Sumter FHA Loan Rates, Closing Costs & Stats

SUMTER, 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.

    Sumter's 77 lenders originated 405 FHA loans during 2024. The total origination value was $79,435,000, with an average FHA loan value of $196,136.

    Sumter FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sumter averaged -0.03% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Sumter's average FHA mortgage closing costs are $6,816.

    The average rate for the prior week (2025-06-27) was 6.65% and one month ago for the week of 2025-05-30, the average rate was 6.53%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.46%.

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

    Sumter 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 Sumter level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    RESOURCE FINANCIAL SERVICES, INC. 43 6.52% $9,862
    Gateway First Bank 33 6.41% $8,528
    QUICKEN LOANS, LLC 31 6.33% $9,680
    FBC MORTGAGE, LLC 22 5.24% $8,822
    GUILD MORTGAGE COMPANY 22 6.61% $8,650
    UNITED WHOLESALE MORTGAGE, LLC 19 6.32% $9,955
    MOVEMENT MORTGAGE, LLC 17 6.70% $9,434
    Trustmark National Bank 16 6.59% $9,270
    FREEDOM MORTGAGE CORPORATION 13 6.65% $9,993
    CROSSCOUNTRY MORTGAGE, LLC 9 6.51% $10,634
    Assurance Financial Group, L.L.C. 7 6.36% $9,967
    DHI MORTGAGE COMPANY, LTD. 6 5.04% $6,803
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.50% $8,091
    HOMESIDE FINANCIAL, LLC 4 6.41% $11,182
    Flagstar Bank, FSB 4 6.50% $7,633
    PLAZA HOME MORTGAGE, INC. 4 6.84% $7,902
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.75% $9,854
    First-Citizens Bank & Trust Company 4 5.91% $6,620
    Carrington Mortgage Services, LLC 4 6.25% $8,367
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.25% $12,696
    GUARANTEED RATE, INC. 3 6.63% $10,501
    Equity Prime Mortgage LLC 3 6.04% $10,873
    BROKER SOLUTIONS, INC. 3 6.58% $8,311
    CALCON MUTUAL MORTGAGE LLC 3 6.33% $10,394
    First Federal Bank 3 6.00% $7,879
    AMERISAVE MORTGAGE CORPORATION 3 6.58% $11,822
    PENNYMAC LOAN SERVICES, LLC 3 6.33% $8,668
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.71% $13,023
    CMG MORTGAGE, INC. 2 6.56% $8,992
    PREMIER MORTGAGE RESOURCES, L.L.C. 2 7.06% $9,865
    Prosperity Home Mortgage, LLC 2 6.00% $9,275
    Renasant Bank 2 6.19% $10,400
    NEWREZ LLC 2 6.19% $9,092
    First Heritage Mortgage, LLC 2 6.56% $14,680
    Ameris Bank 2 6.50% $10,471
    AMERICAN FINANCIAL NETWORK, INC. 2 6.75% $10,976
    The Federal Savings Bank 2 6.25% $13,090
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.69% $4,179
    TOTAL MORTGAGE SERVICES, LLC 2 7.37% $14,610
    INTERLINC MORTGAGE SERVICES, LLC 2 7.19% $7,403
    CARDINAL FINANCIAL 2 6.75% $12,431
    NATION ONE MORTGAGE CORPORATION 1 6.25% $6,969
    AMERICAN FINANCING CORPORATION 1 6.13% $9,025
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $8,198
    Atlantic Coast Mortgage, LLC 1 8.25% $10,119
    AXIA FINANCIAL, LLC 1 7.75% $8,837
    BAY EQUITY LLC 1 6.63% $7,771
    DIRECT MORTGAGE LOANS, LLC 1 7.63% $6,005
    First Community Bank 1 6.50% $10,647
    First Palmetto Bank 1 6.63% $7,999
    First Reliance Bank 1 5.63% $7,596
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $11,038
    Home Mortgage Alliance Corp 1 6.63% $13,093
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 4.50% $12,368
    Lakeview Community Capital, LLC 1 7.25% $8,053
    LOANDEPOT.COM, LLC 1 6.75% $9,778
    LOANPAL, LLC 1 5.50% $7,587
    Magnolia Bank 1 6.99% $8,159
    MILEND, INC. 1 5.75% $8,323
    Mortgage Research Center, LLC 1 6.25% $6,271
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $9,635
    OCMBC, INC. 1 6.63% $5,318
    Plains Commerce Bank 1 6.25% $6,193
    PLANET HOME LENDING, LLC 1 5.75% $5,870
    PNC Bank 1 7.00% $5,273
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $8,474
    ROYAL UNITED MORTGAGE LLC 1 7.63% $6,944
    SENTE MORTGAGE, INC. 1 5.63% $4,410
    SOUTHWEST FUNDING, LP 1 7.75% $10,009
    STOCKTON MORTGAGE CORPORATION 1 5.75% $7,910
    T2 FINANCIAL LLC 1 6.75% $7,653
    TIDEWATER MORTGAGE SERVICES, INC. 1 7.00% $7,715
    TOP FLITE FINANCIAL, INC. 1 7.25% $7,940
    Truist 1 6.70% $6,169
    U.S. Bank 1 5.99% $7,302
    VERITAS FUNDING, LLC 1 6.75% $13,062
    VILLAGE CAPITAL MORTGAGE 1 6.38% $8,752

    The top Sumter FHA lender as defined by loan originations is RESOURCE FINANCIAL SERVICES, INC., with 43 FHA loans originated. Their average total fees are $9,862, which is $1,335 higher than the next largest lender, Gateway First Bank.

    The lowest fee Sumter FHA lenders (with over 10 loans originated) are Gateway First Bank ($8,528), GUILD MORTGAGE COMPANY ($8,650), FBC MORTGAGE, LLC ($8,822), Trustmark National Bank ($9,270) and MOVEMENT MORTGAGE, LLC ($9,434).

    The lowest rate Sumter FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.24%), UNITED WHOLESALE MORTGAGE, LLC (6.32%), QUICKEN LOANS, LLC (6.33%), Gateway First Bank (6.41%) and RESOURCE FINANCIAL SERVICES, INC. (6.52%).

    Sumter FHA Loan Limits

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