Sumter FHA Loan Rates, Closing Costs & Stats

SUMTER, SC

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 6.41% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.23% and one month ago for the week of 2025-01-10, the average rate was 6.39%.

    The average rate one year ago was 6.32%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.72%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sumter (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 $149,900 (-2.5%) $165,964 (-5.5%) 0.00 454
    2018-02-01 $152,000 (-1.4%) $167,045 (-4.7%) 0.00 444
    2018-03-01 $144,950 (-9.4%) $169,613 (-3.0%) 0.00 406
    2018-04-01 $154,500 (-4.8%) $175,156 (-1.7%) 0.00 429
    2018-05-01 $154,975 (-4.8%) $176,721 (-0.2%) 0.00 430
    2018-06-01 $159,450 (-2.7%) $180,243 (1.2%) 0.00 411
    2018-07-01 $162,400 (1.5%) $186,261 (5.5%) 0.00 407
    2018-08-01 $159,900 (0.8%) $185,766 (7.1%) 0.00 396
    2018-09-01 $157,900 (0.6%) $183,310 (7.4%) 0.00 393
    2018-10-01 $149,974 (-4.4%) $182,103 (6.3%) 0.00 398
    2018-11-01 $156,575 (1.0%) $183,779 (7.9%) 0.00 388
    2018-12-01 $155,000 (1.4%) $178,428 (6.2%) 0.00 375
    2019-01-01 $155,000 (3.4%) $178,704 (7.7%) 0.00 360
    2019-02-01 $159,900 (5.2%) $179,348 (7.4%) 0.00 375
    2019-03-01 $164,186 (13.3%) $177,871 (4.9%) 0.00 403
    2019-04-01 $172,200 (11.5%) $182,323 (4.1%) 0.00 429
    2019-05-01 $181,675 (17.2%) $191,221 (8.2%) 0.00 414
    2019-06-01 $183,900 (15.3%) $194,843 (8.1%) 0.00 383
    2019-07-01 $179,900 (10.8%) $192,134 (3.2%) 0.00 360
    2019-08-01 $179,919 (12.5%) $190,365 (2.5%) 0.00 373
    2019-09-01 $179,964 (14.0%) $188,509 (2.8%) 0.00 382
    2019-10-01 $180,000 (20.0%) $187,723 (3.1%) 0.00 389
    2019-11-01 $183,900 (17.5%) $187,797 (2.2%) 0.00 372
    2019-12-01 $179,063 (15.5%) $187,439 (5.1%) 0.00 343
    2020-01-01 $185,000 (19.4%) $190,248 (6.5%) 0.00 299
    2020-02-01 $185,000 (15.7%) $190,077 (6.0%) 0.00 282
    2020-03-01 $177,000 (7.8%) $188,507 (6.0%) 0.00 278
    2020-04-01 $177,975 (3.4%) $192,368 (5.5%) 0.00 285
    2020-05-01 $175,500 (-3.4%) $191,986 (0.4%) 0.00 262
    2020-06-01 $180,400 (-1.9%) $186,466 (-4.3%) 0.00 228
    2020-07-01 $175,750 (-2.3%) $191,498 (-0.3%) 0.00 180
    2020-08-01 $180,000 (0.1%) $195,407 (2.7%) 0.00 154
    2020-09-01 $176,625 (-1.9%) $204,197 (8.3%) 0.00 143
    2020-10-01 $175,250 (-2.6%) $210,664 (12.2%) 0.00 136
    2020-11-01 $184,950 (0.6%) $216,580 (15.3%) 0.00 133
    2020-12-01 $177,725 (-0.8%) $206,140 (10.0%) 0.00 133
    2021-01-01 $172,500 (-6.8%) $192,244 (1.1%) 0.00 124
    2021-02-01 $167,750 (-9.3%) $185,331 (-2.5%) 0.00 129
    2021-03-01 $174,833 (-1.2%) $200,188 (6.2%) 0.00 118
    2021-04-01 $177,817 (-0.1%) $199,030 (3.5%) 0.00 102
    2021-05-01 $188,000 (7.1%) $213,923 (11.4%) 0.00 82
    2021-06-01 $185,000 (2.6%) $307,499 (64.9%) 0.00 89
    2021-07-01 $187,000 (6.4%) $314,239 (64.1%) 0.00 89
    2021-08-01 $203,500 (13.1%) $269,604 (38.0%) 0.00 96
    2021-09-01 $194,950 (10.4%) $268,577 (31.5%) 0.00 98
    2021-10-01 $196,000 (11.8%) $257,016 (22.0%) 0.00 128
    2021-11-01 $209,000 (13.0%) $255,833 (18.1%) 0.00 141
    2021-12-01 $212,000 (19.3%) $269,786 (30.9%) 0.00 137
    2022-01-01 $234,000 (35.7%) $243,734 (26.8%) 0.00 126
    2022-02-01 $231,725 (38.1%) $234,570 (26.6%) 0.00 117
    2022-03-01 $245,123 (40.2%) $282,196 (41.0%) 0.00 106
    2022-04-01 $252,749 (42.1%) $306,265 (53.9%) 0.00 91
    2022-05-01 $261,675 (39.2%) $298,781 (39.7%) 0.00 137
    2022-06-01 $257,500 (39.2%) $273,714 (-11.0%) 0.00 191
    2022-07-01 $260,000 (39.0%) $275,663 (-12.3%) 0.00 211
    2022-08-01 $275,175 (35.2%) $283,337 (5.1%) 0.00 262
    2022-09-01 $268,500 (37.7%) $283,721 (5.6%) 0.00 293
    2022-10-01 $269,000 (37.2%) $281,256 (9.4%) 0.00 293
    2022-11-01 $277,000 (32.5%) $281,120 (9.9%) 0.00 299
    2022-12-01 $269,500 (27.1%) $276,364 (2.4%) 0.00 324
    2023-01-01 $280,573 (19.9%) $277,307 (13.8%) 0.00 318
    2023-02-01 $289,534 (25.0%) $289,436 (23.4%) 0.00 319
    2023-03-01 $286,838 (17.0%) $288,107 (2.1%) 0.00 285
    2023-04-01 $280,826 (11.1%) $289,209 (-5.6%) 0.00 290
    2023-05-01 $275,000 (5.1%) $280,611 (-6.1%) 0.00 271
    2023-06-01 $274,850 (6.7%) $291,016 (6.3%) 0.00 273
    2023-07-01 $278,917 (7.3%) $293,743 (6.6%) 0.00 261
    2023-08-01 $278,475 (1.2%) $296,815 (4.8%) 0.00 254
    2023-09-01 $279,900 (4.3%) $294,135 (3.7%) 0.00 277
    2023-10-01 $275,450 (2.4%) $298,679 (6.2%) 0.00 298
    2023-11-01 $271,995 (-1.8%) $295,334 (5.1%) 0.00 336
    2023-12-01 $272,970 (1.3%) $298,091 (7.9%) 0.00 310
    2024-01-01 $278,225 (-0.8%) $287,761 (3.8%) 0.00 317
    2024-02-01 $274,950 (-5.0%) $286,158 (-1.1%) 0.00 315
    2024-03-01 $279,900 (-2.4%) $293,386 (1.8%) 0.00 296
    2024-04-01 $277,575 (-1.2%) $293,846 (1.6%) 0.00 258
    2024-05-01 $266,947 (-2.9%) $292,810 (4.4%) 0.00 262
    2024-06-01 $260,000 (-5.4%) $286,101 (-1.7%) 0.00 285
    2024-07-01 $259,625 (-6.9%) $290,225 (-1.2%) 0.00 282
    2024-08-01 $265,000 (-4.8%) $301,756 (1.7%) 0.00 280
    2024-09-01 $269,500 (-3.7%) $301,291 (2.4%) 0.00 308
    2024-10-01 $284,373 (3.2%) $310,032 (3.8%) 0.00 318
    2024-11-01 $275,000 (1.1%) $299,012 (1.3%) 0.00 345
    2024-12-01 $269,350 (-1.3%) $291,842 (-2.1%) 0.00 336
    2025-01-01 $270,425 (-2.8%) $288,412 (0.2%) 0.00 315
    Sumter's median listing price for 2025-01-01 was $270,425, a difference of $-7,800 (-2.8%) versus the prior year and $1,075 versus the prior month.

    Sumter's median listing price comes in at 0% of the national average.

    Sumter's average listing price for 2025-01-01 was $288,412, a difference of $651 (0.2%) versus the prior year and $-3,430 versus the prior month.

    For the 2025-01-01 period, Sumter had 315 MLS listings, a difference of -21 listings (-6%) versus the prior month and -2 listings (-1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sumter (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,856 sqft
    2018-02-01 0 days 1,863 sqft
    2018-03-01 0 days 1,854 sqft
    2018-04-01 0 days 1,898 sqft
    2018-05-01 0 days 1,912 sqft
    2018-06-01 0 days 1,911 sqft
    2018-07-01 0 days 1,931 sqft
    2018-08-01 0 days 1,963 sqft
    2018-09-01 0 days 1,923 sqft
    2018-10-01 0 days 1,856 sqft
    2018-11-01 0 days 1,904 sqft
    2018-12-01 0 days 1,907 sqft
    2019-01-01 0 days 1,908 sqft
    2019-02-01 0 days 1,922 sqft
    2019-03-01 0 days 1,942 sqft
    2019-04-01 0 days 1,985 sqft
    2019-05-01 0 days 2,042 sqft
    2019-06-01 0 days 2,030 sqft
    2019-07-01 0 days 2,019 sqft
    2019-08-01 0 days 1,984 sqft
    2019-09-01 0 days 1,987 sqft
    2019-10-01 0 days 1,994 sqft
    2019-11-01 0 days 2,029 sqft
    2019-12-01 0 days 1,979 sqft
    2020-01-01 0 days 2,004 sqft
    2020-02-01 0 days 2,000 sqft
    2020-03-01 0 days 1,961 sqft
    2020-04-01 0 days 1,947 sqft
    2020-05-01 0 days 1,925 sqft
    2020-06-01 0 days 1,921 sqft
    2020-07-01 0 days 1,889 sqft
    2020-08-01 0 days 1,921 sqft
    2020-09-01 0 days 1,911 sqft
    2020-10-01 0 days 1,933 sqft
    2020-11-01 0 days 2,004 sqft
    2020-12-01 0 days 1,942 sqft
    2021-01-01 0 days 1,927 sqft
    2021-02-01 0 days 1,877 sqft
    2021-03-01 0 days 1,922 sqft
    2021-04-01 0 days 1,913 sqft
    2021-05-01 0 days 2,017 sqft
    2021-06-01 0 days 1,956 sqft
    2021-07-01 0 days 1,935 sqft
    2021-08-01 0 days 2,025 sqft
    2021-09-01 0 days 1,935 sqft
    2021-10-01 0 days 1,957 sqft
    2021-11-01 0 days 1,978 sqft
    2021-12-01 0 days 1,959 sqft
    2022-01-01 0 days 2,038 sqft
    2022-02-01 0 days 2,186 sqft
    2022-03-01 0 days 2,117 sqft
    2022-04-01 0 days 2,130 sqft
    2022-05-01 0 days 2,159 sqft
    2022-06-01 0 days 2,063 sqft
    2022-07-01 0 days 2,076 sqft
    2022-08-01 0 days 2,156 sqft
    2022-09-01 0 days 2,125 sqft
    2022-10-01 0 days 2,108 sqft
    2022-11-01 0 days 2,151 sqft
    2022-12-01 0 days 2,115 sqft
    2023-01-01 0 days 2,147 sqft
    2023-02-01 0 days 2,162 sqft
    2023-03-01 0 days 2,125 sqft
    2023-04-01 0 days 2,140 sqft
    2023-05-01 0 days 2,086 sqft
    2023-06-01 0 days 2,106 sqft
    2023-07-01 0 days 2,143 sqft
    2023-08-01 0 days 2,152 sqft
    2023-09-01 0 days 2,106 sqft
    2023-10-01 0 days 2,105 sqft
    2023-11-01 0 days 2,060 sqft
    2023-12-01 0 days 2,097 sqft
    2024-01-01 0 days 2,088 sqft
    2024-02-01 0 days 2,084 sqft
    2024-03-01 0 days 2,158 sqft
    2024-04-01 0 days 2,137 sqft
    2024-05-01 0 days 1,997 sqft
    2024-06-01 0 days 1,915 sqft
    2024-07-01 0 days 1,933 sqft
    2024-08-01 0 days 2,000 sqft
    2024-09-01 0 days 2,037 sqft
    2024-10-01 0 days 2,130 sqft
    2024-11-01 0 days 2,083 sqft
    2024-12-01 0 days 2,013 sqft
    2025-01-01 0 days 2,058 sqft
    Sumter's median listing age (time on market) for 2025-01-01 was 0 days.

    Sumter's median square footage for active listings during the 2025-01-01 period was 2,058 sqft. One year prior, the average listing was 2,088 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).