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 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).