Gadsden FHA Loan Rates, Closing Costs & Stats

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 66 lenders originated 361 FHA loans during 2023. The total origination value was $61,215,000, with an average FHA loan value of $169,571.

Gadsden FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gadsden averaged -0.17% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Gadsden's average FHA mortgage closing costs are $5,629.

The average rate for the prior week (2024-11-22) was 6.23% and one month ago for the week of 2024-10-25, the average rate was 6.4%.

The average rate one year ago was 7.09%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.24%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Gadsden level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 68 6.46% $5,369
QUICKEN LOANS, LLC 41 6.40% $9,187
First Federal Bank, A FSB 31 6.19% $7,894
Renasant Bank 30 6.43% $6,598
GUILD MORTGAGE COMPANY 18 6.70% $7,227
UNITED WHOLESALE MORTGAGE, LLC 18 6.51% $10,110
HUNT MORTGAGE CORPORATION 8 6.36% $8,245
DHI MORTGAGE COMPANY, LTD. 8 5.14% $6,780
FirstBank 8 6.06% $8,101
ACOPIA, LLC 7 7.23% $7,194
GUARANTEED RATE, INC. 5 6.16% $9,253
TJC Mortgage, Inc. 5 7.03% $9,768
BROKER SOLUTIONS, INC. 5 6.77% $8,141
MOVEMENT MORTGAGE, LLC 5 7.33% $8,681
AMERISAVE MORTGAGE CORPORATION 4 6.59% $11,607
LOANDEPOT.COM, LLC 4 6.16% $7,911
STOCKTON MORTGAGE CORPORATION 4 7.66% $10,589
SouthPoint Bank 4 6.56% $4,551
Regions Bank 3 5.75% $6,183
Mortgage Research Center, LLC 3 6.66% $6,506
NEWREZ LLC 3 6.92% $8,985
PENNYMAC LOAN SERVICES, LLC 3 6.29% $8,877
Flagstar Bank, FSB 3 6.52% $7,522
FREEDOM MORTGAGE CORPORATION 3 6.75% $11,625
UNION HOME MORTGAGE CORP. 3 7.13% $7,195
Hamilton Mortgage Corporation 3 6.50% $5,078
DAS Acquisition Company, LLC 3 6.79% $7,663
GMFS LLC 2 6.38% $5,382
LAKEVIEW LOAN SERVICING, LLC 2 6.25% $12,266
VANDERBILT MORTGAGE AND FINANCE, INC. 2 7.06% $5,101
EVERETT FINANCIAL, INC. 2 6.69% $9,230
Cornerstone First Mortgage, Inc 2 7.44% $12,087
Goldwater Bank, N.A. 2 6.56% $8,185
SUCCESS MORTGAGE PARTNERS, INC. 2 7.25% $7,498
MORTGAGE INVESTORS GROUP, INC. 2 6.81% $5,855
Victorian Finance, LLC 1 7.25% $6,760
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $6,904
BancorpSouth 1 7.00% $3,852
Barrington Bank & Trust Company, N.A. 1 6.25% $5,048
BAYSHORE MORTGAGE FUNDING, LLC 1 6.75% $9,064
CARDINAL FINANCIAL 1 6.25% $5,682
Carrington Mortgage Services, LLC 1 7.00% $6,330
Century Mortgage Company DBA Century Lending Company 1 6.75% $9,694
CMG MORTGAGE, INC. 1 6.63% $11,541
COMMUNITYAMERICA 1 6.63% $7,343
CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $7,710
Equity Prime Mortgage LLC 1 6.13% $10,644
Fifth Third Bank 1 6.13% $3,372
First Savings Bank 1 6.75% $10,554
HOMESTAR FINANCIAL CORPORATION 1 7.25% $5,895
INSPIRE HOME LOANS INC. 1 4.88% $7,312
INTERLINC MORTGAGE SERVICES, LLC 1 6.25% $1,267
MID AMERICA MORTGAGE, INC. 1 8.25% $3,989
MILEND, INC. 1 6.50% $9,479
Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $8,327
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $7,613
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.75% $13,099
NFM, INC. 1 7.38% $7,755
Plains Commerce Bank 1 7.13% $11,073
PLANET HOME LENDING, LLC 1 5.99% $12,694
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $14,316
RELIANCE FIRST CAPITAL, LLC 1 7.25% $6,581
SUMMIT FUNDING, INC. 1 7.00% $4,475
THE MORTGAGE FIRM, INC. 1 6.00% $7,372
United Fidelity Funding Corp. 1 6.99% $15,376
1ST SIGNATURE LENDING, LLC 1 5.88% $12,804

The top Gadsden FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 68 FHA loans originated. Their average total fees are $5,369, which is $3,818 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Gadsden FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,369), Renasant Bank ($6,598), GUILD MORTGAGE COMPANY ($7,227), First Federal Bank, A FSB ($7,894) and QUICKEN LOANS, LLC ($9,187).

The lowest rate Gadsden FHA lenders (with over 10 loans originated) are First Federal Bank, A FSB (6.19%), QUICKEN LOANS, LLC (6.40%), Renasant Bank (6.43%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.46%) and UNITED WHOLESALE MORTGAGE, LLC (6.51%).

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
GADSDEN, AL ETOWAH 2023 $472,030 $604,400 $730,525 $907,900

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 $148,450 (8.4%) $189,116 (9.4%) 0.00 450
2018-02-01 $152,738 (13.0%) $192,205 (11.1%) 0.00 449
2018-03-01 $155,000 (5.4%) $193,312 (6.6%) 0.00 455
2018-04-01 $155,175 (3.5%) $191,110 (1.6%) 0.00 472
2018-05-01 $149,700 (-0.1%) $187,542 (-0.9%) 0.00 473
2018-06-01 $149,900 (0.0%) $191,817 (2.2%) 0.00 475
2018-07-01 $149,900 (0.0%) $192,571 (4.0%) 0.00 508
2018-08-01 $149,900 (0.6%) $189,307 (1.9%) 0.00 517
2018-09-01 $159,900 (4.2%) $195,883 (2.5%) 0.00 521
2018-10-01 $159,900 (3.2%) $195,499 (2.7%) 0.00 522
2018-11-01 $159,900 (3.4%) $195,784 (2.2%) 0.00 500
2018-12-01 $155,900 (4.0%) $193,873 (3.2%) 0.00 473
2019-01-01 $149,900 (1.0%) $191,527 (1.3%) 0.00 449
2019-02-01 $149,675 (-2.0%) $188,608 (-1.9%) 0.00 438
2019-03-01 $155,757 (0.5%) $193,994 (0.4%) 0.00 422
2019-04-01 $164,900 (6.3%) $198,598 (3.9%) 0.00 404
2019-05-01 $169,900 (13.5%) $204,806 (9.2%) 0.00 397
2019-06-01 $174,700 (16.5%) $204,496 (6.6%) 0.00 399
2019-07-01 $174,900 (16.7%) $207,933 (8.0%) 0.00 412
2019-08-01 $169,936 (13.4%) $206,077 (8.9%) 0.00 419
2019-09-01 $164,291 (2.8%) $204,714 (4.5%) 0.00 426
2019-10-01 $160,425 (0.3%) $203,894 (4.3%) 0.00 431
2019-11-01 $169,900 (6.3%) $207,990 (6.2%) 0.00 402
2019-12-01 $169,900 (9.0%) $210,659 (8.7%) 0.00 380
2020-01-01 $169,900 (13.3%) $213,145 (11.3%) 0.00 367
2020-02-01 $165,000 (10.2%) $208,079 (10.3%) 0.00 355
2020-03-01 $179,900 (15.5%) $218,205 (12.5%) 0.00 311
2020-04-01 $183,075 (11.0%) $222,147 (11.9%) 0.00 299
2020-05-01 $179,900 (5.9%) $223,599 (9.2%) 0.00 289
2020-06-01 $184,425 (5.6%) $227,804 (11.4%) 0.00 268
2020-07-01 $189,900 (8.6%) $234,581 (12.8%) 0.00 266
2020-08-01 $175,000 (3.0%) $231,744 (12.5%) 0.00 242
2020-09-01 $172,400 (4.9%) $229,737 (12.2%) 0.00 214
2020-10-01 $169,900 (5.9%) $227,044 (11.4%) 0.00 213
2020-11-01 $169,900 (0.0%) $229,932 (10.6%) 0.00 206
2020-12-01 $169,900 (0.0%) $230,414 (9.4%) 0.00 202
2021-01-01 $168,900 (-0.6%) $232,090 (8.9%) 0.00 173
2021-02-01 $177,450 (7.6%) $243,861 (17.2%) 0.00 136
2021-03-01 $185,550 (3.1%) $251,617 (15.3%) 0.00 127
2021-04-01 $188,900 (3.2%) $253,225 (14.0%) 0.00 136
2021-05-01 $187,900 (4.5%) $260,142 (16.3%) 0.00 118
2021-06-01 $207,500 (12.5%) $265,886 (16.7%) 0.00 128
2021-07-01 $229,900 (21.1%) $264,011 (12.6%) 0.00 167
2021-08-01 $231,150 (32.1%) $273,704 (18.1%) 0.00 170
2021-09-01 $222,475 (29.1%) $272,359 (18.6%) 0.00 166
2021-10-01 $199,900 (17.7%) $258,212 (13.7%) 0.00 160
2021-11-01 $199,900 (17.7%) $239,881 (4.3%) 0.00 160
2021-12-01 $189,900 (11.8%) $233,642 (1.4%) 0.00 155
2022-01-01 $198,000 (17.2%) $247,562 (6.7%) 0.00 123
2022-02-01 $205,725 (15.9%) $247,703 (1.6%) 0.00 101
2022-03-01 $174,450 (-6.0%) $201,022 (-20.1%) 0.00 128
2022-04-01 $192,400 (1.9%) $215,856 (-14.8%) 0.00 120
2022-05-01 $231,175 (23.0%) $258,654 (-0.6%) 0.00 162
2022-06-01 $219,900 (6.0%) $267,037 (0.4%) 0.00 172
2022-07-01 $224,900 (-2.2%) $245,569 (-7.0%) 0.00 203
2022-08-01 $229,945 (-0.5%) $256,177 (-6.4%) 0.00 213
2022-09-01 $226,000 (1.6%) $264,485 (-2.9%) 0.00 230
2022-10-01 $225,198 (12.7%) $258,700 (0.2%) 0.00 233
2022-11-01 $225,000 (12.6%) $258,928 (7.9%) 0.00 243
2022-12-01 $226,950 (19.5%) $259,629 (11.1%) 0.00 220
2023-01-01 $224,900 (13.6%) $255,285 (3.1%) 0.00 191
2023-02-01 $224,950 (9.3%) $258,429 (4.3%) 0.00 190
2023-03-01 $214,450 (22.9%) $245,865 (22.3%) 0.00 184
2023-04-01 $237,000 (23.2%) $272,933 (26.4%) 0.00 166
2023-05-01 $223,475 (-3.3%) $255,303 (-1.3%) 0.00 186
2023-06-01 $220,600 (0.3%) $255,577 (-4.3%) 0.00 188
2023-07-01 $220,000 (-2.2%) $263,839 (7.4%) 0.00 187
2023-08-01 $229,925 (0.0%) $288,831 (12.8%) 0.00 194
2023-09-01 $229,900 (1.7%) $280,021 (5.9%) 0.00 199
2023-10-01 $223,725 (-0.7%) $277,651 (7.3%) 0.00 218
2023-11-01 $237,725 (5.7%) $293,773 (13.5%) 0.00 225
2023-12-01 $230,950 (1.8%) $290,317 (11.8%) 0.00 231
2024-01-01 $248,225 (10.4%) $301,002 (17.9%) 0.00 220
2024-02-01 $252,225 (12.1%) $301,817 (16.8%) 0.00 217
2024-03-01 $248,950 (16.1%) $296,370 (20.5%) 0.00 236
2024-04-01 $247,450 (4.4%) $290,126 (6.3%) 0.00 241
2024-05-01 $248,450 (11.2%) $295,340 (15.7%) 0.00 250
2024-06-01 $249,000 (12.9%) $306,211 (19.8%) 0.00 275
2024-07-01 $264,450 (20.2%) $317,018 (20.2%) 0.00 281
2024-08-01 $259,950 (13.1%) $316,403 (9.6%) 0.00 306
2024-09-01 $251,175 (9.3%) $315,555 (12.7%) 0.00 326
2024-10-01 $249,900 (11.7%) $304,208 (9.6%) 0.00 326
Gadsden's median listing price for 2024-10-01 was $249,900, a difference of $26,175 (11.7%) versus the prior year and $-1,275 versus the prior month.

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

Gadsden's average listing price for 2024-10-01 was $304,208, a difference of $26,557 (9.6%) versus the prior year and $-11,347 versus the prior month.

For the 2024-10-01 period, Gadsden had 326 MLS listings, a difference of 0 listings (0%) versus the prior month and 108 listings (50%) 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 1,884 sqft
2018-02-01 0 days 1,900 sqft
2018-03-01 0 days 1,900 sqft
2018-04-01 0 days 1,897 sqft
2018-05-01 0 days 1,879 sqft
2018-06-01 0 days 1,900 sqft
2018-07-01 0 days 1,900 sqft
2018-08-01 0 days 1,872 sqft
2018-09-01 0 days 1,900 sqft
2018-10-01 0 days 1,900 sqft
2018-11-01 0 days 1,900 sqft
2018-12-01 0 days 1,900 sqft
2019-01-01 0 days 1,891 sqft
2019-02-01 0 days 1,885 sqft
2019-03-01 0 days 1,942 sqft
2019-04-01 0 days 2,000 sqft
2019-05-01 0 days 2,028 sqft
2019-06-01 0 days 2,084 sqft
2019-07-01 0 days 2,091 sqft
2019-08-01 0 days 2,065 sqft
2019-09-01 0 days 2,033 sqft
2019-10-01 0 days 2,017 sqft
2019-11-01 0 days 2,052 sqft
2019-12-01 0 days 2,059 sqft
2020-01-01 0 days 2,009 sqft
2020-02-01 0 days 2,000 sqft
2020-03-01 0 days 2,075 sqft
2020-04-01 0 days 2,110 sqft
2020-05-01 0 days 2,110 sqft
2020-06-01 0 days 2,118 sqft
2020-07-01 0 days 2,160 sqft
2020-08-01 0 days 2,100 sqft
2020-09-01 0 days 2,053 sqft
2020-10-01 0 days 2,035 sqft
2020-11-01 0 days 2,086 sqft
2020-12-01 0 days 2,021 sqft
2021-01-01 0 days 2,000 sqft
2021-02-01 0 days 2,064 sqft
2021-03-01 0 days 2,145 sqft
2021-04-01 0 days 2,120 sqft
2021-05-01 0 days 2,095 sqft
2021-06-01 0 days 2,105 sqft
2021-07-01 0 days 2,100 sqft
2021-08-01 0 days 2,094 sqft
2021-09-01 0 days 2,058 sqft
2021-10-01 0 days 2,045 sqft
2021-11-01 0 days 1,998 sqft
2021-12-01 0 days 1,992 sqft
2022-01-01 0 days 1,936 sqft
2022-02-01 0 days 1,973 sqft
2022-03-01 0 days 1,753 sqft
2022-04-01 0 days 1,915 sqft
2022-05-01 0 days 1,919 sqft
2022-06-01 0 days 1,918 sqft
2022-07-01 0 days 1,936 sqft
2022-08-01 0 days 1,934 sqft
2022-09-01 0 days 1,931 sqft
2022-10-01 0 days 1,904 sqft
2022-11-01 0 days 1,975 sqft
2022-12-01 0 days 1,975 sqft
2023-01-01 0 days 1,969 sqft
2023-02-01 0 days 1,970 sqft
2023-03-01 0 days 1,938 sqft
2023-04-01 0 days 2,100 sqft
2023-05-01 0 days 1,953 sqft
2023-06-01 0 days 1,919 sqft
2023-07-01 0 days 1,946 sqft
2023-08-01 0 days 1,962 sqft
2023-09-01 0 days 1,934 sqft
2023-10-01 0 days 1,874 sqft
2023-11-01 0 days 1,899 sqft
2023-12-01 0 days 1,958 sqft
2024-01-01 0 days 2,007 sqft
2024-02-01 0 days 1,983 sqft
2024-03-01 0 days 1,894 sqft
2024-04-01 0 days 1,877 sqft
2024-05-01 0 days 1,958 sqft
2024-06-01 0 days 1,958 sqft
2024-07-01 0 days 2,056 sqft
2024-08-01 0 days 2,091 sqft
2024-09-01 0 days 1,969 sqft
2024-10-01 0 days 1,946 sqft
Gadsden's median listing age (time on market) for 2024-10-01 was 0 days.

Gadsden's median square footage for active listings during the 2024-10-01 period was 1,946 sqft. One year prior, the average listing was 1,874 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).