Talladega FHA Loan Rates, Closing Costs & Stats

Talladega-Sylacauga, 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.

Talladega's 65 lenders originated 289 FHA loans during 2022. The total origination value was $57,305,000, with an average FHA loan value of $198,287.

Talladega FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Talladega averaged 6.17% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Talladega's average FHA mortgage closing costs are $5,998.

The average rate for the prior week (2024-02-09) was 6.18% and one month ago for the week of 2024-01-12, the average rate was 5.92%.

The average rate one year ago was 5.97%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.21%.

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

Talladega 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 Talladega level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
MOVEMENT MORTGAGE, LLC 32 5.26% $6,917
QUICKEN LOANS, LLC 31 4.55% $7,439
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 4.64% $6,291
SOUTHWEST FUNDING, LP 12 5.11% $9,492
UNITED WHOLESALE MORTGAGE, LLC 12 4.89% $7,187
LOANDEPOT.COM, LLC 10 5.10% $10,143
SUCCESS MORTGAGE PARTNERS, INC. 8 5.11% $11,697
VANDERBILT MORTGAGE AND FINANCE, INC. 7 4.41% $8,455
HUNT MORTGAGE CORPORATION 6 4.77% $7,193
Renasant Bank 6 5.31% $8,913
HOME POINT FINANCIAL CORPORATION 6 5.00% $5,419
PENNYMAC LOAN SERVICES, LLC 6 4.85% $9,138
Ameris Bank 6 4.88% $10,590
AMERISAVE MORTGAGE CORPORATION 5 4.43% $9,655
TJC Mortgage, Inc. 5 4.95% $8,910
GUILD MORTGAGE COMPANY 5 5.48% $7,517
SouthPoint Bank 5 4.38% $3,514
Carrington Mortgage Services, LLC 4 5.78% $7,893
Hometown Lenders, Inc. 4 4.59% $9,979
Truist 4 4.35% $5,765
HOMESTAR FINANCIAL CORPORATION 4 5.53% $5,023
MILEND, INC. 3 5.67% $14,149
AMERIFIRST FINANCIAL CORPORATION 3 4.92% $11,258
BROKER SOLUTIONS, INC. 3 5.88% $8,372
EVERETT FINANCIAL, INC. 3 4.83% $4,911
FBC MORTGAGE, LLC 3 4.63% $5,950
FirstBank 3 4.25% $6,992
M&T Bank 3 6.08% $6,254
NEWREZ LLC 3 5.04% $10,133
LEADERONE FINANCIAL CORPORATION 2 5.38% $8,922
Mr. Cooper ( Nationstar Mortgage ) 2 5.50% $7,880
BAYSHORE MORTGAGE FUNDING, LLC 2 4.44% $8,830
CORNERSTONE HOME LENDING, INC. 2 5.00% $4,322
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.00% $14,582
CMG MORTGAGE, INC. 2 6.75% $9,318
Nations Lending Corporation 2 4.38% $6,330
THE MORTGAGE FIRM, INC. 2 5.38% $5,978
Regions Bank 2 3.81% $9,093
CALIBER HOME LOANS, INC. 2 5.12% $4,673
CROSSCOUNTRY MORTGAGE, LLC 2 4.78% $8,190
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 5.31% $8,879
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $10,249
GSF Mortgage Corporation 1 5.25% $12,719
Equity Prime Mortgage LLC 1 5.50% $6,803
Princeton Mortgage Corporation 1 5.25% $11,286
EMBRACE HOME LOANS, INC. 1 5.75% $9,467
ROYAL UNITED MORTGAGE LLC 1 5.88% $8,522
RUOFF MORTGAGE COMPANY, INC. 1 3.88% $5,527
Semper Home Loans, Inc. 1 5.00% $5,440
Consumer First Mortgage, Inc. 1 5.63% $8,426
Synovus Bank 1 3.63% $6,960
CARDINAL FINANCIAL 1 5.25% $10,565
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.00% $8,178
NFM, INC. 1 3.75% $6,344
HOMESIDE FINANCIAL, LLC 1 3.99% $10,023
FREEDOM MORTGAGE CORPORATION 1 2.99% $4,813
Flagstar Bank, FSB 1 5.49% $4,969
HOMETRUST MORTGAGE COMPANY 1 6.25% $5,305
FIRST COMMUNITY MORTGAGE, INC. 1 5.63% $6,212
INTERLINC MORTGAGE SERVICES, LLC 1 5.50% $10,913
LAKEVIEW LOAN SERVICING, LLC 1 4.53% $3,823
Legends Bank 1 5.38% $5,207
Fifth Third Bank 1 4.13% $5,095
AMERICAN FINANCING CORPORATION 1 4.88% $5,330
EVANSVILLE TEACHERS 1 3.88% $8,047

The top Talladega FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 32 FHA loans originated. Their average total fees are $6,917, which is $522 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Talladega FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,291), MOVEMENT MORTGAGE, LLC ($6,917), UNITED WHOLESALE MORTGAGE, LLC ($7,187), QUICKEN LOANS, LLC ($7,439) and SOUTHWEST FUNDING, LP ($9,492).

The lowest rate Talladega FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.55%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (4.64%), UNITED WHOLESALE MORTGAGE, LLC (4.89%), LOANDEPOT.COM, LLC (5.10%) and SOUTHWEST FUNDING, LP (5.11%).

Talladega FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Talladega (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 $161,525 (12.9%) $217,997 (14.2%) 0.00 327
2018-02-01 $159,450 (5.3%) $215,027 (7.9%) 0.00 321
2018-03-01 $163,500 (3.4%) $228,509 (8.7%) 0.00 322
2018-04-01 $169,900 (11.7%) $243,919 (12.9%) 0.00 310
2018-05-01 $173,200 (4.5%) $245,457 (8.3%) 0.00 311
2018-06-01 $175,000 (5.7%) $247,328 (9.6%) 0.00 318
2018-07-01 $169,900 (3.1%) $242,930 (4.8%) 0.00 325
2018-08-01 $167,875 (2.3%) $239,847 (3.3%) 0.00 341
2018-09-01 $169,900 (2.5%) $242,808 (4.9%) 0.00 346
2018-10-01 $166,750 (3.2%) $250,148 (9.0%) 0.00 359
2018-11-01 $168,625 (0.1%) $255,744 (12.2%) 0.00 349
2018-12-01 $159,500 (-6.3%) $252,995 (10.1%) 0.00 325
2019-01-01 $159,900 (-5.8%) $248,492 (6.2%) 0.00 318
2019-02-01 $160,900 (1.4%) $244,921 (7.3%) 0.00 323
2019-03-01 $167,043 (4.1%) $258,982 (7.3%) 0.00 315
2019-04-01 $172,400 (-1.7%) $267,439 (3.2%) 0.00 317
2019-05-01 $185,425 (1.9%) $271,826 (6.2%) 0.00 325
2019-06-01 $186,200 (1.2%) $270,827 (8.2%) 0.00 334
2019-07-01 $170,788 (-0.3%) $262,107 (9.2%) 0.00 354
2019-08-01 $172,464 (3.9%) $261,876 (12.3%) 0.00 365
2019-09-01 $173,722 (6.7%) $261,791 (11.9%) 0.00 370
2019-10-01 $174,800 (8.1%) $263,550 (10.0%) 0.00 366
2019-11-01 $172,900 (7.2%) $252,160 (-0.3%) 0.00 345
2019-12-01 $172,900 (14.9%) $240,721 (-0.7%) 0.00 340
2020-01-01 $173,700 (12.9%) $253,423 (1.2%) 0.00 311
2020-02-01 $170,000 (8.3%) $254,037 (5.0%) 0.00 308
2020-03-01 $169,950 (4.8%) $248,580 (-2.1%) 0.00 309
2020-04-01 $171,450 (3.2%) $251,631 (-4.8%) 0.00 307
2020-05-01 $180,400 (0.0%) $258,994 (-5.6%) 0.00 286
2020-06-01 $184,800 (6.2%) $255,741 (-6.8%) 0.00 254
2020-07-01 $191,298 (14.3%) $266,273 (3.0%) 0.00 218
2020-08-01 $189,450 (8.8%) $256,721 (-0.5%) 0.00 195
2020-09-01 $187,950 (7.7%) $264,473 (1.7%) 0.00 184
2020-10-01 $187,950 (4.1%) $278,676 (5.7%) 0.00 168
2020-11-01 $185,843 (7.6%) $263,604 (3.5%) 0.00 179
2020-12-01 $184,478 (4.5%) $255,134 (0.2%) 0.00 177
2021-01-01 $185,065 (6.8%) $276,939 (7.4%) 0.00 157
2021-02-01 $172,400 (-4.6%) $270,862 (3.7%) 0.00 139
2021-03-01 $176,975 (3.2%) $267,086 (8.3%) 0.00 146
2021-04-01 $177,400 (3.2%) $284,306 (19.5%) 0.00 134
2021-05-01 $186,230 (4.1%) $300,185 (23.2%) 0.00 139
2021-06-01 $204,850 (9.7%) $316,171 (32.6%) 0.00 133
2021-07-01 $224,900 (17.1%) $315,509 (26.9%) 0.00 155
2021-08-01 $199,900 (6.2%) $308,269 (24.4%) 0.00 169
2021-09-01 $191,250 (0.0%) $300,876 (13.7%) 0.00 162
2021-10-01 $189,950 (-0.1%) $306,654 (6.3%) 0.00 167
2021-11-01 $177,375 (-8.3%) $308,172 (16.2%) 0.00 149
2021-12-01 $179,500 (-5.5%) $320,753 (27.5%) 0.00 141
2022-01-01 $189,900 (-1.4%) $330,329 (16.9%) 0.00 132
2022-02-01 $202,973 (19.0%) $323,230 (20.2%) 0.00 121
2022-03-01 $189,750 (2.5%) $292,513 (2.3%) 0.00 105
2022-04-01 $198,000 (6.9%) $299,844 (-1.0%) 0.00 120
2022-05-01 $215,975 (16.2%) $312,601 (0.6%) 0.00 159
2022-06-01 $220,873 (6.7%) $292,600 (-11.6%) 0.00 176
2022-07-01 $221,000 (-2.3%) $287,442 (-15.8%) 0.00 191
2022-08-01 $227,500 (12.2%) $299,787 (-7.7%) 0.00 203
2022-09-01 $229,999 (19.8%) $292,521 (-3.8%) 0.00 202
2022-10-01 $233,025 (22.3%) $301,191 (0.5%) 0.00 202
2022-11-01 $219,975 (28.5%) $288,860 (-5.8%) 0.00 229
2022-12-01 $222,190 (28.2%) $281,851 (-9.6%) 0.00 216
2023-01-01 $219,000 (18.3%) $281,781 (-8.5%) 0.00 206
2023-02-01 $199,975 (3.3%) $266,773 (-14.0%) 0.00 201
2023-03-01 $204,648 (11.9%) $273,680 (0.7%) 0.00 186
2023-04-01 $207,440 (8.1%) $281,309 (-2.3%) 0.00 173
2023-05-01 $207,853 (-1.7%) $275,184 (-7.9%) 0.00 174
2023-06-01 $205,480 (-4.8%) $270,895 (-4.1%) 0.00 205
2023-07-01 $219,095 (0.0%) $274,568 (1.2%) 0.00 221
2023-08-01 $215,203 (-2.5%) $282,669 (-1.0%) 0.00 207
2023-09-01 $213,681 (-4.1%) $265,110 (-5.1%) 0.00 215
2023-10-01 $214,855 (-2.9%) $268,429 (-8.1%) 0.00 237
2023-11-01 $220,355 (0.1%) $275,489 (0.0%) 0.00 229
2023-12-01 $225,570 (0.0%) $285,880 (0.0%) 0.00 226
Talladega's median listing price for 2023-12-01 was $225,570, a difference of $3,380 (0.0%) versus the prior year and $5,215 versus the prior month.

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

Talladega's average listing price for 2023-12-01 was $285,880, a difference of $4,029 (0.0%) versus the prior year and $10,391 versus the prior month.

For the 2023-12-01 period, Talladega had 226 MLS listings, a difference of -3 listings (-1%) versus the prior month and 10 listings (5%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Talladega (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,968 sqft
2018-02-01 0 days 1,936 sqft
2018-03-01 0 days 1,997 sqft
2018-04-01 0 days 1,995 sqft
2018-05-01 0 days 1,991 sqft
2018-06-01 0 days 2,000 sqft
2018-07-01 0 days 1,929 sqft
2018-08-01 0 days 1,906 sqft
2018-09-01 0 days 1,888 sqft
2018-10-01 0 days 1,859 sqft
2018-11-01 0 days 1,887 sqft
2018-12-01 0 days 1,860 sqft
2019-01-01 0 days 1,825 sqft
2019-02-01 0 days 1,800 sqft
2019-03-01 0 days 1,835 sqft
2019-04-01 0 days 1,873 sqft
2019-05-01 0 days 1,896 sqft
2019-06-01 0 days 1,856 sqft
2019-07-01 0 days 1,806 sqft
2019-08-01 0 days 1,810 sqft
2019-09-01 0 days 1,791 sqft
2019-10-01 0 days 1,790 sqft
2019-11-01 0 days 1,802 sqft
2019-12-01 0 days 1,802 sqft
2020-01-01 0 days 1,836 sqft
2020-02-01 0 days 1,870 sqft
2020-03-01 0 days 1,826 sqft
2020-04-01 0 days 1,820 sqft
2020-05-01 0 days 1,878 sqft
2020-06-01 0 days 1,802 sqft
2020-07-01 0 days 1,886 sqft
2020-08-01 0 days 1,927 sqft
2020-09-01 0 days 1,898 sqft
2020-10-01 0 days 1,909 sqft
2020-11-01 0 days 1,868 sqft
2020-12-01 0 days 1,811 sqft
2021-01-01 0 days 1,838 sqft
2021-02-01 0 days 1,729 sqft
2021-03-01 0 days 1,713 sqft
2021-04-01 0 days 1,741 sqft
2021-05-01 0 days 1,689 sqft
2021-06-01 0 days 1,776 sqft
2021-07-01 0 days 1,834 sqft
2021-08-01 0 days 1,773 sqft
2021-09-01 0 days 1,703 sqft
2021-10-01 0 days 1,752 sqft
2021-11-01 0 days 1,788 sqft
2021-12-01 0 days 1,718 sqft
2022-01-01 0 days 1,696 sqft
2022-02-01 0 days 1,750 sqft
2022-03-01 0 days 1,700 sqft
2022-04-01 0 days 1,718 sqft
2022-05-01 0 days 1,696 sqft
2022-06-01 0 days 1,645 sqft
2022-07-01 0 days 1,665 sqft
2022-08-01 0 days 1,761 sqft
2022-09-01 0 days 1,834 sqft
2022-10-01 0 days 1,848 sqft
2022-11-01 0 days 1,783 sqft
2022-12-01 0 days 1,747 sqft
2023-01-01 0 days 1,744 sqft
2023-02-01 0 days 1,602 sqft
2023-03-01 0 days 1,623 sqft
2023-04-01 0 days 1,676 sqft
2023-05-01 0 days 1,663 sqft
2023-06-01 0 days 1,589 sqft
2023-07-01 0 days 1,597 sqft
2023-08-01 0 days 1,595 sqft
2023-09-01 0 days 1,573 sqft
2023-10-01 0 days 1,623 sqft
2023-11-01 0 days 1,648 sqft
2023-12-01 0 days 1,678 sqft
Talladega's median listing age (time on market) for 2023-12-01 was 0 days.

Talladega's median square footage for active listings during the 2023-12-01 period was 1,678 sqft. One year prior, the average listing was 1,747 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).