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 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 6.35% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Savannah's average USDA mortgage closing costs are $5,417.

The average rate for the prior week (2023-01-20) was 6.34% and one month ago for the week of 2022-12-23, the average rate was 6.47%.

The average rate one year ago was 3.82%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.88%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 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 $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%) 0.94 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 $291,445 (4.3%) $419,960 (8.2%) 0.93 2,488
2019-05-01 $289,950 (3.6%) $419,471 (8.0%) 0.91 2,486
2019-06-01 $289,950 (3.9%) $421,530 (10.5%) 0.91 2,446
2019-07-01 $290,250 (3.7%) $418,078 (8.6%) 0.91 2,441
2019-08-01 $291,700 (6.1%) $415,955 (8.6%) 0.92 2,440
2019-09-01 $293,500 (5.1%) $414,083 (6.2%) 0.94 2,452
2019-10-01 $294,700 (5.4%) $412,835 (4.8%) 0.95 2,449
2019-11-01 $293,953 (5.4%) $413,815 (5.6%) 0.96 2,359
2019-12-01 $295,525 (6.3%) $422,253 (6.8%) 0.99 2,331
2020-01-01 $297,410 (6.9%) $423,875 (5.4%) 0.99 2,198
2020-02-01 $299,900 (5.7%) $430,543 (4.9%) 0.98 2,214
2020-03-01 $304,319 (5.6%) $435,321 (4.3%) 0.95 2,185
2020-04-01 $300,258 (3.0%) $429,980 (2.4%) 0.94 2,218
2020-05-01 $309,000 (6.6%) $437,046 (4.2%) 0.94 2,123
2020-06-01 $318,225 (9.8%) $445,586 (5.7%) 0.94 1,969
2020-07-01 $322,174 (11.0%) $450,853 (7.8%) 0.93 1,853
2020-08-01 $322,370 (10.5%) $457,349 (10.0%) 0.92 1,707
2020-09-01 $325,000 (10.7%) $472,364 (14.1%) 0.93 1,621
2020-10-01 $318,549 (8.1%) $468,766 (13.6%) 0.91 1,567
2020-11-01 $303,945 (3.4%) $455,482 (10.1%) 0.89 1,540
2020-12-01 $300,000 (1.5%) $452,227 (7.1%) 0.89 1,417
2021-01-01 $304,999 (2.6%) $464,063 (9.5%) 0.91 1,207
2021-02-01 $306,778 (2.3%) $481,707 (11.9%) 0.89 1,012
2021-03-01 $312,000 (2.5%) $500,421 (15.0%) 0.89 835
2021-04-01 $319,020 (6.3%) $495,764 (15.3%) 0.86 762
2021-05-01 $320,756 (3.8%) $515,759 (18.0%) 0.85 740
2021-06-01 $322,418 (1.3%) $525,419 (17.9%) 0.85 729
2021-07-01 $329,000 (2.1%) $522,471 (15.9%) 0.87 795
2021-08-01 $329,500 (2.2%) $525,375 (14.9%) 0.88 780
2021-09-01 $328,950 (1.2%) $536,713 (13.6%) 0.88 773
2021-10-01 $339,574 (6.6%) $545,019 (16.3%) 0.91 739
2021-11-01 $337,500 (11.0%) $542,227 (19.0%) 0.90 658
2021-12-01 $348,934 (16.3%) $560,989 (24.1%) 0.95 607
2022-01-01 $348,995 (14.4%) $575,248 (24.0%) 0.94 496
2022-02-01 $370,450 (20.8%) $615,726 (27.8%) 0.96 424
2022-03-01 $382,425 (22.6%) $627,767 (25.5%) 0.96 440
2022-04-01 $393,495 (23.4%) $637,716 (28.6%) 0.94 457
2022-05-01 $394,150 (22.9%) $609,171 (18.1%) 0.90 607
2022-06-01 $399,900 (24.0%) $606,135 (15.4%) 0.89 699
2022-07-01 $404,110 (22.8%) $610,303 (16.8%) 0.91 837
2022-08-01 $399,000 (21.1%) $589,471 (12.2%) 0.92 943
2022-09-01 $399,898 (21.6%) $600,563 (11.9%) 0.94 956
2022-10-01 $399,990 (17.8%) $605,611 (11.1%) 0.94 1,005
2022-11-01 $399,421 (18.4%) $594,366 (9.6%) 0.96 1,049
2022-12-01 $399,900 (14.6%) $594,012 (5.9%) 1.00 1,011
Savannah's median listing price for 2022-12-01 was $399,900, a difference of $50,966 (14.6%) versus the prior year and $479 versus the prior month.

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

Savannah's average listing price for 2022-12-01 was $594,012, a difference of $33,023 (5.9%) versus the prior year and $-354 versus the prior month.

For the 2022-12-01 period, Savannah had 1,011 MLS listings, a difference of -38 listings (-4%) versus the prior month and 404 listings (67%) 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
2018-01-01 100 days 2,173 sqft
2018-02-01 93 days 2,201 sqft
2018-03-01 71 days 2,248 sqft
2018-04-01 71 days 2,265 sqft
2018-05-01 72 days 2,239 sqft
2018-06-01 75 days 2,223 sqft
2018-07-01 79 days 2,227 sqft
2018-08-01 84 days 2,192 sqft
2018-09-01 86 days 2,210 sqft
2018-10-01 85 days 2,200 sqft
2018-11-01 84 days 2,201 sqft
2018-12-01 89 days 2,202 sqft
2019-01-01 96 days 2,200 sqft
2019-02-01 100 days 2,211 sqft
2019-03-01 88 days 2,238 sqft
2019-04-01 72 days 2,262 sqft
2019-05-01 71 days 2,279 sqft
2019-06-01 73 days 2,294 sqft
2019-07-01 75 days 2,292 sqft
2019-08-01 80 days 2,289 sqft
2019-09-01 82 days 2,289 sqft
2019-10-01 85 days 2,285 sqft
2019-11-01 89 days 2,271 sqft
2019-12-01 95 days 2,244 sqft
2020-01-01 102 days 2,243 sqft
2020-02-01 96 days 2,250 sqft
2020-03-01 78 days 2,292 sqft
2020-04-01 81 days 2,289 sqft
2020-05-01 85 days 2,296 sqft
2020-06-01 87 days 2,295 sqft
2020-07-01 79 days 2,344 sqft
2020-08-01 71 days 2,310 sqft
2020-09-01 71 days 2,269 sqft
2020-10-01 72 days 2,202 sqft
2020-11-01 71 days 2,146 sqft
2020-12-01 75 days 2,100 sqft
2021-01-01 80 days 2,094 sqft
2021-02-01 65 days 2,051 sqft
2021-03-01 48 days 2,030 sqft
2021-04-01 45 days 2,049 sqft
2021-05-01 37 days 2,097 sqft
2021-06-01 39 days 2,030 sqft
2021-07-01 37 days 2,090 sqft
2021-08-01 42 days 1,990 sqft
2021-09-01 46 days 2,010 sqft
2021-10-01 51 days 2,032 sqft
2021-11-01 57 days 2,044 sqft
2021-12-01 59 days 2,046 sqft
2022-01-01 63 days 2,029 sqft
2022-02-01 32 days 2,071 sqft
2022-03-01 28 days 2,099 sqft
2022-04-01 27 days 2,150 sqft
2022-05-01 21 days 2,119 sqft
2022-06-01 26 days 2,207 sqft
2022-07-01 31 days 2,160 sqft
2022-08-01 38 days 2,155 sqft
2022-09-01 44 days 2,147 sqft
2022-10-01 50 days 2,120 sqft
2022-11-01 50 days 2,155 sqft
2022-12-01 60 days 2,114 sqft
Savannah's median listing age (time on market) for 2022-12-01 was 60 days. This is 3% longer than the same period one year ago.

Savannah's median square footage for active listings during the 2022-12-01 period was 2,114 sqft. One year prior, the average listing was 2,046 sqft.