Vidalia FHA Loan Rates, Closing Costs & Stats

Vidalia, 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.

    Vidalia's 31 lenders originated 63 FHA loans during 2023. The total origination value was $11,125,000, with an average FHA loan value of $176,587.

    Vidalia FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Vidalia averaged 6.57% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Vidalia's average FHA mortgage closing costs are $7,143.

    The average rate for the prior week (2024-11-01) was 6.24% and one month ago for the week of 2024-10-04, the average rate was 5.96%.

    The average rate one year ago was 7.51%.

    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.

    Vidalia 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 Vidalia level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 13 6.47% $8,514
    Northpointe Bank 8 6.73% $7,639
    AMERISAVE MORTGAGE CORPORATION 3 6.38% $17,523
    UNITED WHOLESALE MORTGAGE, LLC 3 7.46% $6,873
    GUILD MORTGAGE COMPANY 2 6.38% $11,580
    LOANDEPOT.COM, LLC 2 6.93% $13,820
    PENNYMAC LOAN SERVICES, LLC 2 6.37% $8,888
    TOWNE MORTGAGE COMPANY 2 6.44% $6,699
    Carrington Mortgage Services, LLC 1 6.63% $8,430
    Colony Bank 1 6.13% $7,187
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $10,450
    Flagstar Bank, FSB 1 6.51% $6,542
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,324
    GUARANTEED RATE, INC. 1 6.88% $8,280
    LIBERTY HOME MORTGAGE CORPORATION 1 8.13% $13,395
    MILEND, INC. 1 7.50% $11,347
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $10,191
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $13,942
    Nations Lending Corporation 1 6.75% $12,278
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.50% $12,777
    Southern First Bank 1 6.88% $4,679
    THE MORTGAGE FIRM, INC. 1 6.50% $12,767
    AMERICAN FINANCIAL NETWORK, INC. 1 7.00% $12,353
    ZILLOW HOME LOANS, LLC 1 5.75% $7,422
    AMERICAN FINANCING CORPORATION 1 4.88% $11,933
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $6,262
    Ameris Bank 1 6.13% $10,148
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $14,315
    BancorpSouth 1 5.88% $11,423
    BROKER SOLUTIONS, INC. 1 7.25% $7,286
    CALIBER HOME LOANS, INC. 1 6.25% $11,349

    The top Vidalia FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 13 FHA loans originated. Their average total fees are $8,514, which is $875 higher than the next largest lender, Northpointe Bank.

    The lowest fee Vidalia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,514), .

    The lowest rate Vidalia FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.47%), .

    Vidalia FHA Loan Limits

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