Daphne FHA Loans

DAPHNE-FAIRHOPE-FOLEY, 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.

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 5.39% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.32% and one month ago for the week of 2022-04-08, the average rate was 4.69%.

The average rate one year ago was 2.89%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.03%.

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 & INVESTMENT LLC 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 Bank 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 & INVESTMENT LLC ($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
Daphne's median listing price for 2022-04-01 was $549,000, a difference of $128,024 (30.4%) versus the prior year and $69,697 versus the prior month.

Daphne's median listing price comes in at 129% of the national average.

Daphne's average listing price for 2022-04-01 was $819,431, a difference of $201,691 (32.7%) versus the prior year and $54,603 versus the prior month.

For the 2022-04-01 period, Daphne had 826 MLS listings, a difference of 46 listings (6%) versus the prior month and -136 listings (-14%) 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
Daphne's median listing age (time on market) for 2022-04-01 was 29 days. This is -29% shorter than the same period one year ago.

Daphne's median square footage for active listings during the 2022-04-01 period was 2,011 sqft. One year prior, the average listing was 2,014 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).