Gainesville FHA Loans

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 116 lenders originated 1,396 FHA loans during 2021. The total origination value was $327,010,000, with an average FHA loan value of $234,248.

Gainesville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gainesville averaged 5.38% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.29% and one month ago for the week of 2022-04-15, the average rate was 5.18%.

The average rate one year ago was 3.25%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.27%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Gainesville level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
HOMESTAR FINANCIAL CORPORATION 234 3.14% $7,128
QUICKEN LOANS, LLC 116 2.73% $7,074
BROKER SOLUTIONS, INC. 64 3.24% $9,219
DHI MORTGAGE COMPANY, LTD. 59 2.83% $7,897
PENNYMAC LOAN SERVICES, LLC 45 3.10% $4,641
Ameris Bank 36 2.84% $7,930
US MORTGAGE CORPORATION 35 3.31% $9,564
FREEDOM MORTGAGE CORPORATION 34 2.96% $5,356
LAKEVIEW LOAN SERVICING, LLC 29 2.99% $4,889
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 3.26% $8,088
VANDERBILT MORTGAGE AND FINANCE, INC. 29 3.01% $9,221
UNITED WHOLESALE MORTGAGE, LLC 26 2.74% $9,107
Mr. Cooper ( Nationstar Mortgage ) 25 3.46% $3,878
Paramount Residential Mortgage Group, Inc. 22 3.41% $8,974
NEWREZ LLC 22 3.05% $5,829
First Option Mortgage, LLC 18 3.27% $8,469
SOUTHEAST MORTGAGE OF GEORGIA, INC. 17 3.24% $10,274
HOMEBRIDGE FINANCIAL SERVICES, INC. 17 3.01% $8,996
CROSSCOUNTRY MORTGAGE, LLC 15 3.14% $10,472
EVERETT FINANCIAL, INC. 14 3.72% $8,081
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 14 3.11% $8,829
HOME POINT FINANCIAL CORPORATION 13 2.53% $10,348
Prosperity Home Mortgage, LLC 12 3.50% $8,851
AmeriHome Mortgage Company, LLC 12 2.94% $4,526
AMERICAN FINANCIAL NETWORK, INC. 11 3.23% $11,596
EAGLE HOME MORTGAGE, LLC 11 3.25% $10,099
VILLAGE CAPITAL & INVESTMENT LLC 11 2.83% $2,183
MOVEMENT MORTGAGE, LLC 11 3.24% $7,459
LENDUS, LLC 11 3.32% $10,006
CALIBER HOME LOANS, INC. 10 2.76% $5,047
Lakeview Community Capital, LLC 9 3.12% $4,851
ACOPIA, LLC 9 3.11% $9,219
THE MORTGAGE FIRM, INC. 9 3.28% $8,713
South State Bank 9 2.71% $7,236
LOANDEPOT.COM, LLC 9 3.39% $9,480
GUILD MORTGAGE COMPANY 8 2.98% $9,305
AMERISAVE MORTGAGE CORPORATION 8 3.23% $8,219
PLANET HOME LENDING, LLC 7 2.82% $4,540
HOMEOWNERS FINANCIAL GROUP USA, LLC 7 3.36% $8,738
Equity Prime Mortgage LLC 7 3.02% $8,591
GUARANTEED RATE, INC. 7 2.82% $7,730
DAS Acquisition Company, LLC 6 2.77% $8,241
Carrington Mortgage Services, LLC 6 3.48% $7,507
Truist Bank 5 3.16% $7,025
KELLER MORTGAGE, LLC 5 2.93% $6,345
GUARANTY MORTGAGE SERVICES, L.L.C. 5 3.73% $11,598
BANKSOUTH MORTGAGE COMPANY, LLC 5 2.78% $7,944
First Home Bank 5 3.13% $8,642
InterContinental Capital Group, Inc 4 3.16% $8,342
Amerifirst Financial, Inc. 4 3.28% $6,515
Capital City Home Loans, LLC 4 2.75% $8,450
INSPIRE HOME LOANS INC. 4 3.09% $10,267
NATIONWIDE MORTGAGE BANKERS, INC. 4 3.13% $10,667
Regions Bank 4 3.03% $8,278
SHELTER HOME MORTGAGE, LLC 3 3.00% $9,478
First Guaranty Mortgage Corporation 3 2.96% $4,980
FIRST COMMUNITY MORTGAGE, INC. 3 3.63% $8,082
First Federal Bank 3 2.88% $6,655
Renasant Bank 3 3.25% $8,735
GENEVA FINANCIAL, LLC 3 3.58% $7,704
MILEND, INC. 3 2.58% $9,073
SWBC MORTGAGE CORPORATION 2 2.81% $6,100
HOMESPIRE MORTGAGE CORPORATION 2 3.13% $8,718
ISERVE RESIDENTIAL LENDING, LLC 2 3.75% $9,819
Flagstar Bank, FSB 2 3.00% $8,705
LOANLEADERS OF AMERICA, INC. 2 2.69% $8,898
FBC MORTGAGE, LLC 2 3.31% $7,012
Nations Lending Corporation 2 2.94% $7,091
Commerce Home Mortgage, Inc. 2 2.75% $4,983
Citizens Bank 2 2.94% $8,198
Peoples Bank 2 3.56% $8,717
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.38% $9,401
BAY EQUITY LLC 2 2.75% $9,401
ZILLOW HOME LOANS, LLC 2 2.75% $8,201
S1L, Inc. 2 3.12% $9,876
SECURITYNATIONAL MORTGAGE COMPANY 2 3.19% $8,045
STOCKTON MORTGAGE CORPORATION 2 3.63% $7,797
HOMESIDE FINANCIAL, LLC 2 2.88% $7,893
Synovus Bank 2 2.63% $9,879
The Federal Savings Bank 2 2.44% $11,910
Bank of America 2 3.00% $6,796
GUARANTEED RATE AFFINITY, LLC 2 2.81% $8,384
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.00% $9,757
GUARANTY HOME MORTGAGE CORPORATION 1 2.63% $6,005
CERTAINTY HOME LOANS, LLC 1 3.25% $7,335
PREMIA MORTGAGE, LLC 1 3.13% $6,803
The Union Bank Company 1 2.63% $6,566
BAYSHORE MORTGAGE FUNDING, LLC 1 2.38% $5,012
TJC Mortgage, Inc. 1 2.63% $8,763
ANGEL OAK HOME LOANS LLC 1 2.63% $7,031
ACADEMY MORTGAGE CORPORATION 1 2.63% $7,243
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.25% $9,208
UNION HOME MORTGAGE CORP. 1 2.25% $9,274
Union Savings Bank 1 2.63% $6,851
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,259
Sierra Pacific Mortgage Company, Inc. 1 2.88% $5,452
Barrington Bank & Trust Company, N.A. 1 3.25% $6,928
Bank of England 1 3.25% $10,383
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $7,843
LEADERONE FINANCIAL CORPORATION 1 4.25% $9,614
LAND HOME FINANCIAL SERVICES, INC. 1 3.75% $14,372
STEARNS LENDING, LLC 1 2.75% $11,923
Magnolia Bank 1 3.25% $11,957
MID AMERICA MORTGAGE, INC. 1 3.13% $1,449
FLAT BRANCH MORTGAGE, INC. 1 3.13% $8,986
FirstBank 1 3.38% $4,844
UNITED SECURITY FINANCIAL CORP 1 2.99% $6,140
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $7,478
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $16,015
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $12,245
NATIONS RELIABLE LENDING, LLC 1 2.75% $10,301
Alcova Mortgage LLC 1 3.25% $8,114
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 3.25% $5,373
Northpointe Bank 1 3.25% $9,263
ON Q FINANCIAL, INC. 1 4.50% $11,891
CMG MORTGAGE, INC. 1 3.38% $8,812

The top Gainesville FHA lender as defined by loan originations is HOMESTAR FINANCIAL CORPORATION, with 234 FHA loans originated. Their average total fees are $7,128, which is $55 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Gainesville FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,183), Mr. Cooper ( Nationstar Mortgage ) ($3,878), AmeriHome Mortgage Company, LLC ($4,526), PENNYMAC LOAN SERVICES, LLC ($4,641) and LAKEVIEW LOAN SERVICING, LLC ($4,889).

The lowest rate Gainesville FHA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.53%), QUICKEN LOANS, LLC (2.73%), UNITED WHOLESALE MORTGAGE, LLC (2.74%), CALIBER HOME LOANS, INC. (2.76%) and DHI MORTGAGE COMPANY, LTD. (2.83%).

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

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).