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 6.71% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Florence's average FHA mortgage closing costs are $6,095.

The average rate for the prior week (2024-05-17) was 6.71% and one month ago for the week of 2024-04-19, the average rate was 6.93%.

The average rate one year ago was 6.55%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.58%.

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

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 (7.2%) 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 $178,950 (8.5%) $259,554 (15.8%) 0.62 787
2019-01-01 $174,800 (9.3%) $233,261 (4.8%) 0.60 734
2019-02-01 $170,950 (6.9%) $229,725 (3.2%) 0.58 742
2019-03-01 $175,707 (3.4%) $231,823 (1.9%) 0.57 733
2019-04-01 $183,575 (2.0%) $239,113 (-4.8%) 0.58 727
2019-05-01 $189,000 (0.0%) $246,167 (-9.6%) 0.59 720
2019-06-01 $193,410 (4.6%) $253,992 (-6.1%) 0.60 718
2019-07-01 $199,900 (11.1%) $265,138 (-1.4%) 0.63 642
2019-08-01 $197,145 (11.4%) $266,518 (-0.3%) 0.62 597
2019-09-01 $193,014 (7.6%) $267,401 (1.6%) 0.62 527
2019-10-01 $189,850 (5.5%) $268,469 (3.3%) 0.61 486
2019-11-01 $183,700 (0.4%) $256,644 (-2.7%) 0.60 502
2019-12-01 $174,900 (-2.3%) $256,048 (-1.4%) 0.58 499
2020-01-01 $176,675 (1.1%) $256,488 (10.0%) 0.59 481
2020-02-01 $184,950 (8.2%) $259,766 (13.1%) 0.61 488
2020-03-01 $189,075 (7.6%) $267,884 (15.6%) 0.59 480
2020-04-01 $189,700 (3.3%) $263,658 (10.3%) 0.59 480
2020-05-01 $209,900 (11.1%) $281,953 (14.5%) 0.64 413
2020-06-01 $229,950 (18.9%) $298,354 (17.5%) 0.68 354
2020-07-01 $220,800 (10.5%) $292,957 (10.5%) 0.64 354
2020-08-01 $209,900 (6.5%) $275,920 (3.5%) 0.60 314
2020-09-01 $207,425 (7.5%) $280,171 (4.8%) 0.59 294
2020-10-01 $199,900 (5.3%) $280,484 (4.5%) 0.57 290
2020-11-01 $192,400 (4.7%) $273,494 (6.6%) 0.56 278
2020-12-01 $189,900 (8.6%) $271,727 (6.1%) 0.56 264
2021-01-01 $194,900 (10.3%) $271,840 (6.0%) 0.58 248
2021-02-01 $184,650 (-0.2%) $263,100 (1.3%) 0.54 226
2021-03-01 $202,725 (7.2%) $270,662 (1.0%) 0.58 196
2021-04-01 $189,450 (-0.1%) $267,647 (1.5%) 0.51 178
2021-05-01 $174,950 (-16.7%) $282,982 (0.4%) 0.46 187
2021-06-01 $189,950 (-17.4%) $299,146 (0.3%) 0.50 214
2021-07-01 $189,900 (-14.0%) $354,161 (20.9%) 0.50 235
2021-08-01 $209,900 (0.0%) $388,954 (41.0%) 0.56 270
2021-09-01 $209,450 (1.0%) $378,519 (35.1%) 0.56 266
2021-10-01 $199,000 (-0.5%) $366,326 (30.6%) 0.53 254
2021-11-01 $201,963 (5.0%) $364,078 (33.1%) 0.54 252
2021-12-01 $199,938 (5.3%) $351,192 (29.2%) 0.54 246
2022-01-01 $209,900 (7.7%) $387,068 (42.4%) 0.57 198
2022-02-01 $216,700 (17.4%) $411,789 (56.5%) 0.56 171
2022-03-01 $199,900 (-1.4%) $391,299 (44.6%) 0.50 181
2022-04-01 $229,900 (21.4%) $443,966 (65.9%) 0.55 176
2022-05-01 $276,725 (58.2%) $453,316 (60.2%) 0.63 217
2022-06-01 $267,450 (40.8%) $405,333 (35.5%) 0.60 256
2022-07-01 $254,995 (34.3%) $386,192 (9.0%) 0.57 292
2022-08-01 $261,950 (24.8%) $372,441 (-4.3%) 0.61 290
2022-09-01 $277,450 (32.5%) $382,810 (1.1%) 0.65 289
2022-10-01 $284,900 (43.2%) $389,521 (6.3%) 0.67 322
2022-11-01 $270,425 (33.9%) $383,295 (5.3%) 0.65 345
2022-12-01 $272,495 (36.3%) $376,016 (7.1%) 0.67 324
2023-01-01 $279,950 (33.4%) $381,996 (-1.3%) 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 (-13.9%) 0.66 262
2023-06-01 $299,900 (12.1%) $422,763 (4.3%) 0.67 274
2023-07-01 $314,925 (23.5%) $430,751 (11.5%) 0.72 278
2023-08-01 $299,900 (14.5%) $433,851 (16.5%) 0.69 300
2023-09-01 $312,000 (12.5%) $437,213 (14.2%) 0.73 314
2023-10-01 $302,495 (6.2%) $421,187 (8.1%) 0.71 355
2023-11-01 $299,950 (10.9%) $409,692 (6.9%) 0.71 377
2023-12-01 $289,900 (6.4%) $405,851 (7.9%) 0.71 381
2024-01-01 $293,750 (4.9%) $409,972 (7.3%) 0.72 365
2024-02-01 $299,945 (1.9%) $407,861 (2.6%) 0.72 334
2024-03-01 $291,250 (-1.6%) $383,928 (-4.8%) 0.69 356
2024-04-01 $306,175 (9.4%) $415,623 (9.4%) 0.71 377
Florence's median listing price for 2024-04-01 was $306,175, a difference of $26,275 (9.4%) versus the prior year and $14,925 versus the prior month.

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

Florence's average listing price for 2024-04-01 was $415,623, a difference of $35,682 (9.4%) versus the prior year and $31,695 versus the prior month.

For the 2024-04-01 period, Florence had 377 MLS listings, a difference of 21 listings (6%) versus the prior month and 109 listings (41%) 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 2,022 sqft
2019-01-01 101 days 2,026 sqft
2019-02-01 100 days 2,014 sqft
2019-03-01 89 days 2,017 sqft
2019-04-01 75 days 2,042 sqft
2019-05-01 65 days 2,042 sqft
2019-06-01 65 days 2,100 sqft
2019-07-01 77 days 2,152 sqft
2019-08-01 86 days 2,147 sqft
2019-09-01 92 days 2,126 sqft
2019-10-01 94 days 2,106 sqft
2019-11-01 87 days 2,098 sqft
2019-12-01 73 days 2,000 sqft
2020-01-01 77 days 1,990 sqft
2020-02-01 69 days 2,045 sqft
2020-03-01 61 days 2,026 sqft
2020-04-01 65 days 1,999 sqft
2020-05-01 66 days 2,120 sqft
2020-06-01 64 days 2,235 sqft
2020-07-01 58 days 2,211 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 1,854 sqft
2021-07-01 33 days 1,844 sqft
2021-08-01 41 days 1,925 sqft
2021-09-01 44 days 1,947 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 1,850 sqft
2022-02-01 57 days 1,868 sqft
2022-03-01 32 days 1,842 sqft
2022-04-01 36 days 1,819 sqft
2022-05-01 30 days 1,950 sqft
2022-06-01 33 days 1,950 sqft
2022-07-01 39 days 1,985 sqft
2022-08-01 44 days 1,943 sqft
2022-09-01 51 days 1,941 sqft
2022-10-01 40 days 1,938 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 2,217 sqft
2023-08-01 42 days 2,109 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 2,049 sqft
2024-01-01 77 days 2,043 sqft
2024-02-01 74 days 2,045 sqft
2024-03-01 52 days 2,032 sqft
2024-04-01 47 days 2,038 sqft
Florence's median listing age (time on market) for 2024-04-01 was 47 days. This is -21% shorter than the same period one year ago.

Florence's median square footage for active listings during the 2024-04-01 period was 2,038 sqft. One year prior, the average listing was 1,970 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).