Sumter FHA Loans
SUMTER, 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.
Sumter's 82 lenders originated 667 FHA loans during 2021. The total origination value was $109,415,000, with an average FHA loan value of $164,040.
Sumter FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Sumter
averaged
5.02%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.25% and
one month ago for the week of 2022-04-08, the
average rate was 5.01%.
The average rate one year ago was 3.02%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.7%.
Sumter 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 Sumter level.
The top Sumter FHA lender as defined by loan originations is Gateway First Bank, with
88 FHA loans originated. Their average total fees are
$4,692, which is $452
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Sumter FHA lenders (with over 10 loans originated) are
Gateway First Bank ($4,692), Trustmark National Bank ($4,818), FREEDOM MORTGAGE CORPORATION ($4,909), QUICKEN LOANS, LLC ($5,144) and Ameris Bank ($5,902).
The lowest rate Sumter FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.69%), Trustmark National Bank (2.82%), QUICKEN LOANS, LLC (2.85%), FREEDOM MORTGAGE CORPORATION (2.88%) and RESOURCE FINANCIAL SERVICES, INC. (3.02%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Sumter (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $150,000 (-2.6%) | $173,423 (-6.2%) | 0.00 | 455 |
2018-02-01 | $156,250 (2.5%) | $175,076 (-1.6%) | 0.00 | 443 |
2018-03-01 | $147,900 (-6.4%) | $178,863 (-1.5%) | 0.00 | 408 |
2018-04-01 | $156,500 (-3.4%) | $184,136 (-1.0%) | 0.00 | 430 |
2018-05-01 | $157,700 (-2.7%) | $184,729 (0.1%) | 0.00 | 434 |
2018-06-01 | $160,000 (-2.9%) | $210,577 (13.1%) | 0.00 | 412 |
2018-07-01 | $164,900 (1.2%) | $215,024 (16.9%) | 0.00 | 407 |
2018-08-01 | $161,750 (1.7%) | $214,179 (19.6%) | 0.00 | 394 |
2018-09-01 | $159,900 (1.5%) | $213,837 (20.2%) | 0.00 | 392 |
2018-10-01 | $155,900 (-2.2%) | $211,658 (17.9%) | 0.00 | 398 |
2018-11-01 | $158,250 (0.8%) | $213,019 (19.7%) | 0.00 | 393 |
2018-12-01 | $156,900 (0.3%) | $206,710 (16.7%) | 0.00 | 385 |
2019-01-01 | $157,300 (4.9%) | $209,223 (20.6%) | 0.00 | 367 |
2019-02-01 | $159,900 (2.3%) | $207,501 (18.5%) | 0.00 | 384 |
2019-03-01 | $164,186 (11.0%) | $207,162 (15.8%) | 0.00 | 413 |
2019-04-01 | $171,413 (9.5%) | $208,545 (13.3%) | 0.00 | 438 |
2019-05-01 | $181,950 (15.4%) | $218,468 (18.3%) | 0.00 | 425 |
2019-06-01 | $180,000 (12.5%) | $196,276 (-6.8%) | 0.00 | 390 |
2019-07-01 | $179,900 (9.1%) | $194,650 (-9.5%) | 0.00 | 361 |
2019-08-01 | $181,643 (12.3%) | $191,729 (-10.5%) | 0.00 | 368 |
2019-09-01 | $184,750 (15.5%) | $189,185 (-11.5%) | 0.00 | 372 |
2019-10-01 | $181,500 (16.4%) | $202,696 (-4.2%) | 0.00 | 393 |
2019-11-01 | $184,900 (16.8%) | $204,941 (-3.8%) | 0.00 | 381 |
2019-12-01 | $178,750 (13.9%) | $204,917 (-0.9%) | 0.00 | 350 |
2020-01-01 | $185,000 (17.6%) | $211,260 (1.0%) | 0.00 | 311 |
2020-02-01 | $185,000 (15.7%) | $216,246 (4.2%) | 0.00 | 293 |
2020-03-01 | $183,000 (11.5%) | $216,682 (4.6%) | 0.00 | 284 |
2020-04-01 | $181,950 (6.2%) | $219,054 (5.0%) | 0.00 | 291 |
2020-05-01 | $178,500 (-1.9%) | $220,168 (0.8%) | 0.00 | 266 |
2020-06-01 | $184,000 (2.2%) | $215,011 (9.6%) | 0.00 | 227 |
2020-07-01 | $179,500 (-0.2%) | $226,584 (16.4%) | 0.00 | 180 |
2020-08-01 | $179,900 (-1.0%) | $238,458 (24.4%) | 0.00 | 152 |
2020-09-01 | $177,450 (-4.0%) | $237,181 (25.4%) | 0.00 | 140 |
2020-10-01 | $175,900 (-3.1%) | $242,309 (19.5%) | 0.00 | 137 |
2020-11-01 | $188,000 (1.7%) | $254,234 (24.1%) | 0.00 | 135 |
2020-12-01 | $180,700 (1.1%) | $239,692 (17.0%) | 0.00 | 132 |
2021-01-01 | $172,500 (-6.8%) | $229,582 (8.7%) | 0.00 | 122 |
2021-02-01 | $167,750 (-9.3%) | $210,161 (-2.8%) | 0.00 | 123 |
2021-03-01 | $175,348 (-4.2%) | $221,357 (2.2%) | 0.00 | 113 |
2021-04-01 | $178,367 (-2.0%) | $216,576 (-1.1%) | 0.00 | 96 |
2021-05-01 | $189,000 (5.9%) | $236,640 (7.5%) | 0.00 | 78 |
2021-06-01 | $184,450 (0.2%) | $323,936 (50.7%) | 0.00 | 88 |
2021-07-01 | $192,200 (7.1%) | $336,139 (48.4%) | 0.00 | 87 |
2021-08-01 | $203,950 (13.4%) | $277,191 (16.2%) | 0.00 | 92 |
2021-09-01 | $194,900 (9.8%) | $268,723 (13.3%) | 0.00 | 95 |
2021-10-01 | $199,500 (13.4%) | $259,000 (6.9%) | 0.00 | 126 |
2021-11-01 | $213,500 (13.6%) | $255,046 (0.3%) | 0.00 | 141 |
2021-12-01 | $212,000 (17.3%) | $271,546 (13.3%) | 0.00 | 141 |
2022-01-01 | $235,000 (36.2%) | $250,477 (9.1%) | 0.00 | 130 |
2022-02-01 | $232,500 (38.6%) | $244,289 (16.2%) | 0.00 | 116 |
2022-03-01 | $250,745 (43.0%) | $295,758 (33.6%) | 0.00 | 104 |
2022-04-01 | $265,000 (48.6%) | $326,021 (50.5%) | 0.00 | 96 |
Sumter's median listing price comes in at 0% of the national average.
Sumter's average listing price for 2022-04-01 was $326,021, a difference of $109,445 (50.5%) versus the prior year and $30,263 versus the prior month.
For the 2022-04-01 period, Sumter had 96 MLS listings, a difference of -8 listings (-8%) versus the prior month and 0 listings (0%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Sumter (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 0 days | 1,876 sqft |
2018-02-01 | 0 days | 1,892 sqft |
2018-03-01 | 0 days | 1,888 sqft |
2018-04-01 | 0 days | 1,919 sqft |
2018-05-01 | 0 days | 1,936 sqft |
2018-06-01 | 0 days | 1,918 sqft |
2018-07-01 | 0 days | 1,946 sqft |
2018-08-01 | 0 days | 1,997 sqft |
2018-09-01 | 0 days | 1,949 sqft |
2018-10-01 | 0 days | 1,904 sqft |
2018-11-01 | 0 days | 1,923 sqft |
2018-12-01 | 0 days | 1,932 sqft |
2019-01-01 | 0 days | 1,917 sqft |
2019-02-01 | 0 days | 1,930 sqft |
2019-03-01 | 0 days | 1,970 sqft |
2019-04-01 | 0 days | 2,002 sqft |
2019-05-01 | 0 days | 2,045 sqft |
2019-06-01 | 0 days | 2,047 sqft |
2019-07-01 | 0 days | 2,024 sqft |
2019-08-01 | 0 days | 1,997 sqft |
2019-09-01 | 0 days | 2,017 sqft |
2019-10-01 | 0 days | 2,002 sqft |
2019-11-01 | 0 days | 2,034 sqft |
2019-12-01 | 0 days | 1,984 sqft |
2020-01-01 | 0 days | 2,019 sqft |
2020-02-01 | 0 days | 2,001 sqft |
2020-03-01 | 0 days | 2,000 sqft |
2020-04-01 | 0 days | 1,980 sqft |
2020-05-01 | 0 days | 1,966 sqft |
2020-06-01 | 0 days | 1,958 sqft |
2020-07-01 | 0 days | 1,931 sqft |
2020-08-01 | 0 days | 1,985 sqft |
2020-09-01 | 0 days | 1,988 sqft |
2020-10-01 | 0 days | 1,988 sqft |
2020-11-01 | 0 days | 2,105 sqft |
2020-12-01 | 0 days | 1,982 sqft |
2021-01-01 | 0 days | 1,925 sqft |
2021-02-01 | 0 days | 1,877 sqft |
2021-03-01 | 0 days | 1,922 sqft |
2021-04-01 | 0 days | 1,914 sqft |
2021-05-01 | 0 days | 2,041 sqft |
2021-06-01 | 0 days | 1,921 sqft |
2021-07-01 | 0 days | 1,945 sqft |
2021-08-01 | 0 days | 1,990 sqft |
2021-09-01 | 0 days | 1,927 sqft |
2021-10-01 | 0 days | 1,961 sqft |
2021-11-01 | 0 days | 1,975 sqft |
2021-12-01 | 0 days | 1,984 sqft |
2022-01-01 | 0 days | 2,059 sqft |
2022-02-01 | 0 days | 2,181 sqft |
2022-03-01 | 0 days | 2,181 sqft |
2022-04-01 | 0 days | 2,186 sqft |
Sumter's median square footage for active listings during the 2022-04-01 period was 2,186 sqft. One year prior, the average listing was 1,914 sqft.