Sumter FHA Loan Rates, Closing Costs & Stats

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 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 6.49% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.37% and one month ago for the week of 2024-05-03, the average rate was 6.67%.

The average rate one year ago was 6.34%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.69%.

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 $159,995 (-0.7%) $183,810 (-3.3%) 0.00 603
2018-02-01 $165,850 (3.7%) $186,713 (-0.8%) 0.00 588
2018-03-01 $163,900 (-0.6%) $188,786 (0.0%) 0.00 553
2018-04-01 $168,000 (0.8%) $194,416 (1.9%) 0.00 573
2018-05-01 $169,650 (2.8%) $196,130 (2.9%) 0.00 570
2018-06-01 $172,000 (4.0%) $199,104 (4.5%) 0.00 552
2018-07-01 $173,825 (4.1%) $205,484 (8.2%) 0.00 549
2018-08-01 $169,900 (3.0%) $204,259 (8.0%) 0.00 541
2018-09-01 $166,928 (1.2%) $200,399 (7.4%) 0.00 533
2018-10-01 $159,900 (-3.1%) $198,562 (5.5%) 0.00 540
2018-11-01 $164,900 (0.0%) $199,647 (6.6%) 0.00 528
2018-12-01 $167,000 (1.4%) $196,015 (6.8%) 0.00 514
2019-01-01 $167,425 (4.6%) $196,394 (6.9%) 0.00 478
2019-02-01 $169,925 (2.5%) $196,863 (5.4%) 0.00 501
2019-03-01 $179,605 (9.6%) $197,913 (4.8%) 0.00 544
2019-04-01 $184,600 (9.9%) $201,985 (3.9%) 0.00 580
2019-05-01 $189,500 (11.7%) $208,114 (6.1%) 0.00 569
2019-06-01 $193,620 (12.6%) $211,001 (6.0%) 0.00 532
2019-07-01 $189,450 (9.0%) $207,072 (0.8%) 0.00 502
2019-08-01 $186,409 (9.7%) $204,662 (0.2%) 0.00 509
2019-09-01 $187,023 (12.0%) $202,759 (1.2%) 0.00 508
2019-10-01 $187,432 (17.2%) $201,755 (1.6%) 0.00 504
2019-11-01 $188,500 (14.3%) $204,352 (2.4%) 0.00 486
2019-12-01 $186,750 (11.8%) $204,508 (4.3%) 0.00 457
2020-01-01 $194,652 (16.3%) $209,936 (6.9%) 0.00 411
2020-02-01 $199,000 (17.1%) $212,513 (8.0%) 0.00 398
2020-03-01 $194,977 (8.6%) $210,051 (6.1%) 0.00 390
2020-04-01 $194,529 (5.4%) $212,665 (5.3%) 0.00 392
2020-05-01 $190,000 (0.3%) $209,731 (0.8%) 0.00 360
2020-06-01 $189,500 (-2.1%) $209,590 (-0.7%) 0.00 319
2020-07-01 $189,500 (0.0%) $223,987 (8.2%) 0.00 275
2020-08-01 $190,450 (2.2%) $230,373 (12.6%) 0.00 243
2020-09-01 $189,750 (1.5%) $240,752 (18.7%) 0.00 226
2020-10-01 $191,400 (2.1%) $244,572 (21.2%) 0.00 215
2020-11-01 $200,547 (6.4%) $246,144 (20.5%) 0.00 209
2020-12-01 $188,250 (0.8%) $233,015 (13.9%) 0.00 202
2021-01-01 $185,000 (-5.0%) $225,825 (7.6%) 0.00 188
2021-02-01 $180,950 (-9.1%) $221,496 (4.2%) 0.00 186
2021-03-01 $184,900 (-5.2%) $234,719 (11.7%) 0.00 176
2021-04-01 $189,700 (-2.5%) $236,778 (11.3%) 0.00 154
2021-05-01 $199,000 (4.7%) $249,865 (19.1%) 0.00 121
2021-06-01 $189,950 (0.2%) $319,567 (52.5%) 0.00 129
2021-07-01 $194,950 (2.9%) $316,701 (41.4%) 0.00 137
2021-08-01 $212,200 (11.4%) $285,193 (23.8%) 0.00 131
2021-09-01 $207,000 (9.1%) $283,530 (17.8%) 0.00 138
2021-10-01 $200,000 (4.5%) $276,007 (12.9%) 0.00 156
2021-11-01 $223,500 (11.5%) $268,221 (9.0%) 0.00 178
2021-12-01 $219,700 (16.7%) $277,226 (19.0%) 0.00 176
2022-01-01 $249,900 (35.1%) $267,297 (18.4%) 0.00 168
2022-02-01 $254,739 (40.8%) $257,405 (16.2%) 0.00 152
2022-03-01 $261,641 (41.5%) $299,092 (27.4%) 0.00 140
2022-04-01 $270,170 (42.4%) $317,582 (34.1%) 0.00 131
2022-05-01 $269,000 (35.2%) $305,962 (22.5%) 0.00 178
2022-06-01 $269,450 (41.9%) $283,717 (-11.2%) 0.00 228
2022-07-01 $279,900 (43.6%) $292,771 (-7.6%) 0.00 254
2022-08-01 $289,700 (36.5%) $301,875 (5.9%) 0.00 331
2022-09-01 $285,163 (37.8%) $299,225 (5.5%) 0.00 364
2022-10-01 $284,563 (42.3%) $296,899 (7.6%) 0.00 375
2022-11-01 $284,111 (27.1%) $293,014 (9.2%) 0.00 388
2022-12-01 $275,000 (25.2%) $286,972 (3.5%) 0.00 399
2023-01-01 $284,573 (13.9%) $286,727 (7.3%) 0.00 396
2023-02-01 $293,249 (15.1%) $300,482 (16.7%) 0.00 394
2023-03-01 $293,105 (12.0%) $299,633 (0.2%) 0.00 360
2023-04-01 $285,000 (5.5%) $296,911 (-6.5%) 0.00 365
2023-05-01 $279,900 (4.1%) $291,776 (-4.6%) 0.00 338
2023-06-01 $282,948 (5.0%) $302,031 (6.5%) 0.00 348
2023-07-01 $285,000 (1.8%) $308,034 (5.2%) 0.00 331
2023-08-01 $285,950 (-1.3%) $312,511 (3.5%) 0.00 314
2023-09-01 $290,000 (1.7%) $312,036 (4.3%) 0.00 355
2023-10-01 $286,225 (0.6%) $311,290 (4.9%) 0.00 375
2023-11-01 $279,900 (-1.5%) $305,677 (4.3%) 0.00 410
2023-12-01 $287,257 (4.5%) $315,669 (10.0%) 0.00 383
2024-01-01 $290,000 (1.9%) $308,085 (7.5%) 0.00 387
2024-02-01 $287,000 (-2.1%) $305,916 (1.8%) 0.00 388
2024-03-01 $298,500 (1.8%) $315,273 (5.2%) 0.00 366
2024-04-01 $296,750 (4.1%) $324,675 (9.4%) 0.00 335
2024-05-01 $287,673 (2.8%) $317,602 (8.9%) 0.00 346
Sumter's median listing price for 2024-05-01 was $287,673, a difference of $7,773 (2.8%) versus the prior year and $-9,077 versus the prior month.

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

Sumter's average listing price for 2024-05-01 was $317,602, a difference of $25,826 (8.9%) versus the prior year and $-7,073 versus the prior month.

For the 2024-05-01 period, Sumter had 346 MLS listings, a difference of 11 listings (3%) versus the prior month and 8 listings (2%) 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 1,906 sqft
2018-02-01 0 days 1,910 sqft
2018-03-01 0 days 1,908 sqft
2018-04-01 0 days 1,918 sqft
2018-05-01 0 days 1,929 sqft
2018-06-01 0 days 1,918 sqft
2018-07-01 0 days 1,924 sqft
2018-08-01 0 days 1,915 sqft
2018-09-01 0 days 1,889 sqft
2018-10-01 0 days 1,857 sqft
2018-11-01 0 days 1,900 sqft
2018-12-01 0 days 1,905 sqft
2019-01-01 0 days 1,908 sqft
2019-02-01 0 days 1,910 sqft
2019-03-01 0 days 1,945 sqft
2019-04-01 0 days 1,961 sqft
2019-05-01 0 days 1,990 sqft
2019-06-01 0 days 2,003 sqft
2019-07-01 0 days 1,954 sqft
2019-08-01 0 days 1,942 sqft
2019-09-01 0 days 1,953 sqft
2019-10-01 0 days 1,965 sqft
2019-11-01 0 days 1,992 sqft
2019-12-01 0 days 1,940 sqft
2020-01-01 0 days 1,981 sqft
2020-02-01 0 days 1,959 sqft
2020-03-01 0 days 1,910 sqft
2020-04-01 0 days 1,879 sqft
2020-05-01 0 days 1,877 sqft
2020-06-01 0 days 1,871 sqft
2020-07-01 0 days 1,877 sqft
2020-08-01 0 days 1,921 sqft
2020-09-01 0 days 1,903 sqft
2020-10-01 0 days 1,951 sqft
2020-11-01 0 days 1,984 sqft
2020-12-01 0 days 1,922 sqft
2021-01-01 0 days 1,871 sqft
2021-02-01 0 days 1,862 sqft
2021-03-01 0 days 1,850 sqft
2021-04-01 0 days 1,893 sqft
2021-05-01 0 days 1,968 sqft
2021-06-01 0 days 1,921 sqft
2021-07-01 0 days 1,873 sqft
2021-08-01 0 days 1,967 sqft
2021-09-01 0 days 1,923 sqft
2021-10-01 0 days 1,952 sqft
2021-11-01 0 days 1,942 sqft
2021-12-01 0 days 1,945 sqft
2022-01-01 0 days 1,996 sqft
2022-02-01 0 days 2,035 sqft
2022-03-01 0 days 2,024 sqft
2022-04-01 0 days 2,034 sqft
2022-05-01 0 days 2,048 sqft
2022-06-01 0 days 2,003 sqft
2022-07-01 0 days 2,031 sqft
2022-08-01 0 days 2,068 sqft
2022-09-01 0 days 2,035 sqft
2022-10-01 0 days 2,026 sqft
2022-11-01 0 days 2,026 sqft
2022-12-01 0 days 2,035 sqft
2023-01-01 0 days 2,039 sqft
2023-02-01 0 days 2,086 sqft
2023-03-01 0 days 2,071 sqft
2023-04-01 0 days 2,071 sqft
2023-05-01 0 days 2,008 sqft
2023-06-01 0 days 2,006 sqft
2023-07-01 0 days 2,050 sqft
2023-08-01 0 days 1,977 sqft
2023-09-01 0 days 2,004 sqft
2023-10-01 0 days 1,983 sqft
2023-11-01 0 days 1,936 sqft
2023-12-01 0 days 1,988 sqft
2024-01-01 0 days 2,015 sqft
2024-02-01 0 days 2,019 sqft
2024-03-01 0 days 2,072 sqft
2024-04-01 0 days 2,076 sqft
2024-05-01 0 days 1,931 sqft
Sumter's median listing age (time on market) for 2024-05-01 was 0 days.

Sumter's median square footage for active listings during the 2024-05-01 period was 1,931 sqft. One year prior, the average listing was 2,008 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).