Mobile FHA Loan Rates, Closing Costs & Stats

MOBILE, 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.

Mobile's 121 lenders originated 1,672 FHA loans during 2023. The total origination value was $351,900,000, with an average FHA loan value of $210,467.

Mobile FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mobile averaged 6.67% for the week of 2024-05-10, compared to the national average (all FHA variants) of 6.786% for the same period.

Mobile's average FHA mortgage closing costs are $6,293.

The average rate for the prior week (2024-05-03) was 6.56% and one month ago for the week of 2024-04-05, the average rate was 6.55%.

The average rate one year ago was 6.16%.

For refis of the same type during the week of 2024-05-10, the average rate was 7.1%.

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

Mobile 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 Mobile level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 155 6.31% $8,668
EMBRACE HOME LOANS, INC. 134 6.64% $8,853
DHI MORTGAGE COMPANY, LTD. 121 5.22% $7,068
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 110 6.66% $6,432
Trustmark National Bank 78 6.39% $7,191
Regions Bank 67 6.46% $7,426
UNITED WHOLESALE MORTGAGE, LLC 58 6.38% $10,922
Renasant Bank 41 6.62% $8,364
BancorpSouth 37 5.99% $8,035
First Federal Bank, A FSB 35 6.14% $8,715
Flagstar Bank, FSB 30 6.57% $7,500
GMFS LLC 29 6.35% $5,733
SWBC MORTGAGE CORPORATION 29 6.64% $4,980
DIRECT MORTGAGE LOANS, LLC 29 6.81% $8,656
MUTUAL OF OMAHA MORTGAGE, INC. 29 6.67% $9,404
Hancock Whitney Bank 28 6.25% $6,864
CARDINAL FINANCIAL 28 6.58% $11,610
Bank of England 24 6.92% $9,957
Plains Commerce Bank 23 6.31% $9,884
PENNYMAC LOAN SERVICES, LLC 23 5.94% $10,182
FREEDOM MORTGAGE CORPORATION 22 6.81% $10,526
PACIFIC RESIDENTIAL MORTGAGE, LLC 19 6.59% $10,475
STOCKTON MORTGAGE CORPORATION 18 7.19% $8,911
GUARANTEED RATE, INC. 15 6.75% $8,621
LOANDEPOT.COM, LLC 15 6.22% $9,302
Mr. Cooper ( Nationstar Mortgage ) 14 6.28% $11,544
CMG MORTGAGE, INC. 13 6.83% $9,489
MOVEMENT MORTGAGE, LLC 13 6.57% $9,533
UNION HOME MORTGAGE CORP. 12 6.36% $9,960
Carrington Mortgage Services, LLC 11 6.22% $9,218
BROKER SOLUTIONS, INC. 11 7.33% $11,451
KEESLER 11 5.18% $6,332
HOMETRUST MORTGAGE COMPANY 10 6.00% $7,160
AMERICAN FINANCIAL NETWORK, INC. 10 7.44% $10,208
MILEND, INC. 10 6.51% $11,895
FirstBank 10 6.41% $8,352
NEWREZ LLC 9 6.58% $9,007
Equity Prime Mortgage LLC 9 6.54% $10,237
CROSSCOUNTRY MORTGAGE, LLC 9 7.07% $9,450
LAKEVIEW LOAN SERVICING, LLC 9 6.39% $9,351
NFM, INC. 8 7.11% $8,988
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 6.53% $8,925
BankPlus 8 6.61% $6,809
FIRST COMMUNITY MORTGAGE, INC. 7 7.04% $9,479
AMERISAVE MORTGAGE CORPORATION 6 5.94% $12,813
Princeton Mortgage Corporation 6 7.27% $8,171
AMCAP MORTGAGE, LTD. 5 6.77% $8,570
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 7.30% $11,108
Consumer First Mortgage, Inc. 5 6.88% $7,688
LOANPAL, LLC 5 6.02% $11,135
Mortgage Research Center, LLC 5 6.30% $6,428
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.40% $9,935
ServisFirst Bank 5 6.30% $6,993
PNC Bank 4 6.59% $4,978
Prosperity Home Mortgage, LLC 4 6.94% $5,726
Tyndall Federal Credit Union 4 6.84% $9,409
BAYSHORE MORTGAGE FUNDING, LLC 4 7.59% $7,741
AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.56% $9,943
FBC MORTGAGE, LLC 4 4.78% $6,952
RELIANCE FIRST CAPITAL, LLC 3 6.79% $7,942
SUN WEST MORTGAGE COMPANY, INC. 3 6.88% $11,170
M&T Bank 3 6.71% $7,150
Synovus Bank 3 6.75% $6,739
Ixonia Bank 3 7.58% $5,677
THE MORTGAGE FIRM, INC. 3 7.04% $9,281
Community Bank of Mississippi 2 6.81% $9,479
VILLAGE CAPITAL MORTGAGE 2 6.13% $12,222
MORTGAGE INVESTORS GROUP, INC. 2 6.69% $7,097
BECKAM FUNDING CORP. 2 7.25% $15,945
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.56% $9,700
OPEN MORTGAGE, LLC 2 5.75% $9,346
ZILLOW HOME LOANS, LLC 2 5.31% $11,050
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $7,622
KELLER MORTGAGE, LLC 2 5.56% $7,999
LIBERTY HOME MORTGAGE CORPORATION 2 7.50% $6,633
PLANET HOME LENDING, LLC 2 6.56% $11,549
Hamilton Mortgage Corporation 2 6.56% $9,870
TOP FLITE FINANCIAL, INC. 2 6.94% $9,749
GUILD MORTGAGE COMPANY 2 6.31% $11,732
Truist 2 6.04% $8,848
SmartBank 1 6.63% $6,517
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 5.63% $10,923
South State Bank 1 7.25% $9,805
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $6,138
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $6,083
The Federal Savings Bank 1 5.63% $15,492
THE MORTGAGE LINK, INC. 1 7.75% $14,900
TJC Mortgage, Inc. 1 6.63% $13,903
TOWNE MORTGAGE COMPANY 1 7.25% $7,924
AmRes Corporation 1 7.50% $6,448
AmeriHome Mortgage Company, LLC 1 6.63% $7,912
HOMESTAR FINANCIAL CORPORATION 1 6.75% $6,991
HUNT MORTGAGE CORPORATION 1 6.63% $12,629
HOMESIDE FINANCIAL, LLC 1 6.12% $7,937
JPMorgan Chase Bank 1 6.25% $3,911
LAND HOME FINANCIAL SERVICES, INC. 1 6.99% $9,453
LEADERONE FINANCIAL CORPORATION 1 6.63% $8,115
Legends Bank 1 7.25% $5,847
Magnolia Bank 1 5.63% $15,215
MEMBER FIRST MORTGAGE, LLC 1 6.63% $7,810
Merchants Bank of Indiana 1 6.25% $8,726
MID AMERICA MORTGAGE, INC. 1 7.50% $3,088
MLD MORTGAGE INC. 1 5.75% $15,161
Wells Fargo Bank 1 6.63% $5,882
GREENSTATE CREDIT UNION 1 6.00% $7,938
First Savings Bank 1 6.75% $7,762
First Horizon Bank 1 5.63% $8,824
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.75% $10,560
NEW DAY FINANCIAL, LLC 1 7.25% $8,476
First Federal Bank 1 5.50% $8,730
Fifth Third Bank 1 6.00% $9,142
FIDELITY BANK 1 6.50% $12,634
Paramount Residential Mortgage Group, Inc. 1 5.75% $9,429
PENTAGON FEDERAL CREDIT UNION 1 5.63% $5,060
EMM LOANS LLC 1 5.25% $17,435
Willamette Valley Bank 1 5.75% $9,375
CONTOUR MORTGAGE CORPORATION 1 6.00% $11,519
Chickasaw Community Bank 1 7.63% $5,200
ROYAL UNITED MORTGAGE LLC 1 7.13% $9,922
RUOFF MORTGAGE COMPANY, INC. 1 6.25% $8,637
S1L, Inc. 1 6.13% $10,691

The top Mobile FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 155 FHA loans originated. Their average total fees are $8,668, which is $185 lower than the next largest lender, EMBRACE HOME LOANS, INC..

The lowest fee Mobile FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($4,980), GMFS LLC ($5,733), KEESLER ($6,332), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,432) and Hancock Whitney Bank ($6,864).

The lowest rate Mobile FHA lenders (with over 10 loans originated) are KEESLER (5.18%), DHI MORTGAGE COMPANY, LTD. (5.22%), PENNYMAC LOAN SERVICES, LLC (5.94%), BancorpSouth (5.99%) and HOMETRUST MORTGAGE COMPANY (6.00%).

Mobile FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Mobile (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 $159,775 (6.6%) $213,900 (6.8%) 0.59 1,647
2018-02-01 $162,334 (8.2%) $215,065 (5.3%) 0.59 1,673
2018-03-01 $169,000 (8.0%) $221,608 (6.6%) 0.59 1,699
2018-04-01 $169,450 (4.3%) $227,491 (6.3%) 0.57 1,669
2018-05-01 $170,046 (6.4%) $263,010 (22.6%) 0.57 1,645
2018-06-01 $174,900 (6.0%) $238,242 (9.2%) 0.58 1,648
2018-07-01 $169,950 (2.7%) $236,377 (9.6%) 0.57 1,671
2018-08-01 $169,545 (-0.2%) $235,565 (8.1%) 0.57 1,652
2018-09-01 $164,900 (-0.1%) $230,997 (6.5%) 0.55 1,652
2018-10-01 $165,269 (3.2%) $230,284 (6.4%) 0.56 1,662
2018-11-01 $165,000 (3.2%) $229,329 (6.4%) 0.56 1,610
2018-12-01 $162,900 (1.9%) $226,865 (4.7%) 0.56 1,535
2019-01-01 $159,900 (0.1%) $225,660 (5.5%) 0.55 1,474
2019-02-01 $159,950 (-1.5%) $225,012 (4.6%) 0.54 1,449
2019-03-01 $165,900 (-1.8%) $234,038 (5.6%) 0.54 1,475
2019-04-01 $169,900 (0.3%) $241,242 (6.0%) 0.54 1,522
2019-05-01 $169,950 (-0.1%) $238,739 (-9.2%) 0.53 1,553
2019-06-01 $179,900 (2.9%) $244,849 (2.8%) 0.56 1,547
2019-07-01 $179,900 (5.9%) $244,990 (3.6%) 0.56 1,538
2019-08-01 $180,936 (6.7%) $242,231 (2.8%) 0.57 1,540
2019-09-01 $182,491 (10.7%) $242,750 (5.1%) 0.58 1,530
2019-10-01 $184,300 (11.5%) $243,096 (5.6%) 0.59 1,508
2019-11-01 $179,900 (9.0%) $241,701 (5.4%) 0.59 1,431
2019-12-01 $178,800 (9.8%) $233,671 (3.0%) 0.60 1,381
2020-01-01 $176,623 (10.5%) $232,366 (3.0%) 0.59 1,289
2020-02-01 $179,900 (12.5%) $236,600 (5.2%) 0.59 1,255
2020-03-01 $188,375 (13.6%) $241,883 (3.4%) 0.59 1,225
2020-04-01 $189,450 (11.5%) $244,537 (1.4%) 0.59 1,212
2020-05-01 $199,000 (17.1%) $260,154 (9.0%) 0.60 1,077
2020-06-01 $205,000 (14.0%) $270,915 (10.7%) 0.60 979
2020-07-01 $207,050 (15.1%) $275,788 (12.6%) 0.60 845
2020-08-01 $208,500 (15.2%) $274,504 (13.3%) 0.60 795
2020-09-01 $210,201 (15.2%) $283,145 (16.6%) 0.60 778
2020-10-01 $212,000 (15.0%) $287,042 (18.1%) 0.61 741
2020-11-01 $209,450 (16.4%) $285,389 (18.1%) 0.61 719
2020-12-01 $209,000 (16.9%) $278,918 (19.4%) 0.62 722
2021-01-01 $209,000 (18.3%) $276,173 (18.9%) 0.62 647
2021-02-01 $204,450 (13.7%) $287,686 (21.6%) 0.60 522
2021-03-01 $206,450 (9.6%) $285,006 (17.8%) 0.59 515
2021-04-01 $204,475 (7.9%) $277,709 (13.6%) 0.55 527
2021-05-01 $199,219 (0.1%) $289,365 (11.2%) 0.53 529
2021-06-01 $209,000 (2.0%) $287,536 (6.1%) 0.55 568
2021-07-01 $210,000 (1.4%) $283,036 (2.6%) 0.55 645
2021-08-01 $202,308 (-3.0%) $276,276 (0.7%) 0.54 791
2021-09-01 $199,900 (-4.9%) $279,383 (-1.3%) 0.53 761
2021-10-01 $199,225 (-6.0%) $287,762 (0.3%) 0.53 736
2021-11-01 $195,950 (-6.5%) $274,191 (-3.9%) 0.52 694
2021-12-01 $199,950 (-4.3%) $272,161 (-2.4%) 0.54 694
2022-01-01 $199,950 (-4.3%) $280,708 (1.6%) 0.54 609
2022-02-01 $204,600 (0.1%) $278,176 (-3.3%) 0.53 529
2022-03-01 $224,900 (8.9%) $292,819 (2.7%) 0.56 500
2022-04-01 $240,000 (17.4%) $311,951 (12.3%) 0.57 513
2022-05-01 $257,358 (29.2%) $312,711 (8.1%) 0.59 632
2022-06-01 $239,950 (14.8%) $299,903 (4.3%) 0.53 715
2022-07-01 $240,000 (14.3%) $297,143 (5.0%) 0.54 762
2022-08-01 $248,567 (22.9%) $305,198 (10.5%) 0.57 776
2022-09-01 $249,900 (25.0%) $311,698 (11.6%) 0.58 753
2022-10-01 $249,264 (25.1%) $317,051 (10.2%) 0.59 789
2022-11-01 $247,143 (26.1%) $317,135 (15.7%) 0.59 829
2022-12-01 $240,000 (20.0%) $313,203 (15.1%) 0.59 805
2023-01-01 $239,563 (19.8%) $317,474 (13.1%) 0.59 735
2023-02-01 $239,950 (17.3%) $319,587 (14.9%) 0.58 674
2023-03-01 $238,567 (6.1%) $317,158 (8.3%) 0.56 680
2023-04-01 $250,000 (4.2%) $328,470 (5.3%) 0.58 689
2023-05-01 $257,072 (-0.1%) $332,663 (6.4%) 0.58 697
2023-06-01 $263,250 (9.7%) $338,656 (12.9%) 0.59 696
2023-07-01 $259,950 (8.3%) $338,985 (14.1%) 0.59 758
2023-08-01 $254,950 (2.6%) $328,900 (7.8%) 0.59 811
2023-09-01 $255,000 (2.0%) $326,499 (4.8%) 0.59 867
2023-10-01 $250,000 (0.3%) $346,832 (9.4%) 0.59 951
2023-11-01 $249,825 (1.1%) $341,136 (7.6%) 0.59 1,026
2023-12-01 $249,900 (4.1%) $338,365 (8.0%) 0.61 1,039
2024-01-01 $249,450 (4.1%) $330,308 (4.0%) 0.61 1,003
2024-02-01 $249,950 (4.2%) $333,360 (4.3%) 0.60 1,025
2024-03-01 $259,000 (8.6%) $352,667 (11.2%) 0.61 1,011
2024-04-01 $259,925 (4.0%) $355,127 (8.1%) 0.60 1,040
Mobile's median listing price for 2024-04-01 was $259,925, a difference of $9,925 (4.0%) versus the prior year and $925 versus the prior month.

Mobile's median listing price comes in at 60% of the national average.

Mobile's average listing price for 2024-04-01 was $355,127, a difference of $26,657 (8.1%) versus the prior year and $2,460 versus the prior month.

For the 2024-04-01 period, Mobile had 1,040 MLS listings, a difference of 29 listings (3%) versus the prior month and 351 listings (51%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Mobile (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 93 days 1,811 sqft
2018-02-01 89 days 1,825 sqft
2018-03-01 60 days 1,860 sqft
2018-04-01 60 days 1,866 sqft
2018-05-01 64 days 1,906 sqft
2018-06-01 67 days 1,930 sqft
2018-07-01 71 days 1,910 sqft
2018-08-01 68 days 1,894 sqft
2018-09-01 73 days 1,867 sqft
2018-10-01 75 days 1,858 sqft
2018-11-01 79 days 1,828 sqft
2018-12-01 85 days 1,809 sqft
2019-01-01 85 days 1,777 sqft
2019-02-01 81 days 1,787 sqft
2019-03-01 71 days 1,812 sqft
2019-04-01 59 days 1,827 sqft
2019-05-01 57 days 1,848 sqft
2019-06-01 61 days 1,914 sqft
2019-07-01 65 days 1,901 sqft
2019-08-01 66 days 1,900 sqft
2019-09-01 67 days 1,899 sqft
2019-10-01 68 days 1,899 sqft
2019-11-01 72 days 1,890 sqft
2019-12-01 78 days 1,873 sqft
2020-01-01 80 days 1,862 sqft
2020-02-01 68 days 1,900 sqft
2020-03-01 55 days 1,916 sqft
2020-04-01 58 days 1,897 sqft
2020-05-01 63 days 1,931 sqft
2020-06-01 58 days 1,952 sqft
2020-07-01 53 days 1,978 sqft
2020-08-01 47 days 2,001 sqft
2020-09-01 43 days 1,995 sqft
2020-10-01 53 days 2,025 sqft
2020-11-01 50 days 2,000 sqft
2020-12-01 54 days 1,964 sqft
2021-01-01 58 days 1,934 sqft
2021-02-01 47 days 1,930 sqft
2021-03-01 31 days 1,877 sqft
2021-04-01 28 days 1,806 sqft
2021-05-01 24 days 1,800 sqft
2021-06-01 26 days 1,819 sqft
2021-07-01 26 days 1,791 sqft
2021-08-01 29 days 1,735 sqft
2021-09-01 39 days 1,734 sqft
2021-10-01 43 days 1,726 sqft
2021-11-01 41 days 1,715 sqft
2021-12-01 43 days 1,733 sqft
2022-01-01 45 days 1,760 sqft
2022-02-01 36 days 1,763 sqft
2022-03-01 26 days 1,805 sqft
2022-04-01 28 days 1,798 sqft
2022-05-01 26 days 1,835 sqft
2022-06-01 30 days 1,785 sqft
2022-07-01 39 days 1,826 sqft
2022-08-01 42 days 1,861 sqft
2022-09-01 47 days 1,891 sqft
2022-10-01 46 days 1,894 sqft
2022-11-01 53 days 1,879 sqft
2022-12-01 60 days 1,830 sqft
2023-01-01 68 days 1,802 sqft
2023-02-01 59 days 1,810 sqft
2023-03-01 45 days 1,750 sqft
2023-04-01 41 days 1,840 sqft
2023-05-01 41 days 1,828 sqft
2023-06-01 45 days 1,862 sqft
2023-07-01 42 days 1,848 sqft
2023-08-01 40 days 1,820 sqft
2023-09-01 45 days 1,844 sqft
2023-10-01 46 days 1,829 sqft
2023-11-01 50 days 1,820 sqft
2023-12-01 59 days 1,814 sqft
2024-01-01 67 days 1,789 sqft
2024-02-01 64 days 1,791 sqft
2024-03-01 47 days 1,791 sqft
2024-04-01 46 days 1,796 sqft
Mobile's median listing age (time on market) for 2024-04-01 was 46 days. This is 11% longer than the same period one year ago.

Mobile's median square footage for active listings during the 2024-04-01 period was 1,796 sqft. One year prior, the average listing was 1,840 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).