Florence FHA Loan Rates, Closing Costs & Stats

FLORENCE, 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.

    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 6.64% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.5% and one month ago for the week of 2024-06-14, the average rate was 6.85%.

    The average rate one year ago was 6.74%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.53%.

    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

    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).