Gadsden FHA Loan Rates, Closing Costs & Stats

GADSDEN, AL

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    • 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 6.99% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.48% and one month ago for the week of 2024-03-15, the average rate was 6.55%.

    The average rate one year ago was 6.28%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.62%.

    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
    Gadsden's median listing price for 2024-03-01 was $248,950, a difference of $34,500 (16.1%) versus the prior year and $-3,275 versus the prior month.

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

    Gadsden's average listing price for 2024-03-01 was $296,370, a difference of $50,505 (20.5%) versus the prior year and $-5,447 versus the prior month.

    For the 2024-03-01 period, Gadsden had 236 MLS listings, a difference of 19 listings (9%) versus the prior month and 52 listings (28%) 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
    Gadsden's median listing age (time on market) for 2024-03-01 was 0 days.

    Gadsden's median square footage for active listings during the 2024-03-01 period was 1,894 sqft. One year prior, the average listing was 1,938 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).