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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.