Florence FHA Loan Rates, Closing Costs & Stats

FLORENCE, 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.

Florence's 92 lenders originated 608 FHA loans during 2023. The total origination value was $131,550,000, with an average FHA loan value of $216,365.

Florence FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Florence averaged 6.81% for the week of 2024-07-12, compared to the national average (all FHA variants) of 6.655% for the same period.

Florence's average FHA mortgage closing costs are $7,157.

The average rate for the prior week (2024-07-05) was 6.48% and one month ago for the week of 2024-06-07, the average rate was 6.86%.

The average rate one year ago was 6.96%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.8%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Florence 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 Florence level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 47 6.24% $9,588
CROSSCOUNTRY MORTGAGE, LLC 42 6.85% $9,751
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 7.03% $8,913
MOVEMENT MORTGAGE, LLC 39 6.77% $10,120
INSPIRE HOME LOANS INC. 37 6.30% $9,113
FBC MORTGAGE, LLC 27 5.61% $9,904
CMG MORTGAGE, INC. 22 7.13% $12,089
SUMMIT FUNDING, INC. 20 6.39% $10,891
UNITED WHOLESALE MORTGAGE, LLC 19 6.20% $11,211
GSF Mortgage Corporation 13 6.28% $9,469
SUN WEST MORTGAGE COMPANY, INC. 13 6.59% $8,658
Magnolia Bank 13 6.59% $7,820
GUILD MORTGAGE COMPANY 13 6.34% $9,772
LOANDEPOT.COM, LLC 9 6.72% $11,604
AMERICAN FINANCIAL NETWORK, INC. 9 7.03% $12,672
Mr. Cooper ( Nationstar Mortgage ) 8 5.84% $12,808
RESOURCE FINANCIAL SERVICES, INC. 8 6.84% $11,927
First Reliance Bank 8 6.30% $9,005
GUARANTEED RATE, INC. 7 6.46% $10,625
CARDINAL FINANCIAL 7 6.39% $14,094
Alcova Mortgage LLC 7 7.29% $8,116
THRIVE MORTGAGE, LLC 7 6.46% $10,116
Mortgage Research Center, LLC 6 6.77% $6,266
MUTUAL OF OMAHA MORTGAGE, INC. 6 6.83% $10,758
AMERISAVE MORTGAGE CORPORATION 5 6.00% $11,760
FREEDOM MORTGAGE CORPORATION 5 6.43% $12,470
BROKER SOLUTIONS, INC. 5 6.45% $11,392
Equity Prime Mortgage LLC 5 6.45% $9,029
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.44% $6,227
PENNYMAC LOAN SERVICES, LLC 4 6.53% $8,016
Paramount Residential Mortgage Group, Inc. 4 6.25% $10,462
DHI MORTGAGE COMPANY, LTD. 4 5.50% $7,662
UNION HOME MORTGAGE CORP. 4 7.03% $9,199
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.66% $12,676
South State Bank 3 6.46% $7,393
NEWREZ LLC 3 6.42% $11,632
Carrington Mortgage Services, LLC 3 6.63% $13,688
Assurance Financial Group, L.L.C. 2 6.38% $7,447
AMERICAN FINANCIAL RESOURCES, INC. 2 7.25% $12,182
BAYSHORE MORTGAGE FUNDING, LLC 2 7.13% $11,022
EVERETT FINANCIAL, INC. 2 6.50% $13,738
First-Citizens Bank & Trust Company 2 6.25% $7,543
First Palmetto Bank 2 6.56% $11,744
Nations Lending Corporation 2 6.38% $7,797
Renasant Bank 2 6.44% $9,311
TOP FLITE FINANCIAL, INC. 2 7.44% $14,802
TOWNE MORTGAGE COMPANY 2 6.25% $7,789
Ixonia Bank 1 6.12% $10,866
JPMorgan Chase Bank 1 6.49% $2,775
Lakeview Community Capital, LLC 1 6.75% $13,938
LAKEVIEW LOAN SERVICING, LLC 1 6.75% $11,231
LEADERONE FINANCIAL CORPORATION 1 6.63% $8,205
Goldwater Bank, N.A. 1 6.63% $9,674
GENEVA FINANCIAL, LLC 1 8.25% $6,142
MID AMERICA MORTGAGE, INC. 1 7.75% $6,400
MILEND, INC. 1 6.75% $15,675
MORTGAGE INVESTORS GROUP, INC. 1 7.13% $9,469
First Savings Bank 1 5.75% $25,865
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.63% $7,367
First Federal Bank 1 6.75% $4,983
First Bank 1 7.12% $8,483
FIRST ALLIANCE HOME MORTGAGE, LLC 1 5.75% $18,958
AMCAP MORTGAGE, LTD. 1 7.00% $13,370
Network Funding, L.P. 1 6.75% $8,896
Colonial Savings, F.A. 1 6.88% $17,758
NORWICH COMMERCIAL GROUP, INC. 1 6.75% $6,108
ON Q FINANCIAL, INC. 1 6.50% $6,230
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.99% $10,057
CALIBER HOME LOANS, INC. 1 7.25% $8,600
PLANET HOME LENDING, LLC 1 5.38% $7,390
POLARIS HOME FUNDING CORP. 1 7.13% $10,408
PREMIER LENDING, INC. 1 7.13% $8,342
Blue Ridge Bank 1 6.13% $6,716
Bank of England 1 6.63% $7,488
Regions Bank 1 6.75% $13,300
United Community Bank 1 5.75% $15,408
1ST SIGNATURE LENDING, LLC 1 6.88% $12,214
SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $4,907
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.00% $4,689
Ameris Bank 1 6.25% $6,428
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $8,752
Synovus Bank 1 6.75% $11,088
T2 FINANCIAL LLC 1 7.13% $4,972
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.50% $13,547
ACADEMY MORTGAGE CORPORATION 1 6.25% $11,171
TOTAL MORTGAGE SERVICES, LLC 1 6.50% $12,257
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.63% $5,624
Truist 1 6.25% $7,929
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.75% $19,766
GUARANTEED RATE AFFINITY, LLC 1 6.75% $10,759
INTERCOASTAL MORTGAGE COMPANY 1 7.25% $8,593
INTERLINC MORTGAGE SERVICES, LLC 1 6.25% $2,623

The top Florence FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 47 FHA loans originated. Their average total fees are $9,588, which is $163 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Florence FHA lenders (with over 10 loans originated) are Magnolia Bank ($7,820), SUN WEST MORTGAGE COMPANY, INC. ($8,658), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,913), INSPIRE HOME LOANS INC. ($9,113) and GSF Mortgage Corporation ($9,469).

The lowest rate Florence FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.61%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), QUICKEN LOANS, LLC (6.24%), GSF Mortgage Corporation (6.28%) and INSPIRE HOME LOANS INC. (6.30%).

Florence FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FLORENCE, SC DARLINGTON 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE, SC FLORENCE 2022 $420,680 $538,650 $651,050 $809,150
FLORENCE, SC DARLINGTON 2023 $472,030 $604,400 $730,525 $907,900
FLORENCE, SC FLORENCE 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Florence (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 $159,900 (2.9%) $199,165 (4.1%) 0.59 605
2018-02-01 $166,750 (5.2%) $205,389 (6.9%) 0.61 618
2018-03-01 $173,550 (8.8%) $208,815 (5.5%) 0.61 651
2018-04-01 $170,000 (4.1%) $209,606 (1.9%) 0.58 670
2018-05-01 $179,900 (8.4%) $216,308 (2.7%) 0.60 703
2018-06-01 $177,450 (5.7%) $215,056 (1.4%) 0.59 714
2018-07-01 $177,575 (1.5%) $211,010 (-1.5%) 0.59 741
2018-08-01 $175,625 (1.9%) $206,101 (-3.2%) 0.59 744
2018-09-01 $175,000 (4.2%) $201,674 (-2.6%) 0.59 698
2018-10-01 $169,950 (-1.1%) $199,921 (-5.7%) 0.58 681
2018-11-01 $169,900 (0.0%) $197,445 (-7.5%) 0.58 667
2018-12-01 $166,500 (1.2%) $195,220 (-0.8%) 0.57 662
2019-01-01 $168,586 (5.4%) $196,657 (-1.3%) 0.58 640
2019-02-01 $168,225 (0.9%) $197,626 (-3.8%) 0.57 635
2019-03-01 $168,500 (-2.9%) $199,434 (-4.5%) 0.55 742
2019-04-01 $172,425 (1.4%) $203,928 (-2.7%) 0.55 883
2019-05-01 $182,250 (1.3%) $210,689 (-2.6%) 0.57 862
2019-06-01 $187,995 (5.9%) $217,241 (1.0%) 0.59 862
2019-07-01 $186,495 (5.0%) $217,998 (3.3%) 0.58 864
2019-08-01 $183,336 (4.4%) $214,370 (4.0%) 0.58 855
2019-09-01 $180,841 (3.3%) $212,232 (5.2%) 0.58 841
2019-10-01 $179,702 (5.7%) $211,473 (5.8%) 0.58 835
2019-11-01 $184,950 (8.9%) $211,247 (7.0%) 0.61 827
2019-12-01 $185,080 (11.2%) $210,364 (7.8%) 0.62 731
2020-01-01 $185,413 (10.0%) $208,704 (6.1%) 0.62 713
2020-02-01 $189,900 (12.9%) $206,735 (4.6%) 0.62 767
2020-03-01 $188,873 (12.1%) $211,485 (6.0%) 0.59 780
2020-04-01 $189,900 (10.1%) $215,026 (5.4%) 0.59 748
2020-05-01 $199,000 (9.2%) $221,377 (5.1%) 0.60 723
2020-06-01 $200,000 (6.4%) $226,102 (4.1%) 0.59 720
2020-07-01 $192,900 (3.4%) $219,752 (0.8%) 0.56 738
2020-08-01 $189,900 (3.6%) $221,338 (3.3%) 0.54 686
2020-09-01 $189,925 (5.0%) $224,469 (5.8%) 0.54 629
2020-10-01 $190,900 (6.2%) $226,735 (7.2%) 0.55 579
2020-11-01 $189,950 (2.7%) $227,909 (7.9%) 0.56 570
2020-12-01 $189,475 (2.4%) $225,849 (7.4%) 0.56 548
2021-01-01 $189,900 (2.4%) $225,072 (7.8%) 0.57 523
2021-02-01 $206,725 (8.9%) $232,198 (12.3%) 0.60 534
2021-03-01 $199,950 (5.9%) $232,312 (9.9%) 0.57 545
2021-04-01 $214,925 (13.2%) $244,884 (13.9%) 0.58 544
2021-05-01 $210,000 (5.5%) $245,144 (10.7%) 0.56 540
2021-06-01 $212,450 (6.2%) $245,306 (8.5%) 0.56 549
2021-07-01 $206,950 (7.3%) $240,368 (9.4%) 0.55 549
2021-08-01 $217,100 (14.3%) $626,991 (183.3%) 0.58 576
2021-09-01 $219,100 (15.4%) $617,263 (175.0%) 0.58 606
2021-10-01 $217,300 (13.8%) $649,270 (186.4%) 0.58 566
2021-11-01 $222,500 (17.1%) $659,387 (189.3%) 0.59 555
2021-12-01 $225,053 (18.8%) $264,812 (17.3%) 0.61 531
2022-01-01 $233,500 (23.0%) $267,587 (18.9%) 0.63 484
2022-02-01 $239,000 (15.6%) $272,103 (17.2%) 0.62 482
2022-03-01 $235,000 (17.5%) $266,241 (14.6%) 0.59 496
2022-04-01 $235,000 (9.3%) $271,235 (10.8%) 0.56 450
2022-05-01 $242,945 (15.7%) $276,034 (12.6%) 0.56 519
2022-06-01 $257,601 (21.3%) $290,234 (18.3%) 0.57 591
2022-07-01 $265,000 (28.1%) $288,454 (20.0%) 0.60 610
2022-08-01 $251,114 (15.7%) $281,749 (-55.1%) 0.58 619
2022-09-01 $267,475 (22.1%) $288,745 (-53.2%) 0.63 610
2022-10-01 $273,763 (26.0%) $292,797 (-54.9%) 0.64 610
2022-11-01 $274,539 (23.4%) $288,302 (-56.3%) 0.66 585
2022-12-01 $269,900 (19.9%) $284,580 (7.5%) 0.67 544
2023-01-01 $260,950 (11.8%) $279,849 (4.6%) 0.65 530
2023-02-01 $255,000 (6.7%) $272,791 (0.3%) 0.62 534
2023-03-01 $259,968 (10.6%) $283,950 (6.7%) 0.61 494
2023-04-01 $259,000 (10.2%) $282,803 (4.3%) 0.60 520
2023-05-01 $266,723 (9.8%) $291,368 (5.6%) 0.60 500
2023-06-01 $273,950 (6.4%) $300,362 (3.5%) 0.62 507
2023-07-01 $276,990 (4.5%) $301,539 (4.5%) 0.63 519
2023-08-01 $275,445 (9.7%) $299,320 (6.2%) 0.63 510
2023-09-01 $271,576 (1.5%) $292,625 (1.3%) 0.63 509
2023-10-01 $266,995 (-2.5%) $289,964 (-1.0%) 0.63 521
2023-11-01 $260,288 (-5.2%) $284,980 (-1.2%) 0.62 490
2023-12-01 $257,450 (-4.6%) $279,264 (-1.9%) 0.63 454
2024-01-01 $252,425 (-3.3%) $266,068 (-4.9%) 0.62 455
2024-02-01 $248,406 (-2.6%) $265,706 (-2.6%) 0.60 501
2024-03-01 $249,500 (-4.0%) $277,230 (-2.4%) 0.59 513
2024-04-01 $250,635 (-3.2%) $284,376 (0.6%) 0.58 556
2024-05-01 $250,261 (-6.2%) $282,843 (-2.9%) 0.57 583
2024-06-01 $249,000 (-9.1%) $292,085 (-2.8%) 0.56 594
Florence's median listing price for 2024-06-01 was $249,000, a difference of $-24,950 (-9.1%) versus the prior year and $-1,261 versus the prior month.

Florence's median listing price comes in at 56% of the national average.

Florence's average listing price for 2024-06-01 was $292,085, a difference of $-8,277 (-2.8%) versus the prior year and $9,242 versus the prior month.

For the 2024-06-01 period, Florence had 594 MLS listings, a difference of 11 listings (2%) versus the prior month and 87 listings (17%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Florence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 96 days 1,890 sqft
2018-02-01 96 days 1,952 sqft
2018-03-01 73 days 2,030 sqft
2018-04-01 68 days 2,074 sqft
2018-05-01 67 days 2,100 sqft
2018-06-01 71 days 2,086 sqft
2018-07-01 77 days 2,082 sqft
2018-08-01 81 days 2,045 sqft
2018-09-01 89 days 2,008 sqft
2018-10-01 89 days 1,922 sqft
2018-11-01 94 days 1,861 sqft
2018-12-01 93 days 1,849 sqft
2019-01-01 93 days 1,868 sqft
2019-02-01 94 days 1,902 sqft
2019-03-01 88 days 1,904 sqft
2019-04-01 82 days 1,921 sqft
2019-05-01 80 days 1,980 sqft
2019-06-01 79 days 2,020 sqft
2019-07-01 78 days 2,071 sqft
2019-08-01 80 days 2,020 sqft
2019-09-01 82 days 1,982 sqft
2019-10-01 82 days 1,980 sqft
2019-11-01 79 days 1,981 sqft
2019-12-01 88 days 1,984 sqft
2020-01-01 95 days 1,984 sqft
2020-02-01 89 days 2,003 sqft
2020-03-01 70 days 2,009 sqft
2020-04-01 74 days 2,030 sqft
2020-05-01 78 days 2,072 sqft
2020-06-01 81 days 2,092 sqft
2020-07-01 69 days 2,043 sqft
2020-08-01 66 days 2,002 sqft
2020-09-01 75 days 2,035 sqft
2020-10-01 74 days 2,010 sqft
2020-11-01 59 days 1,884 sqft
2020-12-01 61 days 1,849 sqft
2021-01-01 61 days 1,900 sqft
2021-02-01 46 days 2,070 sqft
2021-03-01 49 days 2,041 sqft
2021-04-01 50 days 2,045 sqft
2021-05-01 50 days 2,034 sqft
2021-06-01 48 days 1,969 sqft
2021-07-01 45 days 1,882 sqft
2021-08-01 44 days 1,931 sqft
2021-09-01 44 days 1,964 sqft
2021-10-01 54 days 1,888 sqft
2021-11-01 56 days 1,911 sqft
2021-12-01 52 days 1,905 sqft
2022-01-01 61 days 1,906 sqft
2022-02-01 53 days 1,900 sqft
2022-03-01 44 days 1,871 sqft
2022-04-01 46 days 1,837 sqft
2022-05-01 38 days 1,829 sqft
2022-06-01 37 days 1,923 sqft
2022-07-01 44 days 1,956 sqft
2022-08-01 54 days 1,948 sqft
2022-09-01 55 days 1,966 sqft
2022-10-01 56 days 2,002 sqft
2022-11-01 64 days 2,050 sqft
2022-12-01 74 days 1,961 sqft
2023-01-01 82 days 1,956 sqft
2023-02-01 75 days 1,937 sqft
2023-03-01 65 days 1,949 sqft
2023-04-01 55 days 1,914 sqft
2023-05-01 51 days 1,962 sqft
2023-06-01 51 days 1,961 sqft
2023-07-01 51 days 1,959 sqft
2023-08-01 52 days 1,927 sqft
2023-09-01 53 days 1,913 sqft
2023-10-01 52 days 1,920 sqft
2023-11-01 56 days 1,831 sqft
2023-12-01 66 days 1,827 sqft
2024-01-01 72 days 1,724 sqft
2024-02-01 60 days 1,737 sqft
2024-03-01 51 days 1,755 sqft
2024-04-01 51 days 1,739 sqft
2024-05-01 51 days 1,763 sqft
2024-06-01 52 days 1,773 sqft
Florence's median listing age (time on market) for 2024-06-01 was 52 days. This is 3% longer than the same period one year ago.

Florence's median square footage for active listings during the 2024-06-01 period was 1,773 sqft. One year prior, the average listing was 1,961 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).