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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.