Cornelia FHA Loan Rates, Closing Costs & Stats

Cornelia, 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.

    Cornelia's 54 lenders originated 182 FHA loans during 2023. The total origination value was $45,040,000, with an average FHA loan value of $247,473.

    Cornelia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cornelia averaged -0.2% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Cornelia's average FHA mortgage closing costs are $7,461.

    The average rate for the prior week (2024-11-08) was 6.31% and one month ago for the week of 2024-10-11, the average rate was 6.01%.

    The average rate one year ago was 7.36%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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

    Cornelia 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 Cornelia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESTAR FINANCIAL CORPORATION 25 6.70% $8,767
    HOMEOWNERS FINANCIAL GROUP USA, LLC 22 6.77% $13,187
    STOCKTON MORTGAGE CORPORATION 16 6.70% $10,902
    UNITED WHOLESALE MORTGAGE, LLC 12 6.21% $13,844
    QUICKEN LOANS, LLC 11 6.04% $11,093
    BROKER SOLUTIONS, INC. 6 5.91% $13,964
    GUARANTEED RATE, INC. 5 6.13% $10,143
    First Option Mortgage, LLC 4 6.66% $12,740
    PENNYMAC LOAN SERVICES, LLC 4 6.56% $11,131
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.94% $12,196
    AMERICAN FINANCIAL NETWORK, INC. 3 7.42% $11,820
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 6.29% $14,582
    Paramount Residential Mortgage Group, Inc. 3 6.13% $13,986
    MOVEMENT MORTGAGE, LLC 2 7.00% $9,082
    Carrington Mortgage Services, LLC 2 6.25% $14,489
    CROSSCOUNTRY MORTGAGE, LLC 2 6.38% $9,812
    Equity Prime Mortgage LLC 2 7.00% $10,671
    MORTGAGE INVESTORS GROUP, INC. 2 6.38% $8,493
    ACOPIA, LLC 2 7.13% $12,570
    Nations Lending Corporation 2 7.50% $8,357
    NEWREZ LLC 2 6.25% $7,747
    Prosperity Home Mortgage, LLC 2 6.19% $13,646
    Regions Bank 2 6.00% $11,624
    South State Bank 2 6.25% $6,856
    EVERETT FINANCIAL, INC. 1 7.63% $4,384
    HOMESIDE FINANCIAL, LLC 1 6.50% $13,177
    HOMESPIRE MORTGAGE CORPORATION 1 7.13% $8,701
    CMG MORTGAGE, INC. 1 5.75% $14,552
    ISERVE RESIDENTIAL LENDING, LLC 1 7.13% $21,232
    LOANDEPOT.COM, LLC 1 6.25% $9,470
    LOANFLIGHT LENDING, LLC 1 6.50% $9,311
    Loan Simple, Inc. 1 7.13% $18,241
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $14,325
    Ameris Bank 1 7.50% $7,090
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $6,971
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $26,251
    Truist 1 6.63% $11,043
    NBKC BANK 1 5.88% $7,614
    UNION HOME MORTGAGE CORP. 1 7.13% $11,252
    NexBank 1 6.63% $9,096
    Citizens Bank 1 6.50% $9,311
    CARDINAL FINANCIAL 1 6.75% $12,173
    United Community Bank 1 6.25% $16,572
    Bank of America 1 6.88% $6,874
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $17,822
    Renasant Bank 1 5.75% $8,578
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 7.25% $14,638
    First Federal Bank 1 6.50% $11,310
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $7,837
    Flagstar Bank, FSB 1 6.75% $10,228
    Franklin Loan Corporation 1 5.75% $15,453
    FREEDOM MORTGAGE CORPORATION 1 5.50% $17,208
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.25% $14,454
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $14,477

    The top Cornelia FHA lender as defined by loan originations is HOMESTAR FINANCIAL CORPORATION, with 25 FHA loans originated. Their average total fees are $8,767, which is $4,420 lower than the next largest lender, HOMEOWNERS FINANCIAL GROUP USA, LLC.

    The lowest fee Cornelia FHA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($8,767), STOCKTON MORTGAGE CORPORATION ($10,902), QUICKEN LOANS, LLC ($11,093), HOMEOWNERS FINANCIAL GROUP USA, LLC ($13,187) and UNITED WHOLESALE MORTGAGE, LLC ($13,844).

    The lowest rate Cornelia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.04%), UNITED WHOLESALE MORTGAGE, LLC (6.21%), HOMESTAR FINANCIAL CORPORATION (6.70%), STOCKTON MORTGAGE CORPORATION (6.70%) and HOMEOWNERS FINANCIAL GROUP USA, LLC (6.77%).

    Cornelia FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cornelia (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 $299,000 (-0.2%) $472,658 (-12.5%) 0.00 228
    2018-02-01 $303,100 (5.2%) $481,822 (-9.0%) 0.00 225
    2018-03-01 $324,900 (18.4%) $566,702 (7.7%) 0.00 226
    2018-04-01 $334,450 (6.2%) $579,816 (6.9%) 0.00 227
    2018-05-01 $329,900 (3.1%) $587,001 (8.2%) 0.00 218
    2018-06-01 $339,450 (4.7%) $581,490 (5.5%) 0.00 235
    2018-07-01 $334,925 (2.3%) $583,940 (9.5%) 0.00 253
    2018-08-01 $330,200 (9.3%) $592,336 (14.9%) 0.00 243
    2018-09-01 $334,900 (8.4%) $595,367 (18.9%) 0.00 260
    2018-10-01 $327,750 (4.5%) $595,622 (19.2%) 0.00 281
    2018-11-01 $302,200 (0.8%) $601,094 (24.7%) 0.00 279
    2018-12-01 $299,900 (0.0%) $627,203 (31.7%) 0.00 263
    2019-01-01 $298,425 (-0.2%) $640,070 (35.4%) 0.00 241
    2019-02-01 $335,000 (10.5%) $646,154 (34.1%) 0.00 237
    2019-03-01 $329,307 (1.4%) $643,205 (13.5%) 0.00 237
    2019-04-01 $305,725 (-8.6%) $612,012 (5.6%) 0.00 257
    2019-05-01 $344,450 (4.4%) $635,073 (8.2%) 0.00 261
    2019-06-01 $339,900 (0.1%) $625,617 (7.6%) 0.00 271
    2019-07-01 $320,999 (-4.2%) $625,454 (7.1%) 0.00 275
    2019-08-01 $294,077 (-10.9%) $594,133 (0.3%) 0.00 272
    2019-09-01 $277,693 (-17.1%) $563,298 (-5.4%) 0.00 279
    2019-10-01 $284,020 (-13.3%) $569,527 (-4.4%) 0.00 264
    2019-11-01 $299,900 (-0.8%) $601,555 (0.1%) 0.00 232
    2019-12-01 $299,675 (-0.1%) $641,840 (2.3%) 0.00 226
    2020-01-01 $323,375 (8.4%) $682,955 (6.7%) 0.00 206
    2020-02-01 $327,200 (-2.3%) $655,987 (1.5%) 0.00 209
    2020-03-01 $346,000 (5.1%) $637,989 (-0.8%) 0.00 194
    2020-04-01 $346,225 (13.3%) $625,977 (2.3%) 0.00 203
    2020-05-01 $339,900 (-1.3%) $627,209 (-1.2%) 0.00 203
    2020-06-01 $349,450 (2.8%) $674,457 (7.8%) 0.00 186
    2020-07-01 $337,450 (5.1%) $657,744 (5.2%) 0.00 171
    2020-08-01 $329,900 (12.2%) $648,171 (9.1%) 0.00 148
    2020-09-01 $320,925 (15.6%) $601,078 (6.7%) 0.00 134
    2020-10-01 $324,900 (14.4%) $627,285 (10.1%) 0.00 111
    2020-11-01 $327,500 (9.2%) $644,314 (7.1%) 0.00 108
    2020-12-01 $299,725 (0.0%) $659,910 (2.8%) 0.00 103
    2021-01-01 $354,900 (9.8%) $658,137 (-3.6%) 0.00 94
    2021-02-01 $337,250 (3.1%) $593,663 (-9.5%) 0.00 85
    2021-03-01 $355,950 (2.9%) $605,739 (-5.1%) 0.00 82
    2021-04-01 $359,725 (3.9%) $596,598 (-4.7%) 0.00 66
    2021-05-01 $331,000 (-2.6%) $565,322 (-9.9%) 0.00 68
    2021-06-01 $341,000 (-2.4%) $587,376 (-12.9%) 0.00 76
    2021-07-01 $399,900 (18.5%) $651,865 (-0.9%) 0.00 73
    2021-08-01 $352,860 (7.0%) $588,933 (-9.1%) 0.00 78
    2021-09-01 $307,225 (-4.3%) $586,199 (-2.5%) 0.00 87
    2021-10-01 $316,400 (-2.6%) $545,199 (-13.1%) 0.00 88
    2021-11-01 $334,500 (2.1%) $528,220 (-18.0%) 0.00 88
    2021-12-01 $327,000 (9.1%) $537,275 (-18.6%) 0.00 78
    2022-01-01 $334,900 (-5.6%) $490,004 (-25.6%) 0.00 79
    2022-02-01 $334,300 (-0.9%) $478,378 (-19.4%) 0.00 80
    2022-03-01 $349,975 (-1.7%) $441,563 (-27.1%) 0.00 77
    2022-04-01 $333,000 (-7.4%) $455,218 (-23.7%) 0.00 81
    2022-05-01 $329,450 (-0.5%) $481,219 (-14.9%) 0.00 76
    2022-06-01 $346,225 (1.5%) $545,424 (-7.1%) 0.00 99
    2022-07-01 $369,900 (-7.5%) $576,483 (-11.6%) 0.00 136
    2022-08-01 $368,675 (4.5%) $537,663 (-8.7%) 0.00 149
    2022-09-01 $353,988 (15.2%) $519,974 (-11.3%) 0.00 149
    2022-10-01 $349,900 (10.6%) $546,946 (0.3%) 0.00 157
    2022-11-01 $357,400 (6.9%) $584,759 (10.7%) 0.00 167
    2022-12-01 $379,900 (16.2%) $661,026 (23.0%) 0.00 151
    2023-01-01 $399,200 (19.2%) $724,269 (47.8%) 0.00 133
    2023-02-01 $399,900 (19.6%) $749,116 (56.6%) 0.00 122
    2023-03-01 $401,950 (14.9%) $795,782 (80.2%) 0.00 114
    2023-04-01 $410,000 (23.1%) $782,233 (71.8%) 0.00 101
    2023-05-01 $448,000 (36.0%) $813,195 (69.0%) 0.00 104
    2023-06-01 $439,675 (27.0%) $737,625 (35.2%) 0.00 107
    2023-07-01 $399,000 (7.9%) $680,224 (18.0%) 0.00 133
    2023-08-01 $388,250 (5.3%) $650,895 (21.1%) 0.00 132
    2023-09-01 $390,000 (10.2%) $635,411 (22.2%) 0.00 139
    2023-10-01 $384,450 (9.9%) $566,400 (3.6%) 0.00 139
    2023-11-01 $385,725 (7.9%) $629,078 (7.6%) 0.00 133
    2023-12-01 $375,000 (-1.3%) $641,177 (-3.0%) 0.00 137
    2024-01-01 $373,375 (-6.5%) $631,104 (-12.9%) 0.00 123
    2024-02-01 $399,225 (-0.2%) $679,358 (-9.3%) 0.00 111
    2024-03-01 $399,900 (-0.5%) $669,282 (-15.9%) 0.00 124
    2024-04-01 $433,750 (5.8%) $679,779 (-13.1%) 0.00 131
    2024-05-01 $429,225 (-4.2%) $634,633 (-22.0%) 0.00 138
    2024-06-01 $426,000 (-3.1%) $616,587 (-16.4%) 0.00 147
    2024-07-01 $430,000 (7.8%) $609,507 (-10.4%) 0.00 156
    2024-08-01 $422,250 (8.8%) $612,891 (-5.8%) 0.00 165
    2024-09-01 $417,475 (7.0%) $595,040 (-6.4%) 0.00 169
    2024-10-01 $414,475 (7.8%) $570,268 (0.7%) 0.00 177
    Cornelia's median listing price for 2024-10-01 was $414,475, a difference of $30,025 (7.8%) versus the prior year and $-3,000 versus the prior month.

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

    Cornelia's average listing price for 2024-10-01 was $570,268, a difference of $3,868 (0.7%) versus the prior year and $-24,772 versus the prior month.

    For the 2024-10-01 period, Cornelia had 177 MLS listings, a difference of 8 listings (5%) versus the prior month and 38 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cornelia (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,325 sqft
    2018-02-01 0 days 2,457 sqft
    2018-03-01 0 days 2,520 sqft
    2018-04-01 0 days 2,631 sqft
    2018-05-01 0 days 2,616 sqft
    2018-06-01 0 days 2,567 sqft
    2018-07-01 0 days 2,487 sqft
    2018-08-01 0 days 2,495 sqft
    2018-09-01 0 days 2,573 sqft
    2018-10-01 0 days 2,493 sqft
    2018-11-01 0 days 2,416 sqft
    2018-12-01 0 days 2,400 sqft
    2019-01-01 0 days 2,467 sqft
    2019-02-01 0 days 2,592 sqft
    2019-03-01 0 days 2,584 sqft
    2019-04-01 0 days 2,574 sqft
    2019-05-01 0 days 2,582 sqft
    2019-06-01 0 days 2,576 sqft
    2019-07-01 0 days 2,511 sqft
    2019-08-01 0 days 2,431 sqft
    2019-09-01 0 days 2,390 sqft
    2019-10-01 0 days 2,363 sqft
    2019-11-01 0 days 2,333 sqft
    2019-12-01 0 days 2,391 sqft
    2020-01-01 0 days 2,517 sqft
    2020-02-01 0 days 2,464 sqft
    2020-03-01 0 days 2,446 sqft
    2020-04-01 0 days 2,439 sqft
    2020-05-01 0 days 2,531 sqft
    2020-06-01 0 days 2,569 sqft
    2020-07-01 0 days 2,500 sqft
    2020-08-01 0 days 2,431 sqft
    2020-09-01 0 days 2,355 sqft
    2020-10-01 0 days 2,234 sqft
    2020-11-01 0 days 2,332 sqft
    2020-12-01 0 days 2,301 sqft
    2021-01-01 0 days 2,500 sqft
    2021-02-01 0 days 2,182 sqft
    2021-03-01 0 days 2,220 sqft
    2021-04-01 0 days 2,191 sqft
    2021-05-01 0 days 2,044 sqft
    2021-06-01 0 days 2,218 sqft
    2021-07-01 0 days 2,328 sqft
    2021-08-01 0 days 2,166 sqft
    2021-09-01 0 days 2,128 sqft
    2021-10-01 0 days 2,126 sqft
    2021-11-01 0 days 1,984 sqft
    2021-12-01 0 days 2,019 sqft
    2022-01-01 0 days 1,991 sqft
    2022-02-01 0 days 1,880 sqft
    2022-03-01 0 days 1,990 sqft
    2022-04-01 0 days 1,778 sqft
    2022-05-01 0 days 1,733 sqft
    2022-06-01 0 days 1,916 sqft
    2022-07-01 0 days 2,071 sqft
    2022-08-01 0 days 2,179 sqft
    2022-09-01 0 days 2,172 sqft
    2022-10-01 0 days 2,105 sqft
    2022-11-01 0 days 2,215 sqft
    2022-12-01 0 days 2,124 sqft
    2023-01-01 0 days 2,197 sqft
    2023-02-01 0 days 2,189 sqft
    2023-03-01 0 days 2,211 sqft
    2023-04-01 0 days 2,350 sqft
    2023-05-01 0 days 2,395 sqft
    2023-06-01 0 days 2,210 sqft
    2023-07-01 0 days 2,160 sqft
    2023-08-01 0 days 2,143 sqft
    2023-09-01 0 days 2,131 sqft
    2023-10-01 0 days 2,162 sqft
    2023-11-01 0 days 2,164 sqft
    2023-12-01 0 days 2,102 sqft
    2024-01-01 0 days 1,912 sqft
    2024-02-01 0 days 2,179 sqft
    2024-03-01 0 days 2,188 sqft
    2024-04-01 0 days 2,170 sqft
    2024-05-01 0 days 2,160 sqft
    2024-06-01 0 days 2,205 sqft
    2024-07-01 0 days 2,266 sqft
    2024-08-01 0 days 2,262 sqft
    2024-09-01 0 days 2,236 sqft
    2024-10-01 0 days 2,204 sqft
    Cornelia's median listing age (time on market) for 2024-10-01 was 0 days.

    Cornelia's median square footage for active listings during the 2024-10-01 period was 2,204 sqft. One year prior, the average listing was 2,162 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).