Columbus FHA Loan Rates, Closing Costs & Stats

COLUMBUS, GA-AL

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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.

    Columbus's 99 lenders originated 793 FHA loans during 2023. The total origination value was $153,005,000, with an average FHA loan value of $192,945.

    Columbus FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Columbus averaged 6.19% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Columbus's average FHA mortgage closing costs are $6,817.

    The average rate for the prior week (2024-11-01) was 6.36% and one month ago for the week of 2024-10-04, the average rate was 5.98%.

    The average rate one year ago was 7.13%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.91%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 75 6.36% $8,681
    Synovus Bank 54 6.30% $9,728
    CROSSCOUNTRY MORTGAGE, LLC 54 6.64% $8,455
    UNITED WHOLESALE MORTGAGE, LLC 45 6.52% $9,035
    CMG MORTGAGE, INC. 45 6.64% $10,731
    CANOPY MORTGAGE, LLC 36 6.99% $11,508
    BROKER SOLUTIONS, INC. 30 6.50% $8,414
    HOMESTAR FINANCIAL CORPORATION 28 6.48% $6,535
    MOVEMENT MORTGAGE, LLC 24 6.91% $9,495
    Northpointe Bank 24 6.60% $8,769
    ENVOY MORTGAGE, LTD 23 6.72% $9,295
    GUILD MORTGAGE COMPANY 19 6.26% $9,182
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 19 6.61% $7,467
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 6.92% $9,883
    FREEDOM MORTGAGE CORPORATION 11 7.02% $10,927
    EVERETT FINANCIAL, INC. 11 7.18% $7,663
    PENNYMAC LOAN SERVICES, LLC 11 6.24% $10,763
    GUARANTEED RATE, INC. 10 6.45% $11,791
    AMERISAVE MORTGAGE CORPORATION 10 6.11% $12,180
    Mr. Cooper ( Nationstar Mortgage ) 10 6.26% $10,531
    Renasant Bank 10 6.55% $6,399
    NEWREZ LLC 9 6.42% $8,447
    RUOFF MORTGAGE COMPANY, INC. 8 6.91% $7,969
    Plains Commerce Bank 8 6.33% $11,017
    VANDERBILT MORTGAGE AND FINANCE, INC. 8 6.80% $8,941
    LOANDEPOT.COM, LLC 8 6.61% $9,533
    Carrington Mortgage Services, LLC 7 6.20% $11,038
    MILEND, INC. 7 6.45% $12,460
    Mortgage Research Center, LLC 6 6.79% $7,669
    AMERICAN FINANCIAL NETWORK, INC. 6 7.40% $11,593
    OPEN MORTGAGE, LLC 6 6.98% $10,047
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 7.00% $10,710
    CARDINAL FINANCIAL 5 6.40% $10,283
    Ameris Bank 4 6.72% $9,470
    ISERVE RESIDENTIAL LENDING, LLC 3 6.79% $19,024
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 6.33% $10,075
    MORTGAGE INVESTORS GROUP, INC. 3 6.63% $8,179
    Flagstar Bank, FSB 3 6.39% $10,457
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.67% $8,778
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.46% $17,950
    CALCON MUTUAL MORTGAGE LLC 3 6.58% $16,807
    EMM LOANS LLC 2 6.31% $11,593
    ACOPIA, LLC 2 7.31% $10,767
    CERTAINTY HOME LOANS, LLC 2 5.63% $13,968
    ACADEMY MORTGAGE CORPORATION 2 6.50% $13,132
    First Federal Bank 2 6.56% $8,693
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.00% $12,137
    Hometown Equity Mortgage, LLC 2 6.06% $9,941
    INTERLINC MORTGAGE SERVICES, LLC 2 6.75% $9,665
    LIBERTY HOME MORTGAGE CORPORATION 2 7.69% $7,396
    Magnolia Bank 2 6.69% $6,234
    NATIONS DIRECT MORTGAGE, LLC 2 7.31% $6,534
    PLAZA HOME MORTGAGE, INC. 2 6.93% $12,982
    RELIANCE FIRST CAPITAL, LLC 2 6.88% $10,808
    ROYAL UNITED MORTGAGE LLC 2 7.25% $7,630
    SECURITYNATIONAL MORTGAGE COMPANY 2 6.19% $9,662
    STOCKTON MORTGAGE CORPORATION 2 7.19% $8,563
    TJC Mortgage, Inc. 2 6.63% $9,419
    TOWNE MORTGAGE COMPANY 2 6.31% $8,315
    United Community Bank 2 6.50% $6,849
    U.S. Bank 2 6.88% $9,418
    ZILLOW HOME LOANS, LLC 2 6.88% $8,664
    PHH Mortgage Corporation 1 6.63% $6,853
    Pinnacle Bank 1 5.75% $6,440
    Cornerstone First Mortgage, Inc 1 7.63% $12,787
    PLANET HOME LENDING, LLC 1 5.75% $8,671
    Trustmark National Bank 1 7.38% $9,524
    PNC Bank 1 6.75% $5,736
    Colony Bank 1 6.12% $7,195
    Prosperity Home Mortgage, LLC 1 6.13% $12,099
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.25% $15,261
    Regions Bank 1 7.25% $12,088
    VILLAGE CAPITAL MORTGAGE 1 6.00% $15,358
    Century Mortgage Company DBA Century Lending Company 1 6.75% $8,553
    RESIDENTIAL BANCORP 1 6.75% $7,697
    AMERICAN FINANCING CORPORATION 1 6.25% $14,715
    BOKF 1 7.13% $5,361
    Wells Fargo Bank 1 6.63% $5,508
    BANKSOUTH MORTGAGE COMPANY, LLC 1 5.99% $6,733
    Valley National Bank 1 5.75% $8,629
    SUMMIT FUNDING, INC. 1 7.25% $8,110
    SUN WEST MORTGAGE COMPANY, INC. 1 6.75% $6,555
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $12,251
    The Federal Savings Bank 1 5.63% $25,352
    THRIVE MORTGAGE, LLC 1 7.50% $6,879
    Alcova Mortgage LLC 1 7.25% $9,209
    TOP FLITE FINANCIAL, INC. 1 6.75% $6,950
    VAN DYK MORTGAGE CORPORATION 1 6.63% $11,612
    MID AMERICA MORTGAGE, INC. 1 8.25% $6,749
    MICHIGAN MUTUAL, INC. 1 7.13% $14,158
    JPMorgan Chase Bank 1 6.75% $6,092
    Truist 1 5.75% $6,118
    Nations Lending Corporation 1 6.13% $7,460
    NEW DAY FINANCIAL, LLC 1 7.99% $2,791
    JMAC LENDING, INC. 1 6.75% $8,317
    GMFS LLC 1 6.50% $6,448
    OCMBC, INC. 1 6.63% $9,973
    FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $9,184
    Equity Prime Mortgage LLC 1 7.75% $12,765

    The top Columbus FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 75 FHA loans originated. Their average total fees are $8,681, which is $1,047 lower than the next largest lender, Synovus Bank.

    The lowest fee Columbus FHA lenders (with over 10 loans originated) are Renasant Bank ($6,399), HOMESTAR FINANCIAL CORPORATION ($6,535), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($7,467), EVERETT FINANCIAL, INC. ($7,663) and BROKER SOLUTIONS, INC. ($8,414).

    The lowest rate Columbus FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (6.11%), PENNYMAC LOAN SERVICES, LLC (6.24%), Mr. Cooper ( Nationstar Mortgage ) (6.26%), GUILD MORTGAGE COMPANY (6.26%) and Synovus Bank (6.30%).

    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
    COLUMBUS, GA-AL RUSSELL 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL CHATTAHOOCHEE 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL HARRIS 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL MARION 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL MUSCOGEE 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL STEWART 2023 $472,030 $604,400 $730,525 $907,900
    COLUMBUS, GA-AL TALBOT 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).