Ozark FHA Loan Rates, Closing Costs & Stats

Ozark, 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.

    Ozark's 35 lenders originated 89 FHA loans during 2023. The total origination value was $15,285,000, with an average FHA loan value of $171,742.

    Ozark FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Ozark averaged 6.83% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Ozark's average FHA mortgage closing costs are $5,458.

    The average rate for the prior week (2024-04-12) was 6.62% and one month ago for the week of 2024-03-15, the average rate was 6.59%.

    The average rate one year ago was 6.32%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

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

    Ozark 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 Ozark level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.50% $6,566
    ENVOY MORTGAGE, LTD 7 6.79% $6,898
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.77% $7,687
    INTERLINC MORTGAGE SERVICES, LLC 5 6.63% $4,821
    MOVEMENT MORTGAGE, LLC 3 6.38% $7,615
    First Federal Bank 3 6.67% $4,473
    Renasant Bank 3 6.75% $7,674
    FREEDOM MORTGAGE CORPORATION 3 6.75% $9,881
    GUARANTEED RATE, INC. 3 6.42% $9,012
    BROKER SOLUTIONS, INC. 3 6.75% $9,058
    CROSSCOUNTRY MORTGAGE, LLC 3 7.75% $8,453
    AMERISAVE MORTGAGE CORPORATION 2 5.88% $8,730
    Prosperity Home Mortgage, LLC 2 6.50% $8,394
    Ameris Bank 2 6.44% $7,553
    Regions Bank 2 6.50% $6,479
    Synovus Bank 2 6.44% $5,726
    Mortgage Research Center, LLC 2 6.44% $3,345
    NEWREZ LLC 2 6.00% $9,494
    UNITED WHOLESALE MORTGAGE, LLC 1 6.40% $6,872
    AMERICAN FINANCING CORPORATION 1 6.25% $7,098
    Assurance Financial Group, L.L.C. 1 7.13% $8,928
    FBC MORTGAGE, LLC 1 5.63% $17,742
    GMFS LLC 1 6.13% $3,369
    LIBERTY HOME MORTGAGE CORPORATION 1 7.50% $12,545
    LOANDEPOT.COM, LLC 1 6.25% $9,137
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $8,561
    PENNYMAC LOAN SERVICES, LLC 1 6.00% $5,811
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $7,566
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $14,205
    STOCKTON MORTGAGE CORPORATION 1 7.25% $9,723
    SUN WEST MORTGAGE COMPANY, INC. 1 5.63% $8,074
    Trustmark National Bank 1 6.00% $9,182
    Tyndall Federal Credit Union 1 7.13% $6,248
    UNION HOME MORTGAGE CORP. 1 7.13% $5,059
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $4,779

    The top Ozark FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $6,566, which is $331 lower than the next largest lender, ENVOY MORTGAGE, LTD.

    The lowest fee Ozark FHA lenders (with over 10 loans originated) are .

    The lowest rate Ozark FHA lenders (with over 10 loans originated) are .

    Ozark FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    OZARK, AL DALE 2022 $420,680 $538,650 $651,050 $809,150
    OZARK, AL DALE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Ozark (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 $124,825 (4.0%) $151,579 (3.9%) 0.00 215
    2018-02-01 $119,900 (-3.9%) $156,098 (1.3%) 0.00 227
    2018-03-01 $124,500 (-11.1%) $158,086 (-1.0%) 0.00 219
    2018-04-01 $125,950 (-10.0%) $155,264 (-4.0%) 0.00 237
    2018-05-01 $132,125 (-2.1%) $160,441 (5.2%) 0.00 273
    2018-06-01 $135,000 (5.7%) $160,623 (6.1%) 0.00 235
    2018-07-01 $134,350 (4.0%) $161,450 (5.2%) 0.00 237
    2018-08-01 $127,325 (3.1%) $164,349 (11.7%) 0.00 233
    2018-09-01 $125,000 (0.1%) $157,409 (7.4%) 0.00 233
    2018-10-01 $127,000 (5.9%) $158,084 (5.6%) 0.00 241
    2018-11-01 $119,700 (-0.2%) $150,862 (0.1%) 0.00 237
    2018-12-01 $119,900 (0.0%) $150,579 (0.8%) 0.00 242
    2019-01-01 $118,950 (-4.7%) $140,903 (-7.0%) 0.00 241
    2019-02-01 $119,225 (-0.6%) $141,905 (-9.1%) 0.00 231
    2019-03-01 $125,943 (1.2%) $153,395 (-3.0%) 0.00 209
    2019-04-01 $135,750 (7.8%) $165,778 (6.8%) 0.00 190
    2019-05-01 $132,900 (0.6%) $167,308 (4.3%) 0.00 182
    2019-06-01 $132,900 (-1.6%) $167,839 (4.5%) 0.00 198
    2019-07-01 $134,424 (0.1%) $173,446 (7.4%) 0.00 184
    2019-08-01 $132,755 (4.3%) $176,730 (7.5%) 0.00 181
    2019-09-01 $131,036 (4.8%) $174,272 (10.7%) 0.00 186
    2019-10-01 $129,800 (2.2%) $174,090 (10.1%) 0.00 187
    2019-11-01 $129,500 (8.2%) $176,650 (17.1%) 0.00 181
    2019-12-01 $130,850 (9.1%) $175,667 (16.7%) 0.00 167
    2020-01-01 $138,975 (16.8%) $181,011 (28.5%) 0.00 159
    2020-02-01 $139,700 (17.2%) $175,239 (23.5%) 0.00 163
    2020-03-01 $140,725 (11.7%) $183,104 (19.4%) 0.00 157
    2020-04-01 $147,500 (8.7%) $185,348 (11.8%) 0.00 151
    2020-05-01 $148,950 (12.1%) $180,750 (8.0%) 0.00 133
    2020-06-01 $146,175 (10.0%) $186,200 (10.9%) 0.00 125
    2020-07-01 $131,500 (-2.2%) $177,927 (2.6%) 0.00 112
    2020-08-01 $149,900 (12.9%) $187,707 (6.2%) 0.00 112
    2020-09-01 $149,225 (13.9%) $194,843 (11.8%) 0.00 100
    2020-10-01 $156,250 (20.4%) $199,265 (14.5%) 0.00 92
    2020-11-01 $147,175 (13.7%) $186,755 (5.7%) 0.00 83
    2020-12-01 $145,600 (11.3%) $180,080 (2.5%) 0.00 79
    2021-01-01 $149,900 (7.9%) $164,781 (-9.0%) 0.00 69
    2021-02-01 $154,075 (10.3%) $177,159 (1.1%) 0.00 67
    2021-03-01 $155,000 (10.1%) $192,814 (5.3%) 0.00 62
    2021-04-01 $162,750 (10.3%) $200,871 (8.4%) 0.00 66
    2021-05-01 $168,000 (12.8%) $226,343 (25.2%) 0.00 59
    2021-06-01 $164,625 (12.6%) $253,937 (36.4%) 0.00 49
    2021-07-01 $159,950 (21.6%) $265,901 (49.4%) 0.00 56
    2021-08-01 $148,875 (-0.7%) $233,153 (24.2%) 0.00 65
    2021-09-01 $142,500 (-4.5%) $216,679 (11.2%) 0.00 63
    2021-10-01 $140,500 (-10.1%) $192,488 (-3.4%) 0.00 60
    2021-11-01 $151,375 (2.9%) $207,048 (10.9%) 0.00 50
    2021-12-01 $166,000 (14.0%) $190,670 (5.9%) 0.00 45
    2022-01-01 $142,500 (-4.9%) $182,452 (10.7%) 0.00 49
    2022-02-01 $139,700 (-9.3%) $185,884 (4.9%) 0.00 46
    2022-03-01 $141,250 (-8.9%) $200,329 (3.9%) 0.00 39
    2022-04-01 $175,000 (7.5%) $213,392 (6.2%) 0.00 47
    2022-05-01 $167,225 (-0.5%) $220,358 (-2.6%) 0.00 54
    2022-06-01 $179,900 (9.3%) $225,733 (-11.1%) 0.00 63
    2022-07-01 $184,500 (15.4%) $249,534 (-6.2%) 0.00 64
    2022-08-01 $187,000 (25.6%) $234,868 (0.7%) 0.00 77
    2022-09-01 $159,250 (11.8%) $208,861 (-3.6%) 0.00 77
    2022-10-01 $175,000 (24.6%) $219,134 (13.8%) 0.00 89
    2022-11-01 $196,575 (29.9%) $233,590 (12.8%) 0.00 78
    2022-12-01 $199,900 (20.4%) $235,286 (23.4%) 0.00 69
    2023-01-01 $214,400 (50.5%) $250,677 (37.4%) 0.00 63
    2023-02-01 $195,000 (39.6%) $240,489 (29.4%) 0.00 52
    2023-03-01 $170,000 (20.4%) $239,577 (19.6%) 0.00 47
    2023-04-01 $220,000 (25.7%) $264,428 (23.9%) 0.00 49
    2023-05-01 $229,950 (37.5%) $285,627 (29.6%) 0.00 55
    2023-06-01 $222,900 (23.9%) $293,469 (30.0%) 0.00 60
    2023-07-01 $225,000 (22.0%) $291,878 (17.0%) 0.00 59
    2023-08-01 $212,300 (13.5%) $267,958 (14.1%) 0.00 61
    2023-09-01 $185,000 (16.2%) $240,556 (15.2%) 0.00 70
    2023-10-01 $193,500 (10.6%) $240,792 (9.9%) 0.00 80
    2023-11-01 $179,450 (-8.7%) $235,394 (0.8%) 0.00 84
    2023-12-01 $182,000 (-9.0%) $223,854 (-4.9%) 0.00 86
    2024-01-01 $170,725 (-20.4%) $215,768 (-13.9%) 0.00 84
    2024-02-01 $180,450 (-7.5%) $219,913 (-8.6%) 0.00 84
    2024-03-01 $192,400 (13.2%) $242,313 (1.1%) 0.00 97
    Ozark's median listing price for 2024-03-01 was $192,400, a difference of $22,400 (13.2%) versus the prior year and $11,950 versus the prior month.

    Ozark's median listing price comes in at 0% of the national average.

    Ozark's average listing price for 2024-03-01 was $242,313, a difference of $2,736 (1.1%) versus the prior year and $22,400 versus the prior month.

    For the 2024-03-01 period, Ozark had 97 MLS listings, a difference of 13 listings (15%) versus the prior month and 50 listings (106%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Ozark (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,690 sqft
    2018-02-01 0 days 1,668 sqft
    2018-03-01 0 days 1,687 sqft
    2018-04-01 0 days 1,684 sqft
    2018-05-01 0 days 1,743 sqft
    2018-06-01 0 days 1,736 sqft
    2018-07-01 0 days 1,767 sqft
    2018-08-01 0 days 1,793 sqft
    2018-09-01 0 days 1,769 sqft
    2018-10-01 0 days 1,758 sqft
    2018-11-01 0 days 1,692 sqft
    2018-12-01 0 days 1,661 sqft
    2019-01-01 0 days 1,615 sqft
    2019-02-01 0 days 1,620 sqft
    2019-03-01 0 days 1,681 sqft
    2019-04-01 0 days 1,750 sqft
    2019-05-01 0 days 1,758 sqft
    2019-06-01 0 days 1,744 sqft
    2019-07-01 0 days 1,751 sqft
    2019-08-01 0 days 1,759 sqft
    2019-09-01 0 days 1,782 sqft
    2019-10-01 0 days 1,773 sqft
    2019-11-01 0 days 1,704 sqft
    2019-12-01 0 days 1,734 sqft
    2020-01-01 0 days 1,735 sqft
    2020-02-01 0 days 1,739 sqft
    2020-03-01 0 days 1,776 sqft
    2020-04-01 0 days 1,814 sqft
    2020-05-01 0 days 1,730 sqft
    2020-06-01 0 days 1,719 sqft
    2020-07-01 0 days 1,700 sqft
    2020-08-01 0 days 1,820 sqft
    2020-09-01 0 days 1,760 sqft
    2020-10-01 0 days 1,848 sqft
    2020-11-01 0 days 1,764 sqft
    2020-12-01 0 days 1,750 sqft
    2021-01-01 0 days 1,764 sqft
    2021-02-01 0 days 1,757 sqft
    2021-03-01 0 days 1,704 sqft
    2021-04-01 0 days 1,727 sqft
    2021-05-01 0 days 1,820 sqft
    2021-06-01 0 days 1,891 sqft
    2021-07-01 0 days 1,794 sqft
    2021-08-01 0 days 1,686 sqft
    2021-09-01 0 days 1,648 sqft
    2021-10-01 0 days 1,614 sqft
    2021-11-01 0 days 1,682 sqft
    2021-12-01 0 days 1,632 sqft
    2022-01-01 0 days 1,592 sqft
    2022-02-01 0 days 1,555 sqft
    2022-03-01 0 days 1,586 sqft
    2022-04-01 0 days 1,739 sqft
    2022-05-01 0 days 1,604 sqft
    2022-06-01 0 days 1,703 sqft
    2022-07-01 0 days 2,000 sqft
    2022-08-01 0 days 1,845 sqft
    2022-09-01 0 days 1,638 sqft
    2022-10-01 0 days 1,666 sqft
    2022-11-01 0 days 1,792 sqft
    2022-12-01 0 days 1,765 sqft
    2023-01-01 0 days 1,963 sqft
    2023-02-01 0 days 1,925 sqft
    2023-03-01 0 days 1,971 sqft
    2023-04-01 0 days 2,154 sqft
    2023-05-01 0 days 2,232 sqft
    2023-06-01 0 days 2,192 sqft
    2023-07-01 0 days 2,118 sqft
    2023-08-01 0 days 1,995 sqft
    2023-09-01 0 days 1,707 sqft
    2023-10-01 0 days 1,745 sqft
    2023-11-01 0 days 1,703 sqft
    2023-12-01 0 days 1,729 sqft
    2024-01-01 0 days 1,707 sqft
    2024-02-01 0 days 1,671 sqft
    2024-03-01 0 days 1,766 sqft
    Ozark's median listing age (time on market) for 2024-03-01 was 0 days.

    Ozark's median square footage for active listings during the 2024-03-01 period was 1,766 sqft. One year prior, the average listing was 1,971 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).