Birmingham FHA Loan Rates, Closing Costs & Stats
BIRMINGHAM-HOOVER, 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.
Birmingham's 164 lenders originated 6,069 FHA loans during 2021. The total origination value was $1,192,735,000, with an average FHA loan value of $196,529.
Birmingham FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Birmingham
averaged
6.35%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Birmingham's average FHA mortgage closing costs are $6,125.
The average rate for the prior week (2023-01-20) was
5.93% and
one month ago for the week of 2022-12-23, the
average rate was 6.12%.
The average rate one year ago was 3.91%.
For refis of the same type during the week of 2023-01-27, the average rate
was 6.11%.
Birmingham 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 Birmingham level.
The top Birmingham FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
578 FHA loans originated. Their average total fees are
$5,692, which is $2,514
lower than the next largest lender,
Hometown Lenders, Inc..
The lowest fee Birmingham FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,581), Mr. Cooper ( Nationstar Mortgage ) ($3,890), BBVA USA ($4,023), PENNYMAC LOAN SERVICES, LLC ($4,270) and AmeriHome Mortgage Company, LLC ($4,273).
The lowest rate Birmingham FHA lenders (with over 10 loans originated) are
Hamilton Mortgage Corporation (2.66%), Flagstar Bank, FSB (2.69%), UNITED WHOLESALE MORTGAGE, LLC (2.74%), GUARANTY HOME MORTGAGE CORPORATION (2.74%) and QUICKEN LOANS, LLC (2.75%).
Birmingham FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| BIRMINGHAM-HOOVER, AL | BIBB | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| BIRMINGHAM-HOOVER, AL | BLOUNT | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| BIRMINGHAM-HOOVER, AL | CHILTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| BIRMINGHAM-HOOVER, AL | JEFFERSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| BIRMINGHAM-HOOVER, AL | ST. CLAIR | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| BIRMINGHAM-HOOVER, AL | SHELBY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Birmingham (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 | $206,500 (8.7%) | $273,152 (8.4%) | 0.77 | 4,315 |
| 2018-02-01 | $211,950 (8.6%) | $276,853 (7.0%) | 0.77 | 4,210 |
| 2018-03-01 | $224,865 (10.0%) | $290,798 (8.1%) | 0.79 | 4,126 |
| 2018-04-01 | $233,290 (8.6%) | $301,757 (8.7%) | 0.79 | 4,208 |
| 2018-05-01 | $238,950 (9.0%) | $310,231 (8.8%) | 0.80 | 4,315 |
| 2018-06-01 | $236,920 (7.7%) | $310,802 (8.5%) | 0.79 | 4,412 |
| 2018-07-01 | $239,700 (9.0%) | $308,905 (8.9%) | 0.80 | 4,548 |
| 2018-08-01 | $239,000 (10.7%) | $308,466 (10.0%) | 0.80 | 4,619 |
| 2018-09-01 | $229,990 (7.0%) | $307,440 (11.2%) | 0.77 | 4,560 |
| 2018-10-01 | $226,574 (5.9%) | $301,115 (8.1%) | 0.77 | 4,540 |
| 2018-11-01 | $229,428 (9.3%) | $304,539 (11.3%) | 0.78 | 4,382 |
| 2018-12-01 | $229,900 (9.8%) | $304,728 (12.4%) | 0.79 | 4,086 |
| 2019-01-01 | $231,320 (12.0%) | $303,269 (11.0%) | 0.80 | 3,805 |
| 2019-02-01 | $242,450 (14.4%) | $317,463 (14.7%) | 0.82 | 3,727 |
| 2019-03-01 | $252,478 (12.3%) | $328,470 (13.0%) | 0.83 | 3,708 |
| 2019-04-01 | $258,508 (10.8%) | $338,333 (12.1%) | 0.82 | 3,733 |
| 2019-05-01 | $264,950 (10.9%) | $340,927 (9.9%) | 0.83 | 3,749 |
| 2019-06-01 | $266,635 (12.5%) | $340,333 (9.5%) | 0.83 | 3,966 |
| 2019-07-01 | $269,450 (12.4%) | $339,576 (9.9%) | 0.84 | 4,095 |
| 2019-08-01 | $268,564 (12.4%) | $337,187 (9.3%) | 0.85 | 4,094 |
| 2019-09-01 | $266,559 (15.9%) | $334,225 (8.7%) | 0.85 | 4,056 |
| 2019-10-01 | $264,950 (16.9%) | $331,697 (10.2%) | 0.85 | 4,002 |
| 2019-11-01 | $259,900 (13.3%) | $327,966 (7.7%) | 0.85 | 3,808 |
| 2019-12-01 | $253,617 (10.3%) | $324,533 (6.5%) | 0.85 | 3,506 |
| 2020-01-01 | $254,380 (10.0%) | $326,415 (7.6%) | 0.85 | 3,228 |
| 2020-02-01 | $259,900 (7.2%) | $332,945 (4.9%) | 0.85 | 3,194 |
| 2020-03-01 | $267,313 (5.9%) | $343,686 (4.6%) | 0.84 | 3,123 |
| 2020-04-01 | $265,000 (2.5%) | $340,280 (0.6%) | 0.83 | 3,188 |
| 2020-05-01 | $269,900 (1.9%) | $352,652 (3.4%) | 0.82 | 3,121 |
| 2020-06-01 | $279,000 (4.6%) | $362,437 (6.5%) | 0.82 | 2,935 |
| 2020-07-01 | $279,450 (3.7%) | $361,222 (6.4%) | 0.81 | 2,784 |
| 2020-08-01 | $275,000 (2.4%) | $359,936 (6.8%) | 0.79 | 2,640 |
| 2020-09-01 | $273,045 (2.4%) | $359,852 (7.7%) | 0.78 | 2,550 |
| 2020-10-01 | $264,950 (0.0%) | $352,726 (6.3%) | 0.76 | 2,581 |
| 2020-11-01 | $260,150 (0.1%) | $349,702 (6.6%) | 0.76 | 2,484 |
| 2020-12-01 | $260,620 (2.8%) | $349,371 (7.7%) | 0.77 | 2,278 |
| 2021-01-01 | $260,000 (2.2%) | $348,253 (6.7%) | 0.78 | 2,069 |
| 2021-02-01 | $263,598 (1.4%) | $356,380 (7.0%) | 0.77 | 1,725 |
| 2021-03-01 | $269,550 (0.8%) | $369,969 (7.7%) | 0.76 | 1,656 |
| 2021-04-01 | $279,465 (5.5%) | $390,616 (14.8%) | 0.76 | 1,566 |
| 2021-05-01 | $279,900 (3.7%) | $386,806 (9.7%) | 0.74 | 1,457 |
| 2021-06-01 | $276,150 (-1.0%) | $375,049 (3.5%) | 0.73 | 1,566 |
| 2021-07-01 | $275,000 (-1.6%) | $367,641 (1.8%) | 0.72 | 1,841 |
| 2021-08-01 | $277,448 (0.9%) | $367,692 (2.2%) | 0.74 | 1,953 |
| 2021-09-01 | $275,000 (0.7%) | $369,655 (2.7%) | 0.73 | 1,892 |
| 2021-10-01 | $285,000 (7.6%) | $375,615 (6.5%) | 0.76 | 1,831 |
| 2021-11-01 | $279,900 (7.6%) | $374,498 (7.1%) | 0.75 | 1,683 |
| 2021-12-01 | $274,950 (5.5%) | $370,377 (6.0%) | 0.75 | 1,563 |
| 2022-01-01 | $265,000 (1.9%) | $363,382 (4.3%) | 0.72 | 1,419 |
| 2022-02-01 | $262,400 (-0.5%) | $368,515 (3.4%) | 0.68 | 1,425 |
| 2022-03-01 | $264,950 (-1.7%) | $372,307 (0.6%) | 0.66 | 1,418 |
| 2022-04-01 | $275,000 (-1.6%) | $387,152 (-0.9%) | 0.66 | 1,503 |
| 2022-05-01 | $291,215 (4.0%) | $400,275 (3.5%) | 0.67 | 1,632 |
| 2022-06-01 | $299,000 (8.3%) | $399,341 (6.5%) | 0.67 | 1,955 |
| 2022-07-01 | $299,500 (8.9%) | $388,994 (5.8%) | 0.68 | 2,396 |
| 2022-08-01 | $286,088 (3.1%) | $375,335 (2.1%) | 0.66 | 2,496 |
| 2022-09-01 | $282,350 (2.7%) | $369,904 (0.1%) | 0.66 | 2,473 |
| 2022-10-01 | $279,900 (-1.8%) | $368,789 (-1.8%) | 0.66 | 2,668 |
| 2022-11-01 | $276,728 (-1.1%) | $361,445 (-3.5%) | 0.67 | 2,785 |
| 2022-12-01 | $272,000 (-1.1%) | $354,094 (-4.4%) | 0.68 | 2,652 |
Birmingham's median listing price comes in at 68% of the national average.
Birmingham's average listing price for 2022-12-01 was $354,094, a difference of $-16,283 (-4.4%) versus the prior year and $-7,351 versus the prior month.
For the 2022-12-01 period, Birmingham had 2,652 MLS listings, a difference of -133 listings (-5%) versus the prior month and 1,089 listings (70%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Birmingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 102 days | 1,902 sqft |
| 2018-02-01 | 96 days | 1,894 sqft |
| 2018-03-01 | 71 days | 1,880 sqft |
| 2018-04-01 | 66 days | 1,890 sqft |
| 2018-05-01 | 60 days | 1,916 sqft |
| 2018-06-01 | 60 days | 1,919 sqft |
| 2018-07-01 | 65 days | 1,947 sqft |
| 2018-08-01 | 66 days | 1,940 sqft |
| 2018-09-01 | 69 days | 1,903 sqft |
| 2018-10-01 | 74 days | 1,874 sqft |
| 2018-11-01 | 79 days | 1,878 sqft |
| 2018-12-01 | 86 days | 1,885 sqft |
| 2019-01-01 | 93 days | 1,888 sqft |
| 2019-02-01 | 83 days | 1,918 sqft |
| 2019-03-01 | 71 days | 1,951 sqft |
| 2019-04-01 | 61 days | 1,977 sqft |
| 2019-05-01 | 54 days | 1,987 sqft |
| 2019-06-01 | 57 days | 1,975 sqft |
| 2019-07-01 | 58 days | 1,978 sqft |
| 2019-08-01 | 61 days | 1,978 sqft |
| 2019-09-01 | 67 days | 1,968 sqft |
| 2019-10-01 | 72 days | 1,961 sqft |
| 2019-11-01 | 78 days | 1,973 sqft |
| 2019-12-01 | 85 days | 1,953 sqft |
| 2020-01-01 | 88 days | 2,008 sqft |
| 2020-02-01 | 77 days | 2,120 sqft |
| 2020-03-01 | 65 days | 2,150 sqft |
| 2020-04-01 | 67 days | 2,134 sqft |
| 2020-05-01 | 70 days | 2,133 sqft |
| 2020-06-01 | 71 days | 2,135 sqft |
| 2020-07-01 | 65 days | 2,157 sqft |
| 2020-08-01 | 60 days | 2,138 sqft |
| 2020-09-01 | 59 days | 2,123 sqft |
| 2020-10-01 | 57 days | 2,064 sqft |
| 2020-11-01 | 59 days | 2,035 sqft |
| 2020-12-01 | 71 days | 1,999 sqft |
| 2021-01-01 | 72 days | 1,968 sqft |
| 2021-02-01 | 55 days | 1,937 sqft |
| 2021-03-01 | 45 days | 1,964 sqft |
| 2021-04-01 | 40 days | 2,002 sqft |
| 2021-05-01 | 46 days | 2,008 sqft |
| 2021-06-01 | 38 days | 1,940 sqft |
| 2021-07-01 | 33 days | 1,920 sqft |
| 2021-08-01 | 36 days | 1,923 sqft |
| 2021-09-01 | 42 days | 1,907 sqft |
| 2021-10-01 | 53 days | 1,930 sqft |
| 2021-11-01 | 62 days | 1,906 sqft |
| 2021-12-01 | 61 days | 1,881 sqft |
| 2022-01-01 | 71 days | 1,820 sqft |
| 2022-02-01 | 44 days | 1,816 sqft |
| 2022-03-01 | 34 days | 1,810 sqft |
| 2022-04-01 | 32 days | 1,852 sqft |
| 2022-05-01 | 32 days | 1,849 sqft |
| 2022-06-01 | 30 days | 1,864 sqft |
| 2022-07-01 | 30 days | 1,874 sqft |
| 2022-08-01 | 38 days | 1,851 sqft |
| 2022-09-01 | 46 days | 1,843 sqft |
| 2022-10-01 | 47 days | 1,846 sqft |
| 2022-11-01 | 53 days | 1,837 sqft |
| 2022-12-01 | 65 days | 1,802 sqft |
Birmingham's median square footage for active listings during the 2022-12-01 period was 1,802 sqft. One year prior, the average listing was 1,881 sqft.