Sumter FHA Loans

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 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%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Sumter level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Gateway First Bank 88 3.20% $4,692
    QUICKEN LOANS, LLC 65 2.85% $5,144
    GUILD MORTGAGE COMPANY 60 3.15% $7,990
    Trustmark National Bank 58 2.82% $4,818
    RESOURCE FINANCIAL SERVICES, INC. 53 3.02% $6,982
    ANGEL OAK HOME LOANS LLC 20 3.15% $6,959
    MOVEMENT MORTGAGE, LLC 17 3.12% $6,019
    BAY EQUITY LLC 17 3.09% $7,662
    FREEDOM MORTGAGE CORPORATION 14 2.88% $4,909
    UNITED WHOLESALE MORTGAGE, LLC 11 2.69% $7,095
    Ameris Bank 11 3.27% $5,902
    CALIBER HOME LOANS, INC. 9 2.91% $7,258
    PENNYMAC LOAN SERVICES, LLC 9 3.13% $4,110
    BROKER SOLUTIONS, INC. 9 3.29% $6,668
    LOANDEPOT.COM, LLC 9 3.43% $6,593
    LAKEVIEW LOAN SERVICING, LLC 8 3.25% $4,074
    VILLAGE CAPITAL & INVESTMENT LLC 8 3.14% $1,826
    GUARANTEED RATE AFFINITY, LLC 7 3.14% $7,462
    GUARANTEED RATE, INC. 7 3.11% $5,884
    FINANCE OF AMERICA MORTGAGE LLC 7 3.21% $6,853
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.48% $7,522
    LENDUS, LLC 6 2.90% $6,799
    Mr. Cooper ( Nationstar Mortgage ) 5 3.45% $2,764
    First Guaranty Mortgage Corporation 5 3.48% $5,522
    MIDLAND MORTGAGE CORPORATION 5 2.98% $5,674
    Lakeview Community Capital, LLC 4 3.09% $3,781
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.06% $6,670
    Paramount Residential Mortgage Group, Inc. 4 3.47% $8,331
    Carrington Mortgage Services, LLC 4 3.41% $6,588
    PANORAMA MORTGAGE GROUP, LLC 4 3.53% $8,414
    AMERISAVE MORTGAGE CORPORATION 4 3.44% $5,773
    AMERICAN FINANCIAL NETWORK, INC. 3 2.88% $12,915
    CROSSCOUNTRY MORTGAGE, LLC 3 3.21% $7,855
    Prosperity Home Mortgage, LLC 3 3.42% $6,293
    Colten Mortgage, LLC 2 3.56% $6,243
    First-Citizens Bank & Trust Company 2 2.69% $5,454
    Bank of America 2 2.81% $7,195
    Synovus Bank 2 2.81% $7,126
    Assurance Financial Group, L.L.C. 2 2.88% $6,672
    First Federal Bank 2 3.25% $5,310
    KELLER MORTGAGE, LLC 1 2.38% $5,367
    CORNERSTONE HOME LENDING, INC. 1 3.25% $7,645
    LAND HOME FINANCIAL SERVICES, INC. 1 3.88% $4,082
    CMG MORTGAGE, INC. 1 3.88% $11,709
    CHURCHILL MORTGAGE CORPORATION 1 3.13% $7,579
    LOANPAL, LLC 1 2.25% $12,076
    Low VA Rates, LLC 1 2.50% $5,315
    CERTAINTY HOME LOANS, LLC 1 3.13% $5,846
    Mortgage Research Center, LLC 1 3.38% $5,447
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $7,823
    CAROLINA ONE MORTGAGE, LLC 1 4.50% $7,827
    CALCON MUTUAL MORTGAGE LLC 1 3.75% $10,612
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.88% $6,927
    Nations Lending Corporation 1 2.50% $4,562
    NEWREZ LLC 1 2.99% $3,007
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $2,004
    OPEN MORTGAGE, LLC 1 3.63% $5,554
    BETTER MORTGAGE CORPORATION 1 2.88% $3,928
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.50% $6,696
    Barrington Bank & Trust Company, N.A. 1 3.25% $6,174
    Plains Commerce Bank 1 3.25% $5,180
    Platinum Home Mortgage Corporation 1 3.00% $8,430
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $5,834
    AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $4,574
    Southern First Bank 1 3.00% $5,335
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $7,056
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.13% $8,486
    SUMMIT FUNDING, INC. 1 2.75% $12,157
    T2 FINANCIAL LLC 1 4.13% $6,667
    THE MORTGAGE FIRM, INC. 1 3.25% $6,203
    TIAA, FSB 1 2.75% $6,954
    Truist Bank 1 3.00% $7,678
    AmeriHome Mortgage Company, LLC 1 3.13% $2,802
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.50% $9,185
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.75% $6,610
    GoPrime Mortgage, Inc. 1 3.88% $6,656
    GENEVA FINANCIAL, LLC 1 3.00% $9,292
    EQUITY RESOURCES, INC. 1 2.88% $6,012
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.13% $7,231
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.13% $5,873
    HOME POINT FINANCIAL CORPORATION 1 4.49% $5,224
    HOMESIDE FINANCIAL, LLC 1 3.25% $6,397

    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. Louis
    Date 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 for 2022-04-01 was $265,000, a difference of $86,633 (48.6%) versus the prior year and $14,255 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 0 days.

    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.

    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).