Summerville FHA Loan Rates, Closing Costs & Stats

Summerville, 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.

Summerville's 34 lenders originated 82 FHA loans during 2023. The total origination value was $13,070,000, with an average FHA loan value of $159,390.

Summerville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Summerville averaged 6.31% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

Summerville's average FHA mortgage closing costs are $6,525.

The average rate for the prior week (2024-12-06) was 6.48% and one month ago for the week of 2024-11-08, the average rate was 6.54%.

The average rate one year ago was 7.05%.

For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

Summerville 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 Summerville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
FirstBank 11 6.89% $9,543
QUICKEN LOANS, LLC 9 6.69% $7,212
Cornerstone First Mortgage, Inc 5 7.30% $9,863
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.88% $7,474
United Community Bank 4 6.59% $6,530
LEADERONE FINANCIAL CORPORATION 3 6.88% $8,604
Regions Bank 2 6.75% $6,316
MEMBER FIRST MORTGAGE, LLC 2 6.69% $6,077
STOCKTON MORTGAGE CORPORATION 2 6.75% $6,606
SUMMIT FUNDING, INC. 2 7.00% $6,199
EVERETT FINANCIAL, INC. 2 7.31% $10,346
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $8,457
HOMESTAR FINANCIAL CORPORATION 2 6.50% $4,130
Carrington Mortgage Services, LLC 2 6.25% $11,465
Pinnacle Bank 1 7.00% $10,860
PLANET HOME LENDING, LLC 1 6.38% $3,949
SOUTHWEST STAGE FUNDING, LLC 1 6.88% $4,561
SWBC MORTGAGE CORPORATION 1 6.63% $3,902
TJC Mortgage, Inc. 1 6.13% $10,860
TOWNE MORTGAGE COMPANY 1 6.25% $8,675
MID AMERICA MORTGAGE, INC. 1 7.50% $5,203
AMERISAVE MORTGAGE CORPORATION 1 6.25% $11,192
Bank of England 1 6.25% $8,436
Century Mortgage Company DBA Century Lending Company 1 7.25% $9,769
CROSSCOUNTRY MORTGAGE, LLC 1 8.25% $11,822
FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $6,805
Flagstar Bank, FSB 1 5.75% $7,432
LOANDEPOT.COM, LLC 1 5.38% $12,050
AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $7,366
MORTGAGE INVESTORS GROUP, INC. 1 6.00% $6,277
MOVEMENT MORTGAGE, LLC 1 7.75% $7,645
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $9,347
Paramount Residential Mortgage Group, Inc. 1 7.63% $9,656
PENNYMAC LOAN SERVICES, LLC 1 5.50% $9,484

The top Summerville FHA lender as defined by loan originations is FirstBank, with 11 FHA loans originated. Their average total fees are $9,543, which is $2,331 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Summerville FHA lenders (with over 10 loans originated) are FirstBank ($9,543), .

The lowest rate Summerville FHA lenders (with over 10 loans originated) are FirstBank (6.89%), .

Summerville FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Summerville (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 $99,900 (7.5%) $185,777 (-3.2%) 0.00 57
2018-02-01 $106,000 (14.1%) $185,345 (-4.9%) 0.00 62
2018-03-01 $100,000 (5.9%) $170,160 (-8.5%) 0.00 65
2018-04-01 $97,500 (-2.5%) $159,013 (-15.4%) 0.00 73
2018-05-01 $99,450 (4.7%) $149,054 (-16.1%) 0.00 71
2018-06-01 $129,900 (38.3%) $172,947 (-1.4%) 0.00 70
2018-07-01 $128,225 (29.6%) $173,000 (2.3%) 0.00 77
2018-08-01 $128,325 (38.1%) $181,549 (9.1%) 0.00 74
2018-09-01 $128,700 (22.7%) $195,487 (2.4%) 0.00 63
2018-10-01 $117,425 (-7.9%) $176,939 (-10.9%) 0.00 69
2018-11-01 $128,175 (0.4%) $206,288 (2.3%) 0.00 70
2018-12-01 $130,000 (4.1%) $240,489 (22.8%) 0.00 65
2019-01-01 $146,250 (46.4%) $238,597 (28.4%) 0.00 60
2019-02-01 $149,475 (41.0%) $246,212 (32.8%) 0.00 61
2019-03-01 $150,814 (50.8%) $241,801 (42.1%) 0.00 61
2019-04-01 $142,789 (46.5%) $229,136 (44.1%) 0.00 62
2019-05-01 $147,250 (48.1%) $229,731 (54.1%) 0.00 68
2019-06-01 $136,450 (5.0%) $230,071 (33.0%) 0.00 68
2019-07-01 $134,450 (4.9%) $227,598 (31.6%) 0.00 74
2019-08-01 $131,527 (2.5%) $230,449 (26.9%) 0.00 73
2019-09-01 $130,106 (1.1%) $240,376 (23.0%) 0.00 74
2019-10-01 $129,383 (10.2%) $251,246 (42.0%) 0.00 73
2019-11-01 $125,000 (-2.5%) $231,604 (12.3%) 0.00 70
2019-12-01 $122,200 (-6.0%) $200,100 (-16.8%) 0.00 68
2020-01-01 $120,575 (-17.6%) $198,959 (-16.6%) 0.00 64
2020-02-01 $120,000 (-19.7%) $216,120 (-12.2%) 0.00 65
2020-03-01 $121,200 (-19.6%) $203,580 (-15.8%) 0.00 65
2020-04-01 $123,500 (-13.5%) $188,425 (-17.8%) 0.00 67
2020-05-01 $125,000 (-15.1%) $210,048 (-8.6%) 0.00 51
2020-06-01 $161,150 (18.1%) $229,354 (-0.3%) 0.00 45
2020-07-01 $167,225 (24.4%) $231,035 (1.5%) 0.00 38
2020-08-01 $169,500 (28.9%) $193,303 (-16.1%) 0.00 35
2020-09-01 $165,925 (27.5%) $186,691 (-22.3%) 0.00 25
2020-10-01 $124,900 (-3.5%) $194,683 (-22.5%) 0.00 23
2020-11-01 $124,925 (-0.1%) $164,090 (-29.2%) 0.00 22
2020-12-01 $122,450 (0.2%) $163,045 (-18.5%) 0.00 19
2021-01-01 $114,900 (-4.7%) $140,782 (-29.2%) 0.00 17
2021-02-01 $124,425 (3.7%) $139,852 (-35.3%) 0.00 15
2021-03-01 $132,500 (9.3%) $179,215 (-12.0%) 0.00 21
2021-04-01 $166,625 (34.9%) $201,209 (6.8%) 0.00 19
2021-05-01 $146,900 (17.5%) $176,995 (-15.7%) 0.00 18
2021-06-01 $146,900 (-8.8%) $179,234 (-21.9%) 0.00 21
2021-07-01 $179,900 (7.6%) $211,857 (-8.3%) 0.00 23
2021-08-01 $201,725 (19.0%) $248,301 (28.5%) 0.00 25
2021-09-01 $187,700 (13.1%) $266,144 (42.6%) 0.00 28
2021-10-01 $249,900 (100.1%) $311,997 (60.3%) 0.00 33
2021-11-01 $261,250 (109.1%) $368,258 (124.4%) 0.00 30
2021-12-01 $268,124 (119.0%) $384,268 (135.7%) 0.00 36
2022-01-01 $235,000 (104.5%) $358,866 (154.9%) 0.00 34
2022-02-01 $208,675 (67.7%) $387,637 (177.2%) 0.00 33
2022-03-01 $187,000 (41.1%) $357,846 (99.7%) 0.00 37
2022-04-01 $235,000 (41.0%) $322,692 (60.4%) 0.00 37
2022-05-01 $226,000 (53.9%) $339,756 (92.0%) 0.00 35
2022-06-01 $249,225 (69.7%) $349,398 (94.9%) 0.00 37
2022-07-01 $249,450 (38.7%) $362,153 (70.9%) 0.00 36
2022-08-01 $279,725 (38.7%) $428,252 (72.5%) 0.00 34
2022-09-01 $249,000 (32.7%) $356,700 (34.0%) 0.00 34
2022-10-01 $229,950 (-8.0%) $352,285 (12.9%) 0.00 33
2022-11-01 $224,675 (-14.0%) $326,681 (-11.3%) 0.00 38
2022-12-01 $234,500 (-12.5%) $349,265 (-9.1%) 0.00 40
2023-01-01 $226,175 (-3.8%) $330,905 (-7.8%) 0.00 42
2023-02-01 $250,000 (19.8%) $362,790 (-6.4%) 0.00 38
2023-03-01 $249,900 (33.6%) $385,035 (7.6%) 0.00 38
2023-04-01 $232,400 (-1.1%) $326,150 (1.1%) 0.00 45
2023-05-01 $205,950 (-8.9%) $312,183 (-8.1%) 0.00 52
2023-06-01 $228,450 (-8.3%) $352,641 (0.9%) 0.00 60
2023-07-01 $249,000 (-0.2%) $353,120 (-2.5%) 0.00 54
2023-08-01 $268,425 (-4.0%) $366,668 (-14.4%) 0.00 48
2023-09-01 $299,000 (20.1%) $436,281 (22.3%) 0.00 42
2023-10-01 $269,000 (17.0%) $406,708 (15.5%) 0.00 43
2023-11-01 $247,175 (10.0%) $396,110 (21.3%) 0.00 50
2023-12-01 $225,000 (-4.1%) $367,772 (5.3%) 0.00 51
2024-01-01 $260,850 (15.3%) $421,195 (27.3%) 0.00 49
2024-02-01 $293,450 (17.4%) $435,101 (19.9%) 0.00 51
2024-03-01 $264,900 (6.0%) $408,867 (6.2%) 0.00 53
2024-04-01 $214,500 (-7.7%) $377,547 (15.8%) 0.00 46
2024-05-01 $203,725 (-1.1%) $387,995 (24.3%) 0.00 44
2024-06-01 $210,000 (-8.1%) $397,864 (12.8%) 0.00 57
2024-07-01 $193,249 (-22.4%) $370,330 (4.9%) 0.00 72
2024-08-01 $195,000 (-27.4%) $345,521 (-5.8%) 0.00 72
2024-09-01 $194,100 (-35.1%) $320,852 (-26.5%) 0.00 72
2024-10-01 $211,175 (-21.5%) $310,135 (-23.8%) 0.00 70
2024-11-01 $209,900 (-15.1%) $307,284 (-22.4%) 0.00 68
Summerville's median listing price for 2024-11-01 was $209,900, a difference of $-37,275 (-15.1%) versus the prior year and $-1,275 versus the prior month.

Summerville's median listing price comes in at 0% of the national average.

Summerville's average listing price for 2024-11-01 was $307,284, a difference of $-88,826 (-22.4%) versus the prior year and $-2,851 versus the prior month.

For the 2024-11-01 period, Summerville had 68 MLS listings, a difference of -2 listings (-3%) versus the prior month and 18 listings (36%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Summerville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,548 sqft
2018-02-01 0 days 1,605 sqft
2018-03-01 0 days 1,726 sqft
2018-04-01 0 days 1,671 sqft
2018-05-01 0 days 1,616 sqft
2018-06-01 0 days 1,595 sqft
2018-07-01 0 days 1,512 sqft
2018-08-01 0 days 1,586 sqft
2018-09-01 0 days 1,608 sqft
2018-10-01 0 days 1,562 sqft
2018-11-01 0 days 1,610 sqft
2018-12-01 0 days 1,684 sqft
2019-01-01 0 days 1,780 sqft
2019-02-01 0 days 1,626 sqft
2019-03-01 0 days 1,631 sqft
2019-04-01 0 days 1,641 sqft
2019-05-01 0 days 1,788 sqft
2019-06-01 0 days 1,824 sqft
2019-07-01 0 days 1,809 sqft
2019-08-01 0 days 1,762 sqft
2019-09-01 0 days 1,679 sqft
2019-10-01 0 days 1,527 sqft
2019-11-01 0 days 1,371 sqft
2019-12-01 0 days 1,372 sqft
2020-01-01 0 days 1,458 sqft
2020-02-01 0 days 1,568 sqft
2020-03-01 0 days 1,396 sqft
2020-04-01 0 days 1,378 sqft
2020-05-01 0 days 1,588 sqft
2020-06-01 0 days 1,708 sqft
2020-07-01 0 days 1,663 sqft
2020-08-01 0 days 1,675 sqft
2020-09-01 0 days 1,612 sqft
2020-10-01 0 days 1,514 sqft
2020-11-01 0 days 1,262 sqft
2020-12-01 0 days 1,341 sqft
2021-01-01 0 days 1,299 sqft
2021-02-01 0 days 1,502 sqft
2021-03-01 0 days 1,538 sqft
2021-04-01 0 days 1,874 sqft
2021-05-01 0 days 1,800 sqft
2021-06-01 0 days 1,593 sqft
2021-07-01 0 days 1,698 sqft
2021-08-01 0 days 1,826 sqft
2021-09-01 0 days 1,903 sqft
2021-10-01 0 days 2,119 sqft
2021-11-01 0 days 2,326 sqft
2021-12-01 0 days 2,349 sqft
2022-01-01 0 days 1,979 sqft
2022-02-01 0 days 1,638 sqft
2022-03-01 0 days 1,625 sqft
2022-04-01 0 days 1,710 sqft
2022-05-01 0 days 1,599 sqft
2022-06-01 0 days 1,713 sqft
2022-07-01 0 days 2,095 sqft
2022-08-01 0 days 2,267 sqft
2022-09-01 0 days 1,924 sqft
2022-10-01 0 days 1,884 sqft
2022-11-01 0 days 1,870 sqft
2022-12-01 0 days 1,828 sqft
2023-01-01 0 days 1,757 sqft
2023-02-01 0 days 1,804 sqft
2023-03-01 0 days 1,753 sqft
2023-04-01 0 days 1,568 sqft
2023-05-01 0 days 1,563 sqft
2023-06-01 0 days 1,608 sqft
2023-07-01 0 days 1,545 sqft
2023-08-01 0 days 1,570 sqft
2023-09-01 0 days 1,800 sqft
2023-10-01 0 days 1,891 sqft
2023-11-01 0 days 1,565 sqft
2023-12-01 0 days 1,515 sqft
2024-01-01 0 days 1,820 sqft
2024-02-01 0 days 1,937 sqft
2024-03-01 0 days 1,878 sqft
2024-04-01 0 days 1,591 sqft
2024-05-01 0 days 1,600 sqft
2024-06-01 0 days 1,800 sqft
2024-07-01 0 days 1,633 sqft
2024-08-01 0 days 1,600 sqft
2024-09-01 0 days 1,576 sqft
2024-10-01 0 days 1,600 sqft
2024-11-01 0 days 1,531 sqft
Summerville's median listing age (time on market) for 2024-11-01 was 0 days.

Summerville's median square footage for active listings during the 2024-11-01 period was 1,531 sqft. One year prior, the average listing was 1,565 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).