Daphne FHA Loan Rates, Closing Costs & Stats

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 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 6.19% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

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

The average rate for the prior week (2024-02-23) was 5.88% and one month ago for the week of 2024-01-26, the average rate was 6.07%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.49%.

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 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 (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%) $421,172 (1.2%) 1.17 2,579
2018-02-01 $314,950 (3.5%) $420,522 (-0.1%) 1.14 2,650
2018-03-01 $311,688 (3.1%) $421,472 (-0.8%) 1.09 2,703
2018-04-01 $329,900 (3.3%) $438,191 (0.4%) 1.12 2,756
2018-05-01 $336,250 (4.8%) $442,439 (1.6%) 1.12 2,749
2018-06-01 $339,000 (5.6%) $449,255 (3.9%) 1.13 2,737
2018-07-01 $337,225 (6.1%) $445,758 (3.1%) 1.13 2,744
2018-08-01 $330,851 (5.9%) $438,622 (2.5%) 1.11 2,756
2018-09-01 $330,623 (3.3%) $439,184 (0.5%) 1.11 2,743
2018-10-01 $330,950 (2.8%) $441,316 (1.2%) 1.12 2,708
2018-11-01 $329,700 (3.9%) $436,532 (-5.4%) 1.12 2,736
2018-12-01 $329,000 (4.2%) $435,147 (3.3%) 1.13 2,648
2019-01-01 $325,253 (3.3%) $431,928 (2.6%) 1.12 2,594
2019-02-01 $327,000 (3.8%) $426,756 (1.5%) 1.10 2,671
2019-03-01 $331,443 (6.3%) $438,171 (4.0%) 1.08 2,745
2019-04-01 $334,850 (1.5%) $450,808 (2.9%) 1.06 2,813
2019-05-01 $339,900 (1.1%) $456,160 (3.1%) 1.06 2,773
2019-06-01 $344,000 (1.5%) $456,710 (1.7%) 1.08 2,743
2019-07-01 $339,925 (0.8%) $446,785 (0.2%) 1.06 2,747
2019-08-01 $336,955 (1.8%) $441,471 (0.7%) 1.07 2,764
2019-09-01 $342,886 (3.7%) $446,706 (1.7%) 1.10 2,700
2019-10-01 $343,091 (3.7%) $448,935 (1.7%) 1.11 2,646
2019-11-01 $349,900 (6.1%) $460,388 (5.5%) 1.15 2,578
2019-12-01 $349,250 (6.2%) $464,068 (6.7%) 1.16 2,506
2020-01-01 $340,070 (4.6%) $458,788 (6.2%) 1.14 2,394
2020-02-01 $344,900 (5.5%) $459,169 (7.6%) 1.13 2,383
2020-03-01 $355,958 (7.4%) $474,834 (8.4%) 1.12 2,453
2020-04-01 $354,900 (6.0%) $469,542 (4.2%) 1.11 2,526
2020-05-01 $359,900 (5.9%) $482,821 (5.8%) 1.09 2,475
2020-06-01 $362,450 (5.4%) $491,413 (7.6%) 1.07 2,291
2020-07-01 $360,586 (6.1%) $504,567 (12.9%) 1.05 2,084
2020-08-01 $360,000 (6.8%) $513,765 (16.4%) 1.03 1,930
2020-09-01 $370,500 (8.1%) $522,621 (17.0%) 1.06 1,744
2020-10-01 $365,000 (6.4%) $528,359 (17.7%) 1.05 1,552
2020-11-01 $359,950 (2.9%) $540,660 (17.4%) 1.05 1,544
2020-12-01 $362,176 (3.7%) $535,364 (15.4%) 1.08 1,496
2021-01-01 $379,145 (11.5%) $557,046 (21.4%) 1.13 1,253
2021-02-01 $385,634 (11.8%) $561,110 (22.2%) 1.12 1,036
2021-03-01 $400,729 (12.6%) $603,194 (27.0%) 1.14 819
2021-04-01 $418,750 (18.0%) $603,653 (28.6%) 1.13 852
2021-05-01 $449,550 (24.9%) $637,736 (32.1%) 1.19 831
2021-06-01 $454,795 (25.5%) $651,878 (32.7%) 1.20 887
2021-07-01 $445,000 (23.4%) $630,245 (24.9%) 1.17 1,078
2021-08-01 $442,500 (22.9%) $613,050 (19.3%) 1.18 1,197
2021-09-01 $442,500 (19.4%) $601,393 (15.1%) 1.18 1,279
2021-10-01 $435,900 (19.4%) $603,498 (14.2%) 1.16 1,293
2021-11-01 $425,723 (18.3%) $613,865 (13.5%) 1.14 1,222
2021-12-01 $423,358 (16.9%) $617,499 (15.3%) 1.15 1,105
2022-01-01 $425,000 (12.1%) $644,508 (15.7%) 1.15 938
2022-02-01 $450,692 (16.9%) $717,460 (27.9%) 1.17 746
2022-03-01 $482,127 (20.3%) $775,213 (28.5%) 1.21 705
2022-04-01 $554,000 (32.3%) $824,138 (36.5%) 1.32 746
2022-05-01 $549,900 (22.3%) $784,780 (23.1%) 1.26 1,028
2022-06-01 $549,425 (20.8%) $769,593 (18.1%) 1.22 1,292
2022-07-01 $539,900 (21.3%) $751,743 (19.3%) 1.22 1,518
2022-08-01 $534,527 (20.8%) $747,056 (21.9%) 1.24 1,596
2022-09-01 $527,291 (19.2%) $726,903 (20.9%) 1.23 1,610
2022-10-01 $499,000 (14.5%) $705,257 (16.9%) 1.17 1,631
2022-11-01 $495,625 (16.4%) $685,965 (11.8%) 1.19 1,648
2022-12-01 $489,900 (15.7%) $680,670 (10.2%) 1.21 1,625
2023-01-01 $483,784 (13.8%) $680,104 (5.5%) 1.20 1,530
2023-02-01 $496,475 (10.2%) $688,946 (-4.0%) 1.20 1,517
2023-03-01 $499,450 (3.6%) $702,607 (-9.4%) 1.18 1,499
2023-04-01 $500,000 (-9.8%) $711,310 (-13.7%) 1.16 1,603
2023-05-01 $524,975 (-4.5%) $736,959 (-6.1%) 1.19 1,703
2023-06-01 $527,359 (-4.0%) $736,563 (-4.3%) 1.19 1,715
2023-07-01 $525,000 (-2.8%) $734,618 (-2.3%) 1.19 1,764
2023-08-01 $527,000 (-1.4%) $732,057 (-2.0%) 1.21 1,841
2023-09-01 $543,900 (3.2%) $740,286 (1.8%) 1.27 2,003
2023-10-01 $547,000 (9.6%) $749,376 (6.3%) 1.29 2,171
2023-11-01 $530,750 (7.1%) $728,553 (6.2%) 1.26 2,255
2023-12-01 $529,900 (8.2%) $720,854 (5.9%) 1.29 2,166
2024-01-01 $529,950 (9.5%) $719,577 (5.8%) 1.29 2,117
Daphne's median listing price for 2024-01-01 was $529,950, a difference of $46,166 (9.5%) versus the prior year and $50 versus the prior month.

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

Daphne's average listing price for 2024-01-01 was $719,577, a difference of $39,473 (5.8%) versus the prior year and $-1,277 versus the prior month.

For the 2024-01-01 period, Daphne had 2,117 MLS listings, a difference of -49 listings (-2%) versus the prior month and 587 listings (38%) 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 99 days 2,024 sqft
2018-02-01 96 days 2,000 sqft
2018-03-01 74 days 2,010 sqft
2018-04-01 68 days 2,017 sqft
2018-05-01 67 days 2,010 sqft
2018-06-01 70 days 2,009 sqft
2018-07-01 73 days 1,971 sqft
2018-08-01 75 days 1,961 sqft
2018-09-01 82 days 1,958 sqft
2018-10-01 87 days 1,950 sqft
2018-11-01 88 days 1,940 sqft
2018-12-01 93 days 1,933 sqft
2019-01-01 96 days 1,931 sqft
2019-02-01 91 days 1,922 sqft
2019-03-01 79 days 1,942 sqft
2019-04-01 68 days 1,955 sqft
2019-05-01 68 days 1,957 sqft
2019-06-01 74 days 1,954 sqft
2019-07-01 76 days 1,950 sqft
2019-08-01 76 days 1,945 sqft
2019-09-01 78 days 1,952 sqft
2019-10-01 80 days 1,957 sqft
2019-11-01 82 days 1,958 sqft
2019-12-01 87 days 1,944 sqft
2020-01-01 88 days 1,939 sqft
2020-02-01 82 days 1,936 sqft
2020-03-01 67 days 1,930 sqft
2020-04-01 69 days 1,903 sqft
2020-05-01 74 days 1,930 sqft
2020-06-01 78 days 1,972 sqft
2020-07-01 70 days 1,980 sqft
2020-08-01 65 days 1,960 sqft
2020-09-01 64 days 1,959 sqft
2020-10-01 66 days 1,958 sqft
2020-11-01 69 days 1,958 sqft
2020-12-01 64 days 1,950 sqft
2021-01-01 71 days 1,963 sqft
2021-02-01 56 days 1,958 sqft
2021-03-01 42 days 1,989 sqft
2021-04-01 34 days 1,949 sqft
2021-05-01 35 days 1,948 sqft
2021-06-01 33 days 1,927 sqft
2021-07-01 30 days 1,891 sqft
2021-08-01 34 days 1,890 sqft
2021-09-01 44 days 1,849 sqft
2021-10-01 52 days 1,833 sqft
2021-11-01 53 days 1,832 sqft
2021-12-01 58 days 1,869 sqft
2022-01-01 58 days 1,915 sqft
2022-02-01 43 days 2,012 sqft
2022-03-01 33 days 2,005 sqft
2022-04-01 26 days 1,980 sqft
2022-05-01 26 days 1,954 sqft
2022-06-01 31 days 1,916 sqft
2022-07-01 44 days 1,878 sqft
2022-08-01 54 days 1,873 sqft
2022-09-01 62 days 1,888 sqft
2022-10-01 68 days 1,884 sqft
2022-11-01 69 days 1,882 sqft
2022-12-01 73 days 1,866 sqft
2023-01-01 81 days 1,878 sqft
2023-02-01 67 days 1,867 sqft
2023-03-01 57 days 1,879 sqft
2023-04-01 51 days 1,873 sqft
2023-05-01 50 days 1,863 sqft
2023-06-01 52 days 1,854 sqft
2023-07-01 56 days 1,839 sqft
2023-08-01 57 days 1,814 sqft
2023-09-01 58 days 1,800 sqft
2023-10-01 62 days 1,822 sqft
2023-11-01 68 days 1,798 sqft
2023-12-01 79 days 1,787 sqft
2024-01-01 87 days 1,787 sqft
Daphne's median listing age (time on market) for 2024-01-01 was 87 days. This is 7% longer than the same period one year ago.

Daphne's median square footage for active listings during the 2024-01-01 period was 1,787 sqft. One year prior, the average listing was 1,878 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).