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 60 lenders originated 270 FHA loans during 2021. The total origination value was $46,700,000, with an average FHA loan value of $172,963.

Seneca FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Seneca averaged 5.98% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Seneca's average FHA mortgage closing costs are $5,800.

The average rate for the prior week (2023-01-20) was 6.05% and one month ago for the week of 2022-12-23, the average rate was 6.54%.

The average rate one year ago was 3.83%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.68%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
ON Q FINANCIAL, INC. 45 3.68% $6,846
QUICKEN LOANS, LLC 33 2.66% $5,721
HOMESTAR FINANCIAL CORPORATION 20 3.33% $6,123
LAKEVIEW LOAN SERVICING, LLC 11 3.14% $3,835
MOVEMENT MORTGAGE, LLC 9 3.50% $5,658
Mr. Cooper ( Nationstar Mortgage ) 9 3.82% $2,160
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.20% $5,645
FREEDOM MORTGAGE CORPORATION 7 3.04% $3,246
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 3.23% $8,776
PENNYMAC LOAN SERVICES, LLC 5 3.03% $7,369
Carrington Mortgage Services, LLC 5 3.63% $8,593
GUILD MORTGAGE COMPANY 5 3.25% $7,297
NEWREZ LLC 4 3.12% $3,822
Network Funding, L.P. 4 3.19% $7,162
UNITED WHOLESALE MORTGAGE, LLC 4 2.70% $6,959
Paramount Residential Mortgage Group, Inc. 3 3.21% $7,704
Nations Lending Corporation 3 3.25% $11,708
OCEANSIDE MORTGAGE COMPANY 2 2.87% $2,269
Alcova Mortgage LLC 2 3.75% $5,554
CROSSCOUNTRY MORTGAGE, LLC 2 3.63% $8,008
ENVOY MORTGAGE, LTD 2 3.13% $11,146
SOUTHWEST FUNDING, LP 2 3.50% $9,211
BROKER SOLUTIONS, INC. 2 3.43% $7,552
The Federal Savings Bank 2 2.75% $13,316
First Community Bank 2 2.88% $8,441
First Guaranty Mortgage Corporation 2 3.13% $5,085
AMERISAVE MORTGAGE CORPORATION 2 2.94% $11,490
Regions Bank 1 2.75% $5,776
Sierra Pacific Mortgage Company, Inc. 1 3.75% $8,931
South State Bank 1 3.00% $5,265
SUCCESS MORTGAGE PARTNERS, INC. 1 3.75% $9,462
VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.25% $6,609
ACOPIA, LLC 1 3.25% $5,783
VILLAGE CAPITAL MORTGAGE 1 2.25% $721
A&D Mortgage LLC 1 3.63% $6,047
AMERICAN FINANCIAL NETWORK, INC. 1 2.88% $14,530
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.13% $7,290
AmeriHome Mortgage Company, LLC 1 2.63% $3,726
Ameris Bank 1 2.63% $6,309
Bank of England 1 2.63% $11,098
BANKSOUTH MORTGAGE COMPANY, LLC 1 2.25% $5,267
BETTER MORTGAGE CORPORATION 1 3.00% $5,949
CALIBER HOME LOANS, INC. 1 3.25% $10,175
CAPITAL CENTER, L.L.C. 1 2.63% $4,089
EVERETT FINANCIAL, INC. 1 3.63% $5,131
Flagstar Bank, FSB 1 2.25% $4,739
FLAT BRANCH MORTGAGE, INC. 1 3.13% $9,627
Gateway First Bank 1 3.88% $9,542
GENEVA FINANCIAL, LLC 1 2.75% $6,007
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.50% $6,745
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $4,473
HOME POINT FINANCIAL CORPORATION 1 3.50% $5,205
KELLER MORTGAGE, LLC 1 2.75% $7,667
Mortgage Research Center, LLC 1 2.75% $6,805
M&T Bank 1 3.00% $7,747
NP, Inc. 1 3.38% $8,189
POLARIS HOME FUNDING CORP. 1 3.25% $10,175
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.75% $5,231
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.00% $7,064
RAPID MORTGAGE COMPANY 1 3.63% $10,162

The top Seneca FHA lender as defined by loan originations is ON Q FINANCIAL, INC., with 45 FHA loans originated. Their average total fees are $6,846, which is $1,126 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Seneca FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,835), QUICKEN LOANS, LLC ($5,721), HOMESTAR FINANCIAL CORPORATION ($6,123), ON Q FINANCIAL, INC. ($6,846) and .

The lowest rate Seneca FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.66%), LAKEVIEW LOAN SERVICING, LLC (3.14%), HOMESTAR FINANCIAL CORPORATION (3.33%), ON Q FINANCIAL, INC. (3.68%) 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

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 (1.5%) $403,585 (4.2%) 0.00 548
2018-02-01 $249,900 (4.3%) $411,213 (8.3%) 0.00 549
2018-03-01 $274,900 (15.0%) $443,920 (16.0%) 0.00 594
2018-04-01 $282,450 (17.7%) $432,390 (12.5%) 0.00 622
2018-05-01 $285,000 (17.3%) $430,445 (10.3%) 0.00 614
2018-06-01 $280,000 (18.1%) $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%) $440,333 (11.6%) 0.00 636
2018-09-01 $279,900 (12.4%) $439,599 (11.0%) 0.00 637
2018-10-01 $279,000 (11.9%) $442,475 (12.1%) 0.00 624
2018-11-01 $275,000 (10.0%) $437,708 (8.2%) 0.00 617
2018-12-01 $274,500 (10.2%) $433,917 (9.3%) 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 (13.2%) 0.00 550
2019-03-01 $280,400 (2.0%) $485,062 (9.3%) 0.00 515
2019-04-01 $297,000 (5.2%) $492,203 (13.8%) 0.00 469
2019-05-01 $298,450 (4.7%) $506,900 (17.8%) 0.00 472
2019-06-01 $310,000 (10.7%) $513,371 (19.5%) 0.00 471
2019-07-01 $294,450 (1.8%) $492,151 (9.4%) 0.00 462
2019-08-01 $291,727 (0.9%) $486,033 (10.4%) 0.00 454
2019-09-01 $295,818 (5.7%) $492,201 (12.0%) 0.00 435
2019-10-01 $304,112 (9.0%) $506,802 (14.5%) 0.00 421
2019-11-01 $319,000 (16.0%) $518,422 (18.4%) 0.00 410
2019-12-01 $299,999 (9.3%) $495,075 (14.1%) 0.00 386
2020-01-01 $299,475 (8.9%) $483,024 (8.7%) 0.00 360
2020-02-01 $292,450 (8.3%) $477,051 (2.5%) 0.00 340
2020-03-01 $299,950 (7.0%) $502,144 (3.5%) 0.00 344
2020-04-01 $299,700 (0.9%) $485,945 (-1.3%) 0.00 341
2020-05-01 $299,950 (0.5%) $502,277 (-0.9%) 0.00 334
2020-06-01 $299,350 (-3.4%) $525,426 (2.4%) 0.00 306
2020-07-01 $302,475 (2.7%) $519,359 (5.5%) 0.00 266
2020-08-01 $299,900 (2.8%) $520,222 (7.0%) 0.00 250
2020-09-01 $299,700 (1.3%) $527,821 (7.2%) 0.00 224
2020-10-01 $299,000 (-1.7%) $531,267 (4.8%) 0.00 207
2020-11-01 $299,375 (-6.2%) $526,676 (1.6%) 0.00 186
2020-12-01 $292,124 (-2.6%) $506,465 (2.3%) 0.00 179
2021-01-01 $289,900 (-3.2%) $505,052 (4.6%) 0.00 163
2021-02-01 $293,541 (0.4%) $563,127 (18.0%) 0.00 152
2021-03-01 $324,950 (8.3%) $590,761 (17.7%) 0.00 142
2021-04-01 $337,709 (12.7%) $600,215 (23.5%) 0.00 125
2021-05-01 $339,000 (13.0%) $560,482 (11.6%) 0.00 121
2021-06-01 $344,450 (15.1%) $532,199 (1.3%) 0.00 149
2021-07-01 $327,000 (8.1%) $509,993 (-1.8%) 0.00 173
2021-08-01 $343,725 (14.6%) $554,327 (6.6%) 0.00 177
2021-09-01 $340,750 (13.7%) $533,452 (1.1%) 0.00 171
2021-10-01 $321,950 (7.7%) $516,543 (-2.8%) 0.00 157
2021-11-01 $313,886 (4.9%) $513,881 (-2.4%) 0.00 185
2021-12-01 $299,500 (2.5%) $500,222 (-1.2%) 0.00 169
2022-01-01 $280,470 (-3.3%) $508,746 (0.7%) 0.00 153
2022-02-01 $296,000 (0.8%) $499,412 (-11.3%) 0.00 152
2022-03-01 $305,000 (-6.1%) $554,166 (-6.2%) 0.00 150
2022-04-01 $339,900 (0.7%) $560,346 (-6.6%) 0.00 168
2022-05-01 $344,048 (1.5%) $583,105 (4.0%) 0.00 210
2022-06-01 $350,000 (1.6%) $612,081 (15.0%) 0.00 225
2022-07-01 $350,552 (7.2%) $637,736 (25.1%) 0.00 264
2022-08-01 $356,756 (3.8%) $672,365 (21.3%) 0.00 296
2022-09-01 $349,050 (2.4%) $653,827 (22.6%) 0.00 294
2022-10-01 $347,348 (7.9%) $636,735 (23.3%) 0.00 299
2022-11-01 $365,000 (16.3%) $676,670 (31.7%) 0.00 290
2022-12-01 $360,000 (20.2%) $645,219 (29.0%) 0.00 282
Seneca's median listing price for 2022-12-01 was $360,000, a difference of $60,500 (20.2%) versus the prior year and $-5,000 versus the prior month.

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

Seneca's average listing price for 2022-12-01 was $645,219, a difference of $144,997 (29.0%) versus the prior year and $-31,451 versus the prior month.

For the 2022-12-01 period, Seneca had 282 MLS listings, a difference of -8 listings (-3%) versus the prior month and 113 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 2,413 sqft
2018-02-01 0 days 2,385 sqft
2018-03-01 0 days 2,500 sqft
2018-04-01 0 days 2,548 sqft
2018-05-01 0 days 2,610 sqft
2018-06-01 0 days 2,539 sqft
2018-07-01 0 days 2,632 sqft
2018-08-01 0 days 2,652 sqft
2018-09-01 0 days 2,600 sqft
2018-10-01 0 days 2,633 sqft
2018-11-01 0 days 2,600 sqft
2018-12-01 0 days 2,519 sqft
2019-01-01 0 days 2,459 sqft
2019-02-01 0 days 2,450 sqft
2019-03-01 0 days 2,418 sqft
2019-04-01 0 days 2,477 sqft
2019-05-01 0 days 2,585 sqft
2019-06-01 0 days 2,620 sqft
2019-07-01 0 days 2,596 sqft
2019-08-01 0 days 2,591 sqft
2019-09-01 0 days 2,589 sqft
2019-10-01 0 days 2,715 sqft
2019-11-01 0 days 2,800 sqft
2019-12-01 0 days 2,709 sqft
2020-01-01 0 days 2,606 sqft
2020-02-01 0 days 2,500 sqft
2020-03-01 0 days 2,519 sqft
2020-04-01 0 days 2,543 sqft
2020-05-01 0 days 2,518 sqft
2020-06-01 0 days 2,607 sqft
2020-07-01 0 days 2,558 sqft
2020-08-01 0 days 2,613 sqft
2020-09-01 0 days 2,611 sqft
2020-10-01 0 days 2,400 sqft
2020-11-01 0 days 2,316 sqft
2020-12-01 0 days 2,225 sqft
2021-01-01 0 days 2,152 sqft
2021-02-01 0 days 2,188 sqft
2021-03-01 0 days 2,291 sqft
2021-04-01 0 days 2,358 sqft
2021-05-01 0 days 2,190 sqft
2021-06-01 0 days 2,100 sqft
2021-07-01 0 days 2,027 sqft
2021-08-01 0 days 2,092 sqft
2021-09-01 0 days 2,146 sqft
2021-10-01 0 days 1,952 sqft
2021-11-01 0 days 1,900 sqft
2021-12-01 0 days 1,924 sqft
2022-01-01 0 days 1,752 sqft
2022-02-01 0 days 1,789 sqft
2022-03-01 0 days 1,956 sqft
2022-04-01 0 days 2,185 sqft
2022-05-01 0 days 2,038 sqft
2022-06-01 0 days 2,190 sqft
2022-07-01 0 days 2,133 sqft
2022-08-01 0 days 2,224 sqft
2022-09-01 0 days 2,176 sqft
2022-10-01 0 days 2,200 sqft
2022-11-01 0 days 2,274 sqft
2022-12-01 0 days 2,219 sqft
Seneca's median listing age (time on market) for 2022-12-01 was 0 days.

Seneca's median square footage for active listings during the 2022-12-01 period was 2,219 sqft. One year prior, the average listing was 1,924 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).