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 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.