Hilton Head Island FHA Loan Rates, Closing Costs & Stats

HILTON HEAD ISLAND-BLUFFTON, 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.

    Hilton Head Island's 89 lenders originated 457 FHA loans during 2023. The total origination value was $142,425,000, with an average FHA loan value of $311,652.

    Hilton Head Island FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hilton Head Island averaged 6.39% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

    Hilton Head Island's average FHA mortgage closing costs are $8,461.

    The average rate for the prior week (2024-10-18) was 5.98% and one month ago for the week of 2024-09-20, the average rate was 5.71%.

    The average rate one year ago was 7.54%.

    For refis of the same type during the week of 2024-10-25, the average rate was 6.46%.

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

    Hilton Head Island 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 Hilton Head Island level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 48 6.26% $13,550
    DHI MORTGAGE COMPANY, LTD. 41 5.47% $8,661
    MOVEMENT MORTGAGE, LLC 30 6.87% $13,543
    UNITED WHOLESALE MORTGAGE, LLC 30 6.35% $12,522
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 12 6.47% $17,735
    LOANDEPOT.COM, LLC 11 6.33% $14,931
    Gateway First Bank 11 6.32% $10,602
    JET HOMELOANS, LLC 11 6.68% $13,900
    AMERICAN FINANCIAL NETWORK, INC. 11 6.94% $13,462
    Ameris Bank 10 6.31% $13,233
    PULTE MORTGAGE LLC 9 6.47% $8,400
    UNION HOME MORTGAGE CORP. 9 6.99% $14,217
    BROKER SOLUTIONS, INC. 8 6.28% $14,110
    SUN WEST MORTGAGE COMPANY, INC. 8 6.45% $12,649
    BANKSOUTH MORTGAGE COMPANY, LLC 6 5.60% $13,782
    EVERETT FINANCIAL, INC. 5 6.83% $9,655
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.53% $13,125
    CROSSCOUNTRY MORTGAGE, LLC 5 6.64% $18,181
    LAKEVIEW LOAN SERVICING, LLC 4 5.94% $15,682
    NEWREZ LLC 4 6.47% $10,370
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.31% $13,034
    GUARANTEED RATE, INC. 4 6.75% $13,375
    INTERCOASTAL MORTGAGE COMPANY 4 6.34% $13,377
    GSF Mortgage Corporation 3 6.58% $15,810
    Carrington Mortgage Services, LLC 3 6.00% $20,266
    MICHIGAN MUTUAL, INC. 3 5.33% $17,358
    INSPIRE HOME LOANS INC. 3 5.96% $10,965
    George Mason Mortgage, LLC 3 5.83% $10,723
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.83% $20,665
    EMM LOANS LLC 3 6.08% $11,536
    PENNYMAC LOAN SERVICES, LLC 3 6.17% $13,264
    Prosperity Home Mortgage, LLC 3 5.87% $14,638
    CALIBER HOME LOANS, INC. 2 6.50% $8,983
    HALLMARK HOME MORTGAGE, LLC 2 7.00% $14,965
    ACADEMY MORTGAGE CORPORATION 2 6.13% $14,759
    CARDINAL FINANCIAL 2 6.37% $14,359
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.50% $15,015
    AMERICAN FINANCING CORPORATION 2 5.50% $15,522
    Renasant Bank 2 7.00% $8,929
    South State Bank 2 6.13% $8,709
    First-Citizens Bank & Trust Company 2 7.06% $9,874
    SUMMIT FUNDING, INC. 2 5.88% $21,217
    AMERISAVE MORTGAGE CORPORATION 2 5.75% $17,056
    Flagstar Bank, FSB 2 6.39% $10,279
    FREEDOM MORTGAGE CORPORATION 2 6.50% $17,043
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.94% $13,211
    PLAZA HOME MORTGAGE, INC. 2 7.38% $15,563
    United Community Bank 2 5.94% $8,689
    Nations Lending Corporation 2 7.25% $11,261
    ZILLOW HOME LOANS, LLC 1 6.25% $7,620
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $19,730
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $9,415
    Bank of America 1 6.50% $10,316
    Barrington Bank & Trust Company, N.A. 1 5.75% $7,913
    Blue Ridge Bank 1 6.75% $10,983
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $14,377
    CMG MORTGAGE, INC. 1 6.25% $10,178
    CONTOUR MORTGAGE CORPORATION 1 7.38% $28,348
    EAGLE HOME MORTGAGE, LLC 1 5.75% $10,792
    Equity Prime Mortgage LLC 1 6.88% $14,002
    EQUITY RESOURCES, INC. 1 6.50% $14,938
    FBC MORTGAGE, LLC 1 5.99% $13,650
    First Palmetto Bank 1 7.13% $12,446
    GMFS LLC 1 6.63% $7,991
    GUILD MORTGAGE COMPANY 1 6.13% $17,885
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.38% $22,924
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 5.63% $13,610
    HOMESTEAD FUNDING CORP. 1 5.75% $5,729
    Lakeview Community Capital, LLC 1 5.75% $12,807
    LENOX FINANCIAL MORTGAGE CORPORATION 1 5.63% $9,364
    LOANPAL, LLC 1 5.25% $15,287
    Magnolia Bank 1 6.50% $10,792
    MIDLAND MORTGAGE CORPORATION 1 6.50% $12,889
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $12,926
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $17,561
    NTFN, INC. 1 6.25% $12,229
    PLANET HOME LENDING, LLC 1 6.75% $17,175
    RADIUS FINANCIAL GROUP INC. 1 6.63% $17,071
    ROSS MORTGAGE CORPORATION 1 7.75% $9,878
    Synovus Bank 1 6.13% $9,204
    T2 FINANCIAL LLC 1 6.25% $11,965
    TOP FLITE FINANCIAL, INC. 1 6.75% $12,293
    TOWNE MORTGAGE COMPANY 1 6.13% $15,014
    TruHome Solutions, LLC 1 7.25% $9,391
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.88% $13,412
    VERITAS FUNDING, LLC 1 6.63% $17,730
    Victorian Finance, LLC 1 7.13% $12,785
    Wells Fargo Bank 1 6.13% $11,808
    Willamette Valley Bank 1 6.75% $8,787

    The top Hilton Head Island FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 48 FHA loans originated. Their average total fees are $13,550, which is $4,889 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Hilton Head Island FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,661), Gateway First Bank ($10,602), UNITED WHOLESALE MORTGAGE, LLC ($12,522), Ameris Bank ($13,233) and AMERICAN FINANCIAL NETWORK, INC. ($13,462).

    The lowest rate Hilton Head Island FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.47%), QUICKEN LOANS, LLC (6.26%), Ameris Bank (6.31%), Gateway First Bank (6.32%) and LOANDEPOT.COM, LLC (6.33%).

    Hilton Head Island FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    HILTON HEAD ISLAND-BLUFFTON, SC BEAUFORT 2022 $420,680 $538,650 $651,050 $809,150
    HILTON HEAD ISLAND-BLUFFTON, SC JASPER 2022 $420,680 $538,650 $651,050 $809,150
    HILTON HEAD ISLAND-BLUFFTON, SC BEAUFORT 2023 $485,300 $621,250 $750,950 $933,300
    HILTON HEAD ISLAND-BLUFFTON, SC JASPER 2023 $485,300 $621,250 $750,950 $933,300

    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).