Toccoa FHA Loan Rates, Closing Costs & Stats

Toccoa, 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.

    Toccoa's 38 lenders originated 112 FHA loans during 2023. The total origination value was $22,010,000, with an average FHA loan value of $196,518.

    Toccoa FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Toccoa averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Toccoa's average FHA mortgage closing costs are $6,659.

    The average rate for the prior week (2024-11-01) was 6.3% and one month ago for the week of 2024-10-04, the average rate was 6.02%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Toccoa 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 Toccoa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 14 6.50% $9,650
    UNITED WHOLESALE MORTGAGE, LLC 13 6.30% $10,121
    HOMESTAR FINANCIAL CORPORATION 9 6.68% $7,008
    HOMEOWNERS FINANCIAL GROUP USA, LLC 6 6.38% $12,248
    VANDERBILT MORTGAGE AND FINANCE, INC. 5 6.20% $14,091
    MORTGAGE INVESTORS GROUP, INC. 4 6.31% $7,954
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.88% $10,389
    AMERICAN FINANCIAL NETWORK, INC. 3 7.25% $11,879
    PENNYMAC LOAN SERVICES, LLC 3 6.29% $10,548
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 7.75% $10,954
    TOWNE MORTGAGE COMPANY 2 7.06% $7,363
    UNION HOME MORTGAGE CORP. 2 6.63% $9,677
    GENEVA FINANCIAL, LLC 2 6.56% $14,729
    LOANDEPOT.COM, LLC 2 5.75% $7,898
    BROKER SOLUTIONS, INC. 2 6.75% $11,135
    FIRST COMMUNITY MORTGAGE, INC. 2 6.75% $10,270
    CROSSCOUNTRY MORTGAGE, LLC 2 6.37% $7,784
    Regions Bank 2 6.50% $11,670
    GMFS LLC 2 6.75% $5,397
    STOCKTON MORTGAGE CORPORATION 2 7.19% $7,945
    ZILLOW HOME LOANS, LLC 1 6.25% $7,240
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $16,356
    BANKSOUTH MORTGAGE COMPANY, LLC 1 7.63% $6,826
    Carrington Mortgage Services, LLC 1 5.50% $9,847
    Citizens Bank 1 6.13% $5,524
    EVERETT FINANCIAL, INC. 1 7.13% $3,584
    First Federal Bank 1 5.75% $3,807
    FREEDOM MORTGAGE CORPORATION 1 7.25% $11,061
    GUARANTEED RATE, INC. 1 6.25% $16,703
    LOANLEADERS OF AMERICA, INC. 1 6.63% $12,507
    MILEND, INC. 1 6.63% $14,946
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $11,224
    NEWREZ LLC 1 7.75% $11,673
    OCMBC, INC. 1 7.00% $6,572
    RUOFF MORTGAGE COMPANY, INC. 1 5.88% $6,077
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.00% $11,239
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.00% $3,051
    US MORTGAGE CORPORATION 1 6.13% $11,928

    The top Toccoa FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 14 FHA loans originated. Their average total fees are $9,650, which is $470 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Toccoa FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,650), UNITED WHOLESALE MORTGAGE, LLC ($10,121), .

    The lowest rate Toccoa FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.30%), QUICKEN LOANS, LLC (6.50%), .

    Toccoa FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Toccoa (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 $216,000 (0.7%) $291,172 (6.4%) 0.00 124
    2018-02-01 $216,000 (-1.9%) $287,059 (4.1%) 0.00 130
    2018-03-01 $229,450 (1.8%) $289,124 (3.0%) 0.00 142
    2018-04-01 $243,475 (8.2%) $298,603 (6.9%) 0.00 144
    2018-05-01 $235,375 (3.7%) $297,791 (8.7%) 0.00 153
    2018-06-01 $229,000 (-3.8%) $292,674 (4.4%) 0.00 158
    2018-07-01 $250,000 (0.0%) $304,483 (2.9%) 0.00 149
    2018-08-01 $250,000 (0.1%) $302,984 (1.4%) 0.00 136
    2018-09-01 $235,000 (-6.0%) $292,799 (-4.0%) 0.00 135
    2018-10-01 $225,000 (-0.4%) $282,041 (-6.4%) 0.00 146
    2018-11-01 $220,000 (-10.6%) $303,628 (-0.5%) 0.00 143
    2018-12-01 $239,000 (1.1%) $315,162 (3.3%) 0.00 129
    2019-01-01 $244,950 (13.4%) $321,139 (10.3%) 0.00 123
    2019-02-01 $224,000 (3.7%) $312,671 (8.9%) 0.00 115
    2019-03-01 $200,143 (-12.8%) $284,988 (-1.4%) 0.00 118
    2019-04-01 $191,818 (-21.2%) $267,286 (-10.5%) 0.00 123
    2019-05-01 $214,175 (-9.0%) $278,289 (-6.6%) 0.00 111
    2019-06-01 $199,900 (-12.7%) $270,920 (-7.4%) 0.00 115
    2019-07-01 $205,825 (-17.7%) $270,769 (-11.1%) 0.00 123
    2019-08-01 $179,655 (-28.1%) $264,438 (-12.7%) 0.00 121
    2019-09-01 $186,711 (-20.6%) $267,007 (-8.8%) 0.00 122
    2019-10-01 $215,350 (-4.3%) $275,868 (-2.2%) 0.00 116
    2019-11-01 $250,000 (13.6%) $299,474 (-1.4%) 0.00 101
    2019-12-01 $252,200 (5.5%) $302,360 (-4.1%) 0.00 89
    2020-01-01 $252,450 (3.1%) $301,616 (-6.1%) 0.00 82
    2020-02-01 $254,900 (13.8%) $297,139 (-5.0%) 0.00 78
    2020-03-01 $247,000 (23.4%) $282,910 (-0.7%) 0.00 78
    2020-04-01 $244,700 (27.6%) $281,015 (5.1%) 0.00 85
    2020-05-01 $247,000 (15.3%) $292,465 (5.1%) 0.00 76
    2020-06-01 $270,750 (35.4%) $314,663 (16.2%) 0.00 66
    2020-07-01 $249,250 (21.1%) $307,401 (13.5%) 0.00 54
    2020-08-01 $257,400 (43.3%) $308,117 (16.5%) 0.00 52
    2020-09-01 $281,150 (50.6%) $320,551 (20.1%) 0.00 55
    2020-10-01 $279,900 (30.0%) $321,748 (16.6%) 0.00 53
    2020-11-01 $277,975 (11.2%) $313,730 (4.8%) 0.00 51
    2020-12-01 $207,450 (-17.7%) $272,516 (-9.9%) 0.00 46
    2021-01-01 $279,450 (10.7%) $304,661 (1.0%) 0.00 57
    2021-02-01 $264,900 (3.9%) $334,119 (12.5%) 0.00 65
    2021-03-01 $324,450 (31.4%) $386,218 (36.5%) 0.00 57
    2021-04-01 $324,450 (32.6%) $393,109 (39.9%) 0.00 52
    2021-05-01 $329,450 (33.4%) $401,060 (37.1%) 0.00 52
    2021-06-01 $329,900 (21.9%) $383,757 (22.0%) 0.00 55
    2021-07-01 $349,900 (40.4%) $431,142 (40.3%) 0.00 54
    2021-08-01 $324,450 (26.1%) $364,725 (18.4%) 0.00 52
    2021-09-01 $314,250 (11.8%) $339,940 (6.1%) 0.00 67
    2021-10-01 $299,950 (7.2%) $330,551 (2.7%) 0.00 59
    2021-11-01 $275,600 (-0.9%) $297,738 (-5.1%) 0.00 59
    2021-12-01 $281,200 (35.6%) $307,148 (12.7%) 0.00 55
    2022-01-01 $294,900 (5.5%) $318,000 (4.4%) 0.00 41
    2022-02-01 $286,725 (8.2%) $300,579 (-10.0%) 0.00 40
    2022-03-01 $289,950 (-10.6%) $321,792 (-16.7%) 0.00 43
    2022-04-01 $307,500 (-5.2%) $326,739 (-16.9%) 0.00 38
    2022-05-01 $278,475 (-15.5%) $339,034 (-15.5%) 0.00 54
    2022-06-01 $277,000 (-16.0%) $334,770 (-12.8%) 0.00 49
    2022-07-01 $268,900 (-23.2%) $311,806 (-27.7%) 0.00 65
    2022-08-01 $281,200 (-13.3%) $310,385 (-14.9%) 0.00 85
    2022-09-01 $284,900 (-9.3%) $317,232 (-6.7%) 0.00 78
    2022-10-01 $269,750 (-10.1%) $310,999 (-5.9%) 0.00 79
    2022-11-01 $282,400 (2.5%) $322,629 (8.4%) 0.00 75
    2022-12-01 $309,900 (10.2%) $355,663 (15.8%) 0.00 64
    2023-01-01 $328,650 (11.4%) $360,189 (13.3%) 0.00 59
    2023-02-01 $334,950 (16.8%) $393,526 (30.9%) 0.00 55
    2023-03-01 $331,250 (14.2%) $390,733 (21.4%) 0.00 61
    2023-04-01 $330,000 (7.3%) $410,528 (25.6%) 0.00 66
    2023-05-01 $336,175 (20.7%) $383,016 (13.0%) 0.00 74
    2023-06-01 $338,675 (22.3%) $414,098 (23.7%) 0.00 67
    2023-07-01 $339,900 (26.4%) $428,148 (37.3%) 0.00 76
    2023-08-01 $327,475 (16.5%) $406,085 (30.8%) 0.00 82
    2023-09-01 $309,950 (8.8%) $395,367 (24.6%) 0.00 72
    2023-10-01 $327,500 (21.4%) $414,313 (33.2%) 0.00 75
    2023-11-01 $289,900 (2.7%) $389,749 (20.8%) 0.00 85
    2023-12-01 $286,000 (-7.7%) $376,426 (5.8%) 0.00 79
    2024-01-01 $299,950 (-8.7%) $387,196 (7.5%) 0.00 78
    2024-02-01 $305,950 (-8.7%) $432,782 (10.0%) 0.00 76
    2024-03-01 $297,400 (-10.2%) $437,121 (11.9%) 0.00 78
    2024-04-01 $299,225 (-9.3%) $415,515 (1.2%) 0.00 73
    2024-05-01 $349,900 (4.1%) $471,408 (23.1%) 0.00 75
    2024-06-01 $324,900 (-4.1%) $461,868 (11.5%) 0.00 86
    2024-07-01 $308,675 (-9.2%) $421,645 (-1.5%) 0.00 103
    2024-08-01 $294,900 (-10.0%) $416,769 (2.6%) 0.00 108
    2024-09-01 $277,450 (-10.5%) $419,353 (6.1%) 0.00 116
    2024-10-01 $284,950 (-13.0%) $439,332 (6.0%) 0.00 121
    Toccoa's median listing price for 2024-10-01 was $284,950, a difference of $-42,550 (-13.0%) versus the prior year and $7,500 versus the prior month.

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

    Toccoa's average listing price for 2024-10-01 was $439,332, a difference of $25,019 (6.0%) versus the prior year and $19,979 versus the prior month.

    For the 2024-10-01 period, Toccoa had 121 MLS listings, a difference of 5 listings (4%) versus the prior month and 46 listings (61%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Toccoa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,933 sqft
    2018-02-01 0 days 1,926 sqft
    2018-03-01 0 days 2,098 sqft
    2018-04-01 0 days 2,063 sqft
    2018-05-01 0 days 2,053 sqft
    2018-06-01 0 days 2,014 sqft
    2018-07-01 0 days 2,148 sqft
    2018-08-01 0 days 2,134 sqft
    2018-09-01 0 days 2,049 sqft
    2018-10-01 0 days 1,920 sqft
    2018-11-01 0 days 1,967 sqft
    2018-12-01 0 days 2,039 sqft
    2019-01-01 0 days 2,048 sqft
    2019-02-01 0 days 1,864 sqft
    2019-03-01 0 days 1,809 sqft
    2019-04-01 0 days 1,791 sqft
    2019-05-01 0 days 1,777 sqft
    2019-06-01 0 days 1,733 sqft
    2019-07-01 0 days 1,749 sqft
    2019-08-01 0 days 1,747 sqft
    2019-09-01 0 days 1,765 sqft
    2019-10-01 0 days 1,806 sqft
    2019-11-01 0 days 2,030 sqft
    2019-12-01 0 days 2,122 sqft
    2020-01-01 0 days 2,151 sqft
    2020-02-01 0 days 2,161 sqft
    2020-03-01 0 days 1,978 sqft
    2020-04-01 0 days 1,974 sqft
    2020-05-01 0 days 1,899 sqft
    2020-06-01 0 days 2,161 sqft
    2020-07-01 0 days 1,792 sqft
    2020-08-01 0 days 1,708 sqft
    2020-09-01 0 days 1,707 sqft
    2020-10-01 0 days 1,686 sqft
    2020-11-01 0 days 1,737 sqft
    2020-12-01 0 days 1,616 sqft
    2021-01-01 0 days 1,625 sqft
    2021-02-01 0 days 1,545 sqft
    2021-03-01 0 days 1,693 sqft
    2021-04-01 0 days 1,517 sqft
    2021-05-01 0 days 1,648 sqft
    2021-06-01 0 days 1,682 sqft
    2021-07-01 0 days 1,852 sqft
    2021-08-01 0 days 1,927 sqft
    2021-09-01 0 days 1,756 sqft
    2021-10-01 0 days 1,762 sqft
    2021-11-01 0 days 1,555 sqft
    2021-12-01 0 days 1,678 sqft
    2022-01-01 0 days 1,668 sqft
    2022-02-01 0 days 1,663 sqft
    2022-03-01 0 days 1,696 sqft
    2022-04-01 0 days 1,642 sqft
    2022-05-01 0 days 1,740 sqft
    2022-06-01 0 days 1,751 sqft
    2022-07-01 0 days 1,672 sqft
    2022-08-01 0 days 1,611 sqft
    2022-09-01 0 days 1,683 sqft
    2022-10-01 0 days 1,607 sqft
    2022-11-01 0 days 1,634 sqft
    2022-12-01 0 days 1,745 sqft
    2023-01-01 0 days 1,793 sqft
    2023-02-01 0 days 1,792 sqft
    2023-03-01 0 days 1,762 sqft
    2023-04-01 0 days 1,784 sqft
    2023-05-01 0 days 1,800 sqft
    2023-06-01 0 days 1,900 sqft
    2023-07-01 0 days 1,875 sqft
    2023-08-01 0 days 1,781 sqft
    2023-09-01 0 days 1,848 sqft
    2023-10-01 0 days 1,770 sqft
    2023-11-01 0 days 1,657 sqft
    2023-12-01 0 days 1,576 sqft
    2024-01-01 0 days 1,658 sqft
    2024-02-01 0 days 1,650 sqft
    2024-03-01 0 days 1,646 sqft
    2024-04-01 0 days 1,590 sqft
    2024-05-01 0 days 1,718 sqft
    2024-06-01 0 days 1,734 sqft
    2024-07-01 0 days 1,762 sqft
    2024-08-01 0 days 1,734 sqft
    2024-09-01 0 days 1,553 sqft
    2024-10-01 0 days 1,600 sqft
    Toccoa's median listing age (time on market) for 2024-10-01 was 0 days.

    Toccoa's median square footage for active listings during the 2024-10-01 period was 1,600 sqft. One year prior, the average listing was 1,770 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).