Talladega FHA Loan Rates, Closing Costs & Stats

Talladega-Sylacauga, 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.

    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 6.67% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Talladega's average FHA mortgage closing costs are $6,344.

    The average rate for the prior week (2024-11-01) was 6.54% and one month ago for the week of 2024-10-04, the average rate was 6.06%.

    The average rate one year ago was 7.4%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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).