Decatur FHA Loan Rates, Closing Costs & Stats

DECATUR, 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.

    Decatur's 94 lenders originated 555 FHA loans during 2023. The total origination value was $115,685,000, with an average FHA loan value of $208,441.

    Decatur FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Decatur averaged 6.89% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Decatur's average FHA mortgage closing costs are $6,589.

    The average rate for the prior week (2024-04-12) was 6.78% and one month ago for the week of 2024-03-15, the average rate was 6.54%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Decatur 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 Decatur level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 69 6.18% $9,401
    UNITED WHOLESALE MORTGAGE, LLC 35 6.32% $10,666
    SouthPoint Bank 28 6.92% $6,259
    BROKER SOLUTIONS, INC. 28 6.65% $7,644
    Synovus Bank 24 6.34% $8,528
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 6.48% $7,397
    CARDINAL FINANCIAL 17 6.36% $8,896
    Renasant Bank 14 6.70% $9,018
    Regions Bank 13 6.47% $7,947
    LOANDEPOT.COM, LLC 13 6.88% $9,648
    PENNYMAC LOAN SERVICES, LLC 12 6.35% $8,201
    DHI MORTGAGE COMPANY, LTD. 11 5.49% $7,091
    MUTUAL OF OMAHA MORTGAGE, INC. 7 6.61% $13,927
    Victorian Finance, LLC 7 6.73% $10,911
    FREEDOM MORTGAGE CORPORATION 7 6.96% $11,914
    NEWREZ LLC 7 6.48% $10,564
    Carrington Mortgage Services, LLC 7 6.23% $10,265
    First Federal Bank, A FSB 7 6.46% $7,398
    Flagstar Bank, FSB 7 6.36% $10,192
    AMERISAVE MORTGAGE CORPORATION 6 6.42% $9,900
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 6 6.54% $10,855
    FIRST CONTINENTAL MORTGAGE, LTD. 6 6.06% $6,968
    MOVEMENT MORTGAGE, LLC 6 6.33% $7,977
    GMFS LLC 6 6.77% $6,790
    CROSSCOUNTRY MORTGAGE, LLC 6 6.29% $12,104
    Assurance Financial Group, L.L.C. 5 6.77% $7,138
    MORTGAGE INVESTORS GROUP, INC. 5 6.47% $8,981
    CIS Financial Services, Inc. 5 6.60% $10,412
    Mr. Cooper ( Nationstar Mortgage ) 5 5.80% $12,013
    Equity Prime Mortgage LLC 5 6.68% $8,909
    Trustmark National Bank 5 7.15% $10,649
    FirstBank 5 6.48% $9,643
    PNC Bank 4 6.94% $6,710
    VANDERBILT MORTGAGE AND FINANCE, INC. 4 6.16% $7,614
    AMERICAN FINANCIAL NETWORK, INC. 4 7.53% $10,872
    Paramount Residential Mortgage Group, Inc. 3 5.75% $12,444
    Century Mortgage Company DBA Century Lending Company 3 6.08% $10,009
    Consumer First Mortgage, Inc. 3 6.71% $7,596
    GUARANTEED RATE, INC. 3 6.42% $12,180
    GUILD MORTGAGE COMPANY 3 6.79% $8,612
    Hamilton Mortgage Corporation 3 6.71% $8,503
    MIDLAND MORTGAGE CORPORATION 3 6.75% $9,199
    MILEND, INC. 3 6.79% $17,559
    Nations Lending Corporation 3 7.29% $6,663
    PLANET HOME LENDING, LLC 3 6.33% $8,369
    REDSTONE Federal Credit Union 3 6.25% $7,833
    STOCKTON MORTGAGE CORPORATION 3 7.00% $7,372
    TJC Mortgage, Inc. 3 6.21% $9,815
    AMCAP MORTGAGE, LTD. 2 6.63% $14,367
    Wolfe Financial, Inc 2 6.88% $7,692
    ABSOLUTE HOME MORTGAGE CORPORATION 2 7.56% $10,396
    RUOFF MORTGAGE COMPANY, INC. 2 5.94% $8,252
    TOWNE MORTGAGE COMPANY 2 5.50% $11,273
    FIRST COMMUNITY MORTGAGE, INC. 2 6.62% $7,488
    Plains Commerce Bank 2 5.81% $7,980
    LEADERONE FINANCIAL CORPORATION 2 6.50% $7,538
    VILLAGE CAPITAL MORTGAGE 2 5.94% $6,755
    South State Bank 2 6.69% $6,595
    Wells Fargo Bank 2 6.63% $4,113
    CMG MORTGAGE, INC. 2 7.00% $8,050
    MORIA DEVELOPMENT, INC. 2 6.63% $7,407
    Bank Independent 2 6.06% $9,877
    Princeton Mortgage Corporation 1 7.63% $6,836
    CONTOUR MORTGAGE CORPORATION 1 5.75% $8,716
    CB&S Bank, Inc. 1 7.25% $6,772
    ROYAL UNITED MORTGAGE LLC 1 7.25% $12,185
    S1L, Inc. 1 5.75% $10,489
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.13% $7,348
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.50% $5,582
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $9,249
    THE MORTGAGE FIRM, INC. 1 5.50% $10,290
    TOP FLITE FINANCIAL, INC. 1 6.75% $23,500
    TOTAL MORTGAGE SERVICES, LLC 1 7.00% $8,174
    American Mortgage & Equity Consultants, Inc. 1 6.75% $11,494
    United Community Bank 1 5.75% $6,109
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $6,120
    LOANPAL, LLC 1 6.38% $11,119
    AMERICAN FINANCING CORPORATION 1 7.25% $12,892
    U.S. Bank 1 5.63% $14,331
    HOMESTAR FINANCIAL CORPORATION 1 7.25% $9,411
    ISERVE RESIDENTIAL LENDING, LLC 1 6.25% $16,471
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.38% $7,888
    M&T Bank 1 6.75% $7,876
    GENEVA FINANCIAL, LLC 1 5.63% $6,244
    NATIONS DIRECT MORTGAGE, LLC 1 5.88% $13,082
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $11,326
    NEW DAY FINANCIAL, LLC 1 7.00% $7,215
    Old National Bank 1 6.25% $7,187
    EMBRACE HOME LOANS, INC. 1 7.13% $12,274
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $9,215
    PHH Mortgage Corporation 1 6.49% $5,422
    Pinnacle Bank 1 6.00% $8,841
    ALLIED MORTGAGE GROUP, INC. 1 6.13% $16,511
    DELMAR FINANCIAL COMPANY 1 7.13% $11,729

    The top Decatur FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 69 FHA loans originated. Their average total fees are $9,401, which is $1,265 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Decatur FHA lenders (with over 10 loans originated) are SouthPoint Bank ($6,259), DHI MORTGAGE COMPANY, LTD. ($7,091), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,397), BROKER SOLUTIONS, INC. ($7,644) and Regions Bank ($7,947).

    The lowest rate Decatur FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.49%), QUICKEN LOANS, LLC (6.18%), UNITED WHOLESALE MORTGAGE, LLC (6.32%), Synovus Bank (6.34%) and PENNYMAC LOAN SERVICES, LLC (6.35%).

    Decatur FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DECATUR, AL LAWRENCE 2022 $420,680 $538,650 $651,050 $809,150
    DECATUR, AL MORGAN 2022 $420,680 $538,650 $651,050 $809,150
    DECATUR, AL LAWRENCE 2023 $472,030 $604,400 $730,525 $907,900
    DECATUR, AL MORGAN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Decatur (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 $175,175 (16.9%) $216,029 (17.1%) 0.65 560
    2018-02-01 $174,925 (16.7%) $218,289 (20.5%) 0.64 558
    2018-03-01 $175,000 (16.7%) $218,806 (17.3%) 0.61 537
    2018-04-01 $182,400 (14.1%) $223,722 (16.8%) 0.62 518
    2018-05-01 $179,950 (9.6%) $218,401 (11.9%) 0.60 545
    2018-06-01 $179,993 (6.2%) $216,990 (5.2%) 0.60 554
    2018-07-01 $187,900 (10.6%) $226,759 (9.3%) 0.63 523
    2018-08-01 $179,900 (5.9%) $223,650 (7.4%) 0.60 521
    2018-09-01 $189,500 (11.5%) $226,709 (9.0%) 0.64 504
    2018-10-01 $184,900 (8.9%) $224,935 (9.1%) 0.63 499
    2018-11-01 $183,675 (8.1%) $225,595 (9.4%) 0.62 485
    2018-12-01 $185,000 (8.9%) $227,662 (6.3%) 0.64 474
    2019-01-01 $182,450 (4.2%) $226,490 (4.8%) 0.63 452
    2019-02-01 $184,925 (5.7%) $225,725 (3.4%) 0.62 435
    2019-03-01 $182,757 (4.4%) $226,306 (3.4%) 0.60 399
    2019-04-01 $180,257 (-1.2%) $229,471 (2.6%) 0.57 374
    2019-05-01 $192,100 (6.8%) $241,353 (10.5%) 0.60 376
    2019-06-01 $199,900 (11.1%) $247,243 (13.9%) 0.62 377
    2019-07-01 $195,450 (4.0%) $250,341 (10.4%) 0.61 381
    2019-08-01 $203,636 (13.2%) $257,024 (14.9%) 0.64 378
    2019-09-01 $201,590 (6.4%) $259,003 (14.2%) 0.65 374
    2019-10-01 $200,000 (8.2%) $259,922 (15.6%) 0.65 370
    2019-11-01 $199,950 (8.9%) $264,249 (17.1%) 0.66 355
    2019-12-01 $199,775 (8.0%) $263,042 (15.5%) 0.67 331
    2020-01-01 $201,415 (10.4%) $267,726 (18.2%) 0.67 310
    2020-02-01 $199,999 (8.2%) $262,468 (16.3%) 0.65 293
    2020-03-01 $210,690 (15.3%) $253,762 (12.1%) 0.66 252
    2020-04-01 $217,450 (20.6%) $265,541 (15.7%) 0.68 247
    2020-05-01 $220,000 (14.5%) $260,523 (7.9%) 0.67 241
    2020-06-01 $215,225 (7.7%) $252,965 (2.3%) 0.63 218
    2020-07-01 $216,400 (10.7%) $255,870 (2.2%) 0.63 221
    2020-08-01 $229,900 (12.9%) $284,330 (10.6%) 0.66 200
    2020-09-01 $229,925 (14.1%) $285,807 (10.4%) 0.66 196
    2020-10-01 $229,900 (15.0%) $291,237 (12.1%) 0.66 192
    2020-11-01 $228,791 (14.4%) $289,256 (9.5%) 0.67 181
    2020-12-01 $224,900 (12.6%) $285,079 (8.4%) 0.67 175
    2021-01-01 $223,750 (11.1%) $291,958 (9.1%) 0.67 152
    2021-02-01 $235,338 (17.7%) $310,661 (18.4%) 0.69 124
    2021-03-01 $232,700 (10.5%) $308,594 (21.6%) 0.66 131
    2021-04-01 $258,675 (19.0%) $327,041 (23.2%) 0.70 121
    2021-05-01 $287,000 (30.5%) $357,547 (37.2%) 0.76 114
    2021-06-01 $266,475 (23.8%) $362,588 (43.3%) 0.70 122
    2021-07-01 $264,000 (22.0%) $347,425 (35.8%) 0.70 137
    2021-08-01 $265,303 (15.4%) $378,191 (33.0%) 0.71 154
    2021-09-01 $264,900 (15.2%) $389,977 (36.5%) 0.71 172
    2021-10-01 $270,000 (17.4%) $387,748 (33.1%) 0.72 187
    2021-11-01 $269,375 (17.7%) $389,327 (34.6%) 0.72 185
    2021-12-01 $260,925 (16.0%) $362,874 (27.3%) 0.71 170
    2022-01-01 $259,000 (15.8%) $351,285 (20.3%) 0.70 142
    2022-02-01 $269,000 (14.3%) $376,666 (21.3%) 0.70 112
    2022-03-01 $268,900 (15.6%) $363,143 (17.7%) 0.67 127
    2022-04-01 $250,000 (-3.4%) $340,851 (4.2%) 0.60 132
    2022-05-01 $281,167 (-2.0%) $338,770 (-5.3%) 0.64 177
    2022-06-01 $286,475 (7.5%) $332,408 (-8.3%) 0.64 218
    2022-07-01 $275,000 (4.2%) $331,967 (-4.5%) 0.62 266
    2022-08-01 $299,450 (12.9%) $336,299 (-11.1%) 0.69 272
    2022-09-01 $299,900 (13.2%) $331,694 (-15.0%) 0.70 268
    2022-10-01 $304,900 (12.9%) $333,539 (-14.0%) 0.72 267
    2022-11-01 $297,000 (10.3%) $332,697 (-14.6%) 0.71 258
    2022-12-01 $289,900 (11.1%) $345,022 (-4.9%) 0.72 245
    2023-01-01 $307,450 (18.7%) $357,434 (1.8%) 0.76 207
    2023-02-01 $307,450 (14.3%) $356,633 (-5.3%) 0.74 200
    2023-03-01 $298,397 (11.0%) $351,605 (-3.2%) 0.70 195
    2023-04-01 $310,900 (24.4%) $356,252 (4.5%) 0.72 174
    2023-05-01 $343,150 (22.0%) $384,075 (13.4%) 0.78 183
    2023-06-01 $336,125 (17.3%) $382,992 (15.2%) 0.76 187
    2023-07-01 $315,000 (14.6%) $377,515 (13.7%) 0.72 226
    2023-08-01 $318,933 (6.5%) $380,875 (13.3%) 0.73 241
    2023-09-01 $302,450 (0.9%) $375,564 (13.2%) 0.70 258
    2023-10-01 $299,450 (-1.8%) $366,002 (9.7%) 0.70 290
    2023-11-01 $294,850 (-0.7%) $359,236 (8.0%) 0.70 306
    2023-12-01 $294,900 (1.7%) $352,193 (2.1%) 0.72 320
    2024-01-01 $295,950 (-3.7%) $353,397 (-1.1%) 0.72 300
    2024-02-01 $297,900 (-3.1%) $362,572 (1.7%) 0.72 302
    2024-03-01 $296,900 (-0.5%) $344,664 (-2.0%) 0.70 292
    Decatur's median listing price for 2024-03-01 was $296,900, a difference of $-1,497 (-0.5%) versus the prior year and $-1,000 versus the prior month.

    Decatur's median listing price comes in at 70% of the national average.

    Decatur's average listing price for 2024-03-01 was $344,664, a difference of $-6,941 (-2.0%) versus the prior year and $-17,908 versus the prior month.

    For the 2024-03-01 period, Decatur had 292 MLS listings, a difference of -10 listings (-3%) versus the prior month and 97 listings (50%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Decatur (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 102 days 2,081 sqft
    2018-02-01 101 days 2,129 sqft
    2018-03-01 93 days 2,143 sqft
    2018-04-01 78 days 2,172 sqft
    2018-05-01 69 days 2,143 sqft
    2018-06-01 68 days 2,150 sqft
    2018-07-01 74 days 2,200 sqft
    2018-08-01 70 days 2,119 sqft
    2018-09-01 71 days 2,170 sqft
    2018-10-01 77 days 2,122 sqft
    2018-11-01 79 days 2,108 sqft
    2018-12-01 85 days 2,157 sqft
    2019-01-01 95 days 2,134 sqft
    2019-02-01 94 days 2,161 sqft
    2019-03-01 79 days 2,161 sqft
    2019-04-01 68 days 2,158 sqft
    2019-05-01 56 days 2,201 sqft
    2019-06-01 52 days 2,250 sqft
    2019-07-01 51 days 2,228 sqft
    2019-08-01 56 days 2,251 sqft
    2019-09-01 62 days 2,253 sqft
    2019-10-01 63 days 2,249 sqft
    2019-11-01 64 days 2,207 sqft
    2019-12-01 72 days 2,193 sqft
    2020-01-01 78 days 2,183 sqft
    2020-02-01 67 days 2,100 sqft
    2020-03-01 55 days 2,103 sqft
    2020-04-01 57 days 2,188 sqft
    2020-05-01 52 days 2,175 sqft
    2020-06-01 38 days 2,127 sqft
    2020-07-01 34 days 2,097 sqft
    2020-08-01 38 days 2,153 sqft
    2020-09-01 37 days 2,168 sqft
    2020-10-01 35 days 2,183 sqft
    2020-11-01 44 days 2,206 sqft
    2020-12-01 45 days 2,144 sqft
    2021-01-01 47 days 2,100 sqft
    2021-02-01 48 days 2,131 sqft
    2021-03-01 26 days 2,101 sqft
    2021-04-01 29 days 2,181 sqft
    2021-05-01 27 days 2,218 sqft
    2021-06-01 23 days 2,189 sqft
    2021-07-01 23 days 2,058 sqft
    2021-08-01 22 days 2,049 sqft
    2021-09-01 24 days 2,126 sqft
    2021-10-01 32 days 2,184 sqft
    2021-11-01 33 days 2,136 sqft
    2021-12-01 38 days 2,121 sqft
    2022-01-01 45 days 2,127 sqft
    2022-02-01 28 days 2,107 sqft
    2022-03-01 15 days 2,088 sqft
    2022-04-01 19 days 2,040 sqft
    2022-05-01 17 days 2,071 sqft
    2022-06-01 26 days 2,092 sqft
    2022-07-01 25 days 2,090 sqft
    2022-08-01 38 days 2,134 sqft
    2022-09-01 44 days 2,071 sqft
    2022-10-01 52 days 2,143 sqft
    2022-11-01 58 days 2,185 sqft
    2022-12-01 66 days 2,201 sqft
    2023-01-01 75 days 2,203 sqft
    2023-02-01 69 days 2,200 sqft
    2023-03-01 48 days 2,079 sqft
    2023-04-01 40 days 2,199 sqft
    2023-05-01 38 days 2,259 sqft
    2023-06-01 44 days 2,253 sqft
    2023-07-01 29 days 2,094 sqft
    2023-08-01 37 days 2,186 sqft
    2023-09-01 42 days 2,129 sqft
    2023-10-01 48 days 2,045 sqft
    2023-11-01 53 days 2,021 sqft
    2023-12-01 56 days 1,935 sqft
    2024-01-01 65 days 1,906 sqft
    2024-02-01 77 days 1,945 sqft
    2024-03-01 58 days 1,925 sqft
    Decatur's median listing age (time on market) for 2024-03-01 was 58 days. This is 21% longer than the same period one year ago.

    Decatur's median square footage for active listings during the 2024-03-01 period was 1,925 sqft. One year prior, the average listing was 2,079 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).