Statesboro FHA Loan Rates, Closing Costs & Stats

Statesboro, 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.

    Statesboro's 67 lenders originated 210 FHA loans during 2023. The total origination value was $52,930,000, with an average FHA loan value of $252,048.

    Statesboro FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Statesboro averaged 6.55% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Statesboro's average FHA mortgage closing costs are $7,551.

    The average rate for the prior week (2024-11-01) was 6.42% and one month ago for the week of 2024-10-04, the average rate was 5.74%.

    The average rate one year ago was 7.58%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

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

    Statesboro 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 Statesboro level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 29 6.19% $11,591
    UNITED WHOLESALE MORTGAGE, LLC 16 6.35% $12,059
    BROKER SOLUTIONS, INC. 11 6.66% $9,153
    MOVEMENT MORTGAGE, LLC 10 6.67% $12,863
    BANKSOUTH MORTGAGE COMPANY, LLC 10 6.27% $12,455
    HOMESTAR FINANCIAL CORPORATION 8 6.88% $7,379
    Ameris Bank 7 6.34% $9,831
    GUARANTEED RATE, INC. 6 6.72% $10,786
    Synovus Bank 6 6.25% $9,933
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.75% $9,255
    NFM, INC. 4 7.41% $15,820
    Renasant Bank 4 6.16% $10,363
    LOANDEPOT.COM, LLC 3 6.96% $8,915
    FIRST COMMUNITY MORTGAGE, INC. 3 7.46% $12,197
    AMERISAVE MORTGAGE CORPORATION 3 6.42% $14,711
    Carrington Mortgage Services, LLC 3 5.88% $14,827
    STOCKTON MORTGAGE CORPORATION 3 6.83% $9,889
    Flagstar Bank, FSB 3 6.50% $9,618
    FREEDOM MORTGAGE CORPORATION 3 7.08% $14,594
    Platinum Home Mortgage Corporation 2 6.75% $15,230
    Equity Prime Mortgage LLC 2 6.56% $13,925
    MORTGAGE INVESTORS GROUP, INC. 2 7.19% $7,656
    Mortgage Research Center, LLC 2 6.81% $10,008
    CALIBER HOME LOANS, INC. 2 6.75% $11,717
    Northpointe Bank 2 6.13% $11,183
    Plains Commerce Bank 2 6.06% $14,564
    CARDINAL FINANCIAL 2 6.50% $8,382
    EMM LOANS LLC 2 6.69% $11,121
    Colony Bank 2 6.19% $7,423
    The Federal Savings Bank 2 6.25% $17,223
    CROSSCOUNTRY MORTGAGE, LLC 2 7.19% $19,081
    LIBERTY HOME MORTGAGE CORPORATION 2 7.38% $13,075
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.94% $11,212
    ACOPIA, LLC 1 7.75% $12,570
    VAN DYK MORTGAGE CORPORATION 1 7.13% $6,912
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $7,639
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $6,455
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $9,679
    CMG MORTGAGE, INC. 1 6.25% $15,018
    COMMUNITY MORTGAGE CORPORATION 1 6.38% $9,824
    ENDEAVOR CAPITAL, LLC. 1 7.12% $9,026
    EVERETT FINANCIAL, INC. 1 7.63% $4,041
    FIRST COLONY MORTGAGE CORPORATION 1 6.75% $9,475
    GARDNER FINANCIAL SERVICES, LTD. 1 7.00% $18,155
    GUARANTEED RATE AFFINITY, LLC 1 7.25% $4,643
    GUILD MORTGAGE COMPANY 1 7.75% $11,244
    HOMESPIRE MORTGAGE CORPORATION 1 7.25% $3,716
    Hometown Equity Mortgage, LLC 1 7.13% $7,881
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $7,985
    Magnolia Bank 1 6.25% $14,437
    MID AMERICA MORTGAGE, INC. 1 7.75% $5,882
    MILEND, INC. 1 6.50% $16,448
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $24,244
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $14,174
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $4,832
    Paramount Residential Mortgage Group, Inc. 1 6.75% $11,352
    PENNYMAC LOAN SERVICES, LLC 1 6.13% $15,546
    Pinnacle Bank 1 7.25% $12,425
    PLANET HOME LENDING, LLC 1 6.38% $10,626
    PLAZA HOME MORTGAGE, INC. 1 6.75% $16,509
    RELIANCE FIRST CAPITAL, LLC 1 6.25% $19,794
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.50% $12,600
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.50% $8,417
    SUMMIT FUNDING, INC. 1 6.99% $20,989
    TJC Mortgage, Inc. 1 6.75% $7,483
    TOWNE MORTGAGE COMPANY 1 6.75% $7,414
    Truist 1 6.25% $8,520

    The top Statesboro FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 29 FHA loans originated. Their average total fees are $11,591, which is $468 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Statesboro FHA lenders (with over 10 loans originated) are BROKER SOLUTIONS, INC. ($9,153), QUICKEN LOANS, LLC ($11,591), UNITED WHOLESALE MORTGAGE, LLC ($12,059), BANKSOUTH MORTGAGE COMPANY, LLC ($12,455) and MOVEMENT MORTGAGE, LLC ($12,863).

    The lowest rate Statesboro FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.19%), BANKSOUTH MORTGAGE COMPANY, LLC (6.27%), UNITED WHOLESALE MORTGAGE, LLC (6.35%), BROKER SOLUTIONS, INC. (6.66%) and MOVEMENT MORTGAGE, LLC (6.67%).

    Statesboro FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    STATESBORO, GA BULLOCH 2022 $420,680 $538,650 $651,050 $809,150
    STATESBORO, GA BULLOCH 2023 $472,030 $604,400 $730,525 $907,900

    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).