Savannah FHA Loans

SAVANNAH, 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.

Savannah's 149 lenders originated 2,405 FHA loans during 2021. The total origination value was $562,045,000, with an average FHA loan value of $233,699.

Savannah FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Savannah averaged 5.94% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 5.95% and one month ago for the week of 2022-08-19, the average rate was 5.46%.

The average rate one year ago was 2.91%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.58%.

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

Savannah 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 Savannah level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 227 2.75% $5,880
BROKER SOLUTIONS, INC. 173 3.31% $8,459
GUILD MORTGAGE COMPANY 130 3.16% $8,457
BANKSOUTH MORTGAGE COMPANY, LLC 121 2.74% $8,404
MOVEMENT MORTGAGE, LLC 90 3.26% $7,676
DHI MORTGAGE COMPANY, LTD. 72 2.81% $7,078
PENNYMAC LOAN SERVICES, LLC 71 3.01% $4,858
LAKEVIEW LOAN SERVICING, LLC 66 3.08% $4,365
LOANDEPOT.COM, LLC 64 3.23% $9,141
CERTAINTY HOME LOANS, LLC 59 2.91% $7,432
HOMESTAR FINANCIAL CORPORATION 55 2.95% $6,401
SOUTHPOINT FINANCIAL SERVICES, INC. 55 3.44% $8,350
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 52 3.17% $9,626
FREEDOM MORTGAGE CORPORATION 45 2.94% $4,339
ANGEL OAK HOME LOANS LLC 43 3.05% $8,288
Carrington Mortgage Services, LLC 36 3.40% $8,499
Mr. Cooper ( Nationstar Mortgage ) 35 3.37% $3,982
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 34 3.08% $6,712
DRAPER AND KRAMER MORTGAGE CORP. 31 2.89% $7,660
Mortgage Research Center, LLC 28 2.84% $5,986
Renasant Bank 24 2.93% $7,260
STOCKTON MORTGAGE CORPORATION 22 2.68% $8,685
GUARANTEED RATE, INC. 22 3.04% $7,850
VANDERBILT MORTGAGE AND FINANCE, INC. 21 3.01% $8,245
SWBC MORTGAGE CORPORATION 18 3.25% $6,661
UNITED WHOLESALE MORTGAGE, LLC 18 2.81% $7,860
Ameris Bank 17 2.93% $7,801
VILLAGE CAPITAL MORTGAGE 17 2.87% $2,313
South State Bank 16 2.79% $7,480
HOMEBRIDGE FINANCIAL SERVICES, INC. 16 2.87% $7,592
Colony Bank 16 3.02% $7,445
LENDUS, LLC 15 3.26% $8,009
NEWREZ LLC 15 3.01% $5,202
Lakeview Community Capital, LLC 15 2.99% $4,663
Plains Commerce Bank 14 2.68% $8,143
HOMESPIRE MORTGAGE CORPORATION 14 2.94% $7,936
CALIBER HOME LOANS, INC. 14 2.91% $5,514
JET HOMELOANS, LLC 14 3.31% $8,563
Flagstar Bank, FSB 12 2.64% $6,694
AMERISAVE MORTGAGE CORPORATION 12 3.00% $7,237
AMERICAN FINANCIAL NETWORK, INC. 12 3.22% $13,412
CROSSCOUNTRY MORTGAGE, LLC 11 3.06% $10,015
The Federal Savings Bank 10 2.78% $7,366
Truist 9 2.86% $7,234
ACADEMY MORTGAGE CORPORATION 9 3.19% $8,012
TOWNE MORTGAGE COMPANY 8 3.00% $8,415
Bank of America 8 2.89% $4,354
Paramount Residential Mortgage Group, Inc. 8 3.41% $9,664
ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 3.39% $7,228
HOMESIDE FINANCIAL, LLC 8 3.38% $7,934
PLANET HOME LENDING, LLC 7 2.96% $7,015
Platinum Home Mortgage Corporation 7 3.18% $10,498
AmeriHome Mortgage Company, LLC 7 2.70% $4,802
GUARANTY HOME MORTGAGE CORPORATION 7 2.82% $5,812
First Guaranty Mortgage Corporation 6 3.10% $5,837
AMERICAN PACIFIC MORTGAGE CORPORATION 6 3.38% $10,575
Magnolia Bank 6 3.06% $7,000
HOME POINT FINANCIAL CORPORATION 6 2.60% $7,304
STEARNS LENDING, LLC 6 2.92% $8,605
Capital City Home Loans, LLC 6 3.02% $6,955
Synovus Bank 5 2.68% $7,765
INTERLINC MORTGAGE SERVICES, LLC 5 2.85% $8,155
Nations Lending Corporation 5 3.15% $10,616
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.60% $9,598
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 5 2.95% $10,373
Commerce Home Mortgage, Inc. 4 2.81% $6,331
Equity Prime Mortgage LLC 4 3.06% $8,687
InterContinental Capital Group, Inc 4 2.84% $7,922
CHURCHILL MORTGAGE CORPORATION 4 3.22% $6,944
Mortgage Network, Inc. 4 2.91% $7,832
AMERICAN FINANCING CORPORATION 4 2.78% $5,397
Regions Bank 4 2.72% $7,525
United Community Bank 4 3.22% $7,664
CONTOUR MORTGAGE CORPORATION 3 3.33% $7,354
First Federal Bank 3 3.04% $7,308
First Option Mortgage, LLC 3 2.88% $10,120
Gateway First Bank 3 3.29% $6,843
GENEVA FINANCIAL, LLC 3 3.08% $7,457
GUARANTEED RATE AFFINITY, LLC 3 3.42% $6,339
MID AMERICA MORTGAGE, INC. 3 3.33% $4,295
MUTUAL OF OMAHA MORTGAGE, INC. 3 2.96% $6,955
NATIONS DIRECT MORTGAGE, LLC 3 2.96% $9,570
PANORAMA MORTGAGE GROUP, LLC 3 3.42% $9,317
Queensborough National Bank & Trust Company 3 2.21% $3,505
RELIANCE FIRST CAPITAL, LLC 3 3.08% $8,639
TJC Mortgage, Inc. 3 3.08% $7,712
TOP FLITE FINANCIAL, INC. 3 3.58% $12,931
MILEND, INC. 2 2.56% $8,548
Hometown Equity Mortgage, LLC 2 4.38% $6,390
FIRST COMMUNITY MORTGAGE, INC. 2 3.25% $7,859
FBC MORTGAGE, LLC 2 3.00% $5,605
Northpointe Bank 2 2.94% $9,321
NP, Inc. 2 3.00% $6,222
OCMBC, INC. 2 2.81% $5,587
ACOPIA, LLC 2 2.81% $8,843
CREDIT UNION FINANCIAL SERVICES, LLC 2 3.44% $2,776
PLAZA HOME MORTGAGE, INC. 2 3.44% $7,154
Colten Mortgage, LLC 2 3.13% $4,383
CMG MORTGAGE, INC. 2 3.38% $11,222
CIS Financial Services, Inc. 2 3.63% $10,059
BAY EQUITY LLC 2 2.94% $9,806
ZILLOW HOME LOANS, LLC 2 3.25% $7,000
KELLER MORTGAGE, LLC 2 2.63% $6,200
LIBERTY HOME MORTGAGE CORPORATION 2 3.13% $10,175
JPMorgan Chase Bank 2 3.00% $6,915
MEGASTAR FINANCIAL CORP. 2 2.88% $10,114
FAY SERVICING, LLC 1 3.00% $5,212
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 2.88% $13,296
Peoples Bank 1 2.50% $13,200
DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 3.63% $13,869
DAS Acquisition Company, LLC 1 4.75% $6,096
AMERIFIRST FINANCIAL CORPORATION 1 3.50% $8,268
UNION HOME MORTGAGE CORP. 1 3.38% $6,631
PLUS RELOCATION MORTGAGE, LLC 1 2.50% $12,371
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.50% $8,187
Credence Funding Corporation 1 2.38% $4,875
PULTE MORTGAGE LLC 1 3.25% $6,677
Wells Fargo Bank 1 3.25% $8,699
American Security Mortgage Corp. 1 2.63% $6,040
INTELLILOAN, INC. 1 2.50% $6,186
Wolfe Financial, Inc 1 3.00% $8,145
Level One Bank 1 2.88% $5,879
RUOFF MORTGAGE COMPANY, INC. 1 3.38% $6,555
SECURITYNATIONAL MORTGAGE COMPANY 1 3.88% $8,743
Sierra Pacific Mortgage Company, Inc. 1 2.75% $8,170
CELEBRITY HOME LOANS, LLC 1 4.25% $14,740
CALCON MUTUAL MORTGAGE LLC 1 3.75% $11,098
SOUTHWEST STAGE FUNDING, LLC 1 4.25% $4,973
Blue Ridge Bank 1 3.13% $8,372
Stifel Bank and Trust 1 2.50% $5,057
BELEM SERVICING LLC 1 3.50% $7,561
MORIA DEVELOPMENT, INC. 1 3.63% $8,172
SUMMIT FUNDING, INC. 1 3.75% $6,278
GoPrime Mortgage, Inc. 1 2.25% $11,248
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $8,831
George Mason Mortgage, LLC 1 3.13% $7,656
First Horizon Bank 1 2.25% $8,523
AMERICAN FINANCIAL RESOURCES, INC. 1 2.25% $6,566
Alcova Mortgage LLC 1 3.25% $5,420
UNITED SECURITY FINANCIAL CORP 1 2.50% $4,670
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.00% $10,452
NBH Bank 1 3.00% $8,224
Barrington Bank & Trust Company, N.A. 1 2.75% $9,491
Austin Capital Bank SSB 1 2.75% $7,882
Wyndham Capital Mortgage, Inc. 1 3.13% $5,962
OCEANSIDE MORTGAGE COMPANY 1 2.75% $3,904
MEMBER FIRST MORTGAGE, LLC 1 3.13% $6,178
OVM FINANCIAL, INC. 1 3.88% $9,623
Atlantic Coast Mortgage, LLC 1 3.25% $11,249

The top Savannah FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 227 FHA loans originated. Their average total fees are $5,880, which is $2,578 lower than the next largest lender, BROKER SOLUTIONS, INC..

The lowest fee Savannah FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,313), Mr. Cooper ( Nationstar Mortgage ) ($3,982), FREEDOM MORTGAGE CORPORATION ($4,339), LAKEVIEW LOAN SERVICING, LLC ($4,365) and Lakeview Community Capital, LLC ($4,663).

The lowest rate Savannah FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (2.64%), STOCKTON MORTGAGE CORPORATION (2.68%), Plains Commerce Bank (2.68%), BANKSOUTH MORTGAGE COMPANY, LLC (2.74%) and QUICKEN LOANS, LLC (2.75%).

Savannah FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SAVANNAH, GA BRYAN 2022 $420,680 $538,650 $651,050 $809,150
SAVANNAH, GA CHATHAM 2022 $420,680 $538,650 $651,050 $809,150
SAVANNAH, GA EFFINGHAM 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Savannah (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 $259,900 (5.3%) $374,490 (11.5%) 0.96 2,716
2018-02-01 $267,250 (5.4%) $377,462 (8.7%) 0.96 2,777
2018-03-01 $274,900 (6.0%) $379,064 (7.1%) 0.95 2,872
2018-04-01 $275,516 (6.0%) $379,077 (5.5%) 0.92 2,891
2018-05-01 $277,000 (6.6%) $379,385 (5.6%) 0.92 2,911
2018-06-01 $274,900 (3.7%) $372,522 (2.1%) 0.92 2,946
2018-07-01 $274,950 (4.0%) $375,353 (2.9%) 0.92 2,889
2018-08-01 $271,950 (5.3%) $374,456 (5.0%) 0.91 2,824
2018-09-01 $274,900 (5.8%) $377,145 (5.3%) 0.92 2,820
2018-10-01 $274,900 (6.8%) $379,645 (4.8%) 0.92 2,862
2018-11-01 $271,450 (4.4%) $375,789 (2.4%) 0.91 2,982
2018-12-01 $271,600 (4.5%) $377,554 (2.2%) 0.93 2,918
2019-01-01 $273,450 (5.2%) $384,949 (2.8%) 0.94 2,823
2019-02-01 $277,450 (3.8%) $393,953 (4.4%) 0.93 2,792
2019-03-01 $282,043 (2.6%) $400,957 (5.8%) 0.92 2,771
2019-04-01 $286,450 (4.0%) $402,024 (6.1%) 0.90 2,797
2019-05-01 $288,850 (4.3%) $403,513 (6.4%) 0.89 2,791
2019-06-01 $289,900 (5.5%) $404,782 (8.7%) 0.89 2,756
2019-07-01 $289,900 (5.4%) $401,905 (7.1%) 0.90 2,763
2019-08-01 $289,413 (6.4%) $401,443 (7.2%) 0.91 2,749
2019-09-01 $289,927 (5.5%) $402,482 (6.7%) 0.92 2,751
2019-10-01 $289,900 (5.5%) $400,593 (5.5%) 0.92 2,771
2019-11-01 $289,900 (6.8%) $402,695 (7.2%) 0.94 2,688
2019-12-01 $292,950 (7.9%) $414,334 (9.7%) 0.98 2,629
2020-01-01 $295,673 (8.1%) $417,977 (8.6%) 0.99 2,460
2020-02-01 $299,000 (7.8%) $423,245 (7.4%) 0.96 2,483
2020-03-01 $299,900 (6.3%) $425,697 (6.2%) 0.94 2,467
2020-04-01 $299,900 (4.7%) $422,583 (5.1%) 0.93 2,497
2020-05-01 $306,052 (6.0%) $431,132 (6.8%) 0.93 2,361
2020-06-01 $313,750 (8.2%) $440,138 (8.7%) 0.92 2,175
2020-07-01 $319,900 (10.4%) $445,894 (11.0%) 0.92 2,068
2020-08-01 $320,000 (10.6%) $454,051 (13.1%) 0.91 1,910
2020-09-01 $325,000 (12.1%) $466,588 (15.9%) 0.93 1,827
2020-10-01 $318,789 (10.0%) $469,200 (17.1%) 0.91 1,747
2020-11-01 $307,500 (6.1%) $456,681 (13.4%) 0.88 1,716
2020-12-01 $302,450 (3.2%) $452,499 (9.2%) 0.89 1,575
2021-01-01 $305,000 (3.2%) $459,762 (10.0%) 0.90 1,325
2021-02-01 $307,450 (2.8%) $481,621 (13.8%) 0.88 1,075
2021-03-01 $310,428 (3.5%) $502,400 (18.0%) 0.87 880
2021-04-01 $320,695 (6.9%) $513,041 (21.4%) 0.86 797
2021-05-01 $320,000 (4.6%) $525,623 (21.9%) 0.84 784
2021-06-01 $324,900 (3.6%) $528,060 (20.0%) 0.84 771
2021-07-01 $329,450 (3.0%) $526,260 (18.0%) 0.86 847
2021-08-01 $339,563 (6.1%) $535,918 (18.0%) 0.89 843
2021-09-01 $334,950 (3.1%) $544,512 (16.7%) 0.88 844
2021-10-01 $340,000 (6.7%) $560,488 (19.5%) 0.89 795
2021-11-01 $340,403 (10.7%) $558,903 (22.4%) 0.90 712
2021-12-01 $349,950 (15.7%) $583,865 (29.0%) 0.93 655
2022-01-01 $349,900 (14.7%) $601,555 (30.8%) 0.93 537
2022-02-01 $377,450 (22.8%) $641,986 (33.3%) 0.96 464
2022-03-01 $387,400 (24.8%) $641,183 (27.6%) 0.96 464
2022-04-01 $399,000 (24.4%) $646,298 (26.0%) 0.94 494
2022-05-01 $395,000 (23.4%) $613,376 (16.7%) 0.88 647
2022-06-01 $402,055 (23.8%) $607,925 (15.1%) 0.89 758
2022-07-01 $406,000 (23.2%) $616,836 (17.2%) 0.90 919
2022-08-01 $399,445 (17.6%) $589,604 (10.0%) 0.92 1,038
Savannah's median listing price for 2022-08-01 was $399,445, a difference of $59,882 (17.6%) versus the prior year and $-6,555 versus the prior month.

Savannah's median listing price comes in at 92% of the national average.

Savannah's average listing price for 2022-08-01 was $589,604, a difference of $53,686 (10.0%) versus the prior year and $-27,232 versus the prior month.

For the 2022-08-01 period, Savannah had 1,038 MLS listings, a difference of 119 listings (13%) versus the prior month and 195 listings (23%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 99 days 2,168 sqft
2018-02-01 91 days 2,187 sqft
2018-03-01 68 days 2,248 sqft
2018-04-01 69 days 2,271 sqft
2018-05-01 72 days 2,253 sqft
2018-06-01 74 days 2,211 sqft
2018-07-01 78 days 2,220 sqft
2018-08-01 81 days 2,193 sqft
2018-09-01 85 days 2,202 sqft
2018-10-01 83 days 2,203 sqft
2018-11-01 82 days 2,211 sqft
2018-12-01 88 days 2,223 sqft
2019-01-01 95 days 2,214 sqft
2019-02-01 99 days 2,229 sqft
2019-03-01 88 days 2,250 sqft
2019-04-01 71 days 2,280 sqft
2019-05-01 70 days 2,301 sqft
2019-06-01 72 days 2,320 sqft
2019-07-01 72 days 2,323 sqft
2019-08-01 76 days 2,322 sqft
2019-09-01 84 days 2,322 sqft
2019-10-01 84 days 2,302 sqft
2019-11-01 87 days 2,304 sqft
2019-12-01 90 days 2,266 sqft
2020-01-01 99 days 2,279 sqft
2020-02-01 92 days 2,294 sqft
2020-03-01 75 days 2,312 sqft
2020-04-01 77 days 2,332 sqft
2020-05-01 80 days 2,343 sqft
2020-06-01 80 days 2,323 sqft
2020-07-01 71 days 2,394 sqft
2020-08-01 63 days 2,358 sqft
2020-09-01 61 days 2,319 sqft
2020-10-01 65 days 2,244 sqft
2020-11-01 66 days 2,158 sqft
2020-12-01 71 days 2,127 sqft
2021-01-01 79 days 2,118 sqft
2021-02-01 67 days 2,068 sqft
2021-03-01 50 days 2,037 sqft
2021-04-01 44 days 2,069 sqft
2021-05-01 37 days 2,100 sqft
2021-06-01 38 days 2,050 sqft
2021-07-01 37 days 2,077 sqft
2021-08-01 38 days 2,029 sqft
2021-09-01 43 days 2,019 sqft
2021-10-01 44 days 2,048 sqft
2021-11-01 47 days 2,070 sqft
2021-12-01 48 days 2,087 sqft
2022-01-01 53 days 2,059 sqft
2022-02-01 37 days 2,131 sqft
2022-03-01 30 days 2,135 sqft
2022-04-01 29 days 2,194 sqft
2022-05-01 23 days 2,141 sqft
2022-06-01 28 days 2,225 sqft
2022-07-01 31 days 2,162 sqft
2022-08-01 37 days 2,155 sqft
Savannah's median listing age (time on market) for 2022-08-01 was 37 days. This is -3% shorter than the same period one year ago.

Savannah's median square footage for active listings during the 2022-08-01 period was 2,155 sqft. One year prior, the average listing was 2,029 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).