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 131 lenders originated 2,771 FHA loans during 2021. The total origination value was $515,425,000, with an average FHA loan value of $186,007.

Mobile FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Mobile averaged 6.59% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Mobile's average FHA mortgage closing costs are $5,525.

The average rate for the prior week (2022-11-25) was 6.31% and one month ago for the week of 2022-10-28, the average rate was 6.95%.

The average rate one year ago was 3.58%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.08%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 274 2.77% $5,254
EMBRACE HOME LOANS, INC. 246 3.22% $6,046
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 178 2.94% $5,309
Trustmark National Bank 149 2.68% $6,267
CALIBER HOME LOANS, INC. 121 3.09% $6,264
BancorpSouth Bank 112 2.99% $5,804
Hometown Lenders, Inc. 80 3.35% $6,839
DHI MORTGAGE COMPANY, LTD. 69 2.83% $6,683
PACIFIC RESIDENTIAL MORTGAGE, LLC 61 3.77% $7,335
First Federal Bank, A FSB 61 2.88% $5,049
LAKEVIEW LOAN SERVICING, LLC 61 3.10% $4,073
DIRECT MORTGAGE LOANS, LLC 57 3.10% $7,368
HOME POINT FINANCIAL CORPORATION 56 2.83% $6,640
FREEDOM MORTGAGE CORPORATION 50 2.91% $3,378
UNITED WHOLESALE MORTGAGE, LLC 47 2.76% $6,486
FIRST COMMUNITY MORTGAGE, INC. 44 3.01% $5,373
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 40 3.21% $7,204
Mr. Cooper ( Nationstar Mortgage ) 38 3.20% $4,032
PENNYMAC LOAN SERVICES, LLC 36 2.96% $4,432
Regions Bank 35 2.95% $5,943
SWBC MORTGAGE CORPORATION 33 3.12% $5,299
GMFS LLC 30 2.86% $4,571
Renasant Bank 28 3.13% $6,401
CMG MORTGAGE, INC. 24 3.18% $6,991
HOMETRUST MORTGAGE COMPANY 23 2.99% $6,160
Bank of England 22 3.39% $8,766
Prosperity Home Mortgage, LLC 20 3.03% $5,557
A Mortgage Boutique, LLC 20 2.85% $5,186
AmeriHome Mortgage Company, LLC 16 2.99% $3,919
PRIMELENDING, A PLAINSCAPITAL COMPANY 16 3.48% $7,009
HOMESTAR FINANCIAL CORPORATION 15 3.31% $6,101
VILLAGE CAPITAL MORTGAGE 15 3.15% $1,927
Hancock Whitney Bank 15 2.54% $5,911
HOMEBRIDGE FINANCIAL SERVICES, INC. 15 2.69% $6,164
Home Mortgage Alliance Corp 14 3.67% $9,641
LOANDEPOT.COM, LLC 13 3.22% $7,507
FirstBank 12 3.27% $5,648
Carrington Mortgage Services, LLC 12 3.58% $6,791
AMERISAVE MORTGAGE CORPORATION 12 3.00% $7,474
NEWREZ LLC 12 3.14% $4,217
MOVEMENT MORTGAGE, LLC 11 3.27% $5,036
Community Bank of Mississippi 11 2.94% $6,310
Flagstar Bank, FSB 10 3.07% $6,216
THE MORTGAGE FIRM, INC. 9 3.30% $7,822
First Guaranty Mortgage Corporation 8 2.92% $5,275
SOUTHWEST FUNDING, LP 7 3.57% $8,762
PLANET HOME LENDING, LLC 7 2.79% $4,163
Consumer First Mortgage, Inc. 7 2.82% $6,392
BROKER SOLUTIONS, INC. 6 2.88% $7,586
CROSSCOUNTRY MORTGAGE, LLC 6 3.10% $7,084
Synovus Bank 6 2.94% $6,660
GoPrime Mortgage, Inc. 5 3.15% $6,400
Mortgage Research Center, LLC 4 3.16% $4,217
MIDLAND MORTGAGE CORPORATION 4 3.44% $4,516
GUILD MORTGAGE COMPANY 4 3.06% $5,011
SouthPoint Bank 4 2.88% $2,897
AMERICAN FINANCING CORPORATION 4 3.31% $5,154
ENVOY MORTGAGE, LTD 4 3.47% $6,121
Platinum Home Mortgage Corporation 4 3.38% $11,054
KELLER MORTGAGE, LLC 4 2.91% $5,235
First Savings Bank 4 3.38% $6,385
Citizens Bank 4 3.06% $5,302
MID AMERICA MORTGAGE, INC. 4 3.03% $3,000
KEESLER 3 3.00% $6,639
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.79% $6,532
PNC Bank 3 3.08% $4,952
OCEANSIDE MORTGAGE COMPANY 3 2.66% $2,432
InterContinental Capital Group, Inc 3 3.17% $7,706
Wells Fargo Bank 3 3.21% $3,430
U.S. Bank 3 3.08% $5,999
Nations Lending Corporation 3 3.08% $3,103
Tyndall Federal Credit Union 3 2.54% $6,296
GENEVA FINANCIAL, LLC 3 3.13% $6,709
First Federal Bank 3 3.54% $4,664
CERTAINTY HOME LOANS, LLC 3 3.13% $6,017
RESOURCE FINANCIAL SERVICES, INC. 3 2.38% $4,766
RELIANCE FIRST CAPITAL, LLC 3 3.17% $9,514
Chickasaw Community Bank 2 2.63% $6,427
First Horizon Bank 2 2.88% $5,762
MILEND, INC. 2 3.06% $11,612
Colten Mortgage, LLC 2 4.31% $7,781
NATIONS DIRECT MORTGAGE, LLC 2 3.31% $9,060
Northpointe Bank 2 2.88% $6,542
ServisFirst Bank 2 2.75% $5,626
SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.88% $8,236
SUN WEST MORTGAGE COMPANY, INC. 2 3.00% $8,148
Truist 2 2.85% $4,724
VANDERBILT MORTGAGE AND FINANCE, INC. 2 2.75% $6,903
Wolfe Financial, Inc 2 2.88% $8,372
Goldwater Bank, N.A. 1 3.13% $8,540
LIBERTY HOME MORTGAGE CORPORATION 1 3.75% $9,145
DAS Acquisition Company, LLC 1 3.25% $4,891
Paramount Residential Mortgage Group, Inc. 1 2.88% $4,784
Ixonia Bank 1 3.63% $7,901
PHH Mortgage Corporation 1 3.38% $3,711
Capital City Home Loans, LLC 1 2.75% $5,018
INTERLINC MORTGAGE SERVICES, LLC 1 3.00% $2,195
Equity Prime Mortgage LLC 1 4.25% $5,397
Hometown Equity Mortgage, LLC 1 3.75% $9,409
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 2.50% $8,665
BETTER MORTGAGE CORPORATION 1 3.13% $5,269
BBVA USA 1 2.75% $4,655
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $5,867
HOMESPIRE MORTGAGE CORPORATION 1 3.13% $8,355
Barrington Bank & Trust Company, N.A. 1 3.13% $6,524
EVERETT FINANCIAL, INC. 1 3.63% $5,173
AMERICAN MORTGAGE SERVICE COMPANY 1 2.25% $4,355
FIDELITY BANK 1 3.63% $6,915
Washington Trust Bank 1 3.13% $3,009
AVADIAN 1 2.75% $4,787
SOVEREIGN LENDING GROUP INCORPORATED 1 3.38% $5,470
Stifel Bank and Trust 1 2.50% $5,452
Waterstone Mortgage Corporation 1 2.50% $6,429
Austin Capital Bank SSB 1 3.50% $9,701
ZILLOW HOME LOANS, LLC 1 3.00% $6,607
Assurance Financial Group, L.L.C. 1 3.50% $6,878
The Union Bank Company 1 2.63% $10,590
THRIVE MORTGAGE, LLC 1 3.88% $6,059
TJC Mortgage, Inc. 1 3.25% $4,442
GUARANTEED RATE, INC. 1 3.25% $5,122
AmRes Corporation 1 2.75% $3,168
Hamilton Mortgage Corporation 1 2.50% $7,405
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $8,694
MICHIGAN MUTUAL, INC. 1 3.25% $5,765
M&T Bank 1 2.75% $6,723
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $7,527
GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $3,793
CONTOUR MORTGAGE CORPORATION 1 2.38% $14,138
NEW DAY FINANCIAL, LLC 1 3.38% $4,480
CHURCHILL MORTGAGE CORPORATION 1 3.13% $9,381
NFM, INC. 1 3.75% $1,081

The top Mobile FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 274 FHA loans originated. Their average total fees are $5,254, which is $792 lower than the next largest lender, EMBRACE HOME LOANS, INC..

The lowest fee Mobile FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($1,927), FREEDOM MORTGAGE CORPORATION ($3,378), AmeriHome Mortgage Company, LLC ($3,919), Mr. Cooper ( Nationstar Mortgage ) ($4,032) and LAKEVIEW LOAN SERVICING, LLC ($4,073).

The lowest rate Mobile FHA lenders (with over 10 loans originated) are Hancock Whitney Bank (2.54%), Trustmark National Bank (2.68%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.69%), UNITED WHOLESALE MORTGAGE, LLC (2.76%) and QUICKEN LOANS, LLC (2.77%).

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

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 $159,832 (6.6%) $213,948 (6.9%) 0.59 1,648
2018-02-01 $162,374 (8.2%) $215,111 (5.3%) 0.59 1,674
2018-03-01 $169,000 (8.0%) $221,650 (6.7%) 0.59 1,700
2018-04-01 $169,495 (4.3%) $227,530 (6.3%) 0.57 1,670
2018-05-01 $170,073 (6.4%) $263,031 (22.6%) 0.57 1,646
2018-06-01 $174,900 (6.0%) $238,748 (9.6%) 0.58 1,649
2018-07-01 $169,997 (2.8%) $236,411 (9.6%) 0.57 1,672
2018-08-01 $169,622 (-0.2%) $235,601 (8.6%) 0.57 1,653
2018-09-01 $164,930 (0.0%) $231,075 (6.5%) 0.55 1,653
2018-10-01 $165,450 (3.3%) $230,322 (6.4%) 0.56 1,663
2018-11-01 $165,000 (3.2%) $229,324 (6.4%) 0.56 1,612
2018-12-01 $162,900 (1.9%) $226,863 (4.7%) 0.56 1,537
2019-01-01 $159,900 (0.0%) $225,659 (5.5%) 0.55 1,476
2019-02-01 $159,950 (-1.5%) $224,817 (4.5%) 0.54 1,451
2019-03-01 $165,900 (-1.8%) $234,027 (5.6%) 0.54 1,477
2019-04-01 $169,900 (0.2%) $241,272 (6.0%) 0.54 1,525
2019-05-01 $169,900 (-0.1%) $238,638 (-9.3%) 0.53 1,558
2019-06-01 $179,900 (2.9%) $244,410 (2.4%) 0.56 1,554
2019-07-01 $179,900 (5.8%) $244,789 (3.5%) 0.56 1,544
2019-08-01 $180,609 (6.5%) $242,007 (2.7%) 0.57 1,546
2019-09-01 $181,673 (10.2%) $242,474 (4.9%) 0.58 1,535
2019-10-01 $183,500 (10.9%) $242,785 (5.4%) 0.59 1,512
2019-11-01 $179,900 (9.0%) $241,365 (5.3%) 0.59 1,436
2019-12-01 $176,775 (8.5%) $233,339 (2.9%) 0.59 1,386
2020-01-01 $175,350 (9.7%) $232,029 (2.8%) 0.59 1,294
2020-02-01 $179,700 (12.4%) $236,237 (5.1%) 0.59 1,260
2020-03-01 $187,550 (13.1%) $241,501 (3.2%) 0.59 1,232
2020-04-01 $189,200 (11.4%) $244,073 (1.2%) 0.59 1,220
2020-05-01 $199,000 (17.1%) $259,481 (8.7%) 0.60 1,085
2020-06-01 $202,330 (12.5%) $270,108 (10.5%) 0.60 986
2020-07-01 $204,070 (13.4%) $274,846 (12.3%) 0.59 851
2020-08-01 $205,710 (13.9%) $273,531 (13.0%) 0.59 802
2020-09-01 $210,000 (15.6%) $281,973 (16.3%) 0.60 786
2020-10-01 $209,900 (14.4%) $285,834 (17.7%) 0.60 749
2020-11-01 $209,000 (16.2%) $284,107 (17.7%) 0.61 727
2020-12-01 $209,000 (18.2%) $277,692 (19.0%) 0.62 730
2021-01-01 $209,000 (19.2%) $274,902 (18.5%) 0.62 655
2021-02-01 $199,750 (11.2%) $286,393 (21.2%) 0.58 530
2021-03-01 $199,900 (6.6%) $283,496 (17.4%) 0.57 523
2021-04-01 $202,115 (6.8%) $276,217 (13.2%) 0.55 535
2021-05-01 $199,000 (0.0%) $287,765 (10.9%) 0.53 537
2021-06-01 $209,000 (3.3%) $286,066 (5.9%) 0.55 576
2021-07-01 $209,900 (2.9%) $281,758 (2.5%) 0.55 653
2021-08-01 $199,925 (-2.8%) $275,082 (0.6%) 0.53 798
2021-09-01 $199,700 (-4.9%) $278,201 (-1.3%) 0.53 768
2021-10-01 $199,000 (-5.2%) $286,456 (0.2%) 0.53 744
2021-11-01 $194,750 (-6.8%) $273,008 (-3.9%) 0.52 702
2021-12-01 $199,760 (-4.4%) $270,958 (-2.4%) 0.54 702
2022-01-01 $199,900 (-4.4%) $279,139 (1.5%) 0.54 616
2022-02-01 $200,000 (0.1%) $276,406 (-3.5%) 0.52 537
2022-03-01 $224,171 (12.1%) $291,108 (2.7%) 0.56 508
2022-04-01 $238,500 (18.0%) $310,237 (12.3%) 0.57 521
2022-05-01 $252,450 (26.9%) $311,081 (8.1%) 0.58 640
2022-06-01 $239,450 (14.6%) $298,567 (4.4%) 0.53 723
2022-07-01 $239,950 (14.3%) $295,894 (5.0%) 0.54 770
2022-08-01 $247,133 (23.6%) $303,961 (10.5%) 0.57 784
2022-09-01 $249,000 (24.7%) $310,287 (11.5%) 0.58 761
2022-10-01 $249,000 (25.1%) $315,567 (10.2%) 0.59 797
2022-11-01 $245,275 (25.9%) $315,868 (15.7%) 0.59 837
Mobile's median listing price for 2022-11-01 was $245,275, a difference of $50,525 (25.9%) versus the prior year and $-3,725 versus the prior month.

Mobile's median listing price comes in at 59% of the national average.

Mobile's average listing price for 2022-11-01 was $315,868, a difference of $42,860 (15.7%) versus the prior year and $301 versus the prior month.

For the 2022-11-01 period, Mobile had 837 MLS listings, a difference of 40 listings (5%) versus the prior month and 135 listings (19%) 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
2018-01-01 101 days 1,811 sqft
2018-02-01 99 days 1,826 sqft
2018-03-01 70 days 1,860 sqft
2018-04-01 65 days 1,866 sqft
2018-05-01 69 days 1,905 sqft
2018-06-01 73 days 1,928 sqft
2018-07-01 78 days 1,908 sqft
2018-08-01 75 days 1,893 sqft
2018-09-01 79 days 1,866 sqft
2018-10-01 81 days 1,858 sqft
2018-11-01 85 days 1,828 sqft
2018-12-01 92 days 1,808 sqft
2019-01-01 91 days 1,776 sqft
2019-02-01 88 days 1,788 sqft
2019-03-01 79 days 1,811 sqft
2019-04-01 66 days 1,826 sqft
2019-05-01 60 days 1,839 sqft
2019-06-01 65 days 1,908 sqft
2019-07-01 68 days 1,900 sqft
2019-08-01 70 days 1,897 sqft
2019-09-01 71 days 1,894 sqft
2019-10-01 72 days 1,895 sqft
2019-11-01 78 days 1,889 sqft
2019-12-01 84 days 1,872 sqft
2020-01-01 84 days 1,860 sqft
2020-02-01 74 days 1,900 sqft
2020-03-01 60 days 1,916 sqft
2020-04-01 62 days 1,897 sqft
2020-05-01 68 days 1,932 sqft
2020-06-01 64 days 1,950 sqft
2020-07-01 59 days 1,973 sqft
2020-08-01 52 days 2,000 sqft
2020-09-01 49 days 1,983 sqft
2020-10-01 57 days 2,019 sqft
2020-11-01 55 days 1,994 sqft
2020-12-01 58 days 1,954 sqft
2021-01-01 61 days 1,932 sqft
2021-02-01 51 days 1,919 sqft
2021-03-01 34 days 1,874 sqft
2021-04-01 30 days 1,803 sqft
2021-05-01 26 days 1,797 sqft
2021-06-01 28 days 1,819 sqft
2021-07-01 29 days 1,787 sqft
2021-08-01 30 days 1,734 sqft
2021-09-01 41 days 1,733 sqft
2021-10-01 45 days 1,722 sqft
2021-11-01 44 days 1,713 sqft
2021-12-01 50 days 1,730 sqft
2022-01-01 50 days 1,742 sqft
2022-02-01 39 days 1,747 sqft
2022-03-01 29 days 1,798 sqft
2022-04-01 29 days 1,792 sqft
2022-05-01 29 days 1,817 sqft
2022-06-01 31 days 1,778 sqft
2022-07-01 40 days 1,822 sqft
2022-08-01 43 days 1,859 sqft
2022-09-01 50 days 1,879 sqft
2022-10-01 48 days 1,891 sqft
2022-11-01 54 days 1,870 sqft
Mobile's median listing age (time on market) for 2022-11-01 was 54 days. This is 23% longer than the same period one year ago.

Mobile's median square footage for active listings during the 2022-11-01 period was 1,870 sqft. One year prior, the average listing was 1,713 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).