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 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 6.2% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

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

The average rate for the prior week (2024-02-23) was 6.19% and one month ago for the week of 2024-01-26, the average rate was 5.69%.

The average rate one year ago was 5.72%.

For refis of the same type during the week of 2024-03-01, the average rate was 4.93%.

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 $424,243 (2.6%) $643,930 (6.5%) 1.39 2,925
2019-04-01 $432,400 (2.5%) $659,020 (5.9%) 1.37 2,994
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 $434,727 (2.0%) $658,280 (3.2%) 1.38 2,838
2019-09-01 $434,318 (3.7%) $659,134 (5.3%) 1.39 2,780
2019-10-01 $436,878 (2.6%) $663,724 (2.9%) 1.41 2,724
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 (2.5%) $667,773 (3.7%) 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 (-0.2%) $708,463 (7.6%) 1.24 1,818
2020-09-01 $415,875 (-4.3%) $720,099 (9.3%) 1.19 1,637
2020-10-01 $400,000 (-8.4%) $723,318 (9.0%) 1.15 1,441
2020-11-01 $412,000 (-5.3%) $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%) $809,143 (21.2%) 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 (27.4%) $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 (20.8%) 1.45 370
2022-04-01 $599,365 (33.3%) $993,575 (18.3%) 1.43 451
2022-05-01 $650,000 (37.3%) $1,078,437 (31.3%) 1.49 604
2022-06-01 $647,807 (33.0%) $1,072,805 (29.2%) 1.44 732
2022-07-01 $625,000 (25.3%) $1,030,953 (23.8%) 1.41 876
2022-08-01 $629,500 (16.5%) $1,015,593 (20.8%) 1.46 934
2022-09-01 $642,450 (25.4%) $1,027,206 (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 $628,775 (23.4%) $1,005,863 (15.1%) 1.55 1,022
2023-01-01 $624,450 (24.9%) $996,950 (12.9%) 1.55 961
2023-02-01 $634,901 (15.4%) $1,001,611 (9.0%) 1.53 920
2023-03-01 $649,375 (12.0%) $1,045,973 (7.0%) 1.53 885
2023-04-01 $645,000 (7.6%) $1,047,448 (5.4%) 1.50 898
2023-05-01 $648,875 (-0.2%) $1,039,516 (-3.6%) 1.47 889
2023-06-01 $622,450 (-3.9%) $991,419 (-7.6%) 1.40 947
2023-07-01 $620,000 (-0.8%) $1,008,721 (-2.2%) 1.41 1,015
2023-08-01 $601,700 (-4.4%) $1,000,390 (-1.5%) 1.38 1,046
2023-09-01 $599,900 (-6.6%) $980,978 (-4.5%) 1.40 1,132
2023-10-01 $599,000 (-5.3%) $1,009,495 (0.2%) 1.41 1,253
2023-11-01 $589,000 (-6.1%) $991,953 (-1.6%) 1.40 1,363
2023-12-01 $571,908 (-9.0%) $980,797 (-2.5%) 1.39 1,331
2024-01-01 $582,500 (-6.7%) $1,010,451 (1.4%) 1.42 1,302
Hilton Head Island's median listing price for 2024-01-01 was $582,500, a difference of $-41,950 (-6.7%) versus the prior year and $10,592 versus the prior month.

Hilton Head Island's median listing price comes in at 142% of the national average.

Hilton Head Island's average listing price for 2024-01-01 was $1,010,451, a difference of $13,501 (1.4%) versus the prior year and $29,654 versus the prior month.

For the 2024-01-01 period, Hilton Head Island had 1,302 MLS listings, a difference of -29 listings (-2%) versus the prior month and 341 listings (35%) 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
2018-01-01 103 days 2,151 sqft
2018-02-01 102 days 2,174 sqft
2018-03-01 78 days 2,161 sqft
2018-04-01 68 days 2,146 sqft
2018-05-01 74 days 2,142 sqft
2018-06-01 78 days 2,126 sqft
2018-07-01 85 days 2,116 sqft
2018-08-01 89 days 2,155 sqft
2018-09-01 94 days 2,125 sqft
2018-10-01 92 days 2,168 sqft
2018-11-01 88 days 2,155 sqft
2018-12-01 93 days 2,161 sqft
2019-01-01 101 days 2,141 sqft
2019-02-01 103 days 2,139 sqft
2019-03-01 95 days 2,150 sqft
2019-04-01 85 days 2,167 sqft
2019-05-01 91 days 2,188 sqft
2019-06-01 94 days 2,212 sqft
2019-07-01 103 days 2,175 sqft
2019-08-01 106 days 2,176 sqft
2019-09-01 112 days 2,175 sqft
2019-10-01 107 days 2,185 sqft
2019-11-01 98 days 2,200 sqft
2019-12-01 97 days 2,187 sqft
2020-01-01 102 days 2,161 sqft
2020-02-01 104 days 2,174 sqft
2020-03-01 83 days 2,201 sqft
2020-04-01 81 days 2,160 sqft
2020-05-01 89 days 2,131 sqft
2020-06-01 98 days 2,144 sqft
2020-07-01 94 days 2,189 sqft
2020-08-01 71 days 2,186 sqft
2020-09-01 67 days 2,142 sqft
2020-10-01 65 days 2,135 sqft
2020-11-01 66 days 2,122 sqft
2020-12-01 74 days 2,135 sqft
2021-01-01 79 days 2,118 sqft
2021-02-01 67 days 2,038 sqft
2021-03-01 52 days 2,092 sqft
2021-04-01 44 days 2,067 sqft
2021-05-01 43 days 2,032 sqft
2021-06-01 38 days 1,960 sqft
2021-07-01 46 days 1,985 sqft
2021-08-01 50 days 2,026 sqft
2021-09-01 49 days 1,973 sqft
2021-10-01 57 days 2,026 sqft
2021-11-01 59 days 1,966 sqft
2021-12-01 64 days 1,983 sqft
2022-01-01 74 days 1,989 sqft
2022-02-01 46 days 2,020 sqft
2022-03-01 33 days 2,083 sqft
2022-04-01 31 days 2,094 sqft
2022-05-01 32 days 2,169 sqft
2022-06-01 33 days 2,121 sqft
2022-07-01 41 days 2,064 sqft
2022-08-01 50 days 2,093 sqft
2022-09-01 56 days 2,097 sqft
2022-10-01 60 days 2,145 sqft
2022-11-01 58 days 2,120 sqft
2022-12-01 65 days 2,115 sqft
2023-01-01 75 days 2,118 sqft
2023-02-01 72 days 2,162 sqft
2023-03-01 56 days 2,227 sqft
2023-04-01 52 days 2,186 sqft
2023-05-01 50 days 2,134 sqft
2023-06-01 52 days 2,091 sqft
2023-07-01 52 days 2,031 sqft
2023-08-01 53 days 1,987 sqft
2023-09-01 56 days 1,980 sqft
2023-10-01 53 days 1,993 sqft
2023-11-01 56 days 1,982 sqft
2023-12-01 66 days 1,980 sqft
2024-01-01 79 days 2,001 sqft
Hilton Head Island's median listing age (time on market) for 2024-01-01 was 79 days. This is 5% longer than the same period one year ago.

Hilton Head Island's median square footage for active listings during the 2024-01-01 period was 2,001 sqft. One year prior, the average listing was 2,118 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).