Gainesville FHA Loan Rates, Closing Costs & Stats

GAINESVILLE, GA

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.

Gainesville's 96 lenders originated 713 FHA loans during 2023. The total origination value was $219,525,000, with an average FHA loan value of $307,889.

Gainesville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gainesville averaged 5.92% for the week of 2024-10-04, compared to the national average (all FHA variants) of 5.885% for the same period.

Gainesville's average FHA mortgage closing costs are $8,482.

The average rate for the prior week (2024-09-27) was 5.81% and one month ago for the week of 2024-08-30, the average rate was 6.27%.

The average rate one year ago was 7.31%.

For refis of the same type during the week of 2024-10-04, the average rate was 6.01%.

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

Gainesville 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 Gainesville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 84 6.11% $14,797
BROKER SOLUTIONS, INC. 56 6.08% $13,996
QUICKEN LOANS, LLC 47 6.24% $13,369
HOMESTAR FINANCIAL CORPORATION 43 6.68% $9,678
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 38 6.78% $14,057
First Option Mortgage, LLC 35 6.58% $14,642
Ameris Bank 35 5.98% $13,821
VANDERBILT MORTGAGE AND FINANCE, INC. 21 5.89% $17,945
LOANDEPOT.COM, LLC 18 6.02% $13,823
FREEDOM MORTGAGE CORPORATION 17 6.57% $18,142
EVERETT FINANCIAL, INC. 16 7.09% $15,176
CROSSCOUNTRY MORTGAGE, LLC 14 6.54% $15,914
MOVEMENT MORTGAGE, LLC 13 6.80% $13,678
HOMEOWNERS FINANCIAL GROUP USA, LLC 12 6.73% $11,850
Paramount Residential Mortgage Group, Inc. 10 6.34% $16,331
STOCKTON MORTGAGE CORPORATION 10 6.96% $12,505
PENNYMAC LOAN SERVICES, LLC 9 6.31% $13,144
US MORTGAGE CORPORATION 8 6.83% $16,434
SOUTHEAST MORTGAGE OF GEORGIA, INC. 7 6.39% $17,042
BANKSOUTH MORTGAGE COMPANY, LLC 6 6.81% $13,111
AMERISAVE MORTGAGE CORPORATION 6 5.79% $17,124
NEWREZ LLC 6 6.46% $13,424
Mr. Cooper ( Nationstar Mortgage ) 6 6.29% $16,064
Regions Bank 6 6.85% $9,245
RELIANCE FIRST CAPITAL, LLC 5 7.10% $10,504
INSPIRE HOME LOANS INC. 5 5.95% $10,790
Equity Prime Mortgage LLC 5 7.30% $13,775
Capital City Home Loans, LLC 4 6.56% $12,823
ACADEMY MORTGAGE CORPORATION 4 6.63% $18,045
Plains Commerce Bank 4 6.50% $14,259
Carrington Mortgage Services, LLC 4 6.34% $19,030
ACOPIA, LLC 4 7.25% $14,402
AMERICAN PACIFIC MORTGAGE CORPORATION 4 7.16% $15,798
AMERICAN FINANCIAL NETWORK, INC. 4 6.75% $14,222
GUARANTEED RATE, INC. 4 6.15% $12,048
ZILLOW HOME LOANS, LLC 3 6.25% $14,572
CARDINAL FINANCIAL 3 6.75% $15,916
FIRST COMMUNITY MORTGAGE, INC. 3 6.88% $16,919
First Federal Bank 3 6.71% $7,506
Franklin Loan Corporation 3 6.29% $15,171
GUARANTEED RATE AFFINITY, LLC 3 6.92% $15,758
Loan Simple, Inc. 3 6.21% $14,393
MILEND, INC. 3 6.71% $16,476
MORTGAGE INVESTORS GROUP, INC. 3 6.71% $10,410
Prosperity Home Mortgage, LLC 3 6.50% $10,466
United Community Bank 3 6.96% $9,163
VILLAGE CAPITAL MORTGAGE 3 6.00% $11,427
NATIONWIDE MORTGAGE BANKERS, INC. 2 6.94% $16,651
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.88% $11,910
AMERICAN FINANCING CORPORATION 2 5.94% $10,129
AMERICAN FINANCIAL RESOURCES, INC. 2 6.13% $17,364
Mortgage Research Center, LLC 2 7.12% $7,992
MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $14,055
LAKEVIEW LOAN SERVICING, LLC 2 6.50% $12,090
NFM, INC. 2 7.19% $12,400
CMG MORTGAGE, INC. 2 6.50% $16,399
PLAZA HOME MORTGAGE, INC. 2 6.94% $9,341
Century Mortgage Company DBA Century Lending Company 2 5.81% $10,429
Renasant Bank 2 7.25% $13,784
SECURITYNATIONAL MORTGAGE COMPANY 2 7.06% $13,439
SOUTHPOINT FINANCIAL SERVICES, INC. 2 5.75% $17,564
Synovus Bank 2 6.25% $13,509
T2 FINANCIAL LLC 2 6.31% $9,993
THE MORTGAGE FIRM, INC. 2 6.81% $15,573
HOMESIDE FINANCIAL, LLC 2 6.00% $23,071
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.75% $9,573
Keystone Funding, Inc. 2 6.75% $20,170
Lakeview Community Capital, LLC 2 6.75% $12,856
VERITAS FUNDING, LLC 1 6.13% $25,579
Citizens Bank 1 6.50% $8,044
TOWNE MORTGAGE COMPANY 1 7.13% $9,772
CANOPY MORTGAGE, LLC 1 6.99% $14,687
Trustmark National Bank 1 7.13% $9,750
ROYAL UNITED MORTGAGE LLC 1 6.63% $16,724
UNION HOME MORTGAGE CORP. 1 6.13% $10,501
SHELTER HOME MORTGAGE, LLC 1 5.75% $13,937
LEADERONE FINANCIAL CORPORATION 1 7.63% $14,846
First Savings Bank 1 6.75% $20,590
BECKAM FUNDING CORP. 1 6.75% $18,353
Advisors Mortgage Group, L.L.C. 1 6.25% $14,757
Mortgage Assurance Inc. 1 6.25% $12,850
South State Bank 1 6.25% $12,149
BAY EQUITY LLC 1 6.13% $16,038
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $14,223
Fifth Third Bank 1 6.13% $7,807
SWBC MORTGAGE CORPORATION 1 5.25% $16,572
Nations Lending Corporation 1 7.13% $12,661
United Fidelity Funding Corp. 1 7.25% $18,136
NBKC BANK 1 4.75% $20,255
FBC MORTGAGE, LLC 1 5.63% $17,166
GUILD MORTGAGE COMPANY 1 6.50% $10,210
PANORAMA MORTGAGE GROUP, LLC 1 7.25% $16,798
Evolve Bank & Trust 1 7.25% $5,301
DIRECT LENDERS, LLC 1 6.75% $6,806
ISERVE RESIDENTIAL LENDING, LLC 1 7.13% $16,529
TOP FLITE FINANCIAL, INC. 1 6.75% $10,890

The top Gainesville FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 84 FHA loans originated. Their average total fees are $14,797, which is $801 higher than the next largest lender, BROKER SOLUTIONS, INC..

The lowest fee Gainesville FHA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($9,678), HOMEOWNERS FINANCIAL GROUP USA, LLC ($11,850), STOCKTON MORTGAGE CORPORATION ($12,505), QUICKEN LOANS, LLC ($13,369) and MOVEMENT MORTGAGE, LLC ($13,678).

The lowest rate Gainesville FHA lenders (with over 10 loans originated) are VANDERBILT MORTGAGE AND FINANCE, INC. (5.89%), Ameris Bank (5.98%), LOANDEPOT.COM, LLC (6.02%), BROKER SOLUTIONS, INC. (6.08%) and UNITED WHOLESALE MORTGAGE, LLC (6.11%).

Gainesville FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Gainesville (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 $317,450 (5.8%) $432,480 (1.0%) 1.18 852
2018-02-01 $324,825 (4.9%) $433,052 (-0.6%) 1.18 893
2018-03-01 $335,463 (5.3%) $440,567 (1.7%) 1.18 915
2018-04-01 $349,900 (7.7%) $470,120 (7.7%) 1.19 1,018
2018-05-01 $349,900 (6.4%) $447,946 (1.8%) 1.17 1,071
2018-06-01 $352,950 (7.0%) $461,402 (7.7%) 1.18 1,072
2018-07-01 $352,746 (8.5%) $454,211 (6.5%) 1.18 1,076
2018-08-01 $355,450 (9.3%) $457,845 (6.7%) 1.19 1,066
2018-09-01 $352,463 (8.5%) $453,005 (6.7%) 1.18 1,075
2018-10-01 $339,925 (4.1%) $439,127 (3.5%) 1.15 1,224
2018-11-01 $339,975 (6.4%) $441,847 (5.0%) 1.15 1,177
2018-12-01 $337,900 (9.0%) $432,480 (2.4%) 1.17 1,164
2019-01-01 $338,475 (6.6%) $442,973 (2.4%) 1.17 1,089
2019-02-01 $347,460 (7.0%) $470,817 (8.7%) 1.17 1,063
2019-03-01 $328,471 (-2.1%) $443,095 (0.6%) 1.07 1,213
2019-04-01 $299,900 (-14.3%) $392,982 (-16.4%) 0.95 1,478
2019-05-01 $299,900 (-14.3%) $395,652 (-11.7%) 0.94 1,521
2019-06-01 $289,900 (-17.9%) $397,158 (-13.9%) 0.91 1,551
2019-07-01 $286,945 (-18.7%) $396,743 (-12.7%) 0.90 1,566
2019-08-01 $285,527 (-19.7%) $388,923 (-15.1%) 0.90 1,554
2019-09-01 $286,243 (-18.8%) $380,961 (-15.9%) 0.92 1,495
2019-10-01 $305,625 (-10.1%) $407,943 (-7.1%) 0.99 1,239
2019-11-01 $324,000 (-4.7%) $440,447 (-0.3%) 1.06 1,017
2019-12-01 $321,680 (-4.8%) $442,671 (2.4%) 1.07 978
2020-01-01 $318,308 (-6.0%) $447,870 (1.1%) 1.06 910
2020-02-01 $320,758 (-7.7%) $459,250 (-2.5%) 1.05 889
2020-03-01 $339,900 (3.5%) $470,219 (6.1%) 1.07 942
2020-04-01 $340,215 (13.4%) $472,622 (20.3%) 1.07 978
2020-05-01 $349,999 (16.7%) $488,072 (23.4%) 1.06 915
2020-06-01 $352,696 (21.7%) $494,146 (24.4%) 1.04 792
2020-07-01 $352,475 (22.8%) $501,063 (26.3%) 1.02 744
2020-08-01 $364,950 (27.8%) $516,058 (32.7%) 1.05 656
2020-09-01 $372,175 (30.0%) $544,887 (43.0%) 1.07 583
2020-10-01 $361,585 (18.3%) $524,286 (28.5%) 1.04 561
2020-11-01 $362,000 (11.7%) $543,112 (23.3%) 1.06 502
2020-12-01 $357,759 (11.2%) $553,336 (25.0%) 1.06 443
2021-01-01 $365,000 (14.7%) $576,801 (28.8%) 1.09 362
2021-02-01 $398,800 (24.3%) $615,006 (33.9%) 1.16 274
2021-03-01 $384,450 (13.1%) $618,370 (31.5%) 1.09 278
2021-04-01 $415,000 (22.0%) $672,535 (42.3%) 1.12 265
2021-05-01 $439,750 (25.6%) $671,518 (37.6%) 1.17 276
2021-06-01 $419,931 (19.1%) $693,195 (40.3%) 1.11 320
2021-07-01 $419,900 (19.1%) $705,574 (40.8%) 1.11 397
2021-08-01 $418,000 (14.5%) $657,572 (27.4%) 1.11 432
2021-09-01 $426,939 (14.7%) $627,148 (15.1%) 1.14 414
2021-10-01 $449,899 (24.4%) $630,534 (20.3%) 1.20 408
2021-11-01 $468,749 (29.5%) $636,426 (17.2%) 1.25 404
2021-12-01 $461,725 (29.1%) $640,574 (15.8%) 1.25 358
2022-01-01 $458,802 (25.7%) $629,230 (9.1%) 1.24 295
2022-02-01 $459,950 (15.3%) $614,686 (-0.1%) 1.20 306
2022-03-01 $487,032 (26.7%) $624,394 (1.0%) 1.22 318
2022-04-01 $498,225 (20.1%) $674,260 (0.3%) 1.19 341
2022-05-01 $498,690 (13.4%) $664,179 (-1.1%) 1.14 422
2022-06-01 $514,549 (22.5%) $673,073 (-2.9%) 1.15 506
2022-07-01 $501,428 (19.4%) $657,299 (-6.8%) 1.13 610
2022-08-01 $499,450 (19.5%) $620,483 (-5.6%) 1.15 661
2022-09-01 $493,030 (15.5%) $609,596 (-2.8%) 1.15 688
2022-10-01 $485,000 (7.8%) $589,735 (-6.5%) 1.14 688
2022-11-01 $476,975 (1.8%) $569,886 (-10.5%) 1.15 676
2022-12-01 $479,780 (3.9%) $586,395 (-8.5%) 1.18 610
2023-01-01 $480,100 (4.6%) $590,611 (-6.1%) 1.19 535
2023-02-01 $477,450 (3.8%) $607,458 (-1.2%) 1.15 500
2023-03-01 $473,450 (-2.8%) $610,352 (-2.3%) 1.12 501
2023-04-01 $494,557 (-0.7%) $680,554 (0.9%) 1.15 440
2023-05-01 $496,855 (-0.4%) $707,194 (6.5%) 1.13 442
2023-06-01 $496,885 (-3.4%) $699,648 (4.0%) 1.12 497
2023-07-01 $498,353 (-0.6%) $682,100 (3.8%) 1.13 501
2023-08-01 $483,440 (-3.2%) $683,150 (10.1%) 1.11 538
2023-09-01 $480,870 (-2.5%) $670,964 (10.1%) 1.12 530
2023-10-01 $486,950 (0.4%) $645,889 (9.5%) 1.15 542
2023-11-01 $486,861 (2.1%) $649,516 (14.0%) 1.16 583
2023-12-01 $494,889 (3.2%) $665,435 (13.5%) 1.21 576
2024-01-01 $511,495 (6.5%) $673,403 (14.0%) 1.25 528
2024-02-01 $522,173 (9.4%) $697,027 (14.7%) 1.26 517
2024-03-01 $539,550 (14.0%) $712,181 (16.7%) 1.27 521
2024-04-01 $547,331 (10.7%) $719,158 (5.7%) 1.27 548
2024-05-01 $548,876 (10.5%) $745,797 (5.5%) 1.24 615
2024-06-01 $549,000 (10.5%) $746,192 (6.7%) 1.23 663
2024-07-01 $542,450 (8.9%) $739,701 (8.4%) 1.24 736
2024-08-01 $515,000 (6.5%) $719,242 (5.3%) 1.20 781
2024-09-01 $502,500 (4.5%) $710,858 (6.0%) 0.00 793
Gainesville's median listing price for 2024-09-01 was $502,500, a difference of $21,630 (4.5%) versus the prior year and $-12,500 versus the prior month.

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

Gainesville's average listing price for 2024-09-01 was $710,858, a difference of $39,894 (6.0%) versus the prior year and $-8,384 versus the prior month.

For the 2024-09-01 period, Gainesville had 793 MLS listings, a difference of 12 listings (2%) versus the prior month and 263 listings (50%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Gainesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 80 days 2,575 sqft
2018-02-01 78 days 2,623 sqft
2018-03-01 60 days 2,642 sqft
2018-04-01 60 days 2,662 sqft
2018-05-01 59 days 2,675 sqft
2018-06-01 71 days 2,765 sqft
2018-07-01 77 days 2,729 sqft
2018-08-01 78 days 2,782 sqft
2018-09-01 72 days 2,780 sqft
2018-10-01 75 days 2,674 sqft
2018-11-01 79 days 2,665 sqft
2018-12-01 86 days 2,637 sqft
2019-01-01 86 days 2,665 sqft
2019-02-01 79 days 2,675 sqft
2019-03-01 76 days 2,723 sqft
2019-04-01 72 days 2,722 sqft
2019-05-01 64 days 2,718 sqft
2019-06-01 65 days 2,660 sqft
2019-07-01 74 days 2,681 sqft
2019-08-01 78 days 2,681 sqft
2019-09-01 80 days 2,656 sqft
2019-10-01 78 days 2,619 sqft
2019-11-01 78 days 2,600 sqft
2019-12-01 80 days 2,600 sqft
2020-01-01 77 days 2,570 sqft
2020-02-01 68 days 2,575 sqft
2020-03-01 56 days 2,667 sqft
2020-04-01 59 days 2,670 sqft
2020-05-01 74 days 2,675 sqft
2020-06-01 81 days 2,752 sqft
2020-07-01 67 days 2,714 sqft
2020-08-01 60 days 2,747 sqft
2020-09-01 59 days 2,766 sqft
2020-10-01 52 days 2,711 sqft
2020-11-01 55 days 2,651 sqft
2020-12-01 66 days 2,673 sqft
2021-01-01 67 days 2,692 sqft
2021-02-01 43 days 2,728 sqft
2021-03-01 38 days 2,566 sqft
2021-04-01 41 days 2,846 sqft
2021-05-01 33 days 2,830 sqft
2021-06-01 33 days 2,622 sqft
2021-07-01 31 days 2,640 sqft
2021-08-01 42 days 2,604 sqft
2021-09-01 48 days 2,618 sqft
2021-10-01 53 days 2,679 sqft
2021-11-01 51 days 2,691 sqft
2021-12-01 58 days 2,550 sqft
2022-01-01 60 days 2,500 sqft
2022-02-01 33 days 2,447 sqft
2022-03-01 36 days 2,527 sqft
2022-04-01 34 days 2,620 sqft
2022-05-01 31 days 2,534 sqft
2022-06-01 30 days 2,659 sqft
2022-07-01 35 days 2,574 sqft
2022-08-01 47 days 2,535 sqft
2022-09-01 51 days 2,507 sqft
2022-10-01 54 days 2,500 sqft
2022-11-01 65 days 2,505 sqft
2022-12-01 77 days 2,528 sqft
2023-01-01 87 days 2,566 sqft
2023-02-01 58 days 2,482 sqft
2023-03-01 44 days 2,453 sqft
2023-04-01 42 days 2,506 sqft
2023-05-01 39 days 2,562 sqft
2023-06-01 37 days 2,538 sqft
2023-07-01 44 days 2,543 sqft
2023-08-01 47 days 2,523 sqft
2023-09-01 49 days 2,470 sqft
2023-10-01 47 days 2,503 sqft
2023-11-01 51 days 2,498 sqft
2023-12-01 58 days 2,470 sqft
2024-01-01 60 days 2,556 sqft
2024-02-01 47 days 2,562 sqft
2024-03-01 45 days 2,621 sqft
2024-04-01 44 days 2,623 sqft
2024-05-01 37 days 2,648 sqft
2024-06-01 42 days 2,651 sqft
2024-07-01 44 days 2,580 sqft
2024-08-01 49 days 2,541 sqft
2024-09-01 0 days 2,504 sqft
Gainesville's median listing age (time on market) for 2024-09-01 was 0 days. This is -100% shorter than the same period one year ago.

Gainesville's median square footage for active listings during the 2024-09-01 period was 2,504 sqft. One year prior, the average listing was 2,470 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).