Charleston FHA Loan Rates, Closing Costs & Stats

CHARLESTON-NORTH CHARLESTON, SC

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.

Charleston's 181 lenders originated 3,044 FHA loans during 2022. The total origination value was $897,090,000, with an average FHA loan value of $294,708.

Charleston FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Charleston averaged 6.19% for the week of 2023-09-15, compared to the national average (all FHA variants) of 6.991% for the same period.

Charleston's average FHA mortgage closing costs are $8,488.

The average rate for the prior week (2023-09-08) was 6.3% and one month ago for the week of 2023-08-11, the average rate was 6.26%.

The average rate one year ago was 4.96%.

For refis of the same type during the week of 2023-09-15, the average rate was 5.5%.

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

Charleston 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 Charleston level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 223 4.42% $11,550
DHI MORTGAGE COMPANY, LTD. 135 3.96% $9,961
Carrington Mortgage Services, LLC 113 4.71% $16,327
UNITED WHOLESALE MORTGAGE, LLC 108 4.95% $10,720
MOVEMENT MORTGAGE, LLC 96 4.92% $10,933
EAGLE HOME MORTGAGE, LLC 91 4.73% $13,418
CAROLINA ONE MORTGAGE, LLC 81 5.11% $11,648
CROSSCOUNTRY MORTGAGE, LLC 79 5.38% $12,290
GUILD MORTGAGE COMPANY 70 4.68% $11,834
CALCON MUTUAL MORTGAGE LLC 69 4.86% $12,938
CMG MORTGAGE, INC. 64 4.90% $11,224
CARDINAL FINANCIAL 63 4.25% $14,330
MIDLAND MORTGAGE CORPORATION 61 4.78% $10,078
LOANDEPOT.COM, LLC 58 4.88% $10,978
Mr. Cooper ( Nationstar Mortgage ) 58 4.44% $11,965
AMERICAN PACIFIC MORTGAGE CORPORATION 58 5.46% $15,819
CALIBER HOME LOANS, INC. 52 4.59% $10,678
FREEDOM MORTGAGE CORPORATION 49 4.73% $11,134
PENNYMAC LOAN SERVICES, LLC 45 3.85% $10,015
PRIMELENDING, A PLAINSCAPITAL COMPANY 44 5.02% $11,799
VELOCIO MORTGAGE L.L.C. 43 4.60% $12,847
NTFN, INC. 40 5.03% $11,281
Ameris Bank 37 5.06% $10,791
VANDERBILT MORTGAGE AND FINANCE, INC. 34 4.76% $12,467
LAKEVIEW LOAN SERVICING, LLC 32 3.91% $6,898
INTERLINC MORTGAGE SERVICES, LLC 31 5.30% $10,468
AMERISAVE MORTGAGE CORPORATION 28 4.62% $11,635
Princeton Mortgage Corporation 28 4.76% $12,498
Prosperity Home Mortgage, LLC 28 4.96% $10,541
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 5.08% $11,569
Mortgage Network, Inc. 23 4.65% $10,058
MORTGAGE EQUITY PARTNERS LLC 22 4.82% $11,999
Flagstar Bank, FSB 20 4.92% $10,099
PLAZA HOME MORTGAGE, INC. 19 5.37% $11,352
SUCCESS MORTGAGE PARTNERS, INC. 19 4.63% $12,028
THE MORTGAGE FIRM, INC. 19 5.13% $11,796
HOMEBRIDGE FINANCIAL SERVICES, INC. 19 4.45% $12,415
EVERETT FINANCIAL, INC. 18 5.04% $8,014
CORNERSTONE HOME LENDING, INC. 18 4.84% $13,211
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 4.89% $13,162
CERTAINTY HOME LOANS, LLC 17 4.61% $14,095
NEWREZ LLC 17 5.01% $8,806
BROKER SOLUTIONS, INC. 16 4.66% $10,493
ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 4.95% $8,364
HOME POINT FINANCIAL CORPORATION 15 4.15% $10,216
CHURCHILL MORTGAGE CORPORATION 15 4.84% $10,583
GUARANTEED RATE AFFINITY, LLC 14 4.55% $11,948
GSF Mortgage Corporation 14 5.33% $11,304
Northpointe Bank 13 4.81% $11,647
DIRECT MORTGAGE LOANS, LLC 13 4.63% $11,433
Equity Prime Mortgage LLC 12 5.08% $9,930
UNITED MORTGAGE CORP 12 5.00% $12,747
PRIMARY RESIDENTIAL MORTGAGE, INC. 11 5.26% $9,341
FINANCE OF AMERICA MORTGAGE LLC 11 5.37% $15,338
Nations Lending Corporation 11 5.03% $12,834
AMERICAN FINANCING CORPORATION 11 4.40% $9,650
Colten Mortgage, LLC 9 4.19% $10,552
CITY FIRST MORTGAGE SERVICES, L.L.C. 9 5.53% $13,658
South State Bank 9 4.50% $10,722
Alcova Mortgage LLC 9 5.15% $9,976
GENEVA FINANCIAL, LLC 8 4.83% $13,909
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 8 4.86% $11,500
Atlantic Coast Mortgage, LLC 8 4.91% $13,070
GUARANTEED RATE, INC. 8 4.51% $10,904
MUTUAL OF OMAHA MORTGAGE, INC. 7 5.05% $15,659
HOMESIDE FINANCIAL, LLC 7 4.52% $11,474
Bank of America 7 3.73% $6,119
United Community Bank 7 5.36% $10,268
AMERICAN FINANCIAL RESOURCES, INC. 7 4.64% $9,131
BAY EQUITY LLC 7 5.21% $12,201
RELIANCE FIRST CAPITAL, LLC 6 3.88% $13,885
SUN WEST MORTGAGE COMPANY, INC. 6 4.35% $10,005
PULTE MORTGAGE LLC 6 4.44% $7,328
SWBC MORTGAGE CORPORATION 6 4.42% $7,679
Paramount Residential Mortgage Group, Inc. 6 4.98% $13,025
HOMEOWNERS FINANCIAL GROUP USA, LLC 5 6.05% $12,712
ANGEL OAK HOME LOANS LLC 5 5.17% $10,850
Citizens Bank 5 4.43% $9,109
EQUITY RESOURCES, INC. 5 5.22% $8,744
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 5 5.15% $12,564
Lakeview Community Capital, LLC 5 4.18% $5,745
LOANPAL, LLC 5 4.20% $15,060
Plains Commerce Bank 5 4.65% $11,561
TD Bank 5 4.75% $8,724
The Bank of South Carolina 5 4.95% $7,669
TOWNE MORTGAGE COMPANY 5 4.40% $10,407
Truist 5 4.23% $13,943
VERITAS FUNDING, LLC 5 5.28% $17,500
Wells Fargo Bank 5 4.75% $6,900
PLANET HOME LENDING, LLC 4 4.66% $8,781
Wyndham Capital Mortgage, Inc. 4 4.50% $11,629
AmRes Corporation 4 4.66% $11,471
EMBRACE HOME LOANS, INC. 4 5.88% $11,808
Synovus Bank 4 4.25% $8,274
Mortgage Assurance Inc. 4 3.75% $9,267
First-Citizens Bank & Trust Company 4 4.19% $9,636
CAPITAL CENTER, L.L.C. 4 4.69% $6,969
M&T Bank 3 4.79% $8,742
MID AMERICA MORTGAGE, INC. 3 5.92% $3,118
NATIONS DIRECT MORTGAGE, LLC 3 5.62% $10,432
U.S. Bank 3 4.42% $7,033
NATIONWIDE MORTGAGE BANKERS, INC. 3 5.75% $17,512
AmeriHome Mortgage Company, LLC 3 5.42% $12,474
NEW DAY FINANCIAL, LLC 3 5.50% $10,585
First Palmetto Bank 3 3.17% $8,415
NEXERA HOLDING LLC 3 4.29% $7,586
SOUTHERN TRUST MORTGAGE, LLC 3 4.46% $13,123
NFM, INC. 3 6.08% $12,446
Southern First Bank 3 6.46% $12,626
FIRST HOME MORTGAGE CORPORATION 3 5.17% $12,049
MORIA DEVELOPMENT, INC. 3 5.21% $14,018
United Bank 3 5.37% $8,770
VILLAGE CAPITAL MORTGAGE 3 3.33% $4,112
ALLIED MORTGAGE GROUP, INC. 3 5.08% $11,858
American Security Mortgage Corp. 3 4.21% $10,412
Magnolia Bank 2 5.25% $12,905
MICHIGAN MUTUAL, INC. 2 5.56% $16,725
HOMESTAR FINANCIAL CORPORATION 2 4.81% $7,822
1ST SIGNATURE LENDING, LLC 2 4.69% $10,669
Gateway First Bank 2 6.25% $12,295
NBKC BANK 2 4.31% $11,523
First Federal Bank 2 4.13% $7,711
POLARIS HOME FUNDING CORP. 2 5.75% $11,338
EMM LOANS LLC 2 4.38% $16,454
RUOFF MORTGAGE COMPANY, INC. 2 4.44% $6,213
Sierra Pacific Mortgage Company, Inc. 2 3.50% $15,749
CONTOUR MORTGAGE CORPORATION 2 4.06% $13,007
LADERA LENDING, INC. 2 5.13% $14,157
LEGEND LENDING CORPORATION 2 5.94% $9,517
LIBERTY HOME MORTGAGE CORPORATION 2 6.75% $13,520
JMAC LENDING, INC. 2 5.13% $16,658
LOANLEADERS OF AMERICA, INC. 2 4.88% $15,285
Evolve Bank & Trust 1 4.38% $16,019
MCLEAN MORTGAGE CORPORATION 1 4.50% $10,731
OCEANSIDE MORTGAGE COMPANY 1 4.88% $7,465
DELMAR FINANCIAL COMPANY 1 6.13% $9,055
Renasant Bank 1 6.38% $12,521
RESIDENTIAL BANCORP 1 5.88% $15,411
Residential Mortgage Solutions, Inc. 1 3.25% $8,773
RESOURCE FINANCIAL SERVICES, INC. 1 5.25% $17,035
MID-ISLAND MORTGAGE CORP. 1 6.00% $13,682
Shamrock Home Loans, Inc. 1 3.75% $7,590
SHELTER HOME MORTGAGE, LLC 1 6.25% $15,408
SHELTER MORTGAGE COMPANY, L.L.C. 1 4.25% $7,908
JPMorgan Chase Bank 1 5.75% $7,591
SOUTH CENTRAL BANK, INC. 1 5.13% $11,744
NORWICH COMMERCIAL GROUP, INC. 1 5.25% $6,544
First National Bank of Pennsylvania 1 4.63% $6,864
SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.13% $23,144
LAND HOME FINANCIAL SERVICES, INC. 1 5.13% $9,057
SOUTHWEST FUNDING, LP 1 6.00% $14,842
SOUTHWEST STAGE FUNDING, LLC 1 4.38% $15,020
SOVEREIGN LENDING GROUP INCORPORATED 1 6.13% $17,822
STOCKTON MORTGAGE CORPORATION 1 6.75% $15,517
Strong Home Mortgage, LLC 1 4.62% $12,608
NATION ONE MORTGAGE CORPORATION 1 5.75% $18,961
Capital Bank 1 5.25% $10,068
BETTER MORTGAGE CORPORATION 1 5.25% $9,192
HOMESPIRE MORTGAGE CORPORATION 1 4.50% $11,805
Vellum Mortgage, Inc. 1 4.00% $9,044
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.75% $6,665
The Federal Savings Bank 1 2.63% $15,279
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 3.88% $10,074
The Union Bank Company 1 4.25% $9,879
TJC Mortgage, Inc. 1 3.75% $13,158
Mortgage Research Center, LLC 1 7.13% $6,836
TruHome Solutions, LLC 1 3.13% $7,911
HOMESTEAD FUNDING CORP. 1 3.25% $7,110
Hometown Equity Mortgage, LLC 1 4.50% $10,308
MLD MORTGAGE INC. 1 5.38% $8,370
First Guaranty Mortgage Corporation 1 2.88% $7,263
Peoples Bank 1 5.25% $10,469
Pinnacle Bank 1 5.25% $7,698
VAN DYK MORTGAGE CORPORATION 1 7.00% $15,850
First Heritage Mortgage, LLC 1 4.13% $8,758
JAMES B. NUTTER & COMPANY 1 4.00% $6,767
PNC Bank 1 4.63% $10,144
AMERIFIRST FINANCIAL CORPORATION 1 2.88% $10,580
PANORAMA MORTGAGE GROUP, LLC 1 6.63% $17,999
FirstBank 1 4.13% $6,198
FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.25% $10,333

The top Charleston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 223 FHA loans originated. Their average total fees are $11,550, which is $1,588 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Charleston FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,898), EVERETT FINANCIAL, INC. ($8,014), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($8,364), NEWREZ LLC ($8,806) and PRIMARY RESIDENTIAL MORTGAGE, INC. ($9,341).

The lowest rate Charleston FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.85%), LAKEVIEW LOAN SERVICING, LLC (3.91%), DHI MORTGAGE COMPANY, LTD. (3.96%), HOME POINT FINANCIAL CORPORATION (4.15%) and CARDINAL FINANCIAL (4.25%).

Charleston FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CHARLESTON-NORTH CHARLESTON, SC BERKELEY 2022 $473,800 $606,550 $733,150 $911,150
CHARLESTON-NORTH CHARLESTON, SC CHARLESTON 2022 $473,800 $606,550 $733,150 $911,150
CHARLESTON-NORTH CHARLESTON, SC DORCHESTER 2022 $473,800 $606,550 $733,150 $911,150
CHARLESTON-NORTH CHARLESTON, SC BERKELEY 2023 $538,200 $689,000 $832,850 $1,035,000
CHARLESTON-NORTH CHARLESTON, SC CHARLESTON 2023 $538,200 $689,000 $832,850 $1,035,000
CHARLESTON-NORTH CHARLESTON, SC DORCHESTER 2023 $538,200 $689,000 $832,850 $1,035,000

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).