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 91 lenders originated 540 FHA loans during 2022. The total origination value was $148,780,000, with an average FHA loan value of $275,519.

    Hilton Head Island FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hilton Head Island averaged 6.13% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Hilton Head Island's average FHA mortgage closing costs are $7,864.

    The average rate for the prior week (2023-05-19) was 5.9% and one month ago for the week of 2023-04-21, the average rate was 5.84%.

    The average rate one year ago was 4.76%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.95%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 54 4.38% $10,544
    UNITED WHOLESALE MORTGAGE, LLC 28 4.83% $11,427
    Mortgage Network, Inc. 26 4.83% $10,522
    Gateway First Bank 22 5.20% $8,681
    LOANDEPOT.COM, LLC 22 5.02% $13,465
    CALIBER HOME LOANS, INC. 20 4.74% $10,375
    MOVEMENT MORTGAGE, LLC 16 4.89% $9,954
    JET HOMELOANS, LLC 13 5.61% $10,609
    PENNYMAC LOAN SERVICES, LLC 12 4.49% $10,234
    FREEDOM MORTGAGE CORPORATION 10 4.50% $10,974
    FINANCE OF AMERICA MORTGAGE LLC 10 4.60% $12,497
    Mr. Cooper ( Nationstar Mortgage ) 10 3.95% $13,664
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 5.08% $10,081
    CROSSCOUNTRY MORTGAGE, LLC 8 5.66% $12,142
    Carrington Mortgage Services, LLC 7 4.16% $13,768
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 7 4.73% $12,316
    LAKEVIEW LOAN SERVICING, LLC 7 3.61% $6,819
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 5.40% $11,209
    AMERISAVE MORTGAGE CORPORATION 6 4.56% $17,687
    DHI MORTGAGE COMPANY, LTD. 6 4.00% $10,732
    BROKER SOLUTIONS, INC. 6 4.94% $12,970
    GUILD MORTGAGE COMPANY 5 4.90% $12,596
    VANDERBILT MORTGAGE AND FINANCE, INC. 5 5.18% $11,743
    PLAZA HOME MORTGAGE, INC. 5 5.30% $13,343
    TOWNE MORTGAGE COMPANY 4 6.03% $14,782
    EVERETT FINANCIAL, INC. 4 5.00% $6,781
    Hometown Lenders, Inc. 3 4.63% $10,893
    FBC MORTGAGE, LLC 3 4.38% $9,948
    NTFN, INC. 3 5.79% $10,662
    Equity Prime Mortgage LLC 3 5.29% $10,799
    Lakeview Community Capital, LLC 3 3.71% $7,464
    NEWREZ LLC 3 4.04% $8,216
    Paramount Residential Mortgage Group, Inc. 3 5.08% $8,858
    HOME POINT FINANCIAL CORPORATION 3 5.33% $18,947
    PULTE MORTGAGE LLC 3 5.50% $8,167
    South State Bank 3 3.83% $7,070
    GUARANTEED RATE, INC. 3 5.08% $9,793
    INSPIRE HOME LOANS INC. 2 4.38% $13,227
    EMM LOANS LLC 2 4.75% $10,443
    Magnolia Bank 2 5.88% $15,288
    Century Mortgage Company DBA Century Lending Company 2 5.75% $14,095
    Nations Lending Corporation 2 5.75% $10,164
    The Federal Savings Bank 2 3.94% $15,680
    BANKSOUTH MORTGAGE COMPANY, LLC 2 5.19% $13,176
    Mortgage Research Center, LLC 2 5.38% $8,617
    First Federal Bank 2 4.31% $8,166
    ANGEL OAK HOME LOANS LLC 2 3.69% $12,632
    ALLIED MORTGAGE GROUP, INC. 2 4.25% $5,114
    SOUTHERN TRUST MORTGAGE, LLC 2 3.69% $11,059
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.75% $10,468
    Platinum Home Mortgage Corporation 2 5.00% $14,389
    AMERICAN FINANCING CORPORATION 2 4.56% $10,811
    EQUITY RESOURCES, INC. 2 3.94% $7,263
    HOMESTAR FINANCIAL CORPORATION 2 5.44% $12,306
    ZILLOW HOME LOANS, LLC 1 3.63% $9,478
    Ameris Bank 1 4.63% $6,737
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.25% $16,204
    Bank of England 1 3.13% $9,331
    Blue Ridge Bank 1 6.63% $10,500
    BOND STREET MORTGAGE, LLC 1 5.13% $20,543
    CALCON MUTUAL MORTGAGE LLC 1 4.25% $14,826
    CARDINAL FINANCIAL 1 5.25% $11,031
    CHERRY CREEK MORTGAGE, LLC 1 4.00% $5,014
    DAS Acquisition Company, LLC 1 5.63% $10,820
    First Community Bank 1 4.75% $15,156
    Florida Capital Bank 1 4.75% $11,009
    George Mason Mortgage, LLC 1 5.88% $11,352
    GSF Mortgage Corporation 1 5.13% $10,427
    GUARANTY HOME MORTGAGE CORPORATION 1 2.38% $14,858
    HOMESIDE FINANCIAL, LLC 1 4.88% $11,290
    HOMESPIRE MORTGAGE CORPORATION 1 7.25% $5,226
    MID AMERICA MORTGAGE, INC. 1 5.75% $6,697
    MORIA DEVELOPMENT, INC. 1 4.75% $13,012
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.00% $11,792
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $11,038
    NATIONS DIRECT MORTGAGE, LLC 1 3.75% $5,117
    Network Funding, L.P. 1 4.63% $9,068
    Northpointe Bank 1 5.25% $11,730
    PANORAMA MORTGAGE GROUP, LLC 1 6.63% $16,197
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $25,066
    RELIANCE FIRST CAPITAL, LLC 1 4.13% $13,574
    ROYAL UNITED MORTGAGE LLC 1 7.13% $11,743
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.25% $22,305
    Synovus Bank 1 4.75% $10,104
    TruHome Solutions, LLC 1 4.50% $11,748
    UNITED MORTGAGE CORP. 1 5.75% $13,350
    VAN DYK MORTGAGE CORPORATION 1 3.25% $8,365
    VERITAS FUNDING, LLC 1 3.75% $18,317
    VILLAGE CAPITAL MORTGAGE 1 5.25% $17,895
    Wells Fargo Bank 1 5.88% $9,915
    ACADEMY MORTGAGE CORPORATION 1 6.13% $7,384

    The top Hilton Head Island FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 54 FHA loans originated. Their average total fees are $10,544, which is $882 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Hilton Head Island FHA lenders (with over 10 loans originated) are Gateway First Bank ($8,681), MOVEMENT MORTGAGE, LLC ($9,954), PENNYMAC LOAN SERVICES, LLC ($10,234), CALIBER HOME LOANS, INC. ($10,375) and Mortgage Network, Inc. ($10,522).

    The lowest rate Hilton Head Island FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (3.95%), QUICKEN LOANS, LLC (4.38%), PENNYMAC LOAN SERVICES, LLC (4.49%), FREEDOM MORTGAGE CORPORATION (4.50%) and FINANCE OF AMERICA MORTGAGE LLC (4.60%).

    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

    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%) 1.42 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 $426,500 (3.2%) $644,332 (6.6%) 1.42 2,961
    2019-04-01 $432,400 (2.5%) $659,021 (5.9%) 1.37 3,001
    2019-05-01 $439,450 (4.9%) $671,827 (7.1%) 1.37 2,989
    2019-06-01 $443,495 (5.7%) $673,962 (7.6%) 1.39 2,869
    2019-07-01 $435,000 (2.6%) $657,348 (5.0%) 1.36 2,858
    2019-08-01 $439,000 (3.0%) $664,983 (4.2%) 1.38 2,831
    2019-09-01 $437,444 (4.4%) $670,208 (7.1%) 1.38 2,635
    2019-10-01 $436,833 (2.5%) $663,724 (2.9%) 1.41 2,711
    2019-11-01 $435,000 (2.4%) $669,793 (4.0%) 1.43 2,681
    2019-12-01 $429,000 (0.9%) $664,157 (2.6%) 1.43 2,594
    2020-01-01 $425,000 (0.0%) $653,388 (1.8%) 1.42 2,491
    2020-02-01 $434,900 (2.3%) $662,261 (3.5%) 1.42 2,514
    2020-03-01 $435,000 (2.0%) $667,773 (3.6%) 1.36 2,581
    2020-04-01 $426,850 (-1.3%) $656,980 (-0.3%) 1.34 2,621
    2020-05-01 $425,000 (-3.3%) $664,289 (-1.1%) 1.29 2,555
    2020-06-01 $429,225 (-3.2%) $681,711 (1.2%) 1.26 2,241
    2020-07-01 $439,350 (1.0%) $697,645 (6.1%) 1.27 1,987
    2020-08-01 $434,000 (-1.1%) $708,463 (6.5%) 1.24 1,818
    2020-09-01 $415,875 (-4.9%) $720,099 (7.4%) 1.19 1,637
    2020-10-01 $400,000 (-8.4%) $723,318 (9.0%) 1.15 1,441
    2020-11-01 $411,010 (-5.5%) $748,196 (11.7%) 1.20 1,311
    2020-12-01 $415,125 (-3.2%) $768,300 (15.7%) 1.23 1,167
    2021-01-01 $440,949 (3.8%) $792,938 (21.4%) 1.32 973
    2021-02-01 $442,000 (1.6%) $813,000 (22.8%) 1.29 784
    2021-03-01 $455,000 (4.6%) $810,386 (21.4%) 1.29 692
    2021-04-01 $449,750 (5.4%) $840,260 (27.9%) 1.22 624
    2021-05-01 $473,500 (11.4%) $821,439 (23.7%) 1.26 586
    2021-06-01 $487,000 (13.5%) $830,170 (21.8%) 1.28 639
    2021-07-01 $499,000 (13.6%) $832,961 (19.4%) 1.32 686
    2021-08-01 $540,564 (24.6%) $841,071 (18.7%) 1.44 705
    2021-09-01 $512,500 (23.2%) $824,698 (14.5%) 1.37 721
    2021-10-01 $524,312 (31.1%) $857,559 (18.6%) 1.40 695
    2021-11-01 $524,700 (27.7%) $853,248 (14.0%) 1.40 597
    2021-12-01 $509,500 (22.7%) $873,876 (13.7%) 1.38 523
    2022-01-01 $499,900 (13.4%) $882,812 (11.3%) 1.35 419
    2022-02-01 $550,000 (24.4%) $918,629 (13.0%) 1.43 380
    2022-03-01 $579,950 (27.5%) $977,672 (20.6%) 1.45 370
    2022-04-01 $599,365 (33.3%) $997,666 (18.7%) 1.43 451
    2022-05-01 $649,975 (37.3%) $1,078,441 (31.3%) 1.49 604
    2022-06-01 $646,211 (32.7%) $1,073,336 (29.3%) 1.44 732
    2022-07-01 $625,000 (25.3%) $1,030,953 (23.8%) 1.41 876
    2022-08-01 $631,783 (16.9%) $1,016,137 (20.8%) 1.46 934
    2022-09-01 $642,225 (25.3%) $1,027,480 (24.6%) 1.50 935
    2022-10-01 $632,500 (20.6%) $1,007,952 (17.5%) 1.49 964
    2022-11-01 $627,408 (19.6%) $1,008,415 (18.2%) 1.51 1,047
    2022-12-01 $629,000 (23.5%) $1,010,153 (15.6%) 1.55 1,022
    2023-01-01 $624,225 (24.9%) $997,054 (12.9%) 1.54 961
    2023-02-01 $636,451 (15.7%) $1,003,380 (9.2%) 1.54 920
    2023-03-01 $649,375 (12.0%) $1,046,692 (7.1%) 1.53 885
    2023-04-01 $647,500 (8.0%) $1,049,227 (5.2%) 1.51 898
    Hilton Head Island's median listing price for 2023-04-01 was $647,500, a difference of $48,135 (8.0%) versus the prior year and $-1,875 versus the prior month.

    Hilton Head Island's median listing price comes in at 151% of the national average.

    Hilton Head Island's average listing price for 2023-04-01 was $1,049,227, a difference of $51,561 (5.2%) versus the prior year and $2,535 versus the prior month.

    For the 2023-04-01 period, Hilton Head Island had 898 MLS listings, a difference of 13 listings (1%) versus the prior month and 447 listings (99%) 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 2,150 sqft
    2018-02-01 120 days 2,173 sqft
    2018-03-01 107 days 2,159 sqft
    2018-04-01 84 days 2,146 sqft
    2018-05-01 89 days 2,142 sqft
    2018-06-01 92 days 2,125 sqft
    2018-07-01 100 days 2,115 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 2,143 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
    2019-08-01 120 days 2,173 sqft
    2019-09-01 127 days 2,192 sqft
    2019-10-01 124 days 2,185 sqft
    2019-11-01 119 days 2,200 sqft
    2019-12-01 120 days 2,186 sqft
    2020-01-01 119 days 2,161 sqft
    2020-02-01 121 days 2,174 sqft
    2020-03-01 115 days 2,201 sqft
    2020-04-01 103 days 2,160 sqft
    2020-05-01 107 days 2,130 sqft
    2020-06-01 116 days 2,143 sqft
    2020-07-01 121 days 2,189 sqft
    2020-08-01 93 days 2,186 sqft
    2020-09-01 81 days 2,140 sqft
    2020-10-01 77 days 2,135 sqft
    2020-11-01 77 days 2,121 sqft
    2020-12-01 88 days 2,134 sqft
    2021-01-01 89 days 2,118 sqft
    2021-02-01 84 days 2,035 sqft
    2021-03-01 64 days 2,092 sqft
    2021-04-01 52 days 2,066 sqft
    2021-05-01 49 days 2,027 sqft
    2021-06-01 42 days 1,958 sqft
    2021-07-01 50 days 1,983 sqft
    2021-08-01 53 days 2,024 sqft
    2021-09-01 52 days 1,972 sqft
    2021-10-01 58 days 2,025 sqft
    2021-11-01 61 days 1,965 sqft
    2021-12-01 67 days 1,983 sqft
    2022-01-01 78 days 1,989 sqft
    2022-02-01 49 days 2,020 sqft
    2022-03-01 33 days 2,082 sqft
    2022-04-01 31 days 2,094 sqft
    2022-05-01 32 days 2,168 sqft
    2022-06-01 34 days 2,115 sqft
    2022-07-01 42 days 2,059 sqft
    2022-08-01 50 days 2,093 sqft
    2022-09-01 56 days 2,096 sqft
    2022-10-01 60 days 2,145 sqft
    2022-11-01 59 days 2,124 sqft
    2022-12-01 66 days 2,131 sqft
    2023-01-01 77 days 2,120 sqft
    2023-02-01 73 days 2,163 sqft
    2023-03-01 58 days 2,225 sqft
    2023-04-01 53 days 2,184 sqft
    Hilton Head Island's median listing age (time on market) for 2023-04-01 was 53 days. This is 71% longer than the same period one year ago.

    Hilton Head Island's median square footage for active listings during the 2023-04-01 period was 2,184 sqft. One year prior, the average listing was 2,094 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).