Georgetown FHA Loan Rates, Closing Costs & Stats

Georgetown, 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.

    Georgetown's 45 lenders originated 112 FHA loans during 2023. The total origination value was $28,610,000, with an average FHA loan value of $255,446.

    Georgetown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Georgetown averaged 0.15% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Georgetown's average FHA mortgage closing costs are $8,182.

    The average rate for the prior week (2024-11-08) was 6.66% and one month ago for the week of 2024-10-11, the average rate was 6.16%.

    The average rate one year ago was 7.4%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.1%.

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

    Georgetown 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 Georgetown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 10 6.23% $11,169
    UNITED WHOLESALE MORTGAGE, LLC 6 6.52% $9,307
    UNION HOME MORTGAGE CORP. 6 6.92% $11,514
    CMG MORTGAGE, INC. 5 6.45% $12,078
    Ameris Bank 5 6.55% $11,116
    Renasant Bank 4 6.38% $10,143
    CROSSCOUNTRY MORTGAGE, LLC 4 6.97% $13,046
    Gateway First Bank 4 6.75% $9,368
    LOANDEPOT.COM, LLC 4 6.19% $12,237
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.63% $12,218
    CARDINAL FINANCIAL 3 6.92% $17,513
    INSPIRE HOME LOANS INC. 3 5.54% $9,163
    MOVEMENT MORTGAGE, LLC 3 6.83% $11,664
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.81% $9,307
    FREEDOM MORTGAGE CORPORATION 2 6.56% $10,397
    Flagstar Bank, FSB 2 7.00% $13,440
    Servion, Inc. 2 5.94% $9,788
    GUILD MORTGAGE COMPANY 2 6.31% $10,033
    NEWREZ LLC 1 7.25% $14,778
    OCMBC, INC. 1 5.13% $11,467
    PLANET HOME LENDING, LLC 1 5.50% $8,917
    Prosperity Home Mortgage, LLC 1 6.13% $8,008
    RELIANCE FIRST CAPITAL, LLC 1 8.13% $14,832
    T2 FINANCIAL LLC 1 6.63% $12,836
    THRIVE MORTGAGE, LLC 1 5.63% $12,556
    US MORTGAGE CORPORATION 1 6.50% $12,484
    ACADEMY MORTGAGE CORPORATION 1 6.75% $11,922
    Wells Fargo Bank 1 6.63% $6,092
    AMERICAN FINANCING CORPORATION 1 7.25% $10,464
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $17,071
    American Security Mortgage Corp. 1 6.75% $10,192
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $17,738
    Armed Forces Bank 1 5.63% $12,953
    Bank of England 1 6.75% $4,467
    BROKER SOLUTIONS, INC. 1 6.25% $12,217
    EMBRACE HOME LOANS, INC. 1 6.25% $8,621
    EMM LOANS LLC 1 6.00% $9,430
    Equity Prime Mortgage LLC 1 6.00% $5,854
    FIRST COLONY MORTGAGE CORPORATION 1 7.25% $9,054
    GARDNER FINANCIAL SERVICES, LTD. 1 7.25% $10,785
    GUARANTEED RATE, INC. 1 6.25% $10,368
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.00% $13,679
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $21,793
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $7,934
    NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $9,701

    The top Georgetown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 10 FHA loans originated. Their average total fees are $11,169, which is $1,862 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Georgetown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($11,169), .

    The lowest rate Georgetown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.23%), .

    Georgetown FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Georgetown (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 $390,000 (7.5%) $585,751 (6.2%) 0.00 791
    2018-02-01 $373,450 (1.0%) $555,033 (-0.4%) 0.00 841
    2018-03-01 $379,900 (2.7%) $552,430 (-1.2%) 0.00 896
    2018-04-01 $389,500 (4.3%) $565,069 (-0.3%) 0.00 895
    2018-05-01 $382,475 (0.0%) $561,529 (-2.1%) 0.00 917
    2018-06-01 $375,500 (-2.8%) $564,534 (-2.8%) 0.00 901
    2018-07-01 $396,750 (-0.8%) $585,550 (-1.7%) 0.00 875
    2018-08-01 $399,925 (0.1%) $602,604 (2.0%) 0.00 869
    2018-09-01 $399,900 (0.0%) $591,490 (-0.6%) 0.00 878
    2018-10-01 $399,450 (-0.1%) $588,320 (-0.6%) 0.00 883
    2018-11-01 $387,625 (-2.9%) $570,566 (-2.2%) 0.00 915
    2018-12-01 $374,900 (-6.0%) $558,248 (-5.4%) 0.00 914
    2019-01-01 $371,075 (-4.9%) $548,332 (-6.4%) 0.00 876
    2019-02-01 $389,000 (4.2%) $561,909 (1.2%) 0.00 866
    2019-03-01 $393,671 (3.6%) $655,659 (18.7%) 0.00 892
    2019-04-01 $399,450 (2.6%) $659,963 (16.8%) 0.00 911
    2019-05-01 $399,450 (4.4%) $575,516 (2.5%) 0.00 896
    2019-06-01 $402,500 (7.2%) $580,097 (2.8%) 0.00 870
    2019-07-01 $422,450 (6.5%) $579,814 (-1.0%) 0.00 855
    2019-08-01 $418,182 (4.6%) $579,338 (-3.9%) 0.00 833
    2019-09-01 $407,955 (2.0%) $573,508 (-3.0%) 0.00 820
    2019-10-01 $401,136 (0.4%) $569,637 (-3.2%) 0.00 810
    2019-11-01 $400,000 (3.2%) $577,210 (1.2%) 0.00 789
    2019-12-01 $397,225 (6.0%) $571,690 (2.4%) 0.00 781
    2020-01-01 $389,473 (5.0%) $573,311 (4.6%) 0.00 752
    2020-02-01 $384,000 (-1.3%) $557,224 (-0.8%) 0.00 779
    2020-03-01 $380,975 (-3.2%) $559,246 (-14.7%) 0.00 762
    2020-04-01 $385,750 (-3.4%) $554,893 (-15.9%) 0.00 756
    2020-05-01 $384,900 (-3.6%) $557,309 (-3.2%) 0.00 741
    2020-06-01 $385,779 (-4.2%) $545,839 (-5.9%) 0.00 695
    2020-07-01 $388,000 (-8.2%) $558,881 (-3.6%) 0.00 634
    2020-08-01 $359,900 (-13.9%) $545,997 (-5.8%) 0.00 591
    2020-09-01 $334,875 (-17.9%) $527,063 (-8.1%) 0.00 566
    2020-10-01 $343,585 (-14.4%) $528,768 (-7.2%) 0.00 556
    2020-11-01 $364,850 (-8.8%) $536,179 (-7.1%) 0.00 530
    2020-12-01 $359,499 (-9.5%) $545,397 (-4.6%) 0.00 510
    2021-01-01 $359,000 (-7.8%) $552,383 (-3.7%) 0.00 461
    2021-02-01 $357,475 (-6.9%) $581,669 (4.4%) 0.00 404
    2021-03-01 $360,725 (-5.3%) $603,615 (7.9%) 0.00 331
    2021-04-01 $363,250 (-5.8%) $647,772 (16.7%) 0.00 303
    2021-05-01 $399,900 (3.9%) $694,081 (24.5%) 0.00 254
    2021-06-01 $387,450 (0.4%) $684,664 (25.4%) 0.00 238
    2021-07-01 $419,450 (8.1%) $732,495 (31.1%) 0.00 251
    2021-08-01 $419,000 (16.4%) $694,169 (27.1%) 0.00 274
    2021-09-01 $412,200 (23.1%) $696,493 (32.2%) 0.00 275
    2021-10-01 $392,000 (14.1%) $708,145 (33.9%) 0.00 266
    2021-11-01 $375,000 (2.8%) $661,198 (23.3%) 0.00 274
    2021-12-01 $347,964 (-3.2%) $665,486 (22.0%) 0.00 267
    2022-01-01 $362,450 (1.0%) $699,604 (26.7%) 0.00 222
    2022-02-01 $344,815 (-3.5%) $726,867 (25.0%) 0.00 172
    2022-03-01 $372,500 (3.3%) $760,979 (26.1%) 0.00 158
    2022-04-01 $425,000 (17.0%) $782,747 (20.8%) 0.00 160
    2022-05-01 $432,000 (8.0%) $743,484 (7.1%) 0.00 186
    2022-06-01 $457,700 (18.1%) $765,150 (11.8%) 0.00 214
    2022-07-01 $476,450 (13.6%) $763,813 (4.3%) 0.00 229
    2022-08-01 $499,450 (19.2%) $789,522 (13.7%) 0.00 251
    2022-09-01 $499,225 (21.1%) $779,901 (12.0%) 0.00 237
    2022-10-01 $509,900 (30.1%) $773,322 (9.2%) 0.00 234
    2022-11-01 $482,000 (28.5%) $715,661 (8.2%) 0.00 242
    2022-12-01 $445,000 (27.9%) $665,965 (0.1%) 0.00 240
    2023-01-01 $471,998 (30.2%) $669,522 (-4.3%) 0.00 250
    2023-02-01 $453,495 (31.5%) $707,401 (-2.7%) 0.00 252
    2023-03-01 $456,368 (22.5%) $685,385 (-9.9%) 0.00 275
    2023-04-01 $452,395 (6.5%) $698,633 (-10.8%) 0.00 286
    2023-05-01 $429,725 (-0.5%) $679,366 (-8.6%) 0.00 271
    2023-06-01 $442,225 (-3.4%) $669,114 (-12.6%) 0.00 279
    2023-07-01 $462,150 (-3.0%) $671,313 (-12.1%) 0.00 281
    2023-08-01 $488,200 (-2.3%) $715,023 (-9.4%) 0.00 284
    2023-09-01 $484,500 (-3.0%) $742,244 (-4.8%) 0.00 309
    2023-10-01 $492,348 (-3.4%) $765,198 (-1.1%) 0.00 332
    2023-11-01 $508,700 (5.5%) $742,619 (3.8%) 0.00 347
    2023-12-01 $509,900 (14.6%) $702,203 (5.4%) 0.00 337
    2024-01-01 $499,638 (5.9%) $687,989 (2.8%) 0.00 342
    2024-02-01 $508,698 (12.2%) $699,554 (-1.1%) 0.00 354
    2024-03-01 $499,825 (9.5%) $692,788 (1.1%) 0.00 359
    2024-04-01 $475,806 (5.2%) $671,127 (-3.9%) 0.00 389
    2024-05-01 $449,000 (4.5%) $642,651 (-5.4%) 0.00 394
    2024-06-01 $449,000 (1.5%) $637,682 (-4.7%) 0.00 416
    2024-07-01 $438,997 (-5.0%) $616,988 (-8.1%) 0.00 432
    2024-08-01 $446,495 (-8.5%) $632,160 (-11.6%) 0.00 456
    2024-09-01 $449,493 (-7.2%) $625,332 (-15.8%) 0.00 452
    2024-10-01 $441,475 (-10.3%) $624,605 (-18.4%) 0.00 446
    Georgetown's median listing price for 2024-10-01 was $441,475, a difference of $-50,873 (-10.3%) versus the prior year and $-8,018 versus the prior month.

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

    Georgetown's average listing price for 2024-10-01 was $624,605, a difference of $-140,593 (-18.4%) versus the prior year and $-727 versus the prior month.

    For the 2024-10-01 period, Georgetown had 446 MLS listings, a difference of -6 listings (-1%) versus the prior month and 114 listings (34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Georgetown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,101 sqft
    2018-02-01 0 days 2,101 sqft
    2018-03-01 0 days 2,101 sqft
    2018-04-01 0 days 2,101 sqft
    2018-05-01 0 days 2,101 sqft
    2018-06-01 0 days 2,101 sqft
    2018-07-01 0 days 2,201 sqft
    2018-08-01 0 days 2,201 sqft
    2018-09-01 0 days 2,201 sqft
    2018-10-01 0 days 2,201 sqft
    2018-11-01 0 days 2,176 sqft
    2018-12-01 0 days 2,101 sqft
    2019-01-01 0 days 2,051 sqft
    2019-02-01 0 days 2,101 sqft
    2019-03-01 0 days 2,079 sqft
    2019-04-01 0 days 2,051 sqft
    2019-05-01 0 days 2,048 sqft
    2019-06-01 0 days 2,119 sqft
    2019-07-01 0 days 2,150 sqft
    2019-08-01 0 days 2,144 sqft
    2019-09-01 0 days 2,136 sqft
    2019-10-01 0 days 2,130 sqft
    2019-11-01 0 days 2,129 sqft
    2019-12-01 0 days 2,067 sqft
    2020-01-01 0 days 2,050 sqft
    2020-02-01 0 days 1,951 sqft
    2020-03-01 0 days 1,950 sqft
    2020-04-01 0 days 1,950 sqft
    2020-05-01 0 days 1,950 sqft
    2020-06-01 0 days 1,950 sqft
    2020-07-01 0 days 1,950 sqft
    2020-08-01 0 days 1,901 sqft
    2020-09-01 0 days 1,850 sqft
    2020-10-01 0 days 1,850 sqft
    2020-11-01 0 days 1,890 sqft
    2020-12-01 0 days 1,877 sqft
    2021-01-01 0 days 1,900 sqft
    2021-02-01 0 days 1,907 sqft
    2021-03-01 0 days 1,900 sqft
    2021-04-01 0 days 1,928 sqft
    2021-05-01 0 days 2,068 sqft
    2021-06-01 0 days 1,995 sqft
    2021-07-01 0 days 2,006 sqft
    2021-08-01 0 days 2,031 sqft
    2021-09-01 0 days 2,058 sqft
    2021-10-01 0 days 2,038 sqft
    2021-11-01 0 days 2,017 sqft
    2021-12-01 0 days 1,954 sqft
    2022-01-01 0 days 1,992 sqft
    2022-02-01 0 days 1,971 sqft
    2022-03-01 0 days 1,940 sqft
    2022-04-01 0 days 1,940 sqft
    2022-05-01 0 days 2,125 sqft
    2022-06-01 0 days 2,197 sqft
    2022-07-01 0 days 2,158 sqft
    2022-08-01 0 days 2,192 sqft
    2022-09-01 0 days 2,161 sqft
    2022-10-01 0 days 2,158 sqft
    2022-11-01 0 days 2,093 sqft
    2022-12-01 0 days 2,025 sqft
    2023-01-01 0 days 2,112 sqft
    2023-02-01 0 days 2,086 sqft
    2023-03-01 0 days 2,094 sqft
    2023-04-01 0 days 2,049 sqft
    2023-05-01 0 days 1,873 sqft
    2023-06-01 0 days 1,886 sqft
    2023-07-01 0 days 1,850 sqft
    2023-08-01 0 days 1,895 sqft
    2023-09-01 0 days 1,884 sqft
    2023-10-01 0 days 1,874 sqft
    2023-11-01 0 days 1,931 sqft
    2023-12-01 0 days 1,888 sqft
    2024-01-01 0 days 1,882 sqft
    2024-02-01 0 days 1,869 sqft
    2024-03-01 0 days 1,847 sqft
    2024-04-01 0 days 1,801 sqft
    2024-05-01 0 days 1,799 sqft
    2024-06-01 0 days 1,800 sqft
    2024-07-01 0 days 1,792 sqft
    2024-08-01 0 days 1,801 sqft
    2024-09-01 0 days 1,815 sqft
    2024-10-01 0 days 1,803 sqft
    Georgetown's median listing age (time on market) for 2024-10-01 was 0 days.

    Georgetown's median square footage for active listings during the 2024-10-01 period was 1,803 sqft. One year prior, the average listing was 1,874 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).