Rome FHA Loan Rates, Closing Costs & Stats

ROME, GA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Rome's 78 lenders originated 445 FHA loans during 2023. The total origination value was $93,445,000, with an average FHA loan value of $209,989.

    Rome FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rome averaged 6.59% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Rome's average FHA mortgage closing costs are $6,805.

    The average rate for the prior week (2024-07-12) was 6.85% and one month ago for the week of 2024-06-14, the average rate was 6.7%.

    The average rate one year ago was 6.79%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.1%.

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

    Rome 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 Rome level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESTAR FINANCIAL CORPORATION 46 6.57% $6,914
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.99% $9,542
    UNITED WHOLESALE MORTGAGE, LLC 29 6.26% $11,240
    FirstBank 26 6.50% $9,896
    QUICKEN LOANS, LLC 25 6.31% $9,818
    Synovus Bank 20 5.94% $12,996
    SWBC MORTGAGE CORPORATION 16 6.33% $6,336
    CROSSCOUNTRY MORTGAGE, LLC 14 6.62% $11,674
    BANKSOUTH MORTGAGE COMPANY, LLC 12 6.44% $12,526
    Ameris Bank 10 6.28% $8,924
    GUARANTEED RATE, INC. 9 6.20% $8,668
    VANDERBILT MORTGAGE AND FINANCE, INC. 9 6.63% $8,486
    Mr. Cooper ( Nationstar Mortgage ) 9 6.31% $11,886
    MOVEMENT MORTGAGE, LLC 9 6.85% $11,746
    United Community Bank 7 6.30% $9,411
    EVERETT FINANCIAL, INC. 7 7.13% $8,487
    MEMBER FIRST MORTGAGE, LLC 6 6.52% $8,059
    PENNYMAC LOAN SERVICES, LLC 6 5.91% $12,349
    STOCKTON MORTGAGE CORPORATION 6 6.33% $9,954
    BROKER SOLUTIONS, INC. 5 6.44% $9,452
    Renasant Bank 5 7.08% $8,574
    CARDINAL FINANCIAL 5 6.68% $11,986
    Mortgage Research Center, LLC 4 6.72% $7,603
    MILEND, INC. 4 6.44% $10,947
    Equity Prime Mortgage LLC 4 7.34% $10,118
    Wells Fargo Bank 3 6.21% $10,247
    PLANET HOME LENDING, LLC 3 5.71% $7,071
    Carrington Mortgage Services, LLC 3 6.25% $9,084
    FREEDOM MORTGAGE CORPORATION 3 6.63% $8,424
    Century Mortgage Company DBA Century Lending Company 3 6.50% $8,713
    LOANDEPOT.COM, LLC 3 5.71% $12,698
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 7.25% $6,863
    MID AMERICA MORTGAGE, INC. 2 7.69% $5,403
    Prosperity Home Mortgage, LLC 2 6.38% $7,739
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.63% $11,598
    CANOPY MORTGAGE, LLC 2 7.06% $12,318
    ISERVE RESIDENTIAL LENDING, LLC 2 6.88% $13,016
    AMERICAN FINANCIAL NETWORK, INC. 2 7.50% $11,441
    Colony Bank 2 6.87% $6,616
    Cornerstone First Mortgage, Inc 2 8.19% $12,370
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.88% $7,996
    Nations Lending Corporation 2 6.25% $9,561
    SUMMIT FUNDING, INC. 2 6.50% $11,748
    ZILLOW HOME LOANS, LLC 1 6.75% $7,061
    Alcova Mortgage LLC 1 7.38% $13,605
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $9,690
    AMERICAN FINANCING CORPORATION 1 5.88% $11,128
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $9,702
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $7,707
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $11,807
    Bank of England 1 6.63% $8,037
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,450
    Citizens Bank 1 7.63% $15,562
    CRESCENT MORTGAGE COMPANY 1 6.00% $10,385
    DELMAR FINANCIAL COMPANY 1 6.00% $13,650
    DIRECT LENDERS, LLC 1 7.13% $6,867
    EMM LOANS LLC 1 5.88% $16,044
    FBC MORTGAGE, LLC 1 5.75% $14,462
    Flagstar Bank, FSB 1 7.13% $6,865
    GMFS LLC 1 6.25% $4,060
    JPMorgan Chase Bank 1 6.00% $7,304
    Lakeview Community Capital, LLC 1 6.25% $11,157
    LEADERONE FINANCIAL CORPORATION 1 6.13% $10,970
    LOANPAL, LLC 1 6.88% $7,370
    NEWREZ LLC 1 6.63% $5,702
    Paramount Residential Mortgage Group, Inc. 1 7.63% $16,449
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.25% $7,477
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.00% $9,941
    Regions Bank 1 5.75% $5,869
    RELIANCE FIRST CAPITAL, LLC 1 6.75% $14,798
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $6,978
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.50% $10,054
    The Freedom Bank of Virginia 1 5.63% $15,162
    TJC Mortgage, Inc. 1 7.50% $10,469
    TOTAL MORTGAGE SERVICES, LLC 1 5.75% $8,316
    Truist 1 6.50% $5,988
    Wolfe Financial, Inc 1 7.63% $13,000
    ACOPIA, LLC 1 7.75% $9,391

    The top Rome FHA lender as defined by loan originations is HOMESTAR FINANCIAL CORPORATION, with 46 FHA loans originated. Their average total fees are $6,914, which is $2,628 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Rome FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($6,336), HOMESTAR FINANCIAL CORPORATION ($6,914), Ameris Bank ($8,924), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,542) and QUICKEN LOANS, LLC ($9,818).

    The lowest rate Rome FHA lenders (with over 10 loans originated) are Synovus Bank (5.94%), UNITED WHOLESALE MORTGAGE, LLC (6.26%), Ameris Bank (6.28%), QUICKEN LOANS, LLC (6.31%) and SWBC MORTGAGE CORPORATION (6.33%).

    Rome FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ROME, GA FLOYD 2022 $420,680 $538,650 $651,050 $809,150
    ROME, GA FLOYD 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).