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 168 lenders originated 3,674 FHA loans during 2023. The total origination value was $868,930,000, with an average FHA loan value of $236,508.

Birmingham FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Birmingham averaged 6.47% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Birmingham's average FHA mortgage closing costs are $7,010.

The average rate for the prior week (2024-05-10) was 6.71% and one month ago for the week of 2024-04-12, the average rate was 6.67%.

The average rate one year ago was 6.52%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.97%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

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.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 320 6.22% $11,210
QUICKEN LOANS, LLC 300 6.20% $9,756
DHI MORTGAGE COMPANY, LTD. 189 5.26% $7,776
MOVEMENT MORTGAGE, LLC 140 6.75% $8,749
GUILD MORTGAGE COMPANY 111 6.65% $9,720
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 111 6.64% $8,895
Regions Bank 106 6.14% $9,267
FirstBank 103 6.43% $9,871
FBC MORTGAGE, LLC 90 6.38% $12,019
Trustmark National Bank 82 6.40% $8,359
LOANDEPOT.COM, LLC 80 6.39% $11,025
Renasant Bank 76 6.29% $9,376
SouthPoint Bank 73 6.60% $7,164
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 62 6.42% $10,665
Northpointe Bank 59 6.27% $8,295
FREEDOM MORTGAGE CORPORATION 56 6.76% $13,036
First Federal Bank, A FSB 53 6.28% $8,904
Hamilton Mortgage Corporation 50 6.66% $9,596
Prosperity Home Mortgage, LLC 50 6.77% $8,747
Synovus Bank 50 6.46% $8,861
STOCKTON MORTGAGE CORPORATION 48 7.13% $10,916
AMERICAN FINANCIAL NETWORK, INC. 46 7.06% $11,446
PENNYMAC LOAN SERVICES, LLC 46 6.02% $12,794
UNION HOME MORTGAGE CORP. 37 6.84% $9,593
BROKER SOLUTIONS, INC. 34 6.91% $9,964
Cornerstone First Mortgage, Inc 31 6.78% $8,614
THE MORTGAGE FIRM, INC. 30 6.30% $9,246
TJC Mortgage, Inc. 30 6.80% $10,309
Mr. Cooper ( Nationstar Mortgage ) 29 6.25% $14,350
Assurance Financial Group, L.L.C. 29 6.78% $10,065
NEWREZ LLC 28 6.28% $11,946
Bank of England 27 6.56% $10,160
Plains Commerce Bank 27 6.25% $11,089
Flagstar Bank, FSB 25 6.39% $9,348
Princeton Mortgage Corporation 25 6.90% $9,224
HUNT MORTGAGE CORPORATION 25 6.52% $10,511
CROSSCOUNTRY MORTGAGE, LLC 24 6.60% $9,983
AMERISAVE MORTGAGE CORPORATION 24 6.30% $12,426
GMFS LLC 24 6.07% $9,940
Ameris Bank 20 6.58% $8,464
HOMEOWNERS FINANCIAL GROUP USA, LLC 20 6.84% $8,956
ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 6.85% $7,586
Carrington Mortgage Services, LLC 19 6.03% $9,486
DAS Acquisition Company, LLC 19 6.59% $8,252
MUTUAL OF OMAHA MORTGAGE, INC. 19 6.45% $12,107
BancorpSouth 19 6.28% $7,170
GUARANTEED RATE, INC. 19 6.50% $9,381
CARDINAL FINANCIAL 16 6.73% $9,725
ISERVE RESIDENTIAL LENDING, LLC 16 6.73% $19,144
INSPIRE HOME LOANS INC. 16 5.70% $8,310
Citizens Bank 16 6.67% $9,408
VANDERBILT MORTGAGE AND FINANCE, INC. 15 6.47% $10,227
Mortgage Research Center, LLC 15 6.93% $6,908
LAKEVIEW LOAN SERVICING, LLC 15 6.15% $12,027
CMG MORTGAGE, INC. 15 7.15% $10,524
EVERETT FINANCIAL, INC. 15 7.37% $9,350
MILEND, INC. 15 7.04% $11,310
CANOPY MORTGAGE, LLC 14 6.73% $16,537
HOMESTAR FINANCIAL CORPORATION 13 6.43% $11,654
FIRST COMMUNITY MORTGAGE, INC. 11 6.61% $10,269
First Horizon Bank 11 6.76% $7,371
Ixonia Bank 10 6.59% $10,230
AMERICAN PACIFIC MORTGAGE CORPORATION 10 6.90% $11,173
ACOPIA, LLC 9 7.03% $8,138
MID AMERICA MORTGAGE, INC. 9 7.38% $6,849
PLANET HOME LENDING, LLC 9 5.99% $9,817
RELIANCE FIRST CAPITAL, LLC 8 6.38% $8,183
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.44% $10,507
South State Bank 8 6.72% $9,685
SUN WEST MORTGAGE COMPANY, INC. 8 6.50% $9,374
Wells Fargo Bank 8 6.63% $7,324
AVADIAN 7 6.41% $9,510
Liberty Mortgage Corporation 7 6.29% $5,837
Equity Prime Mortgage LLC 7 6.84% $11,401
CIS Financial Services, Inc. 7 6.88% $8,345
VILLAGE CAPITAL MORTGAGE 6 6.04% $11,304
Pinnacle Bank 6 6.21% $9,361
NFM, INC. 5 7.23% $11,873
United Community Bank 5 6.30% $9,206
Century Mortgage Company DBA Century Lending Company 5 6.25% $8,193
LEADERONE FINANCIAL CORPORATION 5 6.68% $7,299
AMERICAN FINANCIAL RESOURCES, INC. 5 6.83% $10,726
ServisFirst Bank 4 6.47% $8,038
Paramount Residential Mortgage Group, Inc. 4 6.75% $15,032
PLAZA HOME MORTGAGE, INC. 4 6.44% $11,750
M&T Bank 4 6.72% $10,254
LOANPAL, LLC 4 5.91% $9,386
Truist 4 6.40% $7,584
NATIONS DIRECT MORTGAGE, LLC 3 6.33% $9,816
KELLER MORTGAGE, LLC 3 5.63% $7,881
TOWNE MORTGAGE COMPANY 3 6.54% $14,804
The Loan Store, Inc. 3 7.08% $11,085
The Federal Savings Bank 3 5.96% $11,621
Barrington Bank & Trust Company, N.A. 3 7.21% $7,394
BAY EQUITY LLC 3 6.46% $7,934
AMERICAN FINANCING CORPORATION 3 7.29% $7,533
MORTGAGE INVESTORS GROUP, INC. 3 6.58% $6,288
RUOFF MORTGAGE COMPANY, INC. 3 6.33% $7,260
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.75% $7,850
EMM LOANS LLC 2 6.25% $11,029
INTERLINC MORTGAGE SERVICES, LLC 2 6.75% $6,207
LIBERTY HOME MORTGAGE CORPORATION 2 6.38% $20,994
Magnolia Bank 2 7.63% $18,454
EVANSVILLE TEACHERS 2 6.63% $13,992
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.13% $18,416
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.88% $10,199
NETWORK CAPITAL FUNDING CORPORATION 2 5.94% $16,757
CRESCENT MORTGAGE COMPANY 2 6.06% $7,152
Consumer First Mortgage, Inc. 2 6.62% $7,818
PNC Bank 2 6.31% $7,857
POLARIS HOME FUNDING CORP. 2 6.81% $16,709
ROYAL UNITED MORTGAGE LLC 2 6.69% $7,163
SOUTHPOINT FINANCIAL SERVICES, INC. 2 7.12% $11,043
SOVEREIGN LENDING GROUP INCORPORATED 2 5.50% $16,325
SUCCESS MORTGAGE PARTNERS, INC. 2 6.63% $10,882
TOP FLITE FINANCIAL, INC. 2 6.75% $12,671
AmeriHome Mortgage Company, LLC 2 6.38% $10,820
Valley National Bank 2 6.50% $10,454
ZILLOW HOME LOANS, LLC 2 6.69% $8,873
HOMESIDE FINANCIAL, LLC 2 6.75% $8,150
NATIONS RELIABLE LENDING, LLC 1 7.25% $11,127
CERTAINTY HOME LOANS, LLC 1 6.75% $6,576
EMBRACE HOME LOANS, INC. 1 5.38% $17,353
CB&S Bank, Inc. 1 7.63% $9,663
BNC National Bank 1 7.13% $7,707
1ST SIGNATURE LENDING, LLC 1 6.63% $7,920
BECKAM FUNDING CORP. 1 6.75% $7,472
RESIDENTIAL BANCORP 1 6.75% $13,107
FirstTrust Home Loans, Inc. 1 6.99% $6,042
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $13,900
S1L, Inc. 1 7.25% $11,285
SeaTrust Mortgage Company 1 7.75% $8,367
ENVOY MORTGAGE, LTD 1 6.75% $14,467
SIRVA MORTGAGE, INC. 1 6.63% $4,575
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.63% $3,629
BAY-VALLEY MORTGAGE GROUP 1 6.75% $12,621
Victorian Finance, LLC 1 7.00% $21,184
Willamette Valley Bank 1 6.25% $9,427
SOUTHWEST STAGE FUNDING, LLC 1 6.63% $6,655
Gateway First Bank 1 6.88% $7,232
MIDLAND MORTGAGE CORPORATION 1 6.25% $1,563
Washington Trust Bank 1 6.38% $6,460
Wilmington Savings Fund Society, FSB 1 5.75% $7,278
First Merchants Bank 1 6.25% $3,844
MICHIGAN MUTUAL, INC. 1 7.63% $8,164
First Option Mortgage, LLC 1 6.38% $9,529
BANKSOUTH MORTGAGE COMPANY, LLC 1 5.75% $9,749
Bank of America 1 7.75% $7,129
Waterstone Mortgage Corporation 1 6.13% $11,433
Total Media Management, LLC 1 7.50% $7,077
LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $11,524
First Savings Bank 1 6.25% $9,103
Keystone Funding, Inc. 1 6.75% $15,893
GUARANTY HOME MORTGAGE CORPORATION 1 6.63% $4,479
KEESLER 1 6.00% $8,934
JPMorgan Chase Bank 1 6.25% $5,141
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.50% $8,416
Origin Bank 1 6.50% $10,283
CONTOUR MORTGAGE CORPORATION 1 5.00% $14,617
PENTAGON FEDERAL CREDIT UNION 1 5.50% $5,984
PHH Mortgage Corporation 1 7.13% $11,711
ON Q FINANCIAL, INC. 1 7.38% $10,401
U.S. Bank 1 6.63% $9,894
North American Savings Bank, F.S.B. 1 5.63% $5,465
DELMAR FINANCIAL COMPANY 1 6.63% $7,548
US MORTGAGE CORPORATION 1 6.63% $10,883
GSF Mortgage Corporation 1 7.13% $21,611
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.75% $13,064

The top Birmingham FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 320 FHA loans originated. Their average total fees are $11,210, which is $1,454 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Birmingham FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,908), SouthPoint Bank ($7,164), BancorpSouth ($7,170), First Horizon Bank ($7,371) and ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,586).

The lowest rate Birmingham FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.26%), INSPIRE HOME LOANS INC. (5.70%), PENNYMAC LOAN SERVICES, LLC (6.02%), Carrington Mortgage Services, LLC (6.03%) and GMFS LLC (6.07%).

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
BIRMINGHAM-HOOVER, AL BIBB 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL BLOUNT 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL CHILTON 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL ST. CLAIR 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL SHELBY 2023 $472,030 $604,400 $730,525 $907,900

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 $206,425 (8.7%) $273,109 (8.5%) 0.77 4,315
2018-02-01 $211,950 (8.7%) $276,809 (7.1%) 0.77 4,210
2018-03-01 $224,800 (10.7%) $290,746 (8.1%) 0.79 4,125
2018-04-01 $233,255 (8.5%) $301,721 (8.7%) 0.79 4,207
2018-05-01 $238,950 (9.1%) $310,198 (8.8%) 0.80 4,314
2018-06-01 $236,900 (7.7%) $310,770 (8.5%) 0.79 4,412
2018-07-01 $239,700 (9.5%) $308,879 (8.9%) 0.80 4,548
2018-08-01 $239,000 (10.7%) $308,465 (10.0%) 0.80 4,619
2018-09-01 $229,970 (7.0%) $307,409 (11.2%) 0.77 4,561
2018-10-01 $226,500 (6.1%) $301,108 (8.1%) 0.77 4,538
2018-11-01 $229,555 (9.3%) $304,774 (11.3%) 0.78 4,376
2018-12-01 $229,900 (10.0%) $304,991 (12.5%) 0.79 4,077
2019-01-01 $232,083 (12.4%) $303,517 (11.1%) 0.80 3,797
2019-02-01 $242,450 (14.4%) $317,618 (14.7%) 0.82 3,722
2019-03-01 $252,814 (12.5%) $328,650 (13.0%) 0.83 3,703
2019-04-01 $258,900 (11.0%) $338,450 (12.2%) 0.82 3,728
2019-05-01 $265,000 (10.9%) $341,088 (10.0%) 0.83 3,743
2019-06-01 $267,000 (12.7%) $340,616 (9.6%) 0.83 3,958
2019-07-01 $269,450 (12.4%) $339,701 (10.0%) 0.84 4,093
2019-08-01 $268,564 (12.4%) $337,314 (9.4%) 0.85 4,094
2019-09-01 $266,559 (15.9%) $334,348 (8.8%) 0.85 4,057
2019-10-01 $264,950 (17.0%) $331,853 (10.2%) 0.85 4,004
2019-11-01 $259,900 (13.2%) $328,140 (7.7%) 0.85 3,810
2019-12-01 $253,947 (10.5%) $324,858 (6.5%) 0.85 3,505
2020-01-01 $254,950 (9.9%) $326,851 (7.7%) 0.85 3,225
2020-02-01 $259,900 (7.2%) $333,600 (5.0%) 0.85 3,181
2020-03-01 $268,919 (6.4%) $344,516 (4.8%) 0.84 3,110
2020-04-01 $265,375 (2.5%) $340,959 (0.7%) 0.83 3,178
2020-05-01 $270,000 (1.9%) $353,414 (3.6%) 0.82 3,111
2020-06-01 $279,670 (4.8%) $363,276 (6.7%) 0.82 2,925
2020-07-01 $279,900 (3.9%) $361,870 (6.5%) 0.81 2,777
2020-08-01 $275,840 (2.7%) $360,629 (6.9%) 0.79 2,633
2020-09-01 $273,744 (2.7%) $360,549 (7.8%) 0.78 2,537
2020-10-01 $265,000 (0.0%) $353,362 (6.5%) 0.76 2,567
2020-11-01 $260,150 (0.1%) $350,572 (6.8%) 0.76 2,462
2020-12-01 $261,650 (3.0%) $350,037 (7.8%) 0.78 2,263
2021-01-01 $262,650 (3.0%) $348,962 (6.8%) 0.78 2,057
2021-02-01 $265,701 (2.2%) $356,979 (7.0%) 0.77 1,717
2021-03-01 $270,150 (0.5%) $370,590 (7.6%) 0.77 1,647
2021-04-01 $279,725 (5.4%) $391,304 (14.8%) 0.76 1,558
2021-05-01 $279,900 (3.7%) $387,387 (9.6%) 0.74 1,449
2021-06-01 $276,975 (-1.0%) $375,476 (3.4%) 0.73 1,559
2021-07-01 $275,000 (-1.8%) $367,820 (1.6%) 0.73 1,831
2021-08-01 $277,233 (0.5%) $367,743 (2.0%) 0.74 1,943
2021-09-01 $275,000 (0.5%) $369,748 (2.6%) 0.73 1,883
2021-10-01 $284,900 (7.5%) $375,644 (6.3%) 0.76 1,812
2021-11-01 $279,900 (7.6%) $374,658 (6.9%) 0.75 1,669
2021-12-01 $274,063 (4.7%) $370,486 (5.8%) 0.74 1,552
2022-01-01 $265,000 (0.9%) $363,737 (4.2%) 0.72 1,407
2022-02-01 $262,400 (-1.2%) $368,930 (3.4%) 0.68 1,421
2022-03-01 $265,000 (-1.9%) $372,667 (0.6%) 0.66 1,413
2022-04-01 $275,000 (-1.7%) $387,443 (-1.0%) 0.66 1,494
2022-05-01 $290,883 (3.9%) $400,885 (3.5%) 0.67 1,619
2022-06-01 $299,000 (8.0%) $399,817 (6.5%) 0.67 1,941
2022-07-01 $299,500 (8.9%) $389,369 (5.9%) 0.67 2,389
2022-08-01 $286,544 (3.4%) $375,821 (2.2%) 0.66 2,483
2022-09-01 $281,573 (2.4%) $370,277 (0.1%) 0.66 2,462
2022-10-01 $279,900 (-1.8%) $369,304 (-1.7%) 0.66 2,650
2022-11-01 $276,477 (-1.2%) $361,809 (-3.4%) 0.66 2,774
2022-12-01 $274,800 (0.3%) $354,867 (-4.2%) 0.68 2,634
2023-01-01 $270,000 (1.9%) $353,101 (-2.9%) 0.67 2,457
2023-02-01 $270,638 (3.1%) $356,052 (-3.5%) 0.65 2,321
2023-03-01 $278,875 (5.2%) $364,387 (-2.2%) 0.66 2,306
2023-04-01 $285,000 (3.6%) $373,264 (-3.7%) 0.66 2,265
2023-05-01 $296,288 (1.9%) $385,616 (-3.8%) 0.67 2,284
2023-06-01 $299,950 (0.3%) $389,250 (-2.6%) 0.67 2,391
2023-07-01 $299,000 (-0.2%) $384,644 (-1.2%) 0.68 2,621
2023-08-01 $297,000 (3.7%) $382,795 (1.9%) 0.68 2,741
2023-09-01 $299,000 (6.2%) $374,753 (1.2%) 0.70 2,856
2023-10-01 $294,825 (5.3%) $375,899 (1.8%) 0.69 3,031
2023-11-01 $294,001 (6.3%) $376,633 (4.1%) 0.70 3,113
2023-12-01 $289,900 (5.5%) $376,201 (6.0%) 0.71 2,986
2024-01-01 $284,950 (5.5%) $370,068 (4.8%) 0.70 2,851
2024-02-01 $286,137 (5.7%) $368,796 (3.6%) 0.69 2,882
2024-03-01 $289,900 (4.0%) $375,261 (3.0%) 0.68 2,941
2024-04-01 $297,000 (4.2%) $380,021 (1.8%) 0.69 3,092
Birmingham's median listing price for 2024-04-01 was $297,000, a difference of $12,000 (4.2%) versus the prior year and $7,100 versus the prior month.

Birmingham's median listing price comes in at 69% of the national average.

Birmingham's average listing price for 2024-04-01 was $380,021, a difference of $6,757 (1.8%) versus the prior year and $4,760 versus the prior month.

For the 2024-04-01 period, Birmingham had 3,092 MLS listings, a difference of 151 listings (5%) versus the prior month and 827 listings (37%) 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 93 days 1,920 sqft
2018-02-01 86 days 1,919 sqft
2018-03-01 62 days 1,879 sqft
2018-04-01 59 days 1,889 sqft
2018-05-01 54 days 1,916 sqft
2018-06-01 55 days 1,919 sqft
2018-07-01 59 days 1,947 sqft
2018-08-01 60 days 1,939 sqft
2018-09-01 63 days 1,903 sqft
2018-10-01 69 days 1,873 sqft
2018-11-01 72 days 1,879 sqft
2018-12-01 79 days 1,886 sqft
2019-01-01 85 days 1,890 sqft
2019-02-01 73 days 1,920 sqft
2019-03-01 62 days 1,956 sqft
2019-04-01 55 days 1,981 sqft
2019-05-01 51 days 1,989 sqft
2019-06-01 53 days 1,976 sqft
2019-07-01 54 days 1,979 sqft
2019-08-01 57 days 1,979 sqft
2019-09-01 62 days 1,968 sqft
2019-10-01 66 days 1,961 sqft
2019-11-01 72 days 1,973 sqft
2019-12-01 80 days 1,954 sqft
2020-01-01 81 days 2,009 sqft
2020-02-01 69 days 2,121 sqft
2020-03-01 59 days 2,154 sqft
2020-04-01 61 days 2,136 sqft
2020-05-01 63 days 2,138 sqft
2020-06-01 62 days 2,139 sqft
2020-07-01 57 days 2,159 sqft
2020-08-01 54 days 2,139 sqft
2020-09-01 54 days 2,124 sqft
2020-10-01 51 days 2,065 sqft
2020-11-01 55 days 2,035 sqft
2020-12-01 66 days 2,000 sqft
2021-01-01 66 days 1,976 sqft
2021-02-01 47 days 1,938 sqft
2021-03-01 42 days 1,964 sqft
2021-04-01 37 days 2,002 sqft
2021-05-01 40 days 2,008 sqft
2021-06-01 36 days 1,939 sqft
2021-07-01 33 days 1,917 sqft
2021-08-01 35 days 1,920 sqft
2021-09-01 41 days 1,907 sqft
2021-10-01 50 days 1,914 sqft
2021-11-01 57 days 1,895 sqft
2021-12-01 55 days 1,872 sqft
2022-01-01 64 days 1,814 sqft
2022-02-01 38 days 1,815 sqft
2022-03-01 32 days 1,807 sqft
2022-04-01 30 days 1,851 sqft
2022-05-01 31 days 1,843 sqft
2022-06-01 29 days 1,861 sqft
2022-07-01 30 days 1,874 sqft
2022-08-01 37 days 1,852 sqft
2022-09-01 45 days 1,843 sqft
2022-10-01 46 days 1,847 sqft
2022-11-01 52 days 1,837 sqft
2022-12-01 63 days 1,801 sqft
2023-01-01 68 days 1,794 sqft
2023-02-01 63 days 1,800 sqft
2023-03-01 51 days 1,808 sqft
2023-04-01 45 days 1,820 sqft
2023-05-01 43 days 1,869 sqft
2023-06-01 43 days 1,906 sqft
2023-07-01 44 days 1,912 sqft
2023-08-01 44 days 1,913 sqft
2023-09-01 49 days 1,900 sqft
2023-10-01 51 days 1,900 sqft
2023-11-01 53 days 1,876 sqft
2023-12-01 61 days 1,861 sqft
2024-01-01 71 days 1,821 sqft
2024-02-01 65 days 1,818 sqft
2024-03-01 50 days 1,828 sqft
2024-04-01 46 days 1,848 sqft
Birmingham's median listing age (time on market) for 2024-04-01 was 46 days. This is 1% longer than the same period one year ago.

Birmingham's median square footage for active listings during the 2024-04-01 period was 1,848 sqft. One year prior, the average listing was 1,820 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).