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 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
6.45%
for the week of 2025-07-11, compared to the national average (all FHA variants) of
6.523% for the same period.
Mobile's average FHA mortgage closing costs are $6,612.
The average rate for the prior week (2025-07-04) was
6.48% and
one month ago for the week of 2025-06-06, the
average rate was 6.61%.
The average rate one year ago was 6.85%.
For refis of the same type during the week of 2025-07-11, the average rate
was 6.28%.
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).