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 47 lenders originated 232 FHA loans during 2023. The total origination value was $43,350,000, with an average FHA loan value of $186,853.

    Greenwood FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Greenwood averaged 6.42% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Greenwood's average FHA mortgage closing costs are $7,011.

    The average rate for the prior week (2024-11-01) was 6.49% and one month ago for the week of 2024-10-04, the average rate was 5.71%.

    The average rate one year ago was 7.36%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 35 6.42% $11,061
    QUICKEN LOANS, LLC 27 6.13% $8,928
    ACOPIA, LLC 23 6.53% $9,150
    UNITED WHOLESALE MORTGAGE, LLC 22 6.46% $9,415
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 7.06% $10,212
    DHI MORTGAGE COMPANY, LTD. 11 5.27% $7,553
    CHURCHILL MORTGAGE CORPORATION 5 5.68% $9,161
    AMERISAVE MORTGAGE CORPORATION 4 6.38% $10,891
    Mr. Cooper ( Nationstar Mortgage ) 4 6.06% $10,992
    Equity Prime Mortgage LLC 4 7.03% $10,606
    UNION HOME MORTGAGE CORP. 4 6.66% $9,000
    Waterstone Mortgage Corporation 4 7.22% $10,307
    ON Q FINANCIAL, INC. 3 6.21% $9,006
    Barrington Bank & Trust Company, N.A. 3 7.42% $8,210
    LOANDEPOT.COM, LLC 3 6.04% $13,713
    NEWREZ LLC 3 6.66% $4,480
    GUILD MORTGAGE COMPANY 3 6.58% $6,808
    INTERLINC MORTGAGE SERVICES, LLC 2 6.56% $5,669
    SeaTrust Mortgage Company 2 5.87% $10,070
    PENNYMAC LOAN SERVICES, LLC 2 6.50% $6,587
    GUARANTEED RATE, INC. 2 6.31% $6,590
    CROSSCOUNTRY MORTGAGE, LLC 2 7.13% $10,214
    TOP FLITE FINANCIAL, INC. 1 7.50% $6,193
    Truist 1 6.75% $6,311
    United Community Bank 1 6.00% $10,150
    ZILLOW HOME LOANS, LLC 1 5.63% $13,242
    Alcova Mortgage LLC 1 6.75% $5,349
    CARDINAL FINANCIAL 1 6.25% $21,895
    Carrington Mortgage Services, LLC 1 6.63% $8,837
    Citizens Bank 1 6.63% $9,401
    CORNERSTONE HOME LENDING, INC. 1 6.13% $8,620
    Countybank 1 6.63% $10,791
    First Community Bank 1 6.75% $9,508
    Flagstar Bank, FSB 1 7.22% $5,976
    HOMESTAR FINANCIAL CORPORATION 1 7.25% $9,601
    Lakeview Community Capital, LLC 1 6.13% $8,923
    Magnolia Bank 1 5.75% $6,136
    Meridian Bank Corporation 1 7.25% $11,359
    MOVEMENT MORTGAGE, LLC 1 6.75% $14,659
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.13% $7,463
    POLARIS HOME FUNDING CORP. 1 6.50% $10,276
    PREMIA MORTGAGE, LLC 1 6.25% $6,592
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.00% $14,931
    Renasant Bank 1 6.00% $7,632
    RESOURCE FINANCIAL SERVICES, INC. 1 7.13% $8,734
    ROYAL UNITED MORTGAGE LLC 1 7.13% $6,930
    SWBC MORTGAGE CORPORATION 1 7.25% $4,924

    The top Greenwood FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 35 FHA loans originated. Their average total fees are $11,061, which is $2,133 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Greenwood FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,553), QUICKEN LOANS, LLC ($8,928), ACOPIA, LLC ($9,150), UNITED WHOLESALE MORTGAGE, LLC ($9,415) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,212).

    The lowest rate Greenwood FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.27%), QUICKEN LOANS, LLC (6.13%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.42%), UNITED WHOLESALE MORTGAGE, LLC (6.46%) and ACOPIA, LLC (6.53%).

    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

    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).