Orangeburg FHA Loan Rates, Closing Costs & Stats

Orangeburg, 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.

    Orangeburg's 61 lenders originated 186 FHA loans during 2023. The total origination value was $37,480,000, with an average FHA loan value of $201,505.

    Orangeburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Orangeburg averaged 6.33% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Orangeburg's average FHA mortgage closing costs are $7,314.

    The average rate for the prior week (2024-11-01) was 6.3% and one month ago for the week of 2024-10-04, the average rate was 6.12%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Orangeburg 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 Orangeburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 17 6.25% $8,852
    Ameris Bank 13 6.75% $6,948
    GUILD MORTGAGE COMPANY 10 6.83% $10,462
    UNITED WHOLESALE MORTGAGE, LLC 9 6.64% $11,034
    DHI MORTGAGE COMPANY, LTD. 7 5.14% $7,851
    CAROLINA ONE MORTGAGE, LLC 6 6.94% $9,989
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.58% $11,320
    CMG MORTGAGE, INC. 5 7.35% $12,300
    CROSSCOUNTRY MORTGAGE, LLC 5 6.54% $11,093
    BROKER SOLUTIONS, INC. 4 6.66% $7,284
    MIDLAND MORTGAGE CORPORATION 4 6.91% $9,016
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.56% $10,198
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.88% $17,524
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.66% $12,054
    NEWREZ LLC 3 6.42% $10,915
    THRIVE MORTGAGE, LLC 3 6.42% $10,746
    AMERISAVE MORTGAGE CORPORATION 3 6.50% $9,387
    CARDINAL FINANCIAL 3 6.33% $12,571
    PENNYMAC LOAN SERVICES, LLC 2 5.88% $5,710
    AMERICAN FINANCIAL NETWORK, INC. 2 7.88% $9,815
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.13% $10,760
    Carrington Mortgage Services, LLC 2 5.88% $14,821
    First-Citizens Bank & Trust Company 2 6.50% $8,538
    First Palmetto Bank 2 6.63% $7,409
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.88% $8,556
    INTERLINC MORTGAGE SERVICES, LLC 2 6.81% $7,326
    LOANDEPOT.COM, LLC 2 6.25% $9,666
    LOANPAL, LLC 2 6.13% $12,322
    Mortgage Research Center, LLC 2 6.62% $9,394
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $7,830
    NATION ONE MORTGAGE CORPORATION 2 6.94% $14,944
    Princeton Mortgage Corporation 2 6.69% $10,752
    South State Bank 2 6.56% $6,673
    The Federal Savings Bank 1 7.25% $14,001
    MICHIGAN MUTUAL, INC. 1 7.13% $16,021
    EVERETT FINANCIAL, INC. 1 6.63% $14,327
    MILEND, INC. 1 6.13% $8,736
    MORTGAGE EQUITY PARTNERS LLC 1 6.00% $14,192
    Atlantic Coast Mortgage, LLC 1 6.49% $12,409
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.63% $5,118
    TOWNE MORTGAGE COMPANY 1 6.75% $5,782
    Truist 1 6.75% $7,657
    Equity Prime Mortgage LLC 1 6.75% $13,845
    NFM, INC. 1 8.25% $10,951
    Northpointe Bank 1 6.25% $7,986
    NTFN, INC. 1 5.75% $8,989
    ACADEMY MORTGAGE CORPORATION 1 7.25% $7,893
    PENTAGON FEDERAL CREDIT UNION 1 5.75% $6,516
    Plains Commerce Bank 1 6.50% $8,046
    DELMAR FINANCIAL COMPANY 1 7.13% $8,313
    Century Mortgage Company DBA Century Lending Company 1 6.99% $9,991
    UNION HOME MORTGAGE CORP. 1 7.25% $7,620
    Flagstar Bank, FSB 1 6.00% $6,010
    GUARANTEED RATE AFFINITY, LLC 1 7.13% $6,476
    First Community Bank 1 6.50% $9,826
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.63% $9,881
    Bank of America 1 5.38% $6,621
    HOMESIDE FINANCIAL, LLC 1 6.88% $9,398
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $22,957
    LEADERONE FINANCIAL CORPORATION 1 6.49% $10,489
    Assurance Financial Group, L.L.C. 1 7.13% $10,729

    The top Orangeburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 17 FHA loans originated. Their average total fees are $8,852, which is $1,905 higher than the next largest lender, Ameris Bank.

    The lowest fee Orangeburg FHA lenders (with over 10 loans originated) are Ameris Bank ($6,948), QUICKEN LOANS, LLC ($8,852), GUILD MORTGAGE COMPANY ($10,462), .

    The lowest rate Orangeburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), Ameris Bank (6.75%), GUILD MORTGAGE COMPANY (6.83%), .

    Orangeburg FHA Loan Limits

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

    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).