Columbus FHA Loan Rates, Closing Costs & Stats

COLUMBUS, GA-AL

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.

Columbus's 113 lenders originated 1,519 FHA loans during 2021. The total origination value was $308,975,000, with an average FHA loan value of $203,407.

Columbus FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Columbus averaged 6.18% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Columbus's average FHA mortgage closing costs are $6,088.

The average rate for the prior week (2022-11-25) was 6.2% and one month ago for the week of 2022-10-28, the average rate was 6.94%.

The average rate one year ago was 3.17%.

For refis of the same type during the week of 2022-12-02, the average rate was 5.92%.

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

Columbus 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 Columbus level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 162 2.76% $5,700
Synovus Bank 106 2.92% $6,974
ENVOY MORTGAGE, LTD 87 3.01% $8,849
BROKER SOLUTIONS, INC. 76 3.26% $7,853
CMG MORTGAGE, INC. 60 3.05% $7,642
CROSSCOUNTRY MORTGAGE, LLC 57 3.22% $6,920
ARK-LA-TEX FINANCIAL SERVICES, LLC. 52 3.18% $4,589
PENNYMAC LOAN SERVICES, LLC 45 3.25% $3,783
FirstBank 44 2.86% $6,901
FREEDOM MORTGAGE CORPORATION 40 2.89% $4,824
INTERLINC MORTGAGE SERVICES, LLC 37 3.19% $4,695
PRIMARY RESIDENTIAL MORTGAGE, INC. 37 3.11% $7,404
GUILD MORTGAGE COMPANY 32 2.97% $6,748
HOMESTAR FINANCIAL CORPORATION 27 3.33% $6,266
LOANDEPOT.COM, LLC 26 3.27% $7,412
UNITED WHOLESALE MORTGAGE, LLC 26 2.97% $6,849
Mr. Cooper ( Nationstar Mortgage ) 26 3.29% $3,388
LAKEVIEW LOAN SERVICING, LLC 26 3.00% $4,510
MOVEMENT MORTGAGE, LLC 26 3.16% $6,706
VANDERBILT MORTGAGE AND FINANCE, INC. 25 2.94% $7,736
Renasant Bank 18 2.92% $6,249
AMERICAN FINANCIAL NETWORK, INC. 18 3.57% $11,790
NEWREZ LLC 15 3.06% $4,002
CERTAINTY HOME LOANS, LLC 15 3.06% $8,026
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 3.74% $6,195
HOME POINT FINANCIAL CORPORATION 11 2.89% $6,282
First Federal Bank 11 2.85% $5,979
CALIBER HOME LOANS, INC. 11 2.94% $4,970
NATIONS DIRECT MORTGAGE, LLC 10 3.23% $5,308
VILLAGE CAPITAL MORTGAGE 10 2.99% $2,097
GUARANTY MORTGAGE SERVICES, L.L.C. 9 3.61% $8,915
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.07% $7,665
Ameris Bank 9 3.22% $6,255
AmeriHome Mortgage Company, LLC 8 2.92% $4,047
RUOFF MORTGAGE COMPANY, INC. 8 3.28% $3,956
Lakeview Community Capital, LLC 7 3.12% $4,136
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 3.12% $6,724
United Community Bank 7 3.30% $7,407
Hometown Equity Mortgage, LLC 6 3.13% $8,565
PLANET HOME LENDING, LLC 6 3.08% $6,008
OPEN MORTGAGE, LLC 6 3.00% $9,244
Bank of England 5 3.38% $8,132
Nations Lending Corporation 5 3.40% $7,624
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 3.20% $7,548
AMERISAVE MORTGAGE CORPORATION 5 2.88% $8,614
HOMESIDE FINANCIAL, LLC 4 3.22% $7,428
Wells Fargo Bank 4 3.31% $5,609
ISERVE RESIDENTIAL LENDING, LLC 4 3.19% $10,277
KELLER MORTGAGE, LLC 3 2.96% $6,849
Colten Mortgage, LLC 3 3.75% $7,365
SOUTHERN TRUST MORTGAGE, LLC 3 3.42% $5,595
Paramount Residential Mortgage Group, Inc. 2 3.12% $7,023
AMERICAN FINANCING CORPORATION 2 2.56% $4,693
Bank of America 2 2.69% $2,825
Carrington Mortgage Services, LLC 2 3.25% $6,209
EVERETT FINANCIAL, INC. 2 2.94% $6,002
FIRST COMMUNITY MORTGAGE, INC. 2 2.81% $7,707
Flagstar Bank, FSB 2 2.75% $7,565
LOANPAL, LLC 2 2.88% $5,649
MORTGAGE INVESTORS GROUP, INC. 2 3.38% $7,469
Regions Bank 2 2.69% $7,745
TJC Mortgage, Inc. 2 3.25% $5,996
LENDUS, LLC 1 3.25% $6,744
LIBERTY HOME MORTGAGE CORPORATION 1 2.50% $9,487
First Home Bank 1 2.88% $14,914
LOANLEADERS OF AMERICA, INC. 1 2.75% $11,697
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 2.88% $11,236
Magnolia Bank 1 2.75% $5,118
MID AMERICA MORTGAGE, INC. 1 4.25% $3,545
MORIA DEVELOPMENT, INC. 1 3.50% $6,261
VAN DYK MORTGAGE CORPORATION 1 3.50% $2,516
First Bank & Trust 1 2.49% $5,570
Equity Prime Mortgage LLC 1 3.75% $10,431
M&T Bank 1 3.25% $9,170
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.00% $6,513
EMM LOANS LLC 1 2.88% $11,859
EMBRACE HOME LOANS, INC. 1 3.25% $7,386
NATIONS RELIABLE LENDING, LLC 1 3.00% $7,929
NATIONWIDE MORTGAGE BANKERS, INC. 1 2.75% $10,688
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.63% $6,365
Northpointe Bank 1 3.25% $6,530
ON Q FINANCIAL, INC. 1 3.50% $8,160
Commerce Home Mortgage, Inc. 1 3.13% $3,682
Paramount Bank 1 2.50% $6,334
1ST SIGNATURE LENDING, LLC 1 3.25% $10,203
Colony Bank 1 3.25% $5,706
Citizens Bank 1 2.75% $5,294
Platinum Home Mortgage Corporation 1 3.00% $13,614
Christensen Financial, Inc. 1 3.13% $9,959
CALCON MUTUAL MORTGAGE LLC 1 3.75% $11,023
BETTER MORTGAGE CORPORATION 1 3.13% $4,920
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $7,785
RELIANCE FIRST CAPITAL, LLC 1 3.38% $8,405
BAYSHORE MORTGAGE FUNDING, LLC 1 3.50% $4,558
ROYAL UNITED MORTGAGE LLC 1 3.50% $6,096
BANKSOUTH MORTGAGE COMPANY, LLC 1 2.88% $7,424
BancorpSouth Bank 1 2.88% $4,718
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.75% $6,410
South State Bank 1 3.00% $12,365
Stifel Bank and Trust 1 2.75% $5,636
STOCKTON MORTGAGE CORPORATION 1 2.75% $5,353
SUMMIT FUNDING, INC. 1 3.63% $10,070
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 2.75% $5,531
THE MORTGAGE FIRM, INC. 1 3.25% $6,723
ACOPIA, LLC 1 3.25% $6,492
UNION HOME MORTGAGE CORP. 1 3.25% $6,772
Amerifirst Financial, Inc. 1 3.25% $4,304
UNITED SECURITY FINANCIAL CORP 1 2.50% $4,248
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.75% $4,680
Hometown Lenders, Inc. 1 3.25% $5,557
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.00% $10,471
GMFS LLC 1 2.75% $5,763
GENEVA FINANCIAL, LLC 1 3.50% $6,340

The top Columbus FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 162 FHA loans originated. Their average total fees are $5,700, which is $1,274 lower than the next largest lender, Synovus Bank.

The lowest fee Columbus FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,097), Mr. Cooper ( Nationstar Mortgage ) ($3,388), PENNYMAC LOAN SERVICES, LLC ($3,783), NEWREZ LLC ($4,002) and LAKEVIEW LOAN SERVICING, LLC ($4,510).

The lowest rate Columbus FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), First Federal Bank (2.85%), FirstBank (2.86%), HOME POINT FINANCIAL CORPORATION (2.89%) and FREEDOM MORTGAGE CORPORATION (2.89%).

Columbus FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
COLUMBUS, GA-AL RUSSELL 2022 $420,680 $538,650 $651,050 $809,150
COLUMBUS, GA-AL CHATTAHOOCHEE 2022 $420,680 $538,650 $651,050 $809,150
COLUMBUS, GA-AL HARRIS 2022 $420,680 $538,650 $651,050 $809,150
COLUMBUS, GA-AL MARION 2022 $420,680 $538,650 $651,050 $809,150
COLUMBUS, GA-AL MUSCOGEE 2022 $420,680 $538,650 $651,050 $809,150
COLUMBUS, GA-AL STEWART 2022 $420,680 $538,650 $651,050 $809,150
COLUMBUS, GA-AL TALBOT 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Columbus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $159,448 (11.6%) $205,810 (12.7%) 0.59 1,477
2018-02-01 $158,495 (8.9%) $204,594 (10.8%) 0.58 1,480
2018-03-01 $159,500 (6.4%) $206,910 (10.5%) 0.56 1,488
2018-04-01 $162,813 (6.4%) $211,427 (11.7%) 0.55 1,514
2018-05-01 $164,000 (5.9%) $212,139 (10.5%) 0.55 1,533
2018-06-01 $159,900 (3.2%) $204,225 (5.2%) 0.53 1,554
2018-07-01 $158,945 (2.6%) $204,906 (4.2%) 0.53 1,559
2018-08-01 $157,000 (1.3%) $200,457 (1.4%) 0.53 1,570
2018-09-01 $160,000 (3.2%) $205,032 (1.5%) 0.54 1,540
2018-10-01 $159,950 (3.7%) $206,544 (3.0%) 0.54 1,537
2018-11-01 $159,125 (1.7%) $208,126 (3.5%) 0.54 1,538
2018-12-01 $159,900 (2.6%) $210,296 (3.8%) 0.55 1,541
2019-01-01 $159,995 (0.3%) $212,428 (3.2%) 0.55 1,443
2019-02-01 $164,150 (3.6%) $212,804 (4.0%) 0.55 1,432
2019-03-01 $164,900 (3.4%) $218,747 (5.7%) 0.54 1,331
2019-04-01 $163,823 (0.6%) $222,732 (5.4%) 0.52 1,266
2019-05-01 $161,448 (-1.6%) $226,913 (7.0%) 0.50 1,230
2019-06-01 $165,000 (3.2%) $227,676 (11.5%) 0.52 1,211
2019-07-01 $167,879 (5.6%) $232,265 (13.4%) 0.53 1,122
2019-08-01 $176,977 (12.7%) $237,332 (18.4%) 0.56 1,093
2019-09-01 $179,943 (12.5%) $240,700 (17.4%) 0.58 1,086
2019-10-01 $186,125 (16.4%) $245,528 (18.9%) 0.60 1,081
2019-11-01 $189,900 (19.3%) $247,024 (18.7%) 0.62 1,056
2019-12-01 $186,750 (16.8%) $246,862 (17.4%) 0.62 1,025
2020-01-01 $183,800 (14.9%) $245,965 (15.8%) 0.61 974
2020-02-01 $189,750 (15.6%) $251,413 (18.1%) 0.62 927
2020-03-01 $181,968 (10.4%) $246,223 (12.6%) 0.57 879
2020-04-01 $179,200 (9.4%) $243,415 (9.3%) 0.56 875
2020-05-01 $179,900 (11.4%) $248,722 (9.6%) 0.55 773
2020-06-01 $199,900 (21.2%) $261,683 (14.9%) 0.59 694
2020-07-01 $199,700 (19.0%) $261,048 (12.4%) 0.58 626
2020-08-01 $199,900 (13.0%) $267,933 (12.9%) 0.57 571
2020-09-01 $193,450 (7.5%) $287,763 (19.6%) 0.55 491
2020-10-01 $195,158 (4.9%) $287,180 (17.0%) 0.56 511
2020-11-01 $194,290 (2.3%) $274,908 (11.3%) 0.57 529
2020-12-01 $179,950 (-3.6%) $271,716 (10.1%) 0.53 518
2021-01-01 $194,700 (5.9%) $278,962 (13.4%) 0.58 465
2021-02-01 $188,650 (-0.6%) $271,209 (7.9%) 0.55 439
2021-03-01 $186,850 (2.7%) $272,395 (10.6%) 0.53 395
2021-04-01 $191,000 (6.6%) $285,833 (17.4%) 0.52 373
2021-05-01 $189,300 (5.2%) $275,163 (10.6%) 0.50 375
2021-06-01 $186,900 (-6.5%) $270,957 (3.5%) 0.49 402
2021-07-01 $185,000 (-7.4%) $280,891 (7.6%) 0.49 489
2021-08-01 $189,900 (-5.0%) $278,741 (4.0%) 0.51 503
2021-09-01 $189,900 (-1.8%) $291,574 (1.3%) 0.51 530
2021-10-01 $189,900 (-2.7%) $283,321 (-1.3%) 0.51 529
2021-11-01 $186,450 (-4.0%) $285,491 (3.9%) 0.50 543
2021-12-01 $189,900 (5.5%) $295,473 (8.7%) 0.51 443
2022-01-01 $189,500 (-2.7%) $318,020 (14.0%) 0.51 363
2022-02-01 $184,250 (-2.3%) $315,105 (16.2%) 0.48 335
2022-03-01 $185,750 (-0.6%) $307,530 (12.9%) 0.47 338
2022-04-01 $175,000 (-8.4%) $275,080 (-3.8%) 0.42 363
2022-05-01 $201,350 (6.4%) $279,708 (1.7%) 0.46 418
2022-06-01 $227,400 (21.7%) $298,178 (10.1%) 0.51 470
2022-07-01 $235,000 (27.0%) $299,312 (6.6%) 0.53 543
2022-08-01 $219,925 (15.8%) $335,324 (20.3%) 0.51 552
2022-09-01 $221,125 (16.4%) $334,570 (14.8%) 0.52 557
2022-10-01 $230,000 (21.1%) $299,785 (5.8%) 0.54 604
2022-11-01 $231,175 (24.0%) $293,171 (2.7%) 0.56 592
Columbus's median listing price for 2022-11-01 was $231,175, a difference of $44,725 (24.0%) versus the prior year and $1,175 versus the prior month.

Columbus's median listing price comes in at 56% of the national average.

Columbus's average listing price for 2022-11-01 was $293,171, a difference of $7,680 (2.7%) versus the prior year and $-6,614 versus the prior month.

For the 2022-11-01 period, Columbus had 592 MLS listings, a difference of -12 listings (-2%) versus the prior month and 49 listings (9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Columbus (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 107 days 1,924 sqft
2018-02-01 99 days 1,934 sqft
2018-03-01 94 days 1,926 sqft
2018-04-01 85 days 1,927 sqft
2018-05-01 82 days 1,970 sqft
2018-06-01 81 days 1,937 sqft
2018-07-01 83 days 1,916 sqft
2018-08-01 88 days 1,922 sqft
2018-09-01 94 days 1,937 sqft
2018-10-01 95 days 1,950 sqft
2018-11-01 101 days 1,943 sqft
2018-12-01 114 days 1,932 sqft
2019-01-01 120 days 1,926 sqft
2019-02-01 116 days 1,943 sqft
2019-03-01 107 days 1,953 sqft
2019-04-01 95 days 1,952 sqft
2019-05-01 89 days 1,943 sqft
2019-06-01 82 days 2,001 sqft
2019-07-01 81 days 2,023 sqft
2019-08-01 81 days 2,041 sqft
2019-09-01 81 days 2,063 sqft
2019-10-01 80 days 2,101 sqft
2019-11-01 77 days 2,155 sqft
2019-12-01 84 days 2,115 sqft
2020-01-01 94 days 2,102 sqft
2020-02-01 96 days 2,109 sqft
2020-03-01 87 days 2,074 sqft
2020-04-01 79 days 2,020 sqft
2020-05-01 82 days 2,066 sqft
2020-06-01 73 days 2,147 sqft
2020-07-01 58 days 2,128 sqft
2020-08-01 54 days 2,089 sqft
2020-09-01 55 days 2,034 sqft
2020-10-01 46 days 2,019 sqft
2020-11-01 48 days 1,982 sqft
2020-12-01 52 days 1,947 sqft
2021-01-01 60 days 2,002 sqft
2021-02-01 40 days 1,907 sqft
2021-03-01 36 days 1,886 sqft
2021-04-01 37 days 1,879 sqft
2021-05-01 23 days 1,824 sqft
2021-06-01 24 days 1,822 sqft
2021-07-01 29 days 1,794 sqft
2021-08-01 38 days 1,824 sqft
2021-09-01 40 days 1,790 sqft
2021-10-01 43 days 1,806 sqft
2021-11-01 45 days 1,838 sqft
2021-12-01 57 days 1,903 sqft
2022-01-01 61 days 1,866 sqft
2022-02-01 36 days 1,821 sqft
2022-03-01 28 days 1,765 sqft
2022-04-01 25 days 1,721 sqft
2022-05-01 23 days 1,831 sqft
2022-06-01 29 days 1,898 sqft
2022-07-01 32 days 1,954 sqft
2022-08-01 39 days 1,880 sqft
2022-09-01 45 days 1,883 sqft
2022-10-01 44 days 1,976 sqft
2022-11-01 54 days 1,990 sqft
Columbus's median listing age (time on market) for 2022-11-01 was 54 days. This is 20% longer than the same period one year ago.

Columbus's median square footage for active listings during the 2022-11-01 period was 1,990 sqft. One year prior, the average listing was 1,838 sqft.

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).