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 57 lenders originated 243 FHA
loans during 2023. The total origination value was $43,845,000, with an average FHA loan value of
$180,432.
Talladega FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Talladega
averaged
6.04%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Talladega's average FHA mortgage closing costs are $6,344.
The average rate for the prior week (2024-10-04) was
6.16% and
one month ago for the week of 2024-09-06, the
average rate was 5.99%.
The average rate one year ago was 7.21%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.3%.
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 |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
MOVEMENT MORTGAGE, LLC
|
32
|
6.66%
|
$7,318
|
QUICKEN LOANS, LLC
|
29
|
6.44%
|
$9,102
|
UNITED WHOLESALE MORTGAGE, LLC
|
16
|
6.45%
|
$8,173
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
14
|
6.59%
|
$7,185
|
HUNT MORTGAGE CORPORATION
|
10
|
6.50%
|
$6,755
|
Renasant Bank
|
7
|
6.63%
|
$11,557
|
SouthPoint Bank
|
7
|
6.70%
|
$5,590
|
GUILD MORTGAGE COMPANY
|
6
|
6.44%
|
$7,801
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
6
|
6.85%
|
$7,447
|
FIRST COMMUNITY MORTGAGE, INC.
|
5
|
7.33%
|
$10,345
|
SUCCESS MORTGAGE PARTNERS, INC.
|
5
|
6.78%
|
$8,520
|
FREEDOM MORTGAGE CORPORATION
|
5
|
6.75%
|
$12,524
|
Hamilton Mortgage Corporation
|
5
|
7.25%
|
$7,649
|
Equity Prime Mortgage LLC
|
4
|
6.56%
|
$7,602
|
ATLANTIC BAY MORTGAGE GROUP, L.L.C.
|
4
|
6.38%
|
$6,605
|
FBC MORTGAGE, LLC
|
3
|
6.75%
|
$8,425
|
ACOPIA, LLC
|
3
|
7.46%
|
$7,860
|
LOANDEPOT.COM, LLC
|
3
|
6.04%
|
$10,640
|
Mr. Cooper ( Nationstar Mortgage )
|
3
|
6.46%
|
$7,336
|
TJC Mortgage, Inc.
|
3
|
6.67%
|
$8,064
|
HOMESTAR FINANCIAL CORPORATION
|
2
|
6.88%
|
$6,316
|
UNION HOME MORTGAGE CORP.
|
2
|
7.69%
|
$8,705
|
Ameris Bank
|
2
|
6.44%
|
$8,980
|
AMERICAN FINANCIAL NETWORK, INC.
|
2
|
7.50%
|
$10,295
|
Assurance Financial Group, L.L.C.
|
2
|
7.06%
|
$7,416
|
Regions Bank
|
2
|
6.00%
|
$6,479
|
BROKER SOLUTIONS, INC.
|
2
|
6.69%
|
$9,145
|
Plains Commerce Bank
|
2
|
6.63%
|
$7,969
|
First Federal Bank, A FSB
|
2
|
5.50%
|
$7,379
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
2
|
7.19%
|
$8,571
|
ZILLOW HOME LOANS, LLC
|
1
|
5.13%
|
$19,442
|
BancorpSouth
|
1
|
6.13%
|
$11,224
|
Bank of England
|
1
|
6.75%
|
$6,587
|
Barrington Bank & Trust Company, N.A.
|
1
|
6.25%
|
$11,852
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
7.63%
|
$12,078
|
CARDINAL FINANCIAL
|
1
|
6.75%
|
$5,532
|
Carrington Mortgage Services, LLC
|
1
|
7.63%
|
$6,466
|
CROSSCOUNTRY MORTGAGE, LLC
|
1
|
5.75%
|
$10,055
|
FirstBank
|
1
|
6.63%
|
$6,629
|
GSF Mortgage Corporation
|
1
|
5.50%
|
$10,141
|
GUARANTEED RATE AFFINITY, LLC
|
1
|
7.00%
|
$11,448
|
HOMEOWNERS FINANCIAL GROUP USA, LLC
|
1
|
5.25%
|
$9,706
|
ISERVE RESIDENTIAL LENDING, LLC
|
1
|
6.75%
|
$14,142
|
JPMorgan Chase Bank
|
1
|
6.99%
|
$5,482
|
LAKEVIEW LOAN SERVICING, LLC
|
1
|
6.50%
|
$10,763
|
MID AMERICA MORTGAGE, INC.
|
1
|
8.25%
|
$5,960
|
MORTGAGE INVESTORS GROUP, INC.
|
1
|
6.13%
|
$6,058
|
Mortgage Research Center, LLC
|
1
|
7.13%
|
$5,072
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
1
|
7.00%
|
$15,781
|
NFM, INC.
|
1
|
7.63%
|
$6,910
|
PENNYMAC LOAN SERVICES, LLC
|
1
|
5.75%
|
$9,034
|
Prosperity Home Mortgage, LLC
|
1
|
5.25%
|
$12,408
|
South State Bank
|
1
|
5.88%
|
$11,808
|
STOCKTON MORTGAGE CORPORATION
|
1
|
7.75%
|
$6,751
|
The Loan Store, Inc.
|
1
|
6.99%
|
$19,271
|
TOP FLITE FINANCIAL, INC.
|
1
|
7.50%
|
$13,145
|
Trustmark National Bank
|
1
|
7.00%
|
$6,561
|
The top Talladega FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with
32 FHA loans originated. Their average total fees are
$7,318, which is $1,784
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Talladega FHA lenders (with over 10 loans originated) are
HUNT MORTGAGE CORPORATION ($6,755), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,185), MOVEMENT MORTGAGE, LLC ($7,318), UNITED WHOLESALE MORTGAGE, LLC ($8,173) and QUICKEN LOANS, LLC ($9,102).
The lowest rate Talladega FHA lenders (with over 10 loans originated) are
QUICKEN LOANS, LLC (6.44%), UNITED WHOLESALE MORTGAGE, LLC (6.45%), HUNT MORTGAGE CORPORATION (6.50%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.59%) and MOVEMENT MORTGAGE, LLC (6.66%).
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 |
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).