Myrtle Beach FHA Loan Rates, Closing Costs & Stats
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC
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.
Myrtle Beach's 192 lenders originated 2,224 FHA loans during 2023. The total origination value was $592,480,000, with an average FHA loan value of $266,403.
Myrtle Beach FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Myrtle Beach
averaged
6.68%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Myrtle Beach's average FHA mortgage closing costs are $8,140.
The average rate for the prior week (2024-04-12) was
6.77% and
one month ago for the week of 2024-03-15, the
average rate was 6.74%.
The average rate one year ago was 6.17%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.17%.
Myrtle Beach 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 Myrtle Beach level.
The top Myrtle Beach FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with
318 FHA loans originated. Their average total fees are
$8,049, which is $4,204
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Myrtle Beach FHA lenders (with over 10 loans originated) are
PULTE MORTGAGE LLC ($7,575), DHI MORTGAGE COMPANY, LTD. ($8,049), Flagstar Bank, FSB ($9,170), FBC MORTGAGE, LLC ($9,253) and NEWREZ LLC ($9,317).
The lowest rate Myrtle Beach FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.32%), FBC MORTGAGE, LLC (5.49%), EAGLE HOME MORTGAGE, LLC (5.83%), PENNYMAC LOAN SERVICES, LLC (6.01%) and AMERISAVE MORTGAGE CORPORATION (6.03%).
Myrtle Beach FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | BRUNSWICK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | HORRY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | BRUNSWICK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | HORRY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Myrtle Beach (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 | $245,345 (6.7%) | $318,253 (7.4%) | 0.91 | 6,641 |
| 2018-02-01 | $247,531 (7.7%) | $316,233 (6.2%) | 0.90 | 6,823 |
| 2018-03-01 | $249,000 (6.0%) | $319,276 (5.5%) | 0.87 | 7,024 |
| 2018-04-01 | $249,900 (4.6%) | $326,046 (4.7%) | 0.85 | 7,034 |
| 2018-05-01 | $252,498 (5.3%) | $329,157 (4.6%) | 0.84 | 6,969 |
| 2018-06-01 | $259,900 (7.7%) | $335,091 (4.2%) | 0.87 | 6,870 |
| 2018-07-01 | $260,213 (6.3%) | $335,520 (4.8%) | 0.87 | 6,710 |
| 2018-08-01 | $259,168 (4.8%) | $332,222 (3.2%) | 0.87 | 6,759 |
| 2018-09-01 | $257,500 (3.4%) | $332,379 (2.8%) | 0.87 | 6,671 |
| 2018-10-01 | $249,988 (0.4%) | $324,731 (0.7%) | 0.85 | 6,660 |
| 2018-11-01 | $250,950 (2.4%) | $323,931 (0.4%) | 0.85 | 6,630 |
| 2018-12-01 | $250,000 (2.0%) | $321,139 (-0.1%) | 0.86 | 6,596 |
| 2019-01-01 | $251,695 (2.6%) | $319,625 (0.4%) | 0.87 | 6,529 |
| 2019-02-01 | $253,050 (2.2%) | $322,489 (2.0%) | 0.85 | 6,791 |
| 2019-03-01 | $255,449 (2.6%) | $324,972 (1.8%) | 0.84 | 7,012 |
| 2019-04-01 | $259,900 (4.0%) | $329,551 (1.1%) | 0.83 | 7,209 |
| 2019-05-01 | $264,200 (4.6%) | $334,994 (1.8%) | 0.83 | 7,160 |
| 2019-06-01 | $263,500 (1.4%) | $334,669 (-0.1%) | 0.82 | 7,110 |
| 2019-07-01 | $260,000 (-0.1%) | $334,427 (-0.3%) | 0.81 | 7,030 |
| 2019-08-01 | $262,155 (1.2%) | $336,308 (1.2%) | 0.83 | 6,949 |
| 2019-09-01 | $265,386 (3.1%) | $337,239 (1.5%) | 0.85 | 6,879 |
| 2019-10-01 | $266,898 (6.8%) | $337,202 (3.8%) | 0.86 | 6,836 |
| 2019-11-01 | $265,000 (5.6%) | $336,929 (4.0%) | 0.87 | 6,796 |
| 2019-12-01 | $264,900 (6.0%) | $335,154 (4.4%) | 0.88 | 6,596 |
| 2020-01-01 | $259,900 (3.3%) | $331,222 (3.6%) | 0.87 | 6,376 |
| 2020-02-01 | $262,000 (3.5%) | $332,703 (3.2%) | 0.86 | 6,431 |
| 2020-03-01 | $261,200 (2.3%) | $335,754 (3.3%) | 0.82 | 6,621 |
| 2020-04-01 | $259,900 (0.0%) | $331,226 (0.5%) | 0.81 | 6,894 |
| 2020-05-01 | $261,995 (-0.8%) | $336,674 (0.5%) | 0.80 | 6,652 |
| 2020-06-01 | $264,900 (0.5%) | $339,381 (1.4%) | 0.78 | 5,962 |
| 2020-07-01 | $262,450 (0.9%) | $339,663 (1.6%) | 0.76 | 5,620 |
| 2020-08-01 | $260,444 (-0.7%) | $339,148 (0.8%) | 0.75 | 5,405 |
| 2020-09-01 | $260,120 (-2.0%) | $341,248 (1.2%) | 0.75 | 5,068 |
| 2020-10-01 | $262,990 (-1.5%) | $346,093 (2.6%) | 0.75 | 4,835 |
| 2020-11-01 | $264,200 (-0.3%) | $344,601 (2.3%) | 0.77 | 4,582 |
| 2020-12-01 | $259,995 (-1.9%) | $339,941 (1.4%) | 0.77 | 4,469 |
| 2021-01-01 | $259,900 (0.0%) | $337,006 (1.8%) | 0.78 | 4,104 |
| 2021-02-01 | $262,896 (0.3%) | $341,440 (2.6%) | 0.77 | 3,484 |
| 2021-03-01 | $273,015 (4.5%) | $358,533 (6.8%) | 0.77 | 2,947 |
| 2021-04-01 | $291,175 (12.0%) | $380,422 (14.9%) | 0.79 | 2,476 |
| 2021-05-01 | $311,185 (18.8%) | $415,825 (23.5%) | 0.83 | 1,986 |
| 2021-06-01 | $329,000 (24.2%) | $438,907 (29.3%) | 0.87 | 1,883 |
| 2021-07-01 | $358,900 (36.8%) | $456,133 (34.3%) | 0.95 | 1,966 |
| 2021-08-01 | $358,198 (37.5%) | $456,808 (34.7%) | 0.96 | 2,211 |
| 2021-09-01 | $356,348 (37.0%) | $453,854 (33.0%) | 0.95 | 2,343 |
| 2021-10-01 | $366,045 (39.2%) | $464,347 (34.2%) | 0.98 | 2,391 |
| 2021-11-01 | $365,539 (38.4%) | $464,570 (34.8%) | 0.98 | 2,302 |
| 2021-12-01 | $370,533 (42.5%) | $468,922 (37.9%) | 1.00 | 1,999 |
| 2022-01-01 | $372,000 (43.1%) | $471,861 (40.0%) | 1.01 | 1,785 |
| 2022-02-01 | $394,808 (50.2%) | $512,079 (50.0%) | 1.03 | 1,362 |
| 2022-03-01 | $399,555 (46.4%) | $520,708 (45.2%) | 1.00 | 1,358 |
| 2022-04-01 | $399,000 (37.0%) | $522,855 (37.4%) | 0.95 | 1,570 |
| 2022-05-01 | $389,900 (25.3%) | $514,022 (23.6%) | 0.89 | 2,152 |
| 2022-06-01 | $389,655 (18.4%) | $510,846 (16.4%) | 0.87 | 2,705 |
| 2022-07-01 | $383,663 (6.9%) | $498,701 (9.3%) | 0.86 | 3,337 |
| 2022-08-01 | $381,175 (6.4%) | $488,608 (7.0%) | 0.88 | 3,645 |
| 2022-09-01 | $382,675 (7.4%) | $487,642 (7.4%) | 0.89 | 3,909 |
| 2022-10-01 | $379,370 (3.6%) | $480,837 (3.6%) | 0.89 | 4,153 |
| 2022-11-01 | $374,172 (2.4%) | $470,550 (1.3%) | 0.90 | 4,443 |
| 2022-12-01 | $365,815 (-1.3%) | $462,487 (-1.4%) | 0.90 | 4,478 |
| 2023-01-01 | $362,500 (-2.6%) | $458,294 (-2.9%) | 0.90 | 4,288 |
| 2023-02-01 | $364,059 (-7.8%) | $458,158 (-10.5%) | 0.88 | 4,042 |
| 2023-03-01 | $365,095 (-8.6%) | $462,122 (-11.3%) | 0.86 | 3,929 |
| 2023-04-01 | $366,948 (-8.0%) | $470,655 (-10.0%) | 0.85 | 3,857 |
| 2023-05-01 | $365,974 (-6.1%) | $466,433 (-9.3%) | 0.83 | 3,968 |
| 2023-06-01 | $365,151 (-6.3%) | $468,436 (-8.3%) | 0.82 | 4,037 |
| 2023-07-01 | $359,900 (-6.2%) | $464,469 (-6.9%) | 0.82 | 4,169 |
| 2023-08-01 | $355,784 (-6.7%) | $494,873 (1.3%) | 0.82 | 4,349 |
| 2023-09-01 | $350,000 (-8.5%) | $458,571 (-6.0%) | 0.81 | 4,508 |
| 2023-10-01 | $350,000 (-7.7%) | $459,288 (-4.5%) | 0.82 | 4,814 |
| 2023-11-01 | $350,000 (-6.5%) | $456,685 (-3.0%) | 0.83 | 5,141 |
| 2023-12-01 | $349,900 (-4.4%) | $448,667 (-3.0%) | 0.85 | 5,232 |
| 2024-01-01 | $345,884 (-4.6%) | $445,109 (-2.9%) | 0.84 | 5,367 |
| 2024-02-01 | $345,875 (-5.0%) | $446,242 (-2.6%) | 0.83 | 5,702 |
| 2024-03-01 | $346,900 (-5.0%) | $449,433 (-2.8%) | 0.82 | 5,951 |
Myrtle Beach's median listing price comes in at 82% of the national average.
Myrtle Beach's average listing price for 2024-03-01 was $449,433, a difference of $-12,689 (-2.8%) versus the prior year and $3,191 versus the prior month.
For the 2024-03-01 period, Myrtle Beach had 5,951 MLS listings, a difference of 249 listings (4%) versus the prior month and 2,022 listings (51%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Myrtle Beach (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 99 days | 1,701 sqft |
| 2018-02-01 | 94 days | 1,701 sqft |
| 2018-03-01 | 75 days | 1,701 sqft |
| 2018-04-01 | 73 days | 1,701 sqft |
| 2018-05-01 | 73 days | 1,701 sqft |
| 2018-06-01 | 79 days | 1,701 sqft |
| 2018-07-01 | 85 days | 1,701 sqft |
| 2018-08-01 | 82 days | 1,701 sqft |
| 2018-09-01 | 87 days | 1,701 sqft |
| 2018-10-01 | 91 days | 1,650 sqft |
| 2018-11-01 | 95 days | 1,647 sqft |
| 2018-12-01 | 102 days | 1,651 sqft |
| 2019-01-01 | 94 days | 1,626 sqft |
| 2019-02-01 | 89 days | 1,605 sqft |
| 2019-03-01 | 79 days | 1,539 sqft |
| 2019-04-01 | 74 days | 1,451 sqft |
| 2019-05-01 | 76 days | 1,451 sqft |
| 2019-06-01 | 81 days | 1,451 sqft |
| 2019-07-01 | 82 days | 1,501 sqft |
| 2019-08-01 | 84 days | 1,511 sqft |
| 2019-09-01 | 84 days | 1,526 sqft |
| 2019-10-01 | 85 days | 1,536 sqft |
| 2019-11-01 | 86 days | 1,550 sqft |
| 2019-12-01 | 90 days | 1,601 sqft |
| 2020-01-01 | 96 days | 1,636 sqft |
| 2020-02-01 | 93 days | 1,651 sqft |
| 2020-03-01 | 71 days | 1,650 sqft |
| 2020-04-01 | 76 days | 1,650 sqft |
| 2020-05-01 | 86 days | 1,651 sqft |
| 2020-06-01 | 92 days | 1,686 sqft |
| 2020-07-01 | 77 days | 1,677 sqft |
| 2020-08-01 | 68 days | 1,660 sqft |
| 2020-09-01 | 68 days | 1,650 sqft |
| 2020-10-01 | 68 days | 1,650 sqft |
| 2020-11-01 | 68 days | 1,637 sqft |
| 2020-12-01 | 72 days | 1,620 sqft |
| 2021-01-01 | 75 days | 1,610 sqft |
| 2021-02-01 | 73 days | 1,600 sqft |
| 2021-03-01 | 56 days | 1,605 sqft |
| 2021-04-01 | 52 days | 1,652 sqft |
| 2021-05-01 | 46 days | 1,671 sqft |
| 2021-06-01 | 41 days | 1,687 sqft |
| 2021-07-01 | 37 days | 1,723 sqft |
| 2021-08-01 | 35 days | 1,729 sqft |
| 2021-09-01 | 39 days | 1,741 sqft |
| 2021-10-01 | 41 days | 1,831 sqft |
| 2021-11-01 | 44 days | 1,805 sqft |
| 2021-12-01 | 57 days | 1,812 sqft |
| 2022-01-01 | 64 days | 1,821 sqft |
| 2022-02-01 | 48 days | 1,814 sqft |
| 2022-03-01 | 37 days | 1,804 sqft |
| 2022-04-01 | 29 days | 1,726 sqft |
| 2022-05-01 | 26 days | 1,710 sqft |
| 2022-06-01 | 32 days | 1,700 sqft |
| 2022-07-01 | 39 days | 1,673 sqft |
| 2022-08-01 | 45 days | 1,672 sqft |
| 2022-09-01 | 52 days | 1,693 sqft |
| 2022-10-01 | 58 days | 1,702 sqft |
| 2022-11-01 | 65 days | 1,702 sqft |
| 2022-12-01 | 67 days | 1,711 sqft |
| 2023-01-01 | 77 days | 1,701 sqft |
| 2023-02-01 | 79 days | 1,713 sqft |
| 2023-03-01 | 62 days | 1,720 sqft |
| 2023-04-01 | 53 days | 1,715 sqft |
| 2023-05-01 | 51 days | 1,701 sqft |
| 2023-06-01 | 51 days | 1,674 sqft |
| 2023-07-01 | 55 days | 1,648 sqft |
| 2023-08-01 | 55 days | 1,618 sqft |
| 2023-09-01 | 55 days | 1,618 sqft |
| 2023-10-01 | 57 days | 1,600 sqft |
| 2023-11-01 | 59 days | 1,601 sqft |
| 2023-12-01 | 66 days | 1,580 sqft |
| 2024-01-01 | 72 days | 1,576 sqft |
| 2024-02-01 | 62 days | 1,561 sqft |
| 2024-03-01 | 57 days | 1,554 sqft |
Myrtle Beach's median square footage for active listings during the 2024-03-01 period was 1,554 sqft. One year prior, the average listing was 1,720 sqft.