Gaffney FHA Loan Rates, Closing Costs & Stats

Gaffney, 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.

    Gaffney's 72 lenders originated 228 FHA loans during 2024. The total origination value was $48,940,000, with an average FHA loan value of $214,649.

    Gaffney FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gaffney averaged 6.23% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Gaffney's average FHA mortgage closing costs are $7,675.

    The average rate for the prior week (2025-03-28) was 6.73% and one month ago for the week of 2025-02-28, the average rate was 6.32%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.46%.

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

    Gaffney 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 Gaffney level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 22 6.38% $9,716
    UNITED WHOLESALE MORTGAGE, LLC 12 6.43% $10,153
    GUILD MORTGAGE COMPANY 11 6.30% $9,328
    INSPIRE HOME LOANS INC. 9 5.65% $9,905
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.44% $6,855
    Equity Prime Mortgage LLC 7 7.14% $8,488
    The Loan Store, Inc. 6 6.12% $10,087
    CARDINAL FINANCIAL 6 7.06% $11,652
    FREEDOM MORTGAGE CORPORATION 6 6.21% $11,836
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.53% $11,471
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.55% $9,031
    SOUTHWEST FUNDING, LP 5 6.80% $10,884
    T2 FINANCIAL LLC 5 6.60% $11,143
    Sierra Pacific Mortgage Company, Inc. 4 6.28% $11,745
    CROSSCOUNTRY MORTGAGE, LLC 4 6.23% $9,404
    BROKER SOLUTIONS, INC. 3 6.58% $9,300
    RESOURCE FINANCIAL SERVICES, INC. 3 6.71% $9,128
    LOANDEPOT.COM, LLC 3 6.58% $10,476
    Mr. Cooper ( Nationstar Mortgage ) 3 6.54% $10,468
    SUN WEST MORTGAGE COMPANY, INC. 3 6.25% $10,311
    MOVEMENT MORTGAGE, LLC 3 6.38% $13,940
    PENNYMAC LOAN SERVICES, LLC 3 6.17% $9,911
    Presidential Bank, FSB 3 6.71% $8,942
    EAGLE HOME MORTGAGE, LLC 2 6.69% $13,304
    NEW FED MORTGAGE, CORP. 2 6.50% $9,843
    MILEND, INC. 2 6.31% $10,525
    UNION HOME MORTGAGE CORP. 2 6.81% $9,289
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.88% $20,652
    First Community Bank 2 6.63% $15,006
    AMERISAVE MORTGAGE CORPORATION 2 6.44% $9,533
    GUARANTEED RATE, INC. 2 6.63% $7,831
    Paramount Residential Mortgage Group, Inc. 1 7.25% $8,913
    Plains Commerce Bank 1 6.63% $9,727
    PLAZA HOME MORTGAGE, INC. 1 8.25% $9,665
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $13,522
    Renasant Bank 1 6.25% $5,921
    South State Bank 1 7.13% $8,465
    TJC Mortgage, Inc. 1 6.75% $10,750
    United Bank 1 5.63% $6,905
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.63% $13,467
    ACOPIA, LLC 1 7.13% $13,581
    VERITAS FUNDING, LLC 1 6.25% $18,357
    Alcova Mortgage LLC 1 6.25% $12,307
    AMERICAN FINANCIAL NETWORK, INC. 1 6.50% $10,033
    AmeriHome Mortgage Company, LLC 1 6.88% $5,159
    Ameris Bank 1 6.25% $9,795
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $10,322
    Axos Bank 1 6.75% $7,228
    Carrington Mortgage Services, LLC 1 5.63% $11,385
    CMG MORTGAGE, INC. 1 7.25% $8,489
    CONTOUR MORTGAGE CORPORATION 1 6.63% $6,348
    Countybank 1 5.75% $9,027
    First-Citizens Bank & Trust Company 1 5.50% $4,859
    First Federal Bank 1 7.00% $9,084
    FLAT BRANCH MORTGAGE, INC. 1 6.63% $8,956
    GoPrime Mortgage, Inc. 1 6.75% $8,536
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.63% $8,738
    HOMESIDE FINANCIAL, LLC 1 6.99% $9,762
    INTERCOASTAL MORTGAGE COMPANY 1 5.75% $7,313
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $5,204
    LOANPAL, LLC 1 6.38% $12,456
    Magnolia Bank 1 6.25% $7,418
    MID AMERICA MORTGAGE, INC. 1 8.13% $12,139
    Mortgage Assurance Inc. 1 6.63% $8,419
    Mortgage Lenders Investment Trading Corporation 1 6.75% $12,416
    Mortgage Research Center, LLC 1 7.13% $4,184
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $8,445
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $15,204
    NEW DAY FINANCIAL, LLC 1 7.50% $5,903
    NEWREZ LLC 1 6.63% $7,264
    NFM, INC. 1 5.88% $14,873
    OPEN MORTGAGE, LLC 1 7.38% $7,715

    The top Gaffney FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 22 FHA loans originated. Their average total fees are $9,716, which is $437 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Gaffney FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($9,328), QUICKEN LOANS, LLC ($9,716), UNITED WHOLESALE MORTGAGE, LLC ($10,153), .

    The lowest rate Gaffney FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.30%), QUICKEN LOANS, LLC (6.38%), UNITED WHOLESALE MORTGAGE, LLC (6.43%), .

    Gaffney FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Gaffney (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 $139,675 (20.3%) $193,080 (32.5%) 0.00 88
    2018-02-01 $143,475 (22.2%) $201,476 (43.7%) 0.00 91
    2018-03-01 $152,400 (28.4%) $227,829 (62.4%) 0.00 85
    2018-04-01 $149,117 (19.4%) $203,148 (39.3%) 0.00 82
    2018-05-01 $147,450 (13.1%) $203,162 (33.9%) 0.00 90
    2018-06-01 $162,400 (18.2%) $208,744 (30.3%) 0.00 87
    2018-07-01 $162,700 (21.5%) $204,581 (16.8%) 0.00 72
    2018-08-01 $148,800 (10.3%) $187,993 (-2.9%) 0.00 81
    2018-09-01 $159,900 (18.5%) $186,619 (-0.3%) 0.00 92
    2018-10-01 $158,900 (13.6%) $194,712 (11.2%) 0.00 102
    2018-11-01 $156,225 (18.0%) $196,133 (11.1%) 0.00 109
    2018-12-01 $143,700 (2.7%) $191,202 (10.6%) 0.00 104
    2019-01-01 $146,200 (4.7%) $199,810 (3.5%) 0.00 93
    2019-02-01 $144,900 (1.0%) $212,655 (5.6%) 0.00 90
    2019-03-01 $161,214 (5.8%) $216,790 (-4.9%) 0.00 78
    2019-04-01 $172,314 (15.6%) $215,557 (6.1%) 0.00 74
    2019-05-01 $173,563 (17.7%) $216,180 (6.4%) 0.00 86
    2019-06-01 $167,900 (3.4%) $213,928 (2.5%) 0.00 92
    2019-07-01 $166,250 (2.2%) $211,670 (3.5%) 0.00 97
    2019-08-01 $170,032 (14.3%) $208,578 (11.0%) 0.00 90
    2019-09-01 $183,205 (14.6%) $215,938 (15.7%) 0.00 81
    2019-10-01 $187,711 (18.1%) $219,795 (12.9%) 0.00 75
    2019-11-01 $174,750 (11.9%) $216,446 (10.4%) 0.00 81
    2019-12-01 $169,950 (18.3%) $208,306 (9.0%) 0.00 91
    2020-01-01 $189,975 (29.9%) $218,880 (9.5%) 0.00 87
    2020-02-01 $180,000 (24.2%) $208,536 (-1.9%) 0.00 102
    2020-03-01 $159,900 (-0.8%) $184,056 (-15.1%) 0.00 109
    2020-04-01 $170,975 (-0.8%) $190,576 (-11.6%) 0.00 107
    2020-05-01 $180,950 (4.3%) $192,092 (-11.1%) 0.00 86
    2020-06-01 $185,750 (10.6%) $192,320 (-10.1%) 0.00 77
    2020-07-01 $162,125 (-2.5%) $193,445 (-8.6%) 0.00 61
    2020-08-01 $183,850 (8.1%) $187,670 (-10.0%) 0.00 61
    2020-09-01 $189,900 (3.7%) $204,086 (-5.5%) 0.00 60
    2020-10-01 $179,900 (-4.2%) $197,825 (-10.0%) 0.00 49
    2020-11-01 $202,200 (15.7%) $278,455 (28.7%) 0.00 46
    2020-12-01 $229,225 (34.9%) $286,820 (37.7%) 0.00 43
    2021-01-01 $212,400 (11.8%) $260,040 (18.8%) 0.00 43
    2021-02-01 $212,175 (17.9%) $273,799 (31.3%) 0.00 36
    2021-03-01 $221,550 (38.6%) $292,539 (58.9%) 0.00 26
    2021-04-01 $218,923 (28.0%) $317,044 (66.4%) 0.00 24
    2021-05-01 $213,600 (18.0%) $352,768 (83.7%) 0.00 26
    2021-06-01 $200,574 (8.0%) $319,795 (66.3%) 0.00 29
    2021-07-01 $204,923 (26.4%) $304,931 (57.6%) 0.00 39
    2021-08-01 $225,473 (22.6%) $324,938 (73.1%) 0.00 47
    2021-09-01 $184,700 (-2.7%) $261,647 (28.2%) 0.00 52
    2021-10-01 $185,000 (2.8%) $289,882 (46.5%) 0.00 51
    2021-11-01 $208,236 (3.0%) $281,687 (1.2%) 0.00 43
    2021-12-01 $226,000 (-1.4%) $272,095 (-5.1%) 0.00 42
    2022-01-01 $224,500 (5.7%) $259,426 (-0.2%) 0.00 36
    2022-02-01 $263,125 (24.0%) $274,683 (0.3%) 0.00 51
    2022-03-01 $269,900 (21.8%) $261,752 (-10.5%) 0.00 50
    2022-04-01 $249,000 (13.7%) $274,136 (-13.5%) 0.00 46
    2022-05-01 $209,950 (-1.7%) $286,190 (-18.9%) 0.00 57
    2022-06-01 $223,650 (11.5%) $293,134 (-8.3%) 0.00 72
    2022-07-01 $251,900 (22.9%) $293,673 (-3.7%) 0.00 84
    2022-08-01 $247,038 (9.6%) $288,690 (-11.2%) 0.00 95
    2022-09-01 $259,900 (40.7%) $288,604 (10.3%) 0.00 110
    2022-10-01 $274,400 (48.3%) $295,060 (1.8%) 0.00 116
    2022-11-01 $276,675 (32.9%) $285,592 (1.4%) 0.00 117
    2022-12-01 $260,000 (15.0%) $269,054 (-1.1%) 0.00 122
    2023-01-01 $261,945 (16.7%) $263,806 (1.7%) 0.00 113
    2023-02-01 $253,725 (-3.6%) $264,064 (-3.9%) 0.00 103
    2023-03-01 $255,623 (-5.3%) $274,197 (4.8%) 0.00 93
    2023-04-01 $259,900 (4.4%) $284,080 (3.6%) 0.00 95
    2023-05-01 $271,758 (29.4%) $292,802 (2.3%) 0.00 119
    2023-06-01 $271,975 (21.6%) $303,302 (3.5%) 0.00 122
    2023-07-01 $255,500 (1.4%) $301,425 (2.6%) 0.00 122
    2023-08-01 $259,900 (5.2%) $308,784 (7.0%) 0.00 126
    2023-09-01 $255,545 (-1.7%) $307,997 (6.7%) 0.00 116
    2023-10-01 $262,628 (-4.3%) $300,626 (1.9%) 0.00 97
    2023-11-01 $265,810 (-3.9%) $303,534 (6.3%) 0.00 96
    2023-12-01 $277,000 (6.5%) $301,601 (12.1%) 0.00 95
    2024-01-01 $273,675 (4.5%) $300,922 (14.1%) 0.00 103
    2024-02-01 $254,720 (0.4%) $290,425 (10.0%) 0.00 108
    2024-03-01 $249,450 (-2.4%) $289,304 (5.5%) 0.00 108
    2024-04-01 $254,950 (-1.9%) $308,745 (8.7%) 0.00 116
    2024-05-01 $275,700 (1.5%) $308,882 (5.5%) 0.00 106
    2024-06-01 $248,900 (-8.5%) $293,374 (-3.3%) 0.00 111
    2024-07-01 $249,200 (-2.5%) $282,432 (-6.3%) 0.00 117
    2024-08-01 $247,788 (-4.7%) $296,310 (-4.0%) 0.00 121
    2024-09-01 $251,038 (-1.8%) $306,251 (-0.6%) 0.00 134
    2024-10-01 $255,988 (-2.5%) $312,502 (4.0%) 0.00 132
    2024-11-01 $246,839 (-7.1%) $298,295 (-1.7%) 0.00 135
    2024-12-01 $245,884 (-11.2%) $286,038 (-5.2%) 0.00 129
    2025-01-01 $240,975 (-12.0%) $303,847 (1.0%) 0.00 117
    2025-02-01 $291,175 (14.3%) $310,184 (6.8%) 0.00 110
    2025-03-01 $265,000 (6.2%) $294,230 (1.7%) 0.00 126
    Gaffney's median listing price for 2025-03-01 was $265,000, a difference of $15,550 (6.2%) versus the prior year and $-26,175 versus the prior month.

    Gaffney's median listing price comes in at 0% of the national average.

    Gaffney's average listing price for 2025-03-01 was $294,230, a difference of $4,926 (1.7%) versus the prior year and $-15,954 versus the prior month.

    For the 2025-03-01 period, Gaffney had 126 MLS listings, a difference of 16 listings (15%) versus the prior month and 18 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Gaffney (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,680 sqft
    2018-02-01 0 days 1,719 sqft
    2018-03-01 0 days 1,836 sqft
    2018-04-01 0 days 1,794 sqft
    2018-05-01 0 days 1,871 sqft
    2018-06-01 0 days 1,904 sqft
    2018-07-01 0 days 1,865 sqft
    2018-08-01 0 days 1,812 sqft
    2018-09-01 0 days 1,800 sqft
    2018-10-01 0 days 1,746 sqft
    2018-11-01 0 days 1,863 sqft
    2018-12-01 0 days 1,715 sqft
    2019-01-01 0 days 1,692 sqft
    2019-02-01 0 days 1,836 sqft
    2019-03-01 0 days 1,893 sqft
    2019-04-01 0 days 1,865 sqft
    2019-05-01 0 days 1,810 sqft
    2019-06-01 0 days 1,750 sqft
    2019-07-01 0 days 1,839 sqft
    2019-08-01 0 days 1,834 sqft
    2019-09-01 0 days 1,897 sqft
    2019-10-01 0 days 1,927 sqft
    2019-11-01 0 days 1,900 sqft
    2019-12-01 0 days 1,808 sqft
    2020-01-01 0 days 1,809 sqft
    2020-02-01 0 days 1,800 sqft
    2020-03-01 0 days 1,724 sqft
    2020-04-01 0 days 1,806 sqft
    2020-05-01 0 days 1,777 sqft
    2020-06-01 0 days 1,573 sqft
    2020-07-01 0 days 1,539 sqft
    2020-08-01 0 days 1,505 sqft
    2020-09-01 0 days 1,552 sqft
    2020-10-01 0 days 1,558 sqft
    2020-11-01 0 days 1,715 sqft
    2020-12-01 0 days 1,814 sqft
    2021-01-01 0 days 1,751 sqft
    2021-02-01 0 days 1,626 sqft
    2021-03-01 0 days 1,756 sqft
    2021-04-01 0 days 1,721 sqft
    2021-05-01 0 days 1,519 sqft
    2021-06-01 0 days 1,590 sqft
    2021-07-01 0 days 1,625 sqft
    2021-08-01 0 days 1,909 sqft
    2021-09-01 0 days 1,560 sqft
    2021-10-01 0 days 1,747 sqft
    2021-11-01 0 days 1,704 sqft
    2021-12-01 0 days 1,785 sqft
    2022-01-01 0 days 1,510 sqft
    2022-02-01 0 days 1,738 sqft
    2022-03-01 0 days 1,717 sqft
    2022-04-01 0 days 1,691 sqft
    2022-05-01 0 days 1,691 sqft
    2022-06-01 0 days 1,713 sqft
    2022-07-01 0 days 1,837 sqft
    2022-08-01 0 days 1,770 sqft
    2022-09-01 0 days 1,770 sqft
    2022-10-01 0 days 1,770 sqft
    2022-11-01 0 days 1,761 sqft
    2022-12-01 0 days 1,761 sqft
    2023-01-01 0 days 1,751 sqft
    2023-02-01 0 days 1,770 sqft
    2023-03-01 0 days 1,751 sqft
    2023-04-01 0 days 1,751 sqft
    2023-05-01 0 days 1,678 sqft
    2023-06-01 0 days 1,780 sqft
    2023-07-01 0 days 1,759 sqft
    2023-08-01 0 days 1,684 sqft
    2023-09-01 0 days 1,684 sqft
    2023-10-01 0 days 1,588 sqft
    2023-11-01 0 days 1,588 sqft
    2023-12-01 0 days 1,583 sqft
    2024-01-01 0 days 1,597 sqft
    2024-02-01 0 days 1,529 sqft
    2024-03-01 0 days 1,586 sqft
    2024-04-01 0 days 1,680 sqft
    2024-05-01 0 days 1,768 sqft
    2024-06-01 0 days 1,682 sqft
    2024-07-01 0 days 1,682 sqft
    2024-08-01 0 days 1,639 sqft
    2024-09-01 0 days 1,595 sqft
    2024-10-01 0 days 1,610 sqft
    2024-11-01 0 days 1,588 sqft
    2024-12-01 0 days 1,582 sqft
    2025-01-01 0 days 1,586 sqft
    2025-02-01 0 days 1,634 sqft
    2025-03-01 0 days 1,645 sqft
    Gaffney's median listing age (time on market) for 2025-03-01 was 0 days.

    Gaffney's median square footage for active listings during the 2025-03-01 period was 1,645 sqft. One year prior, the average listing was 1,586 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).