Altoona FHA Loan Rates, Closing Costs & Stats

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 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 6.9% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.36%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    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
    Altoona's median listing price for 2024-03-01 was $144,900, a difference of $5,100 (3.7%) versus the prior year and $14,950 versus the prior month.

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

    Altoona's average listing price for 2024-03-01 was $201,954, a difference of $23,031 (12.9%) versus the prior year and $20,090 versus the prior month.

    For the 2024-03-01 period, Altoona had 160 MLS listings, a difference of 7 listings (5%) versus the prior month and 14 listings (10%) 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
    Altoona's median listing age (time on market) for 2024-03-01 was 0 days.

    Altoona's median square footage for active listings during the 2024-03-01 period was 1,654 sqft. One year prior, the average listing was 1,686 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).