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 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 6.46% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.84% and one month ago for the week of 2024-05-03, the average rate was 6.64%.

The average rate one year ago was 6.61%.

For refis of the same type during the week of 2024-06-07, the average rate was 7.18%.

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

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 $159,225 (11.6%) $205,780 (13.0%) 0.59 1,478
2018-02-01 $158,495 (9.3%) $204,565 (11.1%) 0.58 1,481
2018-03-01 $159,250 (6.2%) $206,963 (10.9%) 0.56 1,487
2018-04-01 $162,585 (6.3%) $211,482 (12.1%) 0.55 1,513
2018-05-01 $164,225 (6.0%) $212,220 (10.8%) 0.55 1,532
2018-06-01 $159,900 (3.2%) $204,301 (5.5%) 0.53 1,553
2018-07-01 $158,945 (2.6%) $205,062 (4.5%) 0.53 1,557
2018-08-01 $157,225 (1.4%) $200,659 (1.8%) 0.53 1,568
2018-09-01 $160,000 (3.2%) $205,276 (1.8%) 0.54 1,538
2018-10-01 $159,950 (3.7%) $206,844 (3.4%) 0.54 1,534
2018-11-01 $159,900 (2.2%) $208,576 (4.0%) 0.54 1,536
2018-12-01 $159,995 (2.6%) $210,743 (4.1%) 0.55 1,540
2019-01-01 $160,000 (0.5%) $212,901 (3.5%) 0.55 1,442
2019-02-01 $164,950 (4.1%) $213,298 (4.3%) 0.56 1,431
2019-03-01 $164,957 (3.6%) $219,349 (6.0%) 0.54 1,331
2019-04-01 $164,900 (1.4%) $223,452 (5.7%) 0.52 1,263
2019-05-01 $164,615 (0.2%) $227,625 (7.3%) 0.51 1,226
2019-06-01 $165,000 (3.2%) $228,352 (11.8%) 0.52 1,206
2019-07-01 $168,308 (5.9%) $232,645 (13.5%) 0.53 1,116
2019-08-01 $177,045 (12.6%) $237,647 (18.4%) 0.56 1,088
2019-09-01 $180,114 (12.6%) $241,092 (17.5%) 0.58 1,079
2019-10-01 $186,250 (16.4%) $245,991 (18.9%) 0.60 1,074
2019-11-01 $189,950 (18.8%) $247,681 (18.8%) 0.62 1,048
2019-12-01 $186,875 (16.8%) $247,465 (17.4%) 0.62 1,016
2020-01-01 $183,900 (14.9%) $246,573 (15.8%) 0.61 965
2020-02-01 $189,800 (15.1%) $252,106 (18.2%) 0.62 918
2020-03-01 $181,968 (10.3%) $246,877 (12.6%) 0.57 871
2020-04-01 $179,200 (8.7%) $243,952 (9.2%) 0.56 867
2020-05-01 $179,900 (9.3%) $249,099 (9.4%) 0.55 764
2020-06-01 $199,900 (21.2%) $262,240 (14.8%) 0.59 685
2020-07-01 $199,700 (18.7%) $261,736 (12.5%) 0.58 618
2020-08-01 $199,900 (12.9%) $268,837 (13.1%) 0.57 562
2020-09-01 $192,450 (6.9%) $288,874 (19.8%) 0.55 483
2020-10-01 $195,079 (4.7%) $288,351 (17.2%) 0.56 502
2020-11-01 $194,290 (2.3%) $275,809 (11.4%) 0.57 521
2020-12-01 $179,950 (-3.7%) $272,599 (10.2%) 0.54 509
2021-01-01 $194,700 (5.9%) $280,207 (13.6%) 0.58 455
2021-02-01 $188,650 (-0.6%) $272,451 (8.1%) 0.55 429
2021-03-01 $186,850 (2.7%) $273,487 (10.8%) 0.53 386
2021-04-01 $190,000 (6.0%) $286,966 (17.6%) 0.51 364
2021-05-01 $189,300 (5.2%) $275,482 (10.6%) 0.50 365
2021-06-01 $182,500 (-8.7%) $271,206 (3.4%) 0.48 391
2021-07-01 $184,950 (-7.4%) $281,266 (7.5%) 0.49 481
2021-08-01 $188,575 (-5.7%) $279,112 (3.8%) 0.50 495
2021-09-01 $189,900 (-1.3%) $292,273 (1.2%) 0.51 521
2021-10-01 $189,900 (-2.7%) $284,066 (-1.5%) 0.51 521
2021-11-01 $186,850 (-3.8%) $286,837 (4.0%) 0.50 536
2021-12-01 $189,450 (5.3%) $296,387 (8.7%) 0.51 436
2022-01-01 $187,900 (-3.5%) $318,215 (13.6%) 0.51 356
2022-02-01 $183,875 (-2.5%) $316,683 (16.2%) 0.48 328
2022-03-01 $185,250 (-0.9%) $308,961 (13.0%) 0.46 331
2022-04-01 $174,950 (-7.9%) $276,442 (-3.7%) 0.42 356
2022-05-01 $200,475 (5.9%) $280,466 (1.8%) 0.46 411
2022-06-01 $227,950 (24.9%) $299,125 (10.3%) 0.51 464
2022-07-01 $235,000 (27.1%) $299,869 (6.6%) 0.53 537
2022-08-01 $219,900 (16.6%) $336,168 (20.4%) 0.51 545
2022-09-01 $220,875 (16.3%) $335,429 (14.8%) 0.52 550
2022-10-01 $229,900 (21.1%) $300,166 (5.7%) 0.54 598
2022-11-01 $229,950 (23.1%) $293,559 (2.3%) 0.55 585
2022-12-01 $225,000 (18.8%) $293,745 (-0.9%) 0.56 529
2023-01-01 $230,000 (22.4%) $348,152 (9.4%) 0.57 436
2023-02-01 $213,750 (16.3%) $341,581 (7.9%) 0.52 419
2023-03-01 $224,925 (21.4%) $354,932 (14.9%) 0.53 401
2023-04-01 $246,000 (40.6%) $379,317 (37.2%) 0.57 395
2023-05-01 $275,250 (37.3%) $382,414 (36.4%) 0.62 410
2023-06-01 $270,138 (18.5%) $386,157 (29.1%) 0.61 415
2023-07-01 $270,500 (15.1%) $376,858 (25.7%) 0.61 422
2023-08-01 $276,450 (25.7%) $374,029 (11.3%) 0.63 446
2023-09-01 $269,900 (22.2%) $349,622 (4.2%) 0.63 536
2023-10-01 $267,125 (16.2%) $343,694 (14.5%) 0.63 569
2023-11-01 $259,950 (13.1%) $316,404 (7.8%) 0.62 601
2023-12-01 $254,900 (13.3%) $320,067 (9.0%) 0.62 591
2024-01-01 $242,475 (5.4%) $322,761 (-7.3%) 0.59 542
2024-02-01 $242,094 (13.3%) $330,011 (-3.4%) 0.58 533
2024-03-01 $245,000 (8.9%) $340,746 (-4.0%) 0.58 518
2024-04-01 $247,200 (0.5%) $343,793 (-9.4%) 0.58 508
2024-05-01 $257,500 (-6.5%) $335,211 (-12.3%) 0.58 543
Columbus's median listing price for 2024-05-01 was $257,500, a difference of $-17,750 (-6.5%) versus the prior year and $10,300 versus the prior month.

Columbus's median listing price comes in at 58% of the national average.

Columbus's average listing price for 2024-05-01 was $335,211, a difference of $-47,203 (-12.3%) versus the prior year and $-8,582 versus the prior month.

For the 2024-05-01 period, Columbus had 543 MLS listings, a difference of 35 listings (7%) versus the prior month and 133 listings (32%) 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 91 days 1,923 sqft
2018-02-01 87 days 1,932 sqft
2018-03-01 74 days 1,929 sqft
2018-04-01 74 days 1,928 sqft
2018-05-01 72 days 1,970 sqft
2018-06-01 68 days 1,936 sqft
2018-07-01 73 days 1,915 sqft
2018-08-01 80 days 1,923 sqft
2018-09-01 84 days 1,941 sqft
2018-10-01 85 days 1,956 sqft
2018-11-01 91 days 1,948 sqft
2018-12-01 96 days 1,937 sqft
2019-01-01 101 days 1,927 sqft
2019-02-01 97 days 1,942 sqft
2019-03-01 91 days 1,953 sqft
2019-04-01 80 days 1,954 sqft
2019-05-01 73 days 1,942 sqft
2019-06-01 68 days 2,000 sqft
2019-07-01 66 days 2,011 sqft
2019-08-01 68 days 2,030 sqft
2019-09-01 71 days 2,058 sqft
2019-10-01 70 days 2,101 sqft
2019-11-01 67 days 2,150 sqft
2019-12-01 74 days 2,114 sqft
2020-01-01 82 days 2,100 sqft
2020-02-01 80 days 2,109 sqft
2020-03-01 71 days 2,062 sqft
2020-04-01 67 days 2,012 sqft
2020-05-01 68 days 2,049 sqft
2020-06-01 58 days 2,145 sqft
2020-07-01 50 days 2,109 sqft
2020-08-01 44 days 2,044 sqft
2020-09-01 45 days 2,010 sqft
2020-10-01 39 days 2,007 sqft
2020-11-01 42 days 1,965 sqft
2020-12-01 46 days 1,932 sqft
2021-01-01 54 days 1,988 sqft
2021-02-01 33 days 1,899 sqft
2021-03-01 32 days 1,883 sqft
2021-04-01 32 days 1,864 sqft
2021-05-01 19 days 1,802 sqft
2021-06-01 22 days 1,789 sqft
2021-07-01 26 days 1,789 sqft
2021-08-01 37 days 1,818 sqft
2021-09-01 37 days 1,784 sqft
2021-10-01 38 days 1,792 sqft
2021-11-01 42 days 1,830 sqft
2021-12-01 55 days 1,884 sqft
2022-01-01 57 days 1,848 sqft
2022-02-01 31 days 1,795 sqft
2022-03-01 25 days 1,721 sqft
2022-04-01 23 days 1,702 sqft
2022-05-01 22 days 1,812 sqft
2022-06-01 26 days 1,887 sqft
2022-07-01 30 days 1,936 sqft
2022-08-01 37 days 1,866 sqft
2022-09-01 44 days 1,876 sqft
2022-10-01 41 days 1,955 sqft
2022-11-01 50 days 1,969 sqft
2022-12-01 64 days 1,931 sqft
2023-01-01 64 days 1,942 sqft
2023-02-01 38 days 1,865 sqft
2023-03-01 40 days 1,891 sqft
2023-04-01 36 days 2,020 sqft
2023-05-01 36 days 2,091 sqft
2023-06-01 40 days 2,046 sqft
2023-07-01 42 days 2,054 sqft
2023-08-01 35 days 2,101 sqft
2023-09-01 37 days 2,030 sqft
2023-10-01 39 days 1,982 sqft
2023-11-01 44 days 2,030 sqft
2023-12-01 53 days 1,968 sqft
2024-01-01 60 days 1,877 sqft
2024-02-01 48 days 1,853 sqft
2024-03-01 45 days 1,891 sqft
2024-04-01 43 days 1,867 sqft
2024-05-01 39 days 1,847 sqft
Columbus's median listing age (time on market) for 2024-05-01 was 39 days. This is 10% longer than the same period one year ago.

Columbus's median square footage for active listings during the 2024-05-01 period was 1,847 sqft. One year prior, the average listing was 2,091 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).