FHA Loan Closing Costs Summerville SC
Understand what you’ll pay at closing on an FHA loan in Summerville, SC — and how to reduce those costs.
Get My Closing Cost EstimateWhat Are FHA Closing Costs?
Closing costs are the fees and charges you pay at settlement when your mortgage finalizes. On an FHA loan, these typically range from 2% to 5% of the loan amount. For a home in the $300,000 to $350,000 range in Summerville, expect closing costs between $6,000 and $17,500 depending on your lender, loan size, and negotiated terms.
Breakdown of Typical FHA Closing Costs
Loan Origination Fee
0.5% – 1% of loan amount. This is the lender’s fee for processing your FHA mortgage application.
Appraisal Fee
$400 – $600. Required on all FHA loans to confirm the property meets FHA minimum property standards.
Title Search & Insurance
$800 – $1,500. Protects both you and the lender against title defects or ownership disputes.
Attorney/Settlement Fee
$500 – $1,000. South Carolina requires an attorney to be present at closing.
Prepaid Taxes & Insurance
2–3 months escrow for property taxes and homeowner’s insurance, collected upfront at closing.
Recording Fees
$100 – $300. Dorchester County charges for recording the deed and mortgage documents.
FHA Upfront Mortgage Insurance Premium (UFMIP)
One FHA-specific cost is the Upfront Mortgage Insurance Premium — 1.75% of the loan amount. On a $300,000 loan, that’s $5,250. The good news: UFMIP is typically financed into the loan, so you don’t pay it out of pocket at closing. It’s still part of your total loan cost, but it won’t increase your cash-to-close amount.
How to Reduce Your FHA Closing Costs
Seller Concessions
FHA allows the seller to contribute up to 6% of the sale price toward your closing costs. In the Summerville market, 3% seller concessions are common in many transactions.
Lender Credits
Some lenders offer credits that cover a portion of your closing costs in exchange for a slightly higher interest rate. This reduces your cash needed at closing.
Down Payment Assistance
SC Housing and other programs may cover part of your down payment or closing costs. These programs can be combined with FHA financing.
Shop Multiple Lenders
Closing costs vary significantly between lenders. Getting quotes from 2–3 FHA lenders can save you $1,000+ in fees.
Get Your FHA Closing Cost Estimate
Every loan is different. Start your pre-approval to get a personalized estimate of your closing costs in Summerville.
Start My Pre-ApprovalMatt Doby | NMLS #2115225 | Licensed in NC & SC