Cedartown FHA Loan Rates, Closing Costs & Stats

Cedartown, 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.

    Cedartown's 63 lenders originated 213 FHA loans during 2023. The total origination value was $46,935,000, with an average FHA loan value of $220,352.

    Cedartown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cedartown averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Cedartown's average FHA mortgage closing costs are $7,020.

    The average rate for the prior week (2024-11-01) was 6.4% and one month ago for the week of 2024-10-04, the average rate was 6.02%.

    The average rate one year ago was 7.56%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Cedartown 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 Cedartown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 6.96% $8,933
    QUICKEN LOANS, LLC 18 6.03% $9,050
    HOMESTAR FINANCIAL CORPORATION 15 6.88% $8,578
    UNITED WHOLESALE MORTGAGE, LLC 13 6.72% $9,986
    CROSSCOUNTRY MORTGAGE, LLC 9 6.53% $11,904
    MOVEMENT MORTGAGE, LLC 8 6.98% $10,382
    BROKER SOLUTIONS, INC. 6 6.40% $9,874
    EVERETT FINANCIAL, INC. 6 7.21% $11,306
    GUARANTEED RATE, INC. 5 5.93% $9,160
    Flagstar Bank, FSB 4 6.52% $8,690
    SWBC MORTGAGE CORPORATION 4 6.78% $4,421
    SECURITYNATIONAL MORTGAGE COMPANY 4 6.72% $9,403
    Renasant Bank 4 6.75% $10,660
    FREEDOM MORTGAGE CORPORATION 4 6.91% $11,673
    Colony Bank 3 7.54% $8,319
    PENNYMAC LOAN SERVICES, LLC 3 6.33% $14,555
    CARDINAL FINANCIAL 3 6.54% $9,910
    Hometown Equity Mortgage, LLC 3 6.92% $13,512
    AMERISAVE MORTGAGE CORPORATION 3 6.29% $13,335
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 6.21% $9,695
    MORTGAGE INVESTORS GROUP, INC. 3 6.71% $10,056
    ACOPIA, LLC 3 6.96% $9,614
    ZILLOW HOME LOANS, LLC 2 6.56% $13,586
    AMERICAN FINANCIAL NETWORK, INC. 2 7.56% $13,985
    CONTOUR MORTGAGE CORPORATION 2 7.69% $11,780
    FirstBank 2 7.56% $12,164
    FIRST COMMUNITY MORTGAGE, INC. 2 6.06% $9,648
    Goldwater Bank, N.A. 2 6.69% $10,251
    LAKEVIEW LOAN SERVICING, LLC 2 6.50% $11,260
    LOANDEPOT.COM, LLC 2 6.06% $10,119
    Nations Lending Corporation 2 6.75% $6,851
    PLANET HOME LENDING, LLC 2 5.44% $8,780
    Regions Bank 2 6.25% $8,554
    STOCKTON MORTGAGE CORPORATION 2 7.38% $8,860
    TOWNE MORTGAGE COMPANY 2 7.94% $13,735
    MEMBER FIRST MORTGAGE, LLC 1 6.25% $8,545
    MILEND, INC. 1 7.38% $14,163
    GUARANTEED RATE AFFINITY, LLC 1 6.75% $10,899
    Mortgage Research Center, LLC 1 7.25% $9,406
    First Option Mortgage, LLC 1 7.13% $14,486
    Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $12,514
    NATIONS DIRECT MORTGAGE, LLC 1 6.50% $9,525
    Bank of England 1 6.25% $10,075
    DAS Acquisition Company, LLC 1 6.50% $11,112
    Ameris Bank 1 6.25% $12,265
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $12,448
    Prosperity Home Mortgage, LLC 1 7.12% $9,650
    Century Mortgage Company DBA Century Lending Company 1 7.25% $14,910
    VILLAGE CAPITAL MORTGAGE 1 6.38% $3,196
    Carrington Mortgage Services, LLC 1 5.63% $12,769
    Capital City Home Loans, LLC 1 6.75% $6,483
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.75% $5,974
    Wells Fargo Bank 1 6.25% $8,867
    CANOPY MORTGAGE, LLC 1 7.00% $18,737
    TOP FLITE FINANCIAL, INC. 1 6.50% $10,395
    AMERICAN FINANCING CORPORATION 1 7.13% $5,610
    HOMESIDE FINANCIAL, LLC 1 5.75% $8,791
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.63% $12,940
    Truist 1 6.25% $6,591
    UNION HOME MORTGAGE CORP. 1 7.00% $5,674
    LOANPAL, LLC 1 6.99% $7,777
    Loan Simple, Inc. 1 5.25% $17,153
    Magnolia Bank 1 7.00% $13,038

    The top Cedartown FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 22 FHA loans originated. Their average total fees are $8,933, which is $118 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cedartown FHA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($8,578), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,933), QUICKEN LOANS, LLC ($9,050), UNITED WHOLESALE MORTGAGE, LLC ($9,986) and .

    The lowest rate Cedartown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.03%), UNITED WHOLESALE MORTGAGE, LLC (6.72%), HOMESTAR FINANCIAL CORPORATION (6.88%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.96%) and .

    Cedartown FHA Loan Limits

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