Auburn FHA Loans

AUBURN-OPELIKA, AL

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 78 lenders originated 800 FHA loans during 2021. The total origination value was $190,900,000, with an average FHA loan value of $238,625.

Auburn FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Auburn averaged 5.24% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.37% and one month ago for the week of 2022-04-08, the average rate was 4.94%.

The average rate one year ago was 3.14%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.03%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CMG MORTGAGE, INC. 69 2.97% $9,915
QUICKEN LOANS, LLC 65 2.81% $5,829
CROSSCOUNTRY MORTGAGE, LLC 41 3.24% $7,883
Renasant Bank 28 2.92% $6,411
GUILD MORTGAGE COMPANY 28 3.17% $8,265
HOME POINT FINANCIAL CORPORATION 28 2.79% $7,557
Trustmark National Bank 26 2.69% $7,083
HOMESTAR FINANCIAL CORPORATION 22 3.15% $6,737
UNITED WHOLESALE MORTGAGE, LLC 22 2.83% $7,366
INTERLINC MORTGAGE SERVICES, LLC 20 3.29% $5,959
LAKEVIEW LOAN SERVICING, LLC 20 2.92% $4,663
FIRST COMMUNITY MORTGAGE, INC. 18 3.19% $8,115
PENNYMAC LOAN SERVICES, LLC 18 3.00% $4,303
Synovus Bank 18 2.87% $7,497
Ameris Bank 17 3.02% $6,709
FREEDOM MORTGAGE CORPORATION 16 2.81% $4,231
BROKER SOLUTIONS, INC. 16 3.33% $8,398
PRIMARY RESIDENTIAL MORTGAGE, INC. 15 3.11% $9,554
Mr. Cooper ( Nationstar Mortgage ) 14 3.60% $3,470
MOVEMENT MORTGAGE, LLC 14 3.29% $6,554
ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 3.22% $7,455
First Federal Bank 12 2.76% $6,449
ENVOY MORTGAGE, LTD 9 3.22% $9,283
VANDERBILT MORTGAGE AND FINANCE, INC. 9 2.96% $7,548
NEWREZ LLC 8 3.12% $3,580
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.22% $7,129
VILLAGE CAPITAL & INVESTMENT LLC 8 3.06% $2,201
TJC Mortgage, Inc. 8 2.77% $7,595
LOANDEPOT.COM, LLC 7 3.28% $7,075
Flagstar Bank, FSB 7 2.58% $6,924
BancorpSouth Bank 6 2.75% $7,755
PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.67% $7,229
AMERICAN FINANCIAL NETWORK, INC. 6 3.06% $11,619
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 3.30% $8,895
AMERISAVE MORTGAGE CORPORATION 5 3.20% $6,981
CERTAINTY HOME LOANS, LLC 5 2.98% $8,111
NATIONS DIRECT MORTGAGE, LLC 5 3.15% $5,935
Regions Bank 4 2.69% $8,019
FirstBank 4 3.41% $6,993
AmeriHome Mortgage Company, LLC 4 3.09% $3,848
PLANET HOME LENDING, LLC 3 2.63% $4,757
Sierra Pacific Mortgage Company, Inc. 3 2.54% $7,352
RUOFF MORTGAGE COMPANY, INC. 3 3.46% $3,498
SOUTHWEST FUNDING, LP 2 3.38% $9,213
HOMESIDE FINANCIAL, LLC 2 2.81% $7,261
MIDLAND MORTGAGE CORPORATION 2 3.31% $6,457
GMFS LLC 2 3.25% $6,040
PNC Bank 2 2.75% $5,507
Prosperity Home Mortgage, LLC 2 3.81% $7,827
Hometown Equity Mortgage, LLC 2 3.44% $10,335
Carrington Mortgage Services, LLC 2 3.00% $4,907
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.25% $5,663
BBVA USA 2 2.75% $3,264
Valley National Bank 2 2.94% $6,231
CALIBER HOME LOANS, INC. 1 2.25% $5,172
First Federal Bank, A FSB 1 3.00% $6,820
Mortgage Research Center, LLC 1 2.99% $7,047
Magnolia Bank 1 3.63% $8,375
EVERETT FINANCIAL, INC. 1 4.50% $5,986
MORTGAGE INVESTORS GROUP, INC. 1 3.88% $6,060
Consumer First Mortgage, Inc. 1 2.88% $6,766
MEMBER FIRST MORTGAGE, LLC 1 3.25% $6,463
Manufacturers and Traders Trust Company 1 3.63% $5,896
SmartBank 1 2.38% $7,341
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 3.00% $7,664
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.75% $6,734
South State Bank 1 2.75% $6,583
KELLER MORTGAGE, LLC 1 3.75% $5,721
STOCKTON MORTGAGE CORPORATION 1 2.75% $8,370
Bank of England 1 3.38% $16,454
Victorian Finance, LLC 1 3.13% $7,818
GENEVA FINANCIAL, LLC 1 2.88% $8,088
Wells Fargo Bank 1 3.38% $5,016
Nations Lending Corporation 1 3.63% $12,476
NATIONS RELIABLE LENDING, LLC 1 2.25% $11,702
First Home Bank 1 3.25% $6,413
First Guaranty Mortgage Corporation 1 3.25% $7,397
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $5,434

The top Auburn FHA lender as defined by loan originations is CMG MORTGAGE, INC., with 69 FHA loans originated. Their average total fees are $9,915, which is $4,086 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Auburn FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,470), FREEDOM MORTGAGE CORPORATION ($4,231), PENNYMAC LOAN SERVICES, LLC ($4,303), LAKEVIEW LOAN SERVICING, LLC ($4,663) and QUICKEN LOANS, LLC ($5,829).

The lowest rate Auburn FHA lenders (with over 10 loans originated) are Trustmark National Bank (2.69%), First Federal Bank (2.76%), HOME POINT FINANCIAL CORPORATION (2.79%), QUICKEN LOANS, LLC (2.81%) and FREEDOM MORTGAGE CORPORATION (2.81%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Auburn (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 $271,200 (26.1%) $306,921 (17.2%) 1.00 668
2018-02-01 $274,500 (20.7%) $307,760 (12.7%) 0.99 705
2018-03-01 $267,900 (11.8%) $301,073 (7.4%) 0.93 741
2018-04-01 $271,250 (8.2%) $305,832 (6.9%) 0.91 739
2018-05-01 $272,500 (7.4%) $318,172 (10.6%) 0.91 754
2018-06-01 $276,671 (8.5%) $319,995 (11.2%) 0.92 790
2018-07-01 $275,000 (3.5%) $317,217 (6.2%) 0.92 825
2018-08-01 $273,344 (4.9%) $309,279 (4.0%) 0.91 879
2018-09-01 $274,900 (5.8%) $309,275 (4.4%) 0.92 850
2018-10-01 $276,600 (6.4%) $310,323 (4.4%) 0.93 831
2018-11-01 $278,200 (5.0%) $303,200 (0.3%) 0.93 802
2018-12-01 $282,500 (6.6%) $298,355 (-2.2%) 0.97 815
2019-01-01 $280,000 (3.2%) $299,977 (-2.3%) 0.97 788
2019-02-01 $279,950 (2.0%) $304,453 (-1.1%) 0.94 814
2019-03-01 $286,109 (6.8%) $308,525 (2.5%) 0.93 863
2019-04-01 $294,644 (8.6%) $314,420 (2.8%) 0.93 912
2019-05-01 $292,200 (7.2%) $314,554 (-1.1%) 0.90 913
2019-06-01 $289,000 (4.5%) $310,335 (-3.0%) 0.89 911
2019-07-01 $284,950 (3.6%) $314,415 (-0.9%) 0.89 872
2019-08-01 $282,214 (3.3%) $311,975 (0.9%) 0.89 848
2019-09-01 $279,464 (1.7%) $309,187 (0.0%) 0.89 819
2019-10-01 $278,950 (0.9%) $310,355 (0.0%) 0.89 833
2019-11-01 $279,000 (0.3%) $310,482 (2.4%) 0.90 836
2019-12-01 $279,700 (-1.0%) $309,965 (3.9%) 0.93 803
2020-01-01 $279,500 (-0.2%) $309,578 (3.2%) 0.93 765
2020-02-01 $279,900 (0.0%) $310,178 (1.9%) 0.90 773
2020-03-01 $279,900 (-2.2%) $310,331 (0.6%) 0.87 804
2020-04-01 $284,900 (-3.3%) $313,509 (-0.3%) 0.89 840
2020-05-01 $289,000 (-1.1%) $316,050 (0.5%) 0.88 787
2020-06-01 $293,450 (1.5%) $332,392 (7.1%) 0.86 749
2020-07-01 $294,250 (3.3%) $333,934 (6.2%) 0.84 732
2020-08-01 $295,000 (4.5%) $333,319 (6.8%) 0.84 699
2020-09-01 $297,055 (6.3%) $338,092 (9.4%) 0.85 697
2020-10-01 $299,900 (7.5%) $346,825 (11.8%) 0.86 652
2020-11-01 $304,815 (9.3%) $354,928 (14.3%) 0.87 619
2020-12-01 $303,900 (8.7%) $361,127 (16.5%) 0.89 567
2021-01-01 $309,000 (10.6%) $368,646 (19.1%) 0.91 520
2021-02-01 $315,778 (12.8%) $376,559 (21.4%) 0.91 498
2021-03-01 $319,385 (14.1%) $374,223 (20.6%) 0.90 503
2021-04-01 $326,241 (14.5%) $384,257 (22.6%) 0.88 481
2021-05-01 $330,000 (14.2%) $407,346 (28.9%) 0.87 408
2021-06-01 $352,450 (20.1%) $409,329 (23.2%) 0.92 423
2021-07-01 $336,950 (14.5%) $400,196 (19.8%) 0.88 427
2021-08-01 $338,450 (14.7%) $393,307 (18.0%) 0.89 506
2021-09-01 $338,950 (14.1%) $391,720 (15.9%) 0.89 475
2021-10-01 $337,493 (12.5%) $398,415 (14.9%) 0.89 455
2021-11-01 $342,900 (12.5%) $395,890 (11.5%) 0.90 422
2021-12-01 $349,450 (15.0%) $405,749 (12.4%) 0.93 360
2022-01-01 $357,000 (15.5%) $409,340 (11.0%) 0.95 349
2022-02-01 $352,500 (11.6%) $406,635 (8.0%) 0.90 340
2022-03-01 $366,007 (14.6%) $414,023 (10.6%) 0.90 344
2022-04-01 $375,000 (15.0%) $417,750 (8.7%) 0.88 374
Auburn's median listing price for 2022-04-01 was $375,000, a difference of $48,759 (15.0%) versus the prior year and $8,993 versus the prior month.

Auburn's median listing price comes in at 88% of the national average.

Auburn's average listing price for 2022-04-01 was $417,750, a difference of $33,493 (8.7%) versus the prior year and $3,727 versus the prior month.

For the 2022-04-01 period, Auburn had 374 MLS listings, a difference of 30 listings (9%) versus the prior month and -107 listings (-22%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Auburn (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 85 days 2,446 sqft
2018-02-01 73 days 2,463 sqft
2018-03-01 64 days 2,460 sqft
2018-04-01 59 days 2,442 sqft
2018-05-01 59 days 2,456 sqft
2018-06-01 64 days 2,426 sqft
2018-07-01 68 days 2,468 sqft
2018-08-01 67 days 2,443 sqft
2018-09-01 74 days 2,467 sqft
2018-10-01 87 days 2,481 sqft
2018-11-01 101 days 2,437 sqft
2018-12-01 96 days 2,400 sqft
2019-01-01 96 days 2,371 sqft
2019-02-01 84 days 2,359 sqft
2019-03-01 58 days 2,379 sqft
2019-04-01 59 days 2,393 sqft
2019-05-01 67 days 2,406 sqft
2019-06-01 71 days 2,360 sqft
2019-07-01 74 days 2,372 sqft
2019-08-01 79 days 2,393 sqft
2019-09-01 77 days 2,393 sqft
2019-10-01 82 days 2,403 sqft
2019-11-01 81 days 2,406 sqft
2019-12-01 90 days 2,406 sqft
2020-01-01 98 days 2,392 sqft
2020-02-01 87 days 2,330 sqft
2020-03-01 59 days 2,335 sqft
2020-04-01 66 days 2,344 sqft
2020-05-01 78 days 2,335 sqft
2020-06-01 76 days 2,358 sqft
2020-07-01 62 days 2,331 sqft
2020-08-01 60 days 2,306 sqft
2020-09-01 60 days 2,306 sqft
2020-10-01 71 days 2,333 sqft
2020-11-01 78 days 2,330 sqft
2020-12-01 87 days 2,317 sqft
2021-01-01 80 days 2,260 sqft
2021-02-01 60 days 2,235 sqft
2021-03-01 43 days 2,236 sqft
2021-04-01 52 days 2,241 sqft
2021-05-01 36 days 2,249 sqft
2021-06-01 36 days 2,274 sqft
2021-07-01 38 days 2,234 sqft
2021-08-01 36 days 2,197 sqft
2021-09-01 46 days 2,167 sqft
2021-10-01 53 days 2,234 sqft
2021-11-01 54 days 2,197 sqft
2021-12-01 59 days 2,234 sqft
2022-01-01 58 days 2,252 sqft
2022-02-01 40 days 2,245 sqft
2022-03-01 35 days 2,315 sqft
2022-04-01 31 days 2,312 sqft
Auburn's median listing age (time on market) for 2022-04-01 was 31 days. This is -40% shorter than the same period one year ago.

Auburn's median square footage for active listings during the 2022-04-01 period was 2,312 sqft. One year prior, the average listing was 2,241 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).