Valdosta FHA Loan Rates, Closing Costs & Stats

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 83 lenders originated 403 FHA loans during 2023. The total origination value was $82,605,000, with an average FHA loan value of $204,975.

Valdosta FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Valdosta averaged 6.63% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Valdosta's average FHA mortgage closing costs are $7,340.

The average rate for the prior week (2024-07-12) was 6.49% and one month ago for the week of 2024-06-14, the average rate was 6.64%.

The average rate one year ago was 6.43%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.63%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Valdosta level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Ameris Bank 49 6.42% $9,340
QUICKEN LOANS, LLC 47 6.37% $9,872
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 6.70% $10,559
DHI MORTGAGE COMPANY, LTD. 19 5.50% $7,295
BANKSOUTH MORTGAGE COMPANY, LLC 14 6.37% $10,978
UNITED WHOLESALE MORTGAGE, LLC 14 6.27% $10,858
STOCKTON MORTGAGE CORPORATION 11 7.13% $7,937
Renasant Bank 10 6.28% $9,748
Flagstar Bank, FSB 9 6.24% $8,379
Synovus Bank 8 6.47% $8,139
BROKER SOLUTIONS, INC. 8 6.47% $11,300
HOMESTAR FINANCIAL CORPORATION 7 6.75% $4,761
PENNYMAC LOAN SERVICES, LLC 6 6.10% $10,091
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.42% $12,787
CARDINAL FINANCIAL 5 5.93% $7,771
Colony Bank 5 6.80% $7,641
AMERISAVE MORTGAGE CORPORATION 5 6.23% $9,654
AMERICAN FINANCIAL NETWORK, INC. 4 7.25% $9,032
Equity Prime Mortgage LLC 4 7.00% $10,408
MILEND, INC. 3 6.38% $11,825
Mr. Cooper ( Nationstar Mortgage ) 3 6.25% $14,312
FREEDOM MORTGAGE CORPORATION 3 7.08% $11,592
Plains Commerce Bank 3 7.08% $8,550
GENEVA FINANCIAL, LLC 3 7.00% $8,972
GUILD MORTGAGE COMPANY 3 6.46% $9,685
Carrington Mortgage Services, LLC 3 6.29% $9,162
CROSSCOUNTRY MORTGAGE, LLC 3 6.08% $11,480
LOANDEPOT.COM, LLC 3 6.37% $14,899
Truist 2 6.31% $8,150
TOWNE MORTGAGE COMPANY 2 7.25% $11,699
Lakeview Community Capital, LLC 2 6.00% $8,187
GUARANTEED RATE, INC. 2 6.69% $9,708
CANOPY MORTGAGE, LLC 2 6.12% $12,366
EVERETT FINANCIAL, INC. 2 7.69% $11,611
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.50% $17,891
Prosperity Home Mortgage, LLC 1 5.99% $11,801
ROYAL UNITED MORTGAGE LLC 1 7.25% $7,508
SECURITYNATIONAL MORTGAGE COMPANY 1 6.25% $9,691
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.00% $8,434
SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $6,149
THRIVE MORTGAGE, LLC 1 6.00% $13,537
TOP FLITE FINANCIAL, INC. 1 7.00% $13,149
TOTAL MORTGAGE SERVICES, LLC 1 6.75% $11,134
United Fidelity Funding Corp. 1 7.50% $15,675
U.S. Bank 1 7.25% $6,430
VERITAS FUNDING, LLC 1 6.25% $16,539
VILLAGE CAPITAL MORTGAGE 1 4.75% $10,474
Wells Fargo Bank 1 6.63% $5,745
1ST SIGNATURE LENDING, LLC 1 7.25% $12,981
Wyndham Capital Mortgage, Inc. 1 5.13% $13,224
ACADEMY MORTGAGE CORPORATION 1 7.25% $14,384
ACOPIA, LLC 1 7.50% $7,364
ALLIED MORTGAGE GROUP, INC. 1 6.00% $8,298
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $9,147
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $12,536
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $13,354
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.63% $9,838
BancorpSouth 1 6.50% $6,961
Blue Ridge Bank 1 5.38% $6,657
Capital City Home Loans, LLC 1 6.75% $7,827
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.25% $9,639
DELMAR FINANCIAL COMPANY 1 6.63% $9,207
EMM LOANS LLC 1 6.13% $9,499
FirstBank 1 6.38% $13,578
First Community Bank 1 5.50% $9,532
First Option Mortgage, LLC 1 5.63% $13,895
GMFS LLC 1 5.63% $3,700
INTERCAP LENDING INC. 1 7.13% $9,163
Ixonia Bank 1 5.99% $15,214
Kwik Mortgage Corporation 1 6.50% $8,068
LAKEVIEW LOAN SERVICING, LLC 1 6.25% $19,755
Loan Simple, Inc. 1 6.63% $14,643
MEGASTAR FINANCIAL CORP. 1 6.63% $7,929
MID AMERICA MORTGAGE, INC. 1 7.50% $4,967
MIDLAND MORTGAGE CORPORATION 1 7.00% $6,386
MORTGAGE INVESTORS GROUP, INC. 1 7.25% $8,182
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.63% $7,927
MOVEMENT MORTGAGE, LLC 1 7.25% $11,644
Nations Lending Corporation 1 6.63% $10,536
NATIONS RELIABLE LENDING, LLC 1 7.00% $8,640
OCMBC, INC. 1 7.25% $7,748
Paramount Residential Mortgage Group, Inc. 1 7.00% $5,029
PLAZA HOME MORTGAGE, INC. 1 6.63% $17,188

The top Valdosta FHA lender as defined by loan originations is Ameris Bank, with 49 FHA loans originated. Their average total fees are $9,340, which is $532 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Valdosta FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,295), STOCKTON MORTGAGE CORPORATION ($7,937), Ameris Bank ($9,340), Renasant Bank ($9,748) and QUICKEN LOANS, LLC ($9,872).

The lowest rate Valdosta FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.50%), UNITED WHOLESALE MORTGAGE, LLC (6.27%), Renasant Bank (6.28%), QUICKEN LOANS, LLC (6.37%) and BANKSOUTH MORTGAGE COMPANY, LLC (6.37%).

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
VALDOSTA, GA BROOKS 2023 $472,030 $604,400 $730,525 $907,900
VALDOSTA, GA ECHOLS 2023 $472,030 $604,400 $730,525 $907,900
VALDOSTA, GA LANIER 2023 $472,030 $604,400 $730,525 $907,900
VALDOSTA, GA LOWNDES 2023 $472,030 $604,400 $730,525 $907,900

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).