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 6.8% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.55%.

    The average rate one year ago was 6.48%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    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

    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 $159,900 (12.4%) $215,256 (14.0%) 0.00 283
    2018-02-01 $154,925 (5.4%) $208,196 (7.7%) 0.00 281
    2018-03-01 $154,900 (3.3%) $219,535 (8.7%) 0.00 279
    2018-04-01 $168,000 (12.1%) $234,198 (12.8%) 0.00 269
    2018-05-01 $167,425 (4.9%) $231,057 (8.3%) 0.00 272
    2018-06-01 $168,950 (6.2%) $231,593 (9.5%) 0.00 274
    2018-07-01 $164,900 (3.1%) $222,597 (4.8%) 0.00 279
    2018-08-01 $163,875 (2.5%) $218,751 (3.2%) 0.00 287
    2018-09-01 $162,200 (2.7%) $221,859 (4.7%) 0.00 289
    2018-10-01 $159,975 (2.9%) $227,438 (8.8%) 0.00 304
    2018-11-01 $160,000 (0.1%) $239,076 (12.2%) 0.00 296
    2018-12-01 $149,900 (-6.3%) $231,650 (10.0%) 0.00 274
    2019-01-01 $150,600 (-5.8%) $228,421 (6.1%) 0.00 271
    2019-02-01 $156,925 (1.3%) $222,978 (7.1%) 0.00 276
    2019-03-01 $159,671 (3.1%) $234,716 (6.9%) 0.00 267
    2019-04-01 $162,200 (-3.5%) $240,716 (2.8%) 0.00 263
    2019-05-01 $169,900 (1.5%) $244,539 (5.8%) 0.00 264
    2019-06-01 $169,900 (0.6%) $249,189 (7.6%) 0.00 274
    2019-07-01 $164,250 (-0.4%) $242,419 (8.9%) 0.00 289
    2019-08-01 $169,991 (3.7%) $245,007 (12.0%) 0.00 303
    2019-09-01 $171,627 (5.8%) $247,933 (11.8%) 0.00 312
    2019-10-01 $172,900 (8.1%) $250,086 (10.0%) 0.00 311
    2019-11-01 $171,450 (7.2%) $237,900 (-0.5%) 0.00 297
    2019-12-01 $172,175 (14.9%) $230,066 (-0.7%) 0.00 297
    2020-01-01 $169,950 (12.9%) $231,167 (1.2%) 0.00 273
    2020-02-01 $169,900 (8.3%) $234,292 (5.1%) 0.00 268
    2020-03-01 $168,875 (5.8%) $230,118 (-2.0%) 0.00 274
    2020-04-01 $169,900 (4.8%) $229,766 (-4.6%) 0.00 275
    2020-05-01 $169,900 (0.0%) $232,042 (-5.1%) 0.00 254
    2020-06-01 $180,650 (6.3%) $234,340 (-6.0%) 0.00 224
    2020-07-01 $187,450 (14.1%) $249,609 (3.0%) 0.00 192
    2020-08-01 $184,950 (8.8%) $243,962 (-0.4%) 0.00 171
    2020-09-01 $184,900 (7.7%) $251,958 (1.6%) 0.00 168
    2020-10-01 $180,000 (4.1%) $263,853 (5.5%) 0.00 152
    2020-11-01 $184,055 (7.4%) $245,824 (3.3%) 0.00 163
    2020-12-01 $178,925 (3.9%) $229,565 (-0.2%) 0.00 160
    2021-01-01 $181,485 (6.8%) $247,130 (6.9%) 0.00 140
    2021-02-01 $162,093 (-4.6%) $243,046 (3.7%) 0.00 125
    2021-03-01 $174,050 (3.1%) $248,639 (8.1%) 0.00 129
    2021-04-01 $174,950 (3.0%) $273,148 (18.9%) 0.00 116
    2021-05-01 $175,900 (3.5%) $283,464 (22.2%) 0.00 119
    2021-06-01 $197,928 (9.6%) $309,005 (31.9%) 0.00 114
    2021-07-01 $219,900 (17.3%) $317,273 (27.1%) 0.00 131
    2021-08-01 $196,750 (6.4%) $305,153 (25.1%) 0.00 146
    2021-09-01 $188,675 (2.0%) $291,362 (15.6%) 0.00 142
    2021-10-01 $179,900 (-0.1%) $285,005 (8.0%) 0.00 145
    2021-11-01 $169,900 (-7.7%) $290,957 (18.4%) 0.00 134
    2021-12-01 $171,225 (-4.3%) $299,051 (30.3%) 0.00 127
    2022-01-01 $179,900 (-0.9%) $295,997 (19.8%) 0.00 113
    2022-02-01 $193,925 (19.6%) $297,813 (22.5%) 0.00 104
    2022-03-01 $178,675 (2.7%) $255,148 (2.6%) 0.00 87
    2022-04-01 $187,450 (7.1%) $271,879 (-0.5%) 0.00 103
    2022-05-01 $205,475 (16.8%) $286,655 (1.1%) 0.00 140
    2022-06-01 $211,175 (6.7%) $273,124 (-11.6%) 0.00 157
    2022-07-01 $214,950 (-2.3%) $267,080 (-15.8%) 0.00 172
    2022-08-01 $220,400 (12.0%) $280,332 (-8.1%) 0.00 181
    2022-09-01 $221,500 (17.4%) $275,788 (-5.4%) 0.00 176
    2022-10-01 $220,950 (22.8%) $282,226 (-1.0%) 0.00 175
    2022-11-01 $218,138 (28.4%) $269,925 (-7.2%) 0.00 200
    2022-12-01 $218,760 (27.8%) $266,170 (-11.0%) 0.00 188
    2023-01-01 $214,200 (19.1%) $266,305 (-10.0%) 0.00 182
    2023-02-01 $199,900 (3.1%) $252,371 (-15.3%) 0.00 178
    2023-03-01 $201,028 (12.5%) $258,165 (1.2%) 0.00 166
    2023-04-01 $204,185 (8.9%) $266,746 (-1.9%) 0.00 158
    2023-05-01 $201,955 (-1.7%) $264,226 (-7.8%) 0.00 158
    2023-06-01 $200,950 (-4.8%) $261,914 (-4.1%) 0.00 190
    2023-07-01 $215,000 (0.0%) $270,287 (1.2%) 0.00 206
    2023-08-01 $214,975 (-2.5%) $277,555 (-1.0%) 0.00 194
    2023-09-01 $212,435 (-4.1%) $261,517 (-5.2%) 0.00 198
    2023-10-01 $213,605 (-3.3%) $259,234 (-8.2%) 0.00 215
    2023-11-01 $217,583 (-0.3%) $269,558 (-0.1%) 0.00 212
    2023-12-01 $220,180 (0.7%) $278,252 (4.5%) 0.00 210
    2024-01-01 $213,075 (-0.5%) $262,468 (-1.4%) 0.00 212
    2024-02-01 $223,285 (11.7%) $272,132 (7.8%) 0.00 206
    2024-03-01 $230,530 (14.7%) $294,760 (14.2%) 0.00 200
    Talladega's median listing price for 2024-03-01 was $230,530, a difference of $29,502 (14.7%) versus the prior year and $7,245 versus the prior month.

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

    Talladega's average listing price for 2024-03-01 was $294,760, a difference of $36,595 (14.2%) versus the prior year and $22,628 versus the prior month.

    For the 2024-03-01 period, Talladega had 200 MLS listings, a difference of -6 listings (-3%) versus the prior month and 34 listings (20%) 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 2,000 sqft
    2018-02-01 0 days 1,977 sqft
    2018-03-01 0 days 1,999 sqft
    2018-04-01 0 days 1,997 sqft
    2018-05-01 0 days 1,993 sqft
    2018-06-01 0 days 2,000 sqft
    2018-07-01 0 days 1,939 sqft
    2018-08-01 0 days 1,909 sqft
    2018-09-01 0 days 1,889 sqft
    2018-10-01 0 days 1,863 sqft
    2018-11-01 0 days 1,895 sqft
    2018-12-01 0 days 1,869 sqft
    2019-01-01 0 days 1,817 sqft
    2019-02-01 0 days 1,800 sqft
    2019-03-01 0 days 1,831 sqft
    2019-04-01 0 days 1,871 sqft
    2019-05-01 0 days 1,897 sqft
    2019-06-01 0 days 1,860 sqft
    2019-07-01 0 days 1,801 sqft
    2019-08-01 0 days 1,799 sqft
    2019-09-01 0 days 1,781 sqft
    2019-10-01 0 days 1,770 sqft
    2019-11-01 0 days 1,800 sqft
    2019-12-01 0 days 1,801 sqft
    2020-01-01 0 days 1,806 sqft
    2020-02-01 0 days 1,811 sqft
    2020-03-01 0 days 1,806 sqft
    2020-04-01 0 days 1,802 sqft
    2020-05-01 0 days 1,808 sqft
    2020-06-01 0 days 1,801 sqft
    2020-07-01 0 days 1,851 sqft
    2020-08-01 0 days 1,932 sqft
    2020-09-01 0 days 1,894 sqft
    2020-10-01 0 days 1,909 sqft
    2020-11-01 0 days 1,852 sqft
    2020-12-01 0 days 1,802 sqft
    2021-01-01 0 days 1,801 sqft
    2021-02-01 0 days 1,692 sqft
    2021-03-01 0 days 1,713 sqft
    2021-04-01 0 days 1,744 sqft
    2021-05-01 0 days 1,689 sqft
    2021-06-01 0 days 1,788 sqft
    2021-07-01 0 days 1,908 sqft
    2021-08-01 0 days 1,809 sqft
    2021-09-01 0 days 1,731 sqft
    2021-10-01 0 days 1,765 sqft
    2021-11-01 0 days 1,800 sqft
    2021-12-01 0 days 1,718 sqft
    2022-01-01 0 days 1,690 sqft
    2022-02-01 0 days 1,723 sqft
    2022-03-01 0 days 1,670 sqft
    2022-04-01 0 days 1,687 sqft
    2022-05-01 0 days 1,669 sqft
    2022-06-01 0 days 1,639 sqft
    2022-07-01 0 days 1,665 sqft
    2022-08-01 0 days 1,749 sqft
    2022-09-01 0 days 1,786 sqft
    2022-10-01 0 days 1,844 sqft
    2022-11-01 0 days 1,746 sqft
    2022-12-01 0 days 1,723 sqft
    2023-01-01 0 days 1,730 sqft
    2023-02-01 0 days 1,570 sqft
    2023-03-01 0 days 1,615 sqft
    2023-04-01 0 days 1,650 sqft
    2023-05-01 0 days 1,653 sqft
    2023-06-01 0 days 1,572 sqft
    2023-07-01 0 days 1,595 sqft
    2023-08-01 0 days 1,584 sqft
    2023-09-01 0 days 1,562 sqft
    2023-10-01 0 days 1,624 sqft
    2023-11-01 0 days 1,646 sqft
    2023-12-01 0 days 1,652 sqft
    2024-01-01 0 days 1,643 sqft
    2024-02-01 0 days 1,748 sqft
    2024-03-01 0 days 1,808 sqft
    Talladega's median listing age (time on market) for 2024-03-01 was 0 days.

    Talladega's median square footage for active listings during the 2024-03-01 period was 1,808 sqft. One year prior, the average listing was 1,615 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).