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 80 lenders originated 550 FHA loans during 2022. The total origination value was $97,190,000, with an average FHA loan value of $176,709.

Florence FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Florence averaged 6.17% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Florence's average FHA mortgage closing costs are $5,632.

The average rate for the prior week (2024-02-09) was 6.08% and one month ago for the week of 2024-01-12, the average rate was 6.12%.

The average rate one year ago was 5.87%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.55%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Trustmark National Bank 80 4.57% $6,487
QUICKEN LOANS, LLC 58 4.56% $7,081
Assurance Financial Group, L.L.C. 48 5.10% $7,172
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 44 4.42% $6,866
First Federal Bank, A FSB 22 4.63% $7,311
Wolfe Financial, Inc 20 5.21% $7,429
Regions Bank 16 4.95% $6,919
Consumer First Mortgage, Inc. 15 4.82% $7,978
Hometown Lenders, Inc. 14 5.38% $7,588
CIS Financial Services, Inc. 12 5.34% $8,377
LOANDEPOT.COM, LLC 11 4.89% $7,768
EVERETT FINANCIAL, INC. 11 6.14% $4,929
GUILD MORTGAGE COMPANY 11 5.02% $9,924
UNITED WHOLESALE MORTGAGE, LLC 9 4.82% $8,112
FREEDOM MORTGAGE CORPORATION 7 5.37% $9,163
Progress Bank and Trust 7 4.50% $6,397
FIRST COMMUNITY MORTGAGE, INC. 7 4.64% $6,882
Bank Independent 7 5.04% $7,056
LEADERONE FINANCIAL CORPORATION 6 4.79% $6,760
HOME POINT FINANCIAL CORPORATION 6 3.85% $8,773
GENEVA FINANCIAL, LLC 5 4.98% $6,794
First Option Mortgage, LLC 5 4.75% $8,221
CALIBER HOME LOANS, INC. 5 4.98% $7,746
CROSSCOUNTRY MORTGAGE, LLC 4 5.53% $7,576
MOVEMENT MORTGAGE, LLC 4 5.13% $6,663
Mortgage Research Center, LLC 4 5.84% $6,452
SOUTHWEST FUNDING, LP 4 5.84% $8,171
BROKER SOLUTIONS, INC. 4 5.91% $6,716
GUARANTY HOME MORTGAGE CORPORATION 3 5.17% $9,028
FirstBank 3 4.58% $6,469
AMERISAVE MORTGAGE CORPORATION 3 5.04% $10,401
GMFS LLC 3 5.33% $4,311
Equity Prime Mortgage LLC 3 6.04% $8,842
Nations Lending Corporation 2 5.63% $9,410
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.31% $13,225
Carrington Mortgage Services, LLC 2 5.25% $6,847
EMBRACE HOME LOANS, INC. 2 5.75% $10,751
HOMESIDE FINANCIAL, LLC 2 4.88% $6,486
ISERVE RESIDENTIAL LENDING, LLC 2 3.94% $13,323
M&T Bank 2 3.38% $5,300
AMERICAN FINANCING CORPORATION 2 5.13% $8,081
NEWREZ LLC 2 5.19% $9,849
PLANET HOME LENDING, LLC 2 3.75% $6,866
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.50% $7,353
Renasant Bank 2 4.50% $4,206
SouthPoint Bank 2 4.63% $7,132
Truist 2 3.11% $5,208
VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.75% $9,529
Total Media Management, LLC 1 7.13% $3,340
NATIONS DIRECT MORTGAGE, LLC 1 2.75% $9,165
VILLAGE CAPITAL MORTGAGE 1 3.25% $1,881
NETWORK CAPITAL FUNDING CORPORATION 1 5.63% $6,874
CB&S Bank, Inc. 1 5.25% $4,202
Northpointe Bank 1 5.75% $6,194
PENNYMAC LOAN SERVICES, LLC 1 4.75% $7,832
UNION HOME MORTGAGE CORP. 1 4.50% $4,825
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.50% $7,042
CARDINAL FINANCIAL 1 2.75% $5,335
First Home Bank 1 3.75% $6,368
EMM LOANS LLC 1 6.25% $9,699
DELMAR FINANCIAL COMPANY 1 7.13% $11,389
RELIANCE FIRST CAPITAL, LLC 1 5.63% $3,211
U.S. Bank 1 6.25% $5,442
ROYAL UNITED MORTGAGE LLC 1 6.75% $9,899
S1L, Inc. 1 4.75% $4,335
Ameris Bank 1 7.13% $6,321
CERTAINTY HOME LOANS, LLC 1 3.13% $5,570
SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $10,301
Strong Home Mortgage, LLC 1 4.88% $12,389
SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $26,822
INTERLINC MORTGAGE SERVICES, LLC 1 3.63% $2,134
Synovus Bank 1 4.50% $6,409
LAKEVIEW LOAN SERVICING, LLC 1 3.63% $2,839
GUARANTEED RATE, INC. 1 4.63% $8,286
GoPrime Mortgage, Inc. 1 5.50% $5,049
LOANLEADERS OF AMERICA, INC. 1 6.63% $12,213
MORTGAGE ACCESS CORP. 1 4.25% $8,595
MORTGAGE INVESTORS GROUP, INC. 1 4.75% $5,977
Flagstar Bank, FSB 1 2.54% $3,954
First Horizon Bank 1 5.25% $5,359

The top Florence FHA lender as defined by loan originations is Trustmark National Bank, with 80 FHA loans originated. Their average total fees are $6,487, which is $594 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Florence FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($4,929), Trustmark National Bank ($6,487), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,866), Regions Bank ($6,919) and QUICKEN LOANS, LLC ($7,081).

The lowest rate Florence FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.42%), QUICKEN LOANS, LLC (4.56%), Trustmark National Bank (4.57%), First Federal Bank, A FSB (4.63%) and Consumer First Mortgage, Inc. (4.82%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Florence (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 (6.7%) $222,573 (8.6%) 0.59 767
2018-02-01 $159,925 (6.7%) $222,691 (7.1%) 0.58 774
2018-03-01 $169,900 (6.3%) $227,548 (4.6%) 0.60 736
2018-04-01 $179,950 (9.1%) $251,286 (12.9%) 0.61 751
2018-05-01 $189,000 (17.5%) $272,438 (23.1%) 0.63 759
2018-06-01 $185,000 (15.7%) $270,424 (23.1%) 0.62 757
2018-07-01 $179,900 (10.2%) $268,876 (21.9%) 0.60 777
2018-08-01 $176,950 (5.4%) $267,241 (20.4%) 0.59 774
2018-09-01 $179,400 (6.5%) $263,223 (17.2%) 0.60 789
2018-10-01 $179,925 (9.0%) $259,854 (16.1%) 0.61 800
2018-11-01 $182,913 (12.2%) $263,796 (19.3%) 0.62 799
2018-12-01 $178,450 (8.5%) $259,430 (15.7%) 0.62 785
2019-01-01 $174,100 (9.3%) $233,063 (4.7%) 0.60 732
2019-02-01 $170,543 (6.9%) $229,523 (3.1%) 0.58 740
2019-03-01 $175,471 (3.4%) $231,659 (1.8%) 0.57 731
2019-04-01 $182,900 (2.0%) $239,030 (-4.9%) 0.58 724
2019-05-01 $189,000 (0.0%) $246,023 (-9.7%) 0.59 718
2019-06-01 $193,410 (3.5%) $253,992 (-6.1%) 0.60 718
2019-07-01 $199,900 (8.7%) $264,965 (-1.5%) 0.63 641
2019-08-01 $197,023 (9.3%) $266,091 (-0.4%) 0.62 595
2019-09-01 $192,707 (5.1%) $266,851 (1.4%) 0.62 526
2019-10-01 $189,625 (3.5%) $267,835 (3.1%) 0.61 484
2019-11-01 $182,900 (1.1%) $256,190 (-2.9%) 0.60 501
2019-12-01 $174,900 (0.0%) $255,409 (-1.6%) 0.58 497
2020-01-01 $175,900 (2.9%) $255,689 (9.7%) 0.59 478
2020-02-01 $184,900 (8.2%) $258,942 (12.8%) 0.61 486
2020-03-01 $188,650 (7.7%) $267,071 (15.3%) 0.59 478
2020-04-01 $189,200 (3.5%) $262,731 (9.9%) 0.59 477
2020-05-01 $209,450 (15.0%) $281,366 (14.4%) 0.64 412
2020-06-01 $229,900 (21.0%) $297,781 (17.2%) 0.68 352
2020-07-01 $219,900 (13.5%) $292,396 (10.4%) 0.64 353
2020-08-01 $209,900 (8.6%) $275,920 (3.7%) 0.60 314
2020-09-01 $207,425 (10.5%) $280,171 (5.0%) 0.59 294
2020-10-01 $199,900 (9.8%) $280,484 (4.7%) 0.57 290
2020-11-01 $192,400 (4.1%) $273,494 (6.8%) 0.56 278
2020-12-01 $189,900 (6.2%) $271,727 (6.4%) 0.56 264
2021-01-01 $194,900 (8.3%) $271,840 (6.3%) 0.58 248
2021-02-01 $184,650 (-0.1%) $263,100 (1.6%) 0.54 226
2021-03-01 $202,725 (8.4%) $270,662 (1.3%) 0.58 196
2021-04-01 $189,450 (0.4%) $267,647 (1.9%) 0.51 178
2021-05-01 $174,950 (-19.5%) $282,982 (0.6%) 0.46 187
2021-06-01 $189,950 (-18.0%) $299,770 (0.7%) 0.50 213
2021-07-01 $189,900 (-14.5%) $354,962 (21.4%) 0.50 234
2021-08-01 $213,650 (0.0%) $391,440 (41.9%) 0.57 267
2021-09-01 $210,700 (0.5%) $380,094 (35.7%) 0.56 265
2021-10-01 $199,000 (-2.7%) $366,326 (30.6%) 0.53 254
2021-11-01 $201,963 (4.4%) $364,078 (33.1%) 0.54 252
2021-12-01 $199,938 (5.3%) $351,192 (29.2%) 0.54 246
2022-01-01 $208,950 (7.7%) $387,762 (42.6%) 0.56 198
2022-02-01 $216,700 (17.2%) $411,789 (56.5%) 0.56 171
2022-03-01 $199,900 (-2.5%) $391,299 (44.6%) 0.50 181
2022-04-01 $229,900 (20.6%) $443,966 (65.9%) 0.55 176
2022-05-01 $274,988 (58.2%) $452,923 (60.1%) 0.63 216
2022-06-01 $267,450 (40.8%) $404,828 (35.1%) 0.60 255
2022-07-01 $254,990 (34.3%) $385,678 (8.7%) 0.57 291
2022-08-01 $261,450 (24.8%) $371,883 (-5.0%) 0.60 289
2022-09-01 $276,225 (32.5%) $382,283 (0.6%) 0.65 288
2022-10-01 $284,900 (43.2%) $389,347 (6.3%) 0.67 321
2022-11-01 $270,425 (34.6%) $383,295 (5.3%) 0.65 345
2022-12-01 $272,495 (35.0%) $376,016 (7.1%) 0.67 324
2023-01-01 $279,950 (33.4%) $381,996 (-1.5%) 0.69 305
2023-02-01 $294,323 (35.8%) $397,733 (-3.4%) 0.71 273
2023-03-01 $295,973 (48.1%) $403,245 (3.1%) 0.70 276
2023-04-01 $279,900 (21.8%) $379,941 (-14.4%) 0.65 268
2023-05-01 $292,475 (5.7%) $390,375 (-13.8%) 0.66 262
2023-06-01 $299,900 (12.1%) $422,943 (4.5%) 0.67 274
2023-07-01 $314,925 (23.5%) $430,751 (11.7%) 0.72 278
2023-08-01 $299,900 (14.5%) $434,196 (16.8%) 0.69 299
2023-09-01 $312,000 (12.5%) $437,213 (14.4%) 0.73 313
2023-10-01 $302,495 (6.2%) $421,187 (8.2%) 0.71 355
2023-11-01 $299,975 (10.9%) $409,879 (6.9%) 0.71 377
2023-12-01 $289,900 (0.0%) $406,210 (8.0%) 0.71 380
Florence's median listing price for 2023-12-01 was $289,900, a difference of $17,405 (0.0%) versus the prior year and $-10,075 versus the prior month.

Florence's median listing price comes in at 71% of the national average.

Florence's average listing price for 2023-12-01 was $406,210, a difference of $30,194 (8.0%) versus the prior year and $-3,669 versus the prior month.

For the 2023-12-01 period, Florence had 380 MLS listings, a difference of 3 listings (1%) versus the prior month and 56 listings (17%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Florence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 85 days 2,000 sqft
2018-02-01 81 days 2,000 sqft
2018-03-01 75 days 1,990 sqft
2018-04-01 72 days 2,025 sqft
2018-05-01 71 days 2,036 sqft
2018-06-01 71 days 2,030 sqft
2018-07-01 76 days 2,028 sqft
2018-08-01 70 days 2,045 sqft
2018-09-01 68 days 2,047 sqft
2018-10-01 74 days 2,044 sqft
2018-11-01 83 days 2,068 sqft
2018-12-01 93 days 2,021 sqft
2019-01-01 102 days 2,023 sqft
2019-02-01 101 days 2,012 sqft
2019-03-01 89 days 2,015 sqft
2019-04-01 75 days 2,040 sqft
2019-05-01 65 days 2,040 sqft
2019-06-01 65 days 2,100 sqft
2019-07-01 78 days 2,151 sqft
2019-08-01 86 days 2,147 sqft
2019-09-01 92 days 2,126 sqft
2019-10-01 93 days 2,105 sqft
2019-11-01 87 days 2,096 sqft
2019-12-01 73 days 2,000 sqft
2020-01-01 77 days 1,989 sqft
2020-02-01 70 days 2,039 sqft
2020-03-01 61 days 2,017 sqft
2020-04-01 65 days 1,995 sqft
2020-05-01 66 days 2,111 sqft
2020-06-01 63 days 2,222 sqft
2020-07-01 58 days 2,210 sqft
2020-08-01 45 days 2,142 sqft
2020-09-01 49 days 2,082 sqft
2020-10-01 42 days 2,029 sqft
2020-11-01 47 days 1,959 sqft
2020-12-01 67 days 1,892 sqft
2021-01-01 68 days 1,894 sqft
2021-02-01 38 days 1,892 sqft
2021-03-01 37 days 1,900 sqft
2021-04-01 29 days 1,900 sqft
2021-05-01 25 days 1,865 sqft
2021-06-01 27 days 1,850 sqft
2021-07-01 33 days 1,840 sqft
2021-08-01 41 days 1,925 sqft
2021-09-01 44 days 1,948 sqft
2021-10-01 47 days 1,907 sqft
2021-11-01 41 days 1,888 sqft
2021-12-01 53 days 1,876 sqft
2022-01-01 65 days 1,862 sqft
2022-02-01 57 days 1,868 sqft
2022-03-01 32 days 1,841 sqft
2022-04-01 36 days 1,819 sqft
2022-05-01 29 days 1,933 sqft
2022-06-01 33 days 1,950 sqft
2022-07-01 38 days 1,983 sqft
2022-08-01 43 days 1,939 sqft
2022-09-01 51 days 1,938 sqft
2022-10-01 40 days 1,937 sqft
2022-11-01 51 days 1,930 sqft
2022-12-01 64 days 1,911 sqft
2023-01-01 76 days 1,941 sqft
2023-02-01 69 days 1,924 sqft
2023-03-01 65 days 1,964 sqft
2023-04-01 60 days 1,970 sqft
2023-05-01 50 days 2,025 sqft
2023-06-01 50 days 2,115 sqft
2023-07-01 52 days 2,200 sqft
2023-08-01 42 days 2,101 sqft
2023-09-01 52 days 2,100 sqft
2023-10-01 47 days 2,054 sqft
2023-11-01 50 days 2,051 sqft
2023-12-01 66 days 2,047 sqft
Florence's median listing age (time on market) for 2023-12-01 was 66 days. This is 3% longer than the same period one year ago.

Florence's median square footage for active listings during the 2023-12-01 period was 2,047 sqft. One year prior, the average listing was 1,911 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).