Alabama FHA Loan Rates, Closing Costs & Stats

Alabama

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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.

    Alabama FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alabama averaged 6.36% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.03% and one month ago for the week of 2024-11-08, the average rate was 6.19%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.27%.

    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).