Athens FHA Loan Rates, Closing Costs & Stats

ATHENS-CLARKE COUNTY, GA

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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.

    Athens's 86 lenders originated 406 FHA loans during 2023. The total origination value was $104,380,000, with an average FHA loan value of $257,094.

    Athens FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Athens averaged 6.42% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Athens's average FHA mortgage closing costs are $7,719.

    The average rate for the prior week (2024-11-01) was 6.3% and one month ago for the week of 2024-10-04, the average rate was 5.72%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7%.

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

    Athens 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 Athens level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 34 6.28% $11,400
    UNITED WHOLESALE MORTGAGE, LLC 24 6.33% $12,271
    MOVEMENT MORTGAGE, LLC 20 6.59% $12,191
    FBC MORTGAGE, LLC 19 5.08% $9,444
    HOMESTAR FINANCIAL CORPORATION 15 6.58% $11,055
    Regions Bank 13 6.14% $11,468
    GUARANTEED RATE, INC. 13 6.54% $11,178
    BANKSOUTH MORTGAGE COMPANY, LLC 12 6.30% $11,087
    First Option Mortgage, LLC 12 6.70% $13,363
    Paramount Residential Mortgage Group, Inc. 9 6.32% $12,320
    EVERETT FINANCIAL, INC. 9 7.38% $12,485
    FREEDOM MORTGAGE CORPORATION 8 6.81% $14,172
    Synovus Bank 7 6.30% $10,460
    Ameris Bank 7 5.98% $12,640
    Colony Bank 7 6.34% $12,581
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.71% $12,752
    LOANDEPOT.COM, LLC 7 6.52% $13,022
    PENNYMAC LOAN SERVICES, LLC 6 5.92% $12,733
    BROKER SOLUTIONS, INC. 6 6.75% $15,807
    NEWREZ LLC 6 6.48% $10,851
    CROSSCOUNTRY MORTGAGE, LLC 5 6.33% $10,585
    AMERICAN FINANCIAL NETWORK, INC. 4 6.28% $11,069
    Carrington Mortgage Services, LLC 4 5.88% $13,840
    Equity Prime Mortgage LLC 4 7.22% $12,894
    Bank of England 4 6.41% $9,629
    GENEVA FINANCIAL, LLC 4 6.81% $11,177
    AMERISAVE MORTGAGE CORPORATION 4 6.28% $14,328
    Mr. Cooper ( Nationstar Mortgage ) 4 6.72% $14,261
    Magnolia Bank 3 6.92% $8,769
    BancorpSouth 3 5.79% $10,371
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 6.17% $17,326
    NFM, INC. 3 7.21% $9,435
    ACOPIA, LLC 2 6.44% $11,135
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.19% $8,699
    AMERICAN FINANCING CORPORATION 2 7.00% $9,432
    AmeriHome Mortgage Company, LLC 2 5.88% $9,868
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 7.44% $13,583
    Capital City Home Loans, LLC 2 6.31% $18,625
    First Federal Bank 2 6.69% $8,874
    GUILD MORTGAGE COMPANY 2 6.56% $10,847
    LIBERTY HOME MORTGAGE CORPORATION 2 6.56% $17,159
    MEMBER FIRST MORTGAGE, LLC 2 5.88% $8,849
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.25% $11,004
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.63% $13,093
    Plains Commerce Bank 2 6.19% $9,950
    RELIANCE FIRST CAPITAL, LLC 2 6.19% $6,747
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 7.19% $11,370
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.25% $10,284
    STOCKTON MORTGAGE CORPORATION 2 6.50% $11,186
    TOP FLITE FINANCIAL, INC. 2 6.81% $10,672
    TOWNE MORTGAGE COMPANY 2 6.00% $12,998
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.13% $14,715
    VILLAGE CAPITAL MORTGAGE 2 6.07% $14,852
    NATIONS RELIABLE LENDING, LLC 1 6.99% $11,303
    SWBC MORTGAGE CORPORATION 1 6.25% $14,349
    NEW DAY FINANCIAL, LLC 1 7.50% $5,576
    CHURCHILL MORTGAGE CORPORATION 1 6.63% $7,737
    Century Mortgage Company DBA Century Lending Company 1 6.25% $14,651
    PANORAMA MORTGAGE GROUP, LLC 1 6.75% $13,015
    CARDINAL FINANCIAL 1 6.63% $12,860
    CANOPY MORTGAGE, LLC 1 5.99% $13,515
    PHH Mortgage Corporation 1 5.63% $14,202
    Assurance Financial Group, L.L.C. 1 7.25% $17,929
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $12,961
    Prosperity Home Mortgage, LLC 1 6.00% $6,670
    BM Real Estate Services, Inc. 1 7.13% $10,862
    BETTER MORTGAGE CORPORATION 1 6.00% $34,338
    The Federal Savings Bank 1 6.63% $22,175
    RUOFF MORTGAGE COMPANY, INC. 1 5.38% $9,863
    United Community Bank 1 6.00% $7,052
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.38% $19,933
    South State Bank 1 6.25% $7,372
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.13% $14,269
    GUARANTEED RATE AFFINITY, LLC 1 6.13% $11,048
    GEO-CORP, INC. 1 7.00% $27,439
    Truist 1 6.25% $6,451
    Flagstar Bank, FSB 1 7.25% $14,027
    First Heritage Mortgage, LLC 1 6.88% $17,088
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $15,071
    MILEND, INC. 1 5.75% $15,372
    MORTGAGE INVESTORS GROUP, INC. 1 6.00% $10,361
    Mortgage Research Center, LLC 1 7.13% $6,313
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $10,062
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $12,442
    DAS Acquisition Company, LLC 1 6.63% $10,015
    SUN WEST MORTGAGE COMPANY, INC. 1 7.60% $10,750

    The top Athens FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 34 FHA loans originated. Their average total fees are $11,400, which is $871 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Athens FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC ($9,444), HOMESTAR FINANCIAL CORPORATION ($11,055), BANKSOUTH MORTGAGE COMPANY, LLC ($11,087), GUARANTEED RATE, INC. ($11,178) and QUICKEN LOANS, LLC ($11,400).

    The lowest rate Athens FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.08%), Regions Bank (6.14%), QUICKEN LOANS, LLC (6.28%), BANKSOUTH MORTGAGE COMPANY, LLC (6.30%) and UNITED WHOLESALE MORTGAGE, LLC (6.33%).

    Athens FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ATHENS-CLARKE COUNTY, GA CLARKE 2022 $457,700 $585,950 $708,250 $880,200
    ATHENS-CLARKE COUNTY, GA MADISON 2022 $457,700 $585,950 $708,250 $880,200
    ATHENS-CLARKE COUNTY, GA OCONEE 2022 $457,700 $585,950 $708,250 $880,200
    ATHENS-CLARKE COUNTY, GA OGLETHORPE 2022 $457,700 $585,950 $708,250 $880,200
    ATHENS-CLARKE COUNTY, GA CLARKE 2023 $516,350 $661,000 $799,000 $993,000
    ATHENS-CLARKE COUNTY, GA MADISON 2023 $516,350 $661,000 $799,000 $993,000
    ATHENS-CLARKE COUNTY, GA OCONEE 2023 $516,350 $661,000 $799,000 $993,000
    ATHENS-CLARKE COUNTY, GA OGLETHORPE 2023 $516,350 $661,000 $799,000 $993,000

    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).