Charleston FHA Loans

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 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 5.78% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

The average rate for the prior week (2022-09-16) was 5.78% and one month ago for the week of 2022-08-19, the average rate was 5.29%.

The average rate one year ago was 3.04%.

For refis of the same type during the week of 2022-09-23, the average rate was 5.53%.

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 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. Total Fees
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
CAROLINA ONE MORTGAGE, LLC 135 3.57% $8,895
MIDLAND MORTGAGE CORPORATION 135 2.91% $7,918
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
Truist 6 3.08% $8,101
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
AMERICAN FINANCING CORPORATION 6 3.04% $7,203
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
Manufacturers and Traders Trust Company 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
First Community Bank 2 2.56% $13,586
Mortgage Research Center, LLC 2 2.88% $2,695
Evolve Bank & Trust 2 3.38% $8,872
HOMESTAR FINANCIAL CORPORATION 2 3.19% $5,794
Florida Capital Bank 2 2.63% $9,191
Plains Commerce Bank 2 2.63% $5,579
SIRVA MORTGAGE, INC. 2 2.94% $6,624
EMBRACE HOME LOANS, INC. 2 2.75% $12,286
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.50% $9,113
CityWorth Mortgage LLC 2 3.19% $8,310
Regions Bank 2 2.75% $7,480
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
U.S. Bank 2 2.94% $6,694
DAS Acquisition Company, LLC 2 3.13% $10,009
Strong Home Mortgage, LLC 2 2.69% $6,568
First National Bank of Pennsylvania 2 2.94% $7,680
NATION ONE MORTGAGE CORPORATION 2 3.31% $9,605
RESOURCE FINANCIAL SERVICES, INC. 2 2.63% $7,894
First Home Bank 2 3.00% $9,060
ROYAL UNITED MORTGAGE LLC 2 3.19% $10,498
TBI MORTGAGE COMPANY 2 2.87% $9,860
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
VERITAS FUNDING, LLC 1 2.63% $12,400
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
LAND HOME FINANCIAL SERVICES, INC. 1 3.63% $7,942
LEADERONE FINANCIAL CORPORATION 1 3.25% $15,527
JPMorgan Chase Bank 1 2.75% $8,255
Integrity Home Mortgage Corp 1 2.88% $8,922
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
Queensborough National Bank & Trust Company 1 2.25% $4,636

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 $399,706 (4.6%) $682,952 (3.1%) 1.47 4,117
2018-02-01 $409,455 (2.5%) $692,337 (2.6%) 1.48 4,190
2018-03-01 $416,990 (-0.6%) $710,039 (2.4%) 1.44 4,335
2018-04-01 $424,440 (0.8%) $721,507 (3.9%) 1.42 4,463
2018-05-01 $429,000 (3.4%) $720,992 (4.2%) 1.43 4,544
2018-06-01 $424,900 (3.1%) $721,321 (4.1%) 1.42 4,632
2018-07-01 $419,900 (2.2%) $707,052 (3.4%) 1.40 4,674
2018-08-01 $409,165 (-1.4%) $698,166 (2.0%) 1.37 4,664
2018-09-01 $399,985 (0.0%) $685,130 (0.7%) 1.34 4,757
2018-10-01 $399,000 (-0.3%) $673,305 (0.0%) 1.33 4,902
2018-11-01 $395,000 (-1.3%) $669,954 (-0.3%) 1.32 4,959
2018-12-01 $390,999 (-2.3%) $665,974 (-2.5%) 1.34 4,684
2019-01-01 $394,220 (-1.4%) $664,933 (-2.6%) 1.36 4,514
2019-02-01 $407,850 (-0.4%) $681,357 (-1.6%) 1.37 4,609
2019-03-01 $418,143 (0.3%) $692,189 (-2.5%) 1.36 4,715
2019-04-01 $429,000 (1.1%) $705,890 (-2.2%) 1.35 4,869
2019-05-01 $431,200 (0.5%) $711,442 (-1.3%) 1.33 4,897
2019-06-01 $434,900 (2.4%) $715,739 (-0.8%) 1.34 4,880
2019-07-01 $434,950 (3.6%) $717,509 (1.5%) 1.35 4,834
2019-08-01 $430,671 (5.3%) $715,929 (2.5%) 1.36 4,695
2019-09-01 $421,950 (5.5%) $707,804 (3.3%) 1.34 4,627
2019-10-01 $416,000 (4.3%) $699,702 (3.9%) 1.33 4,654
2019-11-01 $415,000 (5.1%) $707,026 (5.5%) 1.34 4,547
2019-12-01 $414,095 (5.9%) $707,172 (6.2%) 1.38 4,250
2020-01-01 $419,500 (6.4%) $713,029 (7.2%) 1.40 3,923
2020-02-01 $430,000 (5.4%) $726,486 (6.6%) 1.39 3,912
2020-03-01 $442,500 (5.8%) $734,095 (6.1%) 1.38 3,994
2020-04-01 $435,400 (1.5%) $716,655 (1.5%) 1.36 4,061
2020-05-01 $450,000 (4.4%) $741,449 (4.2%) 1.36 3,899
2020-06-01 $450,000 (3.5%) $760,985 (6.3%) 1.31 3,592
2020-07-01 $462,500 (6.3%) $783,532 (9.2%) 1.33 3,276
2020-08-01 $472,500 (9.7%) $808,563 (12.9%) 1.35 3,038
2020-09-01 $482,495 (14.4%) $811,976 (14.7%) 1.38 2,775
2020-10-01 $475,000 (14.2%) $823,627 (17.7%) 1.36 2,681
2020-11-01 $480,000 (15.7%) $841,801 (19.1%) 1.37 2,456
2020-12-01 $494,933 (19.5%) $865,273 (22.4%) 1.45 2,182
2021-01-01 $524,000 (24.9%) $893,481 (25.3%) 1.54 1,781
2021-02-01 $550,000 (27.9%) $959,249 (32.0%) 1.58 1,350
2021-03-01 $550,000 (24.3%) $1,003,907 (36.8%) 1.54 1,223
2021-04-01 $550,000 (26.3%) $1,090,648 (52.2%) 1.48 1,137
2021-05-01 $574,990 (27.8%) $1,140,346 (53.8%) 1.51 1,094
2021-06-01 $560,498 (24.6%) $1,097,633 (44.2%) 1.46 1,185
2021-07-01 $520,000 (12.4%) $1,006,409 (28.5%) 1.35 1,371
2021-08-01 $497,275 (5.2%) $949,382 (17.4%) 1.31 1,462
2021-09-01 $477,750 (-1.0%) $883,759 (8.8%) 1.26 1,477
2021-10-01 $491,490 (3.5%) $900,272 (9.3%) 1.29 1,370
2021-11-01 $480,224 (0.1%) $921,973 (9.5%) 1.27 1,283
2021-12-01 $488,000 (-1.4%) $1,001,312 (15.7%) 1.30 1,082
2022-01-01 $500,000 (-4.6%) $1,074,447 (20.3%) 1.33 834
2022-02-01 $574,990 (4.5%) $1,193,813 (24.5%) 1.47 690
2022-03-01 $576,750 (4.9%) $1,209,180 (20.5%) 1.42 705
2022-04-01 $585,000 (6.4%) $1,188,113 (8.9%) 1.38 724
2022-05-01 $587,515 (2.2%) $1,132,963 (-0.7%) 1.31 959
2022-06-01 $574,995 (2.6%) $1,105,906 (0.8%) 1.28 1,329
2022-07-01 $544,000 (4.6%) $1,033,256 (2.7%) 1.21 1,750
2022-08-01 $527,000 (6.0%) $986,359 (3.9%) 1.21 1,874
Charleston's median listing price for 2022-08-01 was $527,000, a difference of $29,725 (6.0%) versus the prior year and $-17,000 versus the prior month.

Charleston's median listing price comes in at 121% of the national average.

Charleston's average listing price for 2022-08-01 was $986,359, a difference of $36,977 (3.9%) versus the prior year and $-46,897 versus the prior month.

For the 2022-08-01 period, Charleston had 1,874 MLS listings, a difference of 124 listings (7%) versus the prior month and 412 listings (28%) 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
2018-01-01 101 days 2,284 sqft
2018-02-01 96 days 2,300 sqft
2018-03-01 64 days 2,301 sqft
2018-04-01 66 days 2,313 sqft
2018-05-01 67 days 2,316 sqft
2018-06-01 71 days 2,307 sqft
2018-07-01 73 days 2,289 sqft
2018-08-01 78 days 2,248 sqft
2018-09-01 80 days 2,212 sqft
2018-10-01 81 days 2,177 sqft
2018-11-01 85 days 2,139 sqft
2018-12-01 91 days 2,125 sqft
2019-01-01 97 days 2,123 sqft
2019-02-01 93 days 2,146 sqft
2019-03-01 66 days 2,169 sqft
2019-04-01 66 days 2,207 sqft
2019-05-01 69 days 2,221 sqft
2019-06-01 71 days 2,211 sqft
2019-07-01 74 days 2,216 sqft
2019-08-01 78 days 2,197 sqft
2019-09-01 86 days 2,176 sqft
2019-10-01 84 days 2,170 sqft
2019-11-01 84 days 2,140 sqft
2019-12-01 88 days 2,132 sqft
2020-01-01 94 days 2,129 sqft
2020-02-01 88 days 2,143 sqft
2020-03-01 64 days 2,168 sqft
2020-04-01 68 days 2,173 sqft
2020-05-01 78 days 2,226 sqft
2020-06-01 83 days 2,227 sqft
2020-07-01 71 days 2,220 sqft
2020-08-01 65 days 2,212 sqft
2020-09-01 63 days 2,190 sqft
2020-10-01 62 days 2,143 sqft
2020-11-01 63 days 2,092 sqft
2020-12-01 71 days 2,096 sqft
2021-01-01 78 days 2,108 sqft
2021-02-01 65 days 2,068 sqft
2021-03-01 47 days 2,100 sqft
2021-04-01 44 days 2,139 sqft
2021-05-01 38 days 2,163 sqft
2021-06-01 30 days 2,126 sqft
2021-07-01 30 days 2,150 sqft
2021-08-01 35 days 2,089 sqft
2021-09-01 35 days 2,081 sqft
2021-10-01 42 days 2,044 sqft
2021-11-01 42 days 2,037 sqft
2021-12-01 49 days 2,102 sqft
2022-01-01 62 days 2,146 sqft
2022-02-01 29 days 2,161 sqft
2022-03-01 24 days 2,165 sqft
2022-04-01 21 days 2,160 sqft
2022-05-01 18 days 2,201 sqft
2022-06-01 22 days 2,212 sqft
2022-07-01 29 days 2,209 sqft
2022-08-01 38 days 2,207 sqft
Charleston's median listing age (time on market) for 2022-08-01 was 38 days. This is 9% longer than the same period one year ago.

Charleston's median square footage for active listings during the 2022-08-01 period was 2,207 sqft. One year prior, the average listing was 2,089 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).