Savannah USDA Loans
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
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.