Rome FHA Loan Rates, Closing Costs & Stats

ROME, 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.

    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 6.76% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.55% and one month ago for the week of 2024-03-15, the average rate was 6.72%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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
    Rome's median listing price for 2024-03-01 was $274,950, a difference of $13,720 (5.3%) versus the prior year and $6,200 versus the prior month.

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

    Rome's average listing price for 2024-03-01 was $328,975, a difference of $-9,368 (-2.8%) versus the prior year and $-2,963 versus the prior month.

    For the 2024-03-01 period, Rome had 226 MLS listings, a difference of 5 listings (2%) versus the prior month and 43 listings (23%) 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 1,650 sqft
    Rome's median listing age (time on market) for 2024-03-01 was 0 days.

    Rome's median square footage for active listings during the 2024-03-01 period was 1,650 sqft. One year prior, the average listing was 1,701 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).