Birmingham FHA Loan Rates, Closing Costs & Stats

BIRMINGHAM-HOOVER, 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.

    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% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.07% and one month ago for the week of 2024-11-08, the average rate was 6.53%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.31%.

    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
    2024-05-01 $299,900 (1.2%) $387,371 (0.5%) 0.68 3,251
    2024-06-01 $301,900 (0.7%) $391,860 (0.7%) 0.68 3,352
    2024-07-01 $303,669 (1.6%) $388,932 (1.1%) 0.69 3,532
    2024-08-01 $304,875 (2.7%) $390,024 (1.9%) 0.71 3,603
    2024-09-01 $300,000 (0.3%) $389,028 (3.8%) 0.71 3,699
    2024-10-01 $299,947 (1.7%) $386,710 (2.9%) 0.71 3,778
    2024-11-01 $299,000 (1.7%) $383,512 (1.8%) 0.72 3,730
    Birmingham's median listing price for 2024-11-01 was $299,000, a difference of $4,999 (1.7%) versus the prior year and $-947 versus the prior month.

    Birmingham's median listing price comes in at 72% of the national average.

    Birmingham's average listing price for 2024-11-01 was $383,512, a difference of $6,879 (1.8%) versus the prior year and $-3,198 versus the prior month.

    For the 2024-11-01 period, Birmingham had 3,730 MLS listings, a difference of -48 listings (-1%) versus the prior month and 617 listings (20%) 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
    2024-05-01 43 days 1,860 sqft
    2024-06-01 45 days 1,867 sqft
    2024-07-01 50 days 1,876 sqft
    2024-08-01 50 days 1,895 sqft
    2024-09-01 54 days 1,895 sqft
    2024-10-01 57 days 1,900 sqft
    2024-11-01 59 days 1,869 sqft
    Birmingham's median listing age (time on market) for 2024-11-01 was 59 days. This is 12% longer than the same period one year ago.

    Birmingham's median square footage for active listings during the 2024-11-01 period was 1,869 sqft. One year prior, the average listing was 1,876 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).