Gadsden FHA Loans

GADSDEN, 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.

Gadsden's 72 lenders originated 543 FHA loans during 2021. The total origination value was $84,145,000, with an average FHA loan value of $154,963.

Gadsden FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gadsden averaged 5.48% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.21% and one month ago for the week of 2022-04-08, the average rate was 4.98%.

The average rate one year ago was 3.19%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.31%.

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

Gadsden FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Gadsden level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 93 2.98% $4,411
Renasant Bank 53 3.00% $5,027
First Federal Bank, A FSB 48 2.92% $4,054
GUILD MORTGAGE COMPANY 45 3.06% $7,278
QUICKEN LOANS, LLC 44 2.84% $5,323
CALIBER HOME LOANS, INC. 14 3.10% $5,225
FirstBank 13 2.95% $6,063
Goldwater Bank, N.A. 13 3.07% $6,425
LAKEVIEW LOAN SERVICING, LLC 11 3.16% $3,621
HUNT MORTGAGE CORPORATION 9 2.65% $5,566
PENNYMAC LOAN SERVICES, LLC 9 3.15% $4,117
TJC Mortgage, Inc. 8 2.98% $7,162
ACOPIA, LLC 8 3.67% $6,456
FREEDOM MORTGAGE CORPORATION 8 2.84% $4,723
VANDERBILT MORTGAGE AND FINANCE, INC. 7 3.30% $6,897
SOUTHWEST FUNDING, LP 7 3.48% $7,114
Hometown Lenders, Inc. 7 3.25% $7,226
Ameris Bank 6 2.92% $7,525
LOANDEPOT.COM, LLC 5 3.37% $5,142
BancorpSouth Bank 4 3.13% $4,832
ISERVE RESIDENTIAL LENDING, LLC 4 3.34% $9,367
MORTGAGE INVESTORS GROUP, INC. 4 3.00% $5,161
Mr. Cooper ( Nationstar Mortgage ) 4 3.22% $5,573
VILLAGE CAPITAL & INVESTMENT LLC 4 3.16% $1,726
Northpointe Bank 3 3.17% $6,944
SUCCESS MORTGAGE PARTNERS, INC. 3 3.88% $5,934
HOMESTAR FINANCIAL CORPORATION 3 3.25% $5,198
Regions Bank 3 2.88% $5,535
UNITED WHOLESALE MORTGAGE, LLC 3 2.81% $6,694
GMFS LLC 2 2.87% $5,945
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.25% $7,159
SouthPoint Bank 2 2.88% $7,359
First Guaranty Mortgage Corporation 2 3.56% $4,329
STOCKTON MORTGAGE CORPORATION 2 3.25% $5,437
HOME POINT FINANCIAL CORPORATION 2 3.19% $5,371
AMERICAN FINANCIAL NETWORK, INC. 2 3.19% $7,048
Consumer First Mortgage, Inc. 2 2.94% $7,812
GUARANTY HOME MORTGAGE CORPORATION 2 2.56% $5,183
BAYSHORE MORTGAGE FUNDING, LLC 2 3.56% $5,805
NEWREZ LLC 2 3.63% $3,955
BROKER SOLUTIONS, INC. 2 3.43% $7,784
AMERISAVE MORTGAGE CORPORATION 2 3.06% $7,119
Bank of England 2 3.19% $5,793
LEADERONE FINANCIAL CORPORATION 2 3.56% $5,294
RUOFF MORTGAGE COMPANY, INC. 1 2.75% $4,008
AMERICAN FINANCING CORPORATION 1 3.25% $3,284
SUN WEST MORTGAGE COMPANY, INC. 1 2.99% $7,755
THE MORTGAGE FIRM, INC. 1 2.88% $5,708
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $7,693
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $5,859
CIS Financial Services, Inc. 1 3.88% $7,486
First Federal Bank 1 3.00% $11,960
FIRST COMMUNITY MORTGAGE, INC. 1 3.13% $5,230
Carrington Mortgage Services, LLC 1 2.88% $5,519
Flagstar Bank, FSB 1 2.25% $4,159
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.38% $5,128
Cadence Bank, N.A. 1 2.38% $2,434
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 4.00% $4,237
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 4.13% $8,713
BBVA USA 1 3.00% $2,871
TOWNE MORTGAGE COMPANY 1 2.75% $5,834
Assurance Financial Group, L.L.C. 1 3.25% $7,414
LOANLEADERS OF AMERICA, INC. 1 3.25% $5,105
Manufacturers and Traders Trust Company 1 3.63% $9,120
MICHIGAN MUTUAL, INC. 1 2.75% $3,406
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $5,059
Nations Lending Corporation 1 4.25% $3,981
NFM, INC. 1 3.38% $4,860
Paramount Residential Mortgage Group, Inc. 1 3.63% $5,163
PNC Bank 1 3.00% $2,992
AmeriHome Mortgage Company, LLC 1 2.63% $2,987
AMERIFIRST FINANCIAL CORPORATION 1 4.75% $6,903

The top Gadsden FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 93 FHA loans originated. Their average total fees are $4,411, which is $616 lower than the next largest lender, Renasant Bank.

The lowest fee Gadsden FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,621), First Federal Bank, A FSB ($4,054), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,411), Renasant Bank ($5,027) and CALIBER HOME LOANS, INC. ($5,225).

The lowest rate Gadsden FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.84%), First Federal Bank, A FSB (2.92%), FirstBank (2.95%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (2.98%) and Renasant Bank (3.00%).

Gadsden FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
GADSDEN, AL ETOWAH 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Gadsden (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 $156,500 (9.9%) $201,852 (10.1%) 0.00 500
2018-02-01 $159,900 (10.7%) $204,208 (10.5%) 0.00 491
2018-03-01 $159,900 (4.9%) $203,331 (4.9%) 0.00 505
2018-04-01 $159,900 (0.0%) $201,105 (0.0%) 0.00 523
2018-05-01 $154,950 (-3.1%) $197,175 (-2.7%) 0.00 525
2018-06-01 $154,900 (-2.4%) $202,516 (-0.3%) 0.00 530
2018-07-01 $154,900 (3.3%) $201,078 (1.1%) 0.00 562
2018-08-01 $155,425 (0.5%) $199,053 (-0.8%) 0.00 567
2018-09-01 $165,000 (3.2%) $206,027 (1.9%) 0.00 575
2018-10-01 $165,400 (3.4%) $204,744 (1.9%) 0.00 578
2018-11-01 $164,500 (2.9%) $204,512 (0.6%) 0.00 551
2018-12-01 $159,900 (3.2%) $202,222 (2.1%) 0.00 520
2019-01-01 $157,400 (0.6%) $201,244 (-0.3%) 0.00 498
2019-02-01 $152,400 (-4.7%) $198,269 (-2.9%) 0.00 484
2019-03-01 $158,407 (-0.9%) $205,333 (1.0%) 0.00 469
2019-04-01 $169,825 (6.2%) $211,369 (5.1%) 0.00 454
2019-05-01 $177,950 (14.8%) $217,397 (10.3%) 0.00 451
2019-06-01 $179,900 (16.1%) $216,099 (6.7%) 0.00 452
2019-07-01 $179,900 (16.1%) $218,427 (8.6%) 0.00 464
2019-08-01 $176,929 (13.8%) $217,800 (9.4%) 0.00 458
2019-09-01 $176,879 (7.2%) $216,599 (5.1%) 0.00 449
2019-10-01 $169,900 (2.7%) $216,681 (5.8%) 0.00 485
2019-11-01 $179,000 (8.8%) $223,485 (9.3%) 0.00 464
2019-12-01 $182,200 (14.0%) $227,164 (12.3%) 0.00 440
2020-01-01 $174,900 (11.1%) $228,104 (13.4%) 0.00 428
2020-02-01 $174,900 (14.8%) $219,115 (10.5%) 0.00 414
2020-03-01 $189,900 (19.9%) $229,609 (11.8%) 0.00 366
2020-04-01 $194,900 (14.8%) $238,252 (12.7%) 0.00 358
2020-05-01 $189,900 (6.7%) $236,771 (8.9%) 0.00 349
2020-06-01 $199,900 (11.1%) $247,191 (14.4%) 0.00 309
2020-07-01 $199,900 (11.1%) $254,866 (16.7%) 0.00 310
2020-08-01 $189,900 (7.3%) $250,554 (15.0%) 0.00 281
2020-09-01 $189,900 (7.4%) $249,281 (15.1%) 0.00 253
2020-10-01 $179,900 (5.9%) $242,634 (12.0%) 0.00 258
2020-11-01 $179,900 (0.5%) $245,484 (9.8%) 0.00 247
2020-12-01 $179,200 (-1.7%) $249,019 (9.6%) 0.00 238
2021-01-01 $177,700 (1.6%) $247,712 (8.6%) 0.00 197
2021-02-01 $184,900 (5.7%) $255,572 (16.6%) 0.00 154
2021-03-01 $195,000 (2.7%) $260,200 (13.3%) 0.00 141
2021-04-01 $193,600 (-0.7%) $260,742 (9.4%) 0.00 146
2021-05-01 $189,900 (0.0%) $265,362 (12.1%) 0.00 130
2021-06-01 $209,900 (5.0%) $271,110 (9.7%) 0.00 140
2021-07-01 $225,000 (12.6%) $263,534 (3.4%) 0.00 174
2021-08-01 $229,900 (21.1%) $274,635 (9.6%) 0.00 175
2021-09-01 $219,900 (15.8%) $273,087 (9.6%) 0.00 177
2021-10-01 $199,900 (11.1%) $256,408 (5.7%) 0.00 169
2021-11-01 $199,700 (11.0%) $234,550 (-4.5%) 0.00 166
2021-12-01 $189,900 (6.0%) $229,683 (-7.8%) 0.00 161
2022-01-01 $190,000 (6.9%) $241,765 (-2.4%) 0.00 131
2022-02-01 $198,950 (7.6%) $245,362 (-4.0%) 0.00 105
2022-03-01 $172,500 (-11.5%) $199,333 (-23.4%) 0.00 129
2022-04-01 $198,700 (2.6%) $216,082 (-17.1%) 0.00 120
Gadsden's median listing price for 2022-04-01 was $198,700, a difference of $5,100 (2.6%) versus the prior year and $26,200 versus the prior month.

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

Gadsden's average listing price for 2022-04-01 was $216,082, a difference of $-44,660 (-17.1%) versus the prior year and $16,749 versus the prior month.

For the 2022-04-01 period, Gadsden had 120 MLS listings, a difference of -9 listings (-7%) versus the prior month and -26 listings (-18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Gadsden (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,902 sqft
2018-02-01 0 days 1,920 sqft
2018-03-01 0 days 1,950 sqft
2018-04-01 0 days 1,945 sqft
2018-05-01 0 days 1,942 sqft
2018-06-01 0 days 1,975 sqft
2018-07-01 0 days 1,973 sqft
2018-08-01 0 days 1,925 sqft
2018-09-01 0 days 1,964 sqft
2018-10-01 0 days 1,938 sqft
2018-11-01 0 days 1,931 sqft
2018-12-01 0 days 1,938 sqft
2019-01-01 0 days 1,933 sqft
2019-02-01 0 days 1,911 sqft
2019-03-01 0 days 1,990 sqft
2019-04-01 0 days 2,044 sqft
2019-05-01 0 days 2,100 sqft
2019-06-01 0 days 2,136 sqft
2019-07-01 0 days 2,118 sqft
2019-08-01 0 days 2,096 sqft
2019-09-01 0 days 2,079 sqft
2019-10-01 0 days 2,085 sqft
2019-11-01 0 days 2,133 sqft
2019-12-01 0 days 2,138 sqft
2020-01-01 0 days 2,078 sqft
2020-02-01 0 days 2,040 sqft
2020-03-01 0 days 2,141 sqft
2020-04-01 0 days 2,200 sqft
2020-05-01 0 days 2,196 sqft
2020-06-01 0 days 2,213 sqft
2020-07-01 0 days 2,272 sqft
2020-08-01 0 days 2,200 sqft
2020-09-01 0 days 2,168 sqft
2020-10-01 0 days 2,123 sqft
2020-11-01 0 days 2,115 sqft
2020-12-01 0 days 2,079 sqft
2021-01-01 0 days 2,043 sqft
2021-02-01 0 days 2,120 sqft
2021-03-01 0 days 2,172 sqft
2021-04-01 0 days 2,149 sqft
2021-05-01 0 days 2,100 sqft
2021-06-01 0 days 2,118 sqft
2021-07-01 0 days 2,100 sqft
2021-08-01 0 days 2,081 sqft
2021-09-01 0 days 2,055 sqft
2021-10-01 0 days 2,035 sqft
2021-11-01 0 days 1,981 sqft
2021-12-01 0 days 1,983 sqft
2022-01-01 0 days 1,912 sqft
2022-02-01 0 days 1,963 sqft
2022-03-01 0 days 1,750 sqft
2022-04-01 0 days 1,933 sqft
Gadsden's median listing age (time on market) for 2022-04-01 was 0 days.

Gadsden's median square footage for active listings during the 2022-04-01 period was 1,933 sqft. One year prior, the average listing was 2,149 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).