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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.