Savannah USDA Loans

SAVANNAH, GA

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Savannah's 54 lenders originated 249 USDA loans during 2021. The total origination value was $52,205,000, with an average USDA loan value of $209,659.

    Savannah USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Savannah averaged 5.47% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

    The average rate for the prior week (2022-05-13) was 5.05% and one month ago for the week of 2022-04-15, the average rate was 5.05%.

    The average rate one year ago was 3%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.8%.

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

    Savannah USDA Loan Lenders by Rates & Fees

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    BROKER SOLUTIONS, INC. 31 3.14% $5,821
    BANKSOUTH MORTGAGE COMPANY, LLC 23 2.64% $6,497
    GUILD MORTGAGE COMPANY 14 2.94% $6,110
    DHI MORTGAGE COMPANY, LTD. 12 2.72% $4,780
    ANGEL OAK HOME LOANS LLC 11 2.82% $6,263
    CERTAINTY HOME LOANS, LLC 10 2.85% $5,530
    HOMESTAR FINANCIAL CORPORATION 10 2.88% $4,608
    Magnolia Bank 8 2.78% $4,714
    DRAPER AND KRAMER MORTGAGE CORP. 7 2.59% $6,133
    GUARANTY HOME MORTGAGE CORPORATION 7 2.86% $5,346
    HOMESPIRE MORTGAGE CORPORATION 6 2.69% $5,840
    LOANDEPOT.COM, LLC 6 3.04% $6,747
    Mortgage Research Center, LLC 6 2.93% $3,910
    MOVEMENT MORTGAGE, LLC 6 2.88% $4,821
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 3.28% $6,451
    VANDERBILT MORTGAGE AND FINANCE, INC. 5 3.20% $5,431
    Capital City Home Loans, LLC 5 2.38% $5,857
    SOUTHPOINT FINANCIAL SERVICES, INC. 4 3.25% $5,101
    Colony Bank 4 2.84% $5,488
    GUARANTEED RATE, INC. 4 2.75% $5,712
    PENNYMAC LOAN SERVICES, LLC 4 2.78% $6,794
    South State Bank 4 2.50% $5,710
    Truist Bank 4 2.69% $6,279
    SIGNATURE MORTGAGE CORPORATION 3 3.33% $6,273
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.38% $8,568
    Plains Commerce Bank 3 2.83% $5,791
    First Horizon Bank 3 2.83% $5,890
    Renasant Bank 3 2.71% $6,024
    The Federal Savings Bank 3 2.50% $5,585
    HOME POINT FINANCIAL CORPORATION 2 2.50% $4,856
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.31% $3,025
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.19% $9,262
    CRESCENT MORTGAGE COMPANY 2 2.81% $6,001
    Colten Mortgage, LLC 2 2.50% $5,807
    Flagstar Bank, FSB 2 2.41% $5,171
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $9,978
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 2.75% $6,753
    SOUTHERN TRUST MORTGAGE, LLC 1 2.88% $8,307
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.88% $5,502
    United Community Bank 1 2.75% $5,593
    SWBC MORTGAGE CORPORATION 1 3.00% $9,083
    First Federal Bank 1 2.88% $6,736
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $7,341
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.13% $5,164
    INTERLINC MORTGAGE SERVICES, LLC 1 2.75% $5,171
    JET HOMELOANS, LLC 1 2.75% $6,762
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 2.88% $6,932
    LENDUS, LLC 1 2.88% $8,465
    Bank of England 1 3.63% $6,570
    Atlantic Coast Mortgage, LLC 1 2.75% $6,379
    MID AMERICA MORTGAGE, INC. 1 2.99% $2,142
    AMERIFIRST FINANCIAL CORPORATION 1 3.50% $5,739
    FINANCE OF AMERICA MORTGAGE LLC 1 2.50% $8,665
    PANORAMA MORTGAGE GROUP, LLC 1 3.75% $7,951

    The top Savannah USDA lender as defined by loan originations is BROKER SOLUTIONS, INC., with 31 USDA loans originated. Their average total fees are $5,821, which is $676 lower than the next largest lender, BANKSOUTH MORTGAGE COMPANY, LLC.

    The lowest fee Savannah USDA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($4,608), DHI MORTGAGE COMPANY, LTD. ($4,780), CERTAINTY HOME LOANS, LLC ($5,530), BROKER SOLUTIONS, INC. ($5,821) and GUILD MORTGAGE COMPANY ($6,110).

    The lowest rate Savannah USDA lenders (with over 10 loans originated) are BANKSOUTH MORTGAGE COMPANY, LLC (2.64%), DHI MORTGAGE COMPANY, LTD. (2.72%), ANGEL OAK HOME LOANS LLC (2.82%), CERTAINTY HOME LOANS, LLC (2.85%) and HOMESTAR FINANCIAL CORPORATION (2.88%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $259,900 (5.3%) $374,490 (11.5%) 0.96 2,716
    2018-02-01 $267,250 (5.4%) $377,462 (8.7%) 0.96 2,777
    2018-03-01 $274,900 (6.0%) $379,064 (7.1%) 0.95 2,872
    2018-04-01 $275,516 (6.0%) $379,077 (5.5%) 0.92 2,891
    2018-05-01 $277,000 (6.6%) $379,385 (5.6%) 0.92 2,911
    2018-06-01 $274,900 (3.7%) $372,522 (2.1%) 0.92 2,946
    2018-07-01 $274,950 (4.0%) $375,353 (2.9%) 0.92 2,889
    2018-08-01 $271,950 (5.3%) $374,456 (5.0%) 0.91 2,824
    2018-09-01 $274,900 (5.8%) $377,145 (5.3%) 0.92 2,820
    2018-10-01 $274,900 (6.8%) $379,645 (4.8%) 0.92 2,862
    2018-11-01 $271,450 (4.4%) $375,789 (2.4%) 0.91 2,982
    2018-12-01 $271,600 (4.5%) $377,554 (2.2%) 0.93 2,918
    2019-01-01 $273,450 (5.2%) $384,949 (2.8%) 0.94 2,823
    2019-02-01 $277,450 (3.8%) $393,953 (4.4%) 0.93 2,792
    2019-03-01 $282,043 (2.6%) $400,957 (5.8%) 0.92 2,771
    2019-04-01 $286,450 (4.0%) $402,024 (6.1%) 0.90 2,797
    2019-05-01 $288,850 (4.3%) $403,513 (6.4%) 0.89 2,791
    2019-06-01 $289,900 (5.5%) $404,782 (8.7%) 0.89 2,756
    2019-07-01 $289,900 (5.4%) $401,905 (7.1%) 0.90 2,763
    2019-08-01 $289,413 (6.4%) $401,443 (7.2%) 0.91 2,749
    2019-09-01 $289,927 (5.5%) $402,482 (6.7%) 0.92 2,751
    2019-10-01 $289,900 (5.5%) $400,593 (5.5%) 0.92 2,771
    2019-11-01 $289,900 (6.8%) $402,695 (7.2%) 0.94 2,688
    2019-12-01 $292,950 (7.9%) $414,334 (9.7%) 0.98 2,629
    2020-01-01 $295,673 (8.1%) $417,977 (8.6%) 0.99 2,460
    2020-02-01 $299,000 (7.8%) $423,245 (7.4%) 0.96 2,483
    2020-03-01 $299,900 (6.3%) $425,697 (6.2%) 0.94 2,467
    2020-04-01 $299,900 (4.7%) $422,583 (5.1%) 0.93 2,497
    2020-05-01 $306,052 (6.0%) $431,132 (6.8%) 0.93 2,361
    2020-06-01 $313,750 (8.2%) $440,138 (8.7%) 0.92 2,175
    2020-07-01 $319,900 (10.4%) $445,894 (11.0%) 0.92 2,068
    2020-08-01 $320,000 (10.6%) $454,051 (13.1%) 0.91 1,910
    2020-09-01 $325,000 (12.1%) $466,588 (15.9%) 0.93 1,827
    2020-10-01 $318,789 (10.0%) $469,200 (17.1%) 0.91 1,747
    2020-11-01 $307,500 (6.1%) $456,681 (13.4%) 0.88 1,716
    2020-12-01 $302,450 (3.2%) $452,499 (9.2%) 0.89 1,575
    2021-01-01 $305,000 (3.2%) $459,762 (10.0%) 0.90 1,325
    2021-02-01 $307,450 (2.8%) $481,621 (13.8%) 0.88 1,075
    2021-03-01 $310,428 (3.5%) $502,400 (18.0%) 0.87 880
    2021-04-01 $320,695 (6.9%) $513,041 (21.4%) 0.86 797
    2021-05-01 $320,000 (4.6%) $525,623 (21.9%) 0.84 784
    2021-06-01 $324,900 (3.6%) $528,060 (20.0%) 0.84 771
    2021-07-01 $329,450 (3.0%) $526,260 (18.0%) 0.86 847
    2021-08-01 $339,563 (6.1%) $535,918 (18.0%) 0.89 843
    2021-09-01 $334,950 (3.1%) $544,512 (16.7%) 0.88 844
    2021-10-01 $340,000 (6.7%) $560,488 (19.5%) 0.89 795
    2021-11-01 $340,403 (10.7%) $558,903 (22.4%) 0.90 712
    2021-12-01 $349,950 (15.7%) $583,865 (29.0%) 0.93 655
    2022-01-01 $349,900 (14.7%) $601,555 (30.8%) 0.93 537
    2022-02-01 $377,450 (22.8%) $641,986 (33.3%) 0.96 464
    2022-03-01 $387,400 (24.8%) $641,183 (27.6%) 0.96 464
    2022-04-01 $399,000 (24.4%) $646,298 (26.0%) 0.94 494
    Savannah's median listing price for 2022-04-01 was $399,000, a difference of $78,305 (24.4%) versus the prior year and $11,600 versus the prior month.

    Savannah's median listing price comes in at 94% of the national average.

    Savannah's average listing price for 2022-04-01 was $646,298, a difference of $133,257 (26.0%) versus the prior year and $5,115 versus the prior month.

    For the 2022-04-01 period, Savannah had 494 MLS listings, a difference of 30 listings (6%) versus the prior month and -303 listings (-38%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 99 days 2,168 sqft
    2018-02-01 91 days 2,187 sqft
    2018-03-01 68 days 2,248 sqft
    2018-04-01 69 days 2,271 sqft
    2018-05-01 72 days 2,253 sqft
    2018-06-01 74 days 2,211 sqft
    2018-07-01 78 days 2,220 sqft
    2018-08-01 81 days 2,193 sqft
    2018-09-01 85 days 2,202 sqft
    2018-10-01 83 days 2,203 sqft
    2018-11-01 82 days 2,211 sqft
    2018-12-01 88 days 2,223 sqft
    2019-01-01 95 days 2,214 sqft
    2019-02-01 99 days 2,229 sqft
    2019-03-01 88 days 2,250 sqft
    2019-04-01 71 days 2,280 sqft
    2019-05-01 70 days 2,301 sqft
    2019-06-01 72 days 2,320 sqft
    2019-07-01 72 days 2,323 sqft
    2019-08-01 76 days 2,322 sqft
    2019-09-01 84 days 2,322 sqft
    2019-10-01 84 days 2,302 sqft
    2019-11-01 87 days 2,304 sqft
    2019-12-01 90 days 2,266 sqft
    2020-01-01 99 days 2,279 sqft
    2020-02-01 92 days 2,294 sqft
    2020-03-01 75 days 2,312 sqft
    2020-04-01 77 days 2,332 sqft
    2020-05-01 80 days 2,343 sqft
    2020-06-01 80 days 2,323 sqft
    2020-07-01 71 days 2,394 sqft
    2020-08-01 63 days 2,358 sqft
    2020-09-01 61 days 2,319 sqft
    2020-10-01 65 days 2,244 sqft
    2020-11-01 66 days 2,158 sqft
    2020-12-01 71 days 2,127 sqft
    2021-01-01 79 days 2,118 sqft
    2021-02-01 67 days 2,068 sqft
    2021-03-01 50 days 2,037 sqft
    2021-04-01 44 days 2,069 sqft
    2021-05-01 37 days 2,100 sqft
    2021-06-01 38 days 2,050 sqft
    2021-07-01 37 days 2,077 sqft
    2021-08-01 38 days 2,029 sqft
    2021-09-01 43 days 2,019 sqft
    2021-10-01 44 days 2,048 sqft
    2021-11-01 47 days 2,070 sqft
    2021-12-01 48 days 2,087 sqft
    2022-01-01 53 days 2,059 sqft
    2022-02-01 37 days 2,131 sqft
    2022-03-01 30 days 2,135 sqft
    2022-04-01 29 days 2,194 sqft
    Savannah's median listing age (time on market) for 2022-04-01 was 29 days. This is -34% shorter than the same period one year ago.

    Savannah's median square footage for active listings during the 2022-04-01 period was 2,194 sqft. One year prior, the average listing was 2,069 sqft.