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%.

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 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. Total Fees
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 Bank 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 $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 for 2022-04-01 was $399,000, a difference of $78,305 (24.4%) versus the prior year and $11,600 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 29 days. This is -34% shorter than the same period one year ago.

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.