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 125 lenders originated 984 FHA loans during 2023. The total origination value was $273,920,000, with an average FHA loan value of $278,374.

    Daphne FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Daphne averaged 6.35% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Daphne's average FHA mortgage closing costs are $7,301.

    The average rate for the prior week (2024-11-01) was 6.33% and one month ago for the week of 2024-10-04, the average rate was 5.55%.

    The average rate one year ago was 7.09%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.6%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 196 5.19% $7,550
    QUICKEN LOANS, LLC 92 6.23% $10,900
    UNITED WHOLESALE MORTGAGE, LLC 63 6.27% $12,139
    Plains Commerce Bank 39 6.16% $12,732
    EAGLE HOME MORTGAGE, LLC 39 5.16% $7,039
    Trustmark National Bank 24 6.52% $7,844
    FirstBank 23 6.56% $9,908
    CARDINAL FINANCIAL 22 6.82% $10,750
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 7.07% $8,054
    PENNYMAC LOAN SERVICES, LLC 21 6.35% $13,843
    DSLD MORTGAGE, LLC 18 6.11% $6,710
    SWBC MORTGAGE CORPORATION 15 6.63% $8,327
    Bank of England 15 6.86% $10,265
    FREEDOM MORTGAGE CORPORATION 14 6.77% $14,690
    Regions Bank 13 6.13% $9,100
    Nations Lending Corporation 11 6.64% $10,647
    BancorpSouth 11 6.49% $8,568
    PACIFIC RESIDENTIAL MORTGAGE, LLC 10 6.95% $12,038
    First Federal Bank, A FSB 10 6.21% $9,336
    HOMETRUST MORTGAGE COMPANY 10 5.98% $7,593
    CROSSCOUNTRY MORTGAGE, LLC 8 6.44% $10,709
    LOANDEPOT.COM, LLC 8 6.04% $12,568
    EMBRACE HOME LOANS, INC. 7 6.43% $11,592
    NFM, INC. 7 7.07% $11,063
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.56% $16,932
    Princeton Mortgage Corporation 6 6.83% $11,915
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.69% $11,339
    Mr. Cooper ( Nationstar Mortgage ) 6 5.98% $17,621
    MOVEMENT MORTGAGE, LLC 6 6.52% $11,330
    GMFS LLC 6 6.50% $8,376
    UNION HOME MORTGAGE CORP. 6 6.58% $11,647
    BROKER SOLUTIONS, INC. 6 7.12% $11,865
    NEWREZ LLC 5 5.80% $13,412
    FirstTrust Home Loans, Inc. 5 6.97% $9,755
    MID AMERICA MORTGAGE, INC. 4 7.31% $9,754
    Carrington Mortgage Services, LLC 4 5.91% $13,254
    AMERISAVE MORTGAGE CORPORATION 4 6.06% $12,540
    MILEND, INC. 4 6.88% $12,183
    CMG MORTGAGE, INC. 4 6.31% $14,229
    STOCKTON MORTGAGE CORPORATION 4 6.41% $15,865
    THE MORTGAGE FIRM, INC. 4 6.97% $12,417
    Citizens Bank 4 6.25% $8,151
    Prosperity Home Mortgage, LLC 3 6.91% $8,566
    Community Bank of Mississippi 3 6.42% $11,725
    PLAZA HOME MORTGAGE, INC. 3 7.00% $6,981
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 6.46% $12,960
    Renasant Bank 3 7.16% $12,302
    DIRECT MORTGAGE LOANS, LLC 3 6.92% $13,439
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 6.92% $11,680
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.50% $13,246
    TOP FLITE FINANCIAL, INC. 3 6.54% $18,001
    Flagstar Bank, FSB 3 6.36% $8,673
    LAKEVIEW LOAN SERVICING, LLC 3 5.83% $11,805
    LOANPAL, LLC 3 5.33% $12,388
    FIRST COMMUNITY MORTGAGE, INC. 2 6.50% $8,701
    Truist 2 7.05% $8,042
    AMERICAN FINANCIAL NETWORK, INC. 2 7.25% $15,075
    GUILD MORTGAGE COMPANY 2 6.75% $11,270
    Hamilton Mortgage Corporation 2 6.00% $8,834
    HOMESTAR FINANCIAL CORPORATION 2 6.25% $8,155
    Barrington Bank & Trust Company, N.A. 2 5.71% $12,172
    FBC MORTGAGE, LLC 2 4.99% $6,709
    INSPIRE HOME LOANS INC. 2 5.50% $8,888
    AmeriHome Mortgage Company, LLC 2 7.38% $10,415
    AMERICAN FINANCING CORPORATION 2 6.38% $14,949
    SUN WEST MORTGAGE COMPANY, INC. 2 5.38% $20,671
    Mortgage Research Center, LLC 2 6.31% $10,410
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $8,021
    ServisFirst Bank 2 6.50% $10,358
    First Option Mortgage, LLC 2 7.63% $9,629
    ALLIED MORTGAGE GROUP, INC. 2 6.31% $10,896
    VILLAGE CAPITAL MORTGAGE 2 6.25% $10,006
    ZILLOW HOME LOANS, LLC 1 4.75% $8,294
    ACADEMY MORTGAGE CORPORATION 1 6.75% $12,860
    ACOPIA, LLC 1 7.13% $14,834
    AFFORDABLE MORTGAGE ADVISORS, LLC. 1 6.13% $8,202
    AMCAP MORTGAGE, LTD. 1 7.13% $7,851
    American Mortgage & Equity Consultants, Inc. 1 7.13% $12,611
    Ameris Bank 1 6.50% $11,809
    ARC HOME LLC 1 6.13% $11,386
    Arvest Bank 1 5.50% $10,862
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.12% $8,245
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.75% $9,744
    BankPlus 1 6.13% $3,755
    CALCON MUTUAL MORTGAGE LLC 1 6.25% $16,132
    Capital Bank 1 6.00% $11,910
    Centennial Bank 1 6.63% $9,126
    CIS Financial Services, Inc. 1 6.63% $10,190
    COMMUNITY MORTGAGE, LLC 1 5.75% $7,290
    Consumer First Mortgage, Inc. 1 6.50% $17,875
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $21,733
    Equity Prime Mortgage LLC 1 6.38% $13,404
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.00% $14,376
    FIDELITY BANK 1 6.25% $12,368
    FIRST COLONY MORTGAGE CORPORATION 1 7.50% $11,900
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $7,431
    GUARANTEED RATE, INC. 1 6.88% $13,387
    Hometown Equity Mortgage, LLC 1 5.63% $21,953
    Ixonia Bank 1 6.25% $18,863
    MICHIGAN MUTUAL, INC. 1 8.13% $12,633
    Mortgage Assurance Inc. 1 5.75% $13,149
    M&T Bank 1 6.75% $6,053
    NATIONS DIRECT MORTGAGE, LLC 1 4.99% $18,248
    NBKC BANK 1 5.63% $11,273
    Pen Air Federal Credit Union 1 7.00% $7,307
    PENTAGON FEDERAL CREDIT UNION 1 6.38% $7,961
    RELIANCE FIRST CAPITAL, LLC 1 6.00% $13,350
    RESIDENTIAL BANCORP 1 6.99% $8,805
    RUOFF MORTGAGE COMPANY, INC. 1 6.63% $8,783
    SIRVA MORTGAGE, INC. 1 6.75% $5,385
    SmartBank 1 6.75% $7,878
    SouthPoint Bank 1 7.38% $5,330
    South State Bank 1 6.25% $10,582
    SOUTHWEST STAGE FUNDING, LLC 1 6.88% $9,331
    T2 FINANCIAL LLC 1 6.25% $11,993
    The Huntington National Bank 1 6.63% $6,452
    The Loan Store, Inc. 1 6.50% $13,229
    THRIVE MORTGAGE, LLC 1 7.00% $6,418
    TJC Mortgage, Inc. 1 6.63% $11,417
    Towne Bank 1 6.25% $9,578
    United Community Bank 1 6.00% $8,541
    Watermark Capital, Inc. 1 6.13% $8,232
    Wells Fargo Bank 1 5.88% $8,396
    Wolfe Financial, Inc 1 6.13% $9,383
    1ST SIGNATURE LENDING, LLC 1 6.25% $22,389

    The top Daphne FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 196 FHA loans originated. Their average total fees are $7,550, which is $3,351 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Daphne FHA lenders (with over 10 loans originated) are DSLD MORTGAGE, LLC ($6,710), EAGLE HOME MORTGAGE, LLC ($7,039), DHI MORTGAGE COMPANY, LTD. ($7,550), HOMETRUST MORTGAGE COMPANY ($7,593) and Trustmark National Bank ($7,844).

    The lowest rate Daphne FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.16%), DHI MORTGAGE COMPANY, LTD. (5.19%), HOMETRUST MORTGAGE COMPANY (5.98%), DSLD MORTGAGE, LLC (6.11%) and Regions Bank (6.13%).

    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

    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).