Savannah FHA Loan Rates, Closing Costs & Stats

SAVANNAH, 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.

    Savannah's 156 lenders originated 1,565 FHA loans during 2022. The total origination value was $398,005,000, with an average FHA loan value of $254,316.

    Savannah FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Savannah averaged 6.55% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Savannah's average FHA mortgage closing costs are $7,552.

    The average rate for the prior week (2023-11-24) was 6.66% and one month ago for the week of 2023-10-27, the average rate was 7.17%.

    The average rate one year ago was 5.78%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.63%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Savannah level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 169 4.53% $9,219
    BROKER SOLUTIONS, INC. 137 5.01% $10,697
    DHI MORTGAGE COMPANY, LTD. 86 4.01% $9,039
    UNITED WHOLESALE MORTGAGE, LLC 77 4.89% $10,520
    HOMESTAR FINANCIAL CORPORATION 46 4.92% $9,323
    BANKSOUTH MORTGAGE COMPANY, LLC 40 3.90% $10,336
    CERTAINTY HOME LOANS, LLC 40 5.09% $10,029
    MOVEMENT MORTGAGE, LLC 39 4.92% $10,999
    PENNYMAC LOAN SERVICES, LLC 36 4.30% $10,011
    GUILD MORTGAGE COMPANY 36 4.42% $9,215
    CALIBER HOME LOANS, INC. 36 5.58% $9,721
    LOANDEPOT.COM, LLC 35 4.74% $10,069
    SOUTHPOINT FINANCIAL SERVICES, INC. 29 5.53% $14,079
    Flagstar Bank, FSB 26 4.22% $8,792
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 26 5.07% $8,990
    Carrington Mortgage Services, LLC 26 5.02% $10,916
    CARDINAL FINANCIAL 22 4.23% $11,952
    JET HOMELOANS, LLC 22 5.25% $9,996
    ANGEL OAK HOME LOANS LLC 20 5.12% $10,681
    Mr. Cooper ( Nationstar Mortgage ) 20 4.48% $12,373
    Renasant Bank 19 4.82% $10,115
    GUARANTEED RATE, INC. 19 4.68% $9,868
    Plains Commerce Bank 17 4.45% $10,385
    Colony Bank 17 5.00% $10,260
    AMERICAN PACIFIC MORTGAGE CORPORATION 16 5.33% $15,476
    FREEDOM MORTGAGE CORPORATION 16 5.46% $9,826
    TOWNE MORTGAGE COMPANY 15 5.27% $8,842
    Mortgage Research Center, LLC 15 5.01% $8,173
    Equity Prime Mortgage LLC 14 5.79% $10,518
    AMERISAVE MORTGAGE CORPORATION 14 4.35% $11,861
    Ameris Bank 13 4.54% $9,350
    Lakeview Community Capital, LLC 13 4.07% $6,501
    ACADEMY MORTGAGE CORPORATION 12 5.06% $11,743
    HOMESPIRE MORTGAGE CORPORATION 11 5.11% $12,020
    EAGLE HOME MORTGAGE, LLC 10 5.42% $13,727
    LAKEVIEW LOAN SERVICING, LLC 9 4.46% $8,352
    SWBC MORTGAGE CORPORATION 9 5.49% $6,468
    CROSSCOUNTRY MORTGAGE, LLC 8 5.28% $10,437
    Paramount Residential Mortgage Group, Inc. 8 5.39% $12,627
    VANDERBILT MORTGAGE AND FINANCE, INC. 7 3.88% $12,149
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 5.46% $9,886
    The Federal Savings Bank 7 4.30% $9,987
    South State Bank 6 3.98% $8,078
    Nations Lending Corporation 6 5.46% $13,366
    Platinum Home Mortgage Corporation 6 4.92% $14,944
    MORIA DEVELOPMENT, INC. 6 4.73% $11,551
    AMERICAN FINANCING CORPORATION 6 4.35% $10,471
    T2 FINANCIAL LLC 6 5.96% $14,505
    Mortgage Network, Inc. 5 5.40% $10,505
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 4.97% $14,027
    NEWREZ LLC 5 5.03% $6,927
    LOANPAL, LLC 4 5.09% $13,286
    AmeriHome Mortgage Company, LLC 4 5.06% $10,752
    Barrington Bank & Trust Company, N.A. 4 4.74% $9,927
    EVERETT FINANCIAL, INC. 4 4.56% $6,396
    HOME POINT FINANCIAL CORPORATION 4 4.28% $11,532
    MILEND, INC. 4 5.34% $12,727
    M&T Bank 4 4.63% $9,215
    RESIDENTIAL HOME FUNDING CORP. 4 5.81% $9,441
    STOCKTON MORTGAGE CORPORATION 4 4.13% $9,252
    SUCCESS MORTGAGE PARTNERS, INC. 4 5.96% $11,490
    VILLAGE CAPITAL MORTGAGE 4 4.50% $8,347
    UNION HOME MORTGAGE CORP. 3 5.04% $12,294
    Bank of America 3 4.75% $9,242
    ENVOY MORTGAGE, LTD 3 6.29% $10,392
    DRAPER AND KRAMER MORTGAGE CORP. 3 3.37% $8,394
    Gateway First Bank 3 5.58% $8,316
    LAND HOME FINANCIAL SERVICES, INC. 3 4.96% $11,376
    CHURCHILL MORTGAGE CORPORATION 3 5.21% $10,870
    Queensborough National Bank & Trust Company 3 5.08% $6,923
    Wyndham Capital Mortgage, Inc. 3 4.25% $6,076
    Truist 3 4.53% $8,222
    HOMESIDE FINANCIAL, LLC 3 5.79% $9,489
    NATIONS RELIABLE LENDING, LLC 2 6.63% $4,860
    MORTGAGE INVESTORS GROUP, INC. 2 5.31% $10,498
    NBKC BANK 2 4.81% $9,541
    Prosperity Home Mortgage, LLC 2 7.56% $9,877
    TOP FLITE FINANCIAL, INC. 2 4.75% $18,896
    United Community Bank 2 5.56% $8,068
    Capital City Home Loans, LLC 2 5.13% $10,164
    Mortgage Assurance Inc. 2 3.38% $9,290
    CMG MORTGAGE, INC. 2 5.00% $9,544
    First Option Mortgage, LLC 2 5.44% $11,606
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 5.88% $14,217
    ACOPIA, LLC 2 6.81% $11,562
    North American Savings Bank, F.S.B. 2 6.50% $9,000
    EMM LOANS LLC 2 6.06% $8,248
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 2 5.50% $18,143
    FINANCE OF AMERICA MORTGAGE LLC 2 3.50% $11,318
    First Federal Bank 2 4.75% $11,735
    INTERLINC MORTGAGE SERVICES, LLC 2 4.19% $5,897
    Paramount Bank 2 5.44% $9,590
    Magnolia Bank 2 4.38% $10,713
    Peoples Bank 2 4.13% $8,321
    MID AMERICA MORTGAGE, INC. 2 6.06% $10,111
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.75% $6,730
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.75% $10,310
    RADIUS FINANCIAL GROUP INC. 1 5.63% $9,833
    RELIANCE FIRST CAPITAL, LLC 1 5.00% $15,102
    CALCON MUTUAL MORTGAGE LLC 1 2.75% $5,830
    RESOURCE FINANCIAL SERVICES, INC. 1 4.50% $12,392
    RUOFF MORTGAGE COMPANY, INC. 1 5.13% $8,830
    SECURITYNATIONAL MORTGAGE COMPANY 1 5.50% $13,201
    Sierra Pacific Mortgage Company, Inc. 1 5.88% $15,485
    SOUTHERN TRUST MORTGAGE, LLC 1 4.75% $8,988
    BETTER MORTGAGE CORPORATION 1 3.13% $5,656
    SOUTHWEST STAGE FUNDING, LLC 1 5.88% $12,869
    Wells Fargo Bank 1 4.13% $2,663
    Wolfe Financial, Inc 1 5.63% $10,119
    SUMMIT FUNDING, INC. 1 5.13% $13,307
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.13% $4,204
    Amerifirst Financial, Inc. 1 3.63% $8,512
    Texana Bank 1 5.63% $9,048
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.75% $11,538
    THE MORTGAGE FIRM, INC. 1 5.63% $15,483
    THRIVE MORTGAGE, LLC 1 3.50% $7,097
    TJC Mortgage, Inc. 1 4.25% $7,446
    Alerus Financial 1 5.13% $9,932
    Alcova Mortgage LLC 1 4.00% $8,124
    U.S. Bank 1 4.99% $9,452
    GENEVA FINANCIAL, LLC 1 6.75% $21,976
    First Western Trust Bank 1 6.13% $6,928
    First Guaranty Mortgage Corporation 1 4.75% $5,455
    US MORTGAGE CORPORATION 1 5.00% $12,413
    INTERCOASTAL MORTGAGE COMPANY 1 4.38% $20,683
    Ixonia Bank 1 3.99% $9,085
    Fifth Third Bank 1 3.75% $9,527
    JMAC LENDING, INC. 1 4.13% $10,435
    KELLER MORTGAGE, LLC 1 5.25% $6,215
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 4.75% $13,820
    FAY SERVICING, LLC 1 5.50% $6,197
    LOANFLIGHT LENDING, LLC 1 5.25% $7,955
    LOANLEADERS OF AMERICA, INC. 1 5.50% $19,224
    1ST SIGNATURE LENDING, LLC 1 4.75% $9,746
    MEMBER FIRST MORTGAGE, LLC 1 4.88% $7,780
    DELMAR FINANCIAL COMPANY 1 4.00% $7,275
    DATA MORTGAGE, INC. 1 4.50% $8,278
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $12,194
    DAS Acquisition Company, LLC 1 5.63% $10,220
    CREDIT UNION FINANCIAL SERVICES, LLC 1 5.75% $6,019
    VAN DYK MORTGAGE CORPORATION 1 6.13% $8,022
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.75% $13,446
    CONTOUR MORTGAGE CORPORATION 1 6.75% $8,651
    NATIONWIDE MORTGAGE BANKERS, INC. 1 4.75% $17,326
    Network Funding, L.P. 1 6.00% $7,569
    NEW DAY FINANCIAL, LLC 1 3.88% $6,725
    NEXERA HOLDING LLC 1 4.13% $7,496
    NFM, INC. 1 5.13% $11,742
    NTFN, INC. 1 7.13% $8,647
    OCMBC, INC. 1 5.50% $11,948
    ON Q FINANCIAL, INC. 1 3.88% $12,660
    PANORAMA MORTGAGE GROUP, LLC 1 5.75% $12,293
    Citizens Bank 1 4.75% $8,371
    CHAMPIONS MORTGAGE LLC 1 3.00% $20,274
    PLANET HOME LENDING, LLC 1 2.75% $5,681
    Century Mortgage Company DBA Century Lending Company 1 5.75% $7,740

    The top Savannah FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 169 FHA loans originated. Their average total fees are $9,219, which is $1,478 lower than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Savannah FHA lenders (with over 10 loans originated) are Lakeview Community Capital, LLC ($6,501), Mortgage Research Center, LLC ($8,173), Flagstar Bank, FSB ($8,792), TOWNE MORTGAGE COMPANY ($8,842) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,990).

    The lowest rate Savannah FHA lenders (with over 10 loans originated) are BANKSOUTH MORTGAGE COMPANY, LLC (3.90%), DHI MORTGAGE COMPANY, LTD. (4.01%), Lakeview Community Capital, LLC (4.07%), Flagstar Bank, FSB (4.22%) and CARDINAL FINANCIAL (4.23%).

    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
    SAVANNAH, GA BRYAN 2023 $472,030 $604,400 $730,525 $907,900
    SAVANNAH, GA CHATHAM 2023 $472,030 $604,400 $730,525 $907,900
    SAVANNAH, GA EFFINGHAM 2023 $472,030 $604,400 $730,525 $907,900

    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 $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%) 0.95 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 $291,423 (4.2%) $419,903 (8.2%) 0.93 2,487
    2019-05-01 $289,950 (3.6%) $419,564 (8.0%) 0.91 2,484
    2019-06-01 $290,000 (3.9%) $421,639 (10.6%) 0.91 2,443
    2019-07-01 $290,363 (3.7%) $418,300 (8.7%) 0.91 2,438
    2019-08-01 $291,845 (6.1%) $416,150 (8.7%) 0.92 2,437
    2019-09-01 $293,564 (5.1%) $414,237 (6.3%) 0.94 2,449
    2019-10-01 $294,709 (5.4%) $412,962 (4.9%) 0.95 2,446
    2019-11-01 $294,000 (5.4%) $414,040 (5.6%) 0.96 2,356
    2019-12-01 $295,600 (6.3%) $422,490 (6.8%) 0.99 2,328
    2020-01-01 $297,445 (6.9%) $424,131 (5.5%) 0.99 2,195
    2020-02-01 $299,900 (5.7%) $430,805 (5.0%) 0.98 2,211
    2020-03-01 $304,888 (5.8%) $435,587 (4.4%) 0.96 2,182
    2020-04-01 $300,367 (3.1%) $430,237 (2.5%) 0.94 2,215
    2020-05-01 $309,000 (6.6%) $437,326 (4.2%) 0.94 2,120
    2020-06-01 $318,564 (9.9%) $445,897 (5.8%) 0.94 1,966
    2020-07-01 $322,350 (11.0%) $451,189 (7.9%) 0.93 1,850
    2020-08-01 $322,990 (10.7%) $457,713 (10.0%) 0.93 1,704
    2020-09-01 $325,000 (10.7%) $472,791 (14.1%) 0.93 1,618
    2020-10-01 $319,000 (8.2%) $469,196 (13.6%) 0.91 1,564
    2020-11-01 $304,360 (3.5%) $455,906 (10.1%) 0.89 1,537
    2020-12-01 $300,000 (1.5%) $452,665 (7.1%) 0.89 1,414
    2021-01-01 $305,000 (2.5%) $464,487 (9.5%) 0.91 1,204
    2021-02-01 $306,788 (2.3%) $482,200 (11.9%) 0.89 1,009
    2021-03-01 $312,060 (2.4%) $500,798 (15.0%) 0.89 832
    2021-04-01 $319,725 (6.4%) $496,215 (15.3%) 0.87 759
    2021-05-01 $321,308 (4.0%) $516,510 (18.1%) 0.85 737
    2021-06-01 $322,484 (1.2%) $526,045 (18.0%) 0.85 726
    2021-07-01 $329,000 (2.1%) $523,175 (16.0%) 0.87 792
    2021-08-01 $329,500 (2.0%) $526,188 (15.0%) 0.88 777
    2021-09-01 $328,975 (1.2%) $537,031 (13.6%) 0.88 770
    2021-10-01 $339,500 (6.4%) $545,329 (16.2%) 0.91 736
    2021-11-01 $337,731 (11.0%) $542,643 (19.0%) 0.90 655
    2021-12-01 $348,950 (16.3%) $560,172 (23.8%) 0.95 604
    2022-01-01 $349,000 (14.4%) $577,187 (24.3%) 0.94 494
    2022-02-01 $372,080 (21.3%) $616,999 (28.0%) 0.97 422
    2022-03-01 $382,500 (22.6%) $628,785 (25.6%) 0.96 437
    2022-04-01 $395,000 (23.5%) $639,894 (29.0%) 0.94 454
    2022-05-01 $394,498 (22.8%) $609,646 (18.0%) 0.90 604
    2022-06-01 $399,900 (24.0%) $607,542 (15.5%) 0.89 696
    2022-07-01 $404,731 (23.0%) $611,012 (16.8%) 0.91 834
    2022-08-01 $399,000 (21.1%) $588,894 (11.9%) 0.92 943
    2022-09-01 $399,900 (21.6%) $600,618 (11.8%) 0.93 956
    2022-10-01 $399,990 (17.8%) $605,502 (11.0%) 0.94 1,010
    2022-11-01 $399,294 (18.2%) $593,124 (9.3%) 0.96 1,052
    2022-12-01 $399,900 (14.6%) $594,014 (6.0%) 0.99 1,011
    2023-01-01 $399,495 (14.5%) $594,112 (2.9%) 0.99 902
    2023-02-01 $398,990 (7.2%) $612,350 (-0.8%) 0.96 758
    2023-03-01 $408,715 (6.9%) $624,955 (-0.6%) 0.96 759
    2023-04-01 $427,805 (8.3%) $663,021 (3.6%) 0.99 696
    2023-05-01 $431,953 (9.5%) $675,314 (10.8%) 0.98 746
    2023-06-01 $432,000 (8.0%) $854,595 (40.7%) 0.97 795
    2023-07-01 $425,000 (5.0%) $850,067 (39.1%) 0.97 797
    2023-08-01 $425,000 (6.5%) $840,638 (42.8%) 0.98 825
    2023-09-01 $429,941 (7.5%) $834,273 (38.9%) 1.00 879
    2023-10-01 $426,604 (6.7%) $819,183 (35.3%) 1.00 998
    2023-11-01 $417,000 (4.4%) $809,333 (36.5%) 0.99 1,055
    Savannah's median listing price for 2023-11-01 was $417,000, a difference of $17,706 (4.4%) versus the prior year and $-9,604 versus the prior month.

    Savannah's median listing price comes in at 99% of the national average.

    Savannah's average listing price for 2023-11-01 was $809,333, a difference of $216,209 (36.5%) versus the prior year and $-9,850 versus the prior month.

    For the 2023-11-01 period, Savannah had 1,055 MLS listings, a difference of 57 listings (6%) versus the prior month and 3 listings (0%) 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 92 days 2,173 sqft
    2018-02-01 83 days 2,201 sqft
    2018-03-01 61 days 2,248 sqft
    2018-04-01 64 days 2,265 sqft
    2018-05-01 66 days 2,239 sqft
    2018-06-01 68 days 2,223 sqft
    2018-07-01 72 days 2,227 sqft
    2018-08-01 77 days 2,192 sqft
    2018-09-01 79 days 2,209 sqft
    2018-10-01 77 days 2,200 sqft
    2018-11-01 75 days 2,201 sqft
    2018-12-01 81 days 2,202 sqft
    2019-01-01 89 days 2,200 sqft
    2019-02-01 92 days 2,211 sqft
    2019-03-01 78 days 2,238 sqft
    2019-04-01 65 days 2,262 sqft
    2019-05-01 64 days 2,279 sqft
    2019-06-01 67 days 2,294 sqft
    2019-07-01 71 days 2,293 sqft
    2019-08-01 73 days 2,289 sqft
    2019-09-01 76 days 2,289 sqft
    2019-10-01 78 days 2,286 sqft
    2019-11-01 84 days 2,273 sqft
    2019-12-01 88 days 2,244 sqft
    2020-01-01 95 days 2,246 sqft
    2020-02-01 87 days 2,250 sqft
    2020-03-01 69 days 2,294 sqft
    2020-04-01 74 days 2,291 sqft
    2020-05-01 78 days 2,300 sqft
    2020-06-01 80 days 2,295 sqft
    2020-07-01 71 days 2,347 sqft
    2020-08-01 64 days 2,312 sqft
    2020-09-01 65 days 2,271 sqft
    2020-10-01 65 days 2,203 sqft
    2020-11-01 64 days 2,147 sqft
    2020-12-01 69 days 2,102 sqft
    2021-01-01 75 days 2,097 sqft
    2021-02-01 57 days 2,053 sqft
    2021-03-01 45 days 2,034 sqft
    2021-04-01 41 days 2,056 sqft
    2021-05-01 33 days 2,100 sqft
    2021-06-01 38 days 2,038 sqft
    2021-07-01 36 days 2,093 sqft
    2021-08-01 40 days 1,997 sqft
    2021-09-01 44 days 2,012 sqft
    2021-10-01 50 days 2,036 sqft
    2021-11-01 53 days 2,044 sqft
    2021-12-01 56 days 2,061 sqft
    2022-01-01 60 days 2,041 sqft
    2022-02-01 30 days 2,079 sqft
    2022-03-01 27 days 2,108 sqft
    2022-04-01 26 days 2,156 sqft
    2022-05-01 19 days 2,124 sqft
    2022-06-01 25 days 2,215 sqft
    2022-07-01 30 days 2,161 sqft
    2022-08-01 37 days 2,158 sqft
    2022-09-01 44 days 2,151 sqft
    2022-10-01 48 days 2,118 sqft
    2022-11-01 50 days 2,149 sqft
    2022-12-01 59 days 2,118 sqft
    2023-01-01 68 days 2,130 sqft
    2023-02-01 63 days 2,114 sqft
    2023-03-01 45 days 2,178 sqft
    2023-04-01 40 days 2,239 sqft
    2023-05-01 31 days 2,220 sqft
    2023-06-01 33 days 2,192 sqft
    2023-07-01 39 days 2,161 sqft
    2023-08-01 39 days 2,087 sqft
    2023-09-01 42 days 2,081 sqft
    2023-10-01 44 days 2,092 sqft
    2023-11-01 49 days 2,040 sqft
    Savannah's median listing age (time on market) for 2023-11-01 was 49 days. This is -2% shorter than the same period one year ago.

    Savannah's median square footage for active listings during the 2023-11-01 period was 2,040 sqft. One year prior, the average listing was 2,149 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).