Enterprise FHA Loan Rates, Closing Costs & Stats

Enterprise, AL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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.

    Enterprise's 30 lenders originated 104 FHA loans during 2023. The total origination value was $19,960,000, with an average FHA loan value of $191,923.

    Enterprise FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Enterprise averaged 6.71% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Enterprise's average FHA mortgage closing costs are $5,806.

    The average rate for the prior week (2024-04-12) was 6.8% and one month ago for the week of 2024-03-15, the average rate was 6.77%.

    The average rate one year ago was 6.4%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Enterprise 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 Enterprise level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ENVOY MORTGAGE, LTD 21 6.71% $9,017
    QUICKEN LOANS, LLC 11 6.23% $8,485
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 7.10% $9,105
    MOVEMENT MORTGAGE, LLC 9 6.82% $8,596
    Mortgage Research Center, LLC 5 6.58% $4,770
    First Federal Bank 4 6.63% $6,346
    UNITED WHOLESALE MORTGAGE, LLC 4 6.03% $11,560
    Renasant Bank 3 6.58% $7,324
    FREEDOM MORTGAGE CORPORATION 3 6.38% $11,173
    GUARANTEED RATE, INC. 3 6.40% $8,588
    INTERLINC MORTGAGE SERVICES, LLC 3 7.21% $7,056
    ZILLOW HOME LOANS, LLC 2 5.63% $9,512
    Flagstar Bank, FSB 2 6.40% $8,741
    LOANDEPOT.COM, LLC 2 6.25% $9,312
    PENNYMAC LOAN SERVICES, LLC 2 5.88% $9,261
    GUILD MORTGAGE COMPANY 1 6.63% $9,462
    M&T Bank 1 6.25% $7,168
    NBKC BANK 1 6.13% $10,029
    NEWREZ LLC 1 5.75% $6,149
    ALAMEDA MORTGAGE CORPORATION 1 7.13% $8,015
    PHH Mortgage Corporation 1 6.63% $9,022
    Carrington Mortgage Services, LLC 1 6.13% $8,164
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $16,407
    BROKER SOLUTIONS, INC. 1 7.13% $10,940
    STOCKTON MORTGAGE CORPORATION 1 8.00% $5,759
    Synovus Bank 1 6.75% $4,383
    TOP FLITE FINANCIAL, INC. 1 7.25% $7,655
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $6,674
    Wells Fargo Bank 1 6.50% $6,328
    MILEND, INC. 1 6.75% $7,983

    The top Enterprise FHA lender as defined by loan originations is ENVOY MORTGAGE, LTD, with 21 FHA loans originated. Their average total fees are $9,017, which is $532 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Enterprise FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,485), ENVOY MORTGAGE, LTD ($9,017), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,105), .

    The lowest rate Enterprise FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.23%), ENVOY MORTGAGE, LTD (6.71%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (7.10%), .

    Enterprise FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Enterprise (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 $168,538 (8.0%) $185,289 (0.0%) 0.00 358
    2018-02-01 $166,600 (2.9%) $184,865 (-0.5%) 0.00 369
    2018-03-01 $172,500 (7.3%) $190,699 (4.0%) 0.00 384
    2018-04-01 $171,125 (4.4%) $188,553 (0.3%) 0.00 405
    2018-05-01 $170,000 (0.0%) $196,259 (1.9%) 0.00 476
    2018-06-01 $168,850 (-1.0%) $192,319 (1.3%) 0.00 412
    2018-07-01 $169,825 (-3.0%) $193,499 (1.5%) 0.00 408
    2018-08-01 $174,819 (1.7%) $193,554 (2.6%) 0.00 410
    2018-09-01 $179,900 (6.0%) $198,572 (6.5%) 0.00 391
    2018-10-01 $178,500 (6.0%) $200,473 (8.1%) 0.00 372
    2018-11-01 $179,325 (6.1%) $202,467 (8.6%) 0.00 361
    2018-12-01 $178,500 (8.3%) $200,826 (9.0%) 0.00 365
    2019-01-01 $179,000 (6.2%) $200,373 (8.1%) 0.00 346
    2019-02-01 $178,375 (7.1%) $200,006 (8.2%) 0.00 348
    2019-03-01 $177,286 (2.8%) $203,782 (6.9%) 0.00 338
    2019-04-01 $176,611 (3.2%) $211,393 (12.1%) 0.00 334
    2019-05-01 $178,500 (5.0%) $213,349 (8.7%) 0.00 327
    2019-06-01 $174,950 (3.6%) $214,771 (11.7%) 0.00 314
    2019-07-01 $178,900 (5.3%) $217,089 (12.2%) 0.00 314
    2019-08-01 $180,745 (3.4%) $217,068 (12.2%) 0.00 288
    2019-09-01 $182,014 (1.2%) $216,902 (9.2%) 0.00 269
    2019-10-01 $182,859 (2.4%) $217,802 (8.6%) 0.00 256
    2019-11-01 $178,500 (-0.5%) $212,218 (4.8%) 0.00 252
    2019-12-01 $178,500 (0.0%) $212,366 (5.8%) 0.00 239
    2020-01-01 $179,700 (0.4%) $212,619 (6.1%) 0.00 221
    2020-02-01 $174,950 (-1.9%) $204,985 (2.5%) 0.00 223
    2020-03-01 $170,575 (-3.8%) $207,820 (2.0%) 0.00 219
    2020-04-01 $179,200 (1.5%) $213,285 (0.9%) 0.00 208
    2020-05-01 $187,500 (5.0%) $222,647 (4.4%) 0.00 197
    2020-06-01 $203,750 (16.5%) $236,169 (10.0%) 0.00 172
    2020-07-01 $198,250 (10.8%) $237,274 (9.3%) 0.00 151
    2020-08-01 $199,975 (10.6%) $250,653 (15.5%) 0.00 142
    2020-09-01 $214,725 (18.0%) $265,396 (22.4%) 0.00 119
    2020-10-01 $213,250 (16.6%) $231,582 (6.3%) 0.00 136
    2020-11-01 $197,450 (10.6%) $220,730 (4.0%) 0.00 150
    2020-12-01 $207,375 (16.2%) $230,011 (8.3%) 0.00 151
    2021-01-01 $206,500 (14.9%) $226,841 (6.7%) 0.00 137
    2021-02-01 $195,825 (11.9%) $224,562 (9.6%) 0.00 125
    2021-03-01 $192,475 (12.8%) $238,467 (14.8%) 0.00 103
    2021-04-01 $181,000 (1.0%) $231,377 (8.5%) 0.00 95
    2021-05-01 $199,750 (6.5%) $250,639 (12.6%) 0.00 87
    2021-06-01 $223,625 (9.8%) $257,537 (9.1%) 0.00 97
    2021-07-01 $215,000 (8.5%) $256,173 (8.0%) 0.00 109
    2021-08-01 $202,450 (1.2%) $250,047 (-0.2%) 0.00 114
    2021-09-01 $195,920 (-8.8%) $243,240 (-8.4%) 0.00 104
    2021-10-01 $195,000 (-8.6%) $227,229 (-1.9%) 0.00 109
    2021-11-01 $193,724 (-1.9%) $225,961 (2.4%) 0.00 98
    2021-12-01 $193,724 (-6.6%) $228,539 (-0.6%) 0.00 87
    2022-01-01 $195,000 (-5.6%) $221,393 (-2.4%) 0.00 77
    2022-02-01 $199,000 (1.6%) $239,647 (6.7%) 0.00 63
    2022-03-01 $190,500 (-1.0%) $231,104 (-3.1%) 0.00 60
    2022-04-01 $218,750 (20.9%) $254,411 (10.0%) 0.00 57
    2022-05-01 $246,825 (23.6%) $280,397 (11.9%) 0.00 64
    2022-06-01 $292,200 (30.7%) $307,400 (19.4%) 0.00 82
    2022-07-01 $327,950 (52.5%) $326,524 (27.5%) 0.00 92
    2022-08-01 $335,750 (65.8%) $319,930 (28.0%) 0.00 94
    2022-09-01 $343,500 (75.3%) $321,379 (32.1%) 0.00 100
    2022-10-01 $347,000 (78.0%) $326,703 (43.8%) 0.00 106
    2022-11-01 $336,500 (73.7%) $326,892 (44.7%) 0.00 108
    2022-12-01 $336,000 (73.4%) $335,788 (46.9%) 0.00 107
    2023-01-01 $345,000 (76.9%) $326,613 (47.5%) 0.00 96
    2023-02-01 $347,000 (74.4%) $324,126 (35.3%) 0.00 93
    2023-03-01 $353,725 (85.7%) $337,669 (46.1%) 0.00 106
    2023-04-01 $359,000 (64.1%) $342,234 (34.5%) 0.00 113
    2023-05-01 $359,000 (45.5%) $344,300 (22.8%) 0.00 95
    2023-06-01 $359,425 (23.0%) $339,704 (10.5%) 0.00 106
    2023-07-01 $365,000 (11.3%) $336,313 (3.0%) 0.00 113
    2023-08-01 $356,450 (6.2%) $336,056 (5.0%) 0.00 124
    2023-09-01 $328,000 (-4.5%) $322,351 (0.3%) 0.00 136
    2023-10-01 $322,225 (-7.1%) $322,110 (-1.4%) 0.00 148
    2023-11-01 $315,625 (-6.2%) $323,740 (-1.0%) 0.00 147
    2023-12-01 $273,500 (-18.6%) $303,343 (-9.7%) 0.00 145
    2024-01-01 $275,000 (-20.3%) $304,701 (-6.7%) 0.00 136
    2024-02-01 $281,225 (-19.0%) $305,615 (-5.7%) 0.00 140
    2024-03-01 $259,900 (-26.5%) $300,506 (-11.0%) 0.00 146
    Enterprise's median listing price for 2024-03-01 was $259,900, a difference of $-93,825 (-26.5%) versus the prior year and $-21,325 versus the prior month.

    Enterprise's median listing price comes in at 0% of the national average.

    Enterprise's average listing price for 2024-03-01 was $300,506, a difference of $-37,163 (-11.0%) versus the prior year and $-5,109 versus the prior month.

    For the 2024-03-01 period, Enterprise had 146 MLS listings, a difference of 6 listings (4%) versus the prior month and 40 listings (38%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Enterprise (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,998 sqft
    2018-02-01 0 days 1,947 sqft
    2018-03-01 0 days 1,949 sqft
    2018-04-01 0 days 1,960 sqft
    2018-05-01 0 days 1,961 sqft
    2018-06-01 0 days 1,956 sqft
    2018-07-01 0 days 1,966 sqft
    2018-08-01 0 days 2,011 sqft
    2018-09-01 0 days 1,988 sqft
    2018-10-01 0 days 2,001 sqft
    2018-11-01 0 days 2,010 sqft
    2018-12-01 0 days 1,968 sqft
    2019-01-01 0 days 1,958 sqft
    2019-02-01 0 days 1,924 sqft
    2019-03-01 0 days 1,937 sqft
    2019-04-01 0 days 1,966 sqft
    2019-05-01 0 days 1,960 sqft
    2019-06-01 0 days 1,947 sqft
    2019-07-01 0 days 2,020 sqft
    2019-08-01 0 days 2,012 sqft
    2019-09-01 0 days 2,002 sqft
    2019-10-01 0 days 1,998 sqft
    2019-11-01 0 days 1,980 sqft
    2019-12-01 0 days 1,974 sqft
    2020-01-01 0 days 1,931 sqft
    2020-02-01 0 days 1,895 sqft
    2020-03-01 0 days 1,986 sqft
    2020-04-01 0 days 2,043 sqft
    2020-05-01 0 days 2,074 sqft
    2020-06-01 0 days 2,136 sqft
    2020-07-01 0 days 2,094 sqft
    2020-08-01 0 days 2,131 sqft
    2020-09-01 0 days 2,092 sqft
    2020-10-01 0 days 2,017 sqft
    2020-11-01 0 days 2,028 sqft
    2020-12-01 0 days 2,049 sqft
    2021-01-01 0 days 1,988 sqft
    2021-02-01 0 days 1,970 sqft
    2021-03-01 0 days 2,000 sqft
    2021-04-01 0 days 1,945 sqft
    2021-05-01 0 days 1,926 sqft
    2021-06-01 0 days 1,981 sqft
    2021-07-01 0 days 2,000 sqft
    2021-08-01 0 days 2,027 sqft
    2021-09-01 0 days 1,951 sqft
    2021-10-01 0 days 1,996 sqft
    2021-11-01 0 days 1,992 sqft
    2021-12-01 0 days 1,912 sqft
    2022-01-01 0 days 1,903 sqft
    2022-02-01 0 days 1,932 sqft
    2022-03-01 0 days 1,751 sqft
    2022-04-01 0 days 1,958 sqft
    2022-05-01 0 days 2,040 sqft
    2022-06-01 0 days 2,219 sqft
    2022-07-01 0 days 2,259 sqft
    2022-08-01 0 days 2,257 sqft
    2022-09-01 0 days 2,234 sqft
    2022-10-01 0 days 2,297 sqft
    2022-11-01 0 days 2,280 sqft
    2022-12-01 0 days 2,260 sqft
    2023-01-01 0 days 2,250 sqft
    2023-02-01 0 days 2,221 sqft
    2023-03-01 0 days 2,223 sqft
    2023-04-01 0 days 2,240 sqft
    2023-05-01 0 days 2,250 sqft
    2023-06-01 0 days 2,293 sqft
    2023-07-01 0 days 2,281 sqft
    2023-08-01 0 days 2,288 sqft
    2023-09-01 0 days 2,114 sqft
    2023-10-01 0 days 2,110 sqft
    2023-11-01 0 days 2,116 sqft
    2023-12-01 0 days 2,105 sqft
    2024-01-01 0 days 2,110 sqft
    2024-02-01 0 days 2,110 sqft
    2024-03-01 0 days 2,063 sqft
    Enterprise's median listing age (time on market) for 2024-03-01 was 0 days.

    Enterprise's median square footage for active listings during the 2024-03-01 period was 2,063 sqft. One year prior, the average listing was 2,223 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).