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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.