Greenwood FHA Loan Rates, Closing Costs & Stats

Greenwood, 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.

    Greenwood's 64 lenders originated 272 FHA loans during 2022. The total origination value was $49,730,000, with an average FHA loan value of $182,831.

    Greenwood FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Greenwood averaged -0.7% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Greenwood's average FHA mortgage closing costs are $6,586.

    The average rate for the prior week (2023-11-17) was 6.5% and one month ago for the week of 2023-10-20, the average rate was 6.8%.

    The average rate one year ago was 5.83%.

    For refis of the same type during the week of 2023-11-24, the average rate was -0.1%.

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

    Greenwood 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 Greenwood level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 44 5.10% $9,304
    ACOPIA, LLC 27 5.19% $8,047
    QUICKEN LOANS, LLC 26 4.61% $10,148
    HOMESTAR FINANCIAL CORPORATION 14 4.82% $6,435
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 5.43% $8,560
    Countybank 10 4.25% $7,134
    UNITED WHOLESALE MORTGAGE, LLC 9 5.26% $9,932
    DHI MORTGAGE COMPANY, LTD. 8 3.92% $7,905
    PENNYMAC LOAN SERVICES, LLC 5 3.60% $7,484
    CHURCHILL MORTGAGE CORPORATION 5 5.38% $8,088
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 4.22% $9,178
    CARDINAL FINANCIAL 5 5.35% $12,019
    Carrington Mortgage Services, LLC 4 5.50% $8,445
    LOANDEPOT.COM, LLC 4 4.50% $10,792
    ON Q FINANCIAL, INC. 4 6.28% $6,906
    Mr. Cooper ( Nationstar Mortgage ) 3 5.33% $10,605
    TOWNE MORTGAGE COMPANY 3 4.37% $8,458
    GUILD MORTGAGE COMPANY 3 5.75% $10,812
    MID AMERICA MORTGAGE, INC. 2 5.38% $5,932
    MYCUMORTGAGE, LLC 2 3.88% $5,223
    NATIONS DIRECT MORTGAGE, LLC 2 5.63% $15,716
    Nations Lending Corporation 2 6.25% $7,823
    Equity Prime Mortgage LLC 2 4.56% $7,137
    BROKER SOLUTIONS, INC. 2 4.44% $9,982
    First-Citizens Bank & Trust Company 2 5.00% $8,966
    Peoples Bank 2 5.00% $10,694
    Goldwater Bank, N.A. 2 5.25% $8,394
    Renasant Bank 2 5.13% $6,511
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 4.25% $8,099
    South State Bank 2 5.13% $6,954
    SOUTHWEST FUNDING, LP 2 3.88% $10,762
    Ameris Bank 2 5.19% $9,060
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 3.88% $5,747
    MOVEMENT MORTGAGE, LLC 2 6.75% $9,826
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.63% $8,859
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.50% $9,403
    AMERISAVE MORTGAGE CORPORATION 1 5.00% $7,458
    Century Mortgage Company DBA Century Lending Company 1 4.75% $5,486
    CORNERSTONE HOME LENDING, INC. 1 3.75% $7,706
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $17,541
    DIRECT MORTGAGE LOANS, LLC 1 5.63% $12,404
    EVERETT FINANCIAL, INC. 1 3.00% $4,288
    First Community Bank 1 3.63% $9,186
    FREEDOM MORTGAGE CORPORATION 1 4.75% $13,872
    GUARANTEED RATE, INC. 1 4.25% $5,002
    HOMESIDE FINANCIAL, LLC 1 6.13% $7,478
    KELLER MORTGAGE, LLC 1 4.00% $6,157
    Lakeview Community Capital, LLC 1 5.25% $4,849
    LAKEVIEW LOAN SERVICING, LLC 1 5.00% $6,363
    LOANPAL, LLC 1 5.13% $9,785
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $8,816
    NBH Bank 1 6.50% $15,290
    Network Funding, L.P. 1 3.75% $11,628
    NEW DAY FINANCIAL, LLC 1 5.75% $5,665
    NEWREZ LLC 1 5.25% $6,428
    OCEANSIDE MORTGAGE COMPANY 1 4.99% $5,333
    PLAZA HOME MORTGAGE, INC. 1 5.63% $11,486
    RELIANCE FIRST CAPITAL, LLC 1 5.25% $9,964
    RESIDENTIAL BANCORP 1 3.75% $6,140
    RESOURCE FINANCIAL SERVICES, INC. 1 4.75% $7,639
    Servion, Inc. 1 4.75% $8,428
    SUN WEST MORTGAGE COMPANY, INC. 1 4.00% $7,084
    The Bank of South Carolina 1 4.13% $4,440
    United Community Bank 1 3.25% $7,216

    The top Greenwood FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 44 FHA loans originated. Their average total fees are $9,304, which is $1,257 higher than the next largest lender, ACOPIA, LLC.

    The lowest fee Greenwood FHA lenders (with over 10 loans originated) are HOMESTAR FINANCIAL CORPORATION ($6,435), Countybank ($7,134), ACOPIA, LLC ($8,047), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,560) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,304).

    The lowest rate Greenwood FHA lenders (with over 10 loans originated) are Countybank (4.25%), QUICKEN LOANS, LLC (4.61%), HOMESTAR FINANCIAL CORPORATION (4.82%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (5.10%) and ACOPIA, LLC (5.19%).

    Greenwood FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Greenwood (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 $182,000 (8.9%) $249,675 (5.0%) 0.00 196
    2018-02-01 $180,700 (13.0%) $251,346 (3.7%) 0.00 184
    2018-03-01 $192,150 (6.8%) $262,126 (4.7%) 0.00 198
    2018-04-01 $193,300 (-2.1%) $265,555 (3.5%) 0.00 207
    2018-05-01 $199,500 (-2.1%) $272,244 (6.1%) 0.00 216
    2018-06-01 $212,200 (12.0%) $271,852 (8.8%) 0.00 209
    2018-07-01 $224,900 (13.0%) $279,087 (8.5%) 0.00 198
    2018-08-01 $219,475 (14.0%) $277,161 (8.0%) 0.00 197
    2018-09-01 $216,000 (8.1%) $278,230 (5.9%) 0.00 202
    2018-10-01 $211,725 (6.3%) $272,350 (2.5%) 0.00 187
    2018-11-01 $219,885 (10.3%) $278,371 (7.0%) 0.00 183
    2018-12-01 $219,000 (19.3%) $282,507 (11.5%) 0.00 167
    2019-01-01 $208,450 (14.5%) $278,183 (11.4%) 0.00 163
    2019-02-01 $224,900 (24.5%) $284,617 (13.2%) 0.00 149
    2019-03-01 $231,265 (20.4%) $296,010 (12.9%) 0.00 143
    2019-04-01 $238,691 (23.5%) $303,279 (14.2%) 0.00 143
    2019-05-01 $269,925 (35.3%) $320,426 (17.7%) 0.00 175
    2019-06-01 $253,090 (19.3%) $315,692 (16.1%) 0.00 176
    2019-07-01 $244,748 (8.8%) $311,439 (11.6%) 0.00 199
    2019-08-01 $245,541 (11.9%) $314,621 (13.5%) 0.00 200
    2019-09-01 $260,002 (20.4%) $322,077 (15.8%) 0.00 192
    2019-10-01 $269,643 (27.4%) $327,048 (20.1%) 0.00 188
    2019-11-01 $260,000 (18.2%) $315,160 (13.2%) 0.00 190
    2019-12-01 $259,045 (18.3%) $309,739 (9.6%) 0.00 174
    2020-01-01 $269,000 (29.1%) $307,763 (10.6%) 0.00 174
    2020-02-01 $269,900 (20.0%) $307,053 (7.9%) 0.00 172
    2020-03-01 $288,700 (24.8%) $317,703 (7.3%) 0.00 163
    2020-04-01 $281,450 (17.9%) $315,865 (4.2%) 0.00 174
    2020-05-01 $294,900 (9.3%) $322,274 (0.6%) 0.00 174
    2020-06-01 $298,500 (17.9%) $333,388 (5.6%) 0.00 160
    2020-07-01 $299,575 (22.4%) $343,069 (10.2%) 0.00 130
    2020-08-01 $299,500 (22.0%) $327,460 (4.1%) 0.00 118
    2020-09-01 $297,750 (14.5%) $325,667 (1.1%) 0.00 124
    2020-10-01 $289,900 (7.5%) $316,527 (-3.2%) 0.00 128
    2020-11-01 $281,425 (8.2%) $308,312 (-2.2%) 0.00 109
    2020-12-01 $276,120 (6.6%) $318,980 (3.0%) 0.00 84
    2021-01-01 $260,000 (-3.4%) $297,194 (-3.4%) 0.00 72
    2021-02-01 $228,670 (-15.3%) $278,042 (-9.5%) 0.00 75
    2021-03-01 $265,800 (-7.9%) $316,669 (-0.3%) 0.00 68
    2021-04-01 $264,250 (-6.1%) $342,966 (8.6%) 0.00 53
    2021-05-01 $249,950 (-15.2%) $300,942 (-6.6%) 0.00 55
    2021-06-01 $233,700 (-21.7%) $286,397 (-14.1%) 0.00 57
    2021-07-01 $244,900 (-18.3%) $311,299 (-9.3%) 0.00 58
    2021-08-01 $246,495 (-17.7%) $294,698 (-10.0%) 0.00 79
    2021-09-01 $251,000 (-15.7%) $270,771 (-16.9%) 0.00 99
    2021-10-01 $244,500 (-15.7%) $256,186 (-19.1%) 0.00 107
    2021-11-01 $255,245 (-9.3%) $268,113 (-13.0%) 0.00 113
    2021-12-01 $261,500 (-5.3%) $269,440 (-15.5%) 0.00 117
    2022-01-01 $294,000 (13.1%) $311,948 (5.0%) 0.00 93
    2022-02-01 $296,250 (29.6%) $312,406 (12.4%) 0.00 106
    2022-03-01 $295,625 (11.2%) $320,053 (1.1%) 0.00 103
    2022-04-01 $300,000 (13.5%) $353,598 (3.1%) 0.00 98
    2022-05-01 $310,425 (24.2%) $387,331 (28.7%) 0.00 97
    2022-06-01 $298,250 (27.6%) $376,446 (31.4%) 0.00 109
    2022-07-01 $290,000 (18.4%) $374,691 (20.4%) 0.00 123
    2022-08-01 $296,125 (20.1%) $363,340 (23.3%) 0.00 132
    2022-09-01 $292,995 (16.7%) $375,626 (38.7%) 0.00 153
    2022-10-01 $287,400 (17.6%) $371,023 (44.8%) 0.00 162
    2022-11-01 $289,225 (13.3%) $355,825 (32.7%) 0.00 157
    2022-12-01 $275,990 (5.5%) $348,374 (29.3%) 0.00 154
    2023-01-01 $282,950 (-3.8%) $366,479 (17.5%) 0.00 140
    2023-02-01 $299,450 (1.1%) $396,670 (27.0%) 0.00 127
    2023-03-01 $299,675 (1.4%) $405,509 (26.7%) 0.00 124
    2023-04-01 $313,490 (4.5%) $412,567 (16.7%) 0.00 118
    2023-05-01 $349,725 (12.7%) $423,906 (9.4%) 0.00 111
    2023-06-01 $353,100 (18.4%) $419,236 (11.4%) 0.00 120
    2023-07-01 $333,950 (15.2%) $384,600 (2.6%) 0.00 111
    2023-08-01 $299,900 (1.3%) $360,237 (-0.9%) 0.00 119
    2023-09-01 $299,900 (2.4%) $369,000 (-1.8%) 0.00 126
    2023-10-01 $288,135 (0.3%) $346,446 (-6.6%) 0.00 137
    Greenwood's median listing price for 2023-10-01 was $288,135, a difference of $735 (0.3%) versus the prior year and $-11,765 versus the prior month.

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

    Greenwood's average listing price for 2023-10-01 was $346,446, a difference of $-24,577 (-6.6%) versus the prior year and $-22,554 versus the prior month.

    For the 2023-10-01 period, Greenwood had 137 MLS listings, a difference of 11 listings (9%) versus the prior month and -25 listings (-15%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Greenwood (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,855 sqft
    2018-02-01 0 days 1,843 sqft
    2018-03-01 0 days 1,936 sqft
    2018-04-01 0 days 1,918 sqft
    2018-05-01 0 days 1,928 sqft
    2018-06-01 0 days 1,911 sqft
    2018-07-01 0 days 1,965 sqft
    2018-08-01 0 days 2,048 sqft
    2018-09-01 0 days 2,056 sqft
    2018-10-01 0 days 2,078 sqft
    2018-11-01 0 days 2,105 sqft
    2018-12-01 0 days 2,098 sqft
    2019-01-01 0 days 2,059 sqft
    2019-02-01 0 days 2,046 sqft
    2019-03-01 0 days 2,092 sqft
    2019-04-01 0 days 2,107 sqft
    2019-05-01 0 days 2,093 sqft
    2019-06-01 0 days 2,099 sqft
    2019-07-01 0 days 2,138 sqft
    2019-08-01 0 days 2,161 sqft
    2019-09-01 0 days 2,177 sqft
    2019-10-01 0 days 2,188 sqft
    2019-11-01 0 days 2,200 sqft
    2019-12-01 0 days 2,210 sqft
    2020-01-01 0 days 2,250 sqft
    2020-02-01 0 days 2,232 sqft
    2020-03-01 0 days 2,347 sqft
    2020-04-01 0 days 2,337 sqft
    2020-05-01 0 days 2,350 sqft
    2020-06-01 0 days 2,362 sqft
    2020-07-01 0 days 2,437 sqft
    2020-08-01 0 days 2,501 sqft
    2020-09-01 0 days 2,631 sqft
    2020-10-01 0 days 2,450 sqft
    2020-11-01 0 days 2,375 sqft
    2020-12-01 0 days 2,301 sqft
    2021-01-01 0 days 2,264 sqft
    2021-02-01 0 days 2,199 sqft
    2021-03-01 0 days 2,262 sqft
    2021-04-01 0 days 2,232 sqft
    2021-05-01 0 days 2,080 sqft
    2021-06-01 0 days 1,868 sqft
    2021-07-01 0 days 2,070 sqft
    2021-08-01 0 days 1,908 sqft
    2021-09-01 0 days 1,816 sqft
    2021-10-01 0 days 1,821 sqft
    2021-11-01 0 days 1,851 sqft
    2021-12-01 0 days 1,847 sqft
    2022-01-01 0 days 2,112 sqft
    2022-02-01 0 days 2,105 sqft
    2022-03-01 0 days 2,134 sqft
    2022-04-01 0 days 2,116 sqft
    2022-05-01 0 days 2,054 sqft
    2022-06-01 0 days 1,941 sqft
    2022-07-01 0 days 1,881 sqft
    2022-08-01 0 days 1,964 sqft
    2022-09-01 0 days 1,959 sqft
    2022-10-01 0 days 1,898 sqft
    2022-11-01 0 days 1,850 sqft
    2022-12-01 0 days 1,850 sqft
    2023-01-01 0 days 1,816 sqft
    2023-02-01 0 days 1,919 sqft
    2023-03-01 0 days 1,838 sqft
    2023-04-01 0 days 1,850 sqft
    2023-05-01 0 days 2,050 sqft
    2023-06-01 0 days 2,250 sqft
    2023-07-01 0 days 2,098 sqft
    2023-08-01 0 days 1,943 sqft
    2023-09-01 0 days 2,114 sqft
    2023-10-01 0 days 1,859 sqft
    Greenwood's median listing age (time on market) for 2023-10-01 was 0 days.

    Greenwood's median square footage for active listings during the 2023-10-01 period was 1,859 sqft. One year prior, the average listing was 1,898 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).