Huntsville FHA Loan Rates, Closing Costs & Stats

HUNTSVILLE, 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.

    Huntsville's 130 lenders originated 2,314 FHA loans during 2021. The total origination value was $480,450,000, with an average FHA loan value of $207,627.

    Huntsville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Huntsville averaged 6.35% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

    Huntsville's average FHA mortgage closing costs are $7,138.

    The average rate for the prior week (2022-11-25) was 6.27% and one month ago for the week of 2022-10-28, the average rate was 6.91%.

    The average rate one year ago was 3.14%.

    For refis of the same type during the week of 2022-12-02, the average rate was 5.98%.

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

    Huntsville 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 Huntsville level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 260 2.71% $5,769
    LOANDEPOT.COM, LLC 166 3.10% $8,607
    Hometown Lenders, Inc. 135 3.16% $8,378
    DHI MORTGAGE COMPANY, LTD. 81 2.83% $6,741
    FREEDOM MORTGAGE CORPORATION 77 2.87% $4,238
    FirstBank 73 3.02% $7,650
    UNITED WHOLESALE MORTGAGE, LLC 63 2.70% $7,961
    Mr. Cooper ( Nationstar Mortgage ) 60 3.32% $4,588
    PENNYMAC LOAN SERVICES, LLC 54 2.90% $4,897
    CERTAINTY HOME LOANS, LLC 52 2.99% $8,775
    LAKEVIEW LOAN SERVICING, LLC 43 3.05% $4,409
    DSLD MORTGAGE, LLC 40 2.74% $5,596
    MOVEMENT MORTGAGE, LLC 40 3.09% $6,717
    CALIBER HOME LOANS, INC. 37 2.84% $6,169
    VANDERBILT MORTGAGE AND FINANCE, INC. 33 3.19% $8,018
    VILLAGE CAPITAL MORTGAGE 29 3.00% $2,212
    Synovus Bank 28 2.87% $7,883
    TJC Mortgage, Inc. 27 3.20% $7,568
    HOME POINT FINANCIAL CORPORATION 26 2.83% $6,385
    Progress Bank and Trust 26 2.47% $7,039
    BROKER SOLUTIONS, INC. 25 3.50% $7,624
    First Federal Bank, A FSB 24 2.93% $5,777
    Trustmark National Bank 23 2.69% $7,797
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 3.13% $6,430
    First Option Mortgage, LLC 22 3.72% $9,090
    Flagstar Bank, FSB 18 2.82% $7,201
    GMFS LLC 17 3.07% $6,355
    BancorpSouth Bank 16 2.99% $6,453
    NEWREZ LLC 16 2.85% $5,028
    SOUTHWEST FUNDING, LP 16 3.39% $9,455
    FIRST COMMUNITY MORTGAGE, INC. 15 2.76% $8,119
    Hamilton Mortgage Corporation 15 2.55% $6,623
    AMERISAVE MORTGAGE CORPORATION 15 2.97% $8,231
    Assurance Financial Group, L.L.C. 14 3.13% $7,438
    HOMEBRIDGE FINANCIAL SERVICES, INC. 14 2.83% $5,320
    ISERVE RESIDENTIAL LENDING, LLC 14 3.27% $12,689
    Regions Bank 14 2.88% $7,262
    PLANET HOME LENDING, LLC 14 2.94% $7,029
    FBC MORTGAGE, LLC 14 3.06% $8,427
    INTERLINC MORTGAGE SERVICES, LLC 11 3.11% $7,546
    ACOPIA, LLC 11 3.16% $8,193
    Carrington Mortgage Services, LLC 10 3.24% $7,682
    AmeriHome Mortgage Company, LLC 10 2.91% $4,026
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.15% $8,153
    South State Bank 9 2.99% $7,127
    NFM, INC. 9 3.39% $8,675
    The Federal Savings Bank 9 2.88% $8,522
    First Horizon Bank 9 2.79% $7,665
    Renasant Bank 9 3.01% $7,736
    First Guaranty Mortgage Corporation 8 2.81% $5,058
    Magnolia Bank 8 2.84% $6,375
    BAYSHORE MORTGAGE FUNDING, LLC 7 3.57% $7,396
    FINANCE OF AMERICA MORTGAGE LLC 7 3.07% $8,261
    Nations Lending Corporation 6 3.23% $12,318
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.98% $8,783
    GENEVA FINANCIAL, LLC 6 3.63% $9,242
    RELIANCE FIRST CAPITAL, LLC 6 2.98% $10,763
    CIS Financial Services, Inc. 6 3.40% $7,531
    Bank of England 5 3.23% $8,982
    PREMIA MORTGAGE, LLC 5 2.83% $6,175
    CMG MORTGAGE, INC. 5 2.88% $8,610
    SUMMIT FUNDING, INC. 5 3.90% $8,312
    NATIONS DIRECT MORTGAGE, LLC 4 3.25% $8,531
    FirstTrust Home Loans, Inc. 4 2.97% $7,440
    AMERICAN FINANCIAL NETWORK, INC. 4 4.09% $12,040
    Ameris Bank 4 3.19% $7,116
    EMBRACE HOME LOANS, INC. 4 3.06% $7,700
    KELLER MORTGAGE, LLC 4 2.72% $6,544
    Alcova Mortgage LLC 3 2.75% $5,381
    MID AMERICA MORTGAGE, INC. 3 2.63% $1,717
    MUTUAL OF OMAHA MORTGAGE, INC. 3 3.33% $8,863
    Mortgage Research Center, LLC 3 2.71% $6,439
    MORTGAGE INVESTORS GROUP, INC. 3 3.08% $7,319
    BBVA USA 3 2.71% $3,307
    CROSSCOUNTRY MORTGAGE, LLC 3 2.75% $9,895
    LEADERONE FINANCIAL CORPORATION 2 3.25% $7,903
    GSF Mortgage Corporation 2 3.13% $10,526
    GUILD MORTGAGE COMPANY 2 3.00% $5,809
    EVERETT FINANCIAL, INC. 2 3.13% $6,181
    HUNT MORTGAGE CORPORATION 2 2.94% $8,433
    InterContinental Capital Group, Inc 2 2.69% $6,304
    Colten Mortgage, LLC 2 3.75% $8,029
    NATIONWIDE MORTGAGE BANKERS, INC. 2 3.44% $5,834
    Citizens Bank 2 2.94% $5,699
    Northpointe Bank 2 3.19% $6,225
    OCEANSIDE MORTGAGE COMPANY 2 2.50% $3,629
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.81% $7,345
    Cadence Bank, N.A. 2 2.56% $7,365
    SouthPoint Bank 2 3.00% $7,448
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.88% $9,428
    Bank Independent 2 2.75% $7,810
    SOVEREIGN LENDING GROUP INCORPORATED 2 3.06% $6,273
    SUCCESS MORTGAGE PARTNERS, INC. 2 3.25% $7,415
    UNION HOME MORTGAGE CORP. 2 3.63% $5,243
    Wells Fargo Bank 2 3.13% $6,856
    PNC Bank 1 2.63% $5,907
    DELMAR FINANCIAL COMPANY 1 2.50% $7,288
    Truist 1 3.13% $6,738
    JPMorgan Chase Bank 1 2.75% $9,068
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $4,036
    Prosperity Home Mortgage, LLC 1 3.00% $9,139
    Equity Prime Mortgage LLC 1 3.00% $8,036
    Barrington Bank & Trust Company, N.A. 1 3.25% $8,303
    HOMESTAR FINANCIAL CORPORATION 1 3.38% $5,862
    HOMESIDE FINANCIAL, LLC 1 3.38% $7,192
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.50% $6,755
    ROYAL UNITED MORTGAGE LLC 1 3.13% $10,087
    Waterstone Mortgage Corporation 1 3.88% $7,162
    UNITED SECURITY FINANCIAL CORP 1 2.38% $5,967
    GUARANTY MORTGAGE SERVICES, L.L.C. 1 3.25% $12,214
    A Mortgage Boutique, LLC 1 3.00% $5,288
    AMCAP MORTGAGE, LTD. 1 2.63% $6,144
    STOCKTON MORTGAGE CORPORATION 1 3.13% $9,751
    GUARANTEED RATE, INC. 1 2.88% $4,879
    First Federal Bank 1 2.75% $8,064
    Gateway First Bank 1 3.00% $7,311
    The Central Trust Bank 1 2.50% $6,689
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.75% $10,184
    MICHIGAN MUTUAL, INC. 1 3.00% $5,819
    COMMUNITY MORTGAGE CORPORATION 1 2.88% $5,230
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.13% $6,580
    AMERICAN FINANCING CORPORATION 1 2.63% $8,953
    LENDUS, LLC 1 2.75% $9,571
    Total Media Management, LLC 1 2.75% $8,369
    TOWNE MORTGAGE COMPANY 1 3.50% $6,988
    Paramount Residential Mortgage Group, Inc. 1 3.25% $4,776
    CELEBRITY HOME LOANS, LLC 1 3.25% $9,702
    Peoples Bank 1 3.00% $7,272
    Pinnacle Bank 1 2.63% $7,767
    CB&S Bank, Inc. 1 2.25% $6,284

    The top Huntsville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 260 FHA loans originated. Their average total fees are $5,769, which is $2,838 lower than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Huntsville FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,212), AmeriHome Mortgage Company, LLC ($4,026), FREEDOM MORTGAGE CORPORATION ($4,238), LAKEVIEW LOAN SERVICING, LLC ($4,409) and Mr. Cooper ( Nationstar Mortgage ) ($4,588).

    The lowest rate Huntsville FHA lenders (with over 10 loans originated) are Progress Bank and Trust (2.47%), Hamilton Mortgage Corporation (2.55%), Trustmark National Bank (2.69%), UNITED WHOLESALE MORTGAGE, LLC (2.70%) and QUICKEN LOANS, LLC (2.71%).

    Huntsville FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Huntsville (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 $238,339 (10.1%) $283,711 (8.9%) 0.88 2,205
    2018-02-01 $242,899 (11.5%) $289,755 (10.2%) 0.88 2,076
    2018-03-01 $246,700 (12.4%) $294,249 (10.3%) 0.87 2,064
    2018-04-01 $256,871 (16.8%) $307,046 (13.2%) 0.87 2,045
    2018-05-01 $255,139 (12.0%) $307,923 (11.2%) 0.85 2,051
    2018-06-01 $249,900 (8.9%) $304,004 (9.2%) 0.83 2,137
    2018-07-01 $252,500 (9.8%) $310,309 (10.9%) 0.84 2,121
    2018-08-01 $254,950 (12.5%) $308,938 (10.5%) 0.85 2,127
    2018-09-01 $259,900 (13.1%) $308,434 (9.1%) 0.87 2,117
    2018-10-01 $255,843 (11.3%) $305,593 (8.4%) 0.86 2,091
    2018-11-01 $254,820 (9.1%) $304,188 (6.5%) 0.86 2,042
    2018-12-01 $254,596 (10.7%) $303,644 (7.6%) 0.88 1,947
    2019-01-01 $252,695 (6.0%) $299,194 (5.5%) 0.87 1,786
    2019-02-01 $258,900 (6.6%) $305,768 (5.5%) 0.87 1,710
    2019-03-01 $264,350 (7.2%) $316,483 (7.6%) 0.86 1,642
    2019-04-01 $268,900 (4.7%) $325,013 (5.9%) 0.85 1,556
    2019-05-01 $272,428 (6.8%) $325,713 (5.8%) 0.85 1,565
    2019-06-01 $274,900 (10.0%) $330,749 (8.8%) 0.86 1,571
    2019-07-01 $274,950 (8.9%) $339,801 (9.5%) 0.86 1,540
    2019-08-01 $274,900 (7.8%) $337,686 (9.3%) 0.87 1,521
    2019-09-01 $274,900 (5.8%) $335,852 (8.9%) 0.88 1,483
    2019-10-01 $274,925 (7.5%) $333,340 (9.1%) 0.89 1,464
    2019-11-01 $275,834 (8.3%) $335,823 (10.4%) 0.90 1,365
    2019-12-01 $274,191 (7.7%) $337,033 (11.0%) 0.91 1,271
    2020-01-01 $279,700 (10.7%) $344,994 (15.3%) 0.93 1,188
    2020-02-01 $284,900 (10.0%) $351,305 (14.9%) 0.93 1,084
    2020-03-01 $289,450 (9.5%) $361,681 (14.3%) 0.91 1,041
    2020-04-01 $287,686 (7.0%) $356,007 (9.5%) 0.90 1,112
    2020-05-01 $289,900 (6.4%) $357,701 (9.8%) 0.88 1,269
    2020-06-01 $295,175 (7.4%) $361,177 (9.2%) 0.87 1,170
    2020-07-01 $295,400 (7.4%) $370,301 (9.0%) 0.86 1,117
    2020-08-01 $299,900 (9.1%) $372,296 (10.3%) 0.86 1,075
    2020-09-01 $299,571 (9.0%) $369,966 (10.2%) 0.86 1,037
    2020-10-01 $296,763 (7.9%) $366,138 (9.8%) 0.85 1,025
    2020-11-01 $298,565 (8.2%) $370,062 (10.2%) 0.87 988
    2020-12-01 $303,740 (10.8%) $373,662 (10.9%) 0.90 975
    2021-01-01 $321,703 (15.0%) $383,958 (11.3%) 0.96 842
    2021-02-01 $351,800 (23.5%) $409,411 (16.5%) 1.02 664
    2021-03-01 $352,436 (21.8%) $415,151 (14.8%) 1.00 583
    2021-04-01 $336,276 (16.9%) $411,294 (15.5%) 0.91 526
    2021-05-01 $345,000 (19.0%) $416,274 (16.4%) 0.91 507
    2021-06-01 $312,475 (5.9%) $399,363 (10.6%) 0.82 394
    2021-07-01 $320,000 (8.3%) $411,509 (11.1%) 0.84 465
    2021-08-01 $322,475 (7.5%) $415,413 (11.6%) 0.86 560
    2021-09-01 $337,500 (12.7%) $436,149 (17.9%) 0.90 545
    2021-10-01 $345,330 (16.4%) $443,159 (21.0%) 0.92 543
    2021-11-01 $352,450 (18.1%) $460,986 (24.6%) 0.94 519
    2021-12-01 $363,950 (19.8%) $478,702 (28.1%) 0.99 447
    2022-01-01 $369,900 (15.0%) $484,576 (26.2%) 1.00 364
    2022-02-01 $369,950 (5.2%) $482,696 (17.9%) 0.96 359
    2022-03-01 $407,176 (15.5%) $477,181 (14.9%) 1.02 506
    2022-04-01 $399,900 (18.9%) $473,258 (15.1%) 0.95 597
    2022-05-01 $399,900 (15.9%) $472,706 (13.6%) 0.91 801
    2022-06-01 $403,350 (29.1%) $474,525 (18.8%) 0.90 965
    2022-07-01 $395,000 (23.4%) $463,629 (12.7%) 0.89 1,218
    2022-08-01 $390,755 (21.2%) $469,022 (12.9%) 0.90 1,346
    2022-09-01 $395,200 (17.1%) $469,937 (7.8%) 0.93 1,436
    2022-10-01 $395,000 (14.4%) $471,210 (6.3%) 0.93 1,528
    2022-11-01 $394,950 (12.1%) $467,136 (1.3%) 0.95 1,615
    Huntsville's median listing price for 2022-11-01 was $394,950, a difference of $42,500 (12.1%) versus the prior year and $-50 versus the prior month.

    Huntsville's median listing price comes in at 95% of the national average.

    Huntsville's average listing price for 2022-11-01 was $467,136, a difference of $6,150 (1.3%) versus the prior year and $-4,074 versus the prior month.

    For the 2022-11-01 period, Huntsville had 1,615 MLS listings, a difference of 87 listings (6%) versus the prior month and 1,096 listings (211%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Huntsville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 95 days 2,452 sqft
    2018-02-01 95 days 2,474 sqft
    2018-03-01 77 days 2,500 sqft
    2018-04-01 72 days 2,546 sqft
    2018-05-01 66 days 2,536 sqft
    2018-06-01 64 days 2,500 sqft
    2018-07-01 66 days 2,515 sqft
    2018-08-01 72 days 2,508 sqft
    2018-09-01 79 days 2,540 sqft
    2018-10-01 85 days 2,519 sqft
    2018-11-01 89 days 2,514 sqft
    2018-12-01 95 days 2,505 sqft
    2019-01-01 104 days 2,489 sqft
    2019-02-01 98 days 2,497 sqft
    2019-03-01 80 days 2,528 sqft
    2019-04-01 60 days 2,545 sqft
    2019-05-01 51 days 2,525 sqft
    2019-06-01 51 days 2,547 sqft
    2019-07-01 55 days 2,580 sqft
    2019-08-01 56 days 2,559 sqft
    2019-09-01 57 days 2,533 sqft
    2019-10-01 57 days 2,520 sqft
    2019-11-01 63 days 2,513 sqft
    2019-12-01 70 days 2,499 sqft
    2020-01-01 77 days 2,499 sqft
    2020-02-01 66 days 2,488 sqft
    2020-03-01 46 days 2,507 sqft
    2020-04-01 42 days 2,487 sqft
    2020-05-01 40 days 2,492 sqft
    2020-06-01 43 days 2,501 sqft
    2020-07-01 48 days 2,499 sqft
    2020-08-01 47 days 2,500 sqft
    2020-09-01 43 days 2,411 sqft
    2020-10-01 43 days 2,400 sqft
    2020-11-01 45 days 2,388 sqft
    2020-12-01 50 days 2,383 sqft
    2021-01-01 53 days 2,441 sqft
    2021-02-01 56 days 2,503 sqft
    2021-03-01 38 days 2,400 sqft
    2021-04-01 28 days 2,407 sqft
    2021-05-01 21 days 2,362 sqft
    2021-06-01 10 days 2,317 sqft
    2021-07-01 10 days 2,290 sqft
    2021-08-01 15 days 2,332 sqft
    2021-09-01 20 days 2,381 sqft
    2021-10-01 20 days 2,367 sqft
    2021-11-01 19 days 2,381 sqft
    2021-12-01 29 days 2,417 sqft
    2022-01-01 32 days 2,440 sqft
    2022-02-01 13 days 2,391 sqft
    2022-03-01 10 days 2,446 sqft
    2022-04-01 15 days 2,451 sqft
    2022-05-01 19 days 2,374 sqft
    2022-06-01 22 days 2,372 sqft
    2022-07-01 29 days 2,351 sqft
    2022-08-01 34 days 2,349 sqft
    2022-09-01 42 days 2,348 sqft
    2022-10-01 42 days 2,359 sqft
    2022-11-01 51 days 2,380 sqft
    Huntsville's median listing age (time on market) for 2022-11-01 was 51 days. This is 172% longer than the same period one year ago.

    Huntsville's median square footage for active listings during the 2022-11-01 period was 2,380 sqft. One year prior, the average listing was 2,381 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).