Seneca FHA Loan Rates, Closing Costs & Stats

Seneca, 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.

Seneca's 59 lenders originated 220 FHA loans during 2022. The total origination value was $42,550,000, with an average FHA loan value of $193,409.

Seneca FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Seneca averaged 6.17% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Seneca's average FHA mortgage closing costs are $6,416.

The average rate for the prior week (2024-02-23) was 6.26% and one month ago for the week of 2024-01-26, the average rate was 6.06%.

The average rate one year ago was 6.29%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.15%.

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

Seneca 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 Seneca level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
ON Q FINANCIAL, INC. 49 5.70% $7,844
QUICKEN LOANS, LLC 18 4.73% $9,787
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 5.19% $8,681
HOMESTAR FINANCIAL CORPORATION 12 5.20% $6,958
CARDINAL FINANCIAL 11 5.35% $13,770
Alcova Mortgage LLC 10 5.13% $5,931
LOANDEPOT.COM, LLC 5 5.03% $10,737
PENNYMAC LOAN SERVICES, LLC 5 3.33% $7,873
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 5.05% $11,408
DHI MORTGAGE COMPANY, LTD. 3 4.41% $7,353
Sierra Pacific Mortgage Company, Inc. 3 4.54% $9,419
Carrington Mortgage Services, LLC 3 5.21% $9,618
FBC MORTGAGE, LLC 3 5.37% $9,308
CROSSCOUNTRY MORTGAGE, LLC 3 5.38% $9,563
Ameris Bank 3 4.54% $8,335
Paramount Residential Mortgage Group, Inc. 3 4.04% $9,755
Flagstar Bank, FSB 3 4.33% $6,508
FREEDOM MORTGAGE CORPORATION 3 3.96% $11,468
GUARANTEED RATE, INC. 2 5.19% $7,704
UNION HOME MORTGAGE CORP. 2 7.13% $10,176
UNITED WHOLESALE MORTGAGE, LLC 2 5.25% $7,392
INSPIRE HOME LOANS INC. 2 5.94% $10,753
Wells Fargo Bank 2 6.00% $7,663
First Community Bank 2 3.63% $10,988
NEWREZ LLC 1 6.63% $6,288
PHH Mortgage Corporation 1 3.75% $7,723
PLAZA HOME MORTGAGE, INC. 1 5.63% $19,619
POLARIS HOME FUNDING CORP. 1 3.88% $11,894
S1L, Inc. 1 5.75% $14,157
SOUTHWEST FUNDING, LP 1 5.75% $3,360
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $10,472
TOTAL MORTGAGE SERVICES, LLC 1 6.38% $13,197
Truist 1 4.70% $4,968
VILLAGE CAPITAL MORTGAGE 1 3.25% $1,448
1ST SIGNATURE LENDING, LLC 1 5.00% $15,748
Wyndham Capital Mortgage, Inc. 1 6.13% $9,296
ACOPIA, LLC 1 5.25% $6,338
AMERICAN FINANCIAL RESOURCES, INC. 1 5.63% $8,038
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $10,620
AMERISAVE MORTGAGE CORPORATION 1 4.75% $8,210
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.63% $7,942
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.38% $8,797
BROKER SOLUTIONS, INC. 1 4.99% $12,968
CALIBER HOME LOANS, INC. 1 4.75% $5,012
Century Mortgage Company DBA Century Lending Company 1 4.00% $7,339
CMG MORTGAGE, INC. 1 5.75% $13,063
East Coast Capital Corp. 1 5.88% $10,316
EMM LOANS LLC 1 4.38% $8,068
Equity Prime Mortgage LLC 1 6.75% $10,153
First-Citizens Bank & Trust Company 1 3.75% $6,280
First Guaranty Mortgage Corporation 1 5.13% $5,342
GUILD MORTGAGE COMPANY 1 4.63% $9,595
HANCOCK MORTGAGE PARTNERS, LLC 1 5.75% $13,245
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.75% $8,357
HOMESIDE FINANCIAL, LLC 1 4.75% $16,945
JPMorgan Chase Bank 1 5.75% $3,834
LAKEVIEW LOAN SERVICING, LLC 1 4.75% $8,348
MOVEMENT MORTGAGE, LLC 1 5.13% $12,213
Mr. Cooper ( Nationstar Mortgage ) 1 4.50% $9,262

The top Seneca FHA lender as defined by loan originations is ON Q FINANCIAL, INC., with 49 FHA loans originated. Their average total fees are $7,844, which is $1,943 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Seneca FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($5,931), HOMESTAR FINANCIAL CORPORATION ($6,958), ON Q FINANCIAL, INC. ($7,844), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($8,681) and QUICKEN LOANS, LLC ($9,787).

The lowest rate Seneca FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.73%), Alcova Mortgage LLC (5.13%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (5.19%), HOMESTAR FINANCIAL CORPORATION (5.20%) and CARDINAL FINANCIAL (5.35%).

Seneca FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Seneca (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 $249,000 (2.0%) $403,462 (4.3%) 0.00 547
2018-02-01 $249,900 (4.7%) $411,046 (8.5%) 0.00 548
2018-03-01 $272,450 (14.2%) $443,408 (16.1%) 0.00 594
2018-04-01 $282,450 (17.9%) $432,103 (12.6%) 0.00 622
2018-05-01 $285,000 (19.0%) $430,410 (10.3%) 0.00 613
2018-06-01 $280,000 (18.2%) $429,551 (11.6%) 0.00 633
2018-07-01 $289,350 (21.1%) $449,959 (15.3%) 0.00 639
2018-08-01 $289,000 (16.3%) $440,292 (11.6%) 0.00 635
2018-09-01 $279,900 (12.4%) $439,637 (11.0%) 0.00 637
2018-10-01 $279,000 (11.9%) $442,514 (12.1%) 0.00 624
2018-11-01 $275,000 (10.0%) $437,728 (8.2%) 0.00 617
2018-12-01 $274,500 (10.3%) $433,917 (9.4%) 0.00 574
2019-01-01 $274,950 (10.4%) $444,551 (10.2%) 0.00 545
2019-02-01 $269,945 (8.0%) $465,531 (13.3%) 0.00 550
2019-03-01 $280,400 (2.9%) $485,109 (9.4%) 0.00 515
2019-04-01 $297,000 (5.2%) $492,221 (13.9%) 0.00 468
2019-05-01 $299,475 (5.1%) $507,577 (17.9%) 0.00 471
2019-06-01 $310,000 (10.7%) $514,069 (19.7%) 0.00 469
2019-07-01 $294,450 (1.8%) $493,191 (9.6%) 0.00 460
2019-08-01 $291,727 (0.9%) $487,055 (10.6%) 0.00 452
2019-09-01 $295,818 (5.7%) $493,294 (12.2%) 0.00 433
2019-10-01 $304,475 (9.1%) $508,002 (14.8%) 0.00 419
2019-11-01 $319,450 (16.2%) $519,744 (18.7%) 0.00 408
2019-12-01 $300,000 (9.3%) $496,401 (14.4%) 0.00 383
2020-01-01 $299,725 (9.0%) $484,777 (9.1%) 0.00 357
2020-02-01 $295,000 (9.3%) $479,298 (3.0%) 0.00 337
2020-03-01 $299,950 (7.0%) $504,563 (4.0%) 0.00 341
2020-04-01 $300,000 (1.0%) $488,314 (-0.8%) 0.00 338
2020-05-01 $300,000 (0.2%) $504,753 (-0.6%) 0.00 331
2020-06-01 $299,800 (-3.3%) $528,353 (2.8%) 0.00 303
2020-07-01 $305,000 (3.6%) $522,541 (6.0%) 0.00 263
2020-08-01 $300,000 (2.8%) $523,577 (7.5%) 0.00 247
2020-09-01 $299,950 (1.4%) $531,680 (7.8%) 0.00 221
2020-10-01 $299,000 (-1.8%) $535,438 (5.4%) 0.00 204
2020-11-01 $299,669 (-6.2%) $531,351 (2.2%) 0.00 183
2020-12-01 $292,624 (-2.5%) $510,830 (2.9%) 0.00 176
2021-01-01 $290,950 (-2.9%) $510,037 (5.2%) 0.00 160
2021-02-01 $295,000 (0.0%) $569,473 (18.8%) 0.00 149
2021-03-01 $325,000 (8.4%) $597,871 (18.5%) 0.00 139
2021-04-01 $342,000 (14.0%) $608,075 (24.5%) 0.00 122
2021-05-01 $339,900 (13.3%) $566,665 (12.3%) 0.00 118
2021-06-01 $344,975 (15.1%) $538,015 (1.8%) 0.00 146
2021-07-01 $329,500 (8.0%) $514,443 (-1.6%) 0.00 170
2021-08-01 $347,000 (15.7%) $559,686 (6.9%) 0.00 174
2021-09-01 $344,075 (14.7%) $538,533 (1.3%) 0.00 168
2021-10-01 $324,900 (8.7%) $521,635 (-2.6%) 0.00 154
2021-11-01 $315,901 (5.4%) $518,398 (-2.4%) 0.00 182
2021-12-01 $302,546 (3.4%) $505,095 (-1.1%) 0.00 166
2022-01-01 $280,940 (-3.4%) $514,122 (0.8%) 0.00 150
2022-02-01 $296,225 (0.4%) $502,416 (-11.8%) 0.00 149
2022-03-01 $312,500 (-3.9%) $559,225 (-6.5%) 0.00 147
2022-04-01 $341,133 (-0.3%) $565,689 (-7.0%) 0.00 165
2022-05-01 $346,816 (2.0%) $587,930 (3.8%) 0.00 207
2022-06-01 $350,138 (1.5%) $616,935 (14.7%) 0.00 222
2022-07-01 $354,258 (7.5%) $642,234 (24.8%) 0.00 261
2022-08-01 $360,337 (3.8%) $676,718 (20.9%) 0.00 293
2022-09-01 $349,050 (1.5%) $653,850 (21.4%) 0.00 294
2022-10-01 $347,348 (6.9%) $637,430 (22.2%) 0.00 299
2022-11-01 $366,655 (16.1%) $678,663 (30.9%) 0.00 289
2022-12-01 $363,294 (20.1%) $647,173 (28.1%) 0.00 279
2023-01-01 $362,000 (28.9%) $603,057 (17.3%) 0.00 267
2023-02-01 $359,950 (21.5%) $624,887 (24.4%) 0.00 254
2023-03-01 $393,950 (26.1%) $710,980 (27.1%) 0.00 244
2023-04-01 $393,600 (15.4%) $715,641 (26.5%) 0.00 216
2023-05-01 $415,175 (19.7%) $731,171 (24.4%) 0.00 222
2023-06-01 $406,175 (16.0%) $700,307 (13.5%) 0.00 223
2023-07-01 $375,000 (5.9%) $655,615 (2.1%) 0.00 217
2023-08-01 $376,500 (4.5%) $643,553 (-4.9%) 0.00 243
2023-09-01 $399,000 (14.3%) $670,027 (2.5%) 0.00 250
2023-10-01 $394,500 (13.6%) $639,898 (0.4%) 0.00 281
2023-11-01 $382,225 (4.3%) $610,390 (-10.1%) 0.00 292
2023-12-01 $374,500 (3.1%) $593,439 (-8.3%) 0.00 293
2024-01-01 $358,750 (-0.9%) $574,095 (-4.8%) 0.00 297
Seneca's median listing price for 2024-01-01 was $358,750, a difference of $-3,250 (-0.9%) versus the prior year and $-15,750 versus the prior month.

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

Seneca's average listing price for 2024-01-01 was $574,095, a difference of $-28,962 (-4.8%) versus the prior year and $-19,344 versus the prior month.

For the 2024-01-01 period, Seneca had 297 MLS listings, a difference of 4 listings (1%) versus the prior month and 30 listings (11%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Seneca (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,454 sqft
2018-02-01 0 days 2,433 sqft
2018-03-01 0 days 2,500 sqft
2018-04-01 0 days 2,548 sqft
2018-05-01 0 days 2,600 sqft
2018-06-01 0 days 2,533 sqft
2018-07-01 0 days 2,598 sqft
2018-08-01 0 days 2,587 sqft
2018-09-01 0 days 2,545 sqft
2018-10-01 0 days 2,525 sqft
2018-11-01 0 days 2,458 sqft
2018-12-01 0 days 2,438 sqft
2019-01-01 0 days 2,382 sqft
2019-02-01 0 days 2,305 sqft
2019-03-01 0 days 2,320 sqft
2019-04-01 0 days 2,399 sqft
2019-05-01 0 days 2,523 sqft
2019-06-01 0 days 2,557 sqft
2019-07-01 0 days 2,499 sqft
2019-08-01 0 days 2,508 sqft
2019-09-01 0 days 2,524 sqft
2019-10-01 0 days 2,655 sqft
2019-11-01 0 days 2,746 sqft
2019-12-01 0 days 2,594 sqft
2020-01-01 0 days 2,569 sqft
2020-02-01 0 days 2,446 sqft
2020-03-01 0 days 2,450 sqft
2020-04-01 0 days 2,448 sqft
2020-05-01 0 days 2,470 sqft
2020-06-01 0 days 2,510 sqft
2020-07-01 0 days 2,509 sqft
2020-08-01 0 days 2,554 sqft
2020-09-01 0 days 2,552 sqft
2020-10-01 0 days 2,400 sqft
2020-11-01 0 days 2,309 sqft
2020-12-01 0 days 2,225 sqft
2021-01-01 0 days 2,183 sqft
2021-02-01 0 days 2,153 sqft
2021-03-01 0 days 2,218 sqft
2021-04-01 0 days 2,353 sqft
2021-05-01 0 days 2,100 sqft
2021-06-01 0 days 2,085 sqft
2021-07-01 0 days 2,028 sqft
2021-08-01 0 days 2,121 sqft
2021-09-01 0 days 2,149 sqft
2021-10-01 0 days 1,982 sqft
2021-11-01 0 days 1,931 sqft
2021-12-01 0 days 1,926 sqft
2022-01-01 0 days 1,801 sqft
2022-02-01 0 days 1,824 sqft
2022-03-01 0 days 2,092 sqft
2022-04-01 0 days 2,225 sqft
2022-05-01 0 days 2,127 sqft
2022-06-01 0 days 2,228 sqft
2022-07-01 0 days 2,134 sqft
2022-08-01 0 days 2,189 sqft
2022-09-01 0 days 2,168 sqft
2022-10-01 0 days 2,173 sqft
2022-11-01 0 days 2,212 sqft
2022-12-01 0 days 2,195 sqft
2023-01-01 0 days 2,077 sqft
2023-02-01 0 days 2,044 sqft
2023-03-01 0 days 2,273 sqft
2023-04-01 0 days 2,256 sqft
2023-05-01 0 days 2,305 sqft
2023-06-01 0 days 2,241 sqft
2023-07-01 0 days 2,076 sqft
2023-08-01 0 days 2,168 sqft
2023-09-01 0 days 2,225 sqft
2023-10-01 0 days 2,272 sqft
2023-11-01 0 days 2,285 sqft
2023-12-01 0 days 2,120 sqft
2024-01-01 0 days 2,100 sqft
Seneca's median listing age (time on market) for 2024-01-01 was 0 days.

Seneca's median square footage for active listings during the 2024-01-01 period was 2,100 sqft. One year prior, the average listing was 2,077 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).