Alabama FHA Loan Rates, Closing Costs & Stats

Alabama

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.

Alabama FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Alabama averaged 6.44% for the week of 2024-07-12, compared to the national average (all FHA variants) of 6.655% for the same period.

Alabama's average FHA mortgage closing costs are $6,780.

The average rate for the prior week (2024-07-05) was 6.61% and one month ago for the week of 2024-06-07, the average rate was 6.48%.

The average rate one year ago was 6.68%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.75%.

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

Alabama 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 Alabama level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 1,517 6.28% $9,296
UNITED WHOLESALE MORTGAGE, LLC 990 6.32% $10,688
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 783 6.66% $7,473
DHI MORTGAGE COMPANY, LTD. 731 5.27% $7,459
GUILD MORTGAGE COMPANY 455 6.68% $9,435
MOVEMENT MORTGAGE, LLC 446 6.69% $9,085
Trustmark National Bank 431 6.44% $8,536
Renasant Bank 395 6.48% $8,938
First Federal Bank, A FSB 378 6.18% $9,154
Regions Bank 344 6.24% $8,438
FirstBank 278 6.40% $10,088
LOANDEPOT.COM, LLC 270 6.40% $10,806
CROSSCOUNTRY MORTGAGE, LLC 270 6.68% $10,355
FREEDOM MORTGAGE CORPORATION 229 6.81% $12,108
PENNYMAC LOAN SERVICES, LLC 218 6.15% $11,332
BROKER SOLUTIONS, INC. 210 6.72% $9,316
Plains Commerce Bank 164 6.29% $11,029
Flagstar Bank, FSB 163 6.50% $8,811
CMG MORTGAGE, INC. 158 6.74% $10,824
GUARANTEED RATE, INC. 154 6.31% $9,945
Synovus Bank 154 6.46% $8,762
SouthPoint Bank 152 6.64% $6,394
CARDINAL FINANCIAL 148 6.56% $10,425
EMBRACE HOME LOANS, INC. 148 6.62% $9,088
Mr. Cooper ( Nationstar Mortgage ) 143 6.11% $12,570
GMFS LLC 143 6.45% $7,087
STOCKTON MORTGAGE CORPORATION 141 7.18% $10,422
EAGLE HOME MORTGAGE, LLC 140 5.14% $6,465
Assurance Financial Group, L.L.C. 136 6.73% $9,346
FBC MORTGAGE, LLC 129 6.13% $11,108
Carrington Mortgage Services, LLC 123 6.24% $9,595
VANDERBILT MORTGAGE AND FINANCE, INC. 122 6.39% $9,856
NEWREZ LLC 119 6.40% $10,479
AMERISAVE MORTGAGE CORPORATION 118 6.11% $11,821
BancorpSouth 115 6.28% $7,507
UNION HOME MORTGAGE CORP. 114 6.75% $9,623
AMERICAN FINANCIAL NETWORK, INC. 105 7.15% $11,124
TJC Mortgage, Inc. 104 6.70% $10,535
Ameris Bank 100 6.53% $8,980
Hamilton Mortgage Corporation 98 6.73% $8,927
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 95 6.49% $10,510
MUTUAL OF OMAHA MORTGAGE, INC. 86 6.59% $11,840
Prosperity Home Mortgage, LLC 80 6.64% $9,101
Northpointe Bank 79 6.38% $8,584
Bank of England 75 6.81% $9,902
FIRST COMMUNITY MORTGAGE, INC. 73 6.77% $9,801
ENVOY MORTGAGE, LTD 72 6.68% $8,410
HOMESTAR FINANCIAL CORPORATION 72 6.56% $7,901
MILEND, INC. 69 6.73% $11,638
Mortgage Research Center, LLC 65 6.84% $6,013
LAKEVIEW LOAN SERVICING, LLC 63 6.31% $10,575
Victorian Finance, LLC 61 6.73% $11,719
INTERLINC MORTGAGE SERVICES, LLC 60 6.93% $6,220
Consumer First Mortgage, Inc. 58 6.65% $8,386
AMERICAN PORTFOLIO MORTGAGE CORPORATION 56 6.46% $11,144
CANOPY MORTGAGE, LLC 56 6.66% $15,356
PRIMELENDING, A PLAINSCAPITAL COMPANY 54 6.90% $8,720
HUNT MORTGAGE CORPORATION 53 6.48% $9,292
Equity Prime Mortgage LLC 52 6.74% $10,165
LEADERONE FINANCIAL CORPORATION 50 6.66% $8,183
SWBC MORTGAGE CORPORATION 49 6.65% $6,164
PLANET HOME LENDING, LLC 47 6.18% $8,241
ACOPIA, LLC 46 7.12% $8,945
CIS Financial Services, Inc. 46 6.55% $8,405
Princeton Mortgage Corporation 45 7.05% $9,429
DSLD MORTGAGE, LLC 45 5.97% $6,512
Cornerstone First Mortgage, Inc 43 6.82% $8,981
FIRST CONTINENTAL MORTGAGE, LTD. 41 6.41% $6,534
United Community Bank 40 6.18% $9,181
THE MORTGAGE FIRM, INC. 40 6.37% $9,520
South State Bank 38 6.46% $8,981
EVERETT FINANCIAL, INC. 37 7.20% $9,140
SUCCESS MORTGAGE PARTNERS, INC. 36 6.85% $8,356
AMERICAN FINANCIAL RESOURCES, INC. 36 6.69% $9,877
ARK-LA-TEX FINANCIAL SERVICES, LLC. 34 6.85% $7,441
First Federal Bank 34 6.63% $6,173
DAS Acquisition Company, LLC 33 6.58% $8,850
ISERVE RESIDENTIAL LENDING, LLC 33 6.81% $18,188
DIRECT MORTGAGE LOANS, LLC 32 6.82% $9,104
Wells Fargo Bank 32 6.52% $7,384
PACIFIC RESIDENTIAL MORTGAGE, LLC 30 6.70% $10,927
Citizens Bank 30 6.55% $9,111
HOMEOWNERS FINANCIAL GROUP USA, LLC 30 6.78% $8,954
MORTGAGE INVESTORS GROUP, INC. 29 6.50% $8,379
Century Mortgage Company DBA Century Lending Company 28 6.46% $8,836
Hancock Whitney Bank 28 6.25% $6,864
NFM, INC. 27 7.21% $10,215
AMERICAN PACIFIC MORTGAGE CORPORATION 27 6.92% $10,955
SUN WEST MORTGAGE COMPANY, INC. 27 6.51% $10,282
REDSTONE Federal Credit Union 26 6.24% $7,298
INSPIRE HOME LOANS INC. 25 5.77% $8,152
HOMESIDE FINANCIAL, LLC 25 6.71% $9,972
Wolfe Financial, Inc 24 6.83% $9,297
RELIANCE FIRST CAPITAL, LLC 24 6.51% $9,172
MID AMERICA MORTGAGE, INC. 24 7.55% $6,037
ZILLOW HOME LOANS, LLC 22 6.29% $10,271
American Mortgage & Equity Consultants, Inc. 22 6.96% $10,088
TOWNE MORTGAGE COMPANY 22 6.21% $9,894
LOANPAL, LLC 22 6.04% $10,411
Nations Lending Corporation 21 6.72% $9,142
EMM LOANS LLC 20 6.05% $12,134
VILLAGE CAPITAL MORTGAGE 20 6.12% $10,852
HOMETRUST MORTGAGE COMPANY 20 5.99% $7,376
HOMEBRIDGE FINANCIAL SERVICES, INC. 19 6.62% $9,801
M&T Bank 18 6.62% $8,190
Barrington Bank & Trust Company, N.A. 17 6.27% $9,531
PNC Bank 17 6.50% $6,667
AMERICAN FINANCING CORPORATION 16 6.67% $9,243
Paramount Residential Mortgage Group, Inc. 16 6.19% $11,616
Ixonia Bank 16 6.80% $9,750
TOP FLITE FINANCIAL, INC. 16 6.94% $14,595
ROYAL UNITED MORTGAGE LLC 14 6.85% $8,878
Pinnacle Bank 14 6.18% $10,252
The Federal Savings Bank 14 6.50% $13,114
First Horizon Bank 14 6.65% $7,853
AmeriHome Mortgage Company, LLC 13 6.42% $9,846
ServisFirst Bank 13 6.39% $8,266
KEESLER 13 5.25% $6,566
Truist 13 6.44% $6,937
PLAZA HOME MORTGAGE, INC. 12 6.51% $10,040
JPMorgan Chase Bank 12 6.83% $5,989
MORTGAGE SOLUTIONS OF COLORADO, LLC 12 7.13% $12,062
BAY EQUITY LLC 12 6.40% $8,713
CB&S Bank, Inc. 11 7.06% $7,001
LIBERTY HOME MORTGAGE CORPORATION 11 6.92% $13,037
NATIONS DIRECT MORTGAGE, LLC 11 6.43% $11,516
AVADIAN 11 6.49% $8,480
Keystone Funding, Inc. 11 6.34% $10,355
BAYSHORE MORTGAGE FUNDING, LLC 11 7.41% $7,880
SOUTHEAST MORTGAGE OF GEORGIA, INC. 10 6.50% $9,823
NATIONWIDE MORTGAGE BANKERS, INC. 10 7.23% $11,788
RUOFF MORTGAGE COMPANY, INC. 10 6.31% $8,090
Bank Independent 10 6.04% $8,903
FirstTrust Home Loans, Inc. 10 6.65% $9,585
MIDLAND MORTGAGE CORPORATION 9 6.61% $6,850
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 9 6.74% $9,895
BankPlus 9 6.56% $6,470
Tyndall Federal Credit Union 9 6.90% $7,934
MORIA DEVELOPMENT, INC. 9 6.94% $8,446
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 6.54% $9,540
Liberty Mortgage Corporation 9 6.56% $6,181
Magnolia Bank 9 6.93% $12,285
AMCAP MORTGAGE, LTD. 8 6.78% $9,929
KELLER MORTGAGE, LLC 7 5.66% $8,057
SOUTHPOINT FINANCIAL SERVICES, INC. 7 6.89% $12,658
NBKC BANK 7 6.05% $8,504
ABSOLUTE HOME MORTGAGE CORPORATION 7 7.59% $8,771
PHH Mortgage Corporation 7 6.91% $8,476
SUMMIT FUNDING, INC. 7 7.05% $8,652
U.S. Bank 7 5.89% $9,933
1ST SIGNATURE LENDING, LLC 6 6.69% $12,638
CHURCHILL MORTGAGE CORPORATION 6 6.81% $10,453
GENEVA FINANCIAL, LLC 6 6.56% $9,098
PENTAGON FEDERAL CREDIT UNION 6 5.71% $8,037
S1L, Inc. 6 6.85% $10,969
Gateway First Bank 5 6.48% $6,111
Community Bank of Mississippi 5 6.58% $10,826
NETWORK CAPITAL FUNDING CORPORATION 5 5.95% $12,886
CONTOUR MORTGAGE CORPORATION 5 5.73% $11,549
The Loan Store, Inc. 5 6.95% $13,151
SOVEREIGN LENDING GROUP INCORPORATED 5 5.80% $14,068
GUARANTEED RATE AFFINITY, LLC 5 6.52% $8,627
SmartBank 5 6.30% $7,781
BECKAM FUNDING CORP. 5 7.08% $11,659
ACADEMY MORTGAGE CORPORATION 4 6.66% $13,908
Goldwater Bank, N.A. 4 6.63% $8,438
Total Media Management, LLC 4 6.56% $10,081
TOTAL MORTGAGE SERVICES, LLC 4 6.84% $11,714
PREMIA MORTGAGE, LLC 4 6.41% $5,864
THRIVE MORTGAGE, LLC 4 6.59% $10,755
OPEN MORTGAGE, LLC 4 6.16% $9,719
NEW DAY FINANCIAL, LLC 4 7.19% $8,101
SECURITYNATIONAL MORTGAGE COMPANY 4 6.00% $16,171
Alcova Mortgage LLC 4 7.47% $6,590
Valley National Bank 4 6.31% $8,158
ALLIED MORTGAGE GROUP, INC. 3 6.25% $12,768
MORTGAGE ACCESS CORP. 3 6.83% $8,533
EVANSVILLE TEACHERS 3 6.58% $11,257
RESIDENTIAL BANCORP 3 6.66% $9,478
ARC HOME LLC 3 6.17% $11,693
Bank of America 3 7.17% $8,847
CRESCENT MORTGAGE COMPANY 3 6.25% $6,377
GUARANTY HOME MORTGAGE CORPORATION 3 6.54% $8,890
MICHIGAN MUTUAL, INC. 3 7.88% $9,071
BETTER MORTGAGE CORPORATION 3 6.46% $12,844
LAND HOME FINANCIAL SERVICES, INC. 3 6.58% $9,585
First Savings Bank 3 6.58% $9,140
First Option Mortgage, LLC 3 7.21% $9,596
The Huntington National Bank 3 6.25% $9,653
NORWICH COMMERCIAL GROUP, INC. 3 7.00% $4,504
SOUTHWEST STAGE FUNDING, LLC 3 6.63% $7,376
SeaTrust Mortgage Company 3 7.13% $7,981
GSF Mortgage Corporation 2 6.31% $15,876
Merchants Bank of Indiana 2 5.88% $9,259
INTERCAP LENDING INC. 2 6.69% $9,174
INB 2 6.38% $8,221
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.38% $9,764
FLAT BRANCH MORTGAGE, INC. 2 6.44% $11,478
FIRST COLONY MORTGAGE CORPORATION 2 7.06% $11,020
Fifth Third Bank 2 6.06% $6,257
FIDELITY BANK 2 6.38% $12,501
Wyndham Capital Mortgage, Inc. 2 7.13% $7,020
DIRECT LENDERS, LLC 2 6.69% $6,778
DELMAR FINANCIAL COMPANY 2 6.88% $9,639
POLARIS HOME FUNDING CORP. 2 6.81% $16,709
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.94% $14,093
Colony Bank 2 6.62% $8,777
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 7.38% $14,675
SIRVA MORTGAGE, INC. 2 6.69% $4,980
Centennial Bank 2 6.63% $8,918
CASTLE & COOKE MORTGAGE, LLC 2 6.94% $13,916
Capital City Home Loans, LLC 2 6.94% $10,526
CALIBER HOME LOANS, INC. 2 6.25% $6,466
Blue Ridge Bank 2 6.87% $7,219
THE MORTGAGE LINK, INC. 2 7.44% $13,927
BAY-VALLEY MORTGAGE GROUP 2 6.94% $12,726
BANKSOUTH MORTGAGE COMPANY, LLC 2 5.87% $8,241
Arvest Bank 2 6.25% $10,267
UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 5.63% $8,747
University Bank 2 7.38% $8,274
US MORTGAGE CORPORATION 2 6.44% $12,250
V.I.P. MORTGAGE, INC. 2 6.99% $8,454
Watermark Capital, Inc. 2 6.19% $8,136
Waterstone Mortgage Corporation 2 6.56% $11,376
Willamette Valley Bank 2 6.00% $9,401
CERTAINTY HOME LOANS, LLC 1 6.75% $6,576
Legends Bank 1 7.25% $5,847
CBM Mortgage, Inc. 1 6.75% $9,270
Mortgage Assurance Inc. 1 5.75% $13,149
Old National Bank 1 6.25% $7,187
First Federal Bank 1 5.50% $8,730
HOPE FEDERAL CREDIT UNION 1 6.50% $7,859
Stride Bank 1 6.25% $8,616
Strong Home Mortgage, LLC 1 7.49% $9,167
Capital Bank 1 6.00% $11,910
VAN DYK MORTGAGE CORPORATION 1 7.00% $10,060
CALCON MUTUAL MORTGAGE LLC 1 6.25% $16,132
BOKF 1 7.13% $5,361
BNC National Bank 1 7.13% $7,707
T2 FINANCIAL LLC 1 6.25% $11,993
The Citizens National Bank of Meridian 1 7.13% $10,432
MLD MORTGAGE INC. 1 5.75% $15,161
North American Savings Bank, F.S.B. 1 5.63% $5,465
First Merchants Bank 1 6.25% $3,844
NATIONS RELIABLE LENDING, LLC 1 7.25% $11,127
ALAMEDA MORTGAGE CORPORATION 1 7.13% $8,015
NASA Federal Credit Union 1 6.75% $21,108
GREENSTATE CREDIT UNION 1 6.00% $7,938
Wilmington Savings Fund Society, FSB 1 5.75% $7,278
MEMBER FIRST MORTGAGE, LLC 1 6.63% $7,810
Hometown Equity Mortgage, LLC 1 5.63% $21,953
Towne Bank 1 6.25% $9,578
Washington Trust Bank 1 6.38% $6,460
Bank of Tennessee 1 5.50% $9,363
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.75% $9,744
MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 7.25% $3,472
A&D Mortgage LLC 1 5.75% $15,890
Armed Forces Bank 1 6.25% $8,029
United Fidelity Funding Corp. 1 6.99% $15,376
LENOX FINANCIAL MORTGAGE CORPORATION 1 5.75% $8,290
CORNERSTONE HOME LENDING, INC. 1 6.75% $10,755
Presidential Bank, FSB 1 7.50% $8,776
COMMUNITY MORTGAGE, LLC 1 5.75% $7,290
COMMUNITY MORTGAGE CORPORATION 1 6.75% $10,085
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.75% $13,064
COMMUNITYAMERICA 1 6.63% $7,343
HOMEXPRESS MORTGAGE CORP. 1 6.38% $10,929
Colonial Savings, F.A. 1 6.50% $12,087
DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $21,733
ROSS MORTGAGE CORPORATION 1 6.63% $3,523
AFFORDABLE MORTGAGE ADVISORS, LLC. 1 6.13% $8,202
Chickasaw Community Bank 1 7.63% $5,200
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 7.00% $14,376
Pen Air Federal Credit Union 1 7.00% $7,307
Origin Bank 1 6.50% $10,283
Chambers Bank 1 6.13% $9,714
SHELTER HOME MORTGAGE, LLC 1 7.25% $5,919
AmRes Corporation 1 7.50% $6,448
ON Q FINANCIAL, INC. 1 7.38% $10,401

The top Alabama FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,517 FHA loans originated. Their average total fees are $9,296, which is $1,392 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Alabama FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($5,989), Mortgage Research Center, LLC ($6,013), MID AMERICA MORTGAGE, INC. ($6,037), SWBC MORTGAGE CORPORATION ($6,164) and First Federal Bank ($6,173).

The lowest rate Alabama FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.14%), KEESLER (5.25%), DHI MORTGAGE COMPANY, LTD. (5.27%), INSPIRE HOME LOANS INC. (5.77%) and DSLD MORTGAGE, LLC (5.97%).

Alabama FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
MONTGOMERY, AL AUTAUGA 2022 $420,680 $538,650 $651,050 $809,150
DAPHNE-FAIRHOPE-FOLEY, AL BALDWIN 2022 $420,680 $538,650 $651,050 $809,150
EUFAULA, AL-GA BARBOUR 2022 $420,680 $538,650 $651,050 $809,150
BIRMINGHAM-HOOVER, AL BIBB 2022 $420,680 $538,650 $651,050 $809,150
BIRMINGHAM-HOOVER, AL BLOUNT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BULLOCK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BUTLER 2022 $420,680 $538,650 $651,050 $809,150
ANNISTON-OXFORD, AL CALHOUN 2022 $420,680 $538,650 $651,050 $809,150
LAGRANGE, GA-AL CHAMBERS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CHEROKEE 2022 $420,680 $538,650 $651,050 $809,150
BIRMINGHAM-HOOVER, AL CHILTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CHOCTAW 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CLARKE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CLAY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CLEBURNE 2022 $420,680 $538,650 $651,050 $809,150
ENTERPRISE, AL COFFEE 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE-MUSCLE SHOALS, AL COLBERT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CONECUH 2022 $420,680 $538,650 $651,050 $809,150
ALEXANDER CITY, AL COOSA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO COVINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CRENSHAW 2022 $420,680 $538,650 $651,050 $809,150
CULLMAN, AL CULLMAN 2022 $420,680 $538,650 $651,050 $809,150
OZARK, AL DALE 2022 $420,680 $538,650 $651,050 $809,150
SELMA, AL DALLAS 2022 $420,680 $538,650 $651,050 $809,150
FORT PAYNE, AL DEKALB 2022 $420,680 $538,650 $651,050 $809,150
MONTGOMERY, AL ELMORE 2022 $420,680 $538,650 $651,050 $809,150
ATMORE, AL ESCAMBIA 2022 $420,680 $538,650 $651,050 $809,150
GADSDEN, AL ETOWAH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
DOTHAN, AL GENEVA 2022 $420,680 $538,650 $651,050 $809,150
TUSCALOOSA, AL GREENE 2022 $420,680 $538,650 $651,050 $809,150
TUSCALOOSA, AL HALE 2022 $420,680 $538,650 $651,050 $809,150
DOTHAN, AL HENRY 2022 $420,680 $538,650 $651,050 $809,150
DOTHAN, AL HOUSTON 2022 $420,680 $538,650 $651,050 $809,150
SCOTTSBORO, AL JACKSON 2022 $420,680 $538,650 $651,050 $809,150
BIRMINGHAM-HOOVER, AL JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LAMAR 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE-MUSCLE SHOALS, AL LAUDERDALE 2022 $420,680 $538,650 $651,050 $809,150
DECATUR, AL LAWRENCE 2022 $420,680 $538,650 $651,050 $809,150
AUBURN-OPELIKA, AL LEE 2022 $420,680 $538,650 $651,050 $809,150
HUNTSVILLE, AL LIMESTONE 2022 $420,680 $538,650 $651,050 $809,150
MONTGOMERY, AL LOWNDES 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MACON 2022 $420,680 $538,650 $651,050 $809,150
HUNTSVILLE, AL MADISON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MARENGO 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MARION 2022 $420,680 $538,650 $651,050 $809,150
ALBERTVILLE, AL MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
MOBILE, AL MOBILE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MONROE 2022 $420,680 $538,650 $651,050 $809,150
MONTGOMERY, AL MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
DECATUR, AL MORGAN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PERRY 2022 $420,680 $538,650 $651,050 $809,150
TUSCALOOSA, AL PICKENS 2022 $420,680 $538,650 $651,050 $809,150
TROY, AL PIKE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO RANDOLPH 2022 $420,680 $538,650 $651,050 $809,150
COLUMBUS, GA-AL RUSSELL 2022 $420,680 $538,650 $651,050 $809,150
BIRMINGHAM-HOOVER, AL ST. CLAIR 2022 $420,680 $538,650 $651,050 $809,150
BIRMINGHAM-HOOVER, AL SHELBY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SUMTER 2022 $420,680 $538,650 $651,050 $809,150
TALLADEGA-SYLACAUGA, AL TALLADEGA 2022 $420,680 $538,650 $651,050 $809,150
ALEXANDER CITY, AL TALLAPOOSA 2022 $420,680 $538,650 $651,050 $809,150
TUSCALOOSA, AL TUSCALOOSA 2022 $420,680 $538,650 $651,050 $809,150
JASPER, AL WALKER 2022 $420,680 $538,650 $651,050 $809,150
MOBILE, AL WASHINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WILCOX 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WINSTON 2022 $420,680 $538,650 $651,050 $809,150
MONTGOMERY, AL AUTAUGA 2023 $472,030 $604,400 $730,525 $907,900
DAPHNE-FAIRHOPE-FOLEY, AL BALDWIN 2023 $472,030 $604,400 $730,525 $907,900
EUFAULA, AL-GA BARBOUR 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL BIBB 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL BLOUNT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BULLOCK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BUTLER 2023 $472,030 $604,400 $730,525 $907,900
ANNISTON-OXFORD, AL CALHOUN 2023 $472,030 $604,400 $730,525 $907,900
LAGRANGE, GA-AL CHAMBERS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHEROKEE 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL CHILTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHOCTAW 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CLARKE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CLAY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CLEBURNE 2023 $472,030 $604,400 $730,525 $907,900
ENTERPRISE, AL COFFEE 2023 $472,030 $604,400 $730,525 $907,900
FLORENCE-MUSCLE SHOALS, AL COLBERT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CONECUH 2023 $472,030 $604,400 $730,525 $907,900
ALEXANDER CITY, AL COOSA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO COVINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CRENSHAW 2023 $472,030 $604,400 $730,525 $907,900
CULLMAN, AL CULLMAN 2023 $472,030 $604,400 $730,525 $907,900
OZARK, AL DALE 2023 $472,030 $604,400 $730,525 $907,900
SELMA, AL DALLAS 2023 $472,030 $604,400 $730,525 $907,900
FORT PAYNE, AL DEKALB 2023 $472,030 $604,400 $730,525 $907,900
MONTGOMERY, AL ELMORE 2023 $472,030 $604,400 $730,525 $907,900
ATMORE, AL ESCAMBIA 2023 $472,030 $604,400 $730,525 $907,900
GADSDEN, AL ETOWAH 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
DOTHAN, AL GENEVA 2023 $472,030 $604,400 $730,525 $907,900
TUSCALOOSA, AL GREENE 2023 $472,030 $604,400 $730,525 $907,900
TUSCALOOSA, AL HALE 2023 $472,030 $604,400 $730,525 $907,900
DOTHAN, AL HENRY 2023 $472,030 $604,400 $730,525 $907,900
DOTHAN, AL HOUSTON 2023 $472,030 $604,400 $730,525 $907,900
SCOTTSBORO, AL JACKSON 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LAMAR 2023 $472,030 $604,400 $730,525 $907,900
FLORENCE-MUSCLE SHOALS, AL LAUDERDALE 2023 $472,030 $604,400 $730,525 $907,900
DECATUR, AL LAWRENCE 2023 $472,030 $604,400 $730,525 $907,900
AUBURN-OPELIKA, AL LEE 2023 $472,030 $604,400 $730,525 $907,900
HUNTSVILLE, AL LIMESTONE 2023 $472,030 $604,400 $730,525 $907,900
MONTGOMERY, AL LOWNDES 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MACON 2023 $472,030 $604,400 $730,525 $907,900
HUNTSVILLE, AL MADISON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MARENGO 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MARION 2023 $472,030 $604,400 $730,525 $907,900
ALBERTVILLE, AL MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
MOBILE, AL MOBILE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MONROE 2023 $472,030 $604,400 $730,525 $907,900
MONTGOMERY, AL MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900
DECATUR, AL MORGAN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PERRY 2023 $472,030 $604,400 $730,525 $907,900
TUSCALOOSA, AL PICKENS 2023 $472,030 $604,400 $730,525 $907,900
TROY, AL PIKE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO RANDOLPH 2023 $472,030 $604,400 $730,525 $907,900
COLUMBUS, GA-AL RUSSELL 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL ST. CLAIR 2023 $472,030 $604,400 $730,525 $907,900
BIRMINGHAM-HOOVER, AL SHELBY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SUMTER 2023 $472,030 $604,400 $730,525 $907,900
TALLADEGA-SYLACAUGA, AL TALLADEGA 2023 $472,030 $604,400 $730,525 $907,900
ALEXANDER CITY, AL TALLAPOOSA 2023 $472,030 $604,400 $730,525 $907,900
TUSCALOOSA, AL TUSCALOOSA 2023 $472,030 $604,400 $730,525 $907,900
JASPER, AL WALKER 2023 $472,030 $604,400 $730,525 $907,900
MOBILE, AL WASHINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WILCOX 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WINSTON 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).