Birmingham FHA Loans
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
5.13%
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
5.56% and
one month ago for the week of 2022-04-08, the
average rate was 4.93%.
The average rate one year ago was 3.13%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.99%.
Birmingham 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 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 & INVESTMENT LLC ($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 | $199,900 (8.1%) | $267,654 (7.9%) | 0.74 | 4,691 |
| 2018-02-01 | $204,200 (7.5%) | $270,441 (5.6%) | 0.74 | 4,590 |
| 2018-03-01 | $219,000 (10.5%) | $284,574 (7.0%) | 0.76 | 4,498 |
| 2018-04-01 | $227,680 (8.9%) | $295,985 (9.1%) | 0.76 | 4,566 |
| 2018-05-01 | $232,250 (9.0%) | $305,087 (9.4%) | 0.77 | 4,701 |
| 2018-06-01 | $232,900 (8.4%) | $306,621 (9.4%) | 0.78 | 4,766 |
| 2018-07-01 | $234,430 (10.1%) | $304,145 (10.0%) | 0.78 | 4,910 |
| 2018-08-01 | $232,000 (10.5%) | $302,002 (10.0%) | 0.78 | 4,978 |
| 2018-09-01 | $226,500 (7.9%) | $301,441 (11.4%) | 0.76 | 4,926 |
| 2018-10-01 | $221,450 (6.0%) | $294,302 (7.7%) | 0.74 | 4,878 |
| 2018-11-01 | $224,900 (10.3%) | $298,630 (11.4%) | 0.75 | 4,690 |
| 2018-12-01 | $224,870 (12.5%) | $297,374 (11.9%) | 0.77 | 4,382 |
| 2019-01-01 | $225,000 (12.6%) | $297,118 (11.0%) | 0.78 | 4,075 |
| 2019-02-01 | $233,265 (14.2%) | $311,219 (15.1%) | 0.78 | 4,004 |
| 2019-03-01 | $243,957 (11.4%) | $320,502 (12.6%) | 0.80 | 3,981 |
| 2019-04-01 | $249,900 (9.8%) | $331,037 (11.8%) | 0.79 | 3,981 |
| 2019-05-01 | $256,900 (10.6%) | $333,729 (9.4%) | 0.79 | 4,006 |
| 2019-06-01 | $257,900 (10.7%) | $334,204 (9.0%) | 0.79 | 4,184 |
| 2019-07-01 | $259,900 (10.9%) | $332,223 (9.2%) | 0.81 | 4,323 |
| 2019-08-01 | $255,614 (10.2%) | $327,316 (8.4%) | 0.80 | 4,254 |
| 2019-09-01 | $249,998 (10.4%) | $322,825 (7.1%) | 0.79 | 4,177 |
| 2019-10-01 | $258,850 (16.9%) | $327,667 (11.3%) | 0.83 | 4,203 |
| 2019-11-01 | $257,900 (14.7%) | $326,499 (9.3%) | 0.83 | 3,969 |
| 2019-12-01 | $249,900 (11.1%) | $321,598 (8.2%) | 0.83 | 3,688 |
| 2020-01-01 | $249,900 (11.1%) | $324,216 (9.1%) | 0.83 | 3,375 |
| 2020-02-01 | $256,360 (9.9%) | $331,977 (6.7%) | 0.83 | 3,316 |
| 2020-03-01 | $264,100 (8.3%) | $342,668 (6.9%) | 0.83 | 3,261 |
| 2020-04-01 | $263,000 (5.2%) | $340,475 (2.9%) | 0.82 | 3,330 |
| 2020-05-01 | $273,765 (6.6%) | $356,246 (6.8%) | 0.83 | 3,251 |
| 2020-06-01 | $279,640 (8.4%) | $366,719 (9.7%) | 0.82 | 3,051 |
| 2020-07-01 | $279,450 (7.5%) | $367,836 (10.7%) | 0.80 | 2,899 |
| 2020-08-01 | $275,000 (7.6%) | $366,166 (11.9%) | 0.79 | 2,745 |
| 2020-09-01 | $273,450 (9.4%) | $364,634 (13.0%) | 0.78 | 2,646 |
| 2020-10-01 | $265,000 (2.4%) | $357,308 (9.1%) | 0.76 | 2,689 |
| 2020-11-01 | $259,900 (0.8%) | $354,933 (8.7%) | 0.74 | 2,578 |
| 2020-12-01 | $261,250 (4.5%) | $354,983 (10.4%) | 0.77 | 2,388 |
| 2021-01-01 | $262,800 (5.2%) | $350,804 (8.2%) | 0.77 | 2,172 |
| 2021-02-01 | $261,250 (1.9%) | $356,546 (7.4%) | 0.75 | 1,799 |
| 2021-03-01 | $265,200 (0.4%) | $365,141 (6.6%) | 0.74 | 1,734 |
| 2021-04-01 | $276,950 (5.3%) | $383,280 (12.6%) | 0.74 | 1,615 |
| 2021-05-01 | $279,000 (1.9%) | $384,200 (7.9%) | 0.73 | 1,504 |
| 2021-06-01 | $272,500 (-2.6%) | $373,131 (1.8%) | 0.71 | 1,602 |
| 2021-07-01 | $269,868 (-3.4%) | $365,982 (-0.5%) | 0.70 | 1,893 |
| 2021-08-01 | $272,500 (-0.9%) | $366,698 (0.2%) | 0.72 | 2,019 |
| 2021-09-01 | $271,075 (-0.9%) | $365,649 (0.3%) | 0.71 | 1,966 |
| 2021-10-01 | $280,000 (5.7%) | $372,938 (4.4%) | 0.74 | 1,901 |
| 2021-11-01 | $275,000 (5.8%) | $373,225 (5.2%) | 0.72 | 1,764 |
| 2021-12-01 | $272,450 (4.3%) | $368,433 (3.8%) | 0.73 | 1,641 |
| 2022-01-01 | $265,000 (0.8%) | $360,533 (2.8%) | 0.71 | 1,494 |
| 2022-02-01 | $258,450 (-1.1%) | $364,502 (2.2%) | 0.66 | 1,484 |
| 2022-03-01 | $259,450 (-2.2%) | $369,580 (1.2%) | 0.64 | 1,469 |
| 2022-04-01 | $269,900 (-2.6%) | $386,518 (0.8%) | 0.64 | 1,555 |
Birmingham's median listing price comes in at 64% of the national average.
Birmingham's average listing price for 2022-04-01 was $386,518, a difference of $3,238 (0.8%) versus the prior year and $16,938 versus the prior month.
For the 2022-04-01 period, Birmingham had 1,555 MLS listings, a difference of 86 listings (6%) versus the prior month and -60 listings (-4%) 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 | 106 days | 1,808 sqft |
| 2018-02-01 | 99 days | 1,788 sqft |
| 2018-03-01 | 73 days | 1,856 sqft |
| 2018-04-01 | 68 days | 1,879 sqft |
| 2018-05-01 | 62 days | 1,904 sqft |
| 2018-06-01 | 61 days | 1,910 sqft |
| 2018-07-01 | 66 days | 1,927 sqft |
| 2018-08-01 | 66 days | 1,930 sqft |
| 2018-09-01 | 70 days | 1,890 sqft |
| 2018-10-01 | 76 days | 1,856 sqft |
| 2018-11-01 | 80 days | 1,859 sqft |
| 2018-12-01 | 88 days | 1,872 sqft |
| 2019-01-01 | 95 days | 1,880 sqft |
| 2019-02-01 | 85 days | 1,896 sqft |
| 2019-03-01 | 64 days | 1,935 sqft |
| 2019-04-01 | 61 days | 1,967 sqft |
| 2019-05-01 | 56 days | 1,983 sqft |
| 2019-06-01 | 58 days | 1,973 sqft |
| 2019-07-01 | 59 days | 1,961 sqft |
| 2019-08-01 | 60 days | 1,953 sqft |
| 2019-09-01 | 64 days | 1,927 sqft |
| 2019-10-01 | 67 days | 1,951 sqft |
| 2019-11-01 | 72 days | 1,956 sqft |
| 2019-12-01 | 82 days | 1,947 sqft |
| 2020-01-01 | 86 days | 1,995 sqft |
| 2020-02-01 | 71 days | 2,121 sqft |
| 2020-03-01 | 57 days | 2,155 sqft |
| 2020-04-01 | 60 days | 2,143 sqft |
| 2020-05-01 | 64 days | 2,148 sqft |
| 2020-06-01 | 59 days | 2,160 sqft |
| 2020-07-01 | 56 days | 2,197 sqft |
| 2020-08-01 | 51 days | 2,156 sqft |
| 2020-09-01 | 50 days | 2,142 sqft |
| 2020-10-01 | 49 days | 2,086 sqft |
| 2020-11-01 | 54 days | 2,059 sqft |
| 2020-12-01 | 63 days | 2,023 sqft |
| 2021-01-01 | 65 days | 2,002 sqft |
| 2021-02-01 | 57 days | 1,982 sqft |
| 2021-03-01 | 46 days | 1,975 sqft |
| 2021-04-01 | 41 days | 2,002 sqft |
| 2021-05-01 | 40 days | 2,003 sqft |
| 2021-06-01 | 37 days | 1,952 sqft |
| 2021-07-01 | 35 days | 1,922 sqft |
| 2021-08-01 | 37 days | 1,930 sqft |
| 2021-09-01 | 45 days | 1,913 sqft |
| 2021-10-01 | 47 days | 1,946 sqft |
| 2021-11-01 | 50 days | 1,916 sqft |
| 2021-12-01 | 53 days | 1,895 sqft |
| 2022-01-01 | 57 days | 1,818 sqft |
| 2022-02-01 | 38 days | 1,812 sqft |
| 2022-03-01 | 37 days | 1,800 sqft |
| 2022-04-01 | 35 days | 1,833 sqft |
Birmingham's median square footage for active listings during the 2022-04-01 period was 1,833 sqft. One year prior, the average listing was 2,002 sqft.
