Waycross FHA Loan Rates, Closing Costs & Stats

Waycross, GA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Waycross's 47 lenders originated 163 FHA loans during 2023. The total origination value was $30,835,000, with an average FHA loan value of $189,172.

    Waycross FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Waycross averaged 6.31% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Waycross's average FHA mortgage closing costs are $6,866.

    The average rate for the prior week (2024-11-01) was 6.58% and one month ago for the week of 2024-10-04, the average rate was 6%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Waycross 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 Waycross level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 30 6.57% $8,951
    QUICKEN LOANS, LLC 26 6.25% $9,237
    GUARANTEED RATE, INC. 8 6.43% $8,025
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.67% $6,079
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 6 6.42% $7,775
    CARDINAL FINANCIAL 5 6.80% $8,695
    PENNYMAC LOAN SERVICES, LLC 4 6.69% $13,158
    Ameris Bank 4 6.66% $9,129
    FREEDOM MORTGAGE CORPORATION 4 6.78% $8,706
    LOANDEPOT.COM, LLC 4 6.50% $10,170
    Carrington Mortgage Services, LLC 3 6.25% $9,654
    Plains Commerce Bank 3 6.42% $8,510
    AMERISAVE MORTGAGE CORPORATION 3 6.38% $14,667
    Equity Prime Mortgage LLC 3 6.79% $10,688
    Renasant Bank 2 6.38% $6,177
    HOMESTAR FINANCIAL CORPORATION 2 7.19% $3,822
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.50% $8,592
    BROKER SOLUTIONS, INC. 2 6.37% $7,929
    Loan Simple, Inc. 2 6.50% $10,376
    CMG MORTGAGE, INC. 2 6.63% $9,608
    Platinum Home Mortgage Corporation 2 6.75% $13,148
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 7.00% $8,280
    Mortgage Research Center, LLC 2 6.25% $3,650
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $9,456
    Nations Lending Corporation 1 7.00% $4,638
    NEWREZ LLC 1 6.75% $14,270
    Paramount Residential Mortgage Group, Inc. 1 6.00% $9,653
    1ST SIGNATURE LENDING, LLC 1 6.75% $13,909
    Prosperity Home Mortgage, LLC 1 6.25% $9,475
    AMERICAN FINANCIAL NETWORK, INC. 1 6.88% $4,320
    Summit Mortgage Corporation 1 7.50% $18,051
    THRIVE MORTGAGE, LLC 1 7.25% $10,478
    TOP FLITE FINANCIAL, INC. 1 6.63% $25,925
    Bank of England 1 6.63% $12,576
    CALIBER HOME LOANS, INC. 1 7.25% $5,495
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $5,792
    TOWNE MORTGAGE COMPANY 1 7.13% $9,254
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $9,191
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.13% $19,249
    HOMESIDE FINANCIAL, LLC 1 7.25% $7,156
    JPMorgan Chase Bank 1 7.13% $1,925
    AMCAP MORTGAGE, LTD. 1 7.75% $6,205
    Magnolia Bank 1 5.75% $11,776
    MEMBER FIRST MORTGAGE, LLC 1 6.63% $4,485
    MILEND, INC. 1 5.63% $16,628
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.00% $18,380
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $9,773

    The top Waycross FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 30 FHA loans originated. Their average total fees are $8,951, which is $286 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Waycross FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($8,951), QUICKEN LOANS, LLC ($9,237), .

    The lowest rate Waycross FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), UNITED WHOLESALE MORTGAGE, LLC (6.57%), .

    Waycross FHA Loan Limits

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