Florence FHA Loan Rates, Closing Costs & Stats
FLORENCE-MUSCLE SHOALS, 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.
Florence's 79 lenders originated 546 FHA
loans during 2023. The total origination value was $104,770,000, with an average FHA loan value of
$191,886.
Florence FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Florence
averaged
6.17%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Florence's average FHA mortgage closing costs are $6,095.
The average rate for the prior week (2024-10-04) was
5.89% and
one month ago for the week of 2024-09-06, the
average rate was 6.11%.
The average rate one year ago was 7.04%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.33%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Florence 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 Florence level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Trustmark National Bank
|
69
|
6.47%
|
$7,301
|
QUICKEN LOANS, LLC
|
63
|
6.20%
|
$8,510
|
Assurance Financial Group, L.L.C.
|
47
|
6.81%
|
$7,908
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
34
|
6.18%
|
$6,957
|
First Federal Bank, A FSB
|
26
|
6.28%
|
$8,326
|
UNITED WHOLESALE MORTGAGE, LLC
|
19
|
6.42%
|
$9,966
|
Wolfe Financial, Inc
|
17
|
6.74%
|
$9,501
|
Consumer First Mortgage, Inc.
|
17
|
6.82%
|
$8,043
|
American Mortgage & Equity Consultants, Inc.
|
16
|
7.02%
|
$9,515
|
Regions Bank
|
14
|
6.07%
|
$7,818
|
MOVEMENT MORTGAGE, LLC
|
10
|
6.34%
|
$7,665
|
AMERISAVE MORTGAGE CORPORATION
|
10
|
6.05%
|
$10,472
|
PENNYMAC LOAN SERVICES, LLC
|
10
|
5.94%
|
$9,090
|
LEADERONE FINANCIAL CORPORATION
|
9
|
6.44%
|
$8,061
|
BROKER SOLUTIONS, INC.
|
8
|
6.59%
|
$9,506
|
Bank Independent
|
7
|
5.89%
|
$8,851
|
LOANDEPOT.COM, LLC
|
7
|
6.39%
|
$10,767
|
Mr. Cooper ( Nationstar Mortgage )
|
6
|
6.38%
|
$10,539
|
FREEDOM MORTGAGE CORPORATION
|
6
|
6.75%
|
$12,801
|
CARDINAL FINANCIAL
|
6
|
6.08%
|
$5,786
|
U.S. Bank
|
5
|
5.80%
|
$9,061
|
CIS Financial Services, Inc.
|
5
|
6.70%
|
$7,869
|
United Community Bank
|
5
|
6.30%
|
$8,526
|
Carrington Mortgage Services, LLC
|
5
|
6.60%
|
$9,340
|
ABSOLUTE HOME MORTGAGE CORPORATION
|
4
|
7.63%
|
$7,850
|
GUILD MORTGAGE COMPANY
|
4
|
6.59%
|
$9,997
|
FIRST COMMUNITY MORTGAGE, INC.
|
4
|
5.78%
|
$6,603
|
CROSSCOUNTRY MORTGAGE, LLC
|
4
|
6.70%
|
$9,297
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
4
|
7.25%
|
$7,962
|
NEWREZ LLC
|
3
|
6.71%
|
$8,049
|
MILEND, INC.
|
3
|
7.13%
|
$12,789
|
Plains Commerce Bank
|
3
|
5.88%
|
$9,794
|
Equity Prime Mortgage LLC
|
3
|
7.42%
|
$12,415
|
GMFS LLC
|
3
|
6.88%
|
$6,773
|
HOMESIDE FINANCIAL, LLC
|
3
|
6.25%
|
$13,070
|
ISERVE RESIDENTIAL LENDING, LLC
|
3
|
6.75%
|
$18,108
|
Hamilton Mortgage Corporation
|
2
|
7.63%
|
$8,454
|
PLANET HOME LENDING, LLC
|
2
|
6.00%
|
$7,571
|
Flagstar Bank, FSB
|
2
|
7.00%
|
$6,979
|
CMG MORTGAGE, INC.
|
2
|
6.69%
|
$9,842
|
LAKEVIEW LOAN SERVICING, LLC
|
2
|
6.25%
|
$9,196
|
SouthPoint Bank
|
2
|
7.38%
|
$5,042
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
2
|
7.00%
|
$10,650
|
UNION HOME MORTGAGE CORP.
|
2
|
6.94%
|
$6,386
|
GENEVA FINANCIAL, LLC
|
2
|
6.94%
|
$11,987
|
TJC Mortgage, Inc.
|
1
|
7.13%
|
$14,883
|
AMERICAN FINANCING CORPORATION
|
1
|
6.75%
|
$8,040
|
AMERICAN PORTFOLIO MORTGAGE CORPORATION
|
1
|
7.63%
|
$16,635
|
BancorpSouth
|
1
|
6.13%
|
$4,654
|
Bank of England
|
1
|
6.50%
|
$7,560
|
Bank of Tennessee
|
1
|
5.50%
|
$9,363
|
CASTLE & COOKE MORTGAGE, LLC
|
1
|
6.75%
|
$9,418
|
CB&S Bank, Inc.
|
1
|
6.25%
|
$11,945
|
COMMUNITY MORTGAGE CORPORATION
|
1
|
6.75%
|
$10,085
|
CONTOUR MORTGAGE CORPORATION
|
1
|
5.63%
|
$10,882
|
Cornerstone First Mortgage, Inc
|
1
|
5.75%
|
$12,864
|
EMM LOANS LLC
|
1
|
6.50%
|
$13,050
|
First Federal Bank
|
1
|
7.13%
|
$7,119
|
GUARANTEED RATE, INC.
|
1
|
6.25%
|
$6,898
|
GUARANTY HOME MORTGAGE CORPORATION
|
1
|
6.13%
|
$6,649
|
HOMESTAR FINANCIAL CORPORATION
|
1
|
6.25%
|
$5,318
|
LOANPAL, LLC
|
1
|
5.63%
|
$12,610
|
Magnolia Bank
|
1
|
7.13%
|
$9,020
|
MORIA DEVELOPMENT, INC.
|
1
|
7.13%
|
$12,317
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
6.25%
|
$8,711
|
Paramount Residential Mortgage Group, Inc.
|
1
|
6.88%
|
$9,138
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
1
|
5.63%
|
$13,871
|
REDSTONE Federal Credit Union
|
1
|
5.50%
|
$5,879
|
Renasant Bank
|
1
|
5.75%
|
$10,667
|
ROYAL UNITED MORTGAGE LLC
|
1
|
6.38%
|
$7,117
|
SOUTHPOINT FINANCIAL SERVICES, INC.
|
1
|
5.88%
|
$11,394
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
6.25%
|
$11,309
|
SUMMIT FUNDING, INC.
|
1
|
7.13%
|
$11,300
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
7.25%
|
$11,909
|
Synovus Bank
|
1
|
6.38%
|
$7,533
|
THE MORTGAGE LINK, INC.
|
1
|
7.13%
|
$12,954
|
TOP FLITE FINANCIAL, INC.
|
1
|
7.00%
|
$5,592
|
TOWNE MORTGAGE COMPANY
|
1
|
5.75%
|
$10,195
|
Wells Fargo Bank
|
1
|
6.50%
|
$6,861
|
The top Florence FHA lender as defined by loan originations is Trustmark National Bank, with
69 FHA loans originated. Their average total fees are
$7,301, which is $1,209
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Florence FHA lenders (with over 10 loans originated) are
FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,957), Trustmark National Bank ($7,301), MOVEMENT MORTGAGE, LLC ($7,665), Regions Bank ($7,818) and Assurance Financial Group, L.L.C. ($7,908).
The lowest rate Florence FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (5.94%), AMERISAVE MORTGAGE CORPORATION (6.05%), Regions Bank (6.07%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.18%) and QUICKEN LOANS, LLC (6.20%).
Florence FHA Loan Limits
Metro |
County |
Year |
Single Family Limit |
2 Family Limit |
3 Family Limit |
4 Family Limit |
FLORENCE-MUSCLE SHOALS, AL |
COLBERT |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
FLORENCE-MUSCLE SHOALS, AL |
LAUDERDALE |
2022 |
$420,680 |
$538,650 |
$651,050 |
$809,150 |
FLORENCE-MUSCLE SHOALS, AL |
COLBERT |
2023 |
$472,030 |
$604,400 |
$730,525 |
$907,900 |
FLORENCE-MUSCLE SHOALS, AL |
LAUDERDALE |
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).