Cordele FHA Loan Rates, Closing Costs & Stats

Cordele, 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.

    Cordele's 22 lenders originated 38 FHA loans during 2023. The total origination value was $6,560,000, with an average FHA loan value of $172,632.

    Cordele FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cordele averaged 6.75% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Cordele's average FHA mortgage closing costs are $6,699.

    The average rate for the prior week (2024-04-12) was 6.94% and one month ago for the week of 2024-03-15, the average rate was 6.81%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Cordele 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 Cordele level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 5 6.37% $10,590
    ACOPIA, LLC 5 6.90% $8,913
    MID AMERICA MORTGAGE, INC. 2 7.81% $5,240
    TOWNE MORTGAGE COMPANY 2 6.06% $6,201
    Capital City Home Loans, LLC 2 7.31% $9,366
    UNITED WHOLESALE MORTGAGE, LLC 2 6.61% $11,032
    LOANDEPOT.COM, LLC 2 6.81% $8,051
    GUILD MORTGAGE COMPANY 1 6.63% $7,770
    LOANPAL, LLC 1 5.00% $15,689
    MOVEMENT MORTGAGE, LLC 1 6.25% $8,557
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $12,687
    Regions Bank 1 6.13% $6,458
    THRIVE MORTGAGE, LLC 1 6.63% $6,778
    Truist 1 6.60% $6,543
    ACADEMY MORTGAGE CORPORATION 1 6.63% $7,616
    VAN DYK MORTGAGE CORPORATION 1 7.13% $2,635
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $2,842
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $12,462
    BROKER SOLUTIONS, INC. 1 5.63% $10,674
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $10,458
    CROSSCOUNTRY MORTGAGE, LLC 1 8.25% $10,485
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $4,745

    The top Cordele FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 5 FHA loans originated. Their average total fees are $10,590, which is $1,677 higher than the next largest lender, ACOPIA, LLC.

    The lowest fee Cordele FHA lenders (with over 10 loans originated) are .

    The lowest rate Cordele FHA lenders (with over 10 loans originated) are .

    Cordele FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CORDELE, GA CRISP 2022 $420,680 $538,650 $651,050 $809,150
    CORDELE, GA CRISP 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cordele (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 $223,625 (24.6%) $263,131 (2.5%) 0.00 87
    2018-02-01 $223,750 (24.5%) $262,769 (2.4%) 0.00 87
    2018-03-01 $217,500 (12.3%) $260,566 (0.1%) 0.00 93
    2018-04-01 $222,000 (14.7%) $255,838 (0.8%) 0.00 107
    2018-05-01 $233,500 (22.6%) $261,275 (3.3%) 0.00 109
    2018-06-01 $229,900 (19.7%) $255,244 (0.0%) 0.00 111
    2018-07-01 $229,725 (15.4%) $259,125 (-3.1%) 0.00 115
    2018-08-01 $218,250 (-0.6%) $257,049 (-4.4%) 0.00 119
    2018-09-01 $212,449 (-1.2%) $262,516 (-2.3%) 0.00 124
    2018-10-01 $206,975 (-8.7%) $258,955 (-6.0%) 0.00 119
    2018-11-01 $198,500 (-11.1%) $248,005 (-7.8%) 0.00 112
    2018-12-01 $198,250 (-12.8%) $247,569 (-8.3%) 0.00 112
    2019-01-01 $223,050 (-0.3%) $273,925 (4.1%) 0.00 92
    2019-02-01 $222,600 (-0.5%) $271,018 (3.1%) 0.00 98
    2019-03-01 $225,429 (3.7%) $272,338 (4.5%) 0.00 96
    2019-04-01 $209,554 (-5.6%) $262,527 (2.6%) 0.00 94
    2019-05-01 $218,875 (-6.3%) $269,137 (3.0%) 0.00 90
    2019-06-01 $235,000 (2.2%) $274,355 (7.5%) 0.00 85
    2019-07-01 $226,000 (-1.6%) $268,725 (3.7%) 0.00 84
    2019-08-01 $195,818 (-10.3%) $255,350 (-0.7%) 0.00 79
    2019-09-01 $174,545 (-17.8%) $239,019 (-9.0%) 0.00 76
    2019-10-01 $158,000 (-23.7%) $227,524 (-12.1%) 0.00 71
    2019-11-01 $171,950 (-13.4%) $227,094 (-8.4%) 0.00 72
    2019-12-01 $179,000 (-9.7%) $232,133 (-6.2%) 0.00 74
    2020-01-01 $181,750 (-18.5%) $239,142 (-12.7%) 0.00 76
    2020-02-01 $210,000 (-5.7%) $255,285 (-5.8%) 0.00 74
    2020-03-01 $217,500 (-3.5%) $262,854 (-3.5%) 0.00 71
    2020-04-01 $202,250 (-3.5%) $256,995 (-2.1%) 0.00 71
    2020-05-01 $194,500 (-11.1%) $256,272 (-4.8%) 0.00 70
    2020-06-01 $169,000 (-28.1%) $262,029 (-4.5%) 0.00 67
    2020-07-01 $194,500 (-13.9%) $274,452 (2.1%) 0.00 62
    2020-08-01 $195,000 (-0.4%) $284,985 (11.6%) 0.00 59
    2020-09-01 $250,000 (43.2%) $304,254 (27.3%) 0.00 59
    2020-10-01 $259,500 (64.2%) $313,932 (38.0%) 0.00 56
    2020-11-01 $258,500 (50.3%) $324,480 (42.9%) 0.00 46
    2020-12-01 $269,000 (50.3%) $336,049 (44.8%) 0.00 49
    2021-01-01 $255,000 (40.3%) $315,757 (32.0%) 0.00 46
    2021-02-01 $247,400 (17.8%) $289,457 (13.4%) 0.00 39
    2021-03-01 $228,725 (5.2%) $300,633 (14.4%) 0.00 42
    2021-04-01 $247,500 (22.4%) $323,676 (26.0%) 0.00 38
    2021-05-01 $233,400 (20.0%) $299,633 (16.9%) 0.00 33
    2021-06-01 $259,000 (53.3%) $310,648 (18.6%) 0.00 34
    2021-07-01 $260,000 (33.7%) $323,231 (17.8%) 0.00 37
    2021-08-01 $246,250 (26.3%) $343,089 (20.4%) 0.00 40
    2021-09-01 $254,500 (1.8%) $337,220 (10.8%) 0.00 38
    2021-10-01 $247,000 (-4.8%) $334,005 (6.4%) 0.00 42
    2021-11-01 $243,000 (-6.0%) $307,639 (-5.2%) 0.00 36
    2021-12-01 $175,000 (-34.9%) $287,501 (-14.5%) 0.00 31
    2022-01-01 $207,250 (-18.7%) $303,623 (-3.8%) 0.00 22
    2022-02-01 $189,250 (-23.5%) $279,575 (-3.4%) 0.00 22
    2022-03-01 $179,000 (-21.7%) $269,153 (-10.5%) 0.00 25
    2022-04-01 $235,000 (-5.1%) $268,955 (-16.9%) 0.00 21
    2022-05-01 $242,225 (3.8%) $297,564 (-0.7%) 0.00 32
    2022-06-01 $273,125 (5.5%) $364,115 (17.2%) 0.00 29
    2022-07-01 $254,000 (-2.3%) $329,923 (2.1%) 0.00 28
    2022-08-01 $254,000 (3.2%) $347,816 (1.4%) 0.00 33
    2022-09-01 $211,250 (-17.0%) $351,660 (4.3%) 0.00 35
    2022-10-01 $264,000 (6.9%) $397,053 (18.9%) 0.00 37
    2022-11-01 $245,250 (0.9%) $350,481 (13.9%) 0.00 48
    2022-12-01 $189,000 (8.0%) $367,780 (27.9%) 0.00 43
    2023-01-01 $275,750 (33.1%) $387,260 (27.6%) 0.00 49
    2023-02-01 $297,500 (57.2%) $384,077 (37.4%) 0.00 49
    2023-03-01 $320,000 (78.8%) $390,757 (45.2%) 0.00 49
    2023-04-01 $307,500 (30.9%) $373,971 (39.1%) 0.00 50
    2023-05-01 $288,225 (19.0%) $377,483 (26.9%) 0.00 49
    2023-06-01 $326,250 (19.5%) $406,854 (11.7%) 0.00 44
    2023-07-01 $315,000 (24.0%) $396,959 (20.3%) 0.00 49
    2023-08-01 $287,000 (13.0%) $386,972 (11.3%) 0.00 46
    2023-09-01 $289,000 (36.8%) $382,073 (8.7%) 0.00 45
    2023-10-01 $314,750 (19.2%) $406,461 (2.4%) 0.00 47
    2023-11-01 $313,500 (27.8%) $379,831 (8.4%) 0.00 52
    2023-12-01 $315,000 (66.7%) $396,247 (7.7%) 0.00 53
    2024-01-01 $273,500 (-0.8%) $339,863 (-12.2%) 0.00 51
    2024-02-01 $278,500 (-6.4%) $318,939 (-17.0%) 0.00 53
    2024-03-01 $315,000 (-1.6%) $336,083 (-14.0%) 0.00 54
    Cordele's median listing price for 2024-03-01 was $315,000, a difference of $-5,000 (-1.6%) versus the prior year and $36,500 versus the prior month.

    Cordele's median listing price comes in at 0% of the national average.

    Cordele's average listing price for 2024-03-01 was $336,083, a difference of $-54,674 (-14.0%) versus the prior year and $17,144 versus the prior month.

    For the 2024-03-01 period, Cordele had 54 MLS listings, a difference of 1 listings (2%) versus the prior month and 5 listings (10%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cordele (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,563 sqft
    2018-02-01 0 days 2,576 sqft
    2018-03-01 0 days 2,365 sqft
    2018-04-01 0 days 2,463 sqft
    2018-05-01 0 days 2,582 sqft
    2018-06-01 0 days 2,441 sqft
    2018-07-01 0 days 2,514 sqft
    2018-08-01 0 days 2,431 sqft
    2018-09-01 0 days 2,504 sqft
    2018-10-01 0 days 2,488 sqft
    2018-11-01 0 days 2,302 sqft
    2018-12-01 0 days 2,425 sqft
    2019-01-01 0 days 2,511 sqft
    2019-02-01 0 days 2,493 sqft
    2019-03-01 0 days 2,453 sqft
    2019-04-01 0 days 2,373 sqft
    2019-05-01 0 days 2,481 sqft
    2019-06-01 0 days 2,462 sqft
    2019-07-01 0 days 2,443 sqft
    2019-08-01 0 days 2,327 sqft
    2019-09-01 0 days 2,262 sqft
    2019-10-01 0 days 2,224 sqft
    2019-11-01 0 days 2,280 sqft
    2019-12-01 0 days 2,302 sqft
    2020-01-01 0 days 2,423 sqft
    2020-02-01 0 days 2,527 sqft
    2020-03-01 0 days 2,262 sqft
    2020-04-01 0 days 2,368 sqft
    2020-05-01 0 days 2,420 sqft
    2020-06-01 0 days 2,552 sqft
    2020-07-01 0 days 2,762 sqft
    2020-08-01 0 days 3,411 sqft
    2020-09-01 0 days 3,347 sqft
    2020-10-01 0 days 3,274 sqft
    2020-11-01 0 days 3,187 sqft
    2020-12-01 0 days 3,298 sqft
    2021-01-01 0 days 2,763 sqft
    2021-02-01 0 days 2,656 sqft
    2021-03-01 0 days 2,589 sqft
    2021-04-01 0 days 2,869 sqft
    2021-05-01 0 days 2,791 sqft
    2021-06-01 0 days 2,685 sqft
    2021-07-01 0 days 2,461 sqft
    2021-08-01 0 days 2,145 sqft
    2021-09-01 0 days 1,981 sqft
    2021-10-01 0 days 1,980 sqft
    2021-11-01 0 days 1,983 sqft
    2021-12-01 0 days 2,003 sqft
    2022-01-01 0 days 2,080 sqft
    2022-02-01 0 days 2,133 sqft
    2022-03-01 0 days 2,072 sqft
    2022-04-01 0 days 1,973 sqft
    2022-05-01 0 days 2,627 sqft
    2022-06-01 0 days 2,890 sqft
    2022-07-01 0 days 2,372 sqft
    2022-08-01 0 days 2,313 sqft
    2022-09-01 0 days 1,978 sqft
    2022-10-01 0 days 1,911 sqft
    2022-11-01 0 days 1,737 sqft
    2022-12-01 0 days 1,697 sqft
    2023-01-01 0 days 1,747 sqft
    2023-02-01 0 days 1,824 sqft
    2023-03-01 0 days 1,752 sqft
    2023-04-01 0 days 1,765 sqft
    2023-05-01 0 days 1,846 sqft
    2023-06-01 0 days 2,005 sqft
    2023-07-01 0 days 2,021 sqft
    2023-08-01 0 days 2,031 sqft
    2023-09-01 0 days 1,951 sqft
    2023-10-01 0 days 2,092 sqft
    2023-11-01 0 days 2,099 sqft
    2023-12-01 0 days 2,149 sqft
    2024-01-01 0 days 2,120 sqft
    2024-02-01 0 days 1,952 sqft
    2024-03-01 0 days 1,924 sqft
    Cordele's median listing age (time on market) for 2024-03-01 was 0 days.

    Cordele's median square footage for active listings during the 2024-03-01 period was 1,924 sqft. One year prior, the average listing was 1,752 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).