Florence USDA Loan Rates, Closing Costs & Stats

FLORENCE, SC

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Florence's 26 lenders originated 61 USDA loans during 2022. The total origination value was $10,605,000, with an average USDA loan value of $173,852.

Florence USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Florence averaged -0.56% for the week of 2023-11-24, compared to the national average (all USDA variants) of 0% for the same period.

Florence's average USDA mortgage closing costs are $5,084.

The average rate for the prior week (2023-11-17) was 6.74% and one month ago for the week of 2023-10-20, the average rate was 6.95%.

The average rate one year ago was 6.19%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.26%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Florence USDA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Florence level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Magnolia Bank 8 4.66% $8,400
UNITED WHOLESALE MORTGAGE, LLC 7 4.61% $8,534
FINANCE OF AMERICA MORTGAGE LLC 5 4.30% $6,632
PLAZA HOME MORTGAGE, INC. 4 5.34% $9,061
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.13% $6,240
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.00% $4,961
First Reliance Bank 3 3.96% $5,163
SOUTHPOINT FINANCIAL SERVICES, INC. 3 4.83% $2,801
GUILD MORTGAGE COMPANY 3 4.21% $8,496
CROSSCOUNTRY MORTGAGE, LLC 2 5.81% $5,217
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.50% $6,900
GUARANTY HOME MORTGAGE CORPORATION 2 4.19% $6,823
INSPIRE HOME LOANS INC. 2 4.25% $8,335
INTERLINC MORTGAGE SERVICES, LLC 1 3.88% $4,795
CALIBER HOME LOANS, INC. 1 3.75% $9,192
CERTAINTY HOME LOANS, LLC 1 5.38% $6,644
CHURCHILL MORTGAGE CORPORATION 1 4.50% $12,083
ENVOY MORTGAGE, LTD 1 7.00% $8,130
Alcova Mortgage LLC 1 5.38% $5,684
LIBERTY HOME MORTGAGE CORPORATION 1 4.75% $6,002
Mortgage Research Center, LLC 1 6.99% $3,467
MOVEMENT MORTGAGE, LLC 1 3.63% $7,281
RESOURCE FINANCIAL SERVICES, INC. 1 4.75% $5,525
SUMMIT FUNDING, INC. 1 5.25% $10,766
THRIVE MORTGAGE, LLC 1 5.00% $9,899
United Community Bank 1 4.50% $6,622

The top Florence USDA lender as defined by loan originations is Magnolia Bank, with 8 USDA loans originated. Their average total fees are $8,400, which is $134 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Florence USDA lenders (with over 10 loans originated) are .

The lowest rate Florence USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Florence (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 $159,900 (2.9%) $199,158 (4.1%) 0.59 606
2018-02-01 $166,750 (5.2%) $205,389 (6.9%) 0.61 618
2018-03-01 $173,550 (8.8%) $208,815 (5.5%) 0.61 651
2018-04-01 $170,000 (4.1%) $209,606 (1.9%) 0.58 670
2018-05-01 $179,900 (8.4%) $216,308 (2.7%) 0.60 703
2018-06-01 $177,450 (5.7%) $215,056 (1.4%) 0.59 714
2018-07-01 $177,575 (1.5%) $211,010 (-1.5%) 0.59 741
2018-08-01 $175,625 (1.9%) $206,101 (-3.2%) 0.59 744
2018-09-01 $175,000 (4.2%) $201,674 (-2.6%) 0.59 698
2018-10-01 $169,950 (-1.1%) $199,921 (-5.7%) 0.58 681
2018-11-01 $169,900 (0.0%) $197,445 (-7.5%) 0.58 667
2018-12-01 $166,500 (1.2%) $195,220 (-0.8%) 0.57 662
2019-01-01 $168,586 (5.4%) $196,657 (-1.3%) 0.58 640
2019-02-01 $168,225 (0.9%) $197,626 (-3.8%) 0.57 635
2019-03-01 $168,500 (-2.9%) $199,443 (-4.5%) 0.55 743
2019-04-01 $172,425 (1.4%) $203,938 (-2.7%) 0.55 883
2019-05-01 $182,250 (1.3%) $210,689 (-2.6%) 0.57 862
2019-06-01 $187,995 (5.9%) $217,241 (1.0%) 0.59 862
2019-07-01 $186,495 (5.0%) $217,998 (3.3%) 0.58 864
2019-08-01 $183,336 (4.4%) $214,370 (4.0%) 0.58 855
2019-09-01 $180,841 (3.3%) $212,232 (5.2%) 0.58 841
2019-10-01 $179,702 (5.7%) $211,473 (5.8%) 0.58 835
2019-11-01 $184,950 (8.9%) $211,247 (7.0%) 0.61 827
2019-12-01 $185,080 (11.2%) $210,364 (7.8%) 0.62 731
2020-01-01 $185,413 (10.0%) $208,704 (6.1%) 0.62 713
2020-02-01 $189,900 (12.9%) $206,735 (4.6%) 0.62 767
2020-03-01 $188,873 (12.1%) $211,485 (6.0%) 0.59 780
2020-04-01 $189,900 (10.1%) $215,026 (5.4%) 0.59 748
2020-05-01 $199,000 (9.2%) $221,377 (5.1%) 0.60 723
2020-06-01 $200,000 (6.4%) $226,102 (4.1%) 0.59 720
2020-07-01 $192,900 (3.4%) $219,752 (0.8%) 0.56 738
2020-08-01 $189,900 (3.6%) $221,338 (3.3%) 0.54 686
2020-09-01 $189,925 (5.0%) $224,469 (5.8%) 0.54 629
2020-10-01 $190,900 (6.2%) $226,735 (7.2%) 0.55 579
2020-11-01 $189,950 (2.7%) $227,909 (7.9%) 0.56 570
2020-12-01 $189,475 (2.4%) $225,849 (7.4%) 0.56 548
2021-01-01 $189,900 (2.4%) $225,072 (7.8%) 0.57 523
2021-02-01 $206,725 (8.9%) $232,198 (12.3%) 0.60 534
2021-03-01 $199,950 (5.9%) $232,312 (9.9%) 0.57 545
2021-04-01 $214,925 (13.2%) $244,884 (13.9%) 0.58 544
2021-05-01 $210,000 (5.5%) $245,144 (10.7%) 0.56 540
2021-06-01 $212,450 (6.2%) $245,306 (8.5%) 0.56 549
2021-07-01 $206,950 (7.3%) $240,368 (9.4%) 0.55 549
2021-08-01 $217,000 (14.3%) $626,604 (183.1%) 0.58 576
2021-09-01 $219,000 (15.3%) $616,519 (174.7%) 0.58 607
2021-10-01 $217,000 (13.7%) $648,424 (186.0%) 0.58 567
2021-11-01 $222,500 (17.1%) $659,387 (189.3%) 0.59 555
2021-12-01 $225,053 (18.8%) $264,812 (17.3%) 0.61 531
2022-01-01 $233,500 (23.0%) $267,587 (18.9%) 0.63 484
2022-02-01 $239,000 (15.6%) $272,103 (17.2%) 0.62 482
2022-03-01 $235,000 (17.5%) $266,241 (14.6%) 0.59 496
2022-04-01 $235,000 (9.3%) $271,235 (10.8%) 0.56 450
2022-05-01 $242,450 (15.5%) $275,365 (12.3%) 0.55 517
2022-06-01 $256,294 (20.6%) $289,683 (18.1%) 0.57 589
2022-07-01 $264,836 (28.0%) $287,929 (19.8%) 0.60 608
2022-08-01 $250,950 (15.7%) $281,164 (-55.1%) 0.58 617
2022-09-01 $267,368 (22.1%) $288,383 (-53.2%) 0.63 609
2022-10-01 $273,369 (26.0%) $292,444 (-54.9%) 0.64 609
2022-11-01 $274,497 (23.4%) $287,933 (-56.3%) 0.66 584
2022-12-01 $269,900 (19.9%) $284,189 (7.3%) 0.67 543
2023-01-01 $260,473 (11.6%) $279,411 (4.4%) 0.65 529
2023-02-01 $255,750 (7.0%) $274,314 (0.8%) 0.62 537
2023-03-01 $261,448 (11.3%) $285,462 (7.2%) 0.62 497
2023-04-01 $259,900 (10.6%) $284,237 (4.8%) 0.60 523
2023-05-01 $266,723 (10.0%) $291,368 (5.8%) 0.60 500
2023-06-01 $273,950 (6.9%) $300,362 (3.7%) 0.62 507
2023-07-01 $276,990 (4.6%) $301,539 (4.7%) 0.63 519
2023-08-01 $275,445 (9.8%) $299,320 (6.5%) 0.63 510
2023-09-01 $271,576 (1.6%) $292,625 (1.5%) 0.63 509
2023-10-01 $266,995 (-2.3%) $289,964 (-0.9%) 0.63 521
Florence's median listing price for 2023-10-01 was $266,995, a difference of $-6,374 (-2.3%) versus the prior year and $-4,581 versus the prior month.

Florence's median listing price comes in at 63% of the national average.

Florence's average listing price for 2023-10-01 was $289,964, a difference of $-2,480 (-0.9%) versus the prior year and $-2,661 versus the prior month.

For the 2023-10-01 period, Florence had 521 MLS listings, a difference of 12 listings (2%) versus the prior month and -88 listings (-14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Florence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 96 days 1,890 sqft
2018-02-01 96 days 1,952 sqft
2018-03-01 73 days 2,030 sqft
2018-04-01 68 days 2,074 sqft
2018-05-01 67 days 2,100 sqft
2018-06-01 71 days 2,086 sqft
2018-07-01 77 days 2,082 sqft
2018-08-01 81 days 2,045 sqft
2018-09-01 89 days 2,008 sqft
2018-10-01 89 days 1,922 sqft
2018-11-01 94 days 1,861 sqft
2018-12-01 93 days 1,849 sqft
2019-01-01 93 days 1,868 sqft
2019-02-01 94 days 1,902 sqft
2019-03-01 88 days 1,905 sqft
2019-04-01 82 days 1,923 sqft
2019-05-01 80 days 1,988 sqft
2019-06-01 79 days 2,042 sqft
2019-07-01 78 days 2,075 sqft
2019-08-01 80 days 2,028 sqft
2019-09-01 82 days 1,985 sqft
2019-10-01 82 days 1,981 sqft
2019-11-01 79 days 1,981 sqft
2019-12-01 88 days 1,984 sqft
2020-01-01 95 days 1,984 sqft
2020-02-01 89 days 2,003 sqft
2020-03-01 70 days 2,009 sqft
2020-04-01 74 days 2,030 sqft
2020-05-01 78 days 2,072 sqft
2020-06-01 81 days 2,092 sqft
2020-07-01 69 days 2,043 sqft
2020-08-01 66 days 2,002 sqft
2020-09-01 75 days 2,035 sqft
2020-10-01 74 days 2,010 sqft
2020-11-01 59 days 1,884 sqft
2020-12-01 61 days 1,849 sqft
2021-01-01 61 days 1,900 sqft
2021-02-01 46 days 2,070 sqft
2021-03-01 49 days 2,041 sqft
2021-04-01 50 days 2,045 sqft
2021-05-01 50 days 2,034 sqft
2021-06-01 48 days 1,969 sqft
2021-07-01 45 days 1,882 sqft
2021-08-01 44 days 1,931 sqft
2021-09-01 44 days 1,962 sqft
2021-10-01 54 days 1,880 sqft
2021-11-01 56 days 1,911 sqft
2021-12-01 52 days 1,905 sqft
2022-01-01 61 days 1,906 sqft
2022-02-01 53 days 1,901 sqft
2022-03-01 44 days 1,874 sqft
2022-04-01 46 days 1,837 sqft
2022-05-01 38 days 1,826 sqft
2022-06-01 37 days 1,919 sqft
2022-07-01 44 days 1,956 sqft
2022-08-01 54 days 1,945 sqft
2022-09-01 55 days 1,964 sqft
2022-10-01 57 days 1,999 sqft
2022-11-01 64 days 2,044 sqft
2022-12-01 74 days 1,961 sqft
2023-01-01 81 days 1,956 sqft
2023-02-01 76 days 1,947 sqft
2023-03-01 65 days 1,957 sqft
2023-04-01 55 days 1,922 sqft
2023-05-01 51 days 1,968 sqft
2023-06-01 51 days 1,962 sqft
2023-07-01 51 days 1,959 sqft
2023-08-01 52 days 1,927 sqft
2023-09-01 53 days 1,913 sqft
2023-10-01 52 days 1,920 sqft
Florence's median listing age (time on market) for 2023-10-01 was 52 days. This is -8% shorter than the same period one year ago.

Florence's median square footage for active listings during the 2023-10-01 period was 1,920 sqft. One year prior, the average listing was 1,999 sqft.