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 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 6.36% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.13% and one month ago for the week of 2024-11-08, the average rate was 6.29%.

    The average rate one year ago was 6.7%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

    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
    2024-03-01 $249,000 (-1.7%) $289,553 (5.8%) 0.00 107
    2024-04-01 $254,950 (-1.2%) $309,153 (8.7%) 0.00 115
    2024-05-01 $278,475 (2.2%) $314,739 (7.3%) 0.00 106
    2024-06-01 $246,445 (-9.4%) $296,819 (-2.3%) 0.00 109
    2024-07-01 $246,900 (-3.4%) $282,686 (-6.4%) 0.00 115
    2024-08-01 $247,788 (-4.3%) $296,442 (-3.2%) 0.00 120
    2024-09-01 $251,013 (-1.8%) $306,251 (0.4%) 0.00 134
    2024-10-01 $255,988 (-3.5%) $312,502 (3.7%) 0.00 132
    2024-11-01 $244,389 (-8.8%) $298,005 (-1.4%) 0.00 133
    Gaffney's median listing price for 2024-11-01 was $244,389, a difference of $-23,511 (-8.8%) versus the prior year and $-11,599 versus the prior month.

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

    Gaffney's average listing price for 2024-11-01 was $298,005, a difference of $-4,115 (-1.4%) versus the prior year and $-14,497 versus the prior month.

    For the 2024-11-01 period, Gaffney had 133 MLS listings, a difference of 1 listings (1%) versus the prior month and 38 listings (40%) 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 1,529 sqft
    2024-03-01 0 days 1,600 sqft
    2024-04-01 0 days 1,680 sqft
    2024-05-01 0 days 1,784 sqft
    2024-06-01 0 days 1,759 sqft
    2024-07-01 0 days 1,700 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 1,581 sqft
    Gaffney's median listing age (time on market) for 2024-11-01 was 0 days.

    Gaffney's median square footage for active listings during the 2024-11-01 period was 1,581 sqft. One year prior, the average listing was 1,587 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).