Dalton FHA Loan Rates, Closing Costs & Stats

DALTON, 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.

    Dalton's 81 lenders originated 497 FHA loans during 2023. The total origination value was $107,175,000, with an average FHA loan value of $215,644.

    Dalton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Dalton averaged 6.56% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Dalton's average FHA mortgage closing costs are $7,254.

    The average rate for the prior week (2024-11-01) was 6.34% and one month ago for the week of 2024-10-04, the average rate was 6.16%.

    The average rate one year ago was 7.4%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.75%.

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

    Dalton 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 Dalton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 45 6.15% $11,077
    FirstBank 41 6.45% $8,487
    STOCKTON MORTGAGE CORPORATION 34 6.75% $9,866
    MOVEMENT MORTGAGE, LLC 24 6.79% $9,111
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 7.15% $11,549
    PRIMELENDING, A PLAINSCAPITAL COMPANY 22 6.82% $9,590
    GUILD MORTGAGE COMPANY 19 6.30% $9,824
    Regions Bank 18 6.11% $8,232
    UNITED WHOLESALE MORTGAGE, LLC 15 6.38% $9,599
    CMG MORTGAGE, INC. 14 6.71% $8,644
    BROKER SOLUTIONS, INC. 14 6.34% $11,020
    HOMESTAR FINANCIAL CORPORATION 13 6.76% $7,417
    FIRST COMMUNITY MORTGAGE, INC. 10 6.41% $9,463
    SUMMIT FUNDING, INC. 10 7.15% $10,224
    UNION HOME MORTGAGE CORP. 8 6.98% $10,741
    TJC Mortgage, Inc. 7 6.88% $10,941
    LEADERONE FINANCIAL CORPORATION 7 6.36% $9,978
    BANKSOUTH MORTGAGE COMPANY, LLC 6 6.98% $11,515
    Carrington Mortgage Services, LLC 6 6.15% $9,701
    PENNYMAC LOAN SERVICES, LLC 6 5.93% $12,150
    LOANDEPOT.COM, LLC 6 6.18% $10,369
    Renasant Bank 6 6.73% $10,367
    CROSSCOUNTRY MORTGAGE, LLC 5 6.41% $8,682
    CARDINAL FINANCIAL 5 6.07% $11,309
    Mr. Cooper ( Nationstar Mortgage ) 5 6.40% $12,349
    MORTGAGE INVESTORS GROUP, INC. 5 6.90% $10,195
    DAS Acquisition Company, LLC 5 7.20% $11,586
    ACOPIA, LLC 4 7.31% $11,117
    ISERVE RESIDENTIAL LENDING, LLC 4 6.25% $19,606
    EVERETT FINANCIAL, INC. 4 7.41% $7,395
    MID AMERICA MORTGAGE, INC. 3 7.75% $6,231
    GUARANTEED RATE, INC. 3 6.33% $12,775
    ALAMEDA MORTGAGE CORPORATION 3 6.38% $11,526
    MILEND, INC. 3 6.75% $16,588
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.46% $12,805
    NFM, INC. 3 7.13% $8,947
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.44% $14,117
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $5,731
    AMERICAN FINANCING CORPORATION 2 6.00% $9,117
    Equity Prime Mortgage LLC 2 7.00% $6,468
    Flagstar Bank, FSB 2 7.39% $6,547
    FREEDOM MORTGAGE CORPORATION 2 7.25% $9,642
    NEWREZ LLC 2 6.25% $10,058
    Northpointe Bank 2 6.19% $11,320
    OCMBC, INC. 2 6.25% $11,612
    RELIANCE FIRST CAPITAL, LLC 2 7.06% $9,935
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.69% $14,377
    Mortgage Research Center, LLC 1 7.13% $3,998
    FirstTrust Home Loans, Inc. 1 6.13% $8,574
    First Option Mortgage, LLC 1 8.50% $16,168
    FIRST COLONY MORTGAGE CORPORATION 1 7.00% $11,267
    NEW DAY FINANCIAL, LLC 1 7.25% $3,219
    American Mortgage & Equity Consultants, Inc. 1 6.63% $13,761
    CONTOUR MORTGAGE CORPORATION 1 5.13% $13,859
    US MORTGAGE CORPORATION 1 7.25% $10,477
    Wolfe Financial, Inc 1 6.25% $11,132
    PANORAMA MORTGAGE GROUP, LLC 1 6.75% $10,443
    COMMUNITY MORTGAGE CORPORATION 1 6.50% $9,570
    Plains Commerce Bank 1 6.75% $9,354
    PLAZA HOME MORTGAGE, INC. 1 6.25% $8,624
    Citizens Bank 1 5.38% $14,152
    Prosperity Home Mortgage, LLC 1 5.75% $5,993
    Century Mortgage Company DBA Century Lending Company 1 5.88% $4,641
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.63% $8,223
    VILLAGE CAPITAL MORTGAGE 1 5.00% $12,944
    BancorpSouth 1 7.00% $9,383
    ROYAL UNITED MORTGAGE LLC 1 7.25% $7,623
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.75% $5,596
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $12,259
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $8,148
    Ameris Bank 1 5.75% $8,243
    Synovus Bank 1 6.13% $9,445
    The Central Trust Bank 1 6.00% $11,826
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $14,276
    AmeriHome Mortgage Company, LLC 1 6.88% $10,055
    United Community Bank 1 6.25% $16,250
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $9,999
    MEMBER FIRST MORTGAGE, LLC 1 6.88% $12,665
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,753
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $12,383
    GENEVA FINANCIAL, LLC 1 6.63% $9,757

    The top Dalton FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 45 FHA loans originated. Their average total fees are $11,077, which is $2,590 higher than the next largest lender, FirstBank.

    The lowest fee Dalton FHA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($7,417), Regions Bank ($8,232), FirstBank ($8,487), CMG MORTGAGE, INC. ($8,644) and MOVEMENT MORTGAGE, LLC ($9,111).

    The lowest rate Dalton FHA lenders (with over 10 loans originated) are Regions Bank (6.11%), QUICKEN LOANS, LLC (6.15%), GUILD MORTGAGE COMPANY (6.30%), BROKER SOLUTIONS, INC. (6.34%) and UNITED WHOLESALE MORTGAGE, LLC (6.38%).

    Dalton FHA Loan Limits

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