Rome FHA Loan Rates, Closing Costs & Stats

ROME, 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.

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 6.55% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.89% and one month ago for the week of 2024-04-12, the average rate was 6.55%.

The average rate one year ago was 6.41%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.95%.

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rome (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 $179,700 (15.5%) $243,993 (5.7%) 0.00 320
2018-02-01 $170,575 (12.9%) $229,231 (5.2%) 0.00 326
2018-03-01 $175,000 (16.7%) $233,905 (5.9%) 0.00 339
2018-04-01 $179,900 (13.9%) $249,023 (8.9%) 0.00 362
2018-05-01 $189,500 (18.5%) $260,546 (11.6%) 0.00 353
2018-06-01 $199,000 (18.5%) $268,334 (13.5%) 0.00 353
2018-07-01 $192,350 (16.7%) $264,456 (13.6%) 0.00 381
2018-08-01 $177,400 (4.4%) $255,653 (7.2%) 0.00 427
2018-09-01 $174,950 (3.0%) $264,159 (11.8%) 0.00 402
2018-10-01 $159,683 (-8.7%) $240,117 (-1.9%) 0.00 447
2018-11-01 $164,900 (-5.8%) $242,640 (0.0%) 0.00 459
2018-12-01 $160,000 (-8.5%) $244,447 (1.8%) 0.00 440
2019-01-01 $158,563 (-11.8%) $246,323 (1.0%) 0.00 399
2019-02-01 $169,900 (-0.4%) $274,795 (19.9%) 0.00 385
2019-03-01 $175,614 (0.4%) $281,539 (20.4%) 0.00 376
2019-04-01 $171,264 (-4.8%) $277,041 (11.3%) 0.00 405
2019-05-01 $187,425 (-1.1%) $290,157 (11.4%) 0.00 416
2019-06-01 $189,900 (-4.6%) $275,752 (2.8%) 0.00 431
2019-07-01 $195,279 (1.5%) $277,182 (4.8%) 0.00 443
2019-08-01 $207,950 (17.2%) $279,353 (9.3%) 0.00 433
2019-09-01 $209,075 (19.5%) $278,034 (5.3%) 0.00 413
2019-10-01 $217,325 (36.1%) $286,841 (19.5%) 0.00 382
2019-11-01 $219,900 (33.4%) $290,946 (19.9%) 0.00 344
2019-12-01 $219,900 (37.4%) $287,387 (17.6%) 0.00 348
2020-01-01 $219,675 (38.5%) $283,184 (15.0%) 0.00 308
2020-02-01 $232,500 (36.9%) $289,491 (5.4%) 0.00 317
2020-03-01 $230,750 (31.4%) $284,290 (1.0%) 0.00 307
2020-04-01 $222,200 (29.7%) $288,409 (4.1%) 0.00 307
2020-05-01 $239,900 (28.0%) $307,120 (5.9%) 0.00 286
2020-06-01 $248,200 (30.7%) $312,405 (13.3%) 0.00 254
2020-07-01 $245,925 (25.9%) $318,620 (15.0%) 0.00 229
2020-08-01 $246,950 (18.8%) $334,284 (19.7%) 0.00 219
2020-09-01 $234,950 (12.4%) $307,416 (10.6%) 0.00 221
2020-10-01 $219,950 (1.2%) $288,505 (0.6%) 0.00 218
2020-11-01 $220,000 (0.1%) $287,644 (-1.1%) 0.00 207
2020-12-01 $231,200 (5.1%) $299,369 (4.2%) 0.00 194
2021-01-01 $231,200 (5.3%) $319,735 (12.9%) 0.00 162
2021-02-01 $237,000 (1.9%) $341,119 (17.8%) 0.00 148
2021-03-01 $245,875 (6.6%) $342,749 (20.6%) 0.00 133
2021-04-01 $240,425 (8.2%) $339,622 (17.8%) 0.00 119
2021-05-01 $249,450 (4.0%) $370,879 (20.8%) 0.00 121
2021-06-01 $244,631 (-1.4%) $359,343 (15.0%) 0.00 158
2021-07-01 $234,900 (-4.5%) $344,706 (8.2%) 0.00 172
2021-08-01 $217,400 (-12.0%) $319,712 (-4.4%) 0.00 184
2021-09-01 $212,175 (-9.7%) $321,896 (4.7%) 0.00 165
2021-10-01 $210,000 (-4.5%) $319,739 (10.8%) 0.00 163
2021-11-01 $200,000 (-9.1%) $333,201 (15.8%) 0.00 155
2021-12-01 $226,200 (-2.2%) $339,259 (13.3%) 0.00 141
2022-01-01 $234,900 (1.6%) $369,939 (15.7%) 0.00 109
2022-02-01 $244,675 (3.2%) $381,733 (11.9%) 0.00 114
2022-03-01 $241,750 (-1.7%) $361,541 (5.5%) 0.00 138
2022-04-01 $249,000 (3.6%) $353,260 (4.0%) 0.00 141
2022-05-01 $247,528 (-0.8%) $337,838 (-8.9%) 0.00 168
2022-06-01 $250,000 (2.2%) $373,231 (3.9%) 0.00 170
2022-07-01 $257,900 (9.8%) $366,431 (6.3%) 0.00 195
2022-08-01 $251,200 (15.6%) $364,409 (14.0%) 0.00 191
2022-09-01 $259,450 (22.3%) $370,306 (15.0%) 0.00 189
2022-10-01 $243,750 (16.1%) $339,233 (6.1%) 0.00 210
2022-11-01 $239,500 (19.8%) $344,146 (3.3%) 0.00 219
2022-12-01 $242,475 (7.2%) $342,854 (1.1%) 0.00 200
2023-01-01 $244,912 (4.3%) $330,321 (-10.7%) 0.00 195
2023-02-01 $247,100 (1.0%) $320,176 (-16.1%) 0.00 200
2023-03-01 $261,230 (8.1%) $338,343 (-6.4%) 0.00 183
2023-04-01 $265,450 (6.6%) $334,318 (-5.4%) 0.00 166
2023-05-01 $285,000 (15.1%) $345,872 (2.4%) 0.00 156
2023-06-01 $280,000 (12.0%) $340,470 (-8.8%) 0.00 152
2023-07-01 $289,000 (12.1%) $360,199 (-1.7%) 0.00 159
2023-08-01 $286,750 (14.2%) $357,529 (-1.9%) 0.00 164
2023-09-01 $285,000 (9.9%) $355,756 (-3.9%) 0.00 174
2023-10-01 $288,200 (18.2%) $350,573 (3.3%) 0.00 215
2023-11-01 $284,900 (19.0%) $348,137 (1.2%) 0.00 227
2023-12-01 $289,900 (19.6%) $345,898 (0.9%) 0.00 225
2024-01-01 $275,000 (12.3%) $345,980 (4.7%) 0.00 209
2024-02-01 $268,750 (8.8%) $331,938 (3.7%) 0.00 221
2024-03-01 $274,950 (5.3%) $328,975 (-2.8%) 0.00 226
2024-04-01 $292,575 (10.2%) $344,386 (3.0%) 0.00 236
Rome's median listing price for 2024-04-01 was $292,575, a difference of $27,125 (10.2%) versus the prior year and $17,625 versus the prior month.

Rome's median listing price comes in at 0% of the national average.

Rome's average listing price for 2024-04-01 was $344,386, a difference of $10,068 (3.0%) versus the prior year and $15,411 versus the prior month.

For the 2024-04-01 period, Rome had 236 MLS listings, a difference of 10 listings (4%) versus the prior month and 70 listings (42%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rome (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,002 sqft
2018-02-01 0 days 1,816 sqft
2018-03-01 0 days 1,833 sqft
2018-04-01 0 days 1,907 sqft
2018-05-01 0 days 1,926 sqft
2018-06-01 0 days 1,938 sqft
2018-07-01 0 days 1,869 sqft
2018-08-01 0 days 1,820 sqft
2018-09-01 0 days 1,817 sqft
2018-10-01 0 days 1,877 sqft
2018-11-01 0 days 1,876 sqft
2018-12-01 0 days 1,872 sqft
2019-01-01 0 days 1,873 sqft
2019-02-01 0 days 1,854 sqft
2019-03-01 0 days 1,897 sqft
2019-04-01 0 days 1,914 sqft
2019-05-01 0 days 2,025 sqft
2019-06-01 0 days 2,156 sqft
2019-07-01 0 days 2,129 sqft
2019-08-01 0 days 2,079 sqft
2019-09-01 0 days 2,034 sqft
2019-10-01 0 days 2,011 sqft
2019-11-01 0 days 2,047 sqft
2019-12-01 0 days 1,958 sqft
2020-01-01 0 days 2,013 sqft
2020-02-01 0 days 2,026 sqft
2020-03-01 0 days 1,987 sqft
2020-04-01 0 days 1,974 sqft
2020-05-01 0 days 2,187 sqft
2020-06-01 0 days 2,242 sqft
2020-07-01 0 days 2,143 sqft
2020-08-01 0 days 2,081 sqft
2020-09-01 0 days 1,922 sqft
2020-10-01 0 days 1,837 sqft
2020-11-01 0 days 1,851 sqft
2020-12-01 0 days 1,820 sqft
2021-01-01 0 days 1,844 sqft
2021-02-01 0 days 1,840 sqft
2021-03-01 0 days 1,901 sqft
2021-04-01 0 days 1,878 sqft
2021-05-01 0 days 2,033 sqft
2021-06-01 0 days 1,860 sqft
2021-07-01 0 days 1,925 sqft
2021-08-01 0 days 1,748 sqft
2021-09-01 0 days 1,677 sqft
2021-10-01 0 days 1,670 sqft
2021-11-01 0 days 1,553 sqft
2021-12-01 0 days 1,627 sqft
2022-01-01 0 days 1,637 sqft
2022-02-01 0 days 1,744 sqft
2022-03-01 0 days 1,631 sqft
2022-04-01 0 days 1,800 sqft
2022-05-01 0 days 1,690 sqft
2022-06-01 0 days 1,871 sqft
2022-07-01 0 days 1,800 sqft
2022-08-01 0 days 1,752 sqft
2022-09-01 0 days 1,758 sqft
2022-10-01 0 days 1,733 sqft
2022-11-01 0 days 1,694 sqft
2022-12-01 0 days 1,659 sqft
2023-01-01 0 days 1,616 sqft
2023-02-01 0 days 1,638 sqft
2023-03-01 0 days 1,701 sqft
2023-04-01 0 days 1,686 sqft
2023-05-01 0 days 1,840 sqft
2023-06-01 0 days 1,850 sqft
2023-07-01 0 days 1,850 sqft
2023-08-01 0 days 1,894 sqft
2023-09-01 0 days 1,846 sqft
2023-10-01 0 days 1,807 sqft
2023-11-01 0 days 1,721 sqft
2023-12-01 0 days 1,778 sqft
2024-01-01 0 days 1,750 sqft
2024-02-01 0 days 1,660 sqft
2024-03-01 0 days 1,640 sqft
2024-04-01 0 days 1,772 sqft
Rome's median listing age (time on market) for 2024-04-01 was 0 days.

Rome's median square footage for active listings during the 2024-04-01 period was 1,772 sqft. One year prior, the average listing was 1,686 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).