Cullman FHA Loan Rates, Closing Costs & Stats

Cullman, 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.

Cullman's 60 lenders originated 287 FHA loans during 2022. The total origination value was $55,095,000, with an average FHA loan value of $191,969.

Cullman FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Cullman averaged 6.23% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Cullman's average FHA mortgage closing costs are $6,104.

The average rate for the prior week (2024-02-09) was 6.13% and one month ago for the week of 2024-01-12, the average rate was 6.17%.

The average rate one year ago was 5.72%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.77%.

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

Cullman 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 Cullman level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 28 4.50% $8,291
Gateway First Bank 23 5.12% $6,560
FREEDOM MORTGAGE CORPORATION 21 5.18% $7,302
Hometown Lenders, Inc. 21 5.19% $7,964
GUILD MORTGAGE COMPANY 20 5.09% $9,245
UNITED WHOLESALE MORTGAGE, LLC 15 5.23% $8,000
FirstBank 12 4.98% $8,343
MOVEMENT MORTGAGE, LLC 11 4.49% $7,835
First Federal Bank, A FSB 10 4.99% $6,973
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.06% $6,097
Flagstar Bank, FSB 6 4.55% $8,573
LOANDEPOT.COM, LLC 5 4.55% $8,532
PENNYMAC LOAN SERVICES, LLC 5 4.15% $7,531
DHI MORTGAGE COMPANY, LTD. 5 4.45% $7,355
SUCCESS MORTGAGE PARTNERS, INC. 4 4.81% $10,100
Mr. Cooper ( Nationstar Mortgage ) 4 5.13% $11,054
NEWREZ LLC 4 4.69% $7,251
BROKER SOLUTIONS, INC. 4 5.62% $9,032
Renasant Bank 4 4.47% $8,308
SouthPoint Bank 4 5.03% $4,030
Ameris Bank 4 4.88% $7,965
AMERIFIRST FINANCIAL CORPORATION 3 5.50% $6,807
HOME POINT FINANCIAL CORPORATION 3 4.12% $8,993
Paramount Residential Mortgage Group, Inc. 3 5.21% $6,903
MORTGAGE INVESTORS GROUP, INC. 3 4.13% $9,358
Synovus Bank 2 4.88% $5,493
FIRST COMMUNITY MORTGAGE, INC. 2 4.63% $9,460
HUNT MORTGAGE CORPORATION 2 4.75% $8,639
Regions Bank 2 3.50% $6,695
Citizens Bank 2 5.50% $6,741
Carrington Mortgage Services, LLC 2 5.06% $8,097
BancorpSouth 2 4.81% $4,226
TJC Mortgage, Inc. 2 5.75% $8,502
VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.44% $13,499
Wolfe Financial, Inc 1 7.63% $10,651
AMERISAVE MORTGAGE CORPORATION 1 5.75% $6,182
Barrington Bank & Trust Company, N.A. 1 4.75% $6,372
BECKAM FUNDING CORP. 1 4.38% $7,828
CMG MORTGAGE, INC. 1 6.75% $4,951
Consumer First Mortgage, Inc. 1 5.25% $10,019
DAS Acquisition Company, LLC 1 6.50% $11,416
First Guaranty Mortgage Corporation 1 4.75% $8,602
GENEVA FINANCIAL, LLC 1 5.63% $8,058
GSF Mortgage Corporation 1 5.13% $14,149
GUARANTY HOME MORTGAGE CORPORATION 1 5.63% $8,915
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $10,933
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.13% $10,567
LAKEVIEW LOAN SERVICING, LLC 1 4.50% $4,067
LEADERONE FINANCIAL CORPORATION 1 5.38% $10,332
M&T Bank 1 5.13% $9,852
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.38% $14,786
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.63% $7,173
Prosperity Home Mortgage, LLC 1 5.99% $10,167
REDSTONE Federal Credit Union 1 5.75% $5,867
ROYAL UNITED MORTGAGE LLC 1 4.75% $8,645
STOCKTON MORTGAGE CORPORATION 1 5.25% $8,987
Total Media Management, LLC 1 4.88% $7,897
Trustmark National Bank 1 4.00% $8,425
UNION HOME MORTGAGE CORP. 1 6.88% $8,179
AMERICAN MORTGAGE SERVICE COMPANY 1 3.75% $8,037

The top Cullman FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 28 FHA loans originated. Their average total fees are $8,291, which is $1,731 higher than the next largest lender, Gateway First Bank.

The lowest fee Cullman FHA lenders (with over 10 loans originated) are Gateway First Bank ($6,560), First Federal Bank, A FSB ($6,973), FREEDOM MORTGAGE CORPORATION ($7,302), MOVEMENT MORTGAGE, LLC ($7,835) and Hometown Lenders, Inc. ($7,964).

The lowest rate Cullman FHA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC (4.49%), QUICKEN LOANS, LLC (4.50%), FirstBank (4.98%), First Federal Bank, A FSB (4.99%) and GUILD MORTGAGE COMPANY (5.09%).

Cullman FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CULLMAN, AL CULLMAN 2022 $420,680 $538,650 $651,050 $809,150
CULLMAN, AL CULLMAN 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cullman (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 $202,450 (12.1%) $282,025 (9.7%) 0.00 555
2018-02-01 $210,700 (17.1%) $283,009 (9.2%) 0.00 588
2018-03-01 $214,900 (13.3%) $284,391 (7.9%) 0.00 577
2018-04-01 $225,000 (13.7%) $291,264 (8.9%) 0.00 566
2018-05-01 $225,000 (5.6%) $291,603 (4.4%) 0.00 563
2018-06-01 $225,000 (-1.0%) $305,121 (3.5%) 0.00 569
2018-07-01 $229,450 (4.3%) $308,220 (6.0%) 0.00 577
2018-08-01 $233,325 (9.0%) $312,335 (9.4%) 0.00 587
2018-09-01 $232,550 (10.8%) $308,604 (9.4%) 0.00 593
2018-10-01 $225,000 (4.4%) $298,572 (4.9%) 0.00 586
2018-11-01 $214,675 (-1.1%) $291,827 (2.7%) 0.00 586
2018-12-01 $212,000 (1.0%) $286,208 (2.3%) 0.00 547
2019-01-01 $206,950 (2.2%) $295,966 (4.9%) 0.00 527
2019-02-01 $214,450 (1.8%) $308,191 (8.9%) 0.00 528
2019-03-01 $220,193 (2.5%) $320,457 (12.7%) 0.00 535
2019-04-01 $220,943 (-1.8%) $328,539 (12.8%) 0.00 550
2019-05-01 $219,450 (-2.5%) $328,841 (12.8%) 0.00 566
2019-06-01 $220,000 (-2.2%) $334,006 (9.5%) 0.00 556
2019-07-01 $213,132 (-7.1%) $321,054 (4.2%) 0.00 604
2019-08-01 $211,264 (-9.5%) $316,378 (1.3%) 0.00 637
2019-09-01 $213,309 (-8.3%) $312,280 (1.2%) 0.00 689
2019-10-01 $214,900 (-4.5%) $310,507 (4.0%) 0.00 716
2019-11-01 $220,895 (2.9%) $315,253 (8.0%) 0.00 675
2019-12-01 $234,450 (10.6%) $323,315 (13.0%) 0.00 622
2020-01-01 $226,975 (9.7%) $323,580 (9.3%) 0.00 561
2020-02-01 $234,895 (9.5%) $328,428 (6.6%) 0.00 547
2020-03-01 $242,370 (10.1%) $333,420 (4.0%) 0.00 534
2020-04-01 $244,566 (10.7%) $333,503 (1.5%) 0.00 502
2020-05-01 $246,150 (12.2%) $331,388 (0.8%) 0.00 450
2020-06-01 $263,375 (19.7%) $339,353 (1.6%) 0.00 366
2020-07-01 $257,175 (20.7%) $345,137 (7.5%) 0.00 325
2020-08-01 $252,450 (19.5%) $351,906 (11.2%) 0.00 293
2020-09-01 $283,700 (33.0%) $368,084 (17.9%) 0.00 257
2020-10-01 $271,450 (26.3%) $369,946 (19.1%) 0.00 240
2020-11-01 $251,175 (13.7%) $349,925 (11.0%) 0.00 240
2020-12-01 $247,400 (5.5%) $342,829 (6.0%) 0.00 230
2021-01-01 $246,600 (8.7%) $355,427 (9.8%) 0.00 193
2021-02-01 $262,125 (11.6%) $379,479 (15.5%) 0.00 192
2021-03-01 $279,900 (15.5%) $397,230 (19.1%) 0.00 186
2021-04-01 $277,450 (13.5%) $392,293 (17.6%) 0.00 184
2021-05-01 $279,900 (13.7%) $410,558 (23.9%) 0.00 164
2021-06-01 $280,554 (6.5%) $399,137 (17.6%) 0.00 171
2021-07-01 $279,900 (8.8%) $395,812 (14.7%) 0.00 209
2021-08-01 $292,450 (15.8%) $401,311 (14.0%) 0.00 232
2021-09-01 $299,225 (5.5%) $397,270 (7.9%) 0.00 246
2021-10-01 $284,950 (5.0%) $406,381 (9.9%) 0.00 252
2021-11-01 $297,465 (18.4%) $430,035 (22.9%) 0.00 240
2021-12-01 $281,200 (13.7%) $424,328 (23.8%) 0.00 206
2022-01-01 $305,000 (23.7%) $440,609 (24.0%) 0.00 175
2022-02-01 $294,225 (12.3%) $462,015 (21.8%) 0.00 171
2022-03-01 $309,593 (10.6%) $497,894 (25.3%) 0.00 179
2022-04-01 $324,900 (17.1%) $496,664 (26.6%) 0.00 209
2022-05-01 $326,777 (16.8%) $503,058 (22.5%) 0.00 239
2022-06-01 $335,885 (19.7%) $513,517 (28.7%) 0.00 286
2022-07-01 $339,900 (21.4%) $521,073 (31.7%) 0.00 296
2022-08-01 $344,615 (17.8%) $521,114 (29.9%) 0.00 307
2022-09-01 $330,256 (10.4%) $487,473 (22.7%) 0.00 324
2022-10-01 $326,995 (14.8%) $483,394 (19.0%) 0.00 339
2022-11-01 $320,935 (7.9%) $479,242 (11.4%) 0.00 335
2022-12-01 $328,030 (16.7%) $494,982 (16.7%) 0.00 369
2023-01-01 $323,790 (6.2%) $467,735 (6.2%) 0.00 329
2023-02-01 $318,115 (8.1%) $459,235 (-0.6%) 0.00 283
2023-03-01 $319,450 (3.2%) $483,549 (-2.9%) 0.00 286
2023-04-01 $322,031 (-0.9%) $518,641 (4.4%) 0.00 286
2023-05-01 $321,781 (-1.5%) $519,579 (3.3%) 0.00 289
2023-06-01 $324,939 (-3.3%) $536,017 (4.4%) 0.00 289
2023-07-01 $299,900 (-11.8%) $518,957 (-0.4%) 0.00 298
2023-08-01 $299,130 (-13.2%) $506,465 (-2.8%) 0.00 322
2023-09-01 $299,900 (-9.2%) $535,915 (9.9%) 0.00 344
2023-10-01 $289,900 (-11.3%) $549,283 (13.6%) 0.00 327
2023-11-01 $272,425 (-15.1%) $508,429 (6.1%) 0.00 373
2023-12-01 $274,900 (-16.2%) $524,674 (6.0%) 0.00 352
Cullman's median listing price for 2023-12-01 was $274,900, a difference of $-53,130 (-16.2%) versus the prior year and $2,475 versus the prior month.

Cullman's median listing price comes in at 0% of the national average.

Cullman's average listing price for 2023-12-01 was $524,674, a difference of $29,692 (6.0%) versus the prior year and $16,245 versus the prior month.

For the 2023-12-01 period, Cullman had 352 MLS listings, a difference of -21 listings (-6%) versus the prior month and -17 listings (-5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cullman (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,972 sqft
2018-02-01 0 days 1,992 sqft
2018-03-01 0 days 1,984 sqft
2018-04-01 0 days 1,997 sqft
2018-05-01 0 days 2,000 sqft
2018-06-01 0 days 2,000 sqft
2018-07-01 0 days 2,022 sqft
2018-08-01 0 days 2,065 sqft
2018-09-01 0 days 2,002 sqft
2018-10-01 0 days 2,000 sqft
2018-11-01 0 days 2,000 sqft
2018-12-01 0 days 1,975 sqft
2019-01-01 0 days 1,947 sqft
2019-02-01 0 days 1,989 sqft
2019-03-01 0 days 2,009 sqft
2019-04-01 0 days 2,023 sqft
2019-05-01 0 days 2,022 sqft
2019-06-01 0 days 2,013 sqft
2019-07-01 0 days 1,965 sqft
2019-08-01 0 days 1,954 sqft
2019-09-01 0 days 1,980 sqft
2019-10-01 0 days 1,999 sqft
2019-11-01 0 days 2,037 sqft
2019-12-01 0 days 2,075 sqft
2020-01-01 0 days 2,020 sqft
2020-02-01 0 days 2,016 sqft
2020-03-01 0 days 2,104 sqft
2020-04-01 0 days 2,136 sqft
2020-05-01 0 days 2,133 sqft
2020-06-01 0 days 2,165 sqft
2020-07-01 0 days 2,192 sqft
2020-08-01 0 days 2,227 sqft
2020-09-01 0 days 2,304 sqft
2020-10-01 0 days 2,282 sqft
2020-11-01 0 days 2,191 sqft
2020-12-01 0 days 2,110 sqft
2021-01-01 0 days 2,112 sqft
2021-02-01 0 days 1,977 sqft
2021-03-01 0 days 2,020 sqft
2021-04-01 0 days 1,930 sqft
2021-05-01 0 days 2,015 sqft
2021-06-01 0 days 2,024 sqft
2021-07-01 0 days 1,956 sqft
2021-08-01 0 days 2,046 sqft
2021-09-01 0 days 2,075 sqft
2021-10-01 0 days 2,008 sqft
2021-11-01 0 days 2,023 sqft
2021-12-01 0 days 1,924 sqft
2022-01-01 0 days 1,949 sqft
2022-02-01 0 days 1,930 sqft
2022-03-01 0 days 1,995 sqft
2022-04-01 0 days 2,058 sqft
2022-05-01 0 days 1,998 sqft
2022-06-01 0 days 1,994 sqft
2022-07-01 0 days 2,022 sqft
2022-08-01 0 days 2,040 sqft
2022-09-01 0 days 1,957 sqft
2022-10-01 0 days 2,016 sqft
2022-11-01 0 days 1,993 sqft
2022-12-01 0 days 1,990 sqft
2023-01-01 0 days 1,947 sqft
2023-02-01 0 days 1,910 sqft
2023-03-01 0 days 1,939 sqft
2023-04-01 0 days 1,960 sqft
2023-05-01 0 days 1,950 sqft
2023-06-01 0 days 1,930 sqft
2023-07-01 0 days 1,851 sqft
2023-08-01 0 days 1,832 sqft
2023-09-01 0 days 1,832 sqft
2023-10-01 0 days 1,804 sqft
2023-11-01 0 days 1,804 sqft
2023-12-01 0 days 1,809 sqft
Cullman's median listing age (time on market) for 2023-12-01 was 0 days.

Cullman's median square footage for active listings during the 2023-12-01 period was 1,809 sqft. One year prior, the average listing was 1,990 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).