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 64 lenders originated 220 FHA loans during 2024. The total origination value was $49,500,000, with an average FHA loan value of $225,000.

    Seneca FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Seneca averaged -0.01% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Seneca's average FHA mortgage closing costs are $7,372.

    The average rate for the prior week (2025-06-13) was 6.88% and one month ago for the week of 2025-05-16, the average rate was 6.84%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.28%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    NVR Mortgage Finance, Inc. 20 5.85% $9,292
    FBC MORTGAGE, LLC 18 5.46% $8,127
    QUICKEN LOANS, LLC 15 6.49% $10,090
    UNION HOME MORTGAGE CORP. 14 7.13% $8,724
    UNITED WHOLESALE MORTGAGE, LLC 10 6.04% $11,540
    T2 FINANCIAL LLC 9 6.64% $12,497
    FREEDOM MORTGAGE CORPORATION 8 6.55% $12,684
    MOVEMENT MORTGAGE, LLC 6 6.54% $9,430
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.78% $8,822
    South State Bank 4 6.41% $8,027
    CARDINAL FINANCIAL 4 6.44% $12,461
    BANKSOUTH MORTGAGE COMPANY, LLC 3 6.08% $11,180
    RAPID MORTGAGE COMPANY 3 7.33% $11,019
    INSPIRE HOME LOANS INC. 3 5.38% $7,876
    ACOPIA, LLC 2 5.56% $16,688
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.13% $11,918
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.50% $9,310
    Ameris Bank 2 6.38% $6,776
    BROKER SOLUTIONS, INC. 2 7.50% $10,279
    CROSSCOUNTRY MORTGAGE, LLC 2 6.72% $14,421
    EVERETT FINANCIAL, INC. 2 7.19% $9,950
    GUARANTEED RATE, INC. 2 6.43% $8,648
    GUILD MORTGAGE COMPANY 2 6.00% $9,339
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.13% $7,272
    LOANDEPOT.COM, LLC 2 6.44% $10,298
    Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $8,542
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.63% $11,117
    ROYAL UNITED MORTGAGE LLC 2 6.00% $11,469
    SOUTHWEST FUNDING, LP 2 6.31% $14,815
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.56% $9,818
    Wells Fargo Bank 2 6.69% $9,577
    Magnolia Bank 1 6.25% $7,531
    MEMBER FIRST MORTGAGE, LLC 1 6.25% $6,297
    Mortgage Research Center, LLC 1 7.25% $5,742
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $7,207
    First Community Bank 1 6.63% $10,804
    The Loan Store, Inc. 1 5.63% $10,071
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,116
    Nations Lending Corporation 1 6.25% $16,926
    NEWREZ LLC 1 6.75% $4,575
    DELMAR FINANCIAL COMPANY 1 5.63% $11,853
    Paramount Residential Mortgage Group, Inc. 1 6.13% $8,278
    PENNYMAC LOAN SERVICES, LLC 1 6.63% $7,100
    PLANET HOME LENDING, LLC 1 7.63% $5,724
    PLAZA HOME MORTGAGE, INC. 1 5.50% $9,996
    PREMIER LENDING, INC. 1 6.25% $8,228
    Presidential Bank, FSB 1 5.88% $12,782
    TOWNE MORTGAGE COMPANY 1 6.75% $11,436
    Prosperity Home Mortgage, LLC 1 6.63% $11,468
    Countybank 1 6.50% $8,381
    Carrington Mortgage Services, LLC 1 6.13% $12,836
    RELIANCE FIRST CAPITAL, LLC 1 6.13% $13,889
    RESIDENTIAL BANCORP 1 6.75% $8,150
    BAY EQUITY LLC 1 7.13% $13,018
    GSF Mortgage Corporation 1 5.13% $17,392
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.25% $4,416
    CANOPY MORTGAGE, LLC 1 5.75% $20,557
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $9,832
    ALLIED MORTGAGE GROUP, INC. 1 6.25% $6,412
    FIRST INTEGRITY MORTGAGE SERVICES, INC. 1 7.00% $7,660
    Integrity Home Mortgage Corp 1 5.75% $8,354
    Lakeview Community Capital, LLC 1 6.75% $11,020
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $8,100
    CALCON MUTUAL MORTGAGE LLC 1 6.13% $16,342

    The top Seneca FHA lender as defined by loan originations is NVR Mortgage Finance, Inc., with 20 FHA loans originated. Their average total fees are $9,292, which is $1,165 higher than the next largest lender, FBC MORTGAGE, LLC.

    The lowest fee Seneca FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC ($8,127), UNION HOME MORTGAGE CORP. ($8,724), NVR Mortgage Finance, Inc. ($9,292), QUICKEN LOANS, LLC ($10,090) and UNITED WHOLESALE MORTGAGE, LLC ($11,540).

    The lowest rate Seneca FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.46%), NVR Mortgage Finance, Inc. (5.85%), UNITED WHOLESALE MORTGAGE, LLC (6.04%), QUICKEN LOANS, LLC (6.49%) and UNION HOME MORTGAGE CORP. (7.13%).

    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).