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 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).