Scottsboro FHA Loan Rates, Closing Costs & Stats

Scottsboro, 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.

    Scottsboro's 40 lenders originated 127 FHA loans during 2023. The total origination value was $22,715,000, with an average FHA loan value of $178,858.

    Scottsboro FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Scottsboro averaged 0.26% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Scottsboro's average FHA mortgage closing costs are $6,495.

    The average rate for the prior week (2024-11-08) was 6.57% and one month ago for the week of 2024-10-11, the average rate was 6.17%.

    The average rate one year ago was 7.52%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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

    Scottsboro 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 Scottsboro level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUARANTEED RATE, INC. 15 6.25% $10,541
    QUICKEN LOANS, LLC 13 6.28% $9,886
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.59% $6,275
    BROKER SOLUTIONS, INC. 6 6.49% $9,883
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 5 6.63% $9,286
    FREEDOM MORTGAGE CORPORATION 4 7.13% $8,306
    LOANDEPOT.COM, LLC 4 6.19% $7,788
    FirstBank 4 6.56% $8,302
    CROSSCOUNTRY MORTGAGE, LLC 3 6.92% $8,694
    PLANET HOME LENDING, LLC 3 6.63% $6,018
    REDSTONE Federal Credit Union 3 6.79% $5,243
    Renasant Bank 3 6.63% $6,522
    Century Mortgage Company DBA Century Lending Company 3 6.25% $9,202
    UNITED WHOLESALE MORTGAGE, LLC 3 6.66% $9,182
    Consumer First Mortgage, Inc. 2 6.38% $7,177
    NEWREZ LLC 2 7.00% $13,723
    Mr. Cooper ( Nationstar Mortgage ) 2 5.63% $9,556
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $6,820
    Trustmark National Bank 1 6.25% $5,756
    UNION HOME MORTGAGE CORP. 1 7.00% $12,560
    United Community Bank 1 5.75% $5,615
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $7,414
    ZILLOW HOME LOANS, LLC 1 6.75% $12,928
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $10,073
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.63% $7,664
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $18,083
    Ameris Bank 1 6.13% $8,262
    BancorpSouth 1 6.50% $4,487
    CARDINAL FINANCIAL 1 7.75% $9,578
    Chambers Bank 1 6.13% $9,714
    First Federal Bank, A FSB 1 5.63% $7,033
    Hamilton Mortgage Corporation 1 6.25% $5,374
    ISERVE RESIDENTIAL LENDING, LLC 1 7.13% $19,795
    Mortgage Research Center, LLC 1 7.13% $8,035
    MOVEMENT MORTGAGE, LLC 1 6.13% $6,087
    SeaTrust Mortgage Company 1 7.50% $9,707
    STOCKTON MORTGAGE CORPORATION 1 7.25% $5,284
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $8,025
    TJC Mortgage, Inc. 1 7.38% $8,896
    TOP FLITE FINANCIAL, INC. 1 7.50% $28,353

    The top Scottsboro FHA lender as defined by loan originations is GUARANTEED RATE, INC., with 15 FHA loans originated. Their average total fees are $10,541, which is $654 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Scottsboro FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,275), QUICKEN LOANS, LLC ($9,886), GUARANTEED RATE, INC. ($10,541), .

    The lowest rate Scottsboro FHA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. (6.25%), QUICKEN LOANS, LLC (6.28%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.59%), .

    Scottsboro FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Scottsboro (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 $169,450 (-1.2%) $227,726 (-2.4%) 0.00 193
    2018-02-01 $168,925 (-6.1%) $234,598 (0.4%) 0.00 190
    2018-03-01 $172,400 (-9.1%) $256,181 (7.0%) 0.00 185
    2018-04-01 $179,000 (-8.4%) $266,127 (8.4%) 0.00 191
    2018-05-01 $189,900 (-4.9%) $274,297 (12.1%) 0.00 183
    2018-06-01 $189,900 (0.0%) $280,582 (18.8%) 0.00 200
    2018-07-01 $189,150 (-0.4%) $267,302 (13.1%) 0.00 193
    2018-08-01 $182,250 (1.5%) $256,413 (10.6%) 0.00 193
    2018-09-01 $186,900 (6.8%) $259,511 (14.0%) 0.00 196
    2018-10-01 $182,900 (7.7%) $250,495 (11.4%) 0.00 202
    2018-11-01 $178,650 (5.2%) $251,269 (13.0%) 0.00 189
    2018-12-01 $169,000 (-0.5%) $247,609 (8.4%) 0.00 174
    2019-01-01 $169,000 (-0.3%) $248,061 (8.9%) 0.00 168
    2019-02-01 $167,000 (-1.1%) $257,613 (9.8%) 0.00 167
    2019-03-01 $167,100 (-3.1%) $266,600 (4.1%) 0.00 158
    2019-04-01 $169,900 (-5.1%) $274,375 (3.1%) 0.00 161
    2019-05-01 $174,425 (-8.2%) $276,266 (0.7%) 0.00 163
    2019-06-01 $179,900 (-5.3%) $279,765 (-0.3%) 0.00 170
    2019-07-01 $179,900 (-4.9%) $282,641 (5.7%) 0.00 166
    2019-08-01 $185,777 (1.9%) $286,084 (11.6%) 0.00 153
    2019-09-01 $194,593 (4.1%) $289,500 (11.6%) 0.00 158
    2019-10-01 $205,675 (12.5%) $295,227 (17.9%) 0.00 160
    2019-11-01 $199,900 (11.9%) $298,686 (18.9%) 0.00 159
    2019-12-01 $189,900 (12.4%) $299,242 (20.9%) 0.00 152
    2020-01-01 $183,600 (8.6%) $304,503 (22.8%) 0.00 145
    2020-02-01 $188,450 (12.8%) $298,548 (15.9%) 0.00 133
    2020-03-01 $194,675 (16.5%) $308,559 (15.7%) 0.00 131
    2020-04-01 $204,900 (20.6%) $310,918 (13.3%) 0.00 120
    2020-05-01 $224,900 (28.9%) $320,141 (15.9%) 0.00 110
    2020-06-01 $224,950 (25.0%) $318,711 (13.9%) 0.00 101
    2020-07-01 $222,450 (23.7%) $327,254 (15.8%) 0.00 102
    2020-08-01 $275,500 (48.3%) $370,799 (29.6%) 0.00 88
    2020-09-01 $247,675 (27.3%) $348,674 (20.4%) 0.00 85
    2020-10-01 $239,900 (16.6%) $338,804 (14.8%) 0.00 86
    2020-11-01 $239,900 (20.0%) $347,896 (16.5%) 0.00 82
    2020-12-01 $201,375 (6.0%) $327,660 (9.5%) 0.00 80
    2021-01-01 $209,000 (13.8%) $317,031 (4.1%) 0.00 71
    2021-02-01 $209,925 (11.4%) $337,926 (13.2%) 0.00 62
    2021-03-01 $209,900 (7.8%) $312,938 (1.4%) 0.00 59
    2021-04-01 $199,900 (-2.4%) $315,378 (1.4%) 0.00 51
    2021-05-01 $194,450 (-13.5%) $334,448 (4.5%) 0.00 51
    2021-06-01 $202,500 (-10.0%) $327,366 (2.7%) 0.00 67
    2021-07-01 $279,900 (25.8%) $371,952 (13.7%) 0.00 71
    2021-08-01 $299,000 (8.5%) $372,534 (0.5%) 0.00 73
    2021-09-01 $255,175 (3.0%) $345,791 (-0.8%) 0.00 76
    2021-10-01 $234,000 (-2.5%) $378,837 (11.8%) 0.00 82
    2021-11-01 $262,900 (9.6%) $459,586 (32.1%) 0.00 76
    2021-12-01 $254,925 (26.6%) $451,069 (37.7%) 0.00 81
    2022-01-01 $271,700 (30.0%) $496,097 (56.5%) 0.00 58
    2022-02-01 $284,900 (35.7%) $542,622 (60.6%) 0.00 58
    2022-03-01 $339,450 (61.7%) $593,785 (89.8%) 0.00 58
    2022-04-01 $289,250 (44.7%) $534,874 (69.6%) 0.00 56
    2022-05-01 $282,000 (45.0%) $409,656 (22.5%) 0.00 62
    2022-06-01 $272,725 (34.7%) $352,329 (7.6%) 0.00 80
    2022-07-01 $285,000 (1.8%) $380,650 (2.3%) 0.00 81
    2022-08-01 $257,450 (-13.9%) $373,717 (0.3%) 0.00 93
    2022-09-01 $272,450 (6.8%) $393,415 (13.8%) 0.00 100
    2022-10-01 $297,000 (26.9%) $414,678 (9.5%) 0.00 107
    2022-11-01 $272,900 (3.8%) $391,027 (-14.9%) 0.00 113
    2022-12-01 $266,750 (4.6%) $379,289 (-15.9%) 0.00 101
    2023-01-01 $272,000 (0.1%) $370,458 (-25.3%) 0.00 88
    2023-02-01 $289,900 (1.8%) $392,845 (-27.6%) 0.00 80
    2023-03-01 $279,500 (-17.7%) $395,158 (-33.5%) 0.00 80
    2023-04-01 $274,900 (-5.0%) $370,460 (-30.7%) 0.00 75
    2023-05-01 $273,500 (-3.0%) $385,851 (-5.8%) 0.00 74
    2023-06-01 $264,913 (-2.9%) $379,099 (7.6%) 0.00 77
    2023-07-01 $299,800 (5.2%) $422,823 (11.1%) 0.00 93
    2023-08-01 $276,725 (7.5%) $395,176 (5.7%) 0.00 103
    2023-09-01 $287,400 (5.5%) $401,562 (2.1%) 0.00 101
    2023-10-01 $289,500 (-2.5%) $398,898 (-3.8%) 0.00 105
    2023-11-01 $298,725 (9.5%) $387,960 (-0.8%) 0.00 104
    2023-12-01 $308,750 (15.8%) $403,467 (6.4%) 0.00 105
    2024-01-01 $299,000 (9.9%) $401,276 (8.3%) 0.00 92
    2024-02-01 $307,175 (6.0%) $394,061 (0.3%) 0.00 91
    2024-03-01 $299,200 (7.1%) $388,021 (-1.8%) 0.00 94
    2024-04-01 $299,675 (9.0%) $410,879 (10.9%) 0.00 102
    2024-05-01 $295,925 (8.2%) $422,341 (9.5%) 0.00 110
    2024-06-01 $296,950 (12.1%) $433,915 (14.5%) 0.00 112
    2024-07-01 $294,855 (-1.7%) $442,284 (4.6%) 0.00 120
    2024-08-01 $325,000 (17.5%) $473,891 (19.9%) 0.00 126
    2024-09-01 $318,750 (10.9%) $434,745 (8.3%) 0.00 122
    2024-10-01 $299,925 (3.6%) $431,687 (8.2%) 0.00 122
    Scottsboro's median listing price for 2024-10-01 was $299,925, a difference of $10,425 (3.6%) versus the prior year and $-18,825 versus the prior month.

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

    Scottsboro's average listing price for 2024-10-01 was $431,687, a difference of $32,789 (8.2%) versus the prior year and $-3,058 versus the prior month.

    For the 2024-10-01 period, Scottsboro had 122 MLS listings, a difference of 0 listings (0%) versus the prior month and 17 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Scottsboro (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,988 sqft
    2018-02-01 0 days 1,951 sqft
    2018-03-01 0 days 2,037 sqft
    2018-04-01 0 days 2,054 sqft
    2018-05-01 0 days 2,103 sqft
    2018-06-01 0 days 2,200 sqft
    2018-07-01 0 days 2,096 sqft
    2018-08-01 0 days 2,065 sqft
    2018-09-01 0 days 2,091 sqft
    2018-10-01 0 days 2,025 sqft
    2018-11-01 0 days 2,059 sqft
    2018-12-01 0 days 2,000 sqft
    2019-01-01 0 days 1,991 sqft
    2019-02-01 0 days 1,943 sqft
    2019-03-01 0 days 1,958 sqft
    2019-04-01 0 days 1,995 sqft
    2019-05-01 0 days 1,975 sqft
    2019-06-01 0 days 1,966 sqft
    2019-07-01 0 days 1,931 sqft
    2019-08-01 0 days 2,007 sqft
    2019-09-01 0 days 2,104 sqft
    2019-10-01 0 days 2,185 sqft
    2019-11-01 0 days 2,100 sqft
    2019-12-01 0 days 2,059 sqft
    2020-01-01 0 days 2,050 sqft
    2020-02-01 0 days 2,077 sqft
    2020-03-01 0 days 2,087 sqft
    2020-04-01 0 days 2,093 sqft
    2020-05-01 0 days 2,126 sqft
    2020-06-01 0 days 2,094 sqft
    2020-07-01 0 days 2,100 sqft
    2020-08-01 0 days 2,203 sqft
    2020-09-01 0 days 2,214 sqft
    2020-10-01 0 days 2,214 sqft
    2020-11-01 0 days 2,232 sqft
    2020-12-01 0 days 2,100 sqft
    2021-01-01 0 days 1,940 sqft
    2021-02-01 0 days 2,098 sqft
    2021-03-01 0 days 2,058 sqft
    2021-04-01 0 days 2,100 sqft
    2021-05-01 0 days 2,096 sqft
    2021-06-01 0 days 2,000 sqft
    2021-07-01 0 days 2,016 sqft
    2021-08-01 0 days 2,212 sqft
    2021-09-01 0 days 2,035 sqft
    2021-10-01 0 days 2,045 sqft
    2021-11-01 0 days 2,187 sqft
    2021-12-01 0 days 2,142 sqft
    2022-01-01 0 days 2,200 sqft
    2022-02-01 0 days 2,225 sqft
    2022-03-01 0 days 2,175 sqft
    2022-04-01 0 days 2,029 sqft
    2022-05-01 0 days 2,146 sqft
    2022-06-01 0 days 2,050 sqft
    2022-07-01 0 days 2,117 sqft
    2022-08-01 0 days 2,107 sqft
    2022-09-01 0 days 2,076 sqft
    2022-10-01 0 days 2,163 sqft
    2022-11-01 0 days 2,052 sqft
    2022-12-01 0 days 1,920 sqft
    2023-01-01 0 days 2,051 sqft
    2023-02-01 0 days 2,093 sqft
    2023-03-01 0 days 2,053 sqft
    2023-04-01 0 days 2,016 sqft
    2023-05-01 0 days 2,071 sqft
    2023-06-01 0 days 2,074 sqft
    2023-07-01 0 days 2,095 sqft
    2023-08-01 0 days 1,956 sqft
    2023-09-01 0 days 1,934 sqft
    2023-10-01 0 days 1,904 sqft
    2023-11-01 0 days 1,907 sqft
    2023-12-01 0 days 2,010 sqft
    2024-01-01 0 days 1,980 sqft
    2024-02-01 0 days 2,050 sqft
    2024-03-01 0 days 1,991 sqft
    2024-04-01 0 days 1,950 sqft
    2024-05-01 0 days 2,023 sqft
    2024-06-01 0 days 2,088 sqft
    2024-07-01 0 days 2,208 sqft
    2024-08-01 0 days 2,250 sqft
    2024-09-01 0 days 2,186 sqft
    2024-10-01 0 days 2,091 sqft
    Scottsboro's median listing age (time on market) for 2024-10-01 was 0 days.

    Scottsboro's median square footage for active listings during the 2024-10-01 period was 2,091 sqft. One year prior, the average listing was 1,904 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).