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
6.43%
for the week of 2024-11-08, compared to the national average (all FHA variants) of
6.425% for the same period.
Rome's average FHA mortgage closing costs are $6,805.
The average rate for the prior week (2024-11-01) was
6.3% and
one month ago for the week of 2024-10-04, the
average rate was 6.12%.
The average rate one year ago was 7.47%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.83%.
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.
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. LouisDate | 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 |
2024-05-01 | $296,000 (3.9%) | $354,986 (2.6%) | 0.00 | 251 |
2024-06-01 | $292,388 (4.4%) | $354,340 (4.1%) | 0.00 | 277 |
2024-07-01 | $294,605 (1.9%) | $364,411 (1.2%) | 0.00 | 282 |
2024-08-01 | $282,950 (-1.3%) | $361,917 (1.2%) | 0.00 | 310 |
2024-09-01 | $279,550 (-1.9%) | $359,471 (1.0%) | 0.00 | 340 |
2024-10-01 | $279,925 (-2.9%) | $355,894 (1.5%) | 0.00 | 343 |
Rome's median listing price comes in at 0% of the national average.
Rome's average listing price for 2024-10-01 was $355,894, a difference of $5,321 (1.5%) versus the prior year and $-3,577 versus the prior month.
For the 2024-10-01 period, Rome had 343 MLS listings, a difference of 3 listings (1%) versus the prior month and 128 listings (60%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Rome (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-05-01 | 0 days | 1,708 sqft |
2024-06-01 | 0 days | 1,737 sqft |
2024-07-01 | 0 days | 1,724 sqft |
2024-08-01 | 0 days | 1,666 sqft |
2024-09-01 | 0 days | 1,660 sqft |
2024-10-01 | 0 days | 1,694 sqft |
Rome's median square footage for active listings during the 2024-10-01 period was 1,694 sqft. One year prior, the average listing was 1,807 sqft.