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 6.72% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.71% and one month ago for the week of 2024-03-15, the average rate was 6.68%.

    The average rate one year ago was 6.51%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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
    Seneca's median listing price for 2024-03-01 was $400,000, a difference of $6,050 (1.5%) versus the prior year and $41,775 versus the prior month.

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

    Seneca's average listing price for 2024-03-01 was $596,647, a difference of $-114,333 (-16.1%) versus the prior year and $33,719 versus the prior month.

    For the 2024-03-01 period, Seneca had 305 MLS listings, a difference of 21 listings (7%) versus the prior month and 61 listings (25%) 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
    Seneca's median listing age (time on market) for 2024-03-01 was 0 days.

    Seneca's median square footage for active listings during the 2024-03-01 period was 2,000 sqft. One year prior, the average listing was 2,273 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).