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 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 6.27% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.63% and one month ago for the week of 2024-06-14, the average rate was 6.78%.

    The average rate one year ago was 6.57%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.81%.

    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

    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).