Bennettsville FHA Loan Rates, Closing Costs & Stats

Bennettsville, SC

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Bennettsville's 16 lenders originated 37 FHA loans during 2023. The total origination value was $5,325,000, with an average FHA loan value of $143,919.

    Bennettsville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bennettsville averaged 7.34% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Bennettsville's average FHA mortgage closing costs are $6,160.

    The average rate for the prior week (2024-04-12) was 7.23% and one month ago for the week of 2024-03-15, the average rate was 6.8%.

    The average rate one year ago was 6.73%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Bennettsville FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Bennettsville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 7 6.59% $5,322
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 7.07% $7,505
    First-Citizens Bank & Trust Company 3 6.25% $4,873
    CARDINAL FINANCIAL 3 6.88% $16,311
    AMERISAVE MORTGAGE CORPORATION 2 6.19% $7,223
    CROSSCOUNTRY MORTGAGE, LLC 2 6.81% $7,960
    Magnolia Bank 2 6.75% $5,816
    SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $7,792
    UNITED WHOLESALE MORTGAGE, LLC 1 5.25% $9,633
    Wells Fargo Bank 1 6.00% $8,426
    Blue Ridge Bank 1 5.13% $8,530
    CMG MORTGAGE, INC. 1 7.25% $10,178
    GUILD MORTGAGE COMPANY 1 7.50% $8,144
    INTERCOASTAL MORTGAGE COMPANY 1 7.88% $7,286
    LOANDEPOT.COM, LLC 1 6.99% $6,059
    MOVEMENT MORTGAGE, LLC 1 6.63% $6,783

    The top Bennettsville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $5,322, which is $2,184 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Bennettsville FHA lenders (with over 10 loans originated) are .

    The lowest rate Bennettsville FHA lenders (with over 10 loans originated) are .

    Bennettsville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BENNETTSVILLE, SC MARLBORO 2022 $420,680 $538,650 $651,050 $809,150
    BENNETTSVILLE, SC MARLBORO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bennettsville (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 $109,300 (43.3%) $160,298 (37.7%) 0.00 31
    2018-02-01 $111,950 (43.3%) $159,187 (28.6%) 0.00 35
    2018-03-01 $95,000 (20.7%) $152,441 (29.0%) 0.00 35
    2018-04-01 $102,200 (-7.1%) $141,758 (16.1%) 0.00 39
    2018-05-01 $92,600 (-8.8%) $156,313 (26.8%) 0.00 43
    2018-06-01 $90,000 (9.6%) $153,209 (37.6%) 0.00 45
    2018-07-01 $101,750 (24.1%) $149,157 (32.6%) 0.00 44
    2018-08-01 $82,700 (2.2%) $158,011 (36.9%) 0.00 45
    2018-09-01 $85,000 (0.1%) $161,975 (16.4%) 0.00 43
    2018-10-01 $94,500 (15.7%) $156,126 (11.9%) 0.00 43
    2018-11-01 $112,300 (33.8%) $156,253 (13.0%) 0.00 38
    2018-12-01 $74,700 (-21.3%) $137,528 (-8.0%) 0.00 34
    2019-01-01 $80,950 (-25.9%) $138,411 (-13.7%) 0.00 34
    2019-02-01 $67,000 (-40.2%) $106,959 (-32.8%) 0.00 42
    2019-03-01 $79,000 (-16.8%) $115,626 (-24.2%) 0.00 48
    2019-04-01 $85,250 (-16.6%) $123,509 (-12.9%) 0.00 54
    2019-05-01 $77,100 (-16.7%) $119,913 (-23.3%) 0.00 58
    2019-06-01 $73,250 (-18.6%) $118,209 (-22.8%) 0.00 55
    2019-07-01 $69,250 (-31.9%) $125,262 (-16.0%) 0.00 49
    2019-08-01 $63,500 (-23.2%) $115,168 (-27.1%) 0.00 55
    2019-09-01 $61,250 (-27.9%) $112,090 (-30.8%) 0.00 57
    2019-10-01 $60,625 (-35.9%) $112,092 (-28.2%) 0.00 58
    2019-11-01 $74,700 (-33.5%) $111,612 (-28.6%) 0.00 60
    2019-12-01 $89,900 (20.4%) $113,398 (-17.6%) 0.00 60
    2020-01-01 $89,900 (11.1%) $112,767 (-18.5%) 0.00 55
    2020-02-01 $71,000 (6.0%) $99,685 (-6.8%) 0.00 59
    2020-03-01 $89,500 (13.3%) $108,099 (-6.5%) 0.00 52
    2020-04-01 $82,250 (-3.5%) $108,418 (-12.2%) 0.00 46
    2020-05-01 $85,700 (11.2%) $120,256 (0.3%) 0.00 46
    2020-06-01 $85,125 (16.2%) $116,747 (-1.2%) 0.00 51
    2020-07-01 $79,900 (15.4%) $116,489 (-7.0%) 0.00 55
    2020-08-01 $89,750 (41.3%) $136,062 (18.1%) 0.00 49
    2020-09-01 $115,200 (88.1%) $148,462 (32.5%) 0.00 45
    2020-10-01 $124,500 (105.4%) $218,920 (95.3%) 0.00 44
    2020-11-01 $142,425 (90.7%) $243,109 (117.8%) 0.00 44
    2020-12-01 $131,000 (45.7%) $234,917 (107.2%) 0.00 39
    2021-01-01 $121,750 (35.4%) $236,006 (109.3%) 0.00 36
    2021-02-01 $144,000 (102.8%) $242,513 (143.3%) 0.00 31
    2021-03-01 $159,000 (77.7%) $248,039 (129.5%) 0.00 30
    2021-04-01 $139,450 (69.5%) $252,496 (132.9%) 0.00 29
    2021-05-01 $134,500 (56.9%) $259,352 (115.7%) 0.00 31
    2021-06-01 $129,500 (52.1%) $257,443 (120.5%) 0.00 33
    2021-07-01 $129,450 (62.0%) $262,026 (124.9%) 0.00 37
    2021-08-01 $125,925 (40.3%) $172,248 (26.6%) 0.00 37
    2021-09-01 $137,725 (19.6%) $167,648 (12.9%) 0.00 32
    2021-10-01 $137,000 (10.0%) $152,153 (-30.5%) 0.00 31
    2021-11-01 $131,675 (-7.6%) $164,602 (-32.3%) 0.00 26
    2021-12-01 $129,800 (-0.9%) $158,184 (-32.7%) 0.00 23
    2022-01-01 $137,000 (12.5%) $159,310 (-32.5%) 0.00 20
    2022-02-01 $120,000 (-16.7%) $147,704 (-39.1%) 0.00 15
    2022-03-01 $130,000 (-18.2%) $165,386 (-33.3%) 0.00 25
    2022-04-01 $145,000 (4.0%) $181,568 (-28.1%) 0.00 21
    2022-05-01 $119,875 (-10.9%) $166,483 (-35.8%) 0.00 21
    2022-06-01 $125,000 (-3.5%) $165,952 (-35.5%) 0.00 23
    2022-07-01 $149,000 (15.1%) $176,274 (-32.7%) 0.00 25
    2022-08-01 $155,000 (23.1%) $185,885 (7.9%) 0.00 27
    2022-09-01 $149,450 (8.5%) $181,383 (8.2%) 0.00 29
    2022-10-01 $149,450 (9.1%) $185,396 (21.9%) 0.00 34
    2022-11-01 $143,440 (8.9%) $190,857 (16.0%) 0.00 30
    2022-12-01 $149,450 (15.1%) $190,066 (20.2%) 0.00 27
    2023-01-01 $152,450 (11.3%) $190,373 (19.5%) 0.00 26
    2023-02-01 $144,125 (20.1%) $173,533 (17.5%) 0.00 24
    2023-03-01 $140,250 (7.9%) $174,678 (5.6%) 0.00 21
    2023-04-01 $127,170 (-12.3%) $156,061 (-14.1%) 0.00 22
    2023-05-01 $143,440 (19.7%) $161,542 (-3.0%) 0.00 23
    2023-06-01 $135,810 (8.7%) $158,455 (-4.5%) 0.00 26
    2023-07-01 $136,670 (-8.3%) $161,061 (-8.6%) 0.00 20
    2023-08-01 $124,900 (-19.4%) $152,018 (-18.2%) 0.00 21
    2023-09-01 $134,250 (-10.2%) $146,157 (-19.4%) 0.00 24
    2023-10-01 $149,000 (-0.3%) $142,878 (-22.9%) 0.00 22
    2023-11-01 $144,250 (0.6%) $135,511 (-29.0%) 0.00 24
    2023-12-01 $149,900 (0.3%) $145,853 (-23.3%) 0.00 19
    2024-01-01 $140,500 (-7.8%) $143,493 (-24.6%) 0.00 16
    2024-02-01 $128,500 (-10.8%) $140,330 (-19.1%) 0.00 18
    2024-03-01 $128,500 (-8.4%) $136,056 (-22.1%) 0.00 22
    Bennettsville's median listing price for 2024-03-01 was $128,500, a difference of $-11,750 (-8.4%) versus the prior year and $0 versus the prior month.

    Bennettsville's median listing price comes in at 0% of the national average.

    Bennettsville's average listing price for 2024-03-01 was $136,056, a difference of $-38,622 (-22.1%) versus the prior year and $-4,274 versus the prior month.

    For the 2024-03-01 period, Bennettsville had 22 MLS listings, a difference of 4 listings (22%) versus the prior month and 1 listings (5%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bennettsville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,889 sqft
    2018-02-01 0 days 1,871 sqft
    2018-03-01 0 days 1,782 sqft
    2018-04-01 0 days 1,861 sqft
    2018-05-01 0 days 1,778 sqft
    2018-06-01 0 days 1,876 sqft
    2018-07-01 0 days 1,943 sqft
    2018-08-01 0 days 1,799 sqft
    2018-09-01 0 days 1,808 sqft
    2018-10-01 0 days 1,801 sqft
    2018-11-01 0 days 1,815 sqft
    2018-12-01 0 days 1,804 sqft
    2019-01-01 0 days 1,825 sqft
    2019-02-01 0 days 1,741 sqft
    2019-03-01 0 days 1,797 sqft
    2019-04-01 0 days 1,782 sqft
    2019-05-01 0 days 1,755 sqft
    2019-06-01 0 days 1,737 sqft
    2019-07-01 0 days 1,705 sqft
    2019-08-01 0 days 1,654 sqft
    2019-09-01 0 days 1,638 sqft
    2019-10-01 0 days 1,627 sqft
    2019-11-01 0 days 1,700 sqft
    2019-12-01 0 days 1,748 sqft
    2020-01-01 0 days 1,748 sqft
    2020-02-01 0 days 1,683 sqft
    2020-03-01 0 days 1,767 sqft
    2020-04-01 0 days 1,718 sqft
    2020-05-01 0 days 1,718 sqft
    2020-06-01 0 days 1,635 sqft
    2020-07-01 0 days 1,651 sqft
    2020-08-01 0 days 1,752 sqft
    2020-09-01 0 days 1,971 sqft
    2020-10-01 0 days 2,000 sqft
    2020-11-01 0 days 2,200 sqft
    2020-12-01 0 days 1,690 sqft
    2021-01-01 0 days 1,544 sqft
    2021-02-01 0 days 1,692 sqft
    2021-03-01 0 days 1,752 sqft
    2021-04-01 0 days 1,823 sqft
    2021-05-01 0 days 1,925 sqft
    2021-06-01 0 days 1,878 sqft
    2021-07-01 0 days 1,735 sqft
    2021-08-01 0 days 1,818 sqft
    2021-09-01 0 days 1,800 sqft
    2021-10-01 0 days 1,600 sqft
    2021-11-01 0 days 1,735 sqft
    2021-12-01 0 days 1,753 sqft
    2022-01-01 0 days 1,602 sqft
    2022-02-01 0 days 1,508 sqft
    2022-03-01 0 days 1,589 sqft
    2022-04-01 0 days 1,936 sqft
    2022-05-01 0 days 1,581 sqft
    2022-06-01 0 days 1,643 sqft
    2022-07-01 0 days 1,898 sqft
    2022-08-01 0 days 1,843 sqft
    2022-09-01 0 days 1,822 sqft
    2022-10-01 0 days 1,831 sqft
    2022-11-01 0 days 1,886 sqft
    2022-12-01 0 days 1,771 sqft
    2023-01-01 0 days 1,728 sqft
    2023-02-01 0 days 1,680 sqft
    2023-03-01 0 days 1,749 sqft
    2023-04-01 0 days 1,736 sqft
    2023-05-01 0 days 1,718 sqft
    2023-06-01 0 days 1,718 sqft
    2023-07-01 0 days 1,705 sqft
    2023-08-01 0 days 1,778 sqft
    2023-09-01 0 days 1,486 sqft
    2023-10-01 0 days 1,624 sqft
    2023-11-01 0 days 1,556 sqft
    2023-12-01 0 days 1,625 sqft
    2024-01-01 0 days 1,578 sqft
    2024-02-01 0 days 1,610 sqft
    2024-03-01 0 days 1,620 sqft
    Bennettsville's median listing age (time on market) for 2024-03-01 was 0 days.

    Bennettsville's median square footage for active listings during the 2024-03-01 period was 1,620 sqft. One year prior, the average listing was 1,749 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).