Greenwood FHA Loan Rates, Closing Costs & Stats

Greenwood, SC

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 56 lenders originated 336 FHA loans during 2021. The total origination value was $50,390,000, with an average FHA loan value of $149,970.

Greenwood FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Greenwood averaged 6.41% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Greenwood's average FHA mortgage closing costs are $6,020.

The average rate for the prior week (2023-01-20) was 6.18% and one month ago for the week of 2022-12-23, the average rate was 6.48%.

The average rate one year ago was 3.87%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.94%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 47 3.40% $8,272
QUICKEN LOANS, LLC 38 2.76% $4,922
ACOPIA, LLC 23 3.28% $7,511
CHURCHILL MORTGAGE CORPORATION 15 2.86% $6,660
Carrington Mortgage Services, LLC 14 3.50% $7,030
PENNYMAC LOAN SERVICES, LLC 14 3.37% $3,252
HOMESTAR FINANCIAL CORPORATION 14 3.13% $4,390
Mr. Cooper ( Nationstar Mortgage ) 12 3.41% $1,851
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 3.47% $7,154
LENDUS, LLC 8 3.23% $6,642
FREEDOM MORTGAGE CORPORATION 8 2.95% $3,931
UNITED WHOLESALE MORTGAGE, LLC 7 2.93% $7,645
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 3.61% $8,262
Countybank 7 2.80% $6,218
DHI MORTGAGE COMPANY, LTD. 6 2.95% $6,991
LAKEVIEW LOAN SERVICING, LLC 6 3.25% $4,362
GUILD MORTGAGE COMPANY 5 3.43% $7,338
RAPID MORTGAGE COMPANY 3 3.75% $6,250
MYCUMORTGAGE, LLC 3 2.71% $7,305
HOME POINT FINANCIAL CORPORATION 3 3.46% $4,129
PLANET HOME LENDING, LLC 2 2.81% $3,076
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.50% $8,058
Ameris Bank 2 3.06% $7,732
FAMILY FIRST FUNDING LLC 2 3.44% $6,494
HANCOCK MORTGAGE PARTNERS, LLC 2 3.19% $6,750
Hometown Lenders, Inc. 2 3.44% $10,742
Lakeview Community Capital, LLC 2 3.21% $3,557
LOANDEPOT.COM, LLC 2 3.24% $10,077
OCEANSIDE MORTGAGE COMPANY 2 2.81% $3,861
SOUTHWEST FUNDING, LP 2 3.69% $9,018
United Community Bank 2 3.13% $6,738
VILLAGE CAPITAL MORTGAGE 2 2.94% $1,537
LOANPAL, LLC 1 2.25% $6,533
MOVEMENT MORTGAGE, LLC 1 3.50% $6,762
GENEVA FINANCIAL, LLC 1 3.13% $10,761
First-Citizens Bank & Trust Company 1 3.63% $7,551
Network Funding, L.P. 1 2.75% $5,225
NEWREZ LLC 1 2.99% $3,848
AMERICAN FINANCIAL NETWORK, INC. 1 2.38% $7,870
Equity Prime Mortgage LLC 1 3.75% $3,510
Plains Commerce Bank 1 2.63% $9,395
CALIBER HOME LOANS, INC. 1 2.25% $11,307
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $6,888
Barrington Bank & Trust Company, N.A. 1 3.38% $7,074
AMERISAVE MORTGAGE CORPORATION 1 3.25% $7,554
Renasant Bank 1 2.88% $8,748
Servion, Inc. 1 2.88% $7,913
SOUTHERN TRUST MORTGAGE, LLC 1 2.88% $5,052
Wyndham Capital Mortgage, Inc. 1 2.63% $5,395
SWBC MORTGAGE CORPORATION 1 3.38% $6,598
InterContinental Capital Group, Inc 1 2.75% $6,144
JPMorgan Chase Bank 1 3.25% $2,610
TOWNE MORTGAGE COMPANY 1 3.13% $7,295
HOMESIDE FINANCIAL, LLC 1 2.88% $6,192
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.63% $5,748
Wells Fargo Bank 1 3.50% $5,376

The top Greenwood FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 47 FHA loans originated. Their average total fees are $8,272, which is $3,350 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Greenwood FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($1,851), PENNYMAC LOAN SERVICES, LLC ($3,252), HOMESTAR FINANCIAL CORPORATION ($4,390), QUICKEN LOANS, LLC ($4,922) and CHURCHILL MORTGAGE CORPORATION ($6,660).

The lowest rate Greenwood FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), CHURCHILL MORTGAGE CORPORATION (2.86%), HOMESTAR FINANCIAL CORPORATION (3.13%), ACOPIA, LLC (3.28%) and PENNYMAC LOAN SERVICES, LLC (3.37%).

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

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 $232,893 (21.2%) $296,190 (13.0%) 0.00 143
2019-04-01 $242,218 (25.3%) $303,459 (14.3%) 0.00 144
2019-05-01 $268,675 (34.7%) $319,446 (17.3%) 0.00 176
2019-06-01 $246,721 (16.3%) $314,751 (15.8%) 0.00 177
2019-07-01 $241,212 (7.3%) $310,585 (11.3%) 0.00 200
2019-08-01 $244,191 (11.3%) $313,762 (13.2%) 0.00 201
2019-09-01 $257,302 (19.1%) $321,156 (15.4%) 0.00 193
2019-10-01 $266,850 (26.0%) $326,085 (19.7%) 0.00 189
2019-11-01 $259,900 (18.2%) $314,310 (12.9%) 0.00 191
2019-12-01 $255,748 (16.8%) $308,803 (9.3%) 0.00 175
2020-01-01 $268,000 (28.6%) $306,810 (10.3%) 0.00 175
2020-02-01 $269,450 (19.8%) $306,064 (7.5%) 0.00 173
2020-03-01 $287,450 (23.4%) $316,649 (6.9%) 0.00 164
2020-04-01 $280,950 (16.0%) $314,900 (3.8%) 0.00 175
2020-05-01 $292,300 (8.8%) $321,261 (0.6%) 0.00 175
2020-06-01 $298,500 (21.0%) $332,217 (5.6%) 0.00 161
2020-07-01 $299,450 (24.1%) $341,625 (10.0%) 0.00 131
2020-08-01 $299,250 (22.6%) $326,084 (3.9%) 0.00 119
2020-09-01 $296,975 (15.4%) $324,285 (1.0%) 0.00 125
2020-10-01 $289,900 (8.6%) $315,308 (-3.3%) 0.00 129
2020-11-01 $279,425 (7.5%) $306,929 (-2.4%) 0.00 110
2020-12-01 $275,120 (7.6%) $317,034 (2.7%) 0.00 85
2021-01-01 $252,500 (-5.8%) $295,113 (-3.8%) 0.00 73
2021-02-01 $227,320 (-15.6%) $276,387 (-9.7%) 0.00 76
2021-03-01 $263,425 (-8.4%) $314,517 (-0.7%) 0.00 69
2021-04-01 $264,000 (-6.0%) $340,819 (8.2%) 0.00 54
2021-05-01 $249,900 (-14.5%) $298,464 (-7.1%) 0.00 56
2021-06-01 $230,575 (-22.8%) $284,412 (-14.4%) 0.00 58
2021-07-01 $240,000 (-19.9%) $309,066 (-9.5%) 0.00 59
2021-08-01 $244,220 (-18.4%) $292,922 (-10.2%) 0.00 80
2021-09-01 $249,498 (-16.0%) $269,485 (-16.9%) 0.00 100
2021-10-01 $240,750 (-17.0%) $255,192 (-19.1%) 0.00 108
2021-11-01 $253,750 (-9.2%) $266,806 (-13.1%) 0.00 114
2021-12-01 $260,698 (-5.2%) $268,427 (-15.3%) 0.00 118
2022-01-01 $293,000 (16.0%) $310,294 (5.1%) 0.00 94
2022-02-01 $295,375 (29.9%) $310,846 (12.5%) 0.00 107
2022-03-01 $292,220 (10.9%) $318,597 (1.3%) 0.00 104
2022-04-01 $300,000 (13.6%) $351,790 (3.2%) 0.00 99
2022-05-01 $308,450 (23.4%) $384,983 (29.0%) 0.00 98
2022-06-01 $297,500 (29.0%) $374,559 (31.7%) 0.00 110
2022-07-01 $290,000 (20.8%) $373,246 (20.8%) 0.00 124
2022-08-01 $296,625 (21.5%) $363,600 (24.1%) 0.00 133
2022-09-01 $291,498 (16.8%) $374,180 (38.9%) 0.00 154
2022-10-01 $284,200 (18.1%) $369,601 (44.8%) 0.00 163
2022-11-01 $289,000 (13.9%) $354,558 (32.9%) 0.00 158
2022-12-01 $275,990 (5.9%) $345,263 (28.6%) 0.00 156
Greenwood's median listing price for 2022-12-01 was $275,990, a difference of $15,292 (5.9%) versus the prior year and $-13,010 versus the prior month.

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

Greenwood's average listing price for 2022-12-01 was $345,263, a difference of $76,836 (28.6%) versus the prior year and $-9,295 versus the prior month.

For the 2022-12-01 period, Greenwood had 156 MLS listings, a difference of -2 listings (-1%) versus the prior month and 38 listings (32%) 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 1,881 sqft
2018-02-01 0 days 1,868 sqft
2018-03-01 0 days 2,012 sqft
2018-04-01 0 days 1,906 sqft
2018-05-01 0 days 1,910 sqft
2018-06-01 0 days 1,904 sqft
2018-07-01 0 days 1,957 sqft
2018-08-01 0 days 2,048 sqft
2018-09-01 0 days 2,078 sqft
2018-10-01 0 days 2,079 sqft
2018-11-01 0 days 2,109 sqft
2018-12-01 0 days 2,096 sqft
2019-01-01 0 days 2,048 sqft
2019-02-01 0 days 2,046 sqft
2019-03-01 0 days 2,088 sqft
2019-04-01 0 days 2,099 sqft
2019-05-01 0 days 2,098 sqft
2019-06-01 0 days 2,123 sqft
2019-07-01 0 days 2,138 sqft
2019-08-01 0 days 2,161 sqft
2019-09-01 0 days 2,179 sqft
2019-10-01 0 days 2,190 sqft
2019-11-01 0 days 2,192 sqft
2019-12-01 0 days 2,205 sqft
2020-01-01 0 days 2,246 sqft
2020-02-01 0 days 2,250 sqft
2020-03-01 0 days 2,375 sqft
2020-04-01 0 days 2,352 sqft
2020-05-01 0 days 2,337 sqft
2020-06-01 0 days 2,361 sqft
2020-07-01 0 days 2,425 sqft
2020-08-01 0 days 2,448 sqft
2020-09-01 0 days 2,563 sqft
2020-10-01 0 days 2,450 sqft
2020-11-01 0 days 2,375 sqft
2020-12-01 0 days 2,308 sqft
2021-01-01 0 days 2,294 sqft
2021-02-01 0 days 2,200 sqft
2021-03-01 0 days 2,237 sqft
2021-04-01 0 days 2,206 sqft
2021-05-01 0 days 2,023 sqft
2021-06-01 0 days 1,832 sqft
2021-07-01 0 days 2,029 sqft
2021-08-01 0 days 1,914 sqft
2021-09-01 0 days 1,812 sqft
2021-10-01 0 days 1,790 sqft
2021-11-01 0 days 1,828 sqft
2021-12-01 0 days 1,826 sqft
2022-01-01 0 days 2,100 sqft
2022-02-01 0 days 2,032 sqft
2022-03-01 0 days 1,988 sqft
2022-04-01 0 days 2,110 sqft
2022-05-01 0 days 1,891 sqft
2022-06-01 0 days 1,870 sqft
2022-07-01 0 days 1,874 sqft
2022-08-01 0 days 2,003 sqft
2022-09-01 0 days 1,968 sqft
2022-10-01 0 days 1,850 sqft
2022-11-01 0 days 1,775 sqft
2022-12-01 0 days 1,700 sqft
Greenwood's median listing age (time on market) for 2022-12-01 was 0 days.

Greenwood's median square footage for active listings during the 2022-12-01 period was 1,700 sqft. One year prior, the average listing was 1,826 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).