Valdosta FHA Loans

VALDOSTA, 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.

Valdosta's 75 lenders originated 744 FHA loans during 2021. The total origination value was $126,450,000, with an average FHA loan value of $169,960.

Valdosta FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Valdosta averaged 5.28% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.09% and one month ago for the week of 2022-04-15, the average rate was 4.98%.

The average rate one year ago was 3.15%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.96%.

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

Valdosta FHA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Valdosta level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 111 3.08% $7,112
QUICKEN LOANS, LLC 93 2.75% $6,016
Ameris Bank 55 2.89% $6,838
Renasant Bank 50 2.91% $7,084
ANGEL OAK HOME LOANS LLC 48 2.90% $6,969
HOMESTAR FINANCIAL CORPORATION 32 2.97% $5,593
OPEN MORTGAGE, LLC 29 3.16% $8,109
LOANDEPOT.COM, LLC 18 3.15% $6,480
Colony Bank 16 2.78% $6,642
ON Q FINANCIAL, INC. 15 2.99% $7,391
HOME POINT FINANCIAL CORPORATION 15 2.83% $5,975
Synovus Bank 14 2.98% $6,634
PENNYMAC LOAN SERVICES, LLC 13 2.92% $4,347
Mr. Cooper ( Nationstar Mortgage ) 10 3.53% $3,645
LAKEVIEW LOAN SERVICING, LLC 10 3.07% $4,509
AMERICAN FINANCIAL NETWORK, INC. 9 3.54% $8,966
GoPrime Mortgage, Inc. 8 3.42% $7,323
AMERISAVE MORTGAGE CORPORATION 7 3.34% $7,175
VILLAGE CAPITAL & INVESTMENT LLC 7 3.09% $2,484
AmeriHome Mortgage Company, LLC 6 2.83% $3,610
CALIBER HOME LOANS, INC. 6 3.07% $5,675
BANKSOUTH MORTGAGE COMPANY, LLC 6 2.67% $7,481
UNITED WHOLESALE MORTGAGE, LLC 5 2.70% $9,195
STOCKTON MORTGAGE CORPORATION 5 3.33% $8,078
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.23% $7,628
FREEDOM MORTGAGE CORPORATION 5 3.27% $4,246
CROSSCOUNTRY MORTGAGE, LLC 4 3.31% $7,168
GENEVA FINANCIAL, LLC 4 3.59% $6,900
Carrington Mortgage Services, LLC 4 3.31% $7,674
NEWREZ LLC 4 3.03% $3,953
BROKER SOLUTIONS, INC. 4 3.38% $6,968
Lakeview Community Capital, LLC 3 3.28% $3,818
ACADEMY MORTGAGE CORPORATION 3 3.29% $8,469
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.75% $10,640
Bank of America 3 2.79% $4,228
ZILLOW HOME LOANS, LLC 2 3.13% $5,938
Flagstar Bank, FSB 2 2.81% $7,963
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.00% $6,432
LIBERTY HOME MORTGAGE CORPORATION 2 3.63% $5,677
MLD MORTGAGE INC. 2 2.31% $8,790
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.88% $7,629
TOWNE MORTGAGE COMPANY 2 3.44% $8,978
VANDERBILT MORTGAGE AND FINANCE, INC. 2 2.75% $8,081
MORIA DEVELOPMENT, INC. 1 3.50% $6,065
GUILD MORTGAGE COMPANY 1 3.63% $6,261
Waterstone Mortgage Corporation 1 3.50% $5,949
Nations Lending Corporation 1 3.00% $2,945
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.50% $8,111
GUARANTEED RATE, INC. 1 2.88% $6,979
NP, Inc. 1 2.50% $6,876
GMFS LLC 1 2.38% $3,039
First Federal Bank 1 3.50% $6,243
Paramount Residential Mortgage Group, Inc. 1 3.63% $6,051
Commonwealth Bank and Trust Company 1 2.75% $8,077
PHH Mortgage Corporation 1 3.13% $1,153
PLANET HOME LENDING, LLC 1 3.25% $3,312
PREMIER LENDING, INC. 1 3.00% $6,358
Capital City Home Loans, LLC 1 3.25% $7,673
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.75% $8,984
Blue Ridge Bank 1 2.25% $5,230
BAYSHORE MORTGAGE FUNDING, LLC 1 2.88% $7,341
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.50% $9,642
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 2.50% $12,569
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.99% $4,330
SOUTHWEST STAGE FUNDING, LLC 1 3.38% $3,383
BAY EQUITY LLC 1 2.99% $6,166
Bank of England 1 2.88% $4,654
Wells Fargo Bank 1 3.75% $3,121
Armed Forces Bank 1 3.88% $5,808
US MORTGAGE CORPORATION 1 3.25% $9,346
Lend Smart Mortgage, LLC 1 3.25% $4,945
AMERICAN FINANCING CORPORATION 1 2.75% $6,088
JPMorgan Chase Bank 1 3.13% $3,742
Manufacturers and Traders Trust Company 1 3.25% $3,845
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $9,088

The top Valdosta FHA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 111 FHA loans originated. Their average total fees are $7,112, which is $1,096 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Valdosta FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,645), PENNYMAC LOAN SERVICES, LLC ($4,347), LAKEVIEW LOAN SERVICING, LLC ($4,509), HOMESTAR FINANCIAL CORPORATION ($5,593) and HOME POINT FINANCIAL CORPORATION ($5,975).

The lowest rate Valdosta FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), Colony Bank (2.78%), HOME POINT FINANCIAL CORPORATION (2.83%), Ameris Bank (2.89%) and ANGEL OAK HOME LOANS LLC (2.90%).

Valdosta FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
VALDOSTA, GA BROOKS 2022 $420,680 $538,650 $651,050 $809,150
VALDOSTA, GA ECHOLS 2022 $420,680 $538,650 $651,050 $809,150
VALDOSTA, GA LANIER 2022 $420,680 $538,650 $651,050 $809,150
VALDOSTA, GA LOWNDES 2022 $420,680 $538,650 $651,050 $809,150

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).