Gainesville FHA Loan Rates, Closing Costs & Stats

GAINESVILLE, 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.

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

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

    The average rate for the prior week (2024-11-01) was 6.53% and one month ago for the week of 2024-10-04, the average rate was 5.85%.

    The average rate one year ago was 7.2%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.55%.

    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

    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).