Montgomery FHA Loan Rates, Closing Costs & Stats

MONTGOMERY, 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.

    Montgomery's 103 lenders originated 1,207 FHA loans during 2023. The total origination value was $259,185,000, with an average FHA loan value of $214,735.

    Montgomery FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Montgomery averaged 6.66% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Montgomery's average FHA mortgage closing costs are $6,582.

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.15%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.16%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Montgomery 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 Montgomery level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 166 6.73% $9,466
    CROSSCOUNTRY MORTGAGE, LLC 99 6.62% $10,367
    QUICKEN LOANS, LLC 98 6.36% $9,039
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 80 6.80% $7,833
    Trustmark National Bank 78 6.50% $9,065
    Renasant Bank 65 6.63% $9,817
    UNITED WHOLESALE MORTGAGE, LLC 57 6.54% $9,072
    CMG MORTGAGE, INC. 47 6.89% $9,369
    DHI MORTGAGE COMPANY, LTD. 33 5.44% $8,146
    MOVEMENT MORTGAGE, LLC 29 7.02% $9,219
    Flagstar Bank, FSB 26 6.75% $7,765
    Regions Bank 23 6.12% $7,752
    LOANDEPOT.COM, LLC 16 6.70% $9,063
    GUARANTEED RATE, INC. 16 6.02% $10,666
    PENNYMAC LOAN SERVICES, LLC 14 6.18% $11,197
    GMFS LLC 14 6.69% $4,162
    Carrington Mortgage Services, LLC 13 6.24% $8,919
    FREEDOM MORTGAGE CORPORATION 13 6.77% $13,556
    BROKER SOLUTIONS, INC. 12 6.75% $9,056
    NEWREZ LLC 11 6.34% $7,399
    CARDINAL FINANCIAL 11 6.11% $11,339
    UNION HOME MORTGAGE CORP. 10 6.75% $10,066
    SouthPoint Bank 10 6.71% $7,015
    Mr. Cooper ( Nationstar Mortgage ) 10 6.11% $11,118
    LAKEVIEW LOAN SERVICING, LLC 10 6.24% $10,767
    MILEND, INC. 9 6.39% $11,555
    AMERISAVE MORTGAGE CORPORATION 8 6.08% $9,954
    AMERICAN FINANCIAL NETWORK, INC. 7 7.02% $11,492
    Synovus Bank 7 6.89% $7,161
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.85% $8,484
    FIRST COMMUNITY MORTGAGE, INC. 6 7.31% $9,958
    ACOPIA, LLC 5 7.07% $9,117
    Prosperity Home Mortgage, LLC 5 6.02% $11,715
    STOCKTON MORTGAGE CORPORATION 5 6.93% $10,006
    First Federal Bank 5 6.58% $6,358
    Hamilton Mortgage Corporation 5 6.93% $8,673
    Consumer First Mortgage, Inc. 4 6.47% $9,125
    BAY EQUITY LLC 4 6.31% $8,702
    Barrington Bank & Trust Company, N.A. 3 5.75% $13,101
    Ameris Bank 3 6.21% $11,016
    BancorpSouth 3 6.46% $6,836
    CANOPY MORTGAGE, LLC 3 7.00% $11,237
    EVERETT FINANCIAL, INC. 3 7.42% $8,815
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 6.81% $9,008
    Nations Lending Corporation 2 6.00% $7,754
    Plains Commerce Bank 2 6.00% $10,289
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.38% $8,385
    JPMorgan Chase Bank 2 7.25% $4,802
    Mortgage Research Center, LLC 2 6.88% $5,521
    FirstBank 2 6.81% $8,346
    The Federal Savings Bank 2 7.19% $10,987
    Cornerstone First Mortgage, Inc 2 7.56% $9,804
    CALIBER HOME LOANS, INC. 2 6.25% $6,466
    MID AMERICA MORTGAGE, INC. 2 7.31% $3,091
    Truist 2 6.48% $6,457
    NFM, INC. 2 7.88% $9,300
    Northpointe Bank 2 6.75% $6,698
    HOMESTAR FINANCIAL CORPORATION 2 6.00% $6,080
    FBC MORTGAGE, LLC 2 6.12% $10,872
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.25% $10,049
    Wells Fargo Bank 2 5.75% $10,242
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $12,943
    EMBRACE HOME LOANS, INC. 1 6.25% $6,004
    PENTAGON FEDERAL CREDIT UNION 1 6.00% $13,816
    PLANET HOME LENDING, LLC 1 6.38% $5,843
    PREMIA MORTGAGE, LLC 1 7.50% $4,633
    DAS Acquisition Company, LLC 1 7.00% $6,427
    BAY-VALLEY MORTGAGE GROUP 1 7.13% $12,830
    Bank of England 1 7.00% $14,226
    ROYAL UNITED MORTGAGE LLC 1 6.88% $8,405
    RUOFF MORTGAGE COMPANY, INC. 1 5.13% $13,512
    SeaTrust Mortgage Company 1 6.13% $5,869
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $6,167
    South State Bank 1 6.38% $11,212
    Strong Home Mortgage, LLC 1 7.49% $9,167
    SUN WEST MORTGAGE COMPANY, INC. 1 5.59% $7,207
    AmeriHome Mortgage Company, LLC 1 6.75% $11,904
    The Huntington National Bank 1 6.63% $11,530
    TOTAL MORTGAGE SERVICES, LLC 1 6.25% $12,965
    TOWNE MORTGAGE COMPANY 1 6.25% $10,999
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.63% $19,800
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $14,461
    United Community Bank 1 5.63% $10,280
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 5.25% $11,045
    ZILLOW HOME LOANS, LLC 1 7.75% $9,940
    HOMESIDE FINANCIAL, LLC 1 6.75% $11,062
    HOPE FEDERAL CREDIT UNION 1 6.50% $7,859
    HUNT MORTGAGE CORPORATION 1 5.88% $8,597
    First Federal Bank, A FSB 1 6.88% $6,228
    LEADERONE FINANCIAL CORPORATION 1 6.99% $8,802
    LENOX FINANCIAL MORTGAGE CORPORATION 1 5.75% $8,290
    LIBERTY HOME MORTGAGE CORPORATION 1 6.88% $9,128
    MIDLAND MORTGAGE CORPORATION 1 7.50% $3,053
    MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 7.25% $3,472
    Equity Prime Mortgage LLC 1 6.38% $12,306
    ENVOY MORTGAGE, LTD 1 7.00% $9,381
    M&T Bank 1 7.13% $8,065
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $8,317
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.75% $8,028
    NBKC BANK 1 6.63% $5,022
    NEW DAY FINANCIAL, LLC 1 7.00% $9,818
    EMM LOANS LLC 1 6.50% $10,038
    Paramount Residential Mortgage Group, Inc. 1 6.50% $6,757

    The top Montgomery FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 166 FHA loans originated. Their average total fees are $9,466, which is $901 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Montgomery FHA lenders (with over 10 loans originated) are GMFS LLC ($4,162), SouthPoint Bank ($7,015), NEWREZ LLC ($7,399), Regions Bank ($7,752) and Flagstar Bank, FSB ($7,765).

    The lowest rate Montgomery FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.44%), GUARANTEED RATE, INC. (6.02%), Mr. Cooper ( Nationstar Mortgage ) (6.11%), CARDINAL FINANCIAL (6.11%) and Regions Bank (6.12%).

    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
    MONTGOMERY, AL AUTAUGA 2023 $472,030 $604,400 $730,525 $907,900
    MONTGOMERY, AL ELMORE 2023 $472,030 $604,400 $730,525 $907,900
    MONTGOMERY, AL LOWNDES 2023 $472,030 $604,400 $730,525 $907,900
    MONTGOMERY, AL MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Montgomery (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $170,950 (3.6%) $220,991 (-2.5%) 0.63 1,893
    2018-02-01 $178,500 (5.9%) $232,723 (2.2%) 0.65 1,892
    2018-03-01 $179,900 (5.9%) $240,141 (1.8%) 0.63 1,969
    2018-04-01 $190,423 (12.0%) $250,631 (4.8%) 0.65 2,070
    2018-05-01 $194,900 (14.3%) $254,105 (4.7%) 0.65 2,077
    2018-06-01 $194,900 (13.7%) $254,760 (4.7%) 0.65 2,088
    2018-07-01 $197,500 (15.5%) $255,202 (5.9%) 0.66 2,059
    2018-08-01 $199,700 (17.5%) $260,118 (9.0%) 0.67 1,982
    2018-09-01 $199,900 (11.7%) $259,236 (8.5%) 0.67 1,944
    2018-10-01 $197,222 (12.8%) $254,361 (7.0%) 0.67 1,920
    2018-11-01 $194,950 (14.7%) $251,814 (9.8%) 0.66 1,825
    2018-12-01 $191,000 (11.1%) $245,494 (8.6%) 0.66 1,746
    2019-01-01 $192,725 (12.7%) $246,305 (11.5%) 0.67 1,655
    2019-02-01 $198,000 (10.9%) $251,364 (8.0%) 0.67 1,685
    2019-03-01 $207,957 (15.6%) $261,604 (8.9%) 0.68 1,682
    2019-04-01 $220,700 (15.9%) $277,077 (10.6%) 0.70 1,732
    2019-05-01 $224,900 (15.4%) $275,829 (8.6%) 0.70 1,648
    2019-06-01 $220,000 (12.9%) $271,721 (6.7%) 0.69 1,672
    2019-07-01 $223,700 (13.3%) $271,656 (6.5%) 0.70 1,664
    2019-08-01 $223,536 (11.9%) $267,873 (3.0%) 0.71 1,605
    2019-09-01 $221,491 (10.8%) $263,807 (1.8%) 0.71 1,571
    2019-10-01 $219,900 (11.5%) $260,544 (2.4%) 0.71 1,546
    2019-11-01 $216,000 (10.8%) $253,416 (0.6%) 0.71 1,523
    2019-12-01 $219,900 (15.1%) $254,096 (3.5%) 0.73 1,451
    2020-01-01 $223,700 (16.1%) $255,402 (3.7%) 0.75 1,380
    2020-02-01 $225,500 (13.9%) $264,362 (5.2%) 0.74 1,359
    2020-03-01 $239,450 (15.1%) $274,927 (5.1%) 0.75 1,346
    2020-04-01 $243,000 (10.1%) $277,224 (0.1%) 0.76 1,328
    2020-05-01 $244,900 (8.9%) $276,293 (0.2%) 0.74 1,243
    2020-06-01 $244,900 (11.3%) $276,288 (1.7%) 0.72 1,133
    2020-07-01 $243,650 (8.9%) $273,981 (0.9%) 0.71 1,075
    2020-08-01 $237,950 (6.5%) $278,935 (4.1%) 0.68 1,081
    2020-09-01 $238,975 (7.9%) $281,214 (6.6%) 0.68 980
    2020-10-01 $239,000 (8.7%) $284,416 (9.2%) 0.68 903
    2020-11-01 $217,450 (0.7%) $273,234 (7.8%) 0.64 895
    2020-12-01 $212,700 (-3.3%) $271,413 (6.8%) 0.63 816
    2021-01-01 $209,000 (-6.6%) $269,779 (5.6%) 0.62 736
    2021-02-01 $224,900 (-0.3%) $294,066 (11.2%) 0.65 580
    2021-03-01 $234,975 (-1.9%) $299,358 (8.9%) 0.67 554
    2021-04-01 $261,975 (7.8%) $322,527 (16.3%) 0.71 560
    2021-05-01 $259,450 (5.9%) $320,022 (15.8%) 0.69 570
    2021-06-01 $233,500 (-4.7%) $295,269 (6.9%) 0.61 571
    2021-07-01 $229,900 (-5.6%) $296,109 (8.1%) 0.61 619
    2021-08-01 $234,900 (-1.3%) $302,226 (8.4%) 0.63 637
    2021-09-01 $235,000 (-1.7%) $303,238 (7.8%) 0.63 601
    2021-10-01 $232,500 (-2.7%) $295,671 (4.0%) 0.62 549
    2021-11-01 $233,225 (7.3%) $284,706 (4.2%) 0.62 513
    2021-12-01 $211,150 (-0.7%) $271,292 (0.0%) 0.57 484
    2022-01-01 $205,000 (-1.9%) $274,556 (1.8%) 0.55 436
    2022-02-01 $201,650 (-10.3%) $297,262 (1.1%) 0.52 365
    2022-03-01 $229,600 (-2.3%) $297,026 (-0.8%) 0.57 414
    2022-04-01 $249,900 (-4.6%) $305,900 (-5.2%) 0.60 437
    2022-05-01 $247,450 (-4.6%) $307,212 (-4.0%) 0.57 507
    2022-06-01 $249,900 (7.0%) $303,377 (2.8%) 0.56 578
    2022-07-01 $288,500 (25.5%) $323,968 (9.4%) 0.65 678
    2022-08-01 $280,575 (19.4%) $334,367 (10.6%) 0.65 729
    2022-09-01 $269,800 (14.8%) $348,648 (15.0%) 0.63 709
    2022-10-01 $264,186 (13.6%) $344,656 (16.6%) 0.62 758
    2022-11-01 $262,500 (12.6%) $332,419 (16.8%) 0.63 792
    2022-12-01 $259,900 (23.1%) $326,581 (20.4%) 0.64 765
    2023-01-01 $276,800 (35.0%) $327,803 (19.4%) 0.69 692
    2023-02-01 $301,900 (49.7%) $342,583 (15.3%) 0.73 663
    2023-03-01 $308,700 (34.5%) $358,378 (20.7%) 0.73 646
    2023-04-01 $320,400 (28.2%) $382,842 (25.2%) 0.75 646
    2023-05-01 $308,700 (24.8%) $388,347 (26.4%) 0.70 652
    2023-06-01 $299,224 (19.7%) $372,440 (22.8%) 0.67 690
    2023-07-01 $315,000 (9.2%) $370,584 (14.4%) 0.72 743
    2023-08-01 $312,300 (11.3%) $361,803 (8.2%) 0.72 797
    2023-09-01 $305,000 (13.1%) $355,753 (2.0%) 0.71 848
    2023-10-01 $297,600 (12.7%) $338,096 (-1.9%) 0.70 926
    2023-11-01 $296,100 (12.8%) $338,919 (2.0%) 0.71 918
    2023-12-01 $299,000 (15.0%) $331,287 (1.4%) 0.73 903
    2024-01-01 $289,675 (4.7%) $325,032 (-0.9%) 0.71 836
    2024-02-01 $294,450 (-2.5%) $336,035 (-1.9%) 0.71 807
    2024-03-01 $309,900 (0.4%) $354,598 (-1.1%) 0.73 853
    Montgomery's median listing price for 2024-03-01 was $309,900, a difference of $1,200 (0.4%) versus the prior year and $15,450 versus the prior month.

    Montgomery's median listing price comes in at 73% of the national average.

    Montgomery's average listing price for 2024-03-01 was $354,598, a difference of $-3,780 (-1.1%) versus the prior year and $18,563 versus the prior month.

    For the 2024-03-01 period, Montgomery had 853 MLS listings, a difference of 46 listings (6%) versus the prior month and 207 listings (32%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Montgomery (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 99 days 1,962 sqft
    2018-02-01 96 days 1,994 sqft
    2018-03-01 71 days 2,004 sqft
    2018-04-01 66 days 2,070 sqft
    2018-05-01 66 days 2,083 sqft
    2018-06-01 74 days 2,080 sqft
    2018-07-01 75 days 2,099 sqft
    2018-08-01 78 days 2,123 sqft
    2018-09-01 79 days 2,135 sqft
    2018-10-01 80 days 2,090 sqft
    2018-11-01 85 days 2,087 sqft
    2018-12-01 92 days 2,052 sqft
    2019-01-01 100 days 2,050 sqft
    2019-02-01 84 days 2,100 sqft
    2019-03-01 73 days 2,146 sqft
    2019-04-01 65 days 2,192 sqft
    2019-05-01 61 days 2,205 sqft
    2019-06-01 65 days 2,188 sqft
    2019-07-01 71 days 2,172 sqft
    2019-08-01 74 days 2,161 sqft
    2019-09-01 77 days 2,138 sqft
    2019-10-01 80 days 2,117 sqft
    2019-11-01 85 days 2,112 sqft
    2019-12-01 87 days 2,125 sqft
    2020-01-01 92 days 2,140 sqft
    2020-02-01 87 days 2,154 sqft
    2020-03-01 64 days 2,200 sqft
    2020-04-01 63 days 2,213 sqft
    2020-05-01 71 days 2,240 sqft
    2020-06-01 73 days 2,246 sqft
    2020-07-01 61 days 2,245 sqft
    2020-08-01 51 days 2,241 sqft
    2020-09-01 55 days 2,245 sqft
    2020-10-01 62 days 2,238 sqft
    2020-11-01 59 days 2,141 sqft
    2020-12-01 65 days 2,089 sqft
    2021-01-01 67 days 2,080 sqft
    2021-02-01 60 days 2,204 sqft
    2021-03-01 43 days 2,218 sqft
    2021-04-01 30 days 2,220 sqft
    2021-05-01 30 days 2,183 sqft
    2021-06-01 35 days 2,066 sqft
    2021-07-01 35 days 1,992 sqft
    2021-08-01 35 days 2,066 sqft
    2021-09-01 45 days 2,078 sqft
    2021-10-01 49 days 2,080 sqft
    2021-11-01 53 days 2,093 sqft
    2021-12-01 48 days 1,934 sqft
    2022-01-01 51 days 1,883 sqft
    2022-02-01 41 days 1,957 sqft
    2022-03-01 29 days 1,916 sqft
    2022-04-01 29 days 2,074 sqft
    2022-05-01 25 days 2,076 sqft
    2022-06-01 30 days 2,016 sqft
    2022-07-01 31 days 2,105 sqft
    2022-08-01 40 days 2,091 sqft
    2022-09-01 46 days 2,092 sqft
    2022-10-01 45 days 2,075 sqft
    2022-11-01 50 days 2,079 sqft
    2022-12-01 61 days 2,089 sqft
    2023-01-01 74 days 2,109 sqft
    2023-02-01 58 days 2,164 sqft
    2023-03-01 52 days 2,165 sqft
    2023-04-01 50 days 2,181 sqft
    2023-05-01 46 days 2,152 sqft
    2023-06-01 48 days 2,090 sqft
    2023-07-01 46 days 2,138 sqft
    2023-08-01 45 days 2,141 sqft
    2023-09-01 51 days 2,131 sqft
    2023-10-01 53 days 2,051 sqft
    2023-11-01 59 days 2,023 sqft
    2023-12-01 68 days 2,045 sqft
    2024-01-01 78 days 2,019 sqft
    2024-02-01 65 days 2,020 sqft
    2024-03-01 53 days 2,097 sqft
    Montgomery's median listing age (time on market) for 2024-03-01 was 53 days. This is 3% longer than the same period one year ago.

    Montgomery's median square footage for active listings during the 2024-03-01 period was 2,097 sqft. One year prior, the average listing was 2,165 sqft.

    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).