Gaffney FHA Loan Rates, Closing Costs & Stats

Gaffney, 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.

Gaffney's 55 lenders originated 227 FHA loans during 2023. The total origination value was $45,795,000, with an average FHA loan value of $201,740.

Gaffney FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Gaffney averaged 6.38% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Gaffney's average FHA mortgage closing costs are $7,185.

The average rate for the prior week (2024-03-15) was 6.3% and one month ago for the week of 2024-02-16, the average rate was 6.32%.

The average rate one year ago was 6.51%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.6%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
INSPIRE HOME LOANS INC. 27 5.81% $8,020
QUICKEN LOANS, LLC 25 6.41% $9,662
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.97% $8,537
GUILD MORTGAGE COMPANY 11 6.59% $8,610
MOVEMENT MORTGAGE, LLC 10 6.74% $9,037
PRIMELENDING, A PLAINSCAPITAL COMPANY 10 6.60% $10,397
UNITED WHOLESALE MORTGAGE, LLC 9 6.46% $11,933
ARK-LA-TEX FINANCIAL SERVICES, LLC. 8 6.83% $10,049
PENNYMAC LOAN SERVICES, LLC 6 6.35% $12,261
Ameris Bank 5 6.30% $12,270
VANDERBILT MORTGAGE AND FINANCE, INC. 5 6.43% $13,808
CROSSCOUNTRY MORTGAGE, LLC 5 6.58% $9,977
HOMESTAR FINANCIAL CORPORATION 5 6.55% $7,975
MIDLAND MORTGAGE CORPORATION 4 6.94% $5,814
Sierra Pacific Mortgage Company, Inc. 4 6.19% $11,668
CARDINAL FINANCIAL 4 6.13% $10,768
ON Q FINANCIAL, INC. 3 6.33% $7,627
NEWREZ LLC 3 6.33% $8,231
Mr. Cooper ( Nationstar Mortgage ) 3 6.04% $9,897
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.54% $16,432
Flagstar Bank, FSB 3 6.74% $6,875
FREEDOM MORTGAGE CORPORATION 3 6.67% $11,284
VILLAGE CAPITAL MORTGAGE 2 5.50% $12,102
AMERICAN FINANCIAL NETWORK, INC. 2 6.50% $10,136
BROKER SOLUTIONS, INC. 2 7.38% $12,928
Carrington Mortgage Services, LLC 2 6.13% $8,600
LOANDEPOT.COM, LLC 2 5.75% $11,845
Paramount Residential Mortgage Group, Inc. 2 6.13% $10,122
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $8,639
MICHIGAN MUTUAL, INC. 1 6.13% $20,513
GUARANTEED RATE, INC. 1 6.75% $13,338
Mortgage Research Center, LLC 1 6.99% $3,560
First Reliance Bank 1 6.38% $5,147
First Federal Bank 1 6.38% $3,386
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $11,206
Fifth Third Bank 1 6.38% $3,698
Evolve Bank & Trust 1 6.25% $12,330
1ST SIGNATURE LENDING, LLC 1 7.25% $11,965
EVERETT FINANCIAL, INC. 1 6.88% $4,616
Plains Commerce Bank 1 7.75% $10,030
Presidential Bank, FSB 1 7.63% $7,149
CMG MORTGAGE, INC. 1 8.38% $9,884
CLIFFCO, INC. 1 7.13% $7,650
Barrington Bank & Trust Company, N.A. 1 6.25% $8,898
Renasant Bank 1 6.25% $18,205
RESOURCE FINANCIAL SERVICES, INC. 1 7.13% $5,406
Shamrock Home Loans, Inc. 1 5.75% $10,753
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.63% $10,712
SUCCESS MORTGAGE PARTNERS, INC. 1 7.00% $7,863
SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $9,831
TOTAL MORTGAGE SERVICES, LLC 1 7.50% $7,311
UNION HOME MORTGAGE CORP. 1 7.13% $7,345
American Security Mortgage Corp. 1 6.50% $8,570
HOMESIDE FINANCIAL, LLC 1 7.25% $7,423
INTERCOASTAL MORTGAGE COMPANY 1 7.25% $8,202

The top Gaffney FHA lender as defined by loan originations is INSPIRE HOME LOANS INC., with 27 FHA loans originated. Their average total fees are $8,020, which is $1,643 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Gaffney FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. ($8,020), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,537), GUILD MORTGAGE COMPANY ($8,610), MOVEMENT MORTGAGE, LLC ($9,037) and QUICKEN LOANS, LLC ($9,662).

The lowest rate Gaffney FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.81%), QUICKEN LOANS, LLC (6.41%), GUILD MORTGAGE COMPANY (6.59%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.60%) and MOVEMENT MORTGAGE, LLC (6.74%).

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 93
2018-10-01 $159,900 (14.3%) $195,094 (11.5%) 0.00 103
2018-11-01 $158,675 (19.9%) $196,482 (11.3%) 0.00 110
2018-12-01 $144,900 (3.6%) $191,626 (10.9%) 0.00 105
2019-01-01 $146,200 (4.7%) $199,982 (3.6%) 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 (17.4%) $219,795 (12.7%) 0.00 75
2019-11-01 $174,750 (10.1%) $216,446 (10.2%) 0.00 81
2019-12-01 $169,950 (17.3%) $208,306 (8.7%) 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 25
2021-05-01 $218,900 (21.0%) $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 (-4.1%) $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 $253,750 (-3.6%) $265,026 (-3.5%) 0.00 103
2023-03-01 $253,295 (-6.2%) $273,702 (4.6%) 0.00 92
2023-04-01 $258,000 (3.6%) $284,428 (3.8%) 0.00 91
2023-05-01 $272,450 (29.8%) $293,308 (2.5%) 0.00 116
2023-06-01 $272,000 (21.6%) $303,881 (3.7%) 0.00 119
2023-07-01 $255,500 (1.4%) $302,023 (2.8%) 0.00 120
2023-08-01 $258,950 (4.8%) $306,158 (6.1%) 0.00 124
2023-09-01 $255,545 (-1.7%) $305,165 (5.7%) 0.00 114
2023-10-01 $265,355 (-3.3%) $301,273 (2.1%) 0.00 96
2023-11-01 $267,900 (-3.2%) $302,120 (5.8%) 0.00 95
2023-12-01 $279,000 (7.3%) $302,043 (12.3%) 0.00 94
2024-01-01 $274,950 (5.0%) $301,337 (14.2%) 0.00 102
2024-02-01 $253,675 (0.0%) $290,714 (9.7%) 0.00 107
Gaffney's median listing price for 2024-02-01 was $253,675, a difference of $-75 (0.0%) versus the prior year and $-21,275 versus the prior month.

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

Gaffney's average listing price for 2024-02-01 was $290,714, a difference of $25,688 (9.7%) versus the prior year and $-10,623 versus the prior month.

For the 2024-02-01 period, Gaffney had 107 MLS listings, a difference of 5 listings (5%) versus the prior month and 4 listings (4%) 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 1,900 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 1,754 sqft
2018-11-01 0 days 1,876 sqft
2018-12-01 0 days 1,730 sqft
2019-01-01 0 days 1,702 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 1,816 sqft
2019-09-01 0 days 1,889 sqft
2019-10-01 0 days 1,926 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 1,802 sqft
2020-05-01 0 days 1,777 sqft
2020-06-01 0 days 1,573 sqft
2020-07-01 0 days 1,535 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 1,707 sqft
2020-12-01 0 days 1,803 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 1,542 sqft
2021-06-01 0 days 1,623 sqft
2021-07-01 0 days 1,629 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 1,711 sqft
2022-07-01 0 days 1,837 sqft
2022-08-01 0 days 1,770 sqft
2022-09-01 0 days 1,765 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 1,748 sqft
2023-04-01 0 days 1,751 sqft
2023-05-01 0 days 1,688 sqft
2023-06-01 0 days 1,790 sqft
2023-07-01 0 days 1,759 sqft
2023-08-01 0 days 1,684 sqft
2023-09-01 0 days 1,696 sqft
2023-10-01 0 days 1,599 sqft
2023-11-01 0 days 1,587 sqft
2023-12-01 0 days 1,594 sqft
2024-01-01 0 days 1,599 sqft
2024-02-01 0 days 1,524 sqft
Gaffney's median listing age (time on market) for 2024-02-01 was 0 days.

Gaffney's median square footage for active listings during the 2024-02-01 period was 1,524 sqft. One year prior, the average listing was 1,770 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).