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 188 lenders originated 2,112 FHA loans during 2022. The total origination value was $521,490,000, with an average FHA loan value of $246,918.
Myrtle Beach FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Myrtle Beach
averaged
6.14%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Myrtle Beach's average FHA mortgage closing costs are $7,491.
The average rate for the prior week (2023-05-19) was
5.82% and
one month ago for the week of 2023-04-21, the
average rate was 5.86%.
The average rate one year ago was 5.07%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.16%.
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 QUICKEN LOANS, LLC, with
209 FHA loans originated. Their average total fees are
$11,084, which is $2,224
higher than the next largest lender,
DHI MORTGAGE COMPANY, LTD..
The lowest fee Myrtle Beach FHA lenders (with over 10 loans originated) are
PULTE MORTGAGE LLC ($7,343), LAKEVIEW LOAN SERVICING, LLC ($7,573), Gateway First Bank ($7,662), Flagstar Bank, FSB ($8,397) and ANGEL OAK HOME LOANS LLC ($8,622).
The lowest rate Myrtle Beach FHA lenders (with over 10 loans originated) are
AMERICAN FINANCIAL RESOURCES, INC. (3.60%), LAKEVIEW LOAN SERVICING, LLC (4.14%), DHI MORTGAGE COMPANY, LTD. (4.18%), ON Q FINANCIAL, INC. (4.25%) and AMERISAVE MORTGAGE CORPORATION (4.38%).
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 | $245,138 (6.7%) | $318,063 (7.5%) | 0.91 | 6,620 |
| 2018-02-01 | $247,883 (7.8%) | $316,139 (6.3%) | 0.90 | 6,801 |
| 2018-03-01 | $249,000 (6.0%) | $319,239 (5.6%) | 0.87 | 7,002 |
| 2018-04-01 | $249,900 (4.6%) | $326,080 (4.8%) | 0.85 | 7,013 |
| 2018-05-01 | $253,150 (5.5%) | $329,170 (4.6%) | 0.85 | 6,946 |
| 2018-06-01 | $259,900 (7.7%) | $335,093 (4.2%) | 0.87 | 6,846 |
| 2018-07-01 | $260,000 (6.2%) | $335,340 (4.9%) | 0.87 | 6,692 |
| 2018-08-01 | $259,000 (4.9%) | $332,048 (3.2%) | 0.87 | 6,738 |
| 2018-09-01 | $257,500 (3.4%) | $332,235 (2.8%) | 0.87 | 6,653 |
| 2018-10-01 | $249,981 (0.6%) | $324,602 (0.8%) | 0.85 | 6,639 |
| 2018-11-01 | $251,481 (2.7%) | $323,891 (0.5%) | 0.85 | 6,609 |
| 2018-12-01 | $250,000 (2.0%) | $321,131 (0.0%) | 0.86 | 6,575 |
| 2019-01-01 | $251,906 (2.8%) | $319,246 (0.4%) | 0.87 | 6,506 |
| 2019-02-01 | $252,950 (2.0%) | $321,953 (1.8%) | 0.85 | 6,772 |
| 2019-03-01 | $253,990 (2.0%) | $323,666 (1.4%) | 0.85 | 6,988 |
| 2019-04-01 | $259,900 (4.0%) | $328,101 (0.6%) | 0.83 | 7,192 |
| 2019-05-01 | $264,238 (4.4%) | $334,518 (1.6%) | 0.83 | 7,137 |
| 2019-06-01 | $263,500 (1.4%) | $334,366 (-0.2%) | 0.82 | 7,091 |
| 2019-07-01 | $259,983 (0.0%) | $333,905 (-0.4%) | 0.81 | 7,009 |
| 2019-08-01 | $265,000 (2.3%) | $338,714 (2.0%) | 0.83 | 6,901 |
| 2019-09-01 | $269,894 (4.8%) | $342,338 (3.0%) | 0.85 | 6,492 |
| 2019-10-01 | $267,445 (7.0%) | $336,950 (3.8%) | 0.86 | 6,803 |
| 2019-11-01 | $265,000 (5.4%) | $336,543 (3.9%) | 0.87 | 6,772 |
| 2019-12-01 | $264,900 (6.0%) | $335,038 (4.3%) | 0.88 | 6,574 |
| 2020-01-01 | $259,900 (3.2%) | $331,099 (3.7%) | 0.87 | 6,354 |
| 2020-02-01 | $260,159 (2.9%) | $331,921 (3.1%) | 0.85 | 6,402 |
| 2020-03-01 | $261,025 (2.8%) | $334,916 (3.5%) | 0.82 | 6,593 |
| 2020-04-01 | $259,698 (-0.1%) | $330,342 (0.7%) | 0.81 | 6,867 |
| 2020-05-01 | $261,025 (-1.2%) | $335,955 (0.4%) | 0.79 | 6,628 |
| 2020-06-01 | $264,900 (0.5%) | $338,609 (1.3%) | 0.78 | 5,941 |
| 2020-07-01 | $262,412 (0.9%) | $338,785 (1.5%) | 0.76 | 5,601 |
| 2020-08-01 | $259,990 (-1.9%) | $338,198 (-0.2%) | 0.75 | 5,386 |
| 2020-09-01 | $259,900 (-3.7%) | $340,523 (-0.5%) | 0.74 | 5,051 |
| 2020-10-01 | $261,770 (-2.1%) | $345,503 (2.5%) | 0.75 | 4,807 |
| 2020-11-01 | $263,505 (-0.6%) | $344,287 (2.3%) | 0.77 | 4,549 |
| 2020-12-01 | $259,900 (-1.9%) | $339,667 (1.4%) | 0.77 | 4,429 |
| 2021-01-01 | $259,240 (-0.3%) | $336,497 (1.6%) | 0.77 | 4,065 |
| 2021-02-01 | $261,923 (0.7%) | $341,315 (2.8%) | 0.76 | 3,449 |
| 2021-03-01 | $272,754 (4.5%) | $358,388 (7.0%) | 0.77 | 2,923 |
| 2021-04-01 | $290,696 (11.9%) | $380,515 (15.2%) | 0.79 | 2,461 |
| 2021-05-01 | $310,000 (18.8%) | $415,142 (23.6%) | 0.82 | 1,974 |
| 2021-06-01 | $327,500 (23.6%) | $438,169 (29.4%) | 0.86 | 1,871 |
| 2021-07-01 | $359,000 (36.8%) | $455,729 (34.5%) | 0.95 | 1,957 |
| 2021-08-01 | $357,195 (37.4%) | $455,912 (34.8%) | 0.95 | 2,201 |
| 2021-09-01 | $354,508 (36.4%) | $452,653 (32.9%) | 0.95 | 2,328 |
| 2021-10-01 | $365,495 (39.6%) | $463,494 (34.2%) | 0.97 | 2,375 |
| 2021-11-01 | $365,600 (38.7%) | $463,687 (34.7%) | 0.98 | 2,287 |
| 2021-12-01 | $369,925 (42.3%) | $466,837 (37.4%) | 1.00 | 1,985 |
| 2022-01-01 | $371,230 (43.2%) | $469,702 (39.6%) | 1.00 | 1,772 |
| 2022-02-01 | $392,115 (49.7%) | $511,881 (50.0%) | 1.02 | 1,353 |
| 2022-03-01 | $399,900 (46.6%) | $522,448 (45.8%) | 1.00 | 1,349 |
| 2022-04-01 | $397,505 (36.7%) | $522,954 (37.4%) | 0.95 | 1,555 |
| 2022-05-01 | $389,450 (25.6%) | $514,677 (24.0%) | 0.89 | 2,139 |
| 2022-06-01 | $389,160 (18.8%) | $510,375 (16.5%) | 0.87 | 2,692 |
| 2022-07-01 | $382,945 (6.7%) | $498,857 (9.5%) | 0.87 | 3,328 |
| 2022-08-01 | $381,137 (6.7%) | $488,707 (7.2%) | 0.88 | 3,635 |
| 2022-09-01 | $382,450 (7.9%) | $487,023 (7.6%) | 0.89 | 3,901 |
| 2022-10-01 | $379,000 (3.7%) | $480,956 (3.8%) | 0.89 | 4,150 |
| 2022-11-01 | $373,509 (2.2%) | $470,578 (1.5%) | 0.90 | 4,439 |
| 2022-12-01 | $365,650 (-1.2%) | $462,545 (-0.9%) | 0.90 | 4,475 |
| 2023-01-01 | $362,500 (-2.4%) | $458,227 (-2.4%) | 0.90 | 4,287 |
| 2023-02-01 | $364,195 (-7.1%) | $458,511 (-10.4%) | 0.88 | 4,042 |
| 2023-03-01 | $364,950 (-8.7%) | $462,179 (-11.5%) | 0.86 | 3,929 |
| 2023-04-01 | $367,500 (-7.6%) | $470,977 (-9.9%) | 0.85 | 3,857 |
Myrtle Beach's median listing price comes in at 85% of the national average.
Myrtle Beach's average listing price for 2023-04-01 was $470,977, a difference of $-51,977 (-9.9%) versus the prior year and $8,798 versus the prior month.
For the 2023-04-01 period, Myrtle Beach had 3,857 MLS listings, a difference of -72 listings (-2%) versus the prior month and 2,302 listings (148%) 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 | 108 days | 1,701 sqft |
| 2018-02-01 | 105 days | 1,701 sqft |
| 2018-03-01 | 94 days | 1,701 sqft |
| 2018-04-01 | 83 days | 1,701 sqft |
| 2018-05-01 | 83 days | 1,701 sqft |
| 2018-06-01 | 89 days | 1,701 sqft |
| 2018-07-01 | 95 days | 1,701 sqft |
| 2018-08-01 | 93 days | 1,701 sqft |
| 2018-09-01 | 99 days | 1,701 sqft |
| 2018-10-01 | 103 days | 1,647 sqft |
| 2018-11-01 | 105 days | 1,648 sqft |
| 2018-12-01 | 115 days | 1,651 sqft |
| 2019-01-01 | 105 days | 1,626 sqft |
| 2019-02-01 | 100 days | 1,604 sqft |
| 2019-03-01 | 87 days | 1,501 sqft |
| 2019-04-01 | 82 days | 1,501 sqft |
| 2019-05-01 | 87 days | 1,510 sqft |
| 2019-06-01 | 92 days | 1,550 sqft |
| 2019-07-01 | 92 days | 1,594 sqft |
| 2019-08-01 | 101 days | 1,604 sqft |
| 2019-09-01 | 103 days | 1,620 sqft |
| 2019-10-01 | 95 days | 1,602 sqft |
| 2019-11-01 | 96 days | 1,601 sqft |
| 2019-12-01 | 102 days | 1,650 sqft |
| 2020-01-01 | 106 days | 1,650 sqft |
| 2020-02-01 | 102 days | 1,651 sqft |
| 2020-03-01 | 85 days | 1,650 sqft |
| 2020-04-01 | 85 days | 1,650 sqft |
| 2020-05-01 | 94 days | 1,650 sqft |
| 2020-06-01 | 102 days | 1,679 sqft |
| 2020-07-01 | 97 days | 1,676 sqft |
| 2020-08-01 | 80 days | 1,660 sqft |
| 2020-09-01 | 79 days | 1,650 sqft |
| 2020-10-01 | 80 days | 1,648 sqft |
| 2020-11-01 | 79 days | 1,633 sqft |
| 2020-12-01 | 81 days | 1,620 sqft |
| 2021-01-01 | 86 days | 1,609 sqft |
| 2021-02-01 | 83 days | 1,600 sqft |
| 2021-03-01 | 67 days | 1,601 sqft |
| 2021-04-01 | 60 days | 1,651 sqft |
| 2021-05-01 | 52 days | 1,668 sqft |
| 2021-06-01 | 44 days | 1,681 sqft |
| 2021-07-01 | 41 days | 1,719 sqft |
| 2021-08-01 | 37 days | 1,728 sqft |
| 2021-09-01 | 41 days | 1,736 sqft |
| 2021-10-01 | 43 days | 1,833 sqft |
| 2021-11-01 | 45 days | 1,805 sqft |
| 2021-12-01 | 58 days | 1,812 sqft |
| 2022-01-01 | 66 days | 1,821 sqft |
| 2022-02-01 | 49 days | 1,814 sqft |
| 2022-03-01 | 38 days | 1,804 sqft |
| 2022-04-01 | 30 days | 1,725 sqft |
| 2022-05-01 | 28 days | 1,708 sqft |
| 2022-06-01 | 33 days | 1,699 sqft |
| 2022-07-01 | 39 days | 1,668 sqft |
| 2022-08-01 | 46 days | 1,670 sqft |
| 2022-09-01 | 53 days | 1,690 sqft |
| 2022-10-01 | 59 days | 1,702 sqft |
| 2022-11-01 | 66 days | 1,702 sqft |
| 2022-12-01 | 68 days | 1,711 sqft |
| 2023-01-01 | 78 days | 1,701 sqft |
| 2023-02-01 | 81 days | 1,714 sqft |
| 2023-03-01 | 63 days | 1,720 sqft |
| 2023-04-01 | 56 days | 1,715 sqft |
Myrtle Beach's median square footage for active listings during the 2023-04-01 period was 1,715 sqft. One year prior, the average listing was 1,725 sqft.