Atmore FHA Loan Rates, Closing Costs & Stats

Atmore, AL

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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.

    Atmore's 44 lenders originated 99 FHA loans during 2024. The total origination value was $18,705,000, with an average FHA loan value of $188,939.

    Atmore FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Atmore averaged 6.35% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Atmore's average FHA mortgage closing costs are $6,557.

    The average rate for the prior week (2025-03-28) was 6.54% and one month ago for the week of 2025-02-28, the average rate was 6.73%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.06%.

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

    Atmore 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 Atmore level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 6.52% $11,912
    QUICKEN LOANS, LLC 10 6.43% $8,580
    Flagstar Bank, FSB 8 6.23% $10,016
    UNITED WHOLESALE MORTGAGE, LLC 6 6.71% $9,712
    FREEDOM MORTGAGE CORPORATION 4 6.50% $13,866
    MID AMERICA MORTGAGE, INC. 3 6.46% $8,390
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.91% $6,742
    PENNYMAC LOAN SERVICES, LLC 2 6.12% $7,341
    TOWNE MORTGAGE COMPANY 2 6.38% $6,853
    AMERISAVE MORTGAGE CORPORATION 2 6.31% $14,101
    SWBC MORTGAGE CORPORATION 2 6.38% $7,135
    BROKER SOLUTIONS, INC. 2 7.44% $8,440
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 2 6.56% $13,402
    MOVEMENT MORTGAGE, LLC 2 5.94% $9,940
    Paramount Residential Mortgage Group, Inc. 1 6.25% $8,071
    PLANET HOME LENDING, LLC 1 5.50% $3,921
    Prosperity Home Mortgage, LLC 1 6.75% $7,823
    Regions Bank 1 7.25% $3,841
    Renasant Bank 1 6.25% $4,576
    Residential Acceptance Corporation 1 7.25% $11,520
    ROYAL UNITED MORTGAGE LLC 1 6.75% $6,446
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.75% $6,775
    STOCKTON MORTGAGE CORPORATION 1 6.25% $7,973
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $5,664
    Synovus Bank 1 5.75% $8,376
    THE MORTGAGE FIRM, INC. 1 6.63% $6,995
    Truist 1 6.10% $6,261
    Trustmark National Bank 1 6.38% $4,266
    VILLAGE CAPITAL MORTGAGE 1 6.25% $8,103
    ACOPIA, LLC 1 5.75% $6,273
    ZILLOW HOME LOANS, LLC 1 6.50% $8,055
    Ameris Bank 1 5.75% $13,148
    BancorpSouth 1 6.38% $7,107
    Bank of England 1 6.25% $10,829
    CANOPY MORTGAGE, LLC 1 7.00% $11,335
    CARDINAL FINANCIAL 1 6.63% $11,723
    EMBRACE HOME LOANS, INC. 1 6.75% $7,845
    Equity Prime Mortgage LLC 1 5.75% $14,177
    FirstBank 1 6.25% $6,823
    GUILD MORTGAGE COMPANY 1 6.75% $6,352
    LOANDEPOT.COM, LLC 1 4.75% $14,978
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $5,774
    Nations Lending Corporation 1 6.75% $5,636
    NEWREZ LLC 1 7.25% $10,995

    The top Atmore FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 11 FHA loans originated. Their average total fees are $11,912, which is $3,332 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Atmore FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,580), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($11,912), .

    The lowest rate Atmore FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.43%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.52%), .

    Atmore FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ATMORE, AL ESCAMBIA 2022 $420,680 $538,650 $651,050 $809,150
    ATMORE, AL ESCAMBIA 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).