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 6.57% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.86% and one month ago for the week of 2024-03-15, the average rate was 6.43%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.12%.

    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

    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 $277,389 (22.6%) $309,844 (14.2%) 1.03 661
    2018-02-01 $279,089 (17.2%) $308,890 (9.2%) 1.01 700
    2018-03-01 $272,500 (9.0%) $302,835 (4.5%) 0.96 739
    2018-04-01 $282,300 (9.0%) $313,185 (6.3%) 0.96 730
    2018-05-01 $289,450 (9.5%) $327,641 (9.6%) 0.97 726
    2018-06-01 $289,000 (9.7%) $329,271 (10.1%) 0.96 766
    2018-07-01 $286,951 (6.3%) $329,073 (6.7%) 0.96 793
    2018-08-01 $279,900 (3.7%) $323,502 (3.7%) 0.94 824
    2018-09-01 $279,950 (4.1%) $324,090 (4.1%) 0.94 805
    2018-10-01 $283,909 (5.2%) $324,590 (5.0%) 0.96 782
    2018-11-01 $286,354 (4.9%) $320,121 (2.4%) 0.97 761
    2018-12-01 $286,000 (4.0%) $314,097 (-0.1%) 0.99 761
    2019-01-01 $284,900 (2.7%) $313,635 (1.2%) 0.98 743
    2019-02-01 $285,144 (2.2%) $317,622 (2.8%) 0.96 770
    2019-03-01 $291,034 (6.8%) $322,458 (6.5%) 0.95 806
    2019-04-01 $297,925 (5.5%) $327,515 (4.6%) 0.95 836
    2019-05-01 $295,000 (1.9%) $326,328 (-0.4%) 0.92 851
    2019-06-01 $292,622 (1.3%) $322,269 (-2.1%) 0.91 863
    2019-07-01 $292,033 (1.8%) $325,454 (-1.1%) 0.91 845
    2019-08-01 $290,980 (4.0%) $326,061 (0.8%) 0.92 830
    2019-09-01 $286,201 (2.2%) $324,271 (0.1%) 0.92 808
    2019-10-01 $284,023 (0.0%) $323,489 (-0.3%) 0.92 789
    2019-11-01 $284,000 (-0.8%) $321,346 (0.4%) 0.93 781
    2019-12-01 $285,500 (-0.2%) $323,953 (3.1%) 0.95 748
    2020-01-01 $284,900 (0.0%) $321,674 (2.6%) 0.95 719
    2020-02-01 $280,326 (-1.7%) $320,164 (0.8%) 0.92 746
    2020-03-01 $284,925 (-2.1%) $319,980 (-0.8%) 0.89 768
    2020-04-01 $289,796 (-2.7%) $321,464 (-1.9%) 0.91 801
    2020-05-01 $293,000 (-0.7%) $324,117 (-0.7%) 0.89 764
    2020-06-01 $299,000 (2.2%) $341,230 (5.9%) 0.88 730
    2020-07-01 $297,066 (1.7%) $340,996 (4.8%) 0.86 699
    2020-08-01 $299,000 (2.8%) $338,049 (3.7%) 0.86 671
    2020-09-01 $299,000 (4.5%) $341,875 (5.4%) 0.86 664
    2020-10-01 $308,250 (8.5%) $351,272 (8.6%) 0.88 630
    2020-11-01 $312,400 (10.0%) $360,274 (12.1%) 0.91 596
    2020-12-01 $309,900 (8.6%) $367,360 (13.4%) 0.92 544
    2021-01-01 $312,900 (9.8%) $374,746 (16.5%) 0.93 496
    2021-02-01 $318,795 (13.7%) $380,759 (18.9%) 0.93 489
    2021-03-01 $319,900 (12.3%) $377,270 (17.9%) 0.91 488
    2021-04-01 $327,350 (13.0%) $386,252 (20.2%) 0.89 476
    2021-05-01 $335,716 (14.6%) $406,787 (25.5%) 0.89 408
    2021-06-01 $357,644 (19.6%) $413,142 (21.1%) 0.94 405
    2021-07-01 $343,600 (15.7%) $406,813 (19.3%) 0.91 424
    2021-08-01 $344,325 (15.2%) $402,843 (19.2%) 0.92 492
    2021-09-01 $345,308 (15.5%) $400,096 (17.0%) 0.92 456
    2021-10-01 $342,600 (11.1%) $409,143 (16.5%) 0.91 429
    2021-11-01 $349,923 (12.0%) $407,895 (13.2%) 0.94 382
    2021-12-01 $356,759 (15.1%) $415,147 (13.0%) 0.97 344
    2022-01-01 $359,000 (14.7%) $417,846 (11.5%) 0.97 325
    2022-02-01 $354,500 (11.2%) $415,295 (9.1%) 0.92 319
    2022-03-01 $368,436 (15.2%) $417,505 (10.7%) 0.92 332
    2022-04-01 $375,000 (14.6%) $422,885 (9.5%) 0.89 350
    2022-05-01 $373,200 (11.2%) $429,122 (5.5%) 0.85 377
    2022-06-01 $386,965 (8.2%) $444,726 (7.6%) 0.86 452
    2022-07-01 $383,000 (11.5%) $448,048 (10.1%) 0.86 502
    2022-08-01 $383,559 (11.4%) $440,996 (9.5%) 0.89 497
    2022-09-01 $380,731 (10.3%) $439,382 (9.8%) 0.89 494
    2022-10-01 $375,950 (9.7%) $430,441 (5.2%) 0.88 542
    2022-11-01 $374,500 (7.0%) $430,196 (5.5%) 0.90 549
    2022-12-01 $379,900 (6.5%) $442,823 (6.7%) 0.94 498
    2023-01-01 $380,000 (5.9%) $440,928 (5.5%) 0.94 494
    2023-02-01 $380,450 (7.3%) $437,943 (5.5%) 0.92 477
    2023-03-01 $382,450 (3.8%) $443,857 (6.3%) 0.90 474
    2023-04-01 $389,900 (4.0%) $455,985 (7.8%) 0.91 491
    2023-05-01 $395,225 (5.9%) $463,158 (7.9%) 0.90 538
    2023-06-01 $391,940 (1.3%) $466,818 (5.0%) 0.88 590
    2023-07-01 $399,000 (4.2%) $471,499 (5.2%) 0.91 604
    2023-08-01 $402,450 (4.9%) $470,482 (6.7%) 0.92 612
    2023-09-01 $403,147 (5.9%) $473,704 (7.8%) 0.94 600
    2023-10-01 $405,895 (8.0%) $500,140 (16.2%) 0.96 611
    2023-11-01 $395,725 (5.7%) $494,798 (15.0%) 0.94 626
    2023-12-01 $389,900 (2.6%) $484,490 (9.4%) 0.95 609
    2024-01-01 $394,680 (3.9%) $484,784 (10.0%) 0.96 614
    2024-02-01 $394,928 (3.8%) $484,357 (10.6%) 0.95 615
    2024-03-01 $392,650 (2.7%) $485,266 (9.3%) 0.92 629
    Auburn's median listing price for 2024-03-01 was $392,650, a difference of $10,200 (2.7%) versus the prior year and $-2,278 versus the prior month.

    Auburn's median listing price comes in at 92% of the national average.

    Auburn's average listing price for 2024-03-01 was $485,266, a difference of $41,409 (9.3%) versus the prior year and $909 versus the prior month.

    For the 2024-03-01 period, Auburn had 629 MLS listings, a difference of 14 listings (2%) versus the prior month and 155 listings (33%) 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 80 days 2,408 sqft
    2018-02-01 64 days 2,424 sqft
    2018-03-01 58 days 2,406 sqft
    2018-04-01 54 days 2,420 sqft
    2018-05-01 56 days 2,446 sqft
    2018-06-01 61 days 2,440 sqft
    2018-07-01 66 days 2,471 sqft
    2018-08-01 64 days 2,446 sqft
    2018-09-01 71 days 2,449 sqft
    2018-10-01 85 days 2,472 sqft
    2018-11-01 95 days 2,420 sqft
    2018-12-01 94 days 2,380 sqft
    2019-01-01 89 days 2,358 sqft
    2019-02-01 77 days 2,357 sqft
    2019-03-01 62 days 2,379 sqft
    2019-04-01 56 days 2,390 sqft
    2019-05-01 59 days 2,406 sqft
    2019-06-01 62 days 2,366 sqft
    2019-07-01 67 days 2,394 sqft
    2019-08-01 71 days 2,405 sqft
    2019-09-01 77 days 2,402 sqft
    2019-10-01 83 days 2,403 sqft
    2019-11-01 82 days 2,406 sqft
    2019-12-01 88 days 2,406 sqft
    2020-01-01 90 days 2,389 sqft
    2020-02-01 80 days 2,326 sqft
    2020-03-01 55 days 2,306 sqft
    2020-04-01 64 days 2,312 sqft
    2020-05-01 74 days 2,319 sqft
    2020-06-01 69 days 2,350 sqft
    2020-07-01 59 days 2,303 sqft
    2020-08-01 60 days 2,290 sqft
    2020-09-01 61 days 2,276 sqft
    2020-10-01 67 days 2,332 sqft
    2020-11-01 74 days 2,319 sqft
    2020-12-01 83 days 2,300 sqft
    2021-01-01 77 days 2,261 sqft
    2021-02-01 51 days 2,238 sqft
    2021-03-01 40 days 2,225 sqft
    2021-04-01 50 days 2,239 sqft
    2021-05-01 36 days 2,237 sqft
    2021-06-01 37 days 2,267 sqft
    2021-07-01 37 days 2,238 sqft
    2021-08-01 34 days 2,189 sqft
    2021-09-01 40 days 2,165 sqft
    2021-10-01 52 days 2,181 sqft
    2021-11-01 53 days 2,181 sqft
    2021-12-01 54 days 2,228 sqft
    2022-01-01 56 days 2,249 sqft
    2022-02-01 38 days 2,234 sqft
    2022-03-01 33 days 2,277 sqft
    2022-04-01 31 days 2,279 sqft
    2022-05-01 33 days 2,281 sqft
    2022-06-01 31 days 2,288 sqft
    2022-07-01 39 days 2,300 sqft
    2022-08-01 57 days 2,293 sqft
    2022-09-01 59 days 2,300 sqft
    2022-10-01 59 days 2,311 sqft
    2022-11-01 58 days 2,324 sqft
    2022-12-01 75 days 2,354 sqft
    2023-01-01 84 days 2,346 sqft
    2023-02-01 65 days 2,277 sqft
    2023-03-01 57 days 2,238 sqft
    2023-04-01 52 days 2,254 sqft
    2023-05-01 46 days 2,316 sqft
    2023-06-01 46 days 2,288 sqft
    2023-07-01 51 days 2,300 sqft
    2023-08-01 55 days 2,330 sqft
    2023-09-01 63 days 2,304 sqft
    2023-10-01 65 days 2,352 sqft
    2023-11-01 65 days 2,251 sqft
    2023-12-01 71 days 2,200 sqft
    2024-01-01 77 days 2,229 sqft
    2024-02-01 68 days 2,203 sqft
    2024-03-01 60 days 2,213 sqft
    Auburn's median listing age (time on market) for 2024-03-01 was 60 days. This is 6% longer than the same period one year ago.

    Auburn's median square footage for active listings during the 2024-03-01 period was 2,213 sqft. One year prior, the average listing was 2,238 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).