Seneca FHA Loan Rates, Closing Costs & Stats

Seneca, 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.

    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 6.26% for the week of 2024-10-11, compared to the national average (all FHA variants) of 6.1% for the same period.

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

    The average rate for the prior week (2024-10-04) was 5.88% and one month ago for the week of 2024-09-06, the average rate was 6.21%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-10-11, the average rate was 5.9%.

    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

    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).