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 6.15% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

    The average rate for the prior week (2024-10-04) was 5.87% and one month ago for the week of 2024-09-06, the average rate was 6.19%.

    The average rate one year ago was 7.62%.

    For refis of the same type during the week of 2024-10-11, the average rate was 6%.

    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

    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).