Gainesville FHA Loans

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 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).