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 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 -0.17% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-06-14) was 6.33% and one month ago for the week of 2024-05-17, the average rate was 6.57%.

The average rate one year ago was 6.36%.

For refis of the same type during the week of 2024-06-21, the average rate was -0.12%.

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).