Dothan FHA Loan Rates, Closing Costs & Stats

DOTHAN, 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.

    Dothan's 69 lenders originated 442 FHA loans during 2023. The total origination value was $82,560,000, with an average FHA loan value of $186,787.

    Dothan FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dothan averaged 7.03% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Dothan's average FHA mortgage closing costs are $5,787.

    The average rate for the prior week (2024-04-12) was 6.52% and one month ago for the week of 2024-03-15, the average rate was 6.79%.

    The average rate one year ago was 6.51%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.8%.

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

    Dothan 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 Dothan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 51 6.32% $8,322
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 42 6.87% $7,395
    INTERLINC MORTGAGE SERVICES, LLC 39 7.05% $6,127
    Ameris Bank 29 6.37% $8,204
    ENVOY MORTGAGE, LTD 25 6.61% $8,031
    CROSSCOUNTRY MORTGAGE, LLC 25 6.86% $10,022
    Renasant Bank 23 6.32% $7,249
    UNITED WHOLESALE MORTGAGE, LLC 14 6.66% $8,869
    First Federal Bank 12 6.75% $5,981
    UNION HOME MORTGAGE CORP. 9 6.92% $8,380
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 7.02% $7,028
    BROKER SOLUTIONS, INC. 7 6.79% $9,526
    Regions Bank 7 6.70% $7,723
    Synovus Bank 7 6.36% $6,348
    AMERICAN FINANCIAL RESOURCES, INC. 7 7.04% $6,887
    PENNYMAC LOAN SERVICES, LLC 7 6.27% $8,922
    Mortgage Research Center, LLC 7 6.82% $6,005
    FirstBank 6 6.46% $8,482
    FREEDOM MORTGAGE CORPORATION 5 7.20% $10,608
    Mr. Cooper ( Nationstar Mortgage ) 4 5.94% $10,968
    STOCKTON MORTGAGE CORPORATION 4 7.47% $9,723
    Tyndall Federal Credit Union 3 6.79% $6,007
    Flagstar Bank, FSB 3 5.93% $11,501
    CARDINAL FINANCIAL 3 6.96% $7,387
    PLANET HOME LENDING, LLC 3 4.88% $4,371
    CMG MORTGAGE, INC. 3 6.83% $14,459
    Plains Commerce Bank 3 6.38% $7,953
    MILEND, INC. 3 7.00% $8,702
    MOVEMENT MORTGAGE, LLC 3 7.33% $7,331
    AVADIAN 3 6.63% $5,780
    Ixonia Bank 2 7.00% $8,907
    JPMorgan Chase Bank 2 7.06% $5,091
    Barrington Bank & Trust Company, N.A. 2 6.25% $6,739
    TOWNE MORTGAGE COMPANY 2 5.50% $6,038
    LOANDEPOT.COM, LLC 2 6.62% $8,038
    MORTGAGE INVESTORS GROUP, INC. 2 7.06% $8,795
    Carrington Mortgage Services, LLC 2 6.94% $7,501
    Wells Fargo Bank 2 6.44% $10,385
    HOMESTAR FINANCIAL CORPORATION 2 5.63% $9,178
    CHURCHILL MORTGAGE CORPORATION 2 7.19% $6,226
    NEWREZ LLC 2 6.69% $4,389
    Nations Lending Corporation 1 6.63% $11,116
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $8,162
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $8,860
    Capital City Home Loans, LLC 1 6.63% $11,791
    Colonial Savings, F.A. 1 6.50% $12,087
    DHI MORTGAGE COMPANY, LTD. 1 5.50% $7,052
    Equity Prime Mortgage LLC 1 8.25% $13,826
    GMFS LLC 1 6.25% $6,402
    GUARANTEED RATE, INC. 1 4.99% $9,476
    GUILD MORTGAGE COMPANY 1 6.63% $7,083
    Hamilton Mortgage Corporation 1 6.50% $8,753
    INTERCAP LENDING INC. 1 5.75% $11,146
    LAKEVIEW LOAN SERVICING, LLC 1 7.13% $7,216
    LOANPAL, LLC 1 5.25% $15,192
    MIDLAND MORTGAGE CORPORATION 1 6.25% $5,963
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.00% $10,448
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $11,768
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $17,191
    NFM, INC. 1 6.63% $9,302
    PHH Mortgage Corporation 1 7.49% $8,555
    Prosperity Home Mortgage, LLC 1 7.63% $11,520
    ServisFirst Bank 1 5.75% $13,007
    Stride Bank 1 6.25% $8,616
    THRIVE MORTGAGE, LLC 1 7.63% $13,250
    Trustmark National Bank 1 6.63% $9,160
    University Bank 1 7.63% $8,772
    VILLAGE CAPITAL MORTGAGE 1 7.25% $3,356
    ZILLOW HOME LOANS, LLC 1 7.75% $8,737

    The top Dothan FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 51 FHA loans originated. Their average total fees are $8,322, which is $927 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Dothan FHA lenders (with over 10 loans originated) are First Federal Bank ($5,981), INTERLINC MORTGAGE SERVICES, LLC ($6,127), Renasant Bank ($7,249), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,395) and ENVOY MORTGAGE, LTD ($8,031).

    The lowest rate Dothan FHA lenders (with over 10 loans originated) are Renasant Bank (6.32%), QUICKEN LOANS, LLC (6.32%), Ameris Bank (6.37%), ENVOY MORTGAGE, LTD (6.61%) and UNITED WHOLESALE MORTGAGE, LLC (6.66%).

    Dothan FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Dothan (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 $159,900 (10.4%) $201,742 (8.9%) 0.59 827
    2018-02-01 $159,900 (8.6%) $200,247 (7.0%) 0.58 867
    2018-03-01 $159,900 (3.9%) $198,204 (1.7%) 0.56 890
    2018-04-01 $164,500 (6.2%) $200,278 (3.3%) 0.56 883
    2018-05-01 $164,575 (5.6%) $199,446 (2.8%) 0.55 941
    2018-06-01 $164,900 (4.9%) $205,827 (5.6%) 0.55 910
    2018-07-01 $169,900 (8.2%) $209,993 (7.5%) 0.57 878
    2018-08-01 $164,625 (3.5%) $207,771 (6.3%) 0.55 850
    2018-09-01 $165,000 (3.5%) $207,866 (6.2%) 0.55 839
    2018-10-01 $164,788 (3.4%) $209,981 (6.2%) 0.56 811
    2018-11-01 $163,950 (3.0%) $214,561 (8.8%) 0.56 790
    2018-12-01 $169,000 (7.6%) $220,128 (10.7%) 0.58 736
    2019-01-01 $177,400 (10.9%) $222,884 (10.5%) 0.61 705
    2019-02-01 $179,950 (12.5%) $224,256 (12.0%) 0.61 690
    2019-03-01 $184,529 (15.4%) $239,331 (20.8%) 0.60 655
    2019-04-01 $186,429 (13.3%) $253,671 (26.7%) 0.59 636
    2019-05-01 $185,800 (12.9%) $250,300 (25.5%) 0.58 638
    2019-06-01 $190,000 (15.2%) $248,308 (20.6%) 0.59 656
    2019-07-01 $189,700 (11.7%) $248,779 (18.5%) 0.59 658
    2019-08-01 $188,191 (14.3%) $248,613 (19.7%) 0.60 624
    2019-09-01 $186,227 (12.9%) $243,573 (17.2%) 0.60 618
    2019-10-01 $185,068 (12.3%) $240,652 (14.6%) 0.60 613
    2019-11-01 $189,900 (15.8%) $243,313 (13.4%) 0.62 590
    2019-12-01 $191,375 (13.2%) $244,874 (11.2%) 0.64 579
    2020-01-01 $194,400 (9.6%) $253,932 (13.9%) 0.65 546
    2020-02-01 $192,900 (7.2%) $247,267 (10.3%) 0.63 533
    2020-03-01 $198,500 (7.6%) $251,500 (5.1%) 0.62 508
    2020-04-01 $196,850 (5.6%) $245,288 (-3.3%) 0.62 499
    2020-05-01 $196,700 (5.9%) $259,474 (3.7%) 0.60 446
    2020-06-01 $199,600 (5.1%) $267,376 (7.7%) 0.59 414
    2020-07-01 $208,675 (10.0%) $267,281 (7.4%) 0.60 411
    2020-08-01 $218,450 (16.1%) $274,961 (10.6%) 0.63 390
    2020-09-01 $206,950 (11.1%) $268,280 (10.1%) 0.59 339
    2020-10-01 $206,450 (11.6%) $268,092 (11.4%) 0.59 350
    2020-11-01 $204,575 (7.7%) $277,188 (13.9%) 0.60 315
    2020-12-01 $199,650 (4.3%) $268,551 (9.7%) 0.59 318
    2021-01-01 $194,900 (0.3%) $269,701 (6.2%) 0.58 278
    2021-02-01 $191,600 (-0.7%) $272,278 (10.1%) 0.56 257
    2021-03-01 $189,900 (-4.3%) $287,346 (14.3%) 0.54 228
    2021-04-01 $218,225 (10.9%) $310,400 (26.5%) 0.59 206
    2021-05-01 $227,000 (15.4%) $321,687 (24.0%) 0.60 171
    2021-06-01 $208,450 (4.4%) $290,253 (8.6%) 0.55 184
    2021-07-01 $199,900 (-4.2%) $277,056 (3.7%) 0.53 206
    2021-08-01 $203,350 (-6.9%) $265,039 (-3.6%) 0.54 240
    2021-09-01 $219,900 (6.3%) $272,171 (1.5%) 0.59 264
    2021-10-01 $219,900 (6.5%) $284,084 (6.0%) 0.59 253
    2021-11-01 $206,725 (1.1%) $279,664 (0.9%) 0.55 234
    2021-12-01 $217,450 (8.9%) $284,693 (6.0%) 0.59 224
    2022-01-01 $224,900 (15.4%) $292,213 (8.4%) 0.61 199
    2022-02-01 $215,000 (12.2%) $296,946 (9.1%) 0.56 199
    2022-03-01 $246,049 (29.6%) $307,096 (6.9%) 0.62 172
    2022-04-01 $253,699 (16.3%) $305,749 (-1.5%) 0.60 193
    2022-05-01 $239,900 (5.7%) $304,802 (-5.3%) 0.55 203
    2022-06-01 $252,500 (21.1%) $306,842 (5.7%) 0.56 231
    2022-07-01 $259,725 (29.9%) $309,251 (11.6%) 0.59 254
    2022-08-01 $265,850 (30.7%) $309,619 (16.8%) 0.61 274
    2022-09-01 $256,025 (16.4%) $309,142 (13.6%) 0.60 293
    2022-10-01 $257,900 (17.3%) $298,941 (5.2%) 0.61 305
    2022-11-01 $248,450 (20.2%) $293,447 (4.9%) 0.60 313
    2022-12-01 $247,700 (13.9%) $289,499 (1.7%) 0.61 307
    2023-01-01 $234,850 (4.4%) $282,061 (-3.5%) 0.58 280
    2023-02-01 $258,800 (20.4%) $285,911 (-3.7%) 0.62 234
    2023-03-01 $261,800 (6.4%) $289,062 (-5.9%) 0.62 246
    2023-04-01 $275,000 (8.4%) $309,498 (1.2%) 0.64 249
    2023-05-01 $253,725 (5.8%) $312,867 (2.7%) 0.58 251
    2023-06-01 $265,700 (5.2%) $316,322 (3.1%) 0.60 252
    2023-07-01 $259,900 (0.1%) $310,921 (0.5%) 0.59 256
    2023-08-01 $263,175 (-1.0%) $320,327 (3.5%) 0.60 289
    2023-09-01 $269,900 (5.4%) $320,510 (3.7%) 0.63 313
    2023-10-01 $268,225 (4.0%) $318,591 (6.6%) 0.63 339
    2023-11-01 $263,725 (6.2%) $312,021 (6.3%) 0.63 349
    2023-12-01 $264,999 (7.0%) $318,878 (10.2%) 0.65 345
    2024-01-01 $264,075 (12.4%) $313,434 (11.1%) 0.64 323
    2024-02-01 $264,375 (2.2%) $316,320 (10.6%) 0.64 324
    2024-03-01 $260,000 (-0.7%) $319,877 (10.7%) 0.61 330
    Dothan's median listing price for 2024-03-01 was $260,000, a difference of $-1,800 (-0.7%) versus the prior year and $-4,375 versus the prior month.

    Dothan's median listing price comes in at 61% of the national average.

    Dothan's average listing price for 2024-03-01 was $319,877, a difference of $30,815 (10.7%) versus the prior year and $3,557 versus the prior month.

    For the 2024-03-01 period, Dothan had 330 MLS listings, a difference of 6 listings (2%) versus the prior month and 84 listings (34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Dothan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 102 days 1,872 sqft
    2018-02-01 94 days 1,851 sqft
    2018-03-01 77 days 1,856 sqft
    2018-04-01 75 days 1,882 sqft
    2018-05-01 72 days 1,880 sqft
    2018-06-01 74 days 1,900 sqft
    2018-07-01 77 days 1,902 sqft
    2018-08-01 84 days 1,890 sqft
    2018-09-01 87 days 1,883 sqft
    2018-10-01 92 days 1,899 sqft
    2018-11-01 94 days 1,891 sqft
    2018-12-01 99 days 1,940 sqft
    2019-01-01 103 days 1,976 sqft
    2019-02-01 96 days 1,975 sqft
    2019-03-01 84 days 2,008 sqft
    2019-04-01 68 days 2,047 sqft
    2019-05-01 67 days 1,992 sqft
    2019-06-01 65 days 2,012 sqft
    2019-07-01 67 days 1,992 sqft
    2019-08-01 74 days 1,974 sqft
    2019-09-01 77 days 1,964 sqft
    2019-10-01 80 days 1,967 sqft
    2019-11-01 89 days 1,991 sqft
    2019-12-01 95 days 2,011 sqft
    2020-01-01 97 days 2,033 sqft
    2020-02-01 85 days 2,007 sqft
    2020-03-01 67 days 2,044 sqft
    2020-04-01 67 days 2,018 sqft
    2020-05-01 70 days 2,026 sqft
    2020-06-01 57 days 2,040 sqft
    2020-07-01 48 days 2,060 sqft
    2020-08-01 52 days 2,100 sqft
    2020-09-01 57 days 2,039 sqft
    2020-10-01 56 days 2,059 sqft
    2020-11-01 67 days 2,077 sqft
    2020-12-01 72 days 2,051 sqft
    2021-01-01 67 days 2,022 sqft
    2021-02-01 64 days 1,969 sqft
    2021-03-01 50 days 1,943 sqft
    2021-04-01 38 days 2,083 sqft
    2021-05-01 36 days 2,089 sqft
    2021-06-01 26 days 2,047 sqft
    2021-07-01 28 days 1,948 sqft
    2021-08-01 32 days 1,936 sqft
    2021-09-01 36 days 1,956 sqft
    2021-10-01 48 days 1,927 sqft
    2021-11-01 59 days 1,840 sqft
    2021-12-01 67 days 1,894 sqft
    2022-01-01 59 days 1,843 sqft
    2022-02-01 40 days 1,854 sqft
    2022-03-01 48 days 1,911 sqft
    2022-04-01 34 days 2,001 sqft
    2022-05-01 38 days 1,922 sqft
    2022-06-01 35 days 2,004 sqft
    2022-07-01 37 days 2,063 sqft
    2022-08-01 40 days 2,077 sqft
    2022-09-01 52 days 2,067 sqft
    2022-10-01 54 days 2,054 sqft
    2022-11-01 62 days 1,982 sqft
    2022-12-01 68 days 1,999 sqft
    2023-01-01 73 days 2,021 sqft
    2023-02-01 71 days 2,113 sqft
    2023-03-01 38 days 2,106 sqft
    2023-04-01 43 days 2,156 sqft
    2023-05-01 45 days 2,039 sqft
    2023-06-01 46 days 2,031 sqft
    2023-07-01 46 days 1,980 sqft
    2023-08-01 45 days 1,912 sqft
    2023-09-01 46 days 1,936 sqft
    2023-10-01 53 days 1,930 sqft
    2023-11-01 58 days 1,947 sqft
    2023-12-01 61 days 1,925 sqft
    2024-01-01 69 days 1,870 sqft
    2024-02-01 57 days 1,915 sqft
    2024-03-01 53 days 1,905 sqft
    Dothan's median listing age (time on market) for 2024-03-01 was 53 days. This is 41% longer than the same period one year ago.

    Dothan's median square footage for active listings during the 2024-03-01 period was 1,905 sqft. One year prior, the average listing was 2,106 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).