Spartanburg FHA Loan Rates, Closing Costs & Stats

SPARTANBURG, 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.

Spartanburg's 152 lenders originated 1,713 FHA loans during 2023. The total origination value was $413,595,000, with an average FHA loan value of $241,445.

Spartanburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Spartanburg averaged 6.58% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Spartanburg's average FHA mortgage closing costs are $7,704.

The average rate for the prior week (2024-06-28) was 6.24% and one month ago for the week of 2024-05-31, the average rate was 6.63%.

The average rate one year ago was 6.3%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.88%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Spartanburg 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 Spartanburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 169 5.30% $7,964
QUICKEN LOANS, LLC 138 6.30% $10,415
NVR Mortgage Finance, Inc. 110 6.00% $12,934
PRIMELENDING, A PLAINSCAPITAL COMPANY 89 6.35% $11,364
UNITED WHOLESALE MORTGAGE, LLC 71 6.19% $12,347
MOVEMENT MORTGAGE, LLC 66 6.85% $10,384
LOANDEPOT.COM, LLC 64 5.76% $10,718
ARK-LA-TEX FINANCIAL SERVICES, LLC. 47 6.56% $9,911
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 47 6.49% $9,904
Sierra Pacific Mortgage Company, Inc. 44 6.24% $11,060
CARDINAL FINANCIAL 34 6.46% $13,262
GUILD MORTGAGE COMPANY 30 6.58% $9,908
CROSSCOUNTRY MORTGAGE, LLC 30 6.69% $11,055
American Mortgage & Equity Consultants, Inc. 29 6.38% $12,243
FREEDOM MORTGAGE CORPORATION 28 6.82% $12,591
Renasant Bank 27 6.15% $12,528
BROKER SOLUTIONS, INC. 24 6.32% $9,823
PENNYMAC LOAN SERVICES, LLC 19 6.03% $12,733
ACOPIA, LLC 17 6.39% $12,885
INSPIRE HOME LOANS INC. 16 5.84% $8,147
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 15 6.53% $10,101
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 15 6.77% $11,355
Mr. Cooper ( Nationstar Mortgage ) 15 6.20% $13,977
NEWREZ LLC 15 6.49% $10,407
VANDERBILT MORTGAGE AND FINANCE, INC. 14 6.12% $13,280
Ameris Bank 13 6.66% $10,154
Paramount Residential Mortgage Group, Inc. 13 6.52% $11,131
AMERICAN PACIFIC MORTGAGE CORPORATION 13 6.61% $14,661
First Heritage Mortgage, LLC 13 6.54% $12,237
EAGLE HOME MORTGAGE, LLC 12 6.43% $13,531
Flagstar Bank, FSB 11 6.40% $7,687
AMERISAVE MORTGAGE CORPORATION 11 6.28% $12,850
ON Q FINANCIAL, INC. 9 6.54% $8,709
GENEVA FINANCIAL, LLC 9 7.08% $11,563
HOMESIDE FINANCIAL, LLC 9 7.25% $11,536
GUARANTEED RATE, INC. 9 6.08% $10,661
GSF Mortgage Corporation 9 6.88% $10,424
RESOURCE FINANCIAL SERVICES, INC. 8 6.64% $8,825
Century Mortgage Company DBA Century Lending Company 8 5.95% $13,679
Carrington Mortgage Services, LLC 8 6.00% $13,021
MUTUAL OF OMAHA MORTGAGE, INC. 7 6.71% $12,569
FBC MORTGAGE, LLC 7 5.96% $9,238
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 6.79% $11,187
SUN WEST MORTGAGE COMPANY, INC. 7 6.44% $12,227
Nations Lending Corporation 7 6.52% $10,883
LOANPAL, LLC 7 5.76% $12,732
Equity Prime Mortgage LLC 6 6.13% $13,055
TOWNE MORTGAGE COMPANY 6 6.33% $8,797
Southern First Bank 6 6.85% $8,039
HOMEOWNERS FINANCIAL GROUP USA, LLC 6 6.75% $11,983
AMERICAN FINANCIAL NETWORK, INC. 6 7.15% $11,810
DELMAR FINANCIAL COMPANY 6 6.52% $11,334
Atlantic Coast Mortgage, LLC 5 6.20% $13,493
BAY EQUITY LLC 5 5.95% $14,819
EVERETT FINANCIAL, INC. 5 6.48% $9,866
RELIANCE FIRST CAPITAL, LLC 5 6.50% $10,672
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.40% $12,594
MID AMERICA MORTGAGE, INC. 5 7.58% $6,172
MICHIGAN MUTUAL, INC. 5 5.08% $14,407
Mortgage Research Center, LLC 4 6.34% $7,818
South State Bank 4 6.44% $9,834
NFM, INC. 4 5.94% $11,210
EMM LOANS LLC 4 6.41% $14,360
LAKEVIEW LOAN SERVICING, LLC 4 6.44% $12,029
UNION HOME MORTGAGE CORP. 4 6.59% $10,167
CMG MORTGAGE, INC. 4 6.38% $10,070
Alcova Mortgage LLC 4 6.50% $8,701
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.50% $15,811
Prosperity Home Mortgage, LLC 3 5.46% $15,146
SOUTHWEST STAGE FUNDING, LLC 3 7.58% $5,969
Network Funding, L.P. 3 6.67% $6,626
FIRST ALLIANCE HOME MORTGAGE, LLC 3 6.83% $17,418
Plains Commerce Bank 3 6.75% $13,197
CRESCENT MORTGAGE COMPANY 3 6.50% $9,810
Wells Fargo Bank 3 6.79% $9,004
MILEND, INC. 3 5.88% $14,172
Lakeview Community Capital, LLC 3 6.58% $11,310
ZILLOW HOME LOANS, LLC 2 6.25% $13,225
ACADEMY MORTGAGE CORPORATION 2 7.06% $8,465
CHURCHILL MORTGAGE CORPORATION 2 6.94% $10,626
CONTOUR MORTGAGE CORPORATION 2 5.88% $15,182
DIRECT MORTGAGE LOANS, LLC 2 6.44% $12,279
First-Citizens Bank & Trust Company 2 7.00% $9,866
First Palmetto Bank 2 6.81% $8,488
First Reliance Bank 2 6.00% $8,771
GMFS LLC 2 5.87% $12,265
LIBERTY HOME MORTGAGE CORPORATION 2 7.56% $18,589
MIDLAND MORTGAGE CORPORATION 2 7.63% $5,177
Mortgage Assurance Inc. 2 6.12% $9,147
PLANET HOME LENDING, LLC 2 5.44% $6,796
Regions Bank 2 7.19% $6,667
Synovus Bank 2 6.31% $9,057
TOP FLITE FINANCIAL, INC. 2 6.69% $11,562
United Community Bank 2 6.31% $10,731
VILLAGE CAPITAL MORTGAGE 2 6.51% $14,783
Magnolia Bank 1 6.75% $5,146
NEW DAY FINANCIAL, LLC 1 7.50% $16,401
NEW FED MORTGAGE, CORP. 1 7.25% $7,463
LEGEND LENDING CORPORATION 1 6.63% $12,180
Keystone Funding, Inc. 1 6.25% $15,176
Northpointe Bank 1 6.25% $7,367
NTFN, INC. 1 6.75% $15,306
KELLER MORTGAGE, LLC 1 4.88% $12,801
OCMBC, INC. 1 7.63% $16,116
Ixonia Bank 1 7.38% $10,420
OPEN MORTGAGE, LLC 1 7.25% $8,768
INTERLINC MORTGAGE SERVICES, LLC 1 6.13% $5,810
INTERCAP LENDING INC. 1 7.50% $8,131
PHH Mortgage Corporation 1 6.63% $8,259
Pinnacle Bank 1 6.63% $13,390
HOMESTEAD FUNDING CORP. 1 6.63% $8,024
AMERICAN FINANCING CORPORATION 1 6.75% $15,257
PLAZA HOME MORTGAGE, INC. 1 6.75% $5,711
PNC Bank 1 7.38% $5,926
POINT Mortgage 1 5.63% $15,873
Presidential Bank, FSB 1 5.75% $16,696
HOMESTAR FINANCIAL CORPORATION 1 7.50% $8,403
GoPrime Mortgage, Inc. 1 6.88% $10,429
Princeton Mortgage Corporation 1 6.75% $13,617
FIRST HERITAGE FINANCIAL, LLC 1 5.63% $10,078
FIRST COMMUNITY MORTGAGE, INC. 1 6.75% $10,884
RAPID MORTGAGE COMPANY 1 7.00% $9,203
ALAMEDA MORTGAGE CORPORATION 1 6.75% $12,742
First Community Bank 1 7.00% $10,572
Countybank 1 7.63% $6,924
CORNERSTONE HOME LENDING, INC. 1 6.00% $18,509
RUOFF MORTGAGE COMPANY, INC. 1 6.25% $9,866
SeaTrust Mortgage Company 1 6.38% $9,462
BAY-VALLEY MORTGAGE GROUP 1 7.63% $11,068
Barrington Bank & Trust Company, N.A. 1 5.13% $13,487
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.13% $3,255
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 6.25% $11,134
Bank of England 1 7.25% $10,202
Stride Bank 1 6.75% $10,798
Atlantic Union Bank 1 6.25% $15,188
SWBC MORTGAGE CORPORATION 1 6.25% $7,362
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 6.13% $7,924
The Federal Savings Bank 1 7.00% $15,587
THRIVE MORTGAGE, LLC 1 7.13% $9,614
Waterstone Mortgage Corporation 1 6.63% $26,652
TOTAL MORTGAGE SERVICES, LLC 1 7.25% $10,392
AmeriHome Mortgage Company, LLC 1 5.63% $9,683
TruHome Solutions, LLC 1 7.25% $3,775
Truist 1 6.70% $10,672
American Security Mortgage Corp. 1 5.63% $11,821
1ST SIGNATURE LENDING, LLC 1 7.25% $13,061
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $14,278
M&T Bank 1 5.75% $12,336
MORTGAGE INVESTORS GROUP, INC. 1 6.88% $11,812
NATION ONE MORTGAGE CORPORATION 1 7.88% $10,465
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $11,651
MLB RESIDENTIAL LENDING, LLC 1 6.50% $12,476

The top Spartanburg FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 169 FHA loans originated. Their average total fees are $7,964, which is $2,452 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Spartanburg FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB ($7,687), DHI MORTGAGE COMPANY, LTD. ($7,964), INSPIRE HOME LOANS INC. ($8,147), BROKER SOLUTIONS, INC. ($9,823) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,904).

The lowest rate Spartanburg FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.30%), LOANDEPOT.COM, LLC (5.76%), INSPIRE HOME LOANS INC. (5.84%), NVR Mortgage Finance, Inc. (6.00%) and PENNYMAC LOAN SERVICES, LLC (6.03%).

Spartanburg FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SPARTANBURG, SC SPARTANBURG 2022 $420,680 $538,650 $651,050 $809,150
SPARTANBURG, SC SPARTANBURG 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Spartanburg (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 $209,950 (10.6%) $249,840 (6.2%) 0.78 1,173
2018-02-01 $212,620 (9.8%) $251,406 (4.8%) 0.77 1,137
2018-03-01 $218,214 (13.1%) $262,004 (9.5%) 0.77 1,107
2018-04-01 $224,139 (15.0%) $271,804 (13.8%) 0.76 1,087
2018-05-01 $224,306 (13.5%) $272,434 (13.7%) 0.75 1,171
2018-06-01 $222,500 (9.9%) $271,200 (10.7%) 0.74 1,260
2018-07-01 $219,900 (7.7%) $270,074 (8.5%) 0.73 1,294
2018-08-01 $219,054 (7.2%) $268,476 (8.8%) 0.73 1,340
2018-09-01 $215,082 (4.0%) $265,607 (5.9%) 0.72 1,335
2018-10-01 $211,700 (0.9%) $261,499 (2.0%) 0.72 1,376
2018-11-01 $213,708 (2.5%) $260,643 (3.3%) 0.72 1,312
2018-12-01 $214,900 (2.7%) $256,172 (2.3%) 0.74 1,261
2019-01-01 $216,285 (3.0%) $261,900 (4.8%) 0.75 1,243
2019-02-01 $215,082 (1.2%) $261,283 (3.9%) 0.73 1,298
2019-03-01 $219,372 (0.5%) $306,821 (17.1%) 0.72 1,283
2019-04-01 $221,482 (-1.2%) $316,317 (16.4%) 0.70 1,244
2019-05-01 $224,280 (0.0%) $288,400 (5.9%) 0.70 1,239
2019-06-01 $226,000 (1.6%) $294,304 (8.5%) 0.71 1,245
2019-07-01 $228,950 (4.1%) $294,417 (9.0%) 0.72 1,236
2019-08-01 $227,936 (4.1%) $291,558 (8.6%) 0.72 1,293
2019-09-01 $227,164 (5.6%) $288,378 (8.6%) 0.73 1,338
2019-10-01 $225,782 (6.7%) $285,549 (9.2%) 0.73 1,368
2019-11-01 $225,000 (5.3%) $283,922 (8.9%) 0.74 1,339
2019-12-01 $224,900 (4.7%) $278,424 (8.7%) 0.75 1,348
2020-01-01 $221,229 (2.3%) $265,310 (1.3%) 0.74 1,267
2020-02-01 $225,000 (4.6%) $273,025 (4.5%) 0.74 1,204
2020-03-01 $232,980 (6.2%) $281,823 (-8.2%) 0.73 1,101
2020-04-01 $229,350 (3.6%) $282,574 (-10.7%) 0.72 1,137
2020-05-01 $235,000 (4.8%) $287,314 (-0.4%) 0.71 1,019
2020-06-01 $240,995 (6.6%) $301,893 (2.6%) 0.71 902
2020-07-01 $237,250 (3.6%) $298,763 (1.5%) 0.69 816
2020-08-01 $239,000 (4.9%) $306,750 (5.2%) 0.68 765
2020-09-01 $237,250 (4.4%) $317,922 (10.3%) 0.68 736
2020-10-01 $240,245 (6.4%) $318,982 (11.7%) 0.69 734
2020-11-01 $239,925 (6.6%) $320,436 (12.9%) 0.70 754
2020-12-01 $234,472 (4.3%) $308,594 (10.8%) 0.70 713
2021-01-01 $234,900 (6.2%) $306,356 (15.5%) 0.70 692
2021-02-01 $233,985 (4.0%) $309,473 (13.4%) 0.68 661
2021-03-01 $240,988 (3.4%) $318,592 (13.1%) 0.68 515
2021-04-01 $240,396 (4.8%) $310,795 (10.0%) 0.65 468
2021-05-01 $251,376 (7.0%) $317,293 (10.4%) 0.67 392
2021-06-01 $255,120 (5.9%) $316,406 (4.8%) 0.67 401
2021-07-01 $271,275 (14.3%) $343,297 (14.9%) 0.72 492
2021-08-01 $265,880 (11.3%) $336,420 (9.7%) 0.71 587
2021-09-01 $273,370 (15.2%) $352,504 (10.9%) 0.73 597
2021-10-01 $276,990 (15.3%) $355,811 (11.6%) 0.74 582
2021-11-01 $278,033 (15.9%) $362,576 (13.2%) 0.74 515
2021-12-01 $272,610 (16.3%) $345,315 (11.9%) 0.74 463
2022-01-01 $279,110 (18.8%) $341,448 (11.5%) 0.75 381
2022-02-01 $282,643 (20.8%) $344,098 (11.2%) 0.74 339
2022-03-01 $286,245 (18.8%) $341,622 (7.2%) 0.72 295
2022-04-01 $291,855 (21.4%) $355,339 (14.3%) 0.70 336
2022-05-01 $299,940 (19.3%) $348,207 (9.7%) 0.69 495
2022-06-01 $304,003 (19.2%) $346,391 (9.5%) 0.68 613
2022-07-01 $305,000 (12.4%) $346,112 (0.8%) 0.69 855
2022-08-01 $304,825 (14.7%) $350,342 (4.1%) 0.70 1,006
2022-09-01 $307,150 (12.4%) $351,899 (-0.2%) 0.72 1,087
2022-10-01 $304,950 (10.1%) $355,091 (-0.2%) 0.72 1,105
2022-11-01 $303,973 (9.3%) $351,952 (-2.9%) 0.73 1,122
2022-12-01 $300,000 (10.1%) $353,885 (2.5%) 0.74 1,009
2023-01-01 $302,447 (8.4%) $358,841 (5.1%) 0.75 943
2023-02-01 $301,244 (6.6%) $356,538 (3.6%) 0.73 912
2023-03-01 $305,475 (6.7%) $361,160 (5.7%) 0.72 902
2023-04-01 $314,900 (7.9%) $375,920 (5.8%) 0.73 939
2023-05-01 $319,450 (6.5%) $380,741 (9.3%) 0.72 907
2023-06-01 $312,896 (2.9%) $371,341 (7.2%) 0.70 945
2023-07-01 $314,900 (3.3%) $375,871 (8.6%) 0.72 981
2023-08-01 $311,686 (2.3%) $373,965 (6.7%) 0.72 1,016
2023-09-01 $310,000 (0.9%) $376,634 (7.0%) 0.72 977
2023-10-01 $309,950 (1.6%) $374,063 (5.3%) 0.73 1,034
2023-11-01 $306,700 (0.9%) $369,600 (5.0%) 0.73 1,079
2023-12-01 $309,994 (3.3%) $368,987 (4.3%) 0.76 1,111
2024-01-01 $313,269 (3.6%) $366,242 (2.1%) 0.77 1,087
2024-02-01 $311,760 (3.5%) $370,971 (4.1%) 0.75 1,102
2024-03-01 $310,000 (1.5%) $366,313 (1.4%) 0.73 1,200
2024-04-01 $309,141 (-1.8%) $371,451 (-1.2%) 0.72 1,277
2024-05-01 $307,950 (-3.6%) $369,713 (-2.9%) 0.70 1,390
2024-06-01 $309,000 (-1.3%) $387,862 (4.5%) 0.69 1,421
Spartanburg's median listing price for 2024-06-01 was $309,000, a difference of $-3,896 (-1.3%) versus the prior year and $1,050 versus the prior month.

Spartanburg's median listing price comes in at 69% of the national average.

Spartanburg's average listing price for 2024-06-01 was $387,862, a difference of $16,521 (4.5%) versus the prior year and $18,149 versus the prior month.

For the 2024-06-01 period, Spartanburg had 1,421 MLS listings, a difference of 31 listings (2%) versus the prior month and 476 listings (50%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Spartanburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 88 days 2,045 sqft
2018-02-01 83 days 2,042 sqft
2018-03-01 50 days 2,122 sqft
2018-04-01 50 days 2,152 sqft
2018-05-01 52 days 2,149 sqft
2018-06-01 52 days 2,150 sqft
2018-07-01 57 days 2,128 sqft
2018-08-01 56 days 2,106 sqft
2018-09-01 64 days 2,073 sqft
2018-10-01 66 days 2,020 sqft
2018-11-01 66 days 2,026 sqft
2018-12-01 71 days 2,000 sqft
2019-01-01 80 days 2,000 sqft
2019-02-01 71 days 2,017 sqft
2019-03-01 64 days 2,032 sqft
2019-04-01 61 days 2,048 sqft
2019-05-01 61 days 2,082 sqft
2019-06-01 58 days 2,103 sqft
2019-07-01 58 days 2,087 sqft
2019-08-01 57 days 2,096 sqft
2019-09-01 58 days 2,089 sqft
2019-10-01 58 days 2,080 sqft
2019-11-01 59 days 2,055 sqft
2019-12-01 66 days 2,019 sqft
2020-01-01 72 days 2,003 sqft
2020-02-01 73 days 2,006 sqft
2020-03-01 58 days 2,082 sqft
2020-04-01 61 days 2,014 sqft
2020-05-01 69 days 2,026 sqft
2020-06-01 66 days 2,072 sqft
2020-07-01 54 days 2,074 sqft
2020-08-01 46 days 2,100 sqft
2020-09-01 46 days 2,071 sqft
2020-10-01 49 days 2,030 sqft
2020-11-01 46 days 1,968 sqft
2020-12-01 48 days 1,896 sqft
2021-01-01 51 days 1,870 sqft
2021-02-01 49 days 1,808 sqft
2021-03-01 41 days 1,797 sqft
2021-04-01 44 days 1,797 sqft
2021-05-01 43 days 1,800 sqft
2021-06-01 38 days 1,882 sqft
2021-07-01 34 days 1,927 sqft
2021-08-01 38 days 1,844 sqft
2021-09-01 42 days 1,831 sqft
2021-10-01 46 days 1,856 sqft
2021-11-01 39 days 1,839 sqft
2021-12-01 44 days 1,779 sqft
2022-01-01 53 days 1,826 sqft
2022-02-01 34 days 1,828 sqft
2022-03-01 33 days 1,795 sqft
2022-04-01 32 days 1,820 sqft
2022-05-01 25 days 1,858 sqft
2022-06-01 30 days 1,879 sqft
2022-07-01 31 days 1,884 sqft
2022-08-01 39 days 1,900 sqft
2022-09-01 43 days 1,962 sqft
2022-10-01 51 days 1,931 sqft
2022-11-01 59 days 1,925 sqft
2022-12-01 67 days 1,922 sqft
2023-01-01 71 days 1,945 sqft
2023-02-01 63 days 1,942 sqft
2023-03-01 44 days 1,958 sqft
2023-04-01 41 days 1,990 sqft
2023-05-01 48 days 2,025 sqft
2023-06-01 51 days 2,002 sqft
2023-07-01 49 days 2,000 sqft
2023-08-01 47 days 1,955 sqft
2023-09-01 47 days 1,965 sqft
2023-10-01 51 days 1,996 sqft
2023-11-01 50 days 1,965 sqft
2023-12-01 55 days 1,969 sqft
2024-01-01 64 days 1,938 sqft
2024-02-01 49 days 1,925 sqft
2024-03-01 47 days 1,991 sqft
2024-04-01 44 days 1,968 sqft
2024-05-01 39 days 1,996 sqft
2024-06-01 45 days 1,988 sqft
Spartanburg's median listing age (time on market) for 2024-06-01 was 45 days. This is -11% shorter than the same period one year ago.

Spartanburg's median square footage for active listings during the 2024-06-01 period was 1,988 sqft. One year prior, the average listing was 2,002 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).