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 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).