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 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).