Troy FHA Loan Rates, Closing Costs & Stats

Troy, 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.

    Troy's 29 lenders originated 82 FHA loans during 2023. The total origination value was $18,550,000, with an average FHA loan value of $226,220.

    Troy FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Troy averaged 6.67% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Troy's average FHA mortgage closing costs are $7,183.

    The average rate for the prior week (2024-04-05) was 6.5% and one month ago for the week of 2024-03-08, the average rate was 6.54%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.94%.

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

    Troy 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 Troy level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Assurance Financial Group, L.L.C. 20 6.49% $11,871
    QUICKEN LOANS, LLC 9 6.20% $10,431
    GUILD MORTGAGE COMPANY 6 7.02% $10,804
    DHI MORTGAGE COMPANY, LTD. 4 5.31% $7,475
    CROSSCOUNTRY MORTGAGE, LLC 4 6.38% $10,422
    UNION HOME MORTGAGE CORP. 3 6.71% $9,011
    CMG MORTGAGE, INC. 3 6.54% $9,306
    First Federal Bank 2 6.19% $5,604
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.69% $10,777
    GMFS LLC 2 6.19% $4,912
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.00% $7,403
    LOANDEPOT.COM, LLC 2 6.25% $9,787
    UNITED WHOLESALE MORTGAGE, LLC 2 7.29% $8,167
    Regions Bank 1 7.13% $8,766
    SWBC MORTGAGE CORPORATION 1 6.38% $7,030
    Trustmark National Bank 1 6.25% $11,548
    Wells Fargo Bank 1 6.63% $7,094
    Ameris Bank 1 6.13% $9,474
    BECKAM FUNDING CORP. 1 6.88% $11,775
    BROKER SOLUTIONS, INC. 1 7.63% $7,921
    Carrington Mortgage Services, LLC 1 6.63% $7,276
    ENVOY MORTGAGE, LTD 1 7.63% $7,441
    FREEDOM MORTGAGE CORPORATION 1 6.75% $7,822
    GUARANTEED RATE AFFINITY, LLC 1 6.63% $7,160
    GUARANTEED RATE, INC. 1 6.18% $10,312
    INTERLINC MORTGAGE SERVICES, LLC 1 7.25% $5,882
    MOVEMENT MORTGAGE, LLC 1 7.63% $10,098
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $14,038
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $14,824

    The top Troy FHA lender as defined by loan originations is Assurance Financial Group, L.L.C., with 20 FHA loans originated. Their average total fees are $11,871, which is $1,440 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Troy FHA lenders (with over 10 loans originated) are Assurance Financial Group, L.L.C. ($11,871), .

    The lowest rate Troy FHA lenders (with over 10 loans originated) are Assurance Financial Group, L.L.C. (6.49%), .

    Troy FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Troy (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 $153,000 (9.4%) $179,826 (5.1%) 0.00 147
    2018-02-01 $150,975 (6.0%) $175,994 (3.8%) 0.00 156
    2018-03-01 $149,900 (1.3%) $174,592 (-0.6%) 0.00 165
    2018-04-01 $149,975 (5.3%) $176,107 (1.0%) 0.00 177
    2018-05-01 $149,600 (6.9%) $175,343 (1.9%) 0.00 179
    2018-06-01 $149,250 (0.2%) $173,984 (0.1%) 0.00 177
    2018-07-01 $149,900 (0.4%) $173,395 (-1.1%) 0.00 168
    2018-08-01 $152,250 (1.4%) $175,733 (-4.1%) 0.00 156
    2018-09-01 $149,900 (0.3%) $174,705 (-5.5%) 0.00 143
    2018-10-01 $151,750 (1.2%) $189,760 (1.4%) 0.00 146
    2018-11-01 $149,900 (-1.5%) $187,182 (-0.5%) 0.00 155
    2018-12-01 $139,900 (-9.6%) $181,066 (-3.9%) 0.00 141
    2019-01-01 $140,000 (-8.5%) $180,336 (0.3%) 0.00 146
    2019-02-01 $146,950 (-2.7%) $181,433 (3.1%) 0.00 145
    2019-03-01 $152,857 (2.0%) $185,935 (6.5%) 0.00 151
    2019-04-01 $157,875 (5.3%) $185,380 (5.3%) 0.00 158
    2019-05-01 $157,875 (5.5%) $182,410 (4.0%) 0.00 159
    2019-06-01 $154,900 (3.8%) $182,508 (4.9%) 0.00 153
    2019-07-01 $163,200 (8.9%) $184,193 (6.2%) 0.00 141
    2019-08-01 $163,486 (7.4%) $185,132 (5.4%) 0.00 139
    2019-09-01 $161,216 (7.6%) $183,697 (5.2%) 0.00 149
    2019-10-01 $159,225 (4.9%) $180,719 (-4.8%) 0.00 156
    2019-11-01 $149,900 (0.0%) $179,352 (-4.2%) 0.00 156
    2019-12-01 $149,700 (7.0%) $177,989 (-1.7%) 0.00 149
    2020-01-01 $148,750 (6.3%) $168,647 (-6.5%) 0.00 160
    2020-02-01 $149,950 (2.0%) $172,797 (-4.8%) 0.00 153
    2020-03-01 $153,700 (0.6%) $170,461 (-8.3%) 0.00 151
    2020-04-01 $157,000 (-0.6%) $173,870 (-6.2%) 0.00 141
    2020-05-01 $168,000 (6.4%) $180,487 (-1.1%) 0.00 136
    2020-06-01 $185,000 (19.4%) $187,898 (3.0%) 0.00 123
    2020-07-01 $174,925 (7.2%) $188,376 (2.3%) 0.00 115
    2020-08-01 $169,900 (3.9%) $186,901 (1.0%) 0.00 110
    2020-09-01 $169,288 (5.0%) $190,405 (3.7%) 0.00 108
    2020-10-01 $159,900 (0.4%) $197,064 (9.0%) 0.00 101
    2020-11-01 $159,900 (6.7%) $191,150 (6.6%) 0.00 93
    2020-12-01 $167,100 (11.6%) $195,814 (10.0%) 0.00 96
    2021-01-01 $169,700 (14.1%) $196,740 (16.7%) 0.00 101
    2021-02-01 $175,000 (16.7%) $194,877 (12.8%) 0.00 114
    2021-03-01 $179,500 (16.8%) $195,596 (14.8%) 0.00 102
    2021-04-01 $182,200 (16.1%) $199,359 (14.7%) 0.00 97
    2021-05-01 $179,000 (6.6%) $195,313 (8.2%) 0.00 89
    2021-06-01 $179,900 (-2.8%) $205,944 (9.6%) 0.00 83
    2021-07-01 $186,400 (6.6%) $214,058 (13.6%) 0.00 77
    2021-08-01 $208,900 (23.0%) $228,664 (22.4%) 0.00 92
    2021-09-01 $208,900 (23.4%) $237,507 (24.7%) 0.00 91
    2021-10-01 $209,750 (31.2%) $237,094 (20.3%) 0.00 83
    2021-11-01 $209,600 (31.1%) $232,929 (21.9%) 0.00 80
    2021-12-01 $205,725 (23.1%) $228,236 (16.6%) 0.00 77
    2022-01-01 $207,500 (22.3%) $210,692 (7.1%) 0.00 81
    2022-02-01 $199,000 (13.7%) $208,909 (7.2%) 0.00 87
    2022-03-01 $175,875 (-2.0%) $193,076 (-1.3%) 0.00 84
    2022-04-01 $181,750 (-0.3%) $213,632 (7.2%) 0.00 79
    2022-05-01 $200,800 (12.2%) $214,747 (10.0%) 0.00 70
    2022-06-01 $209,950 (16.7%) $219,413 (6.5%) 0.00 69
    2022-07-01 $209,000 (12.1%) $223,211 (4.3%) 0.00 73
    2022-08-01 $187,000 (-10.5%) $238,347 (4.2%) 0.00 85
    2022-09-01 $190,000 (-9.1%) $248,541 (4.7%) 0.00 89
    2022-10-01 $179,000 (-14.7%) $247,276 (4.3%) 0.00 90
    2022-11-01 $188,250 (-10.2%) $230,794 (-0.9%) 0.00 77
    2022-12-01 $196,200 (-4.6%) $226,648 (-0.7%) 0.00 76
    2023-01-01 $198,875 (-4.2%) $225,523 (7.0%) 0.00 75
    2023-02-01 $194,500 (-2.3%) $217,160 (4.0%) 0.00 70
    2023-03-01 $189,000 (7.5%) $221,593 (14.8%) 0.00 82
    2023-04-01 $217,000 (19.4%) $227,816 (6.6%) 0.00 84
    2023-05-01 $224,950 (12.0%) $234,639 (9.3%) 0.00 86
    2023-06-01 $216,175 (3.0%) $226,606 (3.3%) 0.00 86
    2023-07-01 $209,950 (0.5%) $220,849 (-1.1%) 0.00 93
    2023-08-01 $199,900 (6.9%) $225,523 (-5.4%) 0.00 97
    2023-09-01 $199,900 (5.2%) $217,644 (-12.4%) 0.00 104
    2023-10-01 $211,250 (18.0%) $249,305 (0.8%) 0.00 105
    2023-11-01 $219,725 (16.7%) $307,301 (33.2%) 0.00 91
    2023-12-01 $222,000 (13.2%) $313,842 (38.5%) 0.00 86
    2024-01-01 $234,045 (17.7%) $311,272 (38.0%) 0.00 99
    2024-02-01 $224,950 (15.7%) $270,203 (24.4%) 0.00 116
    2024-03-01 $220,950 (16.9%) $264,261 (19.3%) 0.00 116
    Troy's median listing price for 2024-03-01 was $220,950, a difference of $31,950 (16.9%) versus the prior year and $-4,000 versus the prior month.

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

    Troy's average listing price for 2024-03-01 was $264,261, a difference of $42,668 (19.3%) versus the prior year and $-5,942 versus the prior month.

    For the 2024-03-01 period, Troy had 116 MLS listings, a difference of 0 listings (0%) versus the prior month and 34 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Troy (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,608 sqft
    2018-02-01 0 days 1,632 sqft
    2018-03-01 0 days 1,632 sqft
    2018-04-01 0 days 1,681 sqft
    2018-05-01 0 days 1,709 sqft
    2018-06-01 0 days 1,712 sqft
    2018-07-01 0 days 1,717 sqft
    2018-08-01 0 days 1,785 sqft
    2018-09-01 0 days 1,744 sqft
    2018-10-01 0 days 1,705 sqft
    2018-11-01 0 days 1,666 sqft
    2018-12-01 0 days 1,653 sqft
    2019-01-01 0 days 1,664 sqft
    2019-02-01 0 days 1,669 sqft
    2019-03-01 0 days 1,682 sqft
    2019-04-01 0 days 1,677 sqft
    2019-05-01 0 days 1,702 sqft
    2019-06-01 0 days 1,704 sqft
    2019-07-01 0 days 1,746 sqft
    2019-08-01 0 days 1,743 sqft
    2019-09-01 0 days 1,736 sqft
    2019-10-01 0 days 1,731 sqft
    2019-11-01 0 days 1,707 sqft
    2019-12-01 0 days 1,665 sqft
    2020-01-01 0 days 1,683 sqft
    2020-02-01 0 days 1,691 sqft
    2020-03-01 0 days 1,700 sqft
    2020-04-01 0 days 1,724 sqft
    2020-05-01 0 days 1,757 sqft
    2020-06-01 0 days 1,793 sqft
    2020-07-01 0 days 1,818 sqft
    2020-08-01 0 days 1,777 sqft
    2020-09-01 0 days 1,711 sqft
    2020-10-01 0 days 1,700 sqft
    2020-11-01 0 days 1,695 sqft
    2020-12-01 0 days 1,700 sqft
    2021-01-01 0 days 1,658 sqft
    2021-02-01 0 days 1,666 sqft
    2021-03-01 0 days 1,645 sqft
    2021-04-01 0 days 1,693 sqft
    2021-05-01 0 days 1,647 sqft
    2021-06-01 0 days 1,802 sqft
    2021-07-01 0 days 1,798 sqft
    2021-08-01 0 days 1,770 sqft
    2021-09-01 0 days 1,825 sqft
    2021-10-01 0 days 1,813 sqft
    2021-11-01 0 days 1,800 sqft
    2021-12-01 0 days 1,699 sqft
    2022-01-01 0 days 1,658 sqft
    2022-02-01 0 days 1,693 sqft
    2022-03-01 0 days 1,665 sqft
    2022-04-01 0 days 1,689 sqft
    2022-05-01 0 days 1,666 sqft
    2022-06-01 0 days 1,696 sqft
    2022-07-01 0 days 1,640 sqft
    2022-08-01 0 days 1,637 sqft
    2022-09-01 0 days 1,605 sqft
    2022-10-01 0 days 1,574 sqft
    2022-11-01 0 days 1,668 sqft
    2022-12-01 0 days 1,660 sqft
    2023-01-01 0 days 1,640 sqft
    2023-02-01 0 days 1,586 sqft
    2023-03-01 0 days 1,550 sqft
    2023-04-01 0 days 1,765 sqft
    2023-05-01 0 days 1,795 sqft
    2023-06-01 0 days 1,704 sqft
    2023-07-01 0 days 1,640 sqft
    2023-08-01 0 days 1,679 sqft
    2023-09-01 0 days 1,688 sqft
    2023-10-01 0 days 1,661 sqft
    2023-11-01 0 days 1,700 sqft
    2023-12-01 0 days 1,802 sqft
    2024-01-01 0 days 1,869 sqft
    2024-02-01 0 days 1,800 sqft
    2024-03-01 0 days 1,787 sqft
    Troy's median listing age (time on market) for 2024-03-01 was 0 days.

    Troy's median square footage for active listings during the 2024-03-01 period was 1,787 sqft. One year prior, the average listing was 1,550 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).