Montgomery FHA Loans
MONTGOMERY, 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.
Montgomery's 121 lenders originated 2,141 FHA loans during 2021. The total origination value was $376,315,000, with an average FHA loan value of $175,766.
Montgomery FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Montgomery
averaged
5.21%
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
5.52% and
one month ago for the week of 2022-04-15, the
average rate was 4.91%.
The average rate one year ago was 2.98%.
For refis of the same type during the week of 2022-05-20, the average rate
was 5.18%.
Montgomery 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 Montgomery level.
The top Montgomery FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with
277 FHA loans originated. Their average total fees are
$7,221, which is $1,821
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Montgomery FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($2,091), Mr. Cooper ( Nationstar Mortgage ) ($2,399), FREEDOM MORTGAGE CORPORATION ($3,800), NEWREZ LLC ($3,914) and PENNYMAC LOAN SERVICES, LLC ($3,974).
The lowest rate Montgomery FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (2.70%), Trustmark National Bank (2.73%), CERTAINTY HOME LOANS, LLC (2.82%), FREEDOM MORTGAGE CORPORATION (2.82%) and UNITED WHOLESALE MORTGAGE, LLC (2.84%).
Montgomery FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
MONTGOMERY, AL | AUTAUGA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MONTGOMERY, AL | ELMORE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MONTGOMERY, AL | LOWNDES | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MONTGOMERY, AL | MONTGOMERY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Montgomery (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $169,000 (5.7%) | $217,640 (0.0%) | 0.62 | 1,896 |
2018-02-01 | $175,000 (8.0%) | $224,928 (3.4%) | 0.63 | 1,885 |
2018-03-01 | $177,900 (6.4%) | $230,545 (2.9%) | 0.62 | 1,954 |
2018-04-01 | $189,450 (12.1%) | $238,035 (5.2%) | 0.64 | 2,056 |
2018-05-01 | $192,325 (13.5%) | $242,215 (5.9%) | 0.64 | 2,069 |
2018-06-01 | $189,900 (12.1%) | $242,965 (5.9%) | 0.63 | 2,082 |
2018-07-01 | $194,900 (15.0%) | $243,232 (6.7%) | 0.65 | 2,065 |
2018-08-01 | $197,500 (16.9%) | $246,427 (8.8%) | 0.66 | 1,986 |
2018-09-01 | $199,900 (15.6%) | $244,974 (7.1%) | 0.67 | 1,948 |
2018-10-01 | $195,500 (15.1%) | $241,262 (6.3%) | 0.65 | 1,937 |
2018-11-01 | $194,700 (15.7%) | $241,524 (9.4%) | 0.65 | 1,852 |
2018-12-01 | $192,900 (13.8%) | $239,626 (8.7%) | 0.66 | 1,784 |
2019-01-01 | $192,950 (14.2%) | $238,199 (9.5%) | 0.67 | 1,694 |
2019-02-01 | $196,250 (12.1%) | $242,792 (7.9%) | 0.66 | 1,718 |
2019-03-01 | $206,564 (16.1%) | $252,870 (9.7%) | 0.67 | 1,709 |
2019-04-01 | $219,275 (15.7%) | $265,866 (11.7%) | 0.69 | 1,741 |
2019-05-01 | $222,450 (15.7%) | $265,055 (9.4%) | 0.69 | 1,670 |
2019-06-01 | $219,900 (15.8%) | $261,117 (7.5%) | 0.68 | 1,698 |
2019-07-01 | $221,355 (13.6%) | $260,896 (7.3%) | 0.69 | 1,690 |
2019-08-01 | $222,529 (12.7%) | $258,539 (4.9%) | 0.70 | 1,624 |
2019-09-01 | $219,900 (10.0%) | $255,352 (4.2%) | 0.70 | 1,578 |
2019-10-01 | $218,875 (12.0%) | $252,209 (4.5%) | 0.70 | 1,579 |
2019-11-01 | $215,000 (10.4%) | $250,512 (3.7%) | 0.69 | 1,558 |
2019-12-01 | $219,900 (14.0%) | $252,172 (5.2%) | 0.73 | 1,484 |
2020-01-01 | $223,950 (16.1%) | $253,552 (6.5%) | 0.75 | 1,410 |
2020-02-01 | $225,000 (14.7%) | $257,734 (6.2%) | 0.73 | 1,386 |
2020-03-01 | $238,300 (15.4%) | $267,182 (5.7%) | 0.74 | 1,374 |
2020-04-01 | $241,450 (10.1%) | $270,480 (1.7%) | 0.75 | 1,367 |
2020-05-01 | $243,000 (9.2%) | $269,523 (1.7%) | 0.74 | 1,277 |
2020-06-01 | $244,625 (11.2%) | $271,290 (3.9%) | 0.71 | 1,171 |
2020-07-01 | $243,200 (9.9%) | $270,231 (3.6%) | 0.70 | 1,103 |
2020-08-01 | $239,000 (7.4%) | $270,828 (4.8%) | 0.68 | 1,105 |
2020-09-01 | $239,000 (8.7%) | $272,521 (6.7%) | 0.68 | 1,001 |
2020-10-01 | $237,000 (8.3%) | $273,337 (8.4%) | 0.68 | 935 |
2020-11-01 | $214,450 (-0.3%) | $262,091 (4.6%) | 0.61 | 922 |
2020-12-01 | $209,900 (-4.6%) | $260,798 (3.4%) | 0.62 | 831 |
2021-01-01 | $209,900 (-6.3%) | $260,143 (2.6%) | 0.62 | 741 |
2021-02-01 | $224,900 (0.0%) | $279,778 (8.6%) | 0.65 | 582 |
2021-03-01 | $233,500 (-2.0%) | $287,406 (7.6%) | 0.65 | 547 |
2021-04-01 | $261,400 (8.3%) | $298,554 (10.4%) | 0.70 | 561 |
2021-05-01 | $257,900 (6.1%) | $295,447 (9.6%) | 0.68 | 577 |
2021-06-01 | $237,000 (-3.1%) | $285,084 (5.1%) | 0.62 | 579 |
2021-07-01 | $234,950 (-3.4%) | $287,818 (6.5%) | 0.61 | 607 |
2021-08-01 | $239,450 (0.2%) | $292,168 (7.9%) | 0.63 | 640 |
2021-09-01 | $238,700 (-0.1%) | $299,361 (9.9%) | 0.63 | 596 |
2021-10-01 | $234,900 (-0.9%) | $284,744 (4.2%) | 0.62 | 552 |
2021-11-01 | $219,450 (2.3%) | $275,436 (5.1%) | 0.58 | 518 |
2021-12-01 | $215,450 (2.6%) | $266,247 (2.1%) | 0.57 | 508 |
2022-01-01 | $204,900 (-2.4%) | $270,714 (4.1%) | 0.55 | 437 |
2022-02-01 | $199,400 (-11.3%) | $287,650 (2.8%) | 0.51 | 376 |
2022-03-01 | $222,450 (-4.7%) | $291,714 (1.5%) | 0.55 | 429 |
2022-04-01 | $249,000 (-4.7%) | $300,737 (0.7%) | 0.59 | 447 |
Montgomery's median listing price comes in at 59% of the national average.
Montgomery's average listing price for 2022-04-01 was $300,737, a difference of $2,183 (0.7%) versus the prior year and $9,023 versus the prior month.
For the 2022-04-01 period, Montgomery had 447 MLS listings, a difference of 18 listings (4%) versus the prior month and -114 listings (-20%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Montgomery (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 111 days | 1,951 sqft |
2018-02-01 | 112 days | 1,983 sqft |
2018-03-01 | 91 days | 1,988 sqft |
2018-04-01 | 77 days | 2,052 sqft |
2018-05-01 | 75 days | 2,068 sqft |
2018-06-01 | 83 days | 2,068 sqft |
2018-07-01 | 85 days | 2,078 sqft |
2018-08-01 | 86 days | 2,099 sqft |
2018-09-01 | 88 days | 2,104 sqft |
2018-10-01 | 91 days | 2,077 sqft |
2018-11-01 | 95 days | 2,072 sqft |
2018-12-01 | 102 days | 2,043 sqft |
2019-01-01 | 112 days | 2,038 sqft |
2019-02-01 | 104 days | 2,094 sqft |
2019-03-01 | 85 days | 2,141 sqft |
2019-04-01 | 75 days | 2,177 sqft |
2019-05-01 | 67 days | 2,194 sqft |
2019-06-01 | 70 days | 2,171 sqft |
2019-07-01 | 75 days | 2,156 sqft |
2019-08-01 | 78 days | 2,146 sqft |
2019-09-01 | 86 days | 2,134 sqft |
2019-10-01 | 87 days | 2,102 sqft |
2019-11-01 | 92 days | 2,100 sqft |
2019-12-01 | 95 days | 2,119 sqft |
2020-01-01 | 99 days | 2,132 sqft |
2020-02-01 | 97 days | 2,144 sqft |
2020-03-01 | 79 days | 2,188 sqft |
2020-04-01 | 71 days | 2,196 sqft |
2020-05-01 | 77 days | 2,218 sqft |
2020-06-01 | 83 days | 2,235 sqft |
2020-07-01 | 74 days | 2,245 sqft |
2020-08-01 | 60 days | 2,241 sqft |
2020-09-01 | 64 days | 2,244 sqft |
2020-10-01 | 70 days | 2,221 sqft |
2020-11-01 | 66 days | 2,134 sqft |
2020-12-01 | 71 days | 2,093 sqft |
2021-01-01 | 76 days | 2,104 sqft |
2021-02-01 | 71 days | 2,217 sqft |
2021-03-01 | 51 days | 2,243 sqft |
2021-04-01 | 37 days | 2,229 sqft |
2021-05-01 | 35 days | 2,200 sqft |
2021-06-01 | 39 days | 2,076 sqft |
2021-07-01 | 38 days | 1,978 sqft |
2021-08-01 | 38 days | 2,073 sqft |
2021-09-01 | 49 days | 2,084 sqft |
2021-10-01 | 54 days | 2,073 sqft |
2021-11-01 | 60 days | 2,049 sqft |
2021-12-01 | 55 days | 1,933 sqft |
2022-01-01 | 59 days | 1,904 sqft |
2022-02-01 | 49 days | 1,959 sqft |
2022-03-01 | 36 days | 1,904 sqft |
2022-04-01 | 37 days | 2,035 sqft |
Montgomery's median square footage for active listings during the 2022-04-01 period was 2,035 sqft. One year prior, the average listing was 2,229 sqft.