Summerville FHA Loan Rates, Closing Costs & Stats

Summerville, 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.

    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 6.97% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

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

    The average rate for the prior week (2024-04-05) was 7% and one month ago for the week of 2024-03-08, the average rate was 6.84%.

    The average rate one year ago was 6.17%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.54%.

    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
    Summerville's median listing price for 2024-03-01 was $264,900, a difference of $15,000 (6.0%) versus the prior year and $-28,550 versus the prior month.

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

    Summerville's average listing price for 2024-03-01 was $408,867, a difference of $23,832 (6.2%) versus the prior year and $-26,234 versus the prior month.

    For the 2024-03-01 period, Summerville had 53 MLS listings, a difference of 2 listings (4%) versus the prior month and 15 listings (39%) 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
    Summerville's median listing age (time on market) for 2024-03-01 was 0 days.

    Summerville's median square footage for active listings during the 2024-03-01 period was 1,878 sqft. One year prior, the average listing was 1,753 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).