Valdosta FHA Loan Rates, Closing Costs & Stats

VALDOSTA, 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.

    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 5.74% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

    The average rate for the prior week (2024-10-04) was 5.66% and one month ago for the week of 2024-09-06, the average rate was 5.69%.

    The average rate one year ago was 7.32%.

    For refis of the same type during the week of 2024-10-11, the average rate was 6.04%.

    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).