Spartanburg FHA Loans

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 149 lenders originated 2,603 FHA loans during 2021. The total origination value was $505,435,000, with an average FHA loan value of $194,174.

Spartanburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Spartanburg averaged 5.54% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.44% and one month ago for the week of 2022-04-15, the average rate was 5.13%.

The average rate one year ago was 3.4%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.1%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Spartanburg level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 229 2.72% $6,146
MOVEMENT MORTGAGE, LLC 114 3.25% $6,720
FREEDOM MORTGAGE CORPORATION 103 2.88% $5,467
DHI MORTGAGE COMPANY, LTD. 90 2.77% $7,224
ARK-LA-TEX FINANCIAL SERVICES, LLC. 89 3.25% $8,457
NVR Mortgage Finance, Inc. 85 3.28% $8,549
PRIMELENDING, A PLAINSCAPITAL COMPANY 78 3.40% $8,479
LAKEVIEW LOAN SERVICING, LLC 76 3.01% $4,298
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 76 3.23% $7,643
CALIBER HOME LOANS, INC. 74 2.83% $6,611
LENDUS, LLC 74 3.37% $7,861
PENNYMAC LOAN SERVICES, LLC 71 3.07% $4,477
Renasant Bank 60 3.09% $10,332
GUILD MORTGAGE COMPANY 53 3.19% $7,975
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 53 3.23% $8,437
Mr. Cooper ( Nationstar Mortgage ) 53 3.41% $3,720
BROKER SOLUTIONS, INC. 44 3.27% $7,646
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 40 3.21% $7,867
Lakeview Community Capital, LLC 32 2.98% $4,337
INSPIRE HOME LOANS INC. 32 3.38% $6,415
LOANDEPOT.COM, LLC 31 3.61% $7,628
Network Funding, L.P. 30 3.52% $7,504
VANDERBILT MORTGAGE AND FINANCE, INC. 28 3.00% $8,049
ACOPIA, LLC 27 3.47% $9,277
ON Q FINANCIAL, INC. 26 3.67% $7,453
CROSSCOUNTRY MORTGAGE, LLC 26 3.13% $7,239
SUCCESS MORTGAGE PARTNERS, INC. 25 3.14% $7,909
UNITED WHOLESALE MORTGAGE, LLC 24 2.89% $7,658
NEWREZ LLC 21 2.87% $4,731
SOUTHWEST FUNDING, LP 21 3.84% $8,862
Carrington Mortgage Services, LLC 20 3.68% $7,687
APEX HOME LOANS, INC. 20 2.78% $8,098
First Heritage Mortgage, LLC 19 3.07% $8,384
Equity Prime Mortgage LLC 18 3.54% $6,553
AmeriHome Mortgage Company, LLC 18 3.12% $4,334
HOMESTAR FINANCIAL CORPORATION 16 3.23% $5,917
VILLAGE CAPITAL & INVESTMENT LLC 16 3.01% $1,894
Paramount Residential Mortgage Group, Inc. 16 3.24% $8,889
HOMESIDE FINANCIAL, LLC 15 3.04% $8,954
PRIMARY RESIDENTIAL MORTGAGE, INC. 15 3.38% $6,778
Ameris Bank 15 2.97% $7,239
NATIONS DIRECT MORTGAGE, LLC 14 3.29% $7,710
HOME POINT FINANCIAL CORPORATION 13 2.74% $5,949
Flagstar Bank, FSB 12 2.82% $6,377
HOMEBRIDGE FINANCIAL SERVICES, INC. 11 3.14% $8,723
FINANCE OF AMERICA MORTGAGE LLC 10 3.64% $6,706
HOMEOWNERS FINANCIAL GROUP USA, LLC 10 3.60% $8,570
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 9 3.39% $8,771
Countybank 9 2.92% $5,572
CRESCENT MORTGAGE COMPANY 9 2.65% $7,111
AMERISAVE MORTGAGE CORPORATION 9 3.24% $8,267
KELLER MORTGAGE, LLC 9 2.76% $5,243
LOANPAL, LLC 8 2.59% $9,139
Nations Lending Corporation 8 3.13% $8,047
MIDLAND MORTGAGE CORPORATION 8 3.05% $5,447
First Guaranty Mortgage Corporation 8 2.72% $5,690
Alcova Mortgage LLC 7 3.00% $6,304
InterContinental Capital Group, Inc 7 3.04% $7,799
SWBC MORTGAGE CORPORATION 6 3.23% $6,508
CORNERSTONE HOME LENDING, INC. 6 3.25% $9,024
GUARANTEED RATE, INC. 6 2.83% $6,831
MID AMERICA MORTGAGE, INC. 5 3.60% $3,646
RELIANCE FIRST CAPITAL, LLC 4 3.22% $7,895
TOWNE MORTGAGE COMPANY 4 3.50% $7,340
RAPID MORTGAGE COMPANY 4 3.75% $8,266
MORTGAGE EQUITY PARTNERS LLC 4 3.25% $7,163
GENEVA FINANCIAL, LLC 4 3.28% $6,938
RESOURCE FINANCIAL SERVICES, INC. 4 2.78% $8,273
SOUTHERN TRUST MORTGAGE, LLC 4 3.00% $7,128
First-Citizens Bank & Trust Company 4 2.72% $6,933
Colten Mortgage, LLC 3 4.04% $6,242
Allen Tate Mortgage Partners, LLC 3 3.25% $6,915
Bank of England 3 3.04% $8,329
Barrington Bank & Trust Company, N.A. 3 3.13% $6,719
CMG MORTGAGE, INC. 3 2.83% $6,227
1ST SIGNATURE LENDING, LLC 3 3.13% $8,821
ENVOY MORTGAGE, LTD 3 3.25% $6,932
FAMILY FIRST FUNDING LLC 3 3.50% $12,971
First Federal Bank 3 2.92% $6,473
Hometown Lenders, Inc. 3 3.13% $9,712
INTERLINC MORTGAGE SERVICES, LLC 3 3.63% $8,401
MUTUAL OF OMAHA MORTGAGE, INC. 3 3.00% $6,844
NP, Inc. 3 3.13% $10,640
OCEANSIDE MORTGAGE COMPANY 3 2.83% $3,076
PLANET HOME LENDING, LLC 3 2.71% $6,030
Regions Bank 3 2.75% $6,531
South State Bank 3 3.00% $5,507
SUN WEST MORTGAGE COMPANY, INC. 3 3.75% $5,818
UNION HOME MORTGAGE CORP. 3 3.17% $6,667
SECURITYNATIONAL MORTGAGE COMPANY 2 4.31% $9,643
PANORAMA MORTGAGE GROUP, LLC 2 2.69% $6,714
Southern First Bank 2 2.69% $6,713
The Federal Savings Bank 2 2.56% $12,034
TIDEWATER MORTGAGE SERVICES, INC. 2 3.44% $9,156
BETTER MORTGAGE CORPORATION 2 3.19% $5,586
TruHome Solutions, LLC 2 2.69% $8,418
JPMorgan Chase Bank 2 2.87% $5,876
Hometown Equity Mortgage, LLC 2 3.63% $10,634
AMERICAN FINANCIAL NETWORK, INC. 2 3.00% $12,227
CAPITAL CENTER, L.L.C. 2 2.81% $3,453
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.25% $6,770
CALCON MUTUAL MORTGAGE LLC 2 3.63% $15,021
First Palmetto Bank 2 3.06% $5,550
FBC MORTGAGE, LLC 2 3.25% $7,350
OCMBC, INC. 1 3.75% $6,053
CityWorth Mortgage LLC 1 3.63% $6,747
Citizens Bank 1 2.38% $9,403
Capital City Home Loans, LLC 1 3.88% $2,182
PHH Mortgage Corporation 1 3.13% $4,080
Plains Commerce Bank 1 2.63% $11,284
UNITED SECURITY FINANCIAL CORP 1 2.88% $5,706
PREMIA MORTGAGE, LLC 1 3.25% $7,326
BNC National Bank 1 3.50% $5,953
Blue Ridge Bank 1 2.75% $5,743
AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $5,004
Bethpage Federal Credit Union 1 3.50% $3,530
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.88% $6,086
BAYSHORE MORTGAGE FUNDING, LLC 1 3.63% $12,684
RUOFF MORTGAGE COMPANY, INC. 1 3.25% $4,629
SHELTER HOME MORTGAGE, LLC 1 2.99% $8,639
BAY EQUITY LLC 1 3.25% $10,883
Bank of America 1 3.63% $8,255
SOUTHWEST STAGE FUNDING, LLC 1 3.88% $4,828
Amerifirst Financial, Inc. 1 3.63% $9,967
SUMMIT FUNDING, INC. 1 3.25% $9,724
Advisors Mortgage Group, L.L.C. 1 3.25% $8,744
AMERIFIRST FINANCIAL CORPORATION 1 4.38% $5,817
TD Bank 1 2.75% $4,838
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $10,572
LIBERTY HOME MORTGAGE CORPORATION 1 2.88% $6,768
Home Mortgage Alliance Corp 1 3.25% $13,506
Magnolia Bank 1 2.88% $5,715
Manufacturers and Traders Trust Company 1 3.25% $7,181
HANCOCK MORTGAGE PARTNERS, LLC 1 2.75% $5,871
MEMBERS 1ST FEDERAL CREDIT UNION 1 3.00% $6,183
GoPrime Mortgage, Inc. 1 3.75% $8,056
Florida Capital Bank 1 2.63% $7,559
Mortgage Network, Inc. 1 3.13% $6,924
Mortgage Research Center, LLC 1 3.13% $3,788
First Community Bank 1 2.75% $7,836
Truist Bank 1 2.50% $9,841
Evolve Bank & Trust 1 3.13% $7,427
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.63% $8,554
EVERETT FINANCIAL, INC. 1 3.38% $5,759
EMBRACE HOME LOANS, INC. 1 2.99% $6,325
NFM, INC. 1 3.13% $8,184
ZILLOW HOME LOANS, LLC 1 3.50% $7,224
CONTOUR MORTGAGE CORPORATION 1 2.88% $5,613
United Bank 1 3.25% $5,244

The top Spartanburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 229 FHA loans originated. Their average total fees are $6,146, which is $573 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Spartanburg FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($1,894), Mr. Cooper ( Nationstar Mortgage ) ($3,720), LAKEVIEW LOAN SERVICING, LLC ($4,298), AmeriHome Mortgage Company, LLC ($4,334) and Lakeview Community Capital, LLC ($4,337).

The lowest rate Spartanburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.72%), HOME POINT FINANCIAL CORPORATION (2.74%), DHI MORTGAGE COMPANY, LTD. (2.77%), APEX HOME LOANS, INC. (2.78%) and Flagstar Bank, FSB (2.82%).

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

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 $216,146 (9.4%) $292,237 (4.5%) 0.80 1,709
2018-02-01 $217,495 (8.8%) $291,365 (3.3%) 0.78 1,627
2018-03-01 $225,000 (12.2%) $300,180 (6.7%) 0.78 1,558
2018-04-01 $229,900 (12.2%) $312,439 (10.5%) 0.77 1,547
2018-05-01 $227,792 (9.0%) $307,930 (7.9%) 0.76 1,656
2018-06-01 $225,990 (5.4%) $308,370 (6.6%) 0.75 1,759
2018-07-01 $224,945 (5.2%) $307,848 (6.1%) 0.75 1,789
2018-08-01 $222,548 (5.0%) $303,523 (3.8%) 0.74 1,878
2018-09-01 $221,208 (2.9%) $303,158 (1.3%) 0.74 1,912
2018-10-01 $219,900 (1.8%) $302,927 (-0.2%) 0.74 1,955
2018-11-01 $219,900 (2.3%) $299,441 (0.6%) 0.74 1,823
2018-12-01 $217,900 (1.4%) $290,934 (-1.6%) 0.75 1,771
2019-01-01 $218,775 (1.2%) $285,870 (-2.2%) 0.75 1,722
2019-02-01 $218,075 (0.3%) $282,885 (-2.9%) 0.73 1,775
2019-03-01 $220,186 (-2.1%) $291,920 (-2.8%) 0.72 1,768
2019-04-01 $222,400 (-3.3%) $302,031 (-3.3%) 0.70 1,747
2019-05-01 $225,596 (-1.0%) $314,382 (2.1%) 0.70 1,750
2019-06-01 $229,000 (1.3%) $322,134 (4.5%) 0.70 1,774
2019-07-01 $230,417 (2.4%) $324,202 (5.3%) 0.72 1,774
2019-08-01 $229,796 (3.3%) $319,437 (5.2%) 0.72 1,831
2019-09-01 $229,887 (3.9%) $313,910 (3.6%) 0.73 1,870
2019-10-01 $229,450 (4.3%) $312,219 (3.1%) 0.73 1,932
2019-11-01 $228,000 (3.7%) $310,684 (3.8%) 0.74 1,881
2019-12-01 $224,950 (3.2%) $306,519 (5.4%) 0.75 1,858
2020-01-01 $223,945 (2.4%) $299,262 (4.7%) 0.75 1,711
2020-02-01 $225,000 (3.2%) $306,521 (8.4%) 0.73 1,598
2020-03-01 $236,864 (7.6%) $321,016 (10.0%) 0.74 1,513
2020-04-01 $234,470 (5.4%) $316,180 (4.7%) 0.73 1,610
2020-05-01 $239,000 (5.9%) $323,053 (2.8%) 0.72 1,466
2020-06-01 $249,450 (8.9%) $344,085 (6.8%) 0.73 1,270
2020-07-01 $243,450 (5.7%) $339,572 (4.7%) 0.70 1,125
2020-08-01 $248,641 (8.2%) $351,018 (9.9%) 0.71 1,048
2020-09-01 $249,194 (8.4%) $363,245 (15.7%) 0.71 984
2020-10-01 $249,120 (8.6%) $363,398 (16.4%) 0.71 960
2020-11-01 $245,188 (7.5%) $359,829 (15.8%) 0.70 949
2020-12-01 $239,900 (6.7%) $344,508 (12.4%) 0.70 895
2021-01-01 $237,990 (6.3%) $344,399 (15.1%) 0.70 866
2021-02-01 $232,856 (3.5%) $342,837 (11.9%) 0.67 795
2021-03-01 $241,891 (2.1%) $352,150 (9.7%) 0.68 631
2021-04-01 $243,616 (3.9%) $344,031 (8.8%) 0.65 595
2021-05-01 $256,801 (7.5%) $377,355 (16.8%) 0.68 509
2021-06-01 $271,593 (8.9%) $377,377 (9.7%) 0.71 517
2021-07-01 $277,183 (13.9%) $381,275 (12.3%) 0.72 604
2021-08-01 $267,880 (7.7%) $361,527 (3.0%) 0.70 703
2021-09-01 $273,615 (9.8%) $386,480 (6.4%) 0.72 712
2021-10-01 $275,240 (10.5%) $388,886 (7.0%) 0.72 694
2021-11-01 $279,475 (14.0%) $402,524 (11.9%) 0.74 622
2021-12-01 $276,749 (15.4%) $383,651 (11.4%) 0.74 578
2022-01-01 $279,900 (17.6%) $394,383 (14.5%) 0.75 476
2022-02-01 $289,556 (24.4%) $389,029 (13.5%) 0.74 435
2022-03-01 $299,000 (23.6%) $392,845 (11.6%) 0.74 401
2022-04-01 $300,000 (23.1%) $410,252 (19.3%) 0.71 464
Spartanburg's median listing price for 2022-04-01 was $300,000, a difference of $56,384 (23.1%) versus the prior year and $1,000 versus the prior month.

Spartanburg's median listing price comes in at 71% of the national average.

Spartanburg's average listing price for 2022-04-01 was $410,252, a difference of $66,221 (19.3%) versus the prior year and $17,407 versus the prior month.

For the 2022-04-01 period, Spartanburg had 464 MLS listings, a difference of 63 listings (16%) versus the prior month and -131 listings (-22%) 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 97 days 2,014 sqft
2018-02-01 90 days 2,002 sqft
2018-03-01 57 days 2,100 sqft
2018-04-01 54 days 2,137 sqft
2018-05-01 56 days 2,147 sqft
2018-06-01 58 days 2,165 sqft
2018-07-01 64 days 2,123 sqft
2018-08-01 63 days 2,094 sqft
2018-09-01 70 days 2,060 sqft
2018-10-01 71 days 2,006 sqft
2018-11-01 75 days 2,027 sqft
2018-12-01 78 days 2,000 sqft
2019-01-01 91 days 1,996 sqft
2019-02-01 79 days 2,002 sqft
2019-03-01 64 days 2,005 sqft
2019-04-01 65 days 2,022 sqft
2019-05-01 64 days 2,067 sqft
2019-06-01 63 days 2,111 sqft
2019-07-01 64 days 2,104 sqft
2019-08-01 59 days 2,134 sqft
2019-09-01 61 days 2,151 sqft
2019-10-01 64 days 2,082 sqft
2019-11-01 64 days 2,076 sqft
2019-12-01 70 days 2,014 sqft
2020-01-01 79 days 2,000 sqft
2020-02-01 78 days 2,003 sqft
2020-03-01 62 days 2,079 sqft
2020-04-01 64 days 2,015 sqft
2020-05-01 71 days 2,025 sqft
2020-06-01 70 days 2,104 sqft
2020-07-01 66 days 2,093 sqft
2020-08-01 54 days 2,084 sqft
2020-09-01 50 days 2,098 sqft
2020-10-01 55 days 2,043 sqft
2020-11-01 51 days 1,982 sqft
2020-12-01 50 days 1,900 sqft
2021-01-01 56 days 1,847 sqft
2021-02-01 56 days 1,815 sqft
2021-03-01 45 days 1,800 sqft
2021-04-01 45 days 1,788 sqft
2021-05-01 43 days 1,800 sqft
2021-06-01 42 days 1,863 sqft
2021-07-01 38 days 1,874 sqft
2021-08-01 44 days 1,808 sqft
2021-09-01 45 days 1,826 sqft
2021-10-01 48 days 1,850 sqft
2021-11-01 44 days 1,826 sqft
2021-12-01 46 days 1,812 sqft
2022-01-01 56 days 1,823 sqft
2022-02-01 42 days 1,812 sqft
2022-03-01 37 days 1,805 sqft
2022-04-01 36 days 1,823 sqft
Spartanburg's median listing age (time on market) for 2022-04-01 was 36 days. This is -20% shorter than the same period one year ago.

Spartanburg's median square footage for active listings during the 2022-04-01 period was 1,823 sqft. One year prior, the average listing was 1,788 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).