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 54 lenders originated 144 FHA loans during 2022. The total origination value was $33,430,000, with an average FHA loan value of $232,153.

    Georgetown FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Georgetown averaged -0.83% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Georgetown's average FHA mortgage closing costs are $7,710.

    The average rate for the prior week (2023-11-17) was 6.77% and one month ago for the week of 2023-10-20, the average rate was 6.78%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.28%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 18 4.53% $10,474
    GUILD MORTGAGE COMPANY 10 4.73% $11,194
    GUARANTEED RATE, INC. 8 3.84% $9,143
    UNITED WHOLESALE MORTGAGE, LLC 6 4.46% $9,913
    MOVEMENT MORTGAGE, LLC 6 4.19% $8,751
    LOANDEPOT.COM, LLC 6 4.89% $9,659
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 4.62% $11,425
    Servion, Inc. 3 4.67% $5,589
    CMG MORTGAGE, INC. 3 4.79% $8,031
    CALCON MUTUAL MORTGAGE LLC 3 4.71% $15,286
    FINANCE OF AMERICA MORTGAGE LLC 3 4.13% $8,974
    VILLAGE CAPITAL MORTGAGE 2 4.75% $5,490
    CARDINAL FINANCIAL 2 4.31% $21,259
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.50% $7,460
    Gateway First Bank 2 6.00% $5,520
    GSF Mortgage Corporation 2 6.06% $7,603
    HOME POINT FINANCIAL CORPORATION 2 5.00% $7,192
    Mr. Cooper ( Nationstar Mortgage ) 2 4.06% $12,366
    Nations Lending Corporation 2 4.50% $10,181
    SOUTHWEST FUNDING, LP 2 6.19% $8,219
    T2 FINANCIAL LLC 2 5.25% $12,249
    US MORTGAGE CORPORATION 2 5.00% $6,642
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.44% $9,517
    FREEDOM MORTGAGE CORPORATION 1 4.75% $8,691
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $23,912
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.50% $7,918
    Bank of America 1 2.25% $1,993
    Ameris Bank 1 5.13% $10,128
    AMERICAN FINANCING CORPORATION 1 3.88% $7,785
    HOMESTAR FINANCIAL CORPORATION 1 4.25% $2,634
    LIBERTY HOME MORTGAGE CORPORATION 1 5.63% $8,885
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $7,824
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $5,165
    AmeriHome Mortgage Company, LLC 1 4.63% $12,329
    SUN WEST MORTGAGE COMPANY, INC. 1 3.38% $11,084
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $6,862
    NATIONS DIRECT MORTGAGE, LLC 1 5.13% $5,000
    Alcova Mortgage LLC 1 5.88% $10,895
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $19,597
    NFM, INC. 1 4.75% $16,899
    NTFN, INC. 1 2.75% $9,214
    OPEN MORTGAGE, LLC 1 5.13% $17,681
    PENNYMAC LOAN SERVICES, LLC 1 4.38% $10,512
    American Security Mortgage Corp. 1 4.75% $11,456
    Carrington Mortgage Services, LLC 1 6.13% $12,635
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.88% $8,570
    CAROLINA ONE MORTGAGE, LLC 1 3.75% $9,887
    Credence Funding Corporation 1 5.13% $14,494
    EAGLE HOME MORTGAGE, LLC 1 5.63% $12,673
    Renasant Bank 1 5.25% $6,263
    Fifth Third Bank 1 5.00% $6,537
    CALIBER HOME LOANS, INC. 1 5.13% $8,640
    First-Citizens Bank & Trust Company 1 3.25% $10,127
    Flagstar Bank, FSB 1 6.61% $16,902

    The top Georgetown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 18 FHA loans originated. Their average total fees are $10,474, which is $720 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Georgetown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,474), GUILD MORTGAGE COMPANY ($11,194), .

    The lowest rate Georgetown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.53%), GUILD MORTGAGE COMPANY (4.73%), .

    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 $389,750 (9.9%) $580,223 (6.2%) 0.00 813
    2018-02-01 $372,450 (2.7%) $549,377 (-0.4%) 0.00 861
    2018-03-01 $379,000 (3.6%) $547,061 (-1.1%) 0.00 918
    2018-04-01 $383,450 (3.7%) $559,797 (-0.1%) 0.00 915
    2018-05-01 $377,450 (-0.1%) $555,478 (-2.0%) 0.00 942
    2018-06-01 $373,950 (-1.9%) $558,663 (-2.7%) 0.00 926
    2018-07-01 $393,725 (-1.3%) $581,753 (-1.0%) 0.00 893
    2018-08-01 $399,450 (0.0%) $598,005 (2.2%) 0.00 891
    2018-09-01 $399,000 (-0.2%) $586,703 (-0.8%) 0.00 896
    2018-10-01 $398,125 (-0.5%) $583,435 (-1.0%) 0.00 903
    2018-11-01 $383,125 (-4.1%) $564,588 (-2.9%) 0.00 937
    2018-12-01 $369,445 (-7.4%) $552,314 (-6.0%) 0.00 941
    2019-01-01 $369,900 (-5.1%) $545,498 (-6.0%) 0.00 899
    2019-02-01 $388,279 (4.3%) $561,686 (2.2%) 0.00 886
    2019-03-01 $393,671 (3.9%) $653,610 (19.5%) 0.00 911
    2019-04-01 $399,000 (4.1%) $657,055 (17.4%) 0.00 929
    2019-05-01 $398,750 (5.6%) $573,409 (3.2%) 0.00 917
    2019-06-01 $399,900 (6.9%) $577,335 (3.3%) 0.00 893
    2019-07-01 $415,673 (5.6%) $578,390 (-0.6%) 0.00 876
    2019-08-01 $417,387 (4.5%) $577,135 (-3.5%) 0.00 854
    2019-09-01 $407,551 (2.1%) $570,080 (-2.8%) 0.00 843
    2019-10-01 $399,950 (0.5%) $565,747 (-3.0%) 0.00 836
    2019-11-01 $399,900 (4.4%) $573,371 (1.6%) 0.00 812
    2019-12-01 $390,750 (5.8%) $566,387 (2.6%) 0.00 804
    2020-01-01 $386,950 (4.6%) $566,482 (3.9%) 0.00 773
    2020-02-01 $379,900 (-2.2%) $554,941 (-1.2%) 0.00 806
    2020-03-01 $379,900 (-3.5%) $557,775 (-14.7%) 0.00 788
    2020-04-01 $383,225 (-4.0%) $554,560 (-15.6%) 0.00 782
    2020-05-01 $384,900 (-3.5%) $557,212 (-2.8%) 0.00 763
    2020-06-01 $383,473 (-4.1%) $545,457 (-5.5%) 0.00 714
    2020-07-01 $385,604 (-7.2%) $560,252 (-3.1%) 0.00 650
    2020-08-01 $359,900 (-13.8%) $548,016 (-5.1%) 0.00 608
    2020-09-01 $330,850 (-18.8%) $527,424 (-7.5%) 0.00 582
    2020-10-01 $329,250 (-17.7%) $523,464 (-7.5%) 0.00 585
    2020-11-01 $349,500 (-12.6%) $526,876 (-8.1%) 0.00 567
    2020-12-01 $336,975 (-13.8%) $531,521 (-6.2%) 0.00 553
    2021-01-01 $324,900 (-16.0%) $539,161 (-4.8%) 0.00 503
    2021-02-01 $333,036 (-12.3%) $563,421 (1.5%) 0.00 443
    2021-03-01 $339,900 (-10.5%) $584,473 (4.8%) 0.00 356
    2021-04-01 $347,500 (-9.3%) $631,614 (13.9%) 0.00 319
    2021-05-01 $384,500 (-0.1%) $677,341 (21.6%) 0.00 268
    2021-06-01 $382,000 (-0.4%) $677,102 (24.1%) 0.00 252
    2021-07-01 $400,000 (3.7%) $724,567 (29.3%) 0.00 261
    2021-08-01 $399,924 (11.1%) $688,027 (25.6%) 0.00 289
    2021-09-01 $410,950 (24.2%) $691,538 (31.1%) 0.00 289
    2021-10-01 $399,900 (21.5%) $701,118 (33.9%) 0.00 282
    2021-11-01 $388,503 (11.2%) $662,852 (25.8%) 0.00 291
    2021-12-01 $361,250 (7.2%) $668,529 (25.8%) 0.00 283
    2022-01-01 $389,000 (19.7%) $701,672 (30.1%) 0.00 237
    2022-02-01 $363,950 (9.3%) $715,556 (27.0%) 0.00 182
    2022-03-01 $399,000 (17.4%) $743,853 (27.3%) 0.00 169
    2022-04-01 $425,000 (22.3%) $765,810 (21.3%) 0.00 176
    2022-05-01 $438,437 (14.0%) $724,204 (6.9%) 0.00 201
    2022-06-01 $484,950 (27.0%) $752,712 (11.2%) 0.00 230
    2022-07-01 $484,000 (21.0%) $748,563 (3.3%) 0.00 245
    2022-08-01 $499,529 (24.9%) $777,349 (13.0%) 0.00 267
    2022-09-01 $504,675 (22.8%) $772,350 (11.7%) 0.00 249
    2022-10-01 $529,998 (32.5%) $771,100 (10.0%) 0.00 238
    2022-11-01 $490,725 (26.3%) $713,726 (7.7%) 0.00 248
    2022-12-01 $445,000 (23.2%) $667,453 (-0.2%) 0.00 244
    2023-01-01 $476,000 (22.4%) $671,795 (-4.3%) 0.00 255
    2023-02-01 $459,993 (26.4%) $702,994 (-1.8%) 0.00 259
    2023-03-01 $462,495 (15.9%) $683,458 (-8.1%) 0.00 281
    2023-04-01 $459,990 (8.2%) $701,975 (-8.3%) 0.00 292
    2023-05-01 $431,975 (-1.5%) $679,696 (-6.2%) 0.00 274
    2023-06-01 $444,950 (-8.3%) $671,904 (-10.7%) 0.00 280
    2023-07-01 $462,400 (-4.5%) $674,133 (-9.9%) 0.00 282
    2023-08-01 $488,200 (-2.3%) $715,023 (-8.0%) 0.00 284
    2023-09-01 $484,500 (-4.0%) $742,244 (-3.9%) 0.00 309
    2023-10-01 $492,348 (-7.1%) $765,198 (-0.8%) 0.00 332
    Georgetown's median listing price for 2023-10-01 was $492,348, a difference of $-37,650 (-7.1%) versus the prior year and $7,848 versus the prior month.

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

    Georgetown's average listing price for 2023-10-01 was $765,198, a difference of $-5,902 (-0.8%) versus the prior year and $22,954 versus the prior month.

    For the 2023-10-01 period, Georgetown had 332 MLS listings, a difference of 23 listings (7%) versus the prior month and 94 listings (39%) 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 2,089 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 2,101 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 2,101 sqft
    2018-12-01 0 days 2,001 sqft
    2019-01-01 0 days 2,001 sqft
    2019-02-01 0 days 2,101 sqft
    2019-03-01 0 days 2,058 sqft
    2019-04-01 0 days 2,001 sqft
    2019-05-01 0 days 1,994 sqft
    2019-06-01 0 days 2,001 sqft
    2019-07-01 0 days 2,085 sqft
    2019-08-01 0 days 2,079 sqft
    2019-09-01 0 days 2,063 sqft
    2019-10-01 0 days 2,052 sqft
    2019-11-01 0 days 2,051 sqft
    2019-12-01 0 days 2,013 sqft
    2020-01-01 0 days 2,022 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 1,849 sqft
    2020-12-01 0 days 1,838 sqft
    2021-01-01 0 days 1,846 sqft
    2021-02-01 0 days 1,872 sqft
    2021-03-01 0 days 1,851 sqft
    2021-04-01 0 days 1,911 sqft
    2021-05-01 0 days 2,016 sqft
    2021-06-01 0 days 1,983 sqft
    2021-07-01 0 days 1,984 sqft
    2021-08-01 0 days 2,016 sqft
    2021-09-01 0 days 2,025 sqft
    2021-10-01 0 days 2,007 sqft
    2021-11-01 0 days 1,990 sqft
    2021-12-01 0 days 1,935 sqft
    2022-01-01 0 days 1,939 sqft
    2022-02-01 0 days 1,925 sqft
    2022-03-01 0 days 1,890 sqft
    2022-04-01 0 days 1,900 sqft
    2022-05-01 0 days 2,033 sqft
    2022-06-01 0 days 2,176 sqft
    2022-07-01 0 days 2,155 sqft
    2022-08-01 0 days 2,190 sqft
    2022-09-01 0 days 2,168 sqft
    2022-10-01 0 days 2,174 sqft
    2022-11-01 0 days 2,102 sqft
    2022-12-01 0 days 2,038 sqft
    2023-01-01 0 days 2,107 sqft
    2023-02-01 0 days 2,086 sqft
    2023-03-01 0 days 2,102 sqft
    2023-04-01 0 days 2,056 sqft
    2023-05-01 0 days 1,873 sqft
    2023-06-01 0 days 1,884 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
    Georgetown's median listing age (time on market) for 2023-10-01 was 0 days.

    Georgetown's median square footage for active listings during the 2023-10-01 period was 1,874 sqft. One year prior, the average listing was 2,174 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).