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).