Tuscaloosa FHA Loan Rates, Closing Costs & Stats
TUSCALOOSA, 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.
Tuscaloosa's 87 lenders originated 968 FHA loans during 2022. The total origination value was $212,030,000, with an average FHA loan value of $219,039.
Tuscaloosa FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Tuscaloosa
averaged
6.31%
for the week of 2023-09-22, compared to the national average (all FHA variants) of
7.036% for the same period.
Tuscaloosa's average FHA mortgage closing costs are $6,327.
The average rate for the prior week (2023-09-15) was
6.66% and
one month ago for the week of 2023-08-18, the
average rate was 6.27%.
The average rate one year ago was 5.16%.
For refis of the same type during the week of 2023-09-22, the average rate
was 5.84%.
Tuscaloosa 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 Tuscaloosa level.
The top Tuscaloosa FHA lender as defined by loan originations is First Federal Bank, A FSB, with
136 FHA loans originated. Their average total fees are
$8,313, which is $277
higher than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Tuscaloosa FHA lenders (with over 10 loans originated) are
INTERLINC MORTGAGE SERVICES, LLC ($6,417), BancorpSouth ($7,773), Renasant Bank ($7,793), DHI MORTGAGE COMPANY, LTD. ($7,999) and MOVEMENT MORTGAGE, LLC ($8,036).
The lowest rate Tuscaloosa FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (4.01%), PENNYMAC LOAN SERVICES, LLC (4.16%), Mr. Cooper ( Nationstar Mortgage ) (4.30%), QUICKEN LOANS, LLC (4.41%) and BancorpSouth (4.66%).
Tuscaloosa FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
TUSCALOOSA, AL | GREENE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TUSCALOOSA, AL | HALE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TUSCALOOSA, AL | PICKENS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TUSCALOOSA, AL | TUSCALOOSA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
TUSCALOOSA, AL | GREENE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
TUSCALOOSA, AL | HALE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
TUSCALOOSA, AL | PICKENS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
TUSCALOOSA, AL | TUSCALOOSA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Tuscaloosa (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $189,900 (8.5%) | $276,399 (12.3%) | 0.70 | 840 |
2018-02-01 | $190,445 (9.7%) | $279,004 (13.3%) | 0.69 | 867 |
2018-03-01 | $197,750 (13.1%) | $281,184 (10.5%) | 0.69 | 874 |
2018-04-01 | $199,900 (8.1%) | $286,192 (9.0%) | 0.68 | 877 |
2018-05-01 | $199,900 (5.4%) | $284,496 (7.9%) | 0.67 | 856 |
2018-06-01 | $204,925 (7.9%) | $291,475 (8.2%) | 0.68 | 861 |
2018-07-01 | $214,900 (13.2%) | $298,124 (10.7%) | 0.72 | 900 |
2018-08-01 | $211,950 (9.7%) | $299,819 (7.7%) | 0.71 | 891 |
2018-09-01 | $214,850 (13.1%) | $313,706 (11.7%) | 0.72 | 901 |
2018-10-01 | $209,900 (10.8%) | $310,932 (12.9%) | 0.71 | 922 |
2018-11-01 | $209,900 (11.8%) | $306,985 (10.6%) | 0.71 | 908 |
2018-12-01 | $207,900 (12.4%) | $308,852 (13.1%) | 0.72 | 885 |
2019-01-01 | $209,900 (10.5%) | $312,591 (13.1%) | 0.73 | 866 |
2019-02-01 | $211,686 (11.2%) | $319,251 (14.4%) | 0.72 | 872 |
2019-03-01 | $218,329 (10.4%) | $327,072 (16.3%) | 0.71 | 846 |
2019-04-01 | $226,400 (13.3%) | $329,891 (15.3%) | 0.72 | 830 |
2019-05-01 | $239,450 (19.8%) | $338,174 (18.9%) | 0.75 | 846 |
2019-06-01 | $235,000 (14.7%) | $337,201 (15.7%) | 0.73 | 866 |
2019-07-01 | $238,825 (11.1%) | $350,200 (17.5%) | 0.75 | 885 |
2019-08-01 | $238,536 (12.5%) | $360,433 (20.2%) | 0.76 | 883 |
2019-09-01 | $236,491 (10.1%) | $355,378 (13.3%) | 0.76 | 905 |
2019-10-01 | $234,600 (11.8%) | $351,992 (13.2%) | 0.76 | 918 |
2019-11-01 | $229,900 (9.5%) | $343,437 (11.9%) | 0.75 | 893 |
2019-12-01 | $224,099 (7.8%) | $340,779 (10.3%) | 0.75 | 887 |
2020-01-01 | $224,100 (6.8%) | $344,784 (10.3%) | 0.75 | 822 |
2020-02-01 | $236,148 (11.6%) | $344,244 (7.8%) | 0.77 | 789 |
2020-03-01 | $239,949 (9.9%) | $349,416 (6.8%) | 0.75 | 762 |
2020-04-01 | $245,800 (8.6%) | $356,190 (8.0%) | 0.77 | 759 |
2020-05-01 | $240,398 (0.4%) | $343,242 (1.5%) | 0.73 | 724 |
2020-06-01 | $245,100 (4.3%) | $350,526 (4.0%) | 0.72 | 682 |
2020-07-01 | $249,900 (4.6%) | $351,893 (0.5%) | 0.72 | 683 |
2020-08-01 | $249,900 (4.8%) | $345,634 (-4.1%) | 0.72 | 682 |
2020-09-01 | $249,975 (5.7%) | $350,550 (-1.4%) | 0.72 | 660 |
2020-10-01 | $249,900 (6.5%) | $345,873 (-1.7%) | 0.72 | 689 |
2020-11-01 | $249,900 (8.7%) | $351,902 (2.5%) | 0.73 | 652 |
2020-12-01 | $249,950 (11.5%) | $355,035 (4.2%) | 0.74 | 595 |
2021-01-01 | $248,250 (10.8%) | $352,857 (2.3%) | 0.74 | 547 |
2021-02-01 | $252,425 (6.9%) | $353,428 (2.7%) | 0.74 | 549 |
2021-03-01 | $268,225 (11.8%) | $351,178 (0.5%) | 0.76 | 535 |
2021-04-01 | $276,500 (12.5%) | $376,846 (5.8%) | 0.75 | 465 |
2021-05-01 | $274,950 (14.4%) | $384,254 (12.0%) | 0.73 | 417 |
2021-06-01 | $277,400 (13.2%) | $387,927 (10.7%) | 0.73 | 435 |
2021-07-01 | $269,900 (8.0%) | $378,035 (7.4%) | 0.71 | 475 |
2021-08-01 | $265,748 (6.3%) | $380,340 (10.0%) | 0.71 | 460 |
2021-09-01 | $264,950 (6.0%) | $383,384 (9.4%) | 0.71 | 463 |
2021-10-01 | $249,900 (0.0%) | $378,808 (9.5%) | 0.67 | 449 |
2021-11-01 | $258,524 (3.5%) | $378,062 (7.4%) | 0.69 | 432 |
2021-12-01 | $263,950 (5.6%) | $369,505 (4.1%) | 0.72 | 424 |
2022-01-01 | $249,900 (0.7%) | $361,679 (2.5%) | 0.68 | 344 |
2022-02-01 | $257,750 (2.1%) | $373,805 (5.8%) | 0.67 | 357 |
2022-03-01 | $278,238 (3.7%) | $370,899 (5.6%) | 0.70 | 351 |
2022-04-01 | $299,900 (8.5%) | $382,512 (1.5%) | 0.71 | 341 |
2022-05-01 | $299,900 (9.1%) | $380,043 (-1.1%) | 0.69 | 411 |
2022-06-01 | $304,900 (9.9%) | $377,333 (-2.7%) | 0.68 | 500 |
2022-07-01 | $310,000 (14.9%) | $384,307 (1.7%) | 0.70 | 597 |
2022-08-01 | $311,098 (17.1%) | $386,433 (1.6%) | 0.72 | 577 |
2022-09-01 | $306,900 (15.8%) | $383,233 (0.0%) | 0.72 | 573 |
2022-10-01 | $304,900 (22.0%) | $387,218 (2.2%) | 0.72 | 522 |
2022-11-01 | $292,974 (13.3%) | $378,257 (0.1%) | 0.70 | 535 |
2022-12-01 | $289,900 (9.8%) | $379,082 (2.6%) | 0.72 | 514 |
2023-01-01 | $288,148 (15.3%) | $382,252 (5.7%) | 0.71 | 524 |
2023-02-01 | $289,375 (12.3%) | $391,758 (4.8%) | 0.70 | 536 |
2023-03-01 | $294,450 (5.8%) | $395,603 (6.7%) | 0.69 | 512 |
2023-04-01 | $299,000 (-0.3%) | $420,976 (10.1%) | 0.70 | 495 |
2023-05-01 | $297,000 (-1.0%) | $437,434 (15.1%) | 0.67 | 475 |
2023-06-01 | $297,450 (-2.4%) | $446,916 (18.4%) | 0.67 | 486 |
2023-07-01 | $294,900 (-4.9%) | $435,704 (13.4%) | 0.67 | 465 |
2023-08-01 | $288,750 (-7.2%) | $427,389 (10.6%) | 0.66 | 485 |
Tuscaloosa's median listing price comes in at 66% of the national average.
Tuscaloosa's average listing price for 2023-08-01 was $427,389, a difference of $40,956 (10.6%) versus the prior year and $-8,315 versus the prior month.
For the 2023-08-01 period, Tuscaloosa had 485 MLS listings, a difference of 20 listings (4%) versus the prior month and -92 listings (-16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Tuscaloosa (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 93 days | 1,769 sqft |
2018-02-01 | 88 days | 1,771 sqft |
2018-03-01 | 61 days | 1,754 sqft |
2018-04-01 | 60 days | 1,768 sqft |
2018-05-01 | 63 days | 1,764 sqft |
2018-06-01 | 67 days | 1,762 sqft |
2018-07-01 | 68 days | 1,811 sqft |
2018-08-01 | 68 days | 1,790 sqft |
2018-09-01 | 68 days | 1,774 sqft |
2018-10-01 | 72 days | 1,754 sqft |
2018-11-01 | 73 days | 1,742 sqft |
2018-12-01 | 90 days | 1,728 sqft |
2019-01-01 | 95 days | 1,724 sqft |
2019-02-01 | 85 days | 1,719 sqft |
2019-03-01 | 74 days | 1,742 sqft |
2019-04-01 | 64 days | 1,776 sqft |
2019-05-01 | 64 days | 1,822 sqft |
2019-06-01 | 61 days | 1,800 sqft |
2019-07-01 | 65 days | 1,852 sqft |
2019-08-01 | 66 days | 1,841 sqft |
2019-09-01 | 63 days | 1,819 sqft |
2019-10-01 | 64 days | 1,804 sqft |
2019-11-01 | 78 days | 1,804 sqft |
2019-12-01 | 94 days | 1,801 sqft |
2020-01-01 | 97 days | 1,779 sqft |
2020-02-01 | 86 days | 1,774 sqft |
2020-03-01 | 70 days | 1,786 sqft |
2020-04-01 | 73 days | 1,801 sqft |
2020-05-01 | 75 days | 1,774 sqft |
2020-06-01 | 74 days | 1,799 sqft |
2020-07-01 | 63 days | 1,798 sqft |
2020-08-01 | 59 days | 1,763 sqft |
2020-09-01 | 75 days | 1,798 sqft |
2020-10-01 | 81 days | 1,750 sqft |
2020-11-01 | 81 days | 1,747 sqft |
2020-12-01 | 82 days | 1,720 sqft |
2021-01-01 | 71 days | 1,632 sqft |
2021-02-01 | 47 days | 1,596 sqft |
2021-03-01 | 47 days | 1,611 sqft |
2021-04-01 | 58 days | 1,599 sqft |
2021-05-01 | 58 days | 1,642 sqft |
2021-06-01 | 49 days | 1,643 sqft |
2021-07-01 | 47 days | 1,744 sqft |
2021-08-01 | 45 days | 1,793 sqft |
2021-09-01 | 49 days | 1,799 sqft |
2021-10-01 | 57 days | 1,800 sqft |
2021-11-01 | 60 days | 1,822 sqft |
2021-12-01 | 58 days | 1,778 sqft |
2022-01-01 | 65 days | 1,708 sqft |
2022-02-01 | 54 days | 1,727 sqft |
2022-03-01 | 40 days | 1,775 sqft |
2022-04-01 | 41 days | 1,882 sqft |
2022-05-01 | 37 days | 1,925 sqft |
2022-06-01 | 36 days | 1,993 sqft |
2022-07-01 | 39 days | 2,040 sqft |
2022-08-01 | 52 days | 2,056 sqft |
2022-09-01 | 61 days | 2,052 sqft |
2022-10-01 | 71 days | 2,053 sqft |
2022-11-01 | 67 days | 1,988 sqft |
2022-12-01 | 68 days | 1,960 sqft |
2023-01-01 | 70 days | 1,870 sqft |
2023-02-01 | 60 days | 1,830 sqft |
2023-03-01 | 56 days | 1,886 sqft |
2023-04-01 | 54 days | 1,914 sqft |
2023-05-01 | 50 days | 1,890 sqft |
2023-06-01 | 47 days | 1,869 sqft |
2023-07-01 | 49 days | 1,870 sqft |
2023-08-01 | 51 days | 1,861 sqft |
Tuscaloosa's median square footage for active listings during the 2023-08-01 period was 1,861 sqft. One year prior, the average listing was 2,056 sqft.