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
5.36%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.19% and
one month ago for the week of 2022-04-08, the
average rate was 4.65%.
The average rate one year ago was 2.96%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.91%.
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.
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 & INVESTMENT LLC ($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 |
Charleston's median listing price comes in at 138% of the national average.
Charleston's average listing price for 2022-04-01 was $1,188,113, a difference of $97,465 (8.9%) versus the prior year and $-21,067 versus the prior month.
For the 2022-04-01 period, Charleston had 724 MLS listings, a difference of 19 listings (3%) versus the prior month and -413 listings (-36%) 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 |
Charleston's median square footage for active listings during the 2022-04-01 period was 2,160 sqft. One year prior, the average listing was 2,139 sqft.
