Hilton Head Island FHA Loan Rates, Closing Costs & Stats

HILTON HEAD ISLAND-BLUFFTON, 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.

Hilton Head Island's 113 lenders originated 905 FHA loans during 2021. The total origination value was $219,455,000, with an average FHA loan value of $242,492.

Hilton Head Island FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hilton Head Island averaged 6.37% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Hilton Head Island's average FHA mortgage closing costs are $7,294.

The average rate for the prior week (2022-11-25) was 6.29% and one month ago for the week of 2022-10-28, the average rate was 6.63%.

The average rate one year ago was 3.46%.

For refis of the same type during the week of 2022-12-02, the average rate was 5.9%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 89 2.64% $6,757
Mortgage Network, Inc. 41 3.20% $8,942
Gateway First Bank 39 3.43% $6,091
LAKEVIEW LOAN SERVICING, LLC 38 2.91% $5,108
MOVEMENT MORTGAGE, LLC 31 3.13% $9,280
CALIBER HOME LOANS, INC. 29 3.06% $8,514
FREEDOM MORTGAGE CORPORATION 27 2.89% $5,584
Mr. Cooper ( Nationstar Mortgage ) 24 3.28% $4,598
LOANDEPOT.COM, LLC 24 3.12% $9,242
PENNYMAC LOAN SERVICES, LLC 18 2.94% $5,747
UNITED WHOLESALE MORTGAGE, LLC 18 2.74% $8,550
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 3.40% $8,651
DHI MORTGAGE COMPANY, LTD. 15 2.76% $8,258
BROKER SOLUTIONS, INC. 13 3.49% $8,681
JET HOMELOANS, LLC 13 3.11% $9,137
Carrington Mortgage Services, LLC 13 3.13% $10,013
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 3.33% $8,773
PLAZA HOME MORTGAGE, INC. 12 2.72% $8,996
FINANCE OF AMERICA MORTGAGE LLC 12 3.48% $8,452
Lakeview Community Capital, LLC 11 3.02% $4,921
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 10 3.06% $9,390
PULTE MORTGAGE LLC 10 3.43% $5,885
ARK-LA-TEX FINANCIAL SERVICES, LLC. 9 3.15% $7,841
AMERISAVE MORTGAGE CORPORATION 8 2.92% $9,243
VILLAGE CAPITAL MORTGAGE 8 2.94% $2,813
GUILD MORTGAGE COMPANY 8 3.45% $9,320
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 3.29% $7,520
Paramount Residential Mortgage Group, Inc. 7 3.77% $10,884
AMERICAN FINANCIAL NETWORK, INC. 7 3.55% $13,053
VANDERBILT MORTGAGE AND FINANCE, INC. 6 3.54% $8,667
Ameris Bank 5 2.85% $8,276
AMERICAN FINANCING CORPORATION 5 3.03% $7,533
SOUTHERN TRUST MORTGAGE, LLC 5 2.90% $6,053
South State Bank 5 2.43% $8,182
AmeriHome Mortgage Company, LLC 5 2.93% $5,006
EQUITY RESOURCES, INC. 4 3.13% $8,779
TOWNE MORTGAGE COMPANY 4 3.22% $7,353
HOME POINT FINANCIAL CORPORATION 4 2.84% $5,786
EMM LOANS LLC 4 2.94% $7,943
INSPIRE HOME LOANS INC. 4 3.22% $6,586
INTERCOASTAL MORTGAGE COMPANY 4 3.13% $8,909
MUTUAL OF OMAHA MORTGAGE, INC. 3 3.00% $9,724
AMERICAN FINANCIAL RESOURCES, INC. 3 3.63% $8,752
SUCCESS MORTGAGE PARTNERS, INC. 3 3.37% $7,521
First Guaranty Mortgage Corporation 3 2.71% $5,743
OCEANSIDE MORTGAGE COMPANY 3 2.74% $3,203
United Community Bank 3 3.04% $8,672
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 3.04% $10,157
NTFN, INC. 3 3.25% $6,191
Northpointe Bank 3 2.75% $7,169
GMFS LLC 2 2.88% $6,453
George Mason Mortgage, LLC 2 2.88% $10,007
Blue Ridge Bank 2 3.31% $8,130
The Federal Savings Bank 2 2.81% $12,072
AMERIFIRST FINANCIAL CORPORATION 2 3.50% $7,728
GUARANTY HOME MORTGAGE CORPORATION 2 3.13% $8,128
RELIANCE FIRST CAPITAL, LLC 2 2.88% $11,990
FBC MORTGAGE, LLC 2 2.94% $8,436
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.15% $6,422
ON Q FINANCIAL, INC. 2 4.00% $9,093
Hometown Lenders, Inc. 2 3.25% $7,873
InterContinental Capital Group, Inc 2 2.75% $6,905
KELLER MORTGAGE, LLC 2 2.63% $8,052
NEWREZ LLC 2 2.63% $4,700
Nations Lending Corporation 2 3.38% $10,748
MORIA DEVELOPMENT, INC. 2 3.94% $10,188
ZILLOW HOME LOANS, LLC 1 2.50% $8,241
ACADEMY MORTGAGE CORPORATION 1 3.75% $7,070
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.75% $10,533
American Security Mortgage Corp. 1 2.75% $6,914
ANGEL OAK HOME LOANS LLC 1 3.25% $6,080
Bank of America 1 3.63% $8,168
BANKSOUTH MORTGAGE COMPANY, LLC 1 3.13% $8,580
BAYSHORE MORTGAGE FUNDING, LLC 1 3.13% $8,946
BETTER MORTGAGE CORPORATION 1 2.38% $7,489
CERTAINTY HOME LOANS, LLC 1 2.99% $7,514
CHURCHILL MORTGAGE CORPORATION 1 3.00% $9,744
Citizens Bank 1 3.00% $6,055
CMG MORTGAGE, INC. 1 2.99% $10,114
CORNERSTONE HOME LENDING, INC. 1 3.75% $7,640
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $16,037
EVERETT FINANCIAL, INC. 1 3.00% $7,442
First Federal Bank 1 2.25% $6,879
Florida Capital Bank 1 2.63% $10,361
GUARANTEED RATE AFFINITY, LLC 1 2.88% $10,212
GUARANTEED RATE, INC. 1 3.25% $10,429
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $7,463
HOMESIDE FINANCIAL, LLC 1 2.38% $9,687
HOMESTAR FINANCIAL CORPORATION 1 2.88% $7,679
LOANLEADERS OF AMERICA, INC. 1 2.50% $18,794
Low VA Rates, LLC 1 2.88% $3,119
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.75% $7,541
NATIONS DIRECT MORTGAGE, LLC 1 2.38% $15,048
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.00% $9,760
PANORAMA MORTGAGE GROUP, LLC 1 3.38% $9,797
PIKE CREEK MORTGAGE SERVICES, INC. 1 5.00% $3,665
Pinnacle Bank 1 3.25% $8,786
Platinum Home Mortgage Corporation 1 3.25% $12,383
PNC Bank 1 2.50% $9,929
POLARIS HOME FUNDING CORP. 1 3.50% $10,419
RAPID MORTGAGE COMPANY 1 3.75% $9,692
Regions Bank 1 3.13% $7,567
Renasant Bank 1 2.99% $7,023
ROYAL UNITED MORTGAGE LLC 1 2.38% $8,385
RUOFF MORTGAGE COMPANY, INC. 1 2.75% $9,799
Security Federal Bank 1 3.25% $11,013
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 3.13% $9,827
SOUTHWEST STAGE FUNDING, LLC 1 3.25% $3,636
STEARNS LENDING, LLC 1 2.63% $12,348
Sunflower Bank 1 2.99% $14,983
Truist 1 3.25% $9,520
UNION HOME MORTGAGE CORP. 1 3.25% $16,035
1ST SIGNATURE LENDING, LLC 1 3.13% $9,062

The top Hilton Head Island FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 89 FHA loans originated. Their average total fees are $6,757, which is $2,185 lower than the next largest lender, Mortgage Network, Inc..

The lowest fee Hilton Head Island FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,598), Lakeview Community Capital, LLC ($4,921), LAKEVIEW LOAN SERVICING, LLC ($5,108), FREEDOM MORTGAGE CORPORATION ($5,584) and PENNYMAC LOAN SERVICES, LLC ($5,747).

The lowest rate Hilton Head Island FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.64%), PLAZA HOME MORTGAGE, INC. (2.72%), UNITED WHOLESALE MORTGAGE, LLC (2.74%), DHI MORTGAGE COMPANY, LTD. (2.76%) and FREEDOM MORTGAGE CORPORATION (2.89%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hilton Head Island (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 $399,000 (0.5%) $582,890 (1.5%) 1.48 2,619
2018-02-01 $399,900 (0.2%) $589,915 (2.6%) 1.45 2,733
2018-03-01 $413,433 (3.6%) $604,551 (4.9%) 1.45 2,799
2018-04-01 $421,950 (5.8%) $622,378 (6.4%) 1.43 2,945
2018-05-01 $419,000 (4.8%) $627,059 (5.7%) 1.40 2,956
2018-06-01 $419,500 (2.6%) $626,474 (3.7%) 1.40 2,967
2018-07-01 $424,019 (3.4%) $626,343 (3.7%) 1.41 2,927
2018-08-01 $426,242 (4.1%) $637,991 (6.7%) 1.43 2,777
2018-09-01 $419,000 (1.0%) $625,990 (5.1%) 1.41 2,908
2018-10-01 $426,000 (3.0%) $644,773 (9.0%) 1.44 2,889
2018-11-01 $425,000 (6.3%) $643,945 (10.3%) 1.44 2,918
2018-12-01 $425,000 (6.5%) $647,340 (11.1%) 1.47 2,822
2019-01-01 $425,000 (6.5%) $642,125 (10.2%) 1.47 2,805
2019-02-01 $425,000 (6.3%) $639,931 (8.5%) 1.44 2,843
2019-03-01 $424,243 (2.6%) $643,984 (6.5%) 1.39 2,926
2019-04-01 $432,400 (2.5%) $659,087 (5.9%) 1.37 2,998
2019-05-01 $439,450 (4.9%) $671,707 (7.1%) 1.37 2,994
2019-06-01 $443,000 (5.6%) $673,711 (7.5%) 1.38 2,875
2019-07-01 $435,000 (2.6%) $657,063 (4.9%) 1.36 2,864
2019-08-01 $433,895 (1.8%) $657,881 (3.1%) 1.37 2,845
2019-09-01 $432,239 (3.2%) $658,566 (5.2%) 1.38 2,787
2019-10-01 $435,159 (2.2%) $662,975 (2.8%) 1.40 2,732
2019-11-01 $435,000 (2.4%) $668,921 (3.9%) 1.43 2,689
2019-12-01 $429,000 (0.9%) $663,193 (2.5%) 1.43 2,602
2020-01-01 $425,000 (0.0%) $652,430 (1.6%) 1.42 2,499
2020-02-01 $434,000 (2.1%) $661,282 (3.3%) 1.42 2,522
2020-03-01 $435,000 (2.5%) $666,813 (3.5%) 1.36 2,589
2020-04-01 $426,227 (-1.4%) $656,089 (-0.5%) 1.33 2,629
2020-05-01 $425,000 (-3.3%) $663,332 (-1.3%) 1.29 2,563
2020-06-01 $429,000 (-3.2%) $680,580 (1.0%) 1.26 2,249
2020-07-01 $439,000 (0.9%) $696,408 (6.0%) 1.27 1,996
2020-08-01 $429,990 (-0.9%) $707,288 (7.5%) 1.23 1,827
2020-09-01 $415,000 (-4.0%) $718,435 (9.1%) 1.19 1,646
2020-10-01 $399,999 (-8.1%) $721,485 (8.8%) 1.15 1,450
2020-11-01 $408,059 (-6.2%) $746,081 (11.5%) 1.19 1,320
2020-12-01 $414,500 (-3.4%) $765,812 (15.5%) 1.23 1,176
2021-01-01 $439,900 (3.5%) $789,776 (21.1%) 1.31 982
2021-02-01 $438,862 (1.1%) $808,896 (22.3%) 1.28 793
2021-03-01 $454,725 (4.5%) $806,070 (20.9%) 1.29 701
2021-04-01 $449,500 (5.5%) $834,806 (27.2%) 1.22 633
2021-05-01 $469,745 (10.5%) $817,059 (23.2%) 1.24 595
2021-06-01 $480,750 (12.1%) $825,230 (21.3%) 1.27 648
2021-07-01 $499,000 (13.7%) $827,719 (18.9%) 1.31 695
2021-08-01 $534,500 (24.3%) $836,454 (18.3%) 1.43 714
2021-09-01 $508,000 (22.4%) $820,025 (14.1%) 1.35 730
2021-10-01 $519,000 (29.8%) $852,673 (18.2%) 1.38 704
2021-11-01 $517,500 (26.8%) $848,048 (13.7%) 1.38 606
2021-12-01 $503,250 (21.4%) $867,673 (13.3%) 1.36 532
2022-01-01 $499,378 (13.5%) $875,284 (10.8%) 1.35 428
2022-02-01 $538,750 (22.8%) $909,010 (12.4%) 1.40 389
2022-03-01 $575,750 (26.6%) $967,487 (20.0%) 1.44 379
2022-04-01 $597,000 (32.8%) $989,221 (18.5%) 1.42 460
2022-05-01 $648,404 (38.0%) $1,070,218 (31.0%) 1.48 613
2022-06-01 $639,750 (33.1%) $1,066,856 (29.3%) 1.42 741
2022-07-01 $625,000 (25.3%) $1,025,049 (23.8%) 1.41 885
2022-08-01 $627,000 (17.3%) $1,010,831 (20.9%) 1.45 943
2022-09-01 $639,975 (26.0%) $1,022,247 (24.7%) 1.50 944
2022-10-01 $629,900 (21.4%) $1,003,027 (17.6%) 1.48 973
2022-11-01 $625,000 (20.8%) $1,003,784 (18.4%) 1.50 1,055
Hilton Head Island's median listing price for 2022-11-01 was $625,000, a difference of $107,500 (20.8%) versus the prior year and $-4,900 versus the prior month.

Hilton Head Island's median listing price comes in at 150% of the national average.

Hilton Head Island's average listing price for 2022-11-01 was $1,003,784, a difference of $155,736 (18.4%) versus the prior year and $757 versus the prior month.

For the 2022-11-01 period, Hilton Head Island had 1,055 MLS listings, a difference of 82 listings (8%) versus the prior month and 449 listings (74%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hilton Head Island (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 129 days 2,151 sqft
2018-02-01 120 days 2,174 sqft
2018-03-01 107 days 2,161 sqft
2018-04-01 84 days 2,146 sqft
2018-05-01 89 days 2,142 sqft
2018-06-01 92 days 2,126 sqft
2018-07-01 100 days 2,116 sqft
2018-08-01 103 days 2,155 sqft
2018-09-01 110 days 2,125 sqft
2018-10-01 107 days 2,168 sqft
2018-11-01 103 days 2,155 sqft
2018-12-01 110 days 2,161 sqft
2019-01-01 112 days 2,141 sqft
2019-02-01 115 days 2,139 sqft
2019-03-01 106 days 2,150 sqft
2019-04-01 93 days 2,167 sqft
2019-05-01 97 days 2,188 sqft
2019-06-01 102 days 2,212 sqft
2019-07-01 110 days 2,175 sqft
2019-08-01 114 days 2,175 sqft
2019-09-01 120 days 2,175 sqft
2019-10-01 124 days 2,184 sqft
2019-11-01 120 days 2,199 sqft
2019-12-01 121 days 2,185 sqft
2020-01-01 120 days 2,161 sqft
2020-02-01 122 days 2,174 sqft
2020-03-01 116 days 2,200 sqft
2020-04-01 104 days 2,160 sqft
2020-05-01 107 days 2,128 sqft
2020-06-01 117 days 2,143 sqft
2020-07-01 121 days 2,189 sqft
2020-08-01 94 days 2,186 sqft
2020-09-01 82 days 2,138 sqft
2020-10-01 78 days 2,135 sqft
2020-11-01 79 days 2,121 sqft
2020-12-01 89 days 2,134 sqft
2021-01-01 91 days 2,118 sqft
2021-02-01 86 days 2,035 sqft
2021-03-01 65 days 2,092 sqft
2021-04-01 54 days 2,065 sqft
2021-05-01 50 days 2,027 sqft
2021-06-01 42 days 1,958 sqft
2021-07-01 50 days 1,983 sqft
2021-08-01 54 days 2,021 sqft
2021-09-01 52 days 1,972 sqft
2021-10-01 59 days 2,025 sqft
2021-11-01 63 days 1,963 sqft
2021-12-01 68 days 1,982 sqft
2022-01-01 80 days 1,987 sqft
2022-02-01 54 days 2,020 sqft
2022-03-01 34 days 2,082 sqft
2022-04-01 32 days 2,094 sqft
2022-05-01 33 days 2,168 sqft
2022-06-01 34 days 2,116 sqft
2022-07-01 43 days 2,062 sqft
2022-08-01 51 days 2,094 sqft
2022-09-01 56 days 2,096 sqft
2022-10-01 61 days 2,147 sqft
2022-11-01 59 days 2,124 sqft
Hilton Head Island's median listing age (time on market) for 2022-11-01 was 59 days. This is -6% shorter than the same period one year ago.

Hilton Head Island's median square footage for active listings during the 2022-11-01 period was 2,124 sqft. One year prior, the average listing was 1,963 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).