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 55 lenders originated 189 FHA loans during 2023. The total origination value was $40,775,000, with an average FHA loan value of $215,741.

Seneca FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Seneca averaged 6.89% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Seneca's average FHA mortgage closing costs are $6,953.

The average rate for the prior week (2024-06-28) was 6.65% and one month ago for the week of 2024-05-31, the average rate was 6.64%.

The average rate one year ago was 6.81%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.52%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 23 6.31% $9,405
ON Q FINANCIAL, INC. 14 6.73% $8,804
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.42% $7,214
CARDINAL FINANCIAL 13 6.73% $14,523
UNITED WHOLESALE MORTGAGE, LLC 9 6.16% $11,419
UNION HOME MORTGAGE CORP. 9 7.44% $8,027
NVR Mortgage Finance, Inc. 7 5.80% $12,229
PENNYMAC LOAN SERVICES, LLC 5 5.80% $11,005
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.53% $14,107
FBC MORTGAGE, LLC 5 5.40% $9,145
CROSSCOUNTRY MORTGAGE, LLC 4 6.95% $9,879
DHI MORTGAGE COMPANY, LTD. 4 5.31% $6,295
FREEDOM MORTGAGE CORPORATION 3 6.83% $12,679
BROKER SOLUTIONS, INC. 3 6.29% $9,779
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.42% $10,875
BANKSOUTH MORTGAGE COMPANY, LLC 3 6.37% $13,345
LOANDEPOT.COM, LLC 3 6.42% $11,712
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.94% $9,582
AMERICAN FINANCIAL NETWORK, INC. 2 7.06% $7,948
MUTUAL OF OMAHA MORTGAGE, INC. 2 7.19% $17,321
NEWREZ LLC 2 6.75% $7,914
NFM, INC. 2 6.69% $14,327
RELIANCE FIRST CAPITAL, LLC 2 6.50% $16,250
United Community Bank 2 5.69% $7,165
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $11,742
EVERETT FINANCIAL, INC. 1 6.63% $11,899
Mortgage Research Center, LLC 1 7.63% $6,015
MOVEMENT MORTGAGE, LLC 1 7.13% $6,754
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.75% $8,570
Network Funding, L.P. 1 6.50% $7,194
VAN DYK MORTGAGE CORPORATION 1 7.63% $8,490
VILLAGE CAPITAL MORTGAGE 1 6.75% $8,752
Northpointe Bank 1 7.25% $10,161
EMBRACE HOME LOANS, INC. 1 6.63% $10,643
Countybank 1 6.63% $10,936
COMPASS MORTGAGE, INC. 1 6.25% $8,876
PLANET HOME LENDING, LLC 1 5.50% $4,045
CMG MORTGAGE, INC. 1 6.25% $9,006
Ameris Bank 1 6.75% $10,609
AMERISAVE MORTGAGE CORPORATION 1 6.00% $10,980
RAPID MORTGAGE COMPANY 1 6.00% $8,646
Waterstone Mortgage Corporation 1 6.13% $16,703
Renasant Bank 1 6.75% $9,515
SeaTrust Mortgage Company 1 6.13% $7,012
Security Federal Bank 1 5.75% $10,013
Sierra Pacific Mortgage Company, Inc. 1 7.13% $9,025
The Federal Savings Bank 1 7.25% $10,942
TOWNE MORTGAGE COMPANY 1 6.99% $13,288
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.25% $8,115
ZILLOW HOME LOANS, LLC 1 6.25% $8,208
FIRST HOME MORTGAGE CORPORATION 1 5.75% $10,781
GUILD MORTGAGE COMPANY 1 6.63% $5,902
Allen Tate Mortgage Partners, LLC 1 6.13% $8,663
HOMESTAR FINANCIAL CORPORATION 1 7.63% $2,694
INTERLINC MORTGAGE SERVICES, LLC 1 6.25% $11,700

The top Seneca FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 23 FHA loans originated. Their average total fees are $9,405, which is $601 higher than the next largest lender, ON Q FINANCIAL, INC..

The lowest fee Seneca FHA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,214), ON Q FINANCIAL, INC. ($8,804), QUICKEN LOANS, LLC ($9,405), CARDINAL FINANCIAL ($14,523) and .

The lowest rate Seneca FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.31%), FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.42%), CARDINAL FINANCIAL (6.73%), ON Q FINANCIAL, INC. (6.73%) and .

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
2024-02-01 $358,225 (-0.5%) $562,928 (-9.9%) 0.00 284
2024-03-01 $400,000 (1.5%) $596,647 (-16.1%) 0.00 305
2024-04-01 $400,000 (1.6%) $613,192 (-14.3%) 0.00 326
2024-05-01 $407,495 (-1.9%) $637,236 (-12.9%) 0.00 358
2024-06-01 $404,990 (-0.3%) $621,734 (-11.2%) 0.00 373
Seneca's median listing price for 2024-06-01 was $404,990, a difference of $-1,185 (-0.3%) versus the prior year and $-2,505 versus the prior month.

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

Seneca's average listing price for 2024-06-01 was $621,734, a difference of $-78,573 (-11.2%) versus the prior year and $-15,502 versus the prior month.

For the 2024-06-01 period, Seneca had 373 MLS listings, a difference of 15 listings (4%) versus the prior month and 150 listings (67%) 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 2,548 sqft
2018-10-01 0 days 2,545 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 2,546 sqft
2020-08-01 0 days 2,571 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
2024-02-01 0 days 2,000 sqft
2024-03-01 0 days 2,000 sqft
2024-04-01 0 days 2,034 sqft
2024-05-01 0 days 2,142 sqft
2024-06-01 0 days 2,245 sqft
Seneca's median listing age (time on market) for 2024-06-01 was 0 days.

Seneca's median square footage for active listings during the 2024-06-01 period was 2,245 sqft. One year prior, the average listing was 2,241 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).