Auburn FHA Loan Rates, Closing Costs & Stats

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 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 6.81% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.49% and one month ago for the week of 2024-05-03, the average rate was 6.99%.

The average rate one year ago was 6.66%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.76%.

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
2024-04-01 $399,675 (2.5%) $492,257 (8.0%) 0.93 620
2024-05-01 $404,825 (2.4%) $507,285 (9.5%) 0.92 630
Auburn's median listing price for 2024-05-01 was $404,825, a difference of $9,600 (2.4%) versus the prior year and $5,150 versus the prior month.

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

Auburn's average listing price for 2024-05-01 was $507,285, a difference of $44,127 (9.5%) versus the prior year and $15,028 versus the prior month.

For the 2024-05-01 period, Auburn had 630 MLS listings, a difference of 10 listings (2%) versus the prior month and 92 listings (17%) 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 2,206 sqft
2024-03-01 60 days 2,213 sqft
2024-04-01 54 days 2,218 sqft
2024-05-01 48 days 2,191 sqft
Auburn's median listing age (time on market) for 2024-05-01 was 48 days. This is 3% longer than the same period one year ago.

Auburn's median square footage for active listings during the 2024-05-01 period was 2,191 sqft. One year prior, the average listing was 2,316 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).