Newberry FHA Loan Rates, Closing Costs & Stats

Newberry, 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.

    Newberry's 35 lenders originated 90 FHA loans during 2024. The total origination value was $19,340,000, with an average FHA loan value of $214,889.

    Newberry FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Newberry averaged 6.59% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Newberry's average FHA mortgage closing costs are $7,525.

    The average rate for the prior week (2025-03-28) was 6.59% and one month ago for the week of 2025-02-28, the average rate was 6.38%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.16%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Newberry 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 Newberry level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    FBC MORTGAGE, LLC 15 5.28% $8,409
    QUICKEN LOANS, LLC 7 6.37% $10,574
    GUILD MORTGAGE COMPANY 7 6.46% $8,554
    UNITED WHOLESALE MORTGAGE, LLC 6 6.55% $8,021
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 7.19% $10,108
    CROSSCOUNTRY MORTGAGE, LLC 3 6.83% $10,196
    BROKER SOLUTIONS, INC. 2 7.12% $14,476
    FREEDOM MORTGAGE CORPORATION 2 6.44% $7,291
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.19% $10,731
    MOVEMENT MORTGAGE, LLC 2 6.50% $12,968
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $12,841
    TOTAL MORTGAGE SERVICES, LLC 2 7.75% $7,875
    AMERICAN FINANCIAL NETWORK, INC. 2 6.63% $14,884
    First Community Bank 1 6.13% $24,149
    Flagstar Bank, FSB 1 6.08% $4,829
    Renasant Bank 1 6.25% $9,164
    GSF Mortgage Corporation 1 7.25% $8,702
    RESOURCE FINANCIAL SERVICES, INC. 1 6.99% $6,405
    HOMESIDE FINANCIAL, LLC 1 6.99% $6,903
    INTERLINC MORTGAGE SERVICES, LLC 1 5.25% $4,848
    Lakeview Community Capital, LLC 1 5.75% $11,480
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $8,577
    LEADERONE FINANCIAL CORPORATION 1 6.13% $10,612
    Magnolia Bank 1 6.00% $17,633
    MILEND, INC. 1 6.75% $10,138
    SOUTHWEST FUNDING, LP 1 5.25% $16,906
    NEWREZ LLC 1 6.63% $6,175
    PLAZA HOME MORTGAGE, INC. 1 6.13% $17,202
    United Community Bank 1 8.25% $9,048
    CMG MORTGAGE, INC. 1 7.25% $9,192
    Century Mortgage Company DBA Century Lending Company 1 5.75% $13,578
    DELMAR FINANCIAL COMPANY 1 6.25% $7,720
    Encompass Lending Group, LP 1 6.49% $13,076
    Equity Prime Mortgage LLC 1 5.88% $9,417
    Carrington Mortgage Services, LLC 1 6.25% $12,697

    The top Newberry FHA lender as defined by loan originations is FBC MORTGAGE, LLC, with 15 FHA loans originated. Their average total fees are $8,409, which is $2,165 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Newberry FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC ($8,409), .

    The lowest rate Newberry FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.28%), .

    Newberry FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEWBERRY, SC NEWBERRY 2022 $420,680 $538,650 $651,050 $809,150
    NEWBERRY, SC NEWBERRY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Newberry (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 $159,450 (-0.2%) $213,676 (-12.2%) 0.00 139
    2018-02-01 $161,450 (8.0%) $214,346 (-3.3%) 0.00 129
    2018-03-01 $176,250 (21.6%) $235,991 (7.6%) 0.00 116
    2018-04-01 $234,000 (56.0%) $258,935 (10.8%) 0.00 107
    2018-05-01 $236,500 (32.9%) $260,339 (5.1%) 0.00 91
    2018-06-01 $199,900 (12.8%) $256,734 (0.7%) 0.00 102
    2018-07-01 $195,700 (8.8%) $238,935 (-1.8%) 0.00 115
    2018-08-01 $237,450 (37.9%) $261,611 (12.1%) 0.00 108
    2018-09-01 $229,900 (27.8%) $250,899 (5.1%) 0.00 103
    2018-10-01 $209,475 (19.7%) $251,663 (9.4%) 0.00 101
    2018-11-01 $223,475 (27.7%) $246,556 (11.9%) 0.00 93
    2018-12-01 $225,000 (30.5%) $245,314 (13.0%) 0.00 95
    2019-01-01 $219,000 (37.4%) $242,047 (13.3%) 0.00 88
    2019-02-01 $220,375 (36.5%) $246,760 (15.1%) 0.00 86
    2019-03-01 $236,000 (33.9%) $266,512 (12.9%) 0.00 87
    2019-04-01 $250,125 (6.9%) $290,021 (12.0%) 0.00 86
    2019-05-01 $217,200 (-8.2%) $278,520 (7.0%) 0.00 91
    2019-06-01 $195,400 (-2.3%) $259,142 (0.9%) 0.00 86
    2019-07-01 $193,100 (-1.3%) $251,170 (5.1%) 0.00 88
    2019-08-01 $194,405 (-18.1%) $247,283 (-5.5%) 0.00 95
    2019-09-01 $190,211 (-17.3%) $242,552 (-3.3%) 0.00 96
    2019-10-01 $187,416 (-10.5%) $239,398 (-4.9%) 0.00 93
    2019-11-01 $184,999 (-17.2%) $246,932 (0.2%) 0.00 93
    2019-12-01 $187,450 (-16.7%) $246,651 (0.6%) 0.00 95
    2020-01-01 $198,450 (-9.4%) $258,781 (6.9%) 0.00 82
    2020-02-01 $199,900 (-9.3%) $272,399 (10.4%) 0.00 86
    2020-03-01 $208,408 (-11.7%) $275,522 (3.4%) 0.00 84
    2020-04-01 $211,380 (-15.5%) $284,288 (-2.0%) 0.00 85
    2020-05-01 $229,950 (5.9%) $302,857 (8.7%) 0.00 81
    2020-06-01 $224,424 (14.9%) $299,861 (15.7%) 0.00 63
    2020-07-01 $223,427 (15.7%) $295,016 (17.5%) 0.00 59
    2020-08-01 $219,900 (13.1%) $276,975 (12.0%) 0.00 48
    2020-09-01 $198,625 (4.4%) $239,626 (-1.2%) 0.00 47
    2020-10-01 $192,500 (2.7%) $246,698 (3.1%) 0.00 41
    2020-11-01 $207,450 (12.1%) $253,676 (2.7%) 0.00 36
    2020-12-01 $235,000 (25.4%) $295,374 (19.8%) 0.00 44
    2021-01-01 $223,500 (12.6%) $269,204 (4.0%) 0.00 36
    2021-02-01 $233,750 (16.9%) $278,941 (2.4%) 0.00 42
    2021-03-01 $249,913 (19.9%) $305,775 (11.0%) 0.00 33
    2021-04-01 $249,000 (17.8%) $303,252 (6.7%) 0.00 22
    2021-05-01 $256,375 (11.5%) $303,944 (0.4%) 0.00 21
    2021-06-01 $187,500 (-16.5%) $327,635 (9.3%) 0.00 28
    2021-07-01 $275,000 (23.1%) $367,964 (24.7%) 0.00 29
    2021-08-01 $257,875 (17.3%) $374,764 (35.3%) 0.00 37
    2021-09-01 $304,500 (53.3%) $426,106 (77.8%) 0.00 42
    2021-10-01 $295,000 (53.3%) $372,732 (51.1%) 0.00 41
    2021-11-01 $299,450 (44.4%) $445,380 (75.6%) 0.00 36
    2021-12-01 $299,500 (27.5%) $433,580 (46.8%) 0.00 29
    2022-01-01 $259,900 (16.3%) $425,996 (58.2%) 0.00 25
    2022-02-01 $245,500 (5.0%) $423,765 (51.9%) 0.00 17
    2022-03-01 $300,165 (20.1%) $486,032 (59.0%) 0.00 21
    2022-04-01 $302,940 (21.7%) $464,355 (53.1%) 0.00 36
    2022-05-01 $308,740 (20.4%) $497,143 (63.6%) 0.00 47
    2022-06-01 $309,065 (64.8%) $432,643 (32.1%) 0.00 58
    2022-07-01 $306,490 (11.5%) $431,245 (17.2%) 0.00 68
    2022-08-01 $310,165 (20.3%) $421,836 (12.6%) 0.00 62
    2022-09-01 $310,000 (1.8%) $414,530 (-2.7%) 0.00 59
    2022-10-01 $304,390 (3.2%) $392,733 (5.4%) 0.00 68
    2022-11-01 $299,950 (0.2%) $369,466 (-17.0%) 0.00 74
    2022-12-01 $289,900 (-3.2%) $364,707 (-15.9%) 0.00 73
    2023-01-01 $289,095 (11.2%) $374,066 (-12.2%) 0.00 58
    2023-02-01 $284,113 (15.7%) $338,327 (-20.2%) 0.00 56
    2023-03-01 $276,500 (-7.9%) $359,934 (-25.9%) 0.00 56
    2023-04-01 $305,000 (0.7%) $437,500 (-5.8%) 0.00 64
    2023-05-01 $401,000 (29.9%) $472,371 (-5.0%) 0.00 48
    2023-06-01 $356,750 (15.4%) $458,502 (6.0%) 0.00 41
    2023-07-01 $375,000 (22.4%) $462,830 (7.3%) 0.00 39
    2023-08-01 $413,750 (33.4%) $503,140 (19.3%) 0.00 44
    2023-09-01 $349,750 (12.8%) $475,469 (14.7%) 0.00 54
    2023-10-01 $356,713 (17.2%) $496,723 (26.5%) 0.00 69
    2023-11-01 $356,549 (18.9%) $506,658 (37.1%) 0.00 67
    2023-12-01 $346,895 (19.7%) $480,324 (31.7%) 0.00 69
    2024-01-01 $339,199 (17.3%) $467,779 (25.1%) 0.00 65
    2024-02-01 $331,983 (16.9%) $482,530 (42.6%) 0.00 62
    2024-03-01 $329,950 (19.3%) $475,450 (32.1%) 0.00 62
    2024-04-01 $324,950 (6.5%) $498,179 (13.9%) 0.00 70
    2024-05-01 $354,802 (-11.5%) $547,067 (15.8%) 0.00 76
    2024-06-01 $329,900 (-7.5%) $528,603 (15.3%) 0.00 86
    2024-07-01 $310,339 (-17.2%) $453,005 (-2.1%) 0.00 93
    2024-08-01 $305,900 (-26.1%) $440,853 (-12.4%) 0.00 92
    2024-09-01 $324,950 (-7.1%) $453,522 (-4.6%) 0.00 84
    2024-10-01 $326,304 (-8.5%) $426,379 (-14.2%) 0.00 74
    2024-11-01 $347,891 (-2.4%) $451,841 (-10.8%) 0.00 78
    2024-12-01 $345,870 (-0.3%) $462,969 (-3.6%) 0.00 79
    2025-01-01 $339,000 (-0.1%) $435,586 (-6.9%) 0.00 77
    2025-02-01 $351,725 (6.0%) $468,308 (-3.0%) 0.00 76
    2025-03-01 $378,000 (14.6%) $523,549 (10.1%) 0.00 80
    Newberry's median listing price for 2025-03-01 was $378,000, a difference of $48,050 (14.6%) versus the prior year and $26,275 versus the prior month.

    Newberry's median listing price comes in at 0% of the national average.

    Newberry's average listing price for 2025-03-01 was $523,549, a difference of $48,099 (10.1%) versus the prior year and $55,241 versus the prior month.

    For the 2025-03-01 period, Newberry had 80 MLS listings, a difference of 4 listings (5%) versus the prior month and 18 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Newberry (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,861 sqft
    2018-02-01 0 days 1,815 sqft
    2018-03-01 0 days 1,945 sqft
    2018-04-01 0 days 1,985 sqft
    2018-05-01 0 days 2,064 sqft
    2018-06-01 0 days 1,907 sqft
    2018-07-01 0 days 1,807 sqft
    2018-08-01 0 days 1,920 sqft
    2018-09-01 0 days 1,935 sqft
    2018-10-01 0 days 1,971 sqft
    2018-11-01 0 days 1,944 sqft
    2018-12-01 0 days 2,010 sqft
    2019-01-01 0 days 1,995 sqft
    2019-02-01 0 days 1,944 sqft
    2019-03-01 0 days 1,906 sqft
    2019-04-01 0 days 1,854 sqft
    2019-05-01 0 days 1,877 sqft
    2019-06-01 0 days 1,856 sqft
    2019-07-01 0 days 1,770 sqft
    2019-08-01 0 days 1,716 sqft
    2019-09-01 0 days 1,716 sqft
    2019-10-01 0 days 1,736 sqft
    2019-11-01 0 days 1,824 sqft
    2019-12-01 0 days 1,857 sqft
    2020-01-01 0 days 1,915 sqft
    2020-02-01 0 days 2,004 sqft
    2020-03-01 0 days 2,002 sqft
    2020-04-01 0 days 1,986 sqft
    2020-05-01 0 days 2,000 sqft
    2020-06-01 0 days 1,971 sqft
    2020-07-01 0 days 1,908 sqft
    2020-08-01 0 days 1,986 sqft
    2020-09-01 0 days 1,912 sqft
    2020-10-01 0 days 1,929 sqft
    2020-11-01 0 days 1,997 sqft
    2020-12-01 0 days 1,967 sqft
    2021-01-01 0 days 2,009 sqft
    2021-02-01 0 days 1,933 sqft
    2021-03-01 0 days 1,918 sqft
    2021-04-01 0 days 2,044 sqft
    2021-05-01 0 days 1,964 sqft
    2021-06-01 0 days 1,690 sqft
    2021-07-01 0 days 1,950 sqft
    2021-08-01 0 days 2,020 sqft
    2021-09-01 0 days 2,111 sqft
    2021-10-01 0 days 2,100 sqft
    2021-11-01 0 days 2,100 sqft
    2021-12-01 0 days 2,156 sqft
    2022-01-01 0 days 2,096 sqft
    2022-02-01 0 days 1,780 sqft
    2022-03-01 0 days 2,041 sqft
    2022-04-01 0 days 2,049 sqft
    2022-05-01 0 days 2,196 sqft
    2022-06-01 0 days 2,196 sqft
    2022-07-01 0 days 2,232 sqft
    2022-08-01 0 days 2,232 sqft
    2022-09-01 0 days 2,361 sqft
    2022-10-01 0 days 2,309 sqft
    2022-11-01 0 days 2,258 sqft
    2022-12-01 0 days 2,196 sqft
    2023-01-01 0 days 2,222 sqft
    2023-02-01 0 days 2,189 sqft
    2023-03-01 0 days 2,196 sqft
    2023-04-01 0 days 2,191 sqft
    2023-05-01 0 days 2,394 sqft
    2023-06-01 0 days 2,150 sqft
    2023-07-01 0 days 1,886 sqft
    2023-08-01 0 days 1,877 sqft
    2023-09-01 0 days 1,990 sqft
    2023-10-01 0 days 2,224 sqft
    2023-11-01 0 days 2,225 sqft
    2023-12-01 0 days 2,171 sqft
    2024-01-01 0 days 2,117 sqft
    2024-02-01 0 days 2,171 sqft
    2024-03-01 0 days 2,158 sqft
    2024-04-01 0 days 2,105 sqft
    2024-05-01 0 days 2,223 sqft
    2024-06-01 0 days 2,105 sqft
    2024-07-01 0 days 1,990 sqft
    2024-08-01 0 days 1,990 sqft
    2024-09-01 0 days 2,060 sqft
    2024-10-01 0 days 2,100 sqft
    2024-11-01 0 days 2,100 sqft
    2024-12-01 0 days 2,087 sqft
    2025-01-01 0 days 1,932 sqft
    2025-02-01 0 days 1,935 sqft
    2025-03-01 0 days 2,042 sqft
    Newberry's median listing age (time on market) for 2025-03-01 was 0 days.

    Newberry's median square footage for active listings during the 2025-03-01 period was 2,042 sqft. One year prior, the average listing was 2,158 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).