Charleston FHA Loan Rates, Closing Costs & Stats

CHARLESTON-NORTH CHARLESTON, 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.

    Charleston's 208 lenders originated 5,048 FHA loans during 2021. The total origination value was $1,316,250,000, with an average FHA loan value of $260,747.

    Charleston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charleston averaged -0.2% for the week of 2023-01-20, compared to the national average (all FHA variants) of 0% for the same period.

    Charleston's average FHA mortgage closing costs are $7,902.

    The average rate for the prior week (2023-01-13) was 6.12% and one month ago for the week of 2022-12-16, the average rate was 6.41%.

    The average rate one year ago was 3.71%.

    For refis of the same type during the week of 2023-01-20, the average rate was -0.45%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 396 2.70% $6,575
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 187 3.20% $10,889
    LAKEVIEW LOAN SERVICING, LLC 184 2.90% $5,266
    FREEDOM MORTGAGE CORPORATION 170 2.78% $5,402
    DHI MORTGAGE COMPANY, LTD. 149 2.82% $7,949
    GUILD MORTGAGE COMPANY 142 3.21% $9,120
    CMG MORTGAGE, INC. 136 3.32% $9,229
    MIDLAND MORTGAGE CORPORATION 135 2.91% $7,918
    CAROLINA ONE MORTGAGE, LLC 135 3.57% $8,895
    Mr. Cooper ( Nationstar Mortgage ) 117 3.19% $4,766
    Carrington Mortgage Services, LLC 117 2.99% $11,421
    MOVEMENT MORTGAGE, LLC 114 3.06% $7,736
    PENNYMAC LOAN SERVICES, LLC 105 2.99% $5,364
    EAGLE HOME MORTGAGE, LLC 92 3.16% $10,335
    UNITED WHOLESALE MORTGAGE, LLC 90 2.68% $8,112
    NTFN, INC. 85 3.03% $7,673
    CROSSCOUNTRY MORTGAGE, LLC 79 3.26% $9,816
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 79 3.25% $8,830
    CALCON MUTUAL MORTGAGE LLC 72 3.69% $11,029
    Ameris Bank 68 2.92% $8,108
    CALIBER HOME LOANS, INC. 67 2.93% $6,853
    NEWREZ LLC 64 3.03% $4,957
    PRIMELENDING, A PLAINSCAPITAL COMPANY 55 3.44% $9,858
    LOANDEPOT.COM, LLC 52 3.11% $9,075
    Lakeview Community Capital, LLC 49 2.92% $5,068
    HOMEBRIDGE FINANCIAL SERVICES, INC. 48 3.16% $9,316
    INTERLINC MORTGAGE SERVICES, LLC 47 3.42% $7,388
    VELOCIO MORTGAGE L.L.C. 46 3.24% $12,749
    CORNERSTONE HOME LENDING, INC. 43 3.12% $8,191
    Prosperity Home Mortgage, LLC 40 3.43% $8,675
    VANDERBILT MORTGAGE AND FINANCE, INC. 38 3.33% $10,201
    BROKER SOLUTIONS, INC. 38 3.33% $8,521
    Colten Mortgage, LLC 36 3.23% $8,037
    HOME POINT FINANCIAL CORPORATION 35 2.74% $8,148
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 34 3.10% $7,614
    AMERICAN FINANCIAL NETWORK, INC. 34 2.92% $11,339
    VILLAGE CAPITAL MORTGAGE 33 2.92% $3,183
    PLAZA HOME MORTGAGE, INC. 32 2.90% $9,562
    PULTE MORTGAGE LLC 29 3.15% $6,586
    PRIMARY RESIDENTIAL MORTGAGE, INC. 26 3.15% $8,992
    THE MORTGAGE FIRM, INC. 26 3.14% $9,355
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 25 3.24% $10,388
    FAMILY FIRST FUNDING LLC 25 3.56% $10,310
    SUCCESS MORTGAGE PARTNERS, INC. 25 3.09% $9,059
    GUARANTEED RATE AFFINITY, LLC 25 2.85% $9,130
    Mortgage Network, Inc. 23 3.24% $8,409
    Renasant Bank 22 2.81% $8,476
    AMERISAVE MORTGAGE CORPORATION 21 2.95% $8,083
    ANGEL OAK HOME LOANS LLC 21 2.96% $9,001
    Princeton Mortgage Corporation 21 3.27% $8,722
    AmeriHome Mortgage Company, LLC 20 3.09% $4,812
    CITY FIRST MORTGAGE SERVICES, L.L.C. 19 3.40% $9,622
    LENDUS, LLC 18 3.19% $8,345
    Flagstar Bank, FSB 17 2.84% $6,286
    MORTGAGE EQUITY PARTNERS LLC 15 3.43% $9,725
    Synovus Bank 14 3.10% $7,681
    Northpointe Bank 14 2.88% $8,292
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 14 3.30% $8,980
    South State Bank 14 2.63% $7,291
    Nations Lending Corporation 13 3.38% $11,118
    First Guaranty Mortgage Corporation 13 2.87% $6,377
    United Community Bank 13 2.88% $7,772
    Alcova Mortgage LLC 13 3.21% $7,390
    DIRECT MORTGAGE LOANS, LLC 13 3.16% $8,574
    Equity Prime Mortgage LLC 12 3.40% $7,146
    FIRST HOME MORTGAGE CORPORATION 11 3.16% $8,194
    InterContinental Capital Group, Inc 10 2.98% $7,456
    CERTAINTY HOME LOANS, LLC 10 3.16% $9,383
    UNITED MORTGAGE CORP. 10 2.86% $8,731
    HOMESIDE FINANCIAL, LLC 10 3.16% $7,868
    SUN WEST MORTGAGE COMPANY, INC. 9 3.04% $6,554
    LOANPAL, LLC 9 2.40% $9,455
    SOUTHERN TRUST MORTGAGE, LLC 9 2.92% $7,389
    CHURCHILL MORTGAGE CORPORATION 9 3.08% $9,095
    First Heritage Mortgage, LLC 9 3.26% $10,572
    Atlantic Coast Mortgage, LLC 9 3.29% $8,989
    STEARNS LENDING, LLC 8 2.58% $8,240
    SECURITYNATIONAL MORTGAGE COMPANY 8 3.48% $9,903
    Mortgage Assurance Inc. 8 2.58% $9,496
    RAPID MORTGAGE COMPANY 8 3.45% $8,881
    Gateway First Bank 8 3.72% $8,309
    PLANET HOME LENDING, LLC 8 3.20% $7,584
    RELIANCE FIRST CAPITAL, LLC 8 3.13% $9,450
    FINANCE OF AMERICA MORTGAGE LLC 7 3.38% $8,566
    Citizens Bank 7 2.84% $8,898
    SWBC MORTGAGE CORPORATION 7 3.07% $8,124
    GUARANTEED RATE, INC. 7 2.91% $7,482
    United Bank 7 2.86% $7,393
    AMERICAN FINANCING CORPORATION 6 3.04% $7,203
    Paramount Residential Mortgage Group, Inc. 6 3.14% $9,618
    EVERETT FINANCIAL, INC. 6 3.92% $7,380
    EQUITY RESOURCES, INC. 6 3.44% $10,266
    Truist 6 3.08% $8,101
    First Federal Bank 5 2.75% $7,318
    NVR Mortgage Finance, Inc. 5 3.10% $9,952
    First-Citizens Bank & Trust Company 5 2.53% $7,821
    JMAC LENDING, INC. 5 2.75% $8,195
    AMERICAN FINANCIAL RESOURCES, INC. 5 3.13% $11,211
    Wells Fargo Bank 5 3.25% $6,501
    OCEANSIDE MORTGAGE COMPANY 5 2.50% $3,184
    Bank of America 4 2.78% $4,698
    TD Bank 4 2.81% $5,880
    BAY EQUITY LLC 4 3.06% $7,771
    NATIONS DIRECT MORTGAGE, LLC 4 3.13% $7,506
    FBC MORTGAGE, LLC 4 3.00% $6,243
    MORIA DEVELOPMENT, INC. 4 3.53% $9,435
    The Federal Savings Bank 4 2.75% $9,996
    LOANLEADERS OF AMERICA, INC. 4 2.94% $10,194
    NATIONWIDE MORTGAGE BANKERS, INC. 3 2.83% $10,500
    Amerifirst Financial, Inc. 3 3.38% $8,778
    CAPITAL CENTER, L.L.C. 3 2.79% $4,366
    First Reliance Bank 3 3.04% $8,917
    GENEVA FINANCIAL, LLC 3 2.88% $8,671
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 2.66% $8,420
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 3.92% $10,251
    Magnolia Bank 3 2.58% $5,646
    M&T Bank 3 3.46% $9,408
    NATIONS RELIABLE LENDING, LLC 3 3.08% $11,791
    POLARIS HOME FUNDING CORP. 3 3.08% $10,129
    TOWNE MORTGAGE COMPANY 3 2.83% $9,208
    ZILLOW HOME LOANS, LLC 3 2.63% $9,961
    Evolve Bank & Trust 2 3.38% $8,872
    HOMESTAR FINANCIAL CORPORATION 2 3.19% $5,794
    Plains Commerce Bank 2 2.63% $5,579
    NATION ONE MORTGAGE CORPORATION 2 3.31% $9,605
    EMBRACE HOME LOANS, INC. 2 2.75% $12,286
    SIRVA MORTGAGE, INC. 2 2.94% $6,624
    First National Bank of Pennsylvania 2 2.94% $7,680
    Regions Bank 2 2.75% $7,480
    CityWorth Mortgage LLC 2 3.19% $8,310
    DAS Acquisition Company, LLC 2 3.13% $10,009
    SOUTHWEST FUNDING, LP 2 3.63% $8,722
    SOUTHWEST STAGE FUNDING, LLC 2 3.25% $4,036
    SOVEREIGN LENDING GROUP INCORPORATED 2 3.19% $10,627
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.50% $9,113
    U.S. Bank 2 2.94% $6,694
    Strong Home Mortgage, LLC 2 2.69% $6,568
    First Home Bank 2 3.00% $9,060
    RESOURCE FINANCIAL SERVICES, INC. 2 2.63% $7,894
    First Community Bank 2 2.56% $13,586
    ROYAL UNITED MORTGAGE LLC 2 3.19% $10,498
    Florida Capital Bank 2 2.63% $9,191
    TBI MORTGAGE COMPANY 2 2.87% $9,860
    Mortgage Research Center, LLC 2 2.88% $2,695
    Queensborough National Bank & Trust Company 1 2.25% $4,636
    DATA MORTGAGE, INC. 1 2.88% $9,949
    COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $8,455
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.50% $7,749
    ROSS MORTGAGE CORPORATION 1 3.13% $7,892
    Security Federal Bank 1 2.63% $8,389
    Commerce Home Mortgage, Inc. 1 3.25% $5,977
    Shamrock Home Loans, Inc. 1 3.25% $6,587
    SHELTER HOME MORTGAGE, LLC 1 2.75% $6,366
    SHELTER MORTGAGE COMPANY, L.L.C. 1 4.50% $4,569
    Sierra Pacific Mortgage Company, Inc. 1 3.63% $4,895
    SOUTH CENTRAL BANK, INC. 1 2.88% $7,052
    Southern First Bank 1 2.50% $6,906
    CHERRY CREEK MORTGAGE, LLC 1 2.25% $6,235
    C & F Mortgage Corporation 1 2.75% $6,477
    BOKF 1 3.00% $7,999
    SUMMIT FUNDING, INC. 1 3.00% $6,099
    BNC National Bank 1 3.13% $8,720
    Blue Ridge Bank 1 2.88% $10,195
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.13% $11,952
    BANKSOUTH MORTGAGE COMPANY, LLC 1 2.38% $8,070
    Bank of England 1 3.25% $10,107
    Atlantic Home Loans, Inc. 1 3.13% $11,133
    The Union Bank Company 1 2.75% $8,649
    Towne Bank 1 3.75% $8,201
    Wyndham Capital Mortgage, Inc. 1 2.63% $8,348
    Assurance Financial Group, L.L.C. 1 2.38% $8,316
    Trustmark National Bank 1 2.50% $6,302
    UNION HOME MORTGAGE CORP. 1 2.88% $8,688
    ARC HOME LLC 1 2.50% $8,890
    AmRes Corporation 1 3.75% $7,560
    AMERIFIRST FINANCIAL CORPORATION 1 5.25% $12,816
    UNITED SECURITY FINANCIAL CORP 1 2.88% $6,729
    American Security Mortgage Corp. 1 2.88% $8,554
    Uwharrie Bank 1 2.75% $7,641
    ALLIED MORTGAGE GROUP, INC. 1 3.00% $5,624
    Allen Tate Mortgage Partners, LLC 1 2.88% $6,678
    MID-ISLAND MORTGAGE CORP. 1 3.13% $9,935
    MID AMERICA MORTGAGE, INC. 1 3.63% $5,661
    LIBERTY HOME MORTGAGE CORPORATION 1 4.25% $4,567
    LEADERONE FINANCIAL CORPORATION 1 3.25% $15,527
    LAND HOME FINANCIAL SERVICES, INC. 1 3.63% $7,942
    JPMorgan Chase Bank 1 2.75% $8,255
    Integrity Home Mortgage Corp 1 2.88% $8,922
    VERITAS FUNDING, LLC 1 2.63% $12,400
    Hometown Lenders, Inc. 1 3.75% $8,026
    ACOPIA, LLC 1 3.88% $8,534
    1ST SIGNATURE LENDING, LLC 1 3.63% $12,007
    Network Funding, L.P. 1 2.75% $6,657
    HOMESPIRE MORTGAGE CORPORATION 1 3.25% $15,514
    North American Savings Bank, F.S.B. 1 2.25% $3,104
    Home Mortgage Alliance Corp 1 3.50% $7,488
    GUARANTY HOME MORTGAGE CORPORATION 1 2.38% $7,395
    Gold Coast Bank 1 2.63% $9,113
    OVM FINANCIAL, INC. 1 2.63% $12,231
    Paramount Bank 1 2.38% $8,291
    FLAT BRANCH MORTGAGE, INC. 1 3.50% $7,343
    First Savings Bank 1 3.25% $4,040
    Pinnacle Bank 1 2.88% $7,325
    First Palmetto Bank 1 2.25% $7,631
    ACADEMY MORTGAGE CORPORATION 1 3.63% $6,881
    Fifth Third Bank 1 3.00% $6,136
    ENVOY MORTGAGE, LTD 1 4.38% $9,580
    Quaint Oak Mortgage, LLC 1 2.38% $6,227

    The top Charleston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 396 FHA loans originated. Their average total fees are $6,575, which is $4,314 lower than the next largest lender, CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP.

    The lowest fee Charleston FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,183), Mr. Cooper ( Nationstar Mortgage ) ($4,766), AmeriHome Mortgage Company, LLC ($4,812), NEWREZ LLC ($4,957) and Lakeview Community Capital, LLC ($5,068).

    The lowest rate Charleston FHA lenders (with over 10 loans originated) are South State Bank (2.63%), UNITED WHOLESALE MORTGAGE, LLC (2.68%), QUICKEN LOANS, LLC (2.70%), HOME POINT FINANCIAL CORPORATION (2.74%) and FREEDOM MORTGAGE CORPORATION (2.78%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Charleston (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 $393,945 (5.2%) $666,998 (3.0%) 1.46 4,315
    2018-02-01 $398,615 (3.7%) $671,931 (2.0%) 1.45 4,444
    2018-03-01 $400,000 (0.0%) $690,847 (1.9%) 1.40 4,595
    2018-04-01 $409,450 (-0.1%) $701,666 (3.0%) 1.39 4,743
    2018-05-01 $417,000 (4.0%) $699,033 (2.9%) 1.39 4,819
    2018-06-01 $411,760 (3.1%) $699,625 (3.3%) 1.37 4,902
    2018-07-01 $409,425 (2.4%) $685,760 (2.2%) 1.37 4,934
    2018-08-01 $399,125 (-0.2%) $677,912 (0.8%) 1.34 4,936
    2018-09-01 $399,000 (0.7%) $670,709 (0.4%) 1.34 5,020
    2018-10-01 $390,000 (-1.4%) $657,703 (-0.4%) 1.32 5,187
    2018-11-01 $389,000 (-1.5%) $654,672 (-0.4%) 1.32 5,257
    2018-12-01 $385,000 (-2.5%) $648,741 (-2.7%) 1.33 4,969
    2019-01-01 $387,835 (-1.6%) $648,218 (-2.8%) 1.34 4,844
    2019-02-01 $399,700 (0.3%) $663,664 (-1.2%) 1.35 4,946
    2019-03-01 $404,657 (1.2%) $671,648 (-2.8%) 1.32 5,103
    2019-04-01 $413,000 (0.9%) $683,644 (-2.6%) 1.31 5,270
    2019-05-01 $416,575 (-0.1%) $689,659 (-1.3%) 1.30 5,277
    2019-06-01 $419,000 (1.8%) $693,394 (-0.9%) 1.31 5,297
    2019-07-01 $419,450 (2.5%) $696,565 (1.6%) 1.31 5,200
    2019-08-01 $414,197 (3.8%) $690,509 (1.9%) 1.31 5,144
    2019-09-01 $405,643 (1.7%) $681,114 (1.6%) 1.30 5,100
    2019-10-01 $399,450 (2.4%) $675,714 (2.7%) 1.29 5,051
    2019-11-01 $399,000 (2.6%) $680,673 (4.0%) 1.31 4,935
    2019-12-01 $398,125 (3.4%) $680,231 (4.9%) 1.33 4,618
    2020-01-01 $399,450 (3.0%) $679,678 (4.9%) 1.33 4,317
    2020-02-01 $406,990 (1.8%) $693,841 (4.6%) 1.33 4,297
    2020-03-01 $421,276 (4.1%) $699,371 (4.1%) 1.32 4,373
    2020-04-01 $412,454 (-0.1%) $683,841 (0.0%) 1.29 4,458
    2020-05-01 $425,000 (2.0%) $701,364 (1.7%) 1.29 4,317
    2020-06-01 $429,000 (2.4%) $720,715 (3.9%) 1.26 3,955
    2020-07-01 $433,171 (3.3%) $741,819 (6.5%) 1.26 3,617
    2020-08-01 $439,000 (6.0%) $765,122 (10.8%) 1.26 3,324
    2020-09-01 $443,100 (9.2%) $767,051 (12.6%) 1.27 3,073
    2020-10-01 $435,000 (8.9%) $777,523 (15.1%) 1.25 2,940
    2020-11-01 $433,700 (8.7%) $788,981 (15.9%) 1.27 2,750
    2020-12-01 $439,875 (10.5%) $803,309 (18.1%) 1.31 2,466
    2021-01-01 $449,902 (12.6%) $824,252 (21.3%) 1.34 2,050
    2021-02-01 $499,499 (22.7%) $886,384 (27.8%) 1.45 1,564
    2021-03-01 $494,390 (17.4%) $929,542 (32.9%) 1.40 1,422
    2021-04-01 $500,000 (21.2%) $1,024,363 (49.8%) 1.35 1,302
    2021-05-01 $531,627 (25.1%) $1,089,212 (55.3%) 1.41 1,227
    2021-06-01 $525,000 (22.4%) $1,034,826 (43.6%) 1.38 1,347
    2021-07-01 $491,990 (13.6%) $933,559 (25.9%) 1.30 1,604
    2021-08-01 $479,465 (9.2%) $890,942 (16.4%) 1.28 1,705
    2021-09-01 $454,643 (2.6%) $827,788 (7.9%) 1.21 1,736
    2021-10-01 $474,000 (9.0%) $860,811 (10.7%) 1.26 1,583
    2021-11-01 $465,000 (7.2%) $867,847 (10.0%) 1.24 1,506
    2021-12-01 $467,617 (6.3%) $934,741 (16.4%) 1.27 1,269
    2022-01-01 $480,990 (6.9%) $992,341 (20.4%) 1.30 1,005
    2022-02-01 $507,699 (1.6%) $1,088,405 (22.8%) 1.32 828
    2022-03-01 $513,508 (3.9%) $1,103,385 (18.7%) 1.29 848
    2022-04-01 $525,000 (5.0%) $1,084,451 (5.9%) 1.25 899
    2022-05-01 $547,496 (3.0%) $1,056,168 (-3.0%) 1.25 1,181
    2022-06-01 $547,059 (4.2%) $1,036,719 (0.2%) 1.22 1,594
    2022-07-01 $524,990 (6.7%) $978,820 (4.9%) 1.19 2,024
    2022-08-01 $505,073 (5.3%) $930,531 (4.4%) 1.17 2,204
    2022-09-01 $500,000 (10.0%) $918,908 (11.0%) 1.17 2,247
    2022-10-01 $494,394 (4.3%) $901,298 (4.7%) 1.16 2,457
    2022-11-01 $484,995 (4.3%) $894,855 (3.1%) 1.17 2,562
    2022-12-01 $479,000 (2.4%) $904,651 (-3.2%) 1.20 2,422
    Charleston's median listing price for 2022-12-01 was $479,000, a difference of $11,383 (2.4%) versus the prior year and $-5,995 versus the prior month.

    Charleston's median listing price comes in at 120% of the national average.

    Charleston's average listing price for 2022-12-01 was $904,651, a difference of $-30,090 (-3.2%) versus the prior year and $9,796 versus the prior month.

    For the 2022-12-01 period, Charleston had 2,422 MLS listings, a difference of -140 listings (-5%) versus the prior month and 1,153 listings (91%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 99 days 2,277 sqft
    2018-02-01 93 days 2,295 sqft
    2018-03-01 64 days 2,300 sqft
    2018-04-01 65 days 2,311 sqft
    2018-05-01 66 days 2,308 sqft
    2018-06-01 70 days 2,302 sqft
    2018-07-01 72 days 2,282 sqft
    2018-08-01 78 days 2,245 sqft
    2018-09-01 81 days 2,207 sqft
    2018-10-01 80 days 2,176 sqft
    2018-11-01 83 days 2,144 sqft
    2018-12-01 89 days 2,135 sqft
    2019-01-01 95 days 2,135 sqft
    2019-02-01 91 days 2,158 sqft
    2019-03-01 76 days 2,178 sqft
    2019-04-01 66 days 2,208 sqft
    2019-05-01 68 days 2,226 sqft
    2019-06-01 71 days 2,215 sqft
    2019-07-01 74 days 2,217 sqft
    2019-08-01 77 days 2,202 sqft
    2019-09-01 79 days 2,189 sqft
    2019-10-01 82 days 2,179 sqft
    2019-11-01 84 days 2,147 sqft
    2019-12-01 88 days 2,138 sqft
    2020-01-01 94 days 2,135 sqft
    2020-02-01 86 days 2,144 sqft
    2020-03-01 62 days 2,174 sqft
    2020-04-01 66 days 2,180 sqft
    2020-05-01 75 days 2,224 sqft
    2020-06-01 78 days 2,235 sqft
    2020-07-01 68 days 2,230 sqft
    2020-08-01 61 days 2,212 sqft
    2020-09-01 59 days 2,197 sqft
    2020-10-01 58 days 2,173 sqft
    2020-11-01 59 days 2,132 sqft
    2020-12-01 66 days 2,134 sqft
    2021-01-01 73 days 2,147 sqft
    2021-02-01 55 days 2,102 sqft
    2021-03-01 42 days 2,121 sqft
    2021-04-01 38 days 2,166 sqft
    2021-05-01 31 days 2,168 sqft
    2021-06-01 25 days 2,144 sqft
    2021-07-01 26 days 2,169 sqft
    2021-08-01 33 days 2,109 sqft
    2021-09-01 33 days 2,102 sqft
    2021-10-01 39 days 2,086 sqft
    2021-11-01 38 days 2,080 sqft
    2021-12-01 46 days 2,090 sqft
    2022-01-01 57 days 2,140 sqft
    2022-02-01 26 days 2,153 sqft
    2022-03-01 17 days 2,169 sqft
    2022-04-01 16 days 2,163 sqft
    2022-05-01 16 days 2,206 sqft
    2022-06-01 21 days 2,210 sqft
    2022-07-01 29 days 2,218 sqft
    2022-08-01 37 days 2,211 sqft
    2022-09-01 44 days 2,204 sqft
    2022-10-01 46 days 2,178 sqft
    2022-11-01 48 days 2,174 sqft
    2022-12-01 60 days 2,150 sqft
    Charleston's median listing age (time on market) for 2022-12-01 was 60 days. This is 30% longer than the same period one year ago.

    Charleston's median square footage for active listings during the 2022-12-01 period was 2,150 sqft. One year prior, the average listing was 2,090 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).