Spartanburg FHA Loan Rates, Closing Costs & Stats

SPARTANBURG, 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.

    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 6.45% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.5% and one month ago for the week of 2024-06-14, the average rate was 6.36%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.65%.

    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

    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).