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 6.21% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.38% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

    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

    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).