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 83 lenders originated 347 FHA loans during 2023. The total origination value was $67,985,000, with an average FHA loan value of $195,922.

    Sumter FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sumter averaged 6.32% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Sumter's average FHA mortgage closing costs are $6,472.

    The average rate for the prior week (2024-11-01) was 6.4% and one month ago for the week of 2024-10-04, the average rate was 5.82%.

    The average rate one year ago was 7.06%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Gateway First Bank 36 6.56% $7,810
    RESOURCE FINANCIAL SERVICES, INC. 26 6.63% $9,251
    QUICKEN LOANS, LLC 25 6.19% $8,942
    FBC MORTGAGE, LLC 19 5.43% $9,176
    Trustmark National Bank 12 6.60% $8,561
    MOVEMENT MORTGAGE, LLC 10 6.54% $8,279
    CROSSCOUNTRY MORTGAGE, LLC 9 7.01% $10,286
    GUILD MORTGAGE COMPANY 9 6.82% $8,290
    UNITED WHOLESALE MORTGAGE, LLC 8 6.08% $12,224
    Ameris Bank 7 6.55% $9,976
    First Federal Bank 7 6.68% $6,012
    THRIVE MORTGAGE, LLC 6 6.67% $10,184
    BROKER SOLUTIONS, INC. 5 6.50% $9,569
    GSF Mortgage Corporation 5 6.48% $9,459
    CMG MORTGAGE, INC. 5 7.05% $12,255
    FREEDOM MORTGAGE CORPORATION 4 6.94% $12,994
    Synovus Bank 4 6.34% $8,916
    PLAZA HOME MORTGAGE, INC. 4 6.97% $8,848
    AMERISAVE MORTGAGE CORPORATION 4 6.38% $11,312
    GUARANTEED RATE AFFINITY, LLC 4 7.13% $9,563
    CARDINAL FINANCIAL 4 5.97% $11,352
    NEWREZ LLC 4 6.88% $6,458
    PENNYMAC LOAN SERVICES, LLC 3 6.21% $10,796
    LOANDEPOT.COM, LLC 3 6.38% $12,928
    First Heritage Mortgage, LLC 3 6.29% $11,776
    Assurance Financial Group, L.L.C. 3 6.96% $10,221
    DHI MORTGAGE COMPANY, LTD. 3 5.99% $6,624
    Lakeview Community Capital, LLC 3 6.63% $11,904
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.75% $7,717
    Equity Prime Mortgage LLC 3 7.13% $10,113
    SWBC MORTGAGE CORPORATION 2 6.75% $4,374
    Carrington Mortgage Services, LLC 2 6.38% $9,575
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.69% $7,986
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $10,450
    Truist 2 7.43% $5,468
    Mortgage Research Center, LLC 2 6.75% $6,591
    1ST SIGNATURE LENDING, LLC 2 6.88% $11,429
    RUOFF MORTGAGE COMPANY, INC. 2 6.19% $7,320
    Paramount Residential Mortgage Group, Inc. 2 6.75% $11,106
    SOUTHWEST STAGE FUNDING, LLC 2 7.38% $6,880
    LAKEVIEW LOAN SERVICING, LLC 2 6.50% $10,348
    SUN WEST MORTGAGE COMPANY, INC. 2 7.25% $9,801
    Wells Fargo Bank 1 6.63% $6,748
    Alcova Mortgage LLC 1 7.25% $4,598
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $13,913
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $8,717
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $10,149
    Bank of America 1 6.13% $16,683
    Barrington Bank & Trust Company, N.A. 1 7.25% $5,856
    BETTER MORTGAGE CORPORATION 1 6.13% $4,335
    Century Mortgage Company DBA Century Lending Company 1 5.99% $15,830
    CORNERSTONE HOME LENDING, INC. 1 6.38% $11,331
    DELMAR FINANCIAL COMPANY 1 6.25% $10,349
    First-Citizens Bank & Trust Company 1 7.00% $10,312
    Flagstar Bank, FSB 1 7.25% $6,917
    GUARANTEED RATE, INC. 1 7.63% $6,949
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.25% $6,705
    HOMESIDE FINANCIAL, LLC 1 6.75% $8,140
    INTERCOASTAL MORTGAGE COMPANY 1 6.50% $11,453
    JPMorgan Chase Bank 1 6.88% $6,025
    LEADERONE FINANCIAL CORPORATION 1 7.13% $7,938
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $12,590
    LOANPAL, LLC 1 5.50% $9,440
    MICHIGAN MUTUAL, INC. 1 4.63% $20,907
    MILEND, INC. 1 6.13% $13,748
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $6,500
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $8,139
    M&T Bank 1 7.25% $8,346
    Nations Lending Corporation 1 6.13% $16,345
    Neighborhood Loans, Inc. 1 7.63% $8,605
    NTFN, INC. 1 7.00% $10,866
    Plains Commerce Bank 1 6.13% $5,905
    PLANET HOME LENDING, LLC 1 6.63% $9,513
    Princeton Mortgage Corporation 1 6.49% $6,831
    Prosperity Home Mortgage, LLC 1 6.00% $11,218
    Regions Bank 1 6.25% $5,053
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $10,504
    South State Bank 1 5.88% $6,932
    SUMMIT FUNDING, INC. 1 6.25% $9,438
    TOWNE MORTGAGE COMPANY 1 7.25% $7,188
    UNION HOME MORTGAGE CORP. 1 6.50% $7,417
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.75% $5,610
    VILLAGE CAPITAL MORTGAGE 1 6.25% $9,968

    The top Sumter FHA lender as defined by loan originations is Gateway First Bank, with 36 FHA loans originated. Their average total fees are $7,810, which is $1,441 lower than the next largest lender, RESOURCE FINANCIAL SERVICES, INC..

    The lowest fee Sumter FHA lenders (with over 10 loans originated) are Gateway First Bank ($7,810), MOVEMENT MORTGAGE, LLC ($8,279), Trustmark National Bank ($8,561), QUICKEN LOANS, LLC ($8,942) and FBC MORTGAGE, LLC ($9,176).

    The lowest rate Sumter FHA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.43%), QUICKEN LOANS, LLC (6.19%), MOVEMENT MORTGAGE, LLC (6.54%), Gateway First Bank (6.56%) and Trustmark National Bank (6.60%).

    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).