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 158 lenders originated 3,755 FHA
loans during 2022. The total origination value was $819,075,000, with an average FHA loan value of
$218,129.
Birmingham FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Birmingham
averaged
6.63%
for the week of 2023-12-08, compared to the national average (all FHA variants) of
6.819% for the same period.
Birmingham's average FHA mortgage closing costs are $6,553.
The average rate for the prior week (2023-12-01) was
6.43% and
one month ago for the week of 2023-11-03, the
average rate was 6.77%.
The average rate one year ago was 6.24%.
For refis of the same type during the week of 2023-12-08, the average rate
was 5.43%.
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 |
2022 Avg. 30yFix Rate |
2022 Avg. Closing Costs |
QUICKEN LOANS, LLC
|
373
|
4.51%
|
$8,784
|
UNITED WHOLESALE MORTGAGE, LLC
|
235
|
4.93%
|
$8,674
|
Hometown Lenders, Inc.
|
146
|
5.29%
|
$10,014
|
LOANDEPOT.COM, LLC
|
145
|
4.78%
|
$9,909
|
MOVEMENT MORTGAGE, LLC
|
129
|
5.31%
|
$8,124
|
GUILD MORTGAGE COMPANY
|
100
|
5.12%
|
$8,694
|
Northpointe Bank
|
92
|
4.88%
|
$8,803
|
DHI MORTGAGE COMPANY, LTD.
|
89
|
4.02%
|
$8,586
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
88
|
5.20%
|
$7,930
|
Regions Bank
|
82
|
5.07%
|
$8,352
|
FirstBank
|
81
|
5.09%
|
$8,409
|
LEADERONE FINANCIAL CORPORATION
|
77
|
4.97%
|
$8,999
|
FREEDOM MORTGAGE CORPORATION
|
72
|
5.01%
|
$9,178
|
HOME POINT FINANCIAL CORPORATION
|
71
|
4.85%
|
$9,442
|
SouthPoint Bank
|
66
|
4.91%
|
$7,642
|
Mr. Cooper ( Nationstar Mortgage )
|
61
|
4.68%
|
$12,102
|
Trustmark National Bank
|
58
|
5.16%
|
$8,995
|
Renasant Bank
|
58
|
5.01%
|
$8,714
|
CALIBER HOME LOANS, INC.
|
56
|
5.02%
|
$8,261
|
Prosperity Home Mortgage, LLC
|
55
|
5.55%
|
$8,659
|
PENNYMAC LOAN SERVICES, LLC
|
54
|
4.26%
|
$9,248
|
TJC Mortgage, Inc.
|
48
|
5.01%
|
$8,480
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
48
|
4.74%
|
$9,296
|
FBC MORTGAGE, LLC
|
47
|
4.96%
|
$10,265
|
LAKEVIEW LOAN SERVICING, LLC
|
46
|
3.95%
|
$5,469
|
Assurance Financial Group, L.L.C.
|
46
|
5.58%
|
$9,190
|
SOUTHWEST FUNDING, LP
|
44
|
5.22%
|
$10,582
|
First Federal Bank, A FSB
|
43
|
4.70%
|
$7,809
|
BancorpSouth
|
43
|
4.78%
|
$7,379
|
EVERETT FINANCIAL, INC.
|
38
|
5.50%
|
$5,947
|
Synovus Bank
|
36
|
5.57%
|
$8,002
|
Carrington Mortgage Services, LLC
|
31
|
5.19%
|
$8,198
|
Citizens Bank
|
30
|
4.28%
|
$8,502
|
AMERIFIRST FINANCIAL CORPORATION
|
30
|
5.89%
|
$9,189
|
BROKER SOLUTIONS, INC.
|
30
|
4.94%
|
$9,502
|
Ameris Bank
|
29
|
4.91%
|
$7,595
|
Flagstar Bank, FSB
|
27
|
4.57%
|
$6,020
|
THE MORTGAGE FIRM, INC.
|
27
|
5.49%
|
$9,361
|
AMERISAVE MORTGAGE CORPORATION
|
26
|
4.51%
|
$10,144
|
NEWREZ LLC
|
25
|
4.81%
|
$8,530
|
HUNT MORTGAGE CORPORATION
|
22
|
4.82%
|
$8,048
|
HOMEOWNERS FINANCIAL GROUP USA, LLC
|
22
|
5.34%
|
$9,950
|
CARDINAL FINANCIAL
|
22
|
5.42%
|
$8,951
|
Hamilton Mortgage Corporation
|
22
|
4.98%
|
$6,636
|
INTERLINC MORTGAGE SERVICES, LLC
|
19
|
4.72%
|
$8,903
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
17
|
5.39%
|
$8,748
|
Bank of England
|
16
|
5.30%
|
$9,174
|
RELIANCE FIRST CAPITAL, LLC
|
15
|
4.59%
|
$9,910
|
GMFS LLC
|
14
|
4.60%
|
$7,566
|
CROSSCOUNTRY MORTGAGE, LLC
|
14
|
5.18%
|
$9,736
|
VILLAGE CAPITAL MORTGAGE
|
13
|
3.62%
|
$6,163
|
UNION HOME MORTGAGE CORP.
|
13
|
6.60%
|
$8,413
|
HOMESIDE FINANCIAL, LLC
|
12
|
5.01%
|
$9,547
|
SUN WEST MORTGAGE COMPANY, INC.
|
12
|
5.40%
|
$7,354
|
AMERICAN FINANCING CORPORATION
|
11
|
4.27%
|
$8,700
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
11
|
5.15%
|
$9,453
|
Nations Lending Corporation
|
11
|
5.99%
|
$9,143
|
EVANSVILLE TEACHERS
|
10
|
4.91%
|
$6,557
|
Plains Commerce Bank
|
10
|
5.61%
|
$9,228
|
First Horizon Bank
|
10
|
5.18%
|
$6,652
|
FIRST COMMUNITY MORTGAGE, INC.
|
9
|
5.11%
|
$5,613
|
CMG MORTGAGE, INC.
|
9
|
4.61%
|
$9,347
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
9
|
5.82%
|
$11,299
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
8
|
5.22%
|
$13,475
|
AMERICAN FINANCIAL RESOURCES, INC.
|
8
|
5.77%
|
$7,857
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
8
|
5.59%
|
$6,922
|
HOMESTAR FINANCIAL CORPORATION
|
7
|
5.04%
|
$9,435
|
Paramount Residential Mortgage Group, Inc.
|
7
|
5.09%
|
$12,812
|
First Guaranty Mortgage Corporation
|
7
|
3.41%
|
$7,471
|
PLAZA HOME MORTGAGE, INC.
|
7
|
5.11%
|
$13,360
|
PNC Bank
|
7
|
4.46%
|
$6,421
|
ROYAL UNITED MORTGAGE LLC
|
6
|
4.90%
|
$7,744
|
PANORAMA MORTGAGE GROUP, LLC
|
6
|
4.81%
|
$12,408
|
M&T Bank
|
6
|
4.56%
|
$7,814
|
MILEND, INC.
|
6
|
5.63%
|
$14,167
|
Mortgage Research Center, LLC
|
6
|
5.48%
|
$5,290
|
EMM LOANS LLC
|
5
|
5.23%
|
$10,468
|
GUARANTY HOME MORTGAGE CORPORATION
|
5
|
4.85%
|
$6,606
|
CIS Financial Services, Inc.
|
5
|
5.38%
|
$10,176
|
Ixonia Bank
|
5
|
5.53%
|
$10,053
|
EMBRACE HOME LOANS, INC.
|
5
|
5.32%
|
$10,663
|
The Federal Savings Bank
|
4
|
4.19%
|
$10,893
|
Amerifirst Financial, Inc.
|
4
|
4.44%
|
$7,284
|
Consumer First Mortgage, Inc.
|
4
|
4.59%
|
$9,120
|
CORNERSTONE HOME LENDING, INC.
|
4
|
5.15%
|
$6,943
|
Equity Prime Mortgage LLC
|
4
|
5.53%
|
$9,654
|
FINANCE OF AMERICA MORTGAGE LLC
|
4
|
5.03%
|
$8,336
|
GSF Mortgage Corporation
|
4
|
5.19%
|
$14,869
|
Hometown Equity Mortgage, LLC
|
4
|
4.81%
|
$8,004
|
INSPIRE HOME LOANS INC.
|
4
|
6.16%
|
$11,505
|
MORTGAGE INVESTORS GROUP, INC.
|
4
|
4.78%
|
$5,366
|
PLANET HOME LENDING, LLC
|
4
|
4.22%
|
$6,761
|
Truist
|
4
|
4.72%
|
$6,675
|
Wells Fargo Bank
|
4
|
4.53%
|
$7,038
|
BECKAM FUNDING CORP.
|
3
|
5.96%
|
$11,725
|
SUCCESS MORTGAGE PARTNERS, INC.
|
3
|
5.46%
|
$9,596
|
PHH Mortgage Corporation
|
3
|
4.17%
|
$8,736
|
GENEVA FINANCIAL, LLC
|
3
|
5.08%
|
$12,595
|
JPMorgan Chase Bank
|
3
|
5.96%
|
$5,201
|
GUARANTEED RATE, INC.
|
3
|
5.04%
|
$6,110
|
Barrington Bank & Trust Company, N.A.
|
3
|
5.25%
|
$6,661
|
BAY EQUITY LLC
|
3
|
4.54%
|
$9,170
|
NEW DAY FINANCIAL, LLC
|
3
|
5.63%
|
$7,900
|
MICHIGAN MUTUAL, INC.
|
3
|
5.42%
|
$12,424
|
NFM, INC.
|
3
|
6.38%
|
$9,724
|
KELLER MORTGAGE, LLC
|
2
|
5.25%
|
$6,315
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
2
|
5.44%
|
$9,310
|
HOMETRUST MORTGAGE COMPANY
|
2
|
3.19%
|
$6,195
|
Goldwater Bank, N.A.
|
2
|
5.63%
|
$7,656
|
Gateway First Bank
|
2
|
6.75%
|
$6,387
|
ENVOY MORTGAGE, LTD
|
2
|
4.81%
|
$7,735
|
DRAPER AND KRAMER MORTGAGE CORP.
|
2
|
4.88%
|
$10,922
|
CHURCHILL MORTGAGE CORPORATION
|
2
|
4.63%
|
$10,602
|
RESIDENTIAL BANCORP
|
2
|
3.69%
|
$8,303
|
CERTAINTY HOME LOANS, LLC
|
2
|
5.31%
|
$11,212
|
RUOFF MORTGAGE COMPANY, INC.
|
2
|
5.00%
|
$8,014
|
Century Mortgage Company DBA Century Lending Company
|
2
|
4.69%
|
$13,638
|
CB&S Bank, Inc.
|
2
|
4.44%
|
$7,562
|
Wyndham Capital Mortgage, Inc.
|
2
|
4.25%
|
$6,097
|
ATLANTIC BAY MORTGAGE GROUP, L.L.C.
|
2
|
5.75%
|
$9,204
|
Victorian Finance, LLC
|
2
|
3.94%
|
$7,841
|
LIBERTY HOME MORTGAGE CORPORATION
|
2
|
5.13%
|
$20,338
|
UNIVERSITY LENDING GROUP, LLC
|
1
|
4.38%
|
$9,633
|
CHERRY CREEK MORTGAGE, LLC
|
1
|
5.63%
|
$6,165
|
U.S. Bank
|
1
|
5.75%
|
$5,961
|
AMERICAN MORTGAGE SERVICE COMPANY
|
1
|
5.63%
|
$6,952
|
ZILLOW HOME LOANS, LLC
|
1
|
4.75%
|
$8,433
|
S1L, Inc.
|
1
|
3.25%
|
$5,978
|
SECURITYNATIONAL MORTGAGE COMPANY
|
1
|
6.13%
|
$10,434
|
AMCAP MORTGAGE, LTD.
|
1
|
5.75%
|
$9,419
|
SOUTHPOINT FINANCIAL SERVICES, INC.
|
1
|
5.63%
|
$4,785
|
Waterstone Mortgage Corporation
|
1
|
5.25%
|
$6,710
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
4.38%
|
$12,529
|
STOCKTON MORTGAGE CORPORATION
|
1
|
3.75%
|
$14,584
|
GERSHMAN INVESTMENT CORP.
|
1
|
5.63%
|
$6,267
|
North American Savings Bank, F.S.B.
|
1
|
5.00%
|
$18,824
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
1
|
5.75%
|
$15,253
|
Texana Bank
|
1
|
4.25%
|
$14,629
|
Alcova Mortgage LLC
|
1
|
4.63%
|
$3,045
|
GUARANTEED RATE AFFINITY, LLC
|
1
|
3.38%
|
$5,462
|
BANKSOUTH MORTGAGE COMPANY, LLC
|
1
|
5.63%
|
$12,617
|
TOWNE MORTGAGE COMPANY
|
1
|
5.75%
|
$10,172
|
ISERVE RESIDENTIAL LENDING, LLC
|
1
|
3.75%
|
$17,672
|
BankFirst Financial Services
|
1
|
5.50%
|
$12,738
|
Tyndall Federal Credit Union
|
1
|
5.50%
|
$9,541
|
MIDLAND MORTGAGE CORPORATION
|
1
|
3.88%
|
$1,318
|
First State Bank of St. Charles, Missouri
|
1
|
6.25%
|
$5,981
|
Peoples Bank
|
1
|
4.63%
|
$11,867
|
OCEANSIDE MORTGAGE COMPANY
|
1
|
5.38%
|
$3,764
|
First Federal Bank
|
1
|
5.38%
|
$10,537
|
Wolfe Financial, Inc
|
1
|
6.13%
|
$8,358
|
Fifth Third Bank
|
1
|
5.63%
|
$4,229
|
United Community Bank
|
1
|
5.50%
|
$6,523
|
EAGLE HOME MORTGAGE, LLC
|
1
|
5.75%
|
$6,940
|
Princeton Mortgage Corporation
|
1
|
6.13%
|
$11,707
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
1
|
4.75%
|
$4,679
|
COMMUNITY MORTGAGE CORPORATION
|
1
|
5.75%
|
$8,118
|
CLEARPATH LENDING
|
1
|
3.25%
|
$5,336
|
The top Birmingham FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
373 FHA loans originated. Their average total fees are
$8,784, which is $109
higher than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Birmingham FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($5,469), EVERETT FINANCIAL, INC. ($5,947), Flagstar Bank, FSB ($6,020), VILLAGE CAPITAL MORTGAGE ($6,163) and EVANSVILLE TEACHERS ($6,557).
The lowest rate Birmingham FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (3.62%), LAKEVIEW LOAN SERVICING, LLC (3.95%), DHI MORTGAGE COMPANY, LTD. (4.02%), PENNYMAC LOAN SERVICES, LLC (4.26%) and AMERICAN FINANCING CORPORATION (4.27%).
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 |
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).