Anniston FHA Loan Rates, Closing Costs & Stats

ANNISTON-OXFORD, AL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Anniston's 73 lenders originated 436 FHA loans during 2023. The total origination value was $74,380,000, with an average FHA loan value of $170,596.

    Anniston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Anniston averaged 6.39% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Anniston's average FHA mortgage closing costs are $6,114.

    The average rate for the prior week (2024-11-01) was 6.47% and one month ago for the week of 2024-10-04, the average rate was 6.09%.

    The average rate one year ago was 7.23%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Anniston 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 Anniston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 70 6.81% $7,384
    QUICKEN LOANS, LLC 50 6.44% $8,836
    GUILD MORTGAGE COMPANY 27 6.71% $7,872
    Ameris Bank 25 6.75% $9,238
    UNITED WHOLESALE MORTGAGE, LLC 21 6.06% $10,866
    VANDERBILT MORTGAGE AND FINANCE, INC. 20 6.88% $6,657
    SUCCESS MORTGAGE PARTNERS, INC. 19 6.88% $7,910
    SouthPoint Bank 16 6.30% $4,161
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 12 6.59% $10,564
    ACOPIA, LLC 7 7.25% $7,910
    FREEDOM MORTGAGE CORPORATION 6 6.92% $12,655
    Equity Prime Mortgage LLC 6 6.67% $6,176
    HUNT MORTGAGE CORPORATION 6 6.38% $9,579
    Regions Bank 5 6.70% $6,782
    AMERISAVE MORTGAGE CORPORATION 5 5.75% $13,691
    Renasant Bank 5 6.98% $6,816
    PENNYMAC LOAN SERVICES, LLC 5 6.15% $9,677
    Mr. Cooper ( Nationstar Mortgage ) 5 6.10% $12,847
    LOANDEPOT.COM, LLC 5 6.45% $10,382
    Plains Commerce Bank 4 6.41% $8,860
    CROSSCOUNTRY MORTGAGE, LLC 4 7.34% $7,973
    BancorpSouth 4 6.59% $5,608
    FIRST COMMUNITY MORTGAGE, INC. 4 7.31% $6,838
    First Federal Bank, A FSB 3 5.71% $9,670
    BROKER SOLUTIONS, INC. 3 6.92% $9,641
    MOVEMENT MORTGAGE, LLC 3 6.83% $8,083
    NEWREZ LLC 3 6.25% $7,694
    ZILLOW HOME LOANS, LLC 3 6.46% $8,655
    HOMESTAR FINANCIAL CORPORATION 2 6.19% $3,430
    ROYAL UNITED MORTGAGE LLC 2 6.00% $9,352
    Assurance Financial Group, L.L.C. 2 6.06% $9,145
    STOCKTON MORTGAGE CORPORATION 2 7.00% $9,623
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $4,208
    MORTGAGE INVESTORS GROUP, INC. 2 6.56% $6,985
    Mortgage Research Center, LLC 2 7.44% $3,099
    Carrington Mortgage Services, LLC 2 5.63% $10,547
    MID AMERICA MORTGAGE, INC. 2 8.38% $5,996
    CHURCHILL MORTGAGE CORPORATION 2 6.37% $13,084
    MILEND, INC. 2 6.63% $8,285
    Blue Ridge Bank 2 6.87% $7,219
    BAYSHORE MORTGAGE FUNDING, LLC 2 7.13% $5,166
    DAS Acquisition Company, LLC 2 6.81% $8,886
    AlaTrust Credit Union 1 6.99% $6,968
    M&T Bank 1 5.75% $6,322
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $12,503
    NBKC BANK 1 6.50% $7,403
    Wells Fargo Bank 1 6.63% $5,679
    CANOPY MORTGAGE, LLC 1 7.25% $6,259
    PLAZA HOME MORTGAGE, INC. 1 6.25% $12,590
    Presidential Bank, FSB 1 7.50% $8,776
    Barrington Bank & Trust Company, N.A. 1 6.25% $9,984
    SUN WEST MORTGAGE COMPANY, INC. 1 5.63% $5,850
    The Federal Savings Bank 1 6.25% $11,689
    TJC Mortgage, Inc. 1 7.25% $6,454
    Truist 1 6.70% $4,470
    Trustmark National Bank 1 6.88% $7,332
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $4,884
    FBC MORTGAGE, LLC 1 7.75% $9,473
    EMM LOANS LLC 1 5.75% $16,784
    ACADEMY MORTGAGE CORPORATION 1 6.25% $10,253
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.63% $5,628
    CRESCENT MORTGAGE COMPANY 1 6.63% $4,827
    Hamilton Mortgage Corporation 1 6.50% $4,472
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.99% $14,883
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.13% $8,067
    HOMEXPRESS MORTGAGE CORP. 1 6.38% $10,929
    CMG MORTGAGE, INC. 1 7.25% $8,120
    INTERCAP LENDING INC. 1 7.63% $7,203
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $11,897
    Liberty Mortgage Corporation 1 7.75% $8,205
    Citizens Bank 1 6.63% $7,366
    LOANPAL, LLC 1 6.50% $7,235
    MORTGAGE ACCESS CORP. 1 7.13% $10,500

    The top Anniston FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 70 FHA loans originated. Their average total fees are $7,384, which is $1,452 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Anniston FHA lenders (with over 10 loans originated) are SouthPoint Bank ($4,161), VANDERBILT MORTGAGE AND FINANCE, INC. ($6,657), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,384), GUILD MORTGAGE COMPANY ($7,872) and SUCCESS MORTGAGE PARTNERS, INC. ($7,910).

    The lowest rate Anniston FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.06%), SouthPoint Bank (6.30%), QUICKEN LOANS, LLC (6.44%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.59%) and GUILD MORTGAGE COMPANY (6.71%).

    Anniston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ANNISTON-OXFORD, AL CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
    ANNISTON-OXFORD, AL CALHOUN 2023 $472,030 $604,400 $730,525 $907,900

    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).