Daphne FHA Loan Rates, Closing Costs & Stats

DAPHNE-FAIRHOPE-FOLEY, 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.

    Daphne's 124 lenders originated 1,061 FHA loans during 2022. The total origination value was $267,535,000, with an average FHA loan value of $252,154.

    Daphne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Daphne averaged 5.91% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Daphne's average FHA mortgage closing costs are $6,811.

    The average rate for the prior week (2023-05-19) was 5.78% and one month ago for the week of 2023-04-21, the average rate was 5.73%.

    The average rate one year ago was 4.74%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.21%.

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

    Daphne 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 Daphne level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 138 4.12% $7,392
    QUICKEN LOANS, LLC 86 4.46% $9,280
    HOME POINT FINANCIAL CORPORATION 57 4.24% $10,541
    UNITED WHOLESALE MORTGAGE, LLC 53 5.04% $10,565
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 43 4.87% $7,377
    FirstBank 27 4.63% $8,523
    Trustmark National Bank 24 4.80% $7,434
    MOVEMENT MORTGAGE, LLC 23 4.82% $8,981
    FREEDOM MORTGAGE CORPORATION 23 4.70% $9,383
    DSLD MORTGAGE, LLC 21 4.04% $6,210
    BancorpSouth Bank 21 4.10% $7,811
    CALIBER HOME LOANS, INC. 20 5.02% $9,898
    EVERETT FINANCIAL, INC. 19 5.26% $6,366
    Mr. Cooper ( Nationstar Mortgage ) 17 4.58% $10,437
    GMFS LLC 16 4.52% $7,295
    Bank of England 16 4.84% $11,302
    LOANDEPOT.COM, LLC 15 4.63% $10,002
    PENNYMAC LOAN SERVICES, LLC 14 4.62% $10,484
    Regions Bank 13 5.14% $8,002
    PACIFIC RESIDENTIAL MORTGAGE, LLC 13 5.25% $10,253
    CARDINAL FINANCIAL 12 5.11% $10,856
    AMERISAVE MORTGAGE CORPORATION 11 4.73% $11,557
    Nations Lending Corporation 11 4.69% $7,159
    LAKEVIEW LOAN SERVICING, LLC 10 4.09% $8,257
    EMBRACE HOME LOANS, INC. 10 5.45% $8,156
    The Home Loan Expert LLC 10 3.85% $7,568
    HOMESPIRE MORTGAGE CORPORATION 9 4.43% $7,658
    HOMESTAR FINANCIAL CORPORATION 9 4.93% $6,090
    First Federal Bank, A FSB 8 4.17% $8,228
    CMG MORTGAGE, INC. 8 3.76% $9,681
    Flagstar Bank, FSB 7 4.50% $8,482
    Citizens Bank 7 4.45% $6,332
    BROKER SOLUTIONS, INC. 6 4.81% $14,085
    Hometown Lenders, Inc. 6 5.17% $9,877
    HOMETRUST MORTGAGE COMPANY 6 4.35% $7,296
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 6 5.31% $8,880
    CROSSCOUNTRY MORTGAGE, LLC 5 5.30% $9,805
    Carrington Mortgage Services, LLC 5 5.15% $11,581
    Community Bank of Mississippi 4 5.38% $6,318
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 5.00% $9,507
    NFM, INC. 4 5.44% $10,508
    CHURCHILL MORTGAGE CORPORATION 4 5.06% $8,773
    THE MORTGAGE FIRM, INC. 4 5.91% $9,672
    GUARANTEED RATE, INC. 4 4.47% $9,378
    STOCKTON MORTGAGE CORPORATION 4 4.13% $9,021
    SouthPoint Bank 4 5.16% $7,755
    Consumer First Mortgage, Inc. 4 4.69% $8,809
    RELIANCE FIRST CAPITAL, LLC 4 4.72% $10,574
    PNC Bank 3 5.21% $7,211
    Equity Prime Mortgage LLC 3 5.29% $9,406
    Renasant Bank 3 5.71% $9,998
    Prosperity Home Mortgage, LLC 3 3.75% $6,810
    DRAPER AND KRAMER MORTGAGE CORP. 3 4.96% $9,152
    RAPID MORTGAGE COMPANY 3 6.00% $12,229
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.08% $12,120
    TJC Mortgage, Inc. 3 4.67% $9,395
    AmeriHome Mortgage Company, LLC 3 4.75% $8,950
    FIRST COMMUNITY MORTGAGE, INC. 3 5.54% $11,932
    Truist 3 4.33% $6,209
    MID AMERICA MORTGAGE, INC. 3 5.71% $5,819
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.08% $11,570
    MILEND, INC. 3 5.25% $18,504
    Mortgage Research Center, LLC 3 5.04% $5,464
    PLANET HOME LENDING, LLC 3 4.63% $14,275
    ServisFirst Bank 2 3.50% $8,467
    First Horizon Bank 2 4.38% $4,779
    CIS Financial Services, Inc. 2 4.06% $9,767
    GENEVA FINANCIAL, LLC 2 6.13% $14,675
    GUARANTEED RATE AFFINITY, LLC 2 5.75% $8,541
    Hamilton Mortgage Corporation 2 3.13% $11,007
    Centennial Bank 2 4.25% $6,900
    HOMESIDE FINANCIAL, LLC 2 5.06% $8,677
    Ixonia Bank 2 5.88% $11,063
    KELLER MORTGAGE, LLC 2 3.69% $10,413
    Magnolia Bank 2 4.69% $12,699
    Assurance Financial Group, L.L.C. 2 5.81% $11,495
    NEWREZ LLC 2 6.25% $6,353
    Paramount Bank 2 2.75% $2,874
    PLAZA HOME MORTGAGE, INC. 2 5.06% $9,305
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.19% $9,653
    SOUTHWEST FUNDING, LP 2 4.56% $13,198
    SUN WEST MORTGAGE COMPANY, INC. 2 4.19% $3,892
    The Federal Savings Bank 2 3.31% $14,566
    Tyndall Federal Credit Union 2 5.00% $6,911
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.00% $5,051
    DIRECT MORTGAGE LOANS, LLC 2 4.63% $6,928
    Northpointe Bank 1 4.75% $11,506
    Origin Bank 1 3.75% $5,315
    ANGEL OAK HOME LOANS LLC 1 5.75% $8,477
    First Option Mortgage, LLC 1 6.13% $12,552
    LOANPAL, LLC 1 5.63% $6,148
    BAY EQUITY LLC 1 3.63% $9,799
    AMERICAN FINANCING CORPORATION 1 2.88% $9,198
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $18,293
    LEADERONE FINANCIAL CORPORATION 1 4.75% $14,283
    ACADEMY MORTGAGE CORPORATION 1 4.88% $13,404
    Amerifirst Financial, Inc. 1 5.63% $12,432
    Wells Fargo Bank 1 5.63% $4,815
    First Guaranty Mortgage Corporation 1 5.25% $6,396
    Watermark Capital, Inc. 1 5.25% $5,579
    Hometown Equity Mortgage, LLC 1 5.25% $7,986
    Capital Bank 1 3.25% $9,496
    Sierra Pacific Mortgage Company, Inc. 1 6.00% $11,222
    ZILLOW HOME LOANS, LLC 1 4.00% $8,028
    Hancock Whitney Bank 1 4.88% $9,840
    UNION HOME MORTGAGE CORP. 1 5.75% $10,163
    SOUTHWEST STAGE FUNDING, LLC 1 5.88% $8,373
    GUILD MORTGAGE COMPANY 1 5.13% $11,066
    Commerce Home Mortgage, Inc. 1 3.25% $18,623
    SWBC MORTGAGE CORPORATION 1 5.63% $5,116
    The Central Trust Bank 1 4.50% $6,887
    VILLAGE CAPITAL MORTGAGE 1 4.38% $15,253
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.13% $9,883
    MORTGAGE FINANCIAL SERVICES, LLC 1 5.62% $9,095
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.75% $13,627
    Barrington Bank & Trust Company, N.A. 1 4.13% $14,055
    GSF Mortgage Corporation 1 4.50% $9,177
    Midwest Mortgage Associates Corporation 1 4.50% $8,633
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.63% $8,021
    NETWORK CAPITAL FUNDING CORPORATION 1 5.25% $6,945
    NEW DAY FINANCIAL, LLC 1 4.88% $4,611
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.63% $9,630
    MICHIGAN MUTUAL, INC. 1 5.13% $5,520
    North American Savings Bank, F.S.B. 1 5.63% $7,184

    The top Daphne FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 138 FHA loans originated. Their average total fees are $7,392, which is $1,887 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Daphne FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($6,210), EVERETT FINANCIAL, INC. ($6,366), Nations Lending Corporation ($7,159), GMFS LLC ($7,295) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,377).

    The lowest rate Daphne FHA lenders (with over 10 loans originated) are The Home Loan Expert LLC (3.85%), DSLD MORTGAGE, LLC (4.04%), LAKEVIEW LOAN SERVICING, LLC (4.09%), BancorpSouth Bank (4.10%) and DHI MORTGAGE COMPANY, LTD. (4.12%).

    Daphne FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Daphne (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 $315,000 (5.1%) $421,247 (1.3%) 1.17 2,578
    2018-02-01 $314,950 (3.5%) $420,596 (-0.1%) 1.15 2,649
    2018-03-01 $311,725 (3.1%) $421,543 (-0.8%) 1.09 2,702
    2018-04-01 $329,900 (3.3%) $438,191 (0.4%) 1.12 2,756
    2018-05-01 $336,250 (4.6%) $442,439 (1.6%) 1.12 2,749
    2018-06-01 $339,000 (5.2%) $449,255 (3.8%) 1.13 2,737
    2018-07-01 $337,225 (6.1%) $445,758 (3.1%) 1.13 2,744
    2018-08-01 $330,851 (5.7%) $438,622 (2.4%) 1.11 2,756
    2018-09-01 $330,623 (3.3%) $439,184 (0.5%) 1.11 2,743
    2018-10-01 $330,950 (2.5%) $441,316 (1.2%) 1.12 2,708
    2018-11-01 $329,700 (4.0%) $436,532 (-5.4%) 1.12 2,736
    2018-12-01 $329,000 (4.2%) $435,147 (3.2%) 1.13 2,648
    2019-01-01 $325,253 (3.3%) $431,928 (2.5%) 1.12 2,594
    2019-02-01 $327,000 (3.8%) $426,679 (1.5%) 1.10 2,672
    2019-03-01 $329,900 (5.8%) $437,205 (3.7%) 1.10 2,755
    2019-04-01 $334,950 (1.5%) $449,528 (2.6%) 1.06 2,814
    2019-05-01 $339,900 (1.1%) $456,077 (3.1%) 1.06 2,774
    2019-06-01 $343,725 (1.4%) $456,627 (1.6%) 1.07 2,744
    2019-07-01 $339,863 (0.8%) $446,705 (0.2%) 1.06 2,748
    2019-08-01 $349,000 (5.5%) $460,238 (4.9%) 1.09 2,708
    2019-09-01 $352,484 (6.6%) $459,409 (4.6%) 1.11 2,593
    2019-10-01 $342,549 (3.5%) $449,544 (1.9%) 1.11 2,650
    2019-11-01 $349,900 (6.1%) $460,220 (5.4%) 1.15 2,580
    2019-12-01 $349,000 (6.1%) $463,891 (6.6%) 1.16 2,508
    2020-01-01 $339,975 (4.5%) $458,578 (6.2%) 1.14 2,396
    2020-02-01 $344,546 (5.4%) $458,989 (7.6%) 1.13 2,383
    2020-03-01 $355,958 (7.9%) $474,834 (8.6%) 1.12 2,453
    2020-04-01 $354,900 (6.0%) $469,542 (4.5%) 1.11 2,526
    2020-05-01 $359,900 (5.9%) $482,821 (5.9%) 1.09 2,475
    2020-06-01 $362,450 (5.5%) $491,308 (7.6%) 1.07 2,292
    2020-07-01 $360,063 (5.9%) $504,322 (12.9%) 1.04 2,086
    2020-08-01 $360,000 (3.2%) $513,765 (11.6%) 1.03 1,931
    2020-09-01 $370,500 (5.1%) $522,621 (13.8%) 1.06 1,744
    2020-10-01 $365,000 (6.6%) $528,359 (17.5%) 1.05 1,553
    2020-11-01 $359,975 (2.9%) $541,050 (17.6%) 1.05 1,545
    2020-12-01 $362,366 (3.8%) $535,772 (15.5%) 1.08 1,497
    2021-01-01 $379,395 (11.6%) $560,978 (22.3%) 1.13 1,254
    2021-02-01 $387,265 (12.4%) $562,217 (22.5%) 1.13 1,037
    2021-03-01 $400,729 (12.6%) $604,037 (27.2%) 1.14 820
    2021-04-01 $419,375 (18.2%) $604,246 (28.7%) 1.14 852
    2021-05-01 $450,000 (25.0%) $639,334 (32.4%) 1.19 831
    2021-06-01 $454,872 (25.5%) $652,325 (32.8%) 1.20 887
    2021-07-01 $445,000 (23.6%) $630,022 (24.9%) 1.17 1,078
    2021-08-01 $445,852 (23.9%) $613,414 (19.4%) 1.19 1,198
    2021-09-01 $443,400 (19.7%) $601,793 (15.2%) 1.18 1,280
    2021-10-01 $435,450 (19.3%) $603,552 (14.2%) 1.16 1,294
    2021-11-01 $426,219 (18.4%) $613,920 (13.5%) 1.14 1,223
    2021-12-01 $423,358 (16.8%) $617,614 (15.3%) 1.15 1,105
    2022-01-01 $425,000 (12.0%) $645,180 (15.0%) 1.15 938
    2022-02-01 $451,246 (16.5%) $719,077 (27.9%) 1.17 746
    2022-03-01 $482,127 (20.3%) $775,213 (28.3%) 1.21 705
    2022-04-01 $560,000 (33.5%) $825,181 (36.6%) 1.33 746
    2022-05-01 $549,925 (22.2%) $787,501 (23.2%) 1.26 1,028
    2022-06-01 $549,850 (20.9%) $769,728 (18.0%) 1.22 1,293
    2022-07-01 $543,486 (22.1%) $751,464 (19.3%) 1.23 1,519
    2022-08-01 $534,975 (20.0%) $748,140 (22.0%) 1.24 1,599
    2022-09-01 $527,400 (18.9%) $726,921 (20.8%) 1.23 1,613
    2022-10-01 $499,900 (14.8%) $707,297 (17.2%) 1.18 1,634
    2022-11-01 $499,000 (17.1%) $688,083 (12.1%) 1.20 1,651
    2022-12-01 $489,900 (15.7%) $681,889 (10.4%) 1.21 1,629
    2023-01-01 $485,000 (14.1%) $680,683 (5.5%) 1.20 1,534
    2023-02-01 $496,500 (10.0%) $691,470 (-3.8%) 1.20 1,517
    2023-03-01 $499,900 (3.7%) $703,767 (-9.2%) 1.18 1,499
    2023-04-01 $512,900 (-8.4%) $713,851 (-13.5%) 1.19 1,602
    Daphne's median listing price for 2023-04-01 was $512,900, a difference of $-47,100 (-8.4%) versus the prior year and $13,000 versus the prior month.

    Daphne's median listing price comes in at 119% of the national average.

    Daphne's average listing price for 2023-04-01 was $713,851, a difference of $-111,330 (-13.5%) versus the prior year and $10,084 versus the prior month.

    For the 2023-04-01 period, Daphne had 1,602 MLS listings, a difference of 103 listings (7%) versus the prior month and 856 listings (115%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Daphne (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 106 days 2,025 sqft
    2018-02-01 106 days 2,000 sqft
    2018-03-01 99 days 2,010 sqft
    2018-04-01 80 days 2,018 sqft
    2018-05-01 79 days 2,011 sqft
    2018-06-01 81 days 2,010 sqft
    2018-07-01 80 days 1,973 sqft
    2018-08-01 84 days 1,961 sqft
    2018-09-01 91 days 1,958 sqft
    2018-10-01 95 days 1,950 sqft
    2018-11-01 98 days 1,942 sqft
    2018-12-01 101 days 1,936 sqft
    2019-01-01 105 days 1,931 sqft
    2019-02-01 99 days 1,923 sqft
    2019-03-01 84 days 1,948 sqft
    2019-04-01 74 days 1,956 sqft
    2019-05-01 75 days 1,956 sqft
    2019-06-01 79 days 1,954 sqft
    2019-07-01 84 days 1,950 sqft
    2019-08-01 95 days 1,958 sqft
    2019-09-01 96 days 1,972 sqft
    2019-10-01 87 days 1,958 sqft
    2019-11-01 89 days 1,958 sqft
    2019-12-01 93 days 1,945 sqft
    2020-01-01 95 days 1,940 sqft
    2020-02-01 91 days 1,936 sqft
    2020-03-01 73 days 1,930 sqft
    2020-04-01 74 days 1,903 sqft
    2020-05-01 79 days 1,930 sqft
    2020-06-01 85 days 1,972 sqft
    2020-07-01 76 days 1,980 sqft
    2020-08-01 71 days 1,960 sqft
    2020-09-01 69 days 1,958 sqft
    2020-10-01 72 days 1,958 sqft
    2020-11-01 74 days 1,957 sqft
    2020-12-01 69 days 1,950 sqft
    2021-01-01 75 days 1,963 sqft
    2021-02-01 66 days 1,959 sqft
    2021-03-01 49 days 1,989 sqft
    2021-04-01 38 days 1,949 sqft
    2021-05-01 38 days 1,948 sqft
    2021-06-01 37 days 1,928 sqft
    2021-07-01 32 days 1,892 sqft
    2021-08-01 35 days 1,889 sqft
    2021-09-01 45 days 1,845 sqft
    2021-10-01 53 days 1,833 sqft
    2021-11-01 55 days 1,832 sqft
    2021-12-01 59 days 1,867 sqft
    2022-01-01 59 days 1,915 sqft
    2022-02-01 44 days 2,017 sqft
    2022-03-01 34 days 2,006 sqft
    2022-04-01 28 days 1,980 sqft
    2022-05-01 28 days 1,958 sqft
    2022-06-01 32 days 1,911 sqft
    2022-07-01 44 days 1,878 sqft
    2022-08-01 55 days 1,874 sqft
    2022-09-01 64 days 1,888 sqft
    2022-10-01 68 days 1,879 sqft
    2022-11-01 71 days 1,881 sqft
    2022-12-01 75 days 1,866 sqft
    2023-01-01 84 days 1,877 sqft
    2023-02-01 69 days 1,867 sqft
    2023-03-01 60 days 1,877 sqft
    2023-04-01 53 days 1,870 sqft
    Daphne's median listing age (time on market) for 2023-04-01 was 53 days. This is 89% longer than the same period one year ago.

    Daphne's median square footage for active listings during the 2023-04-01 period was 1,870 sqft. One year prior, the average listing was 1,980 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).