Mobile FHA Loan Rates, Closing Costs & Stats

MOBILE, 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.

    Mobile's 133 lenders originated 1,909 FHA loans during 2022. The total origination value was $409,205,000, with an average FHA loan value of $214,356.

    Mobile FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mobile averaged 6.34% for the week of 2023-09-15, compared to the national average (all FHA variants) of 6.991% for the same period.

    Mobile's average FHA mortgage closing costs are $5,928.

    The average rate for the prior week (2023-09-08) was 6.75% and one month ago for the week of 2023-08-11, the average rate was 6.42%.

    The average rate one year ago was 5.51%.

    For refis of the same type during the week of 2023-09-15, the average rate was 5.84%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    EMBRACE HOME LOANS, INC. 192 5.23% $7,534
    QUICKEN LOANS, LLC 172 4.50% $8,025
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 147 5.15% $6,042
    Trustmark National Bank 113 4.77% $6,835
    DHI MORTGAGE COMPANY, LTD. 98 4.13% $7,495
    UNITED WHOLESALE MORTGAGE, LLC 76 4.94% $8,549
    BancorpSouth 56 4.59% $6,745
    HOME POINT FINANCIAL CORPORATION 53 4.28% $8,216
    CALIBER HOME LOANS, INC. 43 4.93% $8,508
    Bank of England 40 5.38% $8,861
    GMFS LLC 39 4.62% $5,399
    Hometown Lenders, Inc. 37 5.15% $8,487
    PACIFIC RESIDENTIAL MORTGAGE, LLC 37 5.62% $8,775
    Regions Bank 36 5.00% $6,898
    THE MORTGAGE FIRM, INC. 32 5.27% $8,830
    DIRECT MORTGAGE LOANS, LLC 31 4.97% $9,081
    CARDINAL FINANCIAL 30 4.82% $9,187
    First Federal Bank, A FSB 30 5.09% $6,474
    LOANDEPOT.COM, LLC 28 4.64% $8,751
    FIRST COMMUNITY MORTGAGE, INC. 26 4.26% $6,275
    Renasant Bank 26 5.00% $7,377
    SWBC MORTGAGE CORPORATION 25 4.96% $5,906
    PENNYMAC LOAN SERVICES, LLC 25 4.35% $8,143
    FREEDOM MORTGAGE CORPORATION 23 5.07% $8,495
    CMG MORTGAGE, INC. 22 5.08% $8,384
    HOMETRUST MORTGAGE COMPANY 20 4.59% $6,876
    AMERISAVE MORTGAGE CORPORATION 20 4.59% $10,703
    Mr. Cooper ( Nationstar Mortgage ) 17 4.44% $9,685
    LAKEVIEW LOAN SERVICING, LLC 17 4.35% $5,893
    MOVEMENT MORTGAGE, LLC 16 5.19% $7,346
    Flagstar Bank, FSB 11 5.12% $6,939
    Mortgage Research Center, LLC 11 5.66% $4,379
    PRIMELENDING, A PLAINSCAPITAL COMPANY 11 5.11% $8,258
    Carrington Mortgage Services, LLC 10 5.28% $9,568
    HOMESTAR FINANCIAL CORPORATION 10 4.38% $8,073
    BROKER SOLUTIONS, INC. 10 5.19% $9,506
    NEWREZ LLC 10 4.94% $6,982
    Prosperity Home Mortgage, LLC 10 5.55% $9,281
    FirstBank 9 5.07% $6,404
    Community Bank of Mississippi 7 4.52% $6,288
    EVERETT FINANCIAL, INC. 6 5.48% $5,257
    SOUTHWEST FUNDING, LP 6 5.38% $11,210
    NFM, INC. 6 5.19% $7,628
    AMERICAN FINANCING CORPORATION 5 4.63% $6,971
    Assurance Financial Group, L.L.C. 5 5.20% $8,611
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 5 5.75% $6,112
    Nations Lending Corporation 5 5.60% $7,099
    PNC Bank 5 3.80% $4,849
    Wells Fargo Bank 5 5.10% $5,317
    GUARANTEED RATE, INC. 4 5.61% $8,078
    Hancock Whitney Bank 4 4.94% $7,954
    Synovus Bank 4 5.22% $6,201
    Consumer First Mortgage, Inc. 4 4.19% $7,464
    CROSSCOUNTRY MORTGAGE, LLC 4 5.75% $10,449
    RELIANCE FIRST CAPITAL, LLC 3 5.46% $8,255
    KELLER MORTGAGE, LLC 3 4.21% $7,107
    First Federal Bank 3 6.00% $6,178
    PLANET HOME LENDING, LLC 3 4.33% $6,969
    Citizens Bank 3 5.63% $7,683
    JPMorgan Chase Bank 3 4.91% $6,026
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.08% $7,142
    M&T Bank 3 5.67% $6,104
    GENEVA FINANCIAL, LLC 3 5.13% $8,548
    Sierra Pacific Mortgage Company, Inc. 2 5.13% $6,385
    ServisFirst Bank 2 4.88% $6,900
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.75% $12,566
    GUILD MORTGAGE COMPANY 2 4.44% $5,920
    NATIONS DIRECT MORTGAGE, LLC 2 4.31% $5,487
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.94% $9,954
    Tyndall Federal Credit Union 2 5.31% $7,994
    NATIONWIDE MORTGAGE BANKERS, INC. 2 4.94% $8,039
    First Savings Bank 2 5.44% $11,771
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 5.50% $7,591
    HOMESIDE FINANCIAL, LLC 2 4.19% $5,215
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.44% $7,227
    GUARANTEED RATE AFFINITY, LLC 2 5.94% $7,757
    Paramount Residential Mortgage Group, Inc. 2 6.50% $10,957
    LIBERTY HOME MORTGAGE CORPORATION 2 4.88% $7,964
    Princeton Mortgage Corporation 1 7.13% $8,346
    BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 2.75% $8,985
    Austin Capital Bank SSB 1 4.25% $10,512
    RADIUS FINANCIAL GROUP INC. 1 5.75% $4,528
    RAPID MORTGAGE COMPANY 1 5.63% $8,972
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $4,433
    ARC HOME LLC 1 3.63% $8,601
    RESIDENTIAL BANCORP 1 5.13% $9,020
    ROYAL UNITED MORTGAGE LLC 1 6.75% $7,480
    SmartBank 1 3.75% $4,497
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 5.63% $6,641
    AmeriHome Mortgage Company, LLC 1 4.63% $6,022
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.63% $11,532
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.63% $8,197
    AMERIFIRST FINANCIAL CORPORATION 1 3.88% $10,603
    T2 FINANCIAL LLC 1 5.63% $8,903
    The Federal Savings Bank 1 6.25% $11,848
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $7,981
    TJC Mortgage, Inc. 1 4.00% $8,248
    TOWNE MORTGAGE COMPANY 1 5.75% $11,237
    UNION HOME MORTGAGE CORP. 1 7.00% $8,452
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 4.63% $8,166
    American Mortgage Bank, LLC 1 3.63% $9,952
    U.S. Bank 1 4.38% $7,369
    First Horizon Bank 1 4.50% $6,128
    First Home Bank 1 5.88% $16,053
    GERSHMAN INVESTMENT CORP. 1 6.13% $5,594
    Goldwater Bank, N.A. 1 4.25% $6,275
    DSLD MORTGAGE, LLC 1 4.88% $7,539
    Hometown Equity Mortgage, LLC 1 6.13% $8,819
    DAS Acquisition Company, LLC 1 5.13% $7,396
    INTERLINC MORTGAGE SERVICES, LLC 1 5.13% $6,487
    Ixonia Bank 1 5.38% $9,038
    KEESLER 1 5.00% $7,875
    LEADERONE FINANCIAL CORPORATION 1 5.63% $6,146
    Colten Mortgage, LLC 1 2.88% $6,879
    LOANLEADERS OF AMERICA, INC. 1 2.99% $13,608
    LOANPAL, LLC 1 5.13% $10,171
    MID AMERICA MORTGAGE, INC. 1 3.50% $2,630
    MIDLAND MORTGAGE CORPORATION 1 3.88% $6,600
    MORTGAGE INVESTORS GROUP, INC. 1 4.63% $4,676
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $7,741
    Chickasaw Community Bank 1 3.13% $6,459
    CERTAINTY HOME LOANS, LLC 1 3.88% $4,025
    Victorian Finance, LLC 1 5.13% $8,795
    NBKC BANK 1 5.25% $7,355
    NEW DAY FINANCIAL, LLC 1 7.50% $2,593
    Century Mortgage Company DBA Century Lending Company 1 4.75% $6,137
    Centennial Bank 1 6.50% $7,148
    North American Savings Bank, F.S.B. 1 4.88% $3,140
    BNC National Bank 1 5.63% $7,131
    Barrington Bank & Trust Company, N.A. 1 2.49% $8,159
    Peoples Bank 1 4.75% $13,157
    VILLAGE CAPITAL MORTGAGE 1 4.88% $9,671
    BankPlus 1 3.63% $9,361

    The top Mobile FHA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with 192 FHA loans originated. Their average total fees are $7,534, which is $491 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Mobile FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,379), GMFS LLC ($5,399), LAKEVIEW LOAN SERVICING, LLC ($5,893), SWBC MORTGAGE CORPORATION ($5,906) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,042).

    The lowest rate Mobile FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.13%), FIRST COMMUNITY MORTGAGE, INC. (4.26%), HOME POINT FINANCIAL CORPORATION (4.28%), LAKEVIEW LOAN SERVICING, LLC (4.35%) and PENNYMAC LOAN SERVICES, LLC (4.35%).

    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

    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).