Augusta FHA Loan Rates, Closing Costs & Stats

AUGUSTA-RICHMOND COUNTY, GA-SC

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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.

    Augusta's 148 lenders originated 1,977 FHA loans during 2023. The total origination value was $447,725,000, with an average FHA loan value of $226,467.

    Augusta FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Augusta averaged 6.3% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Augusta's average FHA mortgage closing costs are $7,395.

    The average rate for the prior week (2024-11-01) was 6.37% and one month ago for the week of 2024-10-04, the average rate was 5.59%.

    The average rate one year ago was 7.23%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.44%.

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

    Augusta 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 Augusta level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 222 6.27% $9,567
    GUILD MORTGAGE COMPANY 187 6.63% $10,011
    DHI MORTGAGE COMPANY, LTD. 93 5.35% $7,232
    BROKER SOLUTIONS, INC. 92 6.42% $11,031
    UNITED WHOLESALE MORTGAGE, LLC 88 6.34% $11,741
    CARDINAL FINANCIAL 82 6.59% $10,464
    MOVEMENT MORTGAGE, LLC 70 6.59% $11,733
    Ameris Bank 43 6.35% $9,805
    Queensborough National Bank & Trust Company 38 6.10% $10,630
    South State Bank 37 6.25% $10,295
    AUGUSTA MORTGAGE CO. 33 6.33% $10,908
    Mr. Cooper ( Nationstar Mortgage ) 31 6.11% $11,649
    LOANDEPOT.COM, LLC 28 6.18% $11,471
    Regions Bank 28 6.24% $8,492
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 6.67% $8,741
    Colony Bank 27 6.24% $11,293
    First Heritage Mortgage, LLC 26 6.54% $13,856
    Flagstar Bank, FSB 25 6.77% $9,263
    FBC MORTGAGE, LLC 23 5.42% $7,894
    FIRST CHOICE MORTGAGE, INC. 23 6.74% $9,713
    BANKSOUTH MORTGAGE COMPANY, LLC 22 6.48% $11,090
    PENNYMAC LOAN SERVICES, LLC 18 6.03% $12,861
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 6.39% $9,766
    AMERICAN FINANCIAL NETWORK, INC. 17 6.96% $11,188
    CROSSCOUNTRY MORTGAGE, LLC 16 6.72% $9,540
    FREEDOM MORTGAGE CORPORATION 16 6.97% $10,860
    AMERISAVE MORTGAGE CORPORATION 16 5.76% $12,696
    Security Federal Bank 15 6.03% $10,988
    Assurance Financial Group, L.L.C. 14 6.54% $9,796
    AMERICAN FINANCIAL RESOURCES, INC. 14 6.49% $10,592
    GUARANTEED RATE AFFINITY, LLC 13 6.71% $9,843
    Carrington Mortgage Services, LLC 13 6.44% $9,542
    ACADEMY MORTGAGE CORPORATION 13 7.04% $11,212
    NEWREZ LLC 13 6.47% $9,618
    Synovus Bank 12 6.27% $8,314
    VANDERBILT MORTGAGE AND FINANCE, INC. 12 6.90% $10,169
    TOWNE MORTGAGE COMPANY 11 6.42% $11,123
    PLANET HOME LENDING, LLC 11 6.69% $12,430
    MILEND, INC. 10 6.59% $14,927
    BancorpSouth 10 6.26% $8,902
    GUARANTEED RATE, INC. 10 6.61% $11,247
    First Community Bank 9 6.69% $9,969
    SRP Federal Credit Union 9 6.15% $9,840
    UNION HOME MORTGAGE CORP. 9 7.14% $10,154
    THRIVE MORTGAGE, LLC 8 6.41% $10,161
    Mortgage Research Center, LLC 8 6.47% $6,011
    Paramount Residential Mortgage Group, Inc. 8 6.52% $14,777
    GSF Mortgage Corporation 7 6.05% $12,939
    AMERICAN FINANCING CORPORATION 7 6.77% $11,443
    Equity Prime Mortgage LLC 7 7.16% $11,640
    NORWICH COMMERCIAL GROUP, INC. 7 6.95% $11,140
    PENTAGON FEDERAL CREDIT UNION 7 5.54% $9,404
    RELIANCE FIRST CAPITAL, LLC 7 6.84% $8,723
    Wells Fargo Bank 7 6.38% $7,869
    Lakeview Community Capital, LLC 6 6.25% $9,638
    CALCON MUTUAL MORTGAGE LLC 6 7.33% $13,911
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.08% $11,297
    HOMESTAR FINANCIAL CORPORATION 6 6.92% $9,334
    Truist 5 6.37% $8,252
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 7.00% $13,496
    CMG MORTGAGE, INC. 5 6.65% $10,433
    MUTUAL OF OMAHA MORTGAGE, INC. 5 6.38% $12,695
    First Palmetto Bank 5 6.52% $10,597
    EMM LOANS LLC 5 5.95% $12,073
    STOCKTON MORTGAGE CORPORATION 5 6.90% $8,298
    LAKEVIEW LOAN SERVICING, LLC 5 5.95% $7,987
    PLAZA HOME MORTGAGE, INC. 4 6.18% $12,959
    ACOPIA, LLC 4 7.47% $9,700
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.03% $8,475
    DAS Acquisition Company, LLC 4 6.97% $8,725
    LOANPAL, LLC 4 5.47% $10,822
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.34% $14,712
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.83% $11,824
    MICHIGAN MUTUAL, INC. 3 5.83% $11,397
    Plains Commerce Bank 3 7.08% $11,938
    Century Mortgage Company DBA Century Lending Company 3 6.67% $10,568
    TOP FLITE FINANCIAL, INC. 3 7.08% $9,332
    EVERETT FINANCIAL, INC. 3 7.25% $14,309
    The Federal Savings Bank 3 5.92% $11,802
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.83% $8,986
    CHURCHILL MORTGAGE CORPORATION 3 6.21% $8,249
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 6.88% $13,279
    ISERVE RESIDENTIAL LENDING, LLC 3 7.21% $15,510
    INTERLINC MORTGAGE SERVICES, LLC 2 6.88% $9,142
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.63% $11,428
    LIBERTY HOME MORTGAGE CORPORATION 2 6.75% $18,372
    NFM, INC. 2 7.19% $12,898
    VAN DYK MORTGAGE CORPORATION 2 6.44% $3,752
    NTFN, INC. 2 7.06% $9,707
    OCMBC, INC. 2 7.25% $12,368
    Pinnacle Bank 2 5.94% $7,966
    Prosperity Home Mortgage, LLC 2 6.25% $11,517
    ROYAL UNITED MORTGAGE LLC 2 7.00% $9,315
    SECURITYNATIONAL MORTGAGE COMPANY 2 7.00% $9,136
    SUMMIT FUNDING, INC. 2 6.56% $15,418
    SUN WEST MORTGAGE COMPANY, INC. 2 7.19% $14,878
    The Central Trust Bank 2 6.12% $12,069
    U.S. Bank 2 6.94% $9,833
    PHH Mortgage Corporation 1 6.13% $9,542
    United Fidelity Funding Corp. 1 6.63% $15,014
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 6.38% $11,493
    CAROLINA ONE MORTGAGE, LLC 1 6.75% $16,726
    Platinum Home Mortgage Corporation 1 6.75% $11,156
    MID AMERICA MORTGAGE, INC. 1 8.75% $5,447
    POLARIS HOME FUNDING CORP. 1 6.25% $14,444
    PREMIA MORTGAGE, LLC 1 7.50% $5,058
    Magnolia Bank 1 5.63% $9,507
    Advisors Mortgage Group, L.L.C. 1 7.50% $11,002
    Loan Simple, Inc. 1 7.50% $12,960
    BECKAM FUNDING CORP. 1 7.88% $11,596
    RADIUS FINANCIAL GROUP INC. 1 7.00% $10,690
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.75% $23,958
    ZILLOW HOME LOANS, LLC 1 6.63% $10,349
    Renasant Bank 1 6.63% $14,493
    RESIDENTIAL BANCORP 1 6.75% $19,429
    RESOURCE FINANCIAL SERVICES, INC. 1 6.13% $10,221
    Franklin Loan Corporation 1 6.00% $11,854
    RUOFF MORTGAGE COMPANY, INC. 1 5.25% $13,966
    Barrington Bank & Trust Company, N.A. 1 6.75% $6,145
    First-Citizens Bank & Trust Company 1 7.00% $7,722
    DIRECT MORTGAGE LOANS, LLC 1 5.99% $9,132
    Bank of America 1 5.50% $8,645
    SOUTHWEST STAGE FUNDING, LLC 1 6.75% $8,523
    AXIA FINANCIAL, LLC 1 7.13% $16,461
    JPMorgan Chase Bank 1 6.63% $6,031
    GMFS LLC 1 5.75% $5,131
    First Reliance Bank 1 6.63% $6,463
    SWBC MORTGAGE CORPORATION 1 7.50% $2,445
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $21,730
    First Option Mortgage, LLC 1 6.13% $10,648
    Ixonia Bank 1 7.13% $7,105
    The Union Bank Company 1 5.75% $14,327
    FIRST HOME MORTGAGE CORPORATION 1 6.13% $13,456
    TJC Mortgage, Inc. 1 5.75% $18,364
    Hometown Equity Mortgage, LLC 1 6.63% $19,868
    TOTAL MORTGAGE SERVICES, LLC 1 6.75% $7,286
    Nations Lending Corporation 1 6.63% $7,492
    NATIONS RELIABLE LENDING, LLC 1 6.25% $12,991
    M&T Bank 1 6.50% $8,225
    NBKC BANK 1 5.63% $7,610
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.50% $9,757
    HOMESIDE FINANCIAL, LLC 1 7.25% $8,606
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.38% $15,514
    American Mortgage & Equity Consultants, Inc. 1 7.13% $7,731
    United Community Bank 1 5.75% $6,083
    CityWorth Mortgage LLC 1 5.25% $16,377
    MLD MORTGAGE INC. 1 5.75% $6,684
    VILLAGE CAPITAL MORTGAGE 1 5.25% $12,532

    The top Augusta FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 222 FHA loans originated. Their average total fees are $9,567, which is $444 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Augusta FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,232), FBC MORTGAGE, LLC ($7,894), Synovus Bank ($8,314), Regions Bank ($8,492) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,741).

    The lowest rate Augusta FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.35%), FBC MORTGAGE, LLC (5.42%), AMERISAVE MORTGAGE CORPORATION (5.76%), PENNYMAC LOAN SERVICES, LLC (6.03%) and Security Federal Bank (6.03%).

    Augusta FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    AUGUSTA-RICHMOND COUNTY, GA-SC BURKE 2022 $420,680 $538,650 $651,050 $809,150
    AUGUSTA-RICHMOND COUNTY, GA-SC COLUMBIA 2022 $420,680 $538,650 $651,050 $809,150
    AUGUSTA-RICHMOND COUNTY, GA-SC LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
    AUGUSTA-RICHMOND COUNTY, GA-SC MCDUFFIE 2022 $420,680 $538,650 $651,050 $809,150
    AUGUSTA-RICHMOND COUNTY, GA-SC RICHMOND 2022 $420,680 $538,650 $651,050 $809,150
    AUGUSTA-RICHMOND COUNTY, GA-SC AIKEN 2022 $420,680 $538,650 $651,050 $809,150
    AUGUSTA-RICHMOND COUNTY, GA-SC EDGEFIELD 2022 $420,680 $538,650 $651,050 $809,150
    AUGUSTA-RICHMOND COUNTY, GA-SC BURKE 2023 $472,030 $604,400 $730,525 $907,900
    AUGUSTA-RICHMOND COUNTY, GA-SC COLUMBIA 2023 $472,030 $604,400 $730,525 $907,900
    AUGUSTA-RICHMOND COUNTY, GA-SC LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
    AUGUSTA-RICHMOND COUNTY, GA-SC MCDUFFIE 2023 $472,030 $604,400 $730,525 $907,900
    AUGUSTA-RICHMOND COUNTY, GA-SC RICHMOND 2023 $472,030 $604,400 $730,525 $907,900
    AUGUSTA-RICHMOND COUNTY, GA-SC AIKEN 2023 $472,030 $604,400 $730,525 $907,900
    AUGUSTA-RICHMOND COUNTY, GA-SC EDGEFIELD 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).