Auburn FHA Loan Rates, Closing Costs & Stats

AUBURN-OPELIKA, 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.

    Auburn's 73 lenders originated 450 FHA loans during 2023. The total origination value was $112,520,000, with an average FHA loan value of $250,044.

    Auburn FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Auburn averaged 6.41% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Auburn's average FHA mortgage closing costs are $7,524.

    The average rate for the prior week (2024-07-12) was 6.36% and one month ago for the week of 2024-06-14, the average rate was 6.61%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.85%.

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

    Auburn 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 Auburn level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 43 6.13% $9,961
    CMG MORTGAGE, INC. 35 6.65% $12,998
    UNITED WHOLESALE MORTGAGE, LLC 32 6.28% $10,630
    Flagstar Bank, FSB 22 6.50% $10,299
    Trustmark National Bank 21 5.94% $14,298
    Renasant Bank 21 6.38% $11,020
    CROSSCOUNTRY MORTGAGE, LLC 17 6.85% $9,162
    GUILD MORTGAGE COMPANY 16 6.46% $13,594
    HOMESTAR FINANCIAL CORPORATION 13 6.47% $8,262
    CANOPY MORTGAGE, LLC 12 6.59% $12,393
    MOVEMENT MORTGAGE, LLC 11 6.69% $10,473
    South State Bank 11 6.47% $8,265
    EVERETT FINANCIAL, INC. 10 7.01% $9,029
    PENNYMAC LOAN SERVICES, LLC 8 5.94% $11,408
    AMERISAVE MORTGAGE CORPORATION 7 6.21% $13,394
    Synovus Bank 7 6.39% $9,973
    FREEDOM MORTGAGE CORPORATION 7 6.86% $13,699
    CARDINAL FINANCIAL 6 6.75% $10,276
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.17% $8,411
    BROKER SOLUTIONS, INC. 6 6.54% $9,056
    VANDERBILT MORTGAGE AND FINANCE, INC. 6 6.75% $10,201
    Keystone Funding, Inc. 6 6.12% $10,972
    LOANDEPOT.COM, LLC 5 6.40% $10,997
    Northpointe Bank 5 6.20% $9,061
    BancorpSouth 5 6.13% $9,228
    STOCKTON MORTGAGE CORPORATION 5 7.05% $11,608
    EMM LOANS LLC 5 6.25% $9,924
    Regions Bank 5 5.73% $11,173
    GUARANTEED RATE, INC. 4 6.26% $10,502
    Carrington Mortgage Services, LLC 4 6.13% $12,911
    LAKEVIEW LOAN SERVICING, LLC 4 6.78% $11,949
    Plains Commerce Bank 4 6.41% $12,258
    Ameris Bank 3 6.04% $13,148
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 7.08% $9,032
    AMERICAN FINANCIAL NETWORK, INC. 3 7.25% $10,679
    Mr. Cooper ( Nationstar Mortgage ) 3 5.79% $15,001
    DHI MORTGAGE COMPANY, LTD. 2 5.50% $8,317
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.44% $8,065
    ENVOY MORTGAGE, LTD 2 6.63% $8,242
    GMFS LLC 2 6.75% $6,620
    INTERLINC MORTGAGE SERVICES, LLC 2 7.13% $7,002
    MILEND, INC. 2 6.50% $9,382
    M&T Bank 2 6.81% $8,178
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.25% $23,871
    NEWREZ LLC 2 6.75% $9,013
    PNC Bank 2 6.19% $6,431
    ZILLOW HOME LOANS, LLC 2 5.56% $15,353
    VILLAGE CAPITAL MORTGAGE 1 5.25% $13,087
    Mortgage Research Center, LLC 1 7.99% $4,834
    Paramount Residential Mortgage Group, Inc. 1 5.75% $14,316
    MIDLAND MORTGAGE CORPORATION 1 6.75% $6,946
    LOANPAL, LLC 1 7.25% $5,983
    Wells Fargo Bank 1 6.63% $4,342
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $12,162
    KEESLER 1 5.25% $6,769
    FirstBank 1 6.13% $11,224
    1ST SIGNATURE LENDING, LLC 1 7.25% $10,872
    RUOFF MORTGAGE COMPANY, INC. 1 7.50% $4,231
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.13% $8,502
    SouthPoint Bank 1 5.75% $6,692
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.50% $14,089
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $11,184
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $15,568
    AmeriHome Mortgage Company, LLC 1 6.13% $10,880
    The Federal Savings Bank 1 6.25% $17,864
    The Huntington National Bank 1 5.50% $10,978
    TJC Mortgage, Inc. 1 7.50% $11,011
    AMERICAN FINANCING CORPORATION 1 7.25% $8,290
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $16,342
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $8,079
    Alcova Mortgage LLC 1 7.50% $7,735
    NASA Federal Credit Union 1 6.75% $21,108
    NBKC BANK 1 6.00% $7,912

    The top Auburn FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 43 FHA loans originated. Their average total fees are $9,961, which is $3,038 lower than the next largest lender, CMG MORTGAGE, INC..

    The lowest fee Auburn FHA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($8,262), South State Bank ($8,265), EVERETT FINANCIAL, INC. ($9,029), CROSSCOUNTRY MORTGAGE, LLC ($9,162) and QUICKEN LOANS, LLC ($9,961).

    The lowest rate Auburn FHA lenders (with over 10 loans originated) are Trustmark National Bank (5.94%), QUICKEN LOANS, LLC (6.13%), UNITED WHOLESALE MORTGAGE, LLC (6.28%), Renasant Bank (6.38%) and GUILD MORTGAGE COMPANY (6.46%).

    Auburn FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    AUBURN-OPELIKA, AL LEE 2022 $420,680 $538,650 $651,050 $809,150
    AUBURN-OPELIKA, AL LEE 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).