136 (-3.1%) 0.00 160
2021-09-01 $149,725 (5.3%) $186,075 (-1.0%) 0.00 164
2021-10-01 $149,900 (4.5%) $191,407 (2.0%) 0.00 157
2021-11-01 $151,150 (4.3%) $210,115 (11.5%) 0.00 148
2021-12-01 $139,900 (-6.1%) $198,031 (0.0%) 0.00 140
2022-01-01 $144,900 (-0.7%) $203,670 (0.9%) 0.00 121
2022-02-01 $142,450 (-0.7%) $205,270 (9.9%) 0.00 113
2022-03-01 $149,900 (1.0%) $211,307 (12.1%) 0.00 93
2022-04-01 $149,450 (-5.0%) $216,883 (11.1%) 0.00 95
2022-05-01 $144,450 (-3.6%) $198,000 (3.7%) 0.00 152
2022-06-01 $146,500 (-5.2%) $188,963 (-3.4%) 0.00 166
2022-07-01 $151,450 (1.0%) $197,442 (-0.7%) 0.00 178
2022-08-01 $139,900 (-5.9%) $189,791 (0.4%) 0.00 168
2022-09-01 $136,000 (-9.2%) $181,949 (-2.2%) 0.00 170
2022-10-01 $139,900 (-6.7%) $183,506 (-4.1%) 0.00 165
2022-11-01 $152,200 (0.7%) $186,488 (-11.2%) 0.00 160
2022-12-01 $150,000 (7.2%) $188,659 (-4.7%) 0.00 163
2023-01-01 $139,900 (-3.5%) $186,131 (-8.6%) 0.00 142
2023-02-01 $139,500 (-2.1%) $177,003 (-13.8%) 0.00 147
2023-03-01 $139,800 (-6.7%) $178,923 (-15.3%) 0.00 146
2023-04-01 $139,700 (-6.5%) $180,783 (-16.6%) 0.00 143
2023-05-01 $139,700 (-3.3%) $190,248 (-3.9%) 0.00 150
2023-06-01 $135,370 (-7.6%) $195,490 (3.5%) 0.00 138
2023-07-01 $160,000 (5.7%) $210,868 (6.8%) 0.00 149
2023-08-01 $155,175 (10.9%) $206,996 (9.1%) 0.00 172
2023-09-01 $139,900 (2.9%) $200,639 (10.3%) 0.00 178
2023-10-01 $141,250 (1.0%) $199,844 (8.9%) 0.00 192
2023-11-01 $142,125 (-6.6%) $186,770 (0.2%) 0.00 209
2023-12-01 $136,000 (-9.3%) $182,411 (-3.3%) 0.00 200
2024-01-01 $129,900 (-7.2%) $177,996 (-4.4%) 0.00 184
2024-02-01 $129,950 (-6.9%) $181,864 (2.8%) 0.00 153
2024-03-01 $144,900 (3.7%) $201,954 (12.9%) 0.00 160
2024-04-01 $153,550 (9.9%) $202,372 (11.9%) 0.00 174
2024-05-01 $141,250 (1.1%) $186,440 (-2.0%) 0.00 175
2024-06-01 $140,000 (3.4%) $183,065 (-6.4%) 0.00 180
2024-07-01 $142,250 (-11.1%) $179,385 (-14.9%) 0.00 206
2024-08-01 $149,000 (-4.0%) $188,239 (-9.1%) 0.00 235
2024-09-01 $146,500 (4.7%) $188,091 (-6.3%) 0.00 240
2024-10-01 $146,500 (3.7%) $191,340 (-4.3%) 0.00 251
2024-11-01 $145,700 (2.5%) $195,435 (4.6%) 0.00 258
Altoona's median listing price for 2024-11-01 was $145,700, a difference of $3,575 (2.5%) versus the prior year and $-800 versus the prior month.

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

Altoona's average listing price for 2024-11-01 was $195,435, a difference of $8,665 (4.6%) versus the prior year and $4,095 versus the prior month.

For the 2024-11-01 period, Altoona had 258 MLS listings, a difference of 7 listings (3%) versus the prior month and 49 listings (23%) 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 1,948 sqft
2018-02-01 0 days 1,882 sqft
2018-03-01 0 days 1,820 sqft
2018-04-01 0 days 1,821 sqft
2018-05-01 0 days 1,760 sqft
2018-06-01 0 days 1,820 sqft
2018-07-01 0 days 1,751 sqft
2018-08-01 0 days 1,716 sqft
2018-09-01 0 days 1,768 sqft
2018-10-01 0 days 1,744 sqft
2018-11-01 0 days 1,690 sqft
2018-12-01 0 days 1,700 sqft
2019-01-01 0 days 1,700 sqft
2019-02-01 0 days 1,705 sqft
2019-03-01 0 days 1,736 sqft
2019-04-01 0 days 1,759 sqft
2019-05-01 0 days 1,806 sqft
2019-06-01 0 days 1,766 sqft
2019-07-01 0 days 1,795 sqft
2019-08-01 0 days 1,822 sqft
2019-09-01 0 days 1,794 sqft
2019-10-01 0 days 1,760 sqft
2019-11-01 0 days 1,805 sqft
2019-12-01 0 days 1,800 sqft
2020-01-01 0 days 1,783 sqft
2020-02-01 0 days 1,795 sqft
2020-03-01 0 days 1,767 sqft
2020-04-01 0 days 1,748 sqft
2020-05-01 0 days 1,800 sqft
2020-06-01 0 days 1,785 sqft
2020-07-01 0 days 1,867 sqft
2020-08-01 0 days 1,838 sqft
2020-09-01 0 days 1,747 sqft
2020-10-01 0 days 1,736 sqft
2020-11-01 0 days 1,658 sqft
2020-12-01 0 days 1,688 sqft
2021-01-01 0 days 1,708 sqft
2021-02-01 0 days 1,803 sqft
2021-03-01 0 days 1,788 sqft
2021-04-01 0 days 1,800 sqft
2021-05-01 0 days 1,770 sqft
2021-06-01 0 days 1,784 sqft
2021-07-01 0 days 1,829 sqft
2021-08-01 0 days 1,773 sqft
2021-09-01 0 days 1,782 sqft
2021-10-01 0 days 1,750 sqft
2021-11-01 0 days 1,810 sqft
2021-12-01 0 days 1,794 sqft
2022-01-01 0 days 1,784 sqft
2022-02-01 0 days 1,779 sqft
2022-03-01 0 days 1,775 sqft
2022-04-01 0 days 1,788 sqft
2022-05-01 0 days 1,788 sqft
2022-06-01 0 days 1,789 sqft
2022-07-01 0 days 1,784 sqft
2022-08-01 0 days 1,792 sqft
2022-09-01 0 days 1,784 sqft
2022-10-01 0 days 1,720 sqft
2022-11-01 0 days 1,677 sqft
2022-12-01 0 days 1,680 sqft
2023-01-01 0 days 1,686 sqft
2023-02-01 0 days 1,683 sqft
2023-03-01 0 days 1,686 sqft
2023-04-01 0 days 1,692 sqft
2023-05-01 0 days 1,700 sqft
2023-06-01 0 days 1,687 sqft
2023-07-01 0 days 1,733 sqft
2023-08-01 0 days 1,717 sqft
2023-09-01 0 days 1,686 sqft
2023-10-01 0 days 1,618 sqft
2023-11-01 0 days 1,609 sqft
2023-12-01 0 days 1,679 sqft
2024-01-01 0 days 1,677 sqft
2024-02-01 0 days 1,680 sqft
2024-03-01 0 days 1,654 sqft
2024-04-01 0 days 1,656 sqft
2024-05-01 0 days 1,645 sqft
2024-06-01 0 days 1,600 sqft
2024-07-01 0 days 1,616 sqft
2024-08-01 0 days 1,632 sqft
2024-09-01 0 days 1,684 sqft
2024-10-01 0 days 1,653 sqft
2024-11-01 0 days 1,672 sqft
Altoona's median listing age (time on market) for 2024-11-01 was 0 days.

Altoona's median square footage for active listings during the 2024-11-01 period was 1,672 sqft. One year prior, the average listing was 1,609 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).