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 102 lenders originated 831 FHA loans during 2022. The total origination value was $265,155,000, with an average FHA loan value of $319,079.

Gainesville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gainesville averaged 6.54% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Gainesville's average FHA mortgage closing costs are $7,746.

The average rate for the prior week (2024-02-23) was 6.53% and one month ago for the week of 2024-01-26, the average rate was 5.92%.

The average rate one year ago was 6.35%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.37%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
HOMESTAR FINANCIAL CORPORATION 126 4.87% $9,501
QUICKEN LOANS, LLC 59 4.37% $12,169
BROKER SOLUTIONS, INC. 52 5.24% $13,085
UNITED WHOLESALE MORTGAGE, LLC 42 5.01% $11,519
Ameris Bank 39 5.03% $14,611
DHI MORTGAGE COMPANY, LTD. 31 4.10% $12,304
First Option Mortgage, LLC 30 5.43% $12,727
EVERETT FINANCIAL, INC. 28 5.25% $8,121
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 5.19% $11,465
FREEDOM MORTGAGE CORPORATION 17 5.04% $11,093
MOVEMENT MORTGAGE, LLC 16 5.01% $12,791
VANDERBILT MORTGAGE AND FINANCE, INC. 16 4.87% $13,840
PENNYMAC LOAN SERVICES, LLC 15 4.26% $11,979
LOANDEPOT.COM, LLC 14 4.65% $11,576
Equity Prime Mortgage LLC 13 4.94% $13,398
Mr. Cooper ( Nationstar Mortgage ) 13 5.04% $10,481
CALIBER HOME LOANS, INC. 13 4.59% $10,774
US MORTGAGE CORPORATION 12 5.09% $12,395
SOUTHEAST MORTGAGE OF GEORGIA, INC. 11 4.70% $12,059
Paramount Residential Mortgage Group, Inc. 9 5.54% $13,562
CROSSCOUNTRY MORTGAGE, LLC 9 5.86% $14,927
THE MORTGAGE FIRM, INC. 8 4.56% $10,606
HOMEOWNERS FINANCIAL GROUP USA, LLC 8 6.11% $14,066
LAKEVIEW LOAN SERVICING, LLC 8 3.89% $9,568
Capital City Home Loans, LLC 7 5.34% $11,716
NEWREZ LLC 7 5.46% $10,654
STOCKTON MORTGAGE CORPORATION 7 5.70% $10,794
CARDINAL FINANCIAL 6 4.29% $10,842
Carrington Mortgage Services, LLC 5 5.33% $11,451
AMERISAVE MORTGAGE CORPORATION 5 4.13% $10,882
Regions Bank 5 5.60% $8,810
GUARANTEED RATE, INC. 4 5.25% $10,733
ACOPIA, LLC 4 5.59% $13,298
HOMESIDE FINANCIAL, LLC 4 5.31% $12,131
VILLAGE CAPITAL MORTGAGE 4 4.72% $9,493
MILEND, INC. 3 4.46% $10,310
AmeriHome Mortgage Company, LLC 3 4.21% $8,649
GENEVA FINANCIAL, LLC 3 5.17% $17,071
Bank of America 3 4.08% $7,379
BANKSOUTH MORTGAGE COMPANY, LLC 3 5.21% $10,918
PLANET HOME LENDING, LLC 3 4.00% $8,595
Amerifirst Financial, Inc. 3 5.46% $4,621
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 5.08% $13,255
HOME POINT FINANCIAL CORPORATION 3 4.50% $9,842
DAS Acquisition Company, LLC 3 6.00% $12,048
Truist 3 3.96% $11,585
NATIONWIDE MORTGAGE BANKERS, INC. 3 6.21% $11,083
ZILLOW HOME LOANS, LLC 3 4.42% $8,925
MORTGAGE INVESTORS GROUP, INC. 3 5.13% $10,843
JPMorgan Chase Bank 2 5.56% $8,760
AMERICAN FINANCIAL RESOURCES, INC. 2 4.81% $7,823
AMERICAN FINANCING CORPORATION 2 4.50% $10,062
Barrington Bank & Trust Company, N.A. 2 5.00% $9,719
BAYSHORE MORTGAGE FUNDING, LLC 2 5.31% $13,941
CALCON MUTUAL MORTGAGE LLC 2 4.94% $10,557
Citizens Bank 2 4.88% $9,933
FIRST COMMUNITY MORTGAGE, INC. 2 5.63% $8,221
First Guaranty Mortgage Corporation 2 4.13% $12,890
GMFS LLC 2 4.25% $8,739
GUARANTEED RATE AFFINITY, LLC 2 4.69% $9,741
Lakeview Community Capital, LLC 2 5.69% $14,278
LOANPAL, LLC 2 4.50% $11,306
Nations Lending Corporation 2 4.38% $12,612
PANORAMA MORTGAGE GROUP, LLC 2 5.43% $15,138
S1L, Inc. 2 5.31% $13,110
Synovus Bank 2 5.38% $11,316
TJC Mortgage, Inc. 2 6.69% $10,004
TOP FLITE FINANCIAL, INC. 2 4.69% $15,720
OCEANSIDE MORTGAGE COMPANY 1 3.99% $6,828
ON Q FINANCIAL, INC. 1 6.25% $10,285
Century Mortgage Company DBA Century Lending Company 1 3.75% $7,709
ISERVE RESIDENTIAL LENDING, LLC 1 3.75% $18,860
GUILD MORTGAGE COMPANY 1 5.13% $15,260
GUARANTY MORTGAGE SERVICES, L.L.C. 1 5.13% $15,784
PLAZA HOME MORTGAGE, INC. 1 6.63% $14,427
Prosperity Home Mortgage, LLC 1 4.38% $9,213
First Home Bank 1 5.50% $12,388
RADIUS FINANCIAL GROUP INC. 1 3.88% $4,727
First Federal Bank 1 5.00% $6,934
RELIANCE FIRST CAPITAL, LLC 1 4.00% $7,043
Renasant Bank 1 5.25% $10,068
VICTORY MORTGAGE, L.L.C. 1 3.50% $9,513
SECURITYNATIONAL MORTGAGE COMPANY 1 4.00% $7,144
FirstBank 1 5.00% $10,990
South State Bank 1 4.25% $13,110
EMBRACE HOME LOANS, INC. 1 3.25% $12,735
SUCCESS MORTGAGE PARTNERS, INC. 1 3.75% $7,557
SUMMIT FUNDING, INC. 1 5.25% $10,123
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.75% $10,952
T2 FINANCIAL LLC 1 6.75% $25,189
The Federal Savings Bank 1 4.75% $10,835
EAGLE HOME MORTGAGE, LLC 1 4.75% $12,119
Wyndham Capital Mortgage, Inc. 1 4.88% $10,522
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.75% $8,692
DATA MORTGAGE, INC. 1 5.63% $10,549
CityWorth Mortgage LLC 1 5.63% $11,345
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $14,356
NATIONS DIRECT MORTGAGE, LLC 1 5.13% $14,409
CHURCHILL MORTGAGE CORPORATION 1 5.75% $9,490
Mortgage Research Center, LLC 1 3.50% $5,058
MID AMERICA MORTGAGE, INC. 1 6.63% $10,017
NFM, INC. 1 5.63% $7,403

The top Gainesville FHA lender as defined by loan originations is HOMESTAR FINANCIAL CORPORATION, with 126 FHA loans originated. Their average total fees are $9,501, which is $2,668 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Gainesville FHA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($8,121), HOMESTAR FINANCIAL CORPORATION ($9,501), Mr. Cooper ( Nationstar Mortgage ) ($10,481), CALIBER HOME LOANS, INC. ($10,774) and FREEDOM MORTGAGE CORPORATION ($11,093).

The lowest rate Gainesville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.10%), PENNYMAC LOAN SERVICES, LLC (4.26%), QUICKEN LOANS, LLC (4.37%), CALIBER HOME LOANS, INC. (4.59%) and LOANDEPOT.COM, LLC (4.65%).

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
Gainesville's median listing price for 2024-01-01 was $511,495, a difference of $31,395 (6.5%) versus the prior year and $16,606 versus the prior month.

Gainesville's median listing price comes in at 125% of the national average.

Gainesville's average listing price for 2024-01-01 was $673,403, a difference of $82,792 (14.0%) versus the prior year and $7,968 versus the prior month.

For the 2024-01-01 period, Gainesville had 528 MLS listings, a difference of -48 listings (-8%) versus the prior month and -7 listings (-1%) 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 2,675 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 2,715 sqft
2020-08-01 60 days 2,748 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 2,548 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
Gainesville's median listing age (time on market) for 2024-01-01 was 60 days. This is -31% shorter than the same period one year ago.

Gainesville's median square footage for active listings during the 2024-01-01 period was 2,556 sqft. One year prior, the average listing was 2,566 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).