Calhoun FHA Loan Rates, Closing Costs & Stats

Calhoun, 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.

    Calhoun's 79 lenders originated 323 FHA loans during 2023. The total origination value was $76,945,000, with an average FHA loan value of $238,220.

    Calhoun FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Calhoun averaged 6.43% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Calhoun's average FHA mortgage closing costs are $7,339.

    The average rate for the prior week (2024-11-01) was 6.21% and one month ago for the week of 2024-10-04, the average rate was 5.63%.

    The average rate one year ago was 7.37%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Calhoun 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 Calhoun level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 30 6.17% $10,432
    UNITED WHOLESALE MORTGAGE, LLC 22 6.22% $11,717
    NVR Mortgage Finance, Inc. 17 5.68% $8,173
    HOMESTAR FINANCIAL CORPORATION 17 6.79% $8,356
    Ameris Bank 11 6.64% $10,094
    GUARANTEED RATE, INC. 10 6.78% $11,947
    BANKSOUTH MORTGAGE COMPANY, LLC 10 6.16% $12,857
    FIRST COMMUNITY MORTGAGE, INC. 9 6.69% $10,785
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 7.03% $9,583
    SWBC MORTGAGE CORPORATION 9 6.99% $6,491
    MOVEMENT MORTGAGE, LLC 8 7.06% $11,067
    CMG MORTGAGE, INC. 6 6.88% $10,303
    Mr. Cooper ( Nationstar Mortgage ) 6 6.50% $11,710
    CROSSCOUNTRY MORTGAGE, LLC 6 6.77% $9,471
    Regions Bank 6 6.77% $8,726
    Synovus Bank 5 5.85% $10,640
    Renasant Bank 5 6.57% $8,883
    Carrington Mortgage Services, LLC 5 6.55% $11,019
    South State Bank 4 7.00% $10,747
    EVERETT FINANCIAL, INC. 4 7.03% $13,310
    Prosperity Home Mortgage, LLC 4 6.53% $8,772
    FREEDOM MORTGAGE CORPORATION 4 6.63% $12,914
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.75% $13,887
    NATION ONE MORTGAGE CORPORATION 4 6.88% $14,898
    United Community Bank 4 6.00% $7,703
    STOCKTON MORTGAGE CORPORATION 4 6.56% $10,617
    MILEND, INC. 3 6.79% $11,759
    ISERVE RESIDENTIAL LENDING, LLC 3 6.46% $18,799
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.42% $8,873
    US MORTGAGE CORPORATION 3 6.63% $11,025
    LOANDEPOT.COM, LLC 3 5.62% $10,576
    FirstBank 3 6.67% $10,974
    MORTGAGE INVESTORS GROUP, INC. 2 6.38% $11,565
    NFM, INC. 2 6.44% $8,862
    PENNYMAC LOAN SERVICES, LLC 2 6.37% $12,098
    Equity Prime Mortgage LLC 2 6.31% $10,798
    First Option Mortgage, LLC 2 7.13% $14,901
    Flagstar Bank, FSB 2 7.00% $8,449
    The Federal Savings Bank 2 6.00% $19,906
    GUARANTEED RATE AFFINITY, LLC 2 6.75% $10,561
    Truist 2 6.25% $11,398
    AMERICAN FINANCIAL NETWORK, INC. 2 7.69% $13,634
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $13,317
    Cornerstone First Mortgage, Inc 2 6.75% $12,379
    CHURCHILL MORTGAGE CORPORATION 2 6.25% $11,362
    Wells Fargo Bank 1 6.63% $6,190
    AMERICAN FINANCING CORPORATION 1 5.25% $9,907
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $8,365
    AmeriHome Mortgage Company, LLC 1 5.99% $10,154
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $7,204
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.00% $8,135
    BAY EQUITY LLC 1 6.25% $7,292
    Century Mortgage Company DBA Century Lending Company 1 6.63% $7,878
    FIRST COLONY MORTGAGE CORPORATION 1 6.75% $21,387
    GUARANTY HOME MORTGAGE CORPORATION 1 5.75% $9,231
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $17,960
    HOMESPIRE MORTGAGE CORPORATION 1 7.13% $4,416
    LOANPAL, LLC 1 5.99% $7,677
    MICHIGAN MUTUAL, INC. 1 7.63% $16,695
    Mortgage Research Center, LLC 1 5.75% $5,126
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $8,465
    Nations Lending Corporation 1 6.50% $9,875
    NBKC BANK 1 6.63% $7,290
    PLAZA HOME MORTGAGE, INC. 1 6.75% $6,647
    RELIANCE FIRST CAPITAL, LLC 1 6.38% $12,958
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.75% $10,549
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 7.63% $9,255
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.50% $13,265
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $14,199
    SUMMIT FUNDING, INC. 1 7.25% $7,859
    SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $13,619
    THRIVE MORTGAGE, LLC 1 6.13% $10,463
    TJC Mortgage, Inc. 1 6.25% $12,667
    TOP FLITE FINANCIAL, INC. 1 6.63% $10,550
    TOWNE MORTGAGE COMPANY 1 6.25% $6,599
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 7.13% $10,778
    VAN DYK MORTGAGE CORPORATION 1 6.75% $5,246
    VERITAS FUNDING, LLC 1 7.25% $17,311
    ALAMEDA MORTGAGE CORPORATION 1 6.25% $12,323

    The top Calhoun FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 30 FHA loans originated. Their average total fees are $10,432, which is $1,285 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Calhoun FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. ($8,173), HOMESTAR FINANCIAL CORPORATION ($8,356), Ameris Bank ($10,094), QUICKEN LOANS, LLC ($10,432) and UNITED WHOLESALE MORTGAGE, LLC ($11,717).

    The lowest rate Calhoun FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.68%), BANKSOUTH MORTGAGE COMPANY, LLC (6.16%), QUICKEN LOANS, LLC (6.17%), UNITED WHOLESALE MORTGAGE, LLC (6.22%) and Ameris Bank (6.64%).

    Calhoun FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CALHOUN, GA GORDON 2022 $420,680 $538,650 $651,050 $809,150
    CALHOUN, GA GORDON 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).