Albemarle FHA Loan Rates, Closing Costs & Stats

Albemarle, NC

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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.

    Albemarle's 70 lenders originated 309 FHA loans during 2023. The total origination value was $84,615,000, with an average FHA loan value of $273,835.

    Albemarle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albemarle averaged 6.1% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Albemarle's average FHA mortgage closing costs are $8,366.

    The average rate for the prior week (2024-11-01) was 6.08% and one month ago for the week of 2024-10-04, the average rate was 5.5%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.63%.

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

    Albemarle 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 Albemarle level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 44 6.70% $12,251
    DHI MORTGAGE COMPANY, LTD. 26 5.30% $7,105
    LOANDEPOT.COM, LLC 23 5.84% $10,237
    UNITED WHOLESALE MORTGAGE, LLC 21 6.25% $12,931
    QUICKEN LOANS, LLC 20 6.35% $10,916
    CORNERSTONE HOME LENDING, INC. 19 6.06% $11,782
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 6.63% $9,568
    Uwharrie Bank 11 6.83% $10,561
    CROSSCOUNTRY MORTGAGE, LLC 8 6.77% $12,539
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 5 6.67% $12,111
    CARDINAL FINANCIAL 5 6.43% $14,800
    Ameris Bank 5 6.28% $10,548
    BROKER SOLUTIONS, INC. 4 6.94% $10,945
    NEWREZ LLC 4 6.50% $10,002
    CMG MORTGAGE, INC. 4 6.84% $7,600
    Wells Fargo Bank 4 6.41% $9,729
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.72% $12,558
    SeaTrust Mortgage Company 3 6.79% $11,914
    GUILD MORTGAGE COMPANY 3 6.46% $12,188
    First Federal Bank 3 6.08% $7,310
    South State Bank 3 6.87% $10,061
    Truist 3 5.89% $11,818
    TOP FLITE FINANCIAL, INC. 3 6.46% $11,022
    Carrington Mortgage Services, LLC 3 5.83% $13,696
    Mr. Cooper ( Nationstar Mortgage ) 3 6.04% $14,982
    FBC MORTGAGE, LLC 2 5.37% $10,529
    FREEDOM MORTGAGE CORPORATION 2 7.00% $13,183
    AMERISAVE MORTGAGE CORPORATION 2 6.88% $12,403
    Flagstar Bank, FSB 2 6.63% $15,972
    TJC Mortgage, Inc. 2 6.94% $15,198
    Northpointe Bank 2 6.38% $5,308
    U.S. Bank 2 5.56% $13,190
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $15,696
    The Federal Savings Bank 1 5.63% $17,262
    Towne Bank 1 5.75% $9,359
    VERITAS FUNDING, LLC 1 5.38% $16,116
    Alcova Mortgage LLC 1 7.13% $15,033
    ZILLOW HOME LOANS, LLC 1 6.00% $11,719
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $8,541
    American Security Mortgage Corp. 1 5.13% $11,057
    Bank of England 1 6.75% $10,432
    BAY EQUITY LLC 1 6.25% $15,626
    Blue Ridge Bank 1 7.25% $14,655
    CALCON MUTUAL MORTGAGE LLC 1 7.00% $16,621
    C & F Mortgage Corporation 1 6.25% $13,210
    DIRECT MORTGAGE LOANS, LLC 1 7.25% $7,952
    Equity Prime Mortgage LLC 1 6.50% $9,774
    FIDELITY DIRECT MORTGAGE, LLC 1 7.38% $13,391
    Fifth Third Bank 1 7.13% $8,578
    First-Citizens Bank & Trust Company 1 5.88% $11,567
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $7,881
    HOMESIDE FINANCIAL, LLC 1 6.25% $9,994
    HOMESTAR FINANCIAL CORPORATION 1 5.75% $9,237
    INTERCOASTAL MORTGAGE COMPANY 1 6.50% $8,602
    Ixonia Bank 1 6.88% $12,407
    LEGEND LENDING CORPORATION 1 7.13% $9,135
    MID AMERICA MORTGAGE, INC. 1 7.13% $12,359
    Nations Lending Corporation 1 7.13% $20,079
    OPEN MORTGAGE, LLC 1 6.63% $15,938
    Paramount Residential Mortgage Group, Inc. 1 7.25% $8,684
    PENNYMAC LOAN SERVICES, LLC 1 5.63% $7,495
    Pinnacle Bank 1 6.25% $7,099
    Plains Commerce Bank 1 6.25% $5,487
    PLAZA HOME MORTGAGE, INC. 1 6.25% $13,467
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $12,816
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $10,834
    Regions Bank 1 6.00% $8,769
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $14,406
    Renasant Bank 1 5.75% $11,170
    SOUTHWEST STAGE FUNDING, LLC 1 7.75% $8,621

    The top Albemarle FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 44 FHA loans originated. Their average total fees are $12,251, which is $5,146 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Albemarle FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,105), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,568), LOANDEPOT.COM, LLC ($10,237), Uwharrie Bank ($10,561) and QUICKEN LOANS, LLC ($10,916).

    The lowest rate Albemarle FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.30%), LOANDEPOT.COM, LLC (5.84%), CORNERSTONE HOME LENDING, INC. (6.06%), UNITED WHOLESALE MORTGAGE, LLC (6.25%) and QUICKEN LOANS, LLC (6.35%).

    Albemarle FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALBEMARLE, NC STANLY 2022 $420,680 $538,650 $651,050 $809,150
    ALBEMARLE, NC STANLY 2023 $472,030 $604,400 $730,525 $907,900

    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).