Mobile FHA Loans

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 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 5.38% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.48% and one month ago for the week of 2022-04-15, the average rate was 4.98%.

    The average rate one year ago was 3.35%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.16%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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
    MIDLAND MORTGAGE CORPORATION 4 3.44% $4,516
    MID AMERICA MORTGAGE, INC. 4 3.03% $3,000
    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
    Citizens Bank 4 3.06% $5,302
    First Savings Bank 4 3.38% $6,385
    Mortgage Research Center, LLC 4 3.16% $4,217
    KEESLER 3 3.00% $6,639
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.79% $6,532
    PNC Bank 3 3.08% $4,952
    Nations Lending Corporation 3 3.08% $3,103
    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
    OCEANSIDE MORTGAGE COMPANY 3 2.66% $2,432
    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
    Colten Mortgage, LLC 2 4.31% $7,781
    First Horizon Bank 2 2.88% $5,762
    MILEND, INC. 2 3.06% $11,612
    NATIONS DIRECT MORTGAGE, LLC 2 3.31% $9,060
    Northpointe Bank 2 2.88% $6,542
    Chickasaw Community Bank 2 2.63% $6,427
    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 Bank 2 2.85% $4,724
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 2.75% $6,903
    Wolfe Financial, Inc 2 2.88% $8,372
    GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $3,793
    DAS Acquisition Company, LLC 1 3.25% $4,891
    Goldwater Bank, N.A. 1 3.13% $8,540
    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
    MICHIGAN MUTUAL, INC. 1 3.25% $5,765
    Manufacturers and Traders Trust Company 1 2.75% $6,723
    CONTOUR MORTGAGE CORPORATION 1 2.38% $14,138
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $7,527
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $8,694
    LIBERTY HOME MORTGAGE CORPORATION 1 3.75% $9,145
    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 & INVESTMENT LLC ($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

    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).