Savannah USDA Loan Rates, Closing Costs & Stats
SAVANNAH, GA
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 14 lenders originated 29 USDA loans during 2023. The total origination value was $7,175,000, with an average USDA loan value of $247,414.
Savannah USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Savannah
averaged
6.3%
for the week of 2024-11-08, compared to the national average (all USDA variants) of
6.477% for the same period.
Savannah's average USDA mortgage closing costs are $5,618.
The average rate for the prior week (2024-11-01) was
6.27% and
one month ago for the week of 2024-10-04, the
average rate was 5.6%.
The average rate one year ago was 7.43%.
For refis of the same type during the week of 2024-11-08, the average rate
was 6.33%.
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 | 2023 Avg. 30yFix Rate | 2023 Avg. Closing Costs |
|---|---|---|---|
| BANKSOUTH MORTGAGE COMPANY, LLC | 4 | 6.00% | $9,256 |
| BROKER SOLUTIONS, INC. | 4 | 6.22% | $7,876 |
| VANDERBILT MORTGAGE AND FINANCE, INC. | 3 | 6.71% | $9,737 |
| Colony Bank | 3 | 6.08% | $6,871 |
| Mortgage Research Center, LLC | 3 | 6.38% | $7,245 |
| Renasant Bank | 2 | 6.13% | $8,304 |
| UNITED WHOLESALE MORTGAGE, LLC | 2 | 6.15% | $8,335 |
| Flagstar Bank, FSB | 2 | 5.96% | $7,637 |
| Magnolia Bank | 1 | 6.13% | $5,130 |
| GUARANTEED RATE, INC. | 1 | 6.25% | $6,988 |
| Plains Commerce Bank | 1 | 5.25% | $10,191 |
| CERTAINTY HOME LOANS, LLC | 1 | 6.00% | $7,302 |
| HOMESTAR FINANCIAL CORPORATION | 1 | 7.13% | $2,520 |
| Loan Simple, Inc. | 1 | 7.38% | $12,952 |
The top Savannah USDA lender as defined by loan originations is BANKSOUTH MORTGAGE COMPANY, LLC, with
4 USDA loans originated. Their average total fees are
$9,256, which is $1,380
higher than the next largest lender,
BROKER SOLUTIONS, INC..
The lowest fee Savannah USDA lenders (with over 10 loans originated) are
.
The lowest rate Savannah USDA lenders (with over 10 loans originated) are
.