Cullman FHA Loan Rates, Closing Costs & Stats

Cullman, 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.

    Cullman's 66 lenders originated 262 FHA loans during 2023. The total origination value was $54,600,000, with an average FHA loan value of $208,397.

    Cullman FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cullman averaged 6.3% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Cullman's average FHA mortgage closing costs are $6,602.

    The average rate for the prior week (2024-07-12) was 6.45% and one month ago for the week of 2024-06-14, the average rate was 6.51%.

    The average rate one year ago was 6.5%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.59%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 31 6.11% $9,406
    UNITED WHOLESALE MORTGAGE, LLC 26 6.31% $10,737
    GUILD MORTGAGE COMPANY 18 6.83% $11,102
    First Federal Bank, A FSB 16 6.32% $8,813
    FREEDOM MORTGAGE CORPORATION 11 7.09% $9,262
    EAGLE HOME MORTGAGE, LLC 7 5.07% $5,377
    MORTGAGE INVESTORS GROUP, INC. 6 6.38% $9,195
    STOCKTON MORTGAGE CORPORATION 6 7.73% $8,795
    MOVEMENT MORTGAGE, LLC 6 6.67% $9,416
    LOANDEPOT.COM, LLC 5 6.77% $11,898
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.45% $8,332
    BROKER SOLUTIONS, INC. 5 6.70% $7,585
    DHI MORTGAGE COMPANY, LTD. 5 5.47% $6,574
    Ameris Bank 4 6.41% $10,984
    FirstBank 4 6.34% $7,852
    Gateway First Bank 4 6.38% $5,831
    Mr. Cooper ( Nationstar Mortgage ) 3 5.79% $14,252
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 3 6.58% $9,192
    CARDINAL FINANCIAL 3 6.13% $6,954
    Carrington Mortgage Services, LLC 3 5.92% $9,541
    BancorpSouth 3 6.54% $7,053
    Prosperity Home Mortgage, LLC 3 6.29% $11,493
    PENNYMAC LOAN SERVICES, LLC 3 6.17% $10,018
    GUARANTEED RATE, INC. 3 6.75% $9,078
    UNION HOME MORTGAGE CORP. 3 6.67% $8,297
    NEWREZ LLC 2 6.25% $9,829
    AMERISAVE MORTGAGE CORPORATION 2 6.75% $9,241
    Renasant Bank 2 6.81% $10,334
    Consumer First Mortgage, Inc. 2 6.50% $7,598
    SouthPoint Bank 2 6.19% $3,603
    Paramount Residential Mortgage Group, Inc. 2 5.25% $9,788
    Synovus Bank 2 6.63% $9,691
    Plains Commerce Bank 2 5.94% $11,856
    Mortgage Research Center, LLC 2 7.13% $4,670
    Hamilton Mortgage Corporation 2 6.44% $7,805
    PLANET HOME LENDING, LLC 2 6.06% $7,363
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $10,704
    ACOPIA, LLC 1 6.88% $9,226
    American Mortgage & Equity Consultants, Inc. 1 6.75% $16,440
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.99% $12,674
    Assurance Financial Group, L.L.C. 1 6.25% $11,147
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.75% $11,731
    Bank of England 1 8.13% $7,175
    CANOPY MORTGAGE, LLC 1 6.99% $12,296
    CIS Financial Services, Inc. 1 7.13% $7,300
    EMM LOANS LLC 1 5.38% $15,874
    FIRST COMMUNITY MORTGAGE, INC. 1 7.13% $9,867
    FIRST CONTINENTAL MORTGAGE, LTD. 1 6.50% $10,917
    Flagstar Bank, FSB 1 6.50% $7,573
    ISERVE RESIDENTIAL LENDING, LLC 1 7.25% $15,879
    JPMorgan Chase Bank 1 7.25% $5,834
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,175
    LEADERONE FINANCIAL CORPORATION 1 6.50% $12,154
    MILEND, INC. 1 6.50% $10,673
    1ST SIGNATURE LENDING, LLC 1 6.88% $8,114
    PNC Bank 1 6.50% $7,613
    REDSTONE Federal Credit Union 1 6.75% $7,250
    Regions Bank 1 7.25% $5,740
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $10,594
    ROYAL UNITED MORTGAGE LLC 1 6.75% $9,628
    South State Bank 1 6.88% $12,234
    SUN WEST MORTGAGE COMPANY, INC. 1 6.50% $5,782
    TJC Mortgage, Inc. 1 5.63% $16,697
    TOTAL MORTGAGE SERVICES, LLC 1 7.13% $8,768
    TOWNE MORTGAGE COMPANY 1 5.25% $8,642
    ZILLOW HOME LOANS, LLC 1 7.13% $8,453

    The top Cullman FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 31 FHA loans originated. Their average total fees are $9,406, which is $1,331 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Cullman FHA lenders (with over 10 loans originated) are First Federal Bank, A FSB ($8,813), FREEDOM MORTGAGE CORPORATION ($9,262), QUICKEN LOANS, LLC ($9,406), UNITED WHOLESALE MORTGAGE, LLC ($10,737) and GUILD MORTGAGE COMPANY ($11,102).

    The lowest rate Cullman FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.11%), UNITED WHOLESALE MORTGAGE, LLC (6.31%), First Federal Bank, A FSB (6.32%), GUILD MORTGAGE COMPANY (6.83%) and FREEDOM MORTGAGE CORPORATION (7.09%).

    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

    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).