Savannah FHA Loan Rates, Closing Costs & Stats
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
0.06%
for the week of 2023-01-20, compared to the national average (all FHA variants) of
0% for the same period.
Savannah's average FHA mortgage closing costs are $6,985.
The average rate for the prior week (2023-01-13) was
6.19% and
one month ago for the week of 2022-12-16, the
average rate was 6.28%.
The average rate one year ago was 3.57%.
For refis of the same type during the week of 2023-01-20, the average rate
was -0.2%.
Savannah 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 Savannah level.
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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $266,650 (6.9%) | $384,285 (12.1%) | 0.99 | 2,367 |
2018-02-01 | $274,623 (6.7%) | $387,819 (9.6%) | 1.00 | 2,425 |
2018-03-01 | $279,000 (6.3%) | $388,826 (7.6%) | 0.98 | 2,526 |
2018-04-01 | $279,561 (5.5%) | $388,248 (5.9%) | 0.95 | 2,542 |
2018-05-01 | $279,900 (5.6%) | $388,548 (6.0%) | 0.93 | 2,563 |
2018-06-01 | $279,000 (4.3%) | $381,338 (2.9%) | 0.93 | 2,591 |
2018-07-01 | $279,900 (5.2%) | $384,867 (3.2%) | 0.93 | 2,529 |
2018-08-01 | $275,071 (4.6%) | $382,995 (4.0%) | 0.92 | 2,467 |
2018-09-01 | $279,250 (5.4%) | $389,745 (5.5%) | 0.94 | 2,417 |
2018-10-01 | $279,500 (7.3%) | $393,775 (6.1%) | 0.94 | 2,445 |
2018-11-01 | $279,000 (5.3%) | $392,032 (4.1%) | 0.95 | 2,543 |
2018-12-01 | $278,000 (4.9%) | $395,515 (4.3%) | 0.96 | 2,501 |
2019-01-01 | $278,350 (4.4%) | $402,206 (4.7%) | 0.96 | 2,428 |
2019-02-01 | $283,660 (3.3%) | $410,363 (5.8%) | 0.96 | 2,413 |
2019-03-01 | $288,186 (3.3%) | $417,272 (7.3%) | 0.94 | 2,435 |
2019-04-01 | $291,445 (4.3%) | $419,960 (8.2%) | 0.93 | 2,488 |
2019-05-01 | $289,950 (3.6%) | $419,471 (8.0%) | 0.91 | 2,486 |
2019-06-01 | $289,950 (3.9%) | $421,530 (10.5%) | 0.91 | 2,446 |
2019-07-01 | $290,250 (3.7%) | $418,078 (8.6%) | 0.91 | 2,441 |
2019-08-01 | $291,700 (6.1%) | $415,955 (8.6%) | 0.92 | 2,440 |
2019-09-01 | $293,500 (5.1%) | $414,083 (6.2%) | 0.94 | 2,452 |
2019-10-01 | $294,700 (5.4%) | $412,835 (4.8%) | 0.95 | 2,449 |
2019-11-01 | $293,953 (5.4%) | $413,815 (5.6%) | 0.96 | 2,359 |
2019-12-01 | $295,525 (6.3%) | $422,253 (6.8%) | 0.99 | 2,331 |
2020-01-01 | $297,410 (6.9%) | $423,875 (5.4%) | 0.99 | 2,198 |
2020-02-01 | $299,900 (5.7%) | $430,543 (4.9%) | 0.98 | 2,214 |
2020-03-01 | $304,319 (5.6%) | $435,321 (4.3%) | 0.95 | 2,185 |
2020-04-01 | $300,258 (3.0%) | $429,980 (2.4%) | 0.94 | 2,218 |
2020-05-01 | $309,000 (6.6%) | $437,046 (4.2%) | 0.94 | 2,123 |
2020-06-01 | $318,225 (9.8%) | $445,586 (5.7%) | 0.94 | 1,969 |
2020-07-01 | $322,174 (11.0%) | $450,853 (7.8%) | 0.93 | 1,853 |
2020-08-01 | $322,370 (10.5%) | $457,349 (10.0%) | 0.92 | 1,707 |
2020-09-01 | $325,000 (10.7%) | $472,364 (14.1%) | 0.93 | 1,621 |
2020-10-01 | $318,549 (8.1%) | $468,766 (13.6%) | 0.91 | 1,567 |
2020-11-01 | $303,945 (3.4%) | $455,482 (10.1%) | 0.89 | 1,540 |
2020-12-01 | $300,000 (1.5%) | $452,227 (7.1%) | 0.89 | 1,417 |
2021-01-01 | $304,999 (2.6%) | $464,063 (9.5%) | 0.91 | 1,207 |
2021-02-01 | $306,778 (2.3%) | $481,707 (11.9%) | 0.89 | 1,012 |
2021-03-01 | $312,000 (2.5%) | $500,421 (15.0%) | 0.89 | 835 |
2021-04-01 | $319,020 (6.3%) | $495,764 (15.3%) | 0.86 | 762 |
2021-05-01 | $320,756 (3.8%) | $515,759 (18.0%) | 0.85 | 740 |
2021-06-01 | $322,418 (1.3%) | $525,419 (17.9%) | 0.85 | 729 |
2021-07-01 | $329,000 (2.1%) | $522,471 (15.9%) | 0.87 | 795 |
2021-08-01 | $329,500 (2.2%) | $525,375 (14.9%) | 0.88 | 780 |
2021-09-01 | $328,950 (1.2%) | $536,713 (13.6%) | 0.88 | 773 |
2021-10-01 | $339,574 (6.6%) | $545,019 (16.3%) | 0.91 | 739 |
2021-11-01 | $337,500 (11.0%) | $542,227 (19.0%) | 0.90 | 658 |
2021-12-01 | $348,934 (16.3%) | $560,989 (24.1%) | 0.95 | 607 |
2022-01-01 | $348,995 (14.4%) | $575,248 (24.0%) | 0.94 | 496 |
2022-02-01 | $370,450 (20.8%) | $615,726 (27.8%) | 0.96 | 424 |
2022-03-01 | $382,425 (22.6%) | $627,767 (25.5%) | 0.96 | 440 |
2022-04-01 | $393,495 (23.4%) | $637,716 (28.6%) | 0.94 | 457 |
2022-05-01 | $394,150 (22.9%) | $609,171 (18.1%) | 0.90 | 607 |
2022-06-01 | $399,900 (24.0%) | $606,135 (15.4%) | 0.89 | 699 |
2022-07-01 | $404,110 (22.8%) | $610,303 (16.8%) | 0.91 | 837 |
2022-08-01 | $399,000 (21.1%) | $589,471 (12.2%) | 0.92 | 943 |
2022-09-01 | $399,898 (21.6%) | $600,563 (11.9%) | 0.94 | 956 |
2022-10-01 | $399,990 (17.8%) | $605,611 (11.1%) | 0.94 | 1,005 |
2022-11-01 | $399,421 (18.4%) | $594,366 (9.6%) | 0.96 | 1,049 |
2022-12-01 | $399,900 (14.6%) | $594,012 (5.9%) | 1.00 | 1,011 |
Savannah's median listing price comes in at 100% of the national average.
Savannah's average listing price for 2022-12-01 was $594,012, a difference of $33,023 (5.9%) versus the prior year and $-354 versus the prior month.
For the 2022-12-01 period, Savannah had 1,011 MLS listings, a difference of -38 listings (-4%) versus the prior month and 404 listings (67%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 100 days | 2,173 sqft |
2018-02-01 | 93 days | 2,201 sqft |
2018-03-01 | 71 days | 2,248 sqft |
2018-04-01 | 71 days | 2,265 sqft |
2018-05-01 | 72 days | 2,239 sqft |
2018-06-01 | 75 days | 2,223 sqft |
2018-07-01 | 79 days | 2,227 sqft |
2018-08-01 | 84 days | 2,192 sqft |
2018-09-01 | 86 days | 2,210 sqft |
2018-10-01 | 85 days | 2,200 sqft |
2018-11-01 | 84 days | 2,201 sqft |
2018-12-01 | 89 days | 2,202 sqft |
2019-01-01 | 96 days | 2,200 sqft |
2019-02-01 | 100 days | 2,211 sqft |
2019-03-01 | 88 days | 2,238 sqft |
2019-04-01 | 72 days | 2,262 sqft |
2019-05-01 | 71 days | 2,279 sqft |
2019-06-01 | 73 days | 2,294 sqft |
2019-07-01 | 75 days | 2,292 sqft |
2019-08-01 | 80 days | 2,289 sqft |
2019-09-01 | 82 days | 2,289 sqft |
2019-10-01 | 85 days | 2,285 sqft |
2019-11-01 | 89 days | 2,271 sqft |
2019-12-01 | 95 days | 2,244 sqft |
2020-01-01 | 102 days | 2,243 sqft |
2020-02-01 | 96 days | 2,250 sqft |
2020-03-01 | 78 days | 2,292 sqft |
2020-04-01 | 81 days | 2,289 sqft |
2020-05-01 | 85 days | 2,296 sqft |
2020-06-01 | 87 days | 2,295 sqft |
2020-07-01 | 79 days | 2,344 sqft |
2020-08-01 | 71 days | 2,310 sqft |
2020-09-01 | 71 days | 2,269 sqft |
2020-10-01 | 72 days | 2,202 sqft |
2020-11-01 | 71 days | 2,146 sqft |
2020-12-01 | 75 days | 2,100 sqft |
2021-01-01 | 80 days | 2,094 sqft |
2021-02-01 | 65 days | 2,051 sqft |
2021-03-01 | 48 days | 2,030 sqft |
2021-04-01 | 45 days | 2,049 sqft |
2021-05-01 | 37 days | 2,097 sqft |
2021-06-01 | 39 days | 2,030 sqft |
2021-07-01 | 37 days | 2,090 sqft |
2021-08-01 | 42 days | 1,990 sqft |
2021-09-01 | 46 days | 2,010 sqft |
2021-10-01 | 51 days | 2,032 sqft |
2021-11-01 | 57 days | 2,044 sqft |
2021-12-01 | 59 days | 2,046 sqft |
2022-01-01 | 63 days | 2,029 sqft |
2022-02-01 | 32 days | 2,071 sqft |
2022-03-01 | 28 days | 2,099 sqft |
2022-04-01 | 27 days | 2,150 sqft |
2022-05-01 | 21 days | 2,119 sqft |
2022-06-01 | 26 days | 2,207 sqft |
2022-07-01 | 31 days | 2,160 sqft |
2022-08-01 | 38 days | 2,155 sqft |
2022-09-01 | 44 days | 2,147 sqft |
2022-10-01 | 50 days | 2,120 sqft |
2022-11-01 | 50 days | 2,155 sqft |
2022-12-01 | 60 days | 2,114 sqft |
Savannah's median square footage for active listings during the 2022-12-01 period was 2,114 sqft. One year prior, the average listing was 2,046 sqft.