Daphne FHA Loans

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 122 lenders originated 1,507 FHA loans during 2021. The total origination value was $329,225,000, with an average FHA loan value of $218,464.

    Daphne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Daphne averaged 6.21% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

    The average rate for the prior week (2022-09-16) was 5.81% and one month ago for the week of 2022-08-19, the average rate was 5.52%.

    The average rate one year ago was 2.87%.

    For refis of the same type during the week of 2022-09-23, the average rate was 5.85%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Daphne level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    DHI MORTGAGE COMPANY, LTD. 146 2.78% $6,425
    QUICKEN LOANS, LLC 139 2.75% $6,328
    HOME POINT FINANCIAL CORPORATION 79 2.84% $9,913
    LAKEVIEW LOAN SERVICING, LLC 52 2.93% $4,510
    FREEDOM MORTGAGE CORPORATION 47 2.83% $4,334
    MOVEMENT MORTGAGE, LLC 44 3.36% $6,715
    FirstBank 44 2.98% $7,322
    DSLD MORTGAGE, LLC 43 2.72% $5,787
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 2.99% $7,541
    Trustmark National Bank 40 2.71% $6,562
    CMG MORTGAGE, INC. 30 3.03% $8,389
    Mr. Cooper ( Nationstar Mortgage ) 26 3.33% $4,467
    PENNYMAC LOAN SERVICES, LLC 25 2.93% $5,298
    UNITED WHOLESALE MORTGAGE, LLC 24 2.69% $8,577
    CALIBER HOME LOANS, INC. 24 2.98% $6,927
    Bank of England 23 3.41% $8,982
    BancorpSouth Bank 22 2.93% $6,424
    Regions Bank 20 2.98% $6,098
    Hometown Lenders, Inc. 18 3.47% $7,905
    THE MORTGAGE FIRM, INC. 17 3.46% $6,729
    Nations Lending Corporation 16 3.01% $5,146
    First Federal Bank, A FSB 15 2.73% $5,597
    HOMESTAR FINANCIAL CORPORATION 14 3.24% $6,731
    PACIFIC RESIDENTIAL MORTGAGE, LLC 14 3.50% $8,845
    EMBRACE HOME LOANS, INC. 13 3.14% $6,876
    GMFS LLC 13 2.77% $5,278
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 12 3.41% $7,442
    Flagstar Bank, FSB 12 2.78% $7,789
    SouthPoint Bank 11 3.00% $5,369
    VILLAGE CAPITAL MORTGAGE 11 3.13% $2,186
    First Guaranty Mortgage Corporation 10 2.78% $6,080
    SOUTHWEST FUNDING, LP 10 3.43% $9,083
    FIRST COMMUNITY MORTGAGE, INC. 10 3.11% $6,946
    CROSSCOUNTRY MORTGAGE, LLC 9 3.26% $9,807
    The Home Loan Expert LLC 9 2.61% $6,861
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 9 3.07% $6,597
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.40% $8,172
    HOMETRUST MORTGAGE COMPANY 8 2.95% $5,922
    Magnolia Bank 8 2.86% $10,666
    AMERISAVE MORTGAGE CORPORATION 8 3.28% $7,525
    NEWREZ LLC 8 2.94% $4,455
    LOANDEPOT.COM, LLC 7 2.75% $10,186
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.66% $5,058
    AmeriHome Mortgage Company, LLC 6 3.25% $4,589
    BROKER SOLUTIONS, INC. 5 2.90% $8,771
    AMERICAN FINANCIAL RESOURCES, INC. 5 3.83% $6,202
    Carrington Mortgage Services, LLC 5 2.95% $6,319
    CIS Financial Services, Inc. 5 3.43% $7,978
    Community Bank of Mississippi 5 2.80% $6,544
    DAS Acquisition Company, LLC 5 3.50% $6,803
    GUILD MORTGAGE COMPANY 5 3.20% $8,604
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 3.20% $7,328
    Prosperity Home Mortgage, LLC 5 3.30% $6,810
    Renasant Bank 4 3.12% $6,319
    Consumer First Mortgage, Inc. 4 2.78% $7,458
    EVERETT FINANCIAL, INC. 4 3.81% $6,756
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.53% $8,081
    PLANET HOME LENDING, LLC 4 2.69% $4,314
    Hamilton Mortgage Corporation 4 2.41% $5,556
    AMERICAN FINANCING CORPORATION 3 3.46% $6,653
    Wells Fargo Bank 3 2.83% $5,151
    InterContinental Capital Group, Inc 3 2.71% $7,155
    OCEANSIDE MORTGAGE COMPANY 3 3.08% $2,697
    TJC Mortgage, Inc. 3 3.38% $7,805
    Ameris Bank 3 2.79% $7,742
    First Horizon Bank 3 3.13% $6,203
    HOMESIDE FINANCIAL, LLC 3 3.29% $7,454
    Hometown Equity Mortgage, LLC 3 3.21% $8,296
    GUARANTEED RATE, INC. 2 3.19% $5,985
    HOMESPIRE MORTGAGE CORPORATION 2 3.00% $6,129
    FIDELITY BANK 2 3.44% $7,968
    KELLER MORTGAGE, LLC 2 3.25% $5,366
    Manufacturers and Traders Trust Company 2 3.25% $6,355
    MID AMERICA MORTGAGE, INC. 2 2.94% $2,849
    Citizens Bank 2 2.69% $5,808
    PLAZA HOME MORTGAGE, INC. 2 3.68% $10,903
    PNC Bank 2 3.06% $4,025
    Watermark Capital, Inc. 2 2.50% $8,279
    Assurance Financial Group, L.L.C. 2 2.88% $9,776
    Truist 2 3.05% $8,592
    Victorian Finance, LLC 2 3.44% $7,617
    AMERICAN FINANCIAL NETWORK, INC. 2 4.06% $14,151
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $7,913
    INTERLINC MORTGAGE SERVICES, LLC 1 3.38% $3,253
    NATIONS RELIABLE LENDING, LLC 1 2.38% $7,534
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.13% $7,775
    INTERCAP LENDING INC. 1 3.25% $9,604
    CHURCHILL MORTGAGE CORPORATION 1 3.50% $8,771
    CHERRY CREEK MORTGAGE, LLC 1 3.38% $4,954
    INLANTA MORTGAGE, INC. 1 3.13% $8,022
    Platinum Home Mortgage Corporation 1 3.25% $12,389
    UNION HOME MORTGAGE CORP. 1 2.75% $9,605
    Hancock Whitney Bank 1 2.63% $5,883
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.63% $7,419
    Centennial Bank 1 2.75% $7,778
    FBC MORTGAGE, LLC 1 3.63% $9,392
    ACOPIA, LLC 1 3.00% $7,475
    BBVA USA 1 3.88% $4,640
    RELIANCE FIRST CAPITAL, LLC 1 3.50% $8,840
    First Federal Bank 1 3.75% $9,913
    ROYAL UNITED MORTGAGE LLC 1 2.63% $8,605
    RUOFF MORTGAGE COMPANY, INC. 1 3.13% $9,281
    S1L, Inc. 1 2.99% $6,001
    Sierra Pacific Mortgage Company, Inc. 1 2.50% $9,455
    BAY EQUITY LLC 1 3.00% $6,823
    Barrington Bank & Trust Company, N.A. 1 4.50% $6,406
    Goldwater Bank, N.A. 1 3.50% $7,433
    SUN WEST MORTGAGE COMPANY, INC. 1 3.63% $5,028
    SWBC MORTGAGE CORPORATION 1 3.13% $5,825
    Synovus Bank 1 3.25% $6,175
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.50% $7,371
    Home Mortgage Alliance Corp 1 3.25% $12,351
    LEADERONE FINANCIAL CORPORATION 1 3.00% $7,647
    LENDUS, LLC 1 3.75% $10,536
    Equity Prime Mortgage LLC 1 3.50% $8,218
    LOANLEADERS OF AMERICA, INC. 1 2.99% $14,715
    CRESCENT MORTGAGE COMPANY 1 3.25% $7,391
    Flanagan State Bank 1 3.75% $5,074
    MICHIGAN MUTUAL, INC. 1 2.63% $8,393
    GENEVA FINANCIAL, LLC 1 3.50% $8,090
    COUNTRYPLACE MORTGAGE, LTD. 1 3.88% $7,186
    CORNERSTONE HOME LENDING, INC. 1 3.25% $9,238

    The top Daphne FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 146 FHA loans originated. Their average total fees are $6,425, which is $98 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Daphne FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,186), FREEDOM MORTGAGE CORPORATION ($4,334), Mr. Cooper ( Nationstar Mortgage ) ($4,467), LAKEVIEW LOAN SERVICING, LLC ($4,510) and Nations Lending Corporation ($5,146).

    The lowest rate Daphne FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.69%), Trustmark National Bank (2.71%), DSLD MORTGAGE, LLC (2.72%), First Federal Bank, A FSB (2.73%) and QUICKEN LOANS, LLC (2.75%).

    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

    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 $315,900 (2.8%) $416,379 (0.5%) 1.16 3,100
    2018-02-01 $315,000 (2.1%) $415,296 (0.2%) 1.14 3,174
    2018-03-01 $315,000 (3.5%) $416,223 (-0.8%) 1.09 3,249
    2018-04-01 $329,450 (3.0%) $432,559 (0.9%) 1.11 3,336
    2018-05-01 $335,500 (3.4%) $435,526 (1.3%) 1.12 3,323
    2018-06-01 $337,000 (3.7%) $443,308 (3.1%) 1.12 3,344
    2018-07-01 $337,135 (5.4%) $440,381 (2.8%) 1.12 3,366
    2018-08-01 $332,450 (4.1%) $434,393 (1.9%) 1.11 3,391
    2018-09-01 $333,000 (2.5%) $433,202 (-0.3%) 1.11 3,336
    2018-10-01 $331,080 (1.9%) $433,606 (-0.2%) 1.11 3,295
    2018-11-01 $329,900 (3.1%) $430,071 (-5.6%) 1.11 3,337
    2018-12-01 $329,500 (3.3%) $430,469 (2.9%) 1.13 3,238
    2019-01-01 $329,000 (4.2%) $428,002 (2.8%) 1.13 3,150
    2019-02-01 $328,578 (4.3%) $421,990 (1.6%) 1.10 3,226
    2019-03-01 $332,057 (5.4%) $432,262 (3.9%) 1.08 3,289
    2019-04-01 $336,450 (2.1%) $442,509 (2.3%) 1.06 3,362
    2019-05-01 $339,900 (1.3%) $448,469 (3.0%) 1.05 3,312
    2019-06-01 $346,900 (2.9%) $450,794 (1.7%) 1.07 3,273
    2019-07-01 $349,000 (3.5%) $451,142 (2.4%) 1.08 3,248
    2019-08-01 $349,386 (5.1%) $459,986 (5.9%) 1.10 3,216
    2019-09-01 $351,958 (5.7%) $459,487 (6.1%) 1.12 3,177
    2019-10-01 $349,950 (5.7%) $446,531 (3.0%) 1.12 3,170
    2019-11-01 $354,360 (7.4%) $456,369 (6.1%) 1.14 3,075
    2019-12-01 $350,000 (6.2%) $462,198 (7.4%) 1.17 2,980
    2020-01-01 $349,000 (6.1%) $456,983 (6.8%) 1.16 2,830
    2020-02-01 $349,600 (6.4%) $458,982 (8.8%) 1.13 2,817
    2020-03-01 $359,900 (8.4%) $473,038 (9.4%) 1.12 2,908
    2020-04-01 $359,700 (6.9%) $469,030 (6.0%) 1.12 2,992
    2020-05-01 $365,000 (7.4%) $483,450 (7.8%) 1.11 2,959
    2020-06-01 $369,700 (6.6%) $493,873 (9.6%) 1.08 2,735
    2020-07-01 $369,500 (5.9%) $506,644 (12.3%) 1.06 2,474
    2020-08-01 $370,000 (5.9%) $516,373 (12.3%) 1.06 2,292
    2020-09-01 $375,000 (6.6%) $526,041 (14.5%) 1.07 2,037
    2020-10-01 $372,000 (6.3%) $536,773 (20.2%) 1.06 1,818
    2020-11-01 $367,008 (3.6%) $546,295 (19.7%) 1.05 1,792
    2020-12-01 $369,900 (5.7%) $546,866 (18.3%) 1.08 1,728
    2021-01-01 $390,000 (11.8%) $573,884 (25.6%) 1.15 1,446
    2021-02-01 $390,000 (11.6%) $580,434 (26.5%) 1.12 1,201
    2021-03-01 $403,116 (12.0%) $620,887 (31.3%) 1.13 947
    2021-04-01 $420,976 (17.0%) $617,740 (31.7%) 1.13 962
    2021-05-01 $449,500 (23.2%) $646,462 (33.7%) 1.18 924
    2021-06-01 $454,500 (22.9%) $660,490 (33.7%) 1.18 971
    2021-07-01 $452,450 (22.5%) $640,132 (26.4%) 1.18 1,178
    2021-08-01 $449,950 (21.6%) $620,165 (20.1%) 1.18 1,334
    2021-09-01 $442,788 (18.1%) $598,482 (13.8%) 1.17 1,449
    2021-10-01 $443,275 (19.2%) $606,100 (12.9%) 1.17 1,472
    2021-11-01 $434,950 (18.5%) $625,003 (14.4%) 1.15 1,380
    2021-12-01 $432,885 (17.0%) $626,970 (14.7%) 1.15 1,237
    2022-01-01 $443,950 (13.8%) $654,715 (14.1%) 1.18 1,046
    2022-02-01 $474,866 (21.8%) $725,934 (25.1%) 1.21 812
    2022-03-01 $479,303 (18.9%) $764,828 (23.2%) 1.18 780
    2022-04-01 $549,000 (30.4%) $819,431 (32.7%) 1.29 826
    2022-05-01 $552,450 (22.9%) $787,296 (21.8%) 1.24 1,130
    2022-06-01 $549,450 (20.9%) $770,953 (16.7%) 1.22 1,432
    2022-07-01 $539,000 (19.1%) $750,337 (17.2%) 1.20 1,696
    2022-08-01 $527,000 (17.1%) $743,535 (19.9%) 1.21 1,800
    Daphne's median listing price for 2022-08-01 was $527,000, a difference of $77,050 (17.1%) versus the prior year and $-12,000 versus the prior month.

    Daphne's median listing price comes in at 121% of the national average.

    Daphne's average listing price for 2022-08-01 was $743,535, a difference of $123,370 (19.9%) versus the prior year and $-6,802 versus the prior month.

    For the 2022-08-01 period, Daphne had 1,800 MLS listings, a difference of 104 listings (6%) versus the prior month and 466 listings (35%) 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
    2018-01-01 105 days 2,080 sqft
    2018-02-01 105 days 2,046 sqft
    2018-03-01 96 days 2,060 sqft
    2018-04-01 77 days 2,080 sqft
    2018-05-01 76 days 2,079 sqft
    2018-06-01 78 days 2,066 sqft
    2018-07-01 78 days 2,034 sqft
    2018-08-01 80 days 2,022 sqft
    2018-09-01 89 days 2,000 sqft
    2018-10-01 95 days 1,987 sqft
    2018-11-01 98 days 1,978 sqft
    2018-12-01 101 days 1,979 sqft
    2019-01-01 106 days 1,964 sqft
    2019-02-01 99 days 1,958 sqft
    2019-03-01 85 days 1,979 sqft
    2019-04-01 73 days 2,000 sqft
    2019-05-01 74 days 2,004 sqft
    2019-06-01 77 days 2,000 sqft
    2019-07-01 81 days 2,012 sqft
    2019-08-01 85 days 2,000 sqft
    2019-09-01 85 days 1,997 sqft
    2019-10-01 85 days 2,000 sqft
    2019-11-01 86 days 2,019 sqft
    2019-12-01 90 days 1,994 sqft
    2020-01-01 94 days 1,983 sqft
    2020-02-01 88 days 1,987 sqft
    2020-03-01 70 days 1,983 sqft
    2020-04-01 72 days 1,959 sqft
    2020-05-01 77 days 1,972 sqft
    2020-06-01 84 days 2,039 sqft
    2020-07-01 78 days 2,072 sqft
    2020-08-01 72 days 2,047 sqft
    2020-09-01 71 days 2,041 sqft
    2020-10-01 72 days 2,035 sqft
    2020-11-01 73 days 2,021 sqft
    2020-12-01 68 days 2,012 sqft
    2021-01-01 75 days 2,051 sqft
    2021-02-01 66 days 2,076 sqft
    2021-03-01 51 days 2,089 sqft
    2021-04-01 41 days 2,014 sqft
    2021-05-01 38 days 1,965 sqft
    2021-06-01 39 days 1,959 sqft
    2021-07-01 31 days 1,948 sqft
    2021-08-01 36 days 1,942 sqft
    2021-09-01 45 days 1,925 sqft
    2021-10-01 56 days 1,915 sqft
    2021-11-01 55 days 1,914 sqft
    2021-12-01 59 days 1,898 sqft
    2022-01-01 63 days 1,963 sqft
    2022-02-01 50 days 2,040 sqft
    2022-03-01 34 days 2,019 sqft
    2022-04-01 29 days 2,011 sqft
    2022-05-01 29 days 1,975 sqft
    2022-06-01 31 days 1,957 sqft
    2022-07-01 42 days 1,921 sqft
    2022-08-01 54 days 1,915 sqft
    Daphne's median listing age (time on market) for 2022-08-01 was 54 days. This is 52% longer than the same period one year ago.

    Daphne's median square footage for active listings during the 2022-08-01 period was 1,915 sqft. One year prior, the average listing was 1,942 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).