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 6.43% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.43% and one month ago for the week of 2024-03-15, the average rate was 6.29%.

    The average rate one year ago was 5.92%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Albemarle (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 $249,700 (6.9%) $317,158 (-5.5%) 0.00 250
    2018-02-01 $252,038 (2.4%) $323,624 (-9.4%) 0.00 235
    2018-03-01 $249,500 (2.6%) $340,211 (-4.9%) 0.00 241
    2018-04-01 $273,800 (9.6%) $364,002 (0.7%) 0.00 258
    2018-05-01 $275,375 (5.9%) $366,403 (1.5%) 0.00 270
    2018-06-01 $261,500 (-6.4%) $368,046 (2.0%) 0.00 281
    2018-07-01 $277,475 (-1.8%) $385,101 (6.9%) 0.00 285
    2018-08-01 $271,950 (-6.1%) $382,707 (4.0%) 0.00 295
    2018-09-01 $265,900 (-4.9%) $374,651 (1.5%) 0.00 312
    2018-10-01 $266,300 (-4.9%) $379,381 (3.6%) 0.00 301
    2018-11-01 $259,900 (-7.7%) $373,556 (4.7%) 0.00 286
    2018-12-01 $252,400 (-2.9%) $375,499 (12.9%) 0.00 264
    2019-01-01 $249,900 (0.1%) $371,400 (17.1%) 0.00 248
    2019-02-01 $256,950 (2.0%) $372,094 (15.0%) 0.00 249
    2019-03-01 $265,757 (6.5%) $385,216 (13.2%) 0.00 262
    2019-04-01 $274,850 (0.4%) $390,211 (7.2%) 0.00 285
    2019-05-01 $258,075 (-6.3%) $374,687 (2.3%) 0.00 322
    2019-06-01 $249,900 (-4.4%) $364,580 (-0.9%) 0.00 309
    2019-07-01 $249,900 (-9.9%) $358,536 (-6.9%) 0.00 291
    2019-08-01 $246,882 (-9.2%) $344,726 (-9.9%) 0.00 288
    2019-09-01 $242,955 (-8.6%) $333,412 (-11.0%) 0.00 294
    2019-10-01 $240,361 (-9.7%) $327,004 (-13.8%) 0.00 287
    2019-11-01 $249,900 (-3.9%) $338,350 (-9.4%) 0.00 264
    2019-12-01 $262,223 (3.9%) $359,826 (-4.2%) 0.00 237
    2020-01-01 $261,928 (4.8%) $365,732 (-1.5%) 0.00 201
    2020-02-01 $253,750 (-1.3%) $361,941 (-2.7%) 0.00 209
    2020-03-01 $256,200 (-3.6%) $371,032 (-3.7%) 0.00 221
    2020-04-01 $252,400 (-8.2%) $366,785 (-6.0%) 0.00 220
    2020-05-01 $259,900 (0.7%) $390,782 (4.3%) 0.00 191
    2020-06-01 $254,950 (2.0%) $388,177 (6.5%) 0.00 170
    2020-07-01 $254,950 (2.0%) $394,569 (10.1%) 0.00 155
    2020-08-01 $249,950 (1.2%) $402,941 (16.9%) 0.00 142
    2020-09-01 $239,625 (-1.4%) $380,545 (14.1%) 0.00 141
    2020-10-01 $250,000 (4.0%) $385,612 (17.9%) 0.00 133
    2020-11-01 $238,725 (-4.5%) $387,290 (14.5%) 0.00 127
    2020-12-01 $230,375 (-12.2%) $390,798 (8.6%) 0.00 119
    2021-01-01 $217,500 (-17.0%) $382,084 (4.5%) 0.00 104
    2021-02-01 $214,975 (-15.3%) $388,759 (7.4%) 0.00 93
    2021-03-01 $251,175 (-2.0%) $389,505 (5.0%) 0.00 84
    2021-04-01 $259,500 (2.8%) $423,550 (15.5%) 0.00 78
    2021-05-01 $269,000 (3.5%) $418,557 (7.1%) 0.00 94
    2021-06-01 $293,975 (15.3%) $418,169 (7.7%) 0.00 112
    2021-07-01 $299,900 (17.6%) $428,220 (8.5%) 0.00 106
    2021-08-01 $269,950 (8.0%) $386,590 (-4.1%) 0.00 128
    2021-09-01 $276,725 (15.5%) $377,211 (-0.9%) 0.00 122
    2021-10-01 $269,900 (8.0%) $350,170 (-9.2%) 0.00 108
    2021-11-01 $260,000 (8.9%) $353,111 (-8.8%) 0.00 90
    2021-12-01 $263,650 (14.4%) $332,485 (-14.9%) 0.00 96
    2022-01-01 $329,000 (51.3%) $365,557 (-4.3%) 0.00 80
    2022-02-01 $312,425 (45.3%) $360,140 (-7.4%) 0.00 62
    2022-03-01 $284,231 (13.2%) $344,032 (-11.7%) 0.00 67
    2022-04-01 $296,900 (14.4%) $382,191 (-9.8%) 0.00 71
    2022-05-01 $348,848 (29.7%) $442,774 (5.8%) 0.00 87
    2022-06-01 $348,200 (18.5%) $423,458 (1.3%) 0.00 96
    2022-07-01 $329,900 (10.0%) $410,634 (-4.1%) 0.00 127
    2022-08-01 $314,700 (16.6%) $405,905 (5.0%) 0.00 146
    2022-09-01 $301,175 (8.8%) $364,699 (-3.3%) 0.00 190
    2022-10-01 $319,950 (18.5%) $389,635 (11.3%) 0.00 203
    2022-11-01 $322,850 (24.2%) $370,480 (4.9%) 0.00 217
    2022-12-01 $302,500 (14.7%) $348,402 (4.8%) 0.00 195
    2023-01-01 $304,500 (-7.5%) $348,891 (-4.6%) 0.00 195
    2023-02-01 $330,750 (5.9%) $402,976 (11.9%) 0.00 169
    2023-03-01 $329,950 (16.1%) $440,005 (27.9%) 0.00 165
    2023-04-01 $329,900 (11.1%) $437,923 (14.6%) 0.00 152
    2023-05-01 $332,000 (-4.8%) $460,610 (4.0%) 0.00 138
    2023-06-01 $329,900 (-5.3%) $444,581 (5.0%) 0.00 155
    2023-07-01 $339,100 (2.8%) $455,675 (11.0%) 0.00 164
    2023-08-01 $347,225 (10.3%) $461,942 (13.8%) 0.00 160
    2023-09-01 $339,900 (12.9%) $458,547 (25.7%) 0.00 157
    2023-10-01 $357,963 (11.9%) $463,681 (19.0%) 0.00 168
    2023-11-01 $326,860 (1.2%) $449,055 (21.2%) 0.00 174
    2023-12-01 $325,000 (7.4%) $454,878 (30.6%) 0.00 175
    2024-01-01 $329,675 (8.3%) $448,950 (28.7%) 0.00 175
    2024-02-01 $340,350 (2.9%) $480,827 (19.3%) 0.00 162
    2024-03-01 $350,000 (6.1%) $457,539 (4.0%) 0.00 164
    Albemarle's median listing price for 2024-03-01 was $350,000, a difference of $20,050 (6.1%) versus the prior year and $9,650 versus the prior month.

    Albemarle's median listing price comes in at 0% of the national average.

    Albemarle's average listing price for 2024-03-01 was $457,539, a difference of $17,534 (4.0%) versus the prior year and $-23,288 versus the prior month.

    For the 2024-03-01 period, Albemarle had 164 MLS listings, a difference of 2 listings (1%) versus the prior month and -1 listings (-1%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Albemarle (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,947 sqft
    2018-02-01 0 days 1,977 sqft
    2018-03-01 0 days 1,953 sqft
    2018-04-01 0 days 2,045 sqft
    2018-05-01 0 days 2,019 sqft
    2018-06-01 0 days 1,999 sqft
    2018-07-01 0 days 1,999 sqft
    2018-08-01 0 days 1,955 sqft
    2018-09-01 0 days 1,824 sqft
    2018-10-01 0 days 1,831 sqft
    2018-11-01 0 days 1,840 sqft
    2018-12-01 0 days 1,885 sqft
    2019-01-01 0 days 1,811 sqft
    2019-02-01 0 days 1,810 sqft
    2019-03-01 0 days 1,827 sqft
    2019-04-01 0 days 1,828 sqft
    2019-05-01 0 days 1,826 sqft
    2019-06-01 0 days 2,007 sqft
    2019-07-01 0 days 2,009 sqft
    2019-08-01 0 days 1,983 sqft
    2019-09-01 0 days 1,995 sqft
    2019-10-01 0 days 2,005 sqft
    2019-11-01 0 days 1,905 sqft
    2019-12-01 0 days 1,995 sqft
    2020-01-01 0 days 1,981 sqft
    2020-02-01 0 days 1,863 sqft
    2020-03-01 0 days 1,824 sqft
    2020-04-01 0 days 1,813 sqft
    2020-05-01 0 days 1,845 sqft
    2020-06-01 0 days 1,840 sqft
    2020-07-01 0 days 1,913 sqft
    2020-08-01 0 days 1,887 sqft
    2020-09-01 0 days 1,796 sqft
    2020-10-01 0 days 1,946 sqft
    2020-11-01 0 days 1,838 sqft
    2020-12-01 0 days 1,757 sqft
    2021-01-01 0 days 1,732 sqft
    2021-02-01 0 days 1,670 sqft
    2021-03-01 0 days 1,669 sqft
    2021-04-01 0 days 1,717 sqft
    2021-05-01 0 days 1,813 sqft
    2021-06-01 0 days 1,773 sqft
    2021-07-01 0 days 1,772 sqft
    2021-08-01 0 days 1,614 sqft
    2021-09-01 0 days 1,700 sqft
    2021-10-01 0 days 1,698 sqft
    2021-11-01 0 days 1,677 sqft
    2021-12-01 0 days 1,587 sqft
    2022-01-01 0 days 1,729 sqft
    2022-02-01 0 days 1,715 sqft
    2022-03-01 0 days 1,669 sqft
    2022-04-01 0 days 1,676 sqft
    2022-05-01 0 days 1,782 sqft
    2022-06-01 0 days 1,698 sqft
    2022-07-01 0 days 1,670 sqft
    2022-08-01 0 days 1,614 sqft
    2022-09-01 0 days 1,588 sqft
    2022-10-01 0 days 1,669 sqft
    2022-11-01 0 days 1,629 sqft
    2022-12-01 0 days 1,548 sqft
    2023-01-01 0 days 1,538 sqft
    2023-02-01 0 days 1,653 sqft
    2023-03-01 0 days 1,631 sqft
    2023-04-01 0 days 1,586 sqft
    2023-05-01 0 days 1,710 sqft
    2023-06-01 0 days 1,648 sqft
    2023-07-01 0 days 1,736 sqft
    2023-08-01 0 days 1,690 sqft
    2023-09-01 0 days 1,662 sqft
    2023-10-01 0 days 1,733 sqft
    2023-11-01 0 days 1,621 sqft
    2023-12-01 0 days 1,602 sqft
    2024-01-01 0 days 1,603 sqft
    2024-02-01 0 days 1,630 sqft
    2024-03-01 0 days 1,623 sqft
    Albemarle's median listing age (time on market) for 2024-03-01 was 0 days.

    Albemarle's median square footage for active listings during the 2024-03-01 period was 1,623 sqft. One year prior, the average listing was 1,631 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).