Savannah USDA Loan Rates, Closing Costs & Stats

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 30 lenders originated 70 USDA loans during 2022. The total origination value was $16,760,000, with an average USDA loan value of $239,429.

    Savannah USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Savannah averaged -0.36% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

    Savannah's average USDA mortgage closing costs are $5,543.

    The average rate for the prior week (2023-11-17) was 6.53% and one month ago for the week of 2023-10-20, the average rate was 7.25%.

    The average rate one year ago was 5.89%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.38%.

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

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 8 4.01% $6,817
    Flagstar Bank, FSB 5 3.96% $6,286
    BROKER SOLUTIONS, INC. 5 5.02% $7,216
    BANKSOUTH MORTGAGE COMPANY, LLC 5 4.10% $8,015
    CERTAINTY HOME LOANS, LLC 5 4.58% $7,946
    Magnolia Bank 4 4.44% $6,318
    GUILD MORTGAGE COMPANY 4 3.81% $6,287
    HOMESTAR FINANCIAL CORPORATION 3 3.54% $7,555
    MOVEMENT MORTGAGE, LLC 3 4.00% $7,659
    UNITED WHOLESALE MORTGAGE, LLC 3 6.08% $10,678
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 5.94% $4,503
    T2 FINANCIAL LLC 2 5.69% $9,080
    DRAPER AND KRAMER MORTGAGE CORP. 2 3.50% $5,219
    INTERLINC MORTGAGE SERVICES, LLC 2 5.31% $4,720
    Colony Bank 2 4.44% $5,950
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.50% $6,193
    Century Mortgage Company DBA Century Lending Company 1 4.75% $7,214
    Equity Prime Mortgage LLC 1 3.38% $5,682
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.88% $6,723
    GUARANTEED RATE, INC. 1 5.25% $7,249
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.13% $7,555
    HOMESPIRE MORTGAGE CORPORATION 1 3.88% $6,192
    LOANDEPOT.COM, LLC 1 3.88% $8,183
    Paramount Bank 1 4.75% $9,020
    PENNYMAC LOAN SERVICES, LLC 1 2.63% $7,607
    Plains Commerce Bank 1 6.25% $5,825
    RESIDENTIAL HOME FUNDING CORP. 1 5.25% $10,319
    South State Bank 1 5.75% $8,363
    The Federal Savings Bank 1 3.13% $6,334
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $7,392

    The top Savannah USDA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 8 USDA loans originated. Their average total fees are $6,817, which is $531 higher than the next largest lender, Flagstar Bank, FSB.

    The lowest fee Savannah USDA lenders (with over 10 loans originated) are .

    The lowest rate Savannah USDA lenders (with over 10 loans originated) are .

    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 $266,650 (6.9%) $384,285 (12.1%) 0.99 2,367
    2018-02-01 $274,623 (6.7%) $387,819 (9.6%) 1.00 2,425
    2018-03-01 $279,000 (6.3%) $388,826 (7.6%) 0.98 2,526
    2018-04-01 $279,561 (5.5%) $388,248 (5.9%) 0.95 2,542
    2018-05-01 $279,900 (5.6%) $388,548 (6.0%) 0.93 2,563
    2018-06-01 $279,000 (4.3%) $381,338 (2.9%) 0.93 2,591
    2018-07-01 $279,900 (5.2%) $384,867 (3.2%) 0.93 2,529
    2018-08-01 $275,071 (4.6%) $382,995 (4.0%) 0.92 2,467
    2018-09-01 $279,250 (5.4%) $389,745 (5.5%) 0.94 2,417
    2018-10-01 $279,500 (7.3%) $393,775 (6.1%) 0.95 2,445
    2018-11-01 $279,000 (5.3%) $392,032 (4.1%) 0.95 2,543
    2018-12-01 $278,000 (4.9%) $395,515 (4.3%) 0.96 2,501
    2019-01-01 $278,350 (4.4%) $402,206 (4.7%) 0.96 2,428
    2019-02-01 $283,660 (3.3%) $410,363 (5.8%) 0.96 2,413
    2019-03-01 $288,186 (3.3%) $417,272 (7.3%) 0.94 2,435
    2019-04-01 $291,423 (4.2%) $419,903 (8.2%) 0.93 2,487
    2019-05-01 $289,950 (3.6%) $419,564 (8.0%) 0.91 2,484
    2019-06-01 $290,000 (3.9%) $421,639 (10.6%) 0.91 2,443
    2019-07-01 $290,363 (3.7%) $418,300 (8.7%) 0.91 2,438
    2019-08-01 $291,845 (6.1%) $416,150 (8.7%) 0.92 2,437
    2019-09-01 $293,564 (5.1%) $414,237 (6.3%) 0.94 2,449
    2019-10-01 $294,709 (5.4%) $412,962 (4.9%) 0.95 2,446
    2019-11-01 $294,000 (5.4%) $414,040 (5.6%) 0.96 2,356
    2019-12-01 $295,600 (6.3%) $422,490 (6.8%) 0.99 2,328
    2020-01-01 $297,445 (6.9%) $424,131 (5.5%) 0.99 2,195
    2020-02-01 $299,900 (5.7%) $430,805 (5.0%) 0.98 2,211
    2020-03-01 $304,888 (5.8%) $435,587 (4.4%) 0.96 2,182
    2020-04-01 $300,367 (3.1%) $430,237 (2.5%) 0.94 2,215
    2020-05-01 $309,000 (6.6%) $437,326 (4.2%) 0.94 2,120
    2020-06-01 $318,564 (9.9%) $445,897 (5.8%) 0.94 1,966
    2020-07-01 $322,350 (11.0%) $451,189 (7.9%) 0.93 1,850
    2020-08-01 $322,990 (10.7%) $457,713 (10.0%) 0.93 1,704
    2020-09-01 $325,000 (10.7%) $472,791 (14.1%) 0.93 1,618
    2020-10-01 $319,000 (8.2%) $469,196 (13.6%) 0.91 1,564
    2020-11-01 $304,360 (3.5%) $455,906 (10.1%) 0.89 1,537
    2020-12-01 $300,000 (1.5%) $452,665 (7.1%) 0.89 1,414
    2021-01-01 $305,000 (2.5%) $464,487 (9.5%) 0.91 1,204
    2021-02-01 $306,788 (2.3%) $482,200 (11.9%) 0.89 1,009
    2021-03-01 $312,060 (2.4%) $500,798 (15.0%) 0.89 832
    2021-04-01 $319,725 (6.4%) $496,215 (15.3%) 0.87 759
    2021-05-01 $321,308 (4.0%) $516,510 (18.1%) 0.85 737
    2021-06-01 $322,484 (1.2%) $526,045 (18.0%) 0.85 726
    2021-07-01 $329,000 (2.1%) $523,175 (16.0%) 0.87 792
    2021-08-01 $329,500 (2.0%) $526,188 (15.0%) 0.88 777
    2021-09-01 $328,975 (1.2%) $537,031 (13.6%) 0.88 770
    2021-10-01 $339,500 (6.4%) $545,329 (16.2%) 0.91 736
    2021-11-01 $337,731 (11.0%) $542,643 (19.0%) 0.90 655
    2021-12-01 $348,950 (16.3%) $560,172 (23.8%) 0.95 604
    2022-01-01 $349,000 (14.4%) $577,187 (24.3%) 0.94 494
    2022-02-01 $372,080 (21.3%) $616,999 (28.0%) 0.97 422
    2022-03-01 $382,500 (22.6%) $628,785 (25.6%) 0.96 437
    2022-04-01 $395,000 (23.5%) $639,894 (29.0%) 0.94 454
    2022-05-01 $394,498 (22.8%) $609,646 (18.0%) 0.90 604
    2022-06-01 $399,900 (24.0%) $607,542 (15.5%) 0.89 696
    2022-07-01 $404,731 (23.0%) $611,012 (16.8%) 0.91 834
    2022-08-01 $399,000 (21.1%) $588,894 (11.9%) 0.92 943
    2022-09-01 $399,900 (21.6%) $600,618 (11.8%) 0.93 956
    2022-10-01 $399,990 (17.8%) $605,502 (11.0%) 0.94 1,010
    2022-11-01 $399,294 (18.2%) $593,124 (9.3%) 0.96 1,052
    2022-12-01 $399,900 (14.6%) $594,014 (6.0%) 0.99 1,011
    2023-01-01 $399,495 (14.5%) $594,112 (2.9%) 0.99 902
    2023-02-01 $398,990 (7.2%) $612,350 (-0.8%) 0.96 758
    2023-03-01 $408,715 (6.9%) $624,955 (-0.6%) 0.96 759
    2023-04-01 $427,805 (8.3%) $663,021 (3.6%) 0.99 696
    2023-05-01 $431,953 (9.5%) $675,314 (10.8%) 0.98 746
    2023-06-01 $432,000 (8.0%) $854,595 (40.7%) 0.97 795
    2023-07-01 $425,000 (5.0%) $850,067 (39.1%) 0.97 797
    2023-08-01 $425,000 (6.5%) $840,638 (42.8%) 0.98 825
    2023-09-01 $429,941 (7.5%) $834,273 (38.9%) 1.00 879
    2023-10-01 $426,604 (6.7%) $819,183 (35.3%) 1.00 998
    Savannah's median listing price for 2023-10-01 was $426,604, a difference of $26,614 (6.7%) versus the prior year and $-3,337 versus the prior month.

    Savannah's median listing price comes in at 100% of the national average.

    Savannah's average listing price for 2023-10-01 was $819,183, a difference of $213,681 (35.3%) versus the prior year and $-15,090 versus the prior month.

    For the 2023-10-01 period, Savannah had 998 MLS listings, a difference of 119 listings (14%) versus the prior month and -12 listings (-1%) 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 92 days 2,173 sqft
    2018-02-01 83 days 2,201 sqft
    2018-03-01 61 days 2,248 sqft
    2018-04-01 64 days 2,265 sqft
    2018-05-01 66 days 2,239 sqft
    2018-06-01 68 days 2,223 sqft
    2018-07-01 72 days 2,227 sqft
    2018-08-01 77 days 2,192 sqft
    2018-09-01 79 days 2,209 sqft
    2018-10-01 77 days 2,200 sqft
    2018-11-01 75 days 2,201 sqft
    2018-12-01 81 days 2,202 sqft
    2019-01-01 89 days 2,200 sqft
    2019-02-01 92 days 2,211 sqft
    2019-03-01 78 days 2,238 sqft
    2019-04-01 65 days 2,262 sqft
    2019-05-01 64 days 2,279 sqft
    2019-06-01 67 days 2,294 sqft
    2019-07-01 71 days 2,293 sqft
    2019-08-01 73 days 2,289 sqft
    2019-09-01 76 days 2,289 sqft
    2019-10-01 78 days 2,286 sqft
    2019-11-01 84 days 2,273 sqft
    2019-12-01 88 days 2,244 sqft
    2020-01-01 95 days 2,246 sqft
    2020-02-01 87 days 2,250 sqft
    2020-03-01 69 days 2,294 sqft
    2020-04-01 74 days 2,291 sqft
    2020-05-01 78 days 2,300 sqft
    2020-06-01 80 days 2,295 sqft
    2020-07-01 71 days 2,347 sqft
    2020-08-01 64 days 2,312 sqft
    2020-09-01 65 days 2,271 sqft
    2020-10-01 65 days 2,203 sqft
    2020-11-01 64 days 2,147 sqft
    2020-12-01 69 days 2,102 sqft
    2021-01-01 75 days 2,097 sqft
    2021-02-01 57 days 2,053 sqft
    2021-03-01 45 days 2,034 sqft
    2021-04-01 41 days 2,056 sqft
    2021-05-01 33 days 2,100 sqft
    2021-06-01 38 days 2,038 sqft
    2021-07-01 36 days 2,093 sqft
    2021-08-01 40 days 1,997 sqft
    2021-09-01 44 days 2,012 sqft
    2021-10-01 50 days 2,036 sqft
    2021-11-01 53 days 2,044 sqft
    2021-12-01 56 days 2,061 sqft
    2022-01-01 60 days 2,041 sqft
    2022-02-01 30 days 2,079 sqft
    2022-03-01 27 days 2,108 sqft
    2022-04-01 26 days 2,156 sqft
    2022-05-01 19 days 2,124 sqft
    2022-06-01 25 days 2,215 sqft
    2022-07-01 30 days 2,161 sqft
    2022-08-01 37 days 2,158 sqft
    2022-09-01 44 days 2,151 sqft
    2022-10-01 48 days 2,118 sqft
    2022-11-01 50 days 2,149 sqft
    2022-12-01 59 days 2,118 sqft
    2023-01-01 68 days 2,130 sqft
    2023-02-01 63 days 2,114 sqft
    2023-03-01 45 days 2,178 sqft
    2023-04-01 40 days 2,239 sqft
    2023-05-01 31 days 2,220 sqft
    2023-06-01 33 days 2,192 sqft
    2023-07-01 39 days 2,161 sqft
    2023-08-01 39 days 2,087 sqft
    2023-09-01 42 days 2,081 sqft
    2023-10-01 44 days 2,092 sqft
    Savannah's median listing age (time on market) for 2023-10-01 was 44 days. This is -7% shorter than the same period one year ago.

    Savannah's median square footage for active listings during the 2023-10-01 period was 2,092 sqft. One year prior, the average listing was 2,118 sqft.