Jasper FHA Loan Rates, Closing Costs & Stats

Jasper, 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.

    Jasper's 39 lenders originated 148 FHA loans during 2023. The total origination value was $26,060,000, with an average FHA loan value of $176,081.

    Jasper FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jasper averaged 6.34% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Jasper's average FHA mortgage closing costs are $6,582.

    The average rate for the prior week (2024-12-06) was 6.11% and one month ago for the week of 2024-11-08, the average rate was 6.48%.

    The average rate one year ago was 6.59%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

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

    Jasper 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 Jasper level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 23 6.49% $7,906
    UNITED WHOLESALE MORTGAGE, LLC 19 6.38% $7,396
    QUICKEN LOANS, LLC 16 6.17% $8,325
    MOVEMENT MORTGAGE, LLC 8 6.50% $8,941
    Synovus Bank 8 6.73% $7,279
    Regions Bank 5 6.45% $7,003
    FREEDOM MORTGAGE CORPORATION 5 6.78% $9,256
    ACOPIA, LLC 4 7.19% $9,485
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.56% $7,584
    LOANDEPOT.COM, LLC 3 6.46% $8,080
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.58% $9,192
    AMERISAVE MORTGAGE CORPORATION 3 6.54% $10,939
    Cornerstone First Mortgage, Inc 3 6.87% $7,740
    Hamilton Mortgage Corporation 2 6.56% $6,906
    Mr. Cooper ( Nationstar Mortgage ) 2 5.88% $16,168
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $6,451
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $6,978
    PLANET HOME LENDING, LLC 1 5.38% $4,073
    PLAZA HOME MORTGAGE, INC. 1 5.63% $9,491
    Princeton Mortgage Corporation 1 8.25% $10,597
    Prosperity Home Mortgage, LLC 1 6.12% $8,430
    The Federal Savings Bank 1 5.75% $14,646
    TJC Mortgage, Inc. 1 7.00% $5,274
    UNION HOME MORTGAGE CORP. 1 7.25% $3,609
    ZILLOW HOME LOANS, LLC 1 6.25% $7,210
    AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $18,328
    Assurance Financial Group, L.L.C. 1 7.25% $8,375
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $6,549
    EVERETT FINANCIAL, INC. 1 6.63% $12,500
    FBC MORTGAGE, LLC 1 6.63% $10,743
    FirstBank 1 6.63% $12,561
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $5,498
    Flagstar Bank, FSB 1 6.68% $3,407
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.38% $5,306
    HOMESIDE FINANCIAL, LLC 1 7.25% $11,088
    ISERVE RESIDENTIAL LENDING, LLC 1 7.63% $13,139
    LIBERTY HOME MORTGAGE CORPORATION 1 7.00% $13,602
    MILEND, INC. 1 6.63% $12,297
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.25% $6,604

    The top Jasper FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 23 FHA loans originated. Their average total fees are $7,906, which is $511 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Jasper FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($7,396), GUILD MORTGAGE COMPANY ($7,906), QUICKEN LOANS, LLC ($8,325), .

    The lowest rate Jasper FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.17%), UNITED WHOLESALE MORTGAGE, LLC (6.38%), GUILD MORTGAGE COMPANY (6.49%), .

    Jasper FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JASPER, AL WALKER 2022 $420,680 $538,650 $651,050 $809,150
    JASPER, AL WALKER 2023 $472,030 $604,400 $730,525 $907,900

    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).