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 95 lenders originated 1,385 FHA loans during 2021. The total origination value was $281,335,000, with an average FHA loan value of $203,130.
Tuscaloosa FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Tuscaloosa
averaged
6.1%
for the week of 2023-01-27, compared to the national average (all FHA variants) of
6.186% for the same period.
Tuscaloosa's average FHA mortgage closing costs are $5,824.
The average rate for the prior week (2023-01-20) was
6.28% and
one month ago for the week of 2022-12-23, the
average rate was 6.47%.
The average rate one year ago was 3.56%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.65%.
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
247 FHA loans originated. Their average total fees are
$5,515, which is $3,384
lower than the next largest lender,
SOUTHWEST FUNDING, LP.
The lowest fee Tuscaloosa FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,238), Mr. Cooper ( Nationstar Mortgage ) ($3,390), LAKEVIEW LOAN SERVICING, LLC ($4,179), FREEDOM MORTGAGE CORPORATION ($4,266) and INTERLINC MORTGAGE SERVICES, LLC ($4,537).
The lowest rate Tuscaloosa FHA lenders (with over 10 loans originated) are
CALIBER HOME LOANS, INC. (2.58%), Regions Bank (2.73%), QUICKEN LOANS, LLC (2.76%), BancorpSouth Bank (2.77%) and FirstBank (2.84%).
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 |
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%) | 0.72 | 866 |
2019-02-01 | $211,686 (11.2%) | $319,251 (14.4%) | 0.71 | 872 |
2019-03-01 | $218,329 (10.4%) | $327,268 (16.4%) | 0.71 | 846 |
2019-04-01 | $226,400 (13.3%) | $330,247 (15.4%) | 0.72 | 830 |
2019-05-01 | $239,450 (19.8%) | $338,192 (18.9%) | 0.75 | 846 |
2019-06-01 | $235,000 (14.7%) | $337,228 (15.7%) | 0.73 | 866 |
2019-07-01 | $238,825 (11.1%) | $350,226 (17.5%) | 0.75 | 885 |
2019-08-01 | $238,536 (12.5%) | $360,743 (20.3%) | 0.76 | 882 |
2019-09-01 | $236,491 (10.1%) | $355,679 (13.4%) | 0.76 | 904 |
2019-10-01 | $234,750 (11.8%) | $352,276 (13.3%) | 0.76 | 918 |
2019-11-01 | $229,900 (9.5%) | $343,703 (12.0%) | 0.75 | 893 |
2019-12-01 | $224,349 (7.9%) | $341,019 (10.4%) | 0.75 | 887 |
2020-01-01 | $224,900 (7.2%) | $344,878 (10.3%) | 0.75 | 823 |
2020-02-01 | $236,395 (11.7%) | $344,192 (7.8%) | 0.77 | 790 |
2020-03-01 | $240,103 (10.0%) | $349,513 (6.8%) | 0.75 | 763 |
2020-04-01 | $245,950 (8.6%) | $356,122 (7.8%) | 0.77 | 760 |
2020-05-01 | $240,795 (0.6%) | $343,186 (1.5%) | 0.73 | 725 |
2020-06-01 | $245,200 (4.3%) | $350,459 (3.9%) | 0.72 | 683 |
2020-07-01 | $249,900 (4.6%) | $351,825 (0.5%) | 0.72 | 684 |
2020-08-01 | $249,900 (4.8%) | $345,578 (-4.2%) | 0.72 | 683 |
2020-09-01 | $249,950 (5.7%) | $350,808 (-1.4%) | 0.72 | 659 |
2020-10-01 | $249,900 (6.5%) | $346,130 (-1.7%) | 0.72 | 687 |
2020-11-01 | $249,900 (8.7%) | $352,567 (2.6%) | 0.73 | 647 |
2020-12-01 | $249,950 (11.4%) | $355,524 (4.3%) | 0.74 | 593 |
2021-01-01 | $247,500 (10.1%) | $353,087 (2.4%) | 0.74 | 546 |
2021-02-01 | $252,450 (6.8%) | $353,548 (2.7%) | 0.73 | 550 |
2021-03-01 | $268,274 (11.7%) | $351,077 (0.5%) | 0.76 | 536 |
2021-04-01 | $276,500 (12.4%) | $376,703 (5.8%) | 0.75 | 466 |
2021-05-01 | $274,950 (14.2%) | $384,100 (11.9%) | 0.73 | 418 |
2021-06-01 | $276,950 (13.0%) | $388,057 (10.7%) | 0.73 | 435 |
2021-07-01 | $269,900 (8.0%) | $378,081 (7.5%) | 0.71 | 473 |
2021-08-01 | $264,950 (6.0%) | $380,378 (10.1%) | 0.71 | 459 |
2021-09-01 | $264,950 (6.0%) | $383,413 (9.3%) | 0.71 | 463 |
2021-10-01 | $249,900 (0.0%) | $378,667 (9.4%) | 0.67 | 450 |
2021-11-01 | $256,524 (2.7%) | $377,850 (7.2%) | 0.69 | 432 |
2021-12-01 | $261,574 (4.7%) | $369,304 (3.9%) | 0.71 | 424 |
2022-01-01 | $249,900 (1.0%) | $361,385 (2.4%) | 0.68 | 344 |
2022-02-01 | $259,523 (2.8%) | $373,630 (5.7%) | 0.68 | 358 |
2022-03-01 | $278,238 (3.7%) | $370,590 (5.6%) | 0.70 | 351 |
2022-04-01 | $299,900 (8.5%) | $382,217 (1.5%) | 0.72 | 341 |
2022-05-01 | $299,900 (9.1%) | $379,919 (-1.1%) | 0.69 | 411 |
2022-06-01 | $304,521 (10.0%) | $377,332 (-2.8%) | 0.68 | 499 |
2022-07-01 | $309,825 (14.8%) | $384,320 (1.7%) | 0.70 | 596 |
2022-08-01 | $307,923 (16.2%) | $387,066 (1.8%) | 0.71 | 570 |
2022-09-01 | $303,235 (14.5%) | $383,765 (0.1%) | 0.71 | 565 |
2022-10-01 | $304,900 (22.0%) | $387,880 (2.4%) | 0.72 | 514 |
2022-11-01 | $292,524 (14.0%) | $379,251 (0.4%) | 0.70 | 527 |
2022-12-01 | $289,000 (10.5%) | $380,242 (3.0%) | 0.72 | 505 |
Tuscaloosa's median listing price comes in at 72% of the national average.
Tuscaloosa's average listing price for 2022-12-01 was $380,242, a difference of $10,938 (3.0%) versus the prior year and $991 versus the prior month.
For the 2022-12-01 period, Tuscaloosa had 505 MLS listings, a difference of -22 listings (-4%) versus the prior month and 81 listings (19%) 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 | 100 days | 1,769 sqft |
2018-02-01 | 96 days | 1,773 sqft |
2018-03-01 | 70 days | 1,761 sqft |
2018-04-01 | 66 days | 1,770 sqft |
2018-05-01 | 68 days | 1,767 sqft |
2018-06-01 | 73 days | 1,762 sqft |
2018-07-01 | 78 days | 1,812 sqft |
2018-08-01 | 76 days | 1,787 sqft |
2018-09-01 | 75 days | 1,774 sqft |
2018-10-01 | 80 days | 1,752 sqft |
2018-11-01 | 83 days | 1,741 sqft |
2018-12-01 | 96 days | 1,728 sqft |
2019-01-01 | 105 days | 1,724 sqft |
2019-02-01 | 100 days | 1,719 sqft |
2019-03-01 | 87 days | 1,743 sqft |
2019-04-01 | 72 days | 1,778 sqft |
2019-05-01 | 69 days | 1,822 sqft |
2019-06-01 | 67 days | 1,800 sqft |
2019-07-01 | 72 days | 1,852 sqft |
2019-08-01 | 72 days | 1,844 sqft |
2019-09-01 | 71 days | 1,820 sqft |
2019-10-01 | 71 days | 1,805 sqft |
2019-11-01 | 81 days | 1,804 sqft |
2019-12-01 | 99 days | 1,801 sqft |
2020-01-01 | 101 days | 1,782 sqft |
2020-02-01 | 93 days | 1,774 sqft |
2020-03-01 | 74 days | 1,787 sqft |
2020-04-01 | 79 days | 1,801 sqft |
2020-05-01 | 81 days | 1,774 sqft |
2020-06-01 | 81 days | 1,800 sqft |
2020-07-01 | 70 days | 1,799 sqft |
2020-08-01 | 64 days | 1,754 sqft |
2020-09-01 | 80 days | 1,796 sqft |
2020-10-01 | 87 days | 1,748 sqft |
2020-11-01 | 89 days | 1,739 sqft |
2020-12-01 | 94 days | 1,714 sqft |
2021-01-01 | 81 days | 1,629 sqft |
2021-02-01 | 55 days | 1,596 sqft |
2021-03-01 | 53 days | 1,611 sqft |
2021-04-01 | 63 days | 1,601 sqft |
2021-05-01 | 64 days | 1,643 sqft |
2021-06-01 | 53 days | 1,651 sqft |
2021-07-01 | 50 days | 1,743 sqft |
2021-08-01 | 50 days | 1,795 sqft |
2021-09-01 | 53 days | 1,801 sqft |
2021-10-01 | 59 days | 1,799 sqft |
2021-11-01 | 66 days | 1,818 sqft |
2021-12-01 | 63 days | 1,777 sqft |
2022-01-01 | 71 days | 1,705 sqft |
2022-02-01 | 56 days | 1,728 sqft |
2022-03-01 | 43 days | 1,775 sqft |
2022-04-01 | 43 days | 1,881 sqft |
2022-05-01 | 38 days | 1,918 sqft |
2022-06-01 | 37 days | 1,975 sqft |
2022-07-01 | 40 days | 2,037 sqft |
2022-08-01 | 53 days | 2,057 sqft |
2022-09-01 | 62 days | 2,053 sqft |
2022-10-01 | 71 days | 2,056 sqft |
2022-11-01 | 67 days | 1,994 sqft |
2022-12-01 | 71 days | 1,961 sqft |
Tuscaloosa's median square footage for active listings during the 2022-12-01 period was 1,961 sqft. One year prior, the average listing was 1,777 sqft.