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 134 lenders originated 1,881 FHA loans during 2024. The total origination value was $401,115,000, with an average FHA loan value of $213,246.

    Mobile FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mobile averaged 0.12% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Mobile's average FHA mortgage closing costs are $6,612.

    The average rate for the prior week (2025-06-27) was 6.71% and one month ago for the week of 2025-05-30, the average rate was 6.78%.

    The average rate one year ago was 6.81%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.34%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    EMBRACE HOME LOANS, INC. 161 6.38% $8,567
    DHI MORTGAGE COMPANY, LTD. 159 4.84% $7,139
    QUICKEN LOANS, LLC 148 6.34% $9,278
    Trustmark National Bank 82 6.32% $7,705
    STOCKTON MORTGAGE CORPORATION 60 6.44% $9,510
    UNITED WHOLESALE MORTGAGE, LLC 60 6.31% $10,070
    BROKER SOLUTIONS, INC. 48 6.90% $9,709
    GMFS LLC 47 6.41% $5,365
    TOWNE MORTGAGE COMPANY 46 6.30% $10,265
    FREEDOM MORTGAGE CORPORATION 45 6.38% $10,718
    Hancock Whitney Bank 42 6.07% $7,952
    UNION HOME MORTGAGE CORP. 39 6.58% $9,015
    Flagstar Bank, FSB 39 6.03% $7,713
    First Federal Bank, A FSB 38 6.13% $8,365
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 36 6.51% $8,146
    DIRECT MORTGAGE LOANS, LLC 34 6.80% $9,079
    MUTUAL OF OMAHA MORTGAGE, INC. 29 6.32% $9,167
    Bank of England 28 7.09% $9,939
    Regions Bank 28 6.31% $7,857
    SWBC MORTGAGE CORPORATION 23 6.67% $7,233
    LOANDEPOT.COM, LLC 23 6.42% $8,074
    Plains Commerce Bank 20 6.67% $9,626
    Renasant Bank 19 6.31% $8,300
    Tyndall Federal Credit Union 17 6.24% $7,220
    BancorpSouth 17 6.15% $8,261
    MOVEMENT MORTGAGE, LLC 14 6.45% $9,275
    PENNYMAC LOAN SERVICES, LLC 14 5.99% $9,036
    BankPlus 13 6.14% $6,256
    NEWREZ LLC 13 6.52% $9,592
    FirstBank 13 6.05% $8,421
    CROSSCOUNTRY MORTGAGE, LLC 12 6.53% $8,773
    Carrington Mortgage Services, LLC 12 6.44% $10,177
    CARDINAL FINANCIAL 11 6.54% $12,747
    AMERICAN FINANCIAL NETWORK, INC. 9 7.03% $9,928
    Mortgage Research Center, LLC 9 6.69% $5,295
    Princeton Mortgage Corporation 9 6.37% $9,953
    Prosperity Home Mortgage, LLC 9 6.03% $10,293
    GUARANTEED RATE, INC. 8 6.70% $9,036
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 8 6.27% $9,532
    KEESLER 8 5.64% $7,103
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 6.79% $8,969
    LOANPAL, LLC 7 5.71% $10,134
    American Mortgage Bank, LLC 7 6.21% $10,112
    AMERISAVE MORTGAGE CORPORATION 6 6.17% $12,523
    LAKEVIEW LOAN SERVICING, LLC 6 6.40% $7,436
    Hamilton Mortgage Corporation 6 6.44% $8,129
    Residential Acceptance Corporation 5 7.73% $8,607
    MILEND, INC. 5 6.30% $15,508
    FBC MORTGAGE, LLC 5 4.39% $7,102
    FIRST COMMUNITY MORTGAGE, INC. 5 6.87% $8,893
    Mr. Cooper ( Nationstar Mortgage ) 5 6.83% $11,118
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.43% $7,679
    ENDEAVOR CAPITAL, LLC. 5 6.50% $9,044
    ServisFirst Bank 4 6.28% $7,365
    Community Bank of Mississippi 4 5.78% $8,630
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.41% $4,605
    GENEVA FINANCIAL, LLC 4 6.13% $9,553
    MID AMERICA MORTGAGE, INC. 4 6.81% $9,263
    AmeriHome Mortgage Company, LLC 4 6.75% $5,885
    City National Bank of Florida 4 5.84% $7,275
    MORTGAGE INVESTORS GROUP, INC. 4 6.09% $7,940
    Nations Lending Corporation 4 6.59% $10,863
    AMERICAN FINANCING CORPORATION 3 6.21% $9,862
    Equity Prime Mortgage LLC 3 7.25% $4,875
    CMG MORTGAGE, INC. 3 6.04% $10,209
    CHURCHILL MORTGAGE CORPORATION 3 6.79% $7,621
    CANOPY MORTGAGE, LLC 3 6.83% $12,217
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.92% $11,306
    POLARIS HOME FUNDING CORP. 3 6.50% $13,596
    PNC Bank 3 6.29% $7,861
    PLAZA HOME MORTGAGE, INC. 3 6.75% $8,644
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.92% $7,016
    Consumer First Mortgage, Inc. 3 6.54% $10,059
    ZILLOW HOME LOANS, LLC 2 6.44% $11,753
    Assurance Financial Group, L.L.C. 2 7.13% $8,498
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 7.00% $9,376
    Century Mortgage Company DBA Century Lending Company 2 6.56% $7,473
    First Horizon Bank 2 6.75% $9,610
    GUARANTEED RATE AFFINITY, LLC 2 6.44% $8,147
    Lakeview Community Capital, LLC 2 6.00% $5,272
    LEADERONE FINANCIAL CORPORATION 2 7.38% $7,176
    LIBERTY HOME MORTGAGE CORPORATION 2 7.38% $18,556
    Magnolia Bank 2 6.19% $17,187
    MICHIGAN MUTUAL, INC. 2 6.56% $10,460
    MLB RESIDENTIAL LENDING, LLC 2 6.69% $6,919
    NATIONS DIRECT MORTGAGE, LLC 2 5.31% $14,497
    NEW DAY FINANCIAL, LLC 2 7.30% $6,975
    NFM, INC. 2 6.38% $6,533
    NORWICH COMMERCIAL GROUP, INC. 2 6.00% $8,092
    OCEANSIDE MORTGAGE COMPANY 2 5.75% $3,750
    Paramount Residential Mortgage Group, Inc. 2 6.38% $7,581
    SOUTHWEST FUNDING, LP 2 6.13% $11,186
    SUN WEST MORTGAGE COMPANY, INC. 2 6.69% $9,061
    TOP FLITE FINANCIAL, INC. 2 6.88% $11,497
    Truist 2 6.75% $9,777
    VILLAGE CAPITAL MORTGAGE 2 6.44% $3,147
    Merchants & Marine Bank 1 7.13% $6,623
    PLANET HOME LENDING, LLC 1 6.25% $4,313
    Loan Simple, Inc. 1 6.63% $12,053
    LEGEND LENDING CORPORATION 1 7.13% $10,081
    JPMorgan Chase Bank 1 6.75% $13,593
    JMAC LENDING, INC. 1 6.25% $6,345
    Ixonia Bank 1 7.25% $6,698
    Hometown Equity Mortgage, LLC 1 7.50% $9,806
    HOMESTEAD FUNDING CORP. 1 7.13% $6,485
    Gulf Coast Bank and Trust Company 1 6.63% $9,597
    RELIANCE FIRST CAPITAL, LLC 1 6.13% $9,284
    GUILD MORTGAGE COMPANY 1 6.50% $6,059
    Gateway First Bank 1 7.25% $7,901
    RESIDENTIAL BANCORP 1 5.75% $25,197
    First Federal Bank 1 7.13% $4,564
    S1L, Inc. 1 7.13% $8,846
    SENTE MORTGAGE, INC. 1 6.50% $8,713
    FIRST COLONY MORTGAGE CORPORATION 1 5.63% $6,831
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.25% $9,290
    Union Savings Bank 1 7.00% $5,529
    DELMAR FINANCIAL COMPANY 1 6.50% $10,273
    Ameris Bank 1 5.75% $6,042
    Cornerstone First Mortgage, Inc 1 5.75% $8,640
    Texana Bank 1 6.75% $6,121
    The Federal Savings Bank 1 7.00% $8,118
    THE MORTGAGE FIRM, INC. 1 6.25% $9,156
    TJC Mortgage, Inc. 1 6.25% $9,059
    US MORTGAGE CORPORATION 1 7.13% $13,317
    NBKC BANK 1 6.00% $7,925
    Citizens Bank 1 6.25% $6,914
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $9,205
    NEXERA HOLDING LLC 1 5.38% $7,988
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $11,110
    CIS Financial Services, Inc. 1 6.63% $7,993
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.75% $7,258
    OPEN MORTGAGE, LLC 1 5.99% $18,370
    Barrington Bank & Trust Company, N.A. 1 7.75% $6,161
    M&T Bank 1 6.75% $6,162

    The top Mobile FHA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with 161 FHA loans originated. Their average total fees are $8,567, which is $1,427 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Mobile FHA lenders (with over 10 loans originated) are GMFS LLC ($5,365), BankPlus ($6,256), DHI MORTGAGE COMPANY, LTD. ($7,139), Tyndall Federal Credit Union ($7,220) and SWBC MORTGAGE CORPORATION ($7,233).

    The lowest rate Mobile FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.84%), PENNYMAC LOAN SERVICES, LLC (5.99%), Flagstar Bank, FSB (6.03%), FirstBank (6.05%) and Hancock Whitney Bank (6.07%).

    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).