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
5.12%
for the week of 2022-05-20, compared to the national average (all FHA variants) of
5.352% for the same period.
The average rate for the prior week (2022-05-13) was
5.12% and
one month ago for the week of 2022-04-15, the
average rate was 4.91%.
The average rate one year ago was 3.08%.
For refis of the same type during the week of 2022-05-20, the average rate
was 4.85%.
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.
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 & INVESTMENT LLC ($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 | $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 |
Savannah's median listing price comes in at 94% of the national average.
Savannah's average listing price for 2022-04-01 was $646,298, a difference of $133,257 (26.0%) versus the prior year and $5,115 versus the prior month.
For the 2022-04-01 period, Savannah had 494 MLS listings, a difference of 30 listings (6%) versus the prior month and -303 listings (-38%) 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 | 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 |
Savannah's median square footage for active listings during the 2022-04-01 period was 2,194 sqft. One year prior, the average listing was 2,069 sqft.