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%.

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).