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 62 lenders originated 290 FHA loans during 2024. The total origination value was $83,890,000, with an average FHA loan value of $289,276.

    Albemarle FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Albemarle averaged 0.02% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Albemarle's average FHA mortgage closing costs are $8,855.

    The average rate for the prior week (2025-06-13) was 6.5% and one month ago for the week of 2025-05-16, the average rate was 6.36%.

    The average rate one year ago was 6.71%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.34%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 44 6.27% $12,718
    DHI MORTGAGE COMPANY, LTD. 35 5.23% $7,153
    LOANDEPOT.COM, LLC 27 5.57% $12,018
    QUICKEN LOANS, LLC 23 6.37% $9,971
    UNITED WHOLESALE MORTGAGE, LLC 17 5.92% $13,582
    CROSSCOUNTRY MORTGAGE, LLC 10 6.54% $12,978
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 7.04% $12,063
    FREEDOM MORTGAGE CORPORATION 8 6.08% $11,558
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 7 6.46% $12,942
    Uwharrie Bank 6 6.46% $11,434
    SeaTrust Mortgage Company 6 6.54% $12,099
    Alcova Mortgage LLC 5 6.70% $9,492
    South State Bank 5 6.48% $13,222
    AMERICAN FINANCIAL RESOURCES, INC. 5 6.10% $11,526
    LAKEVIEW LOAN SERVICING, LLC 4 6.59% $7,526
    ZILLOW HOME LOANS, LLC 3 6.46% $9,629
    CARDINAL FINANCIAL 3 6.13% $10,825
    American Security Mortgage Corp. 3 6.46% $11,501
    U.S. Bank 3 6.38% $10,369
    Ixonia Bank 2 6.38% $12,830
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.18% $11,423
    BROKER SOLUTIONS, INC. 2 6.25% $10,052
    Equity Prime Mortgage LLC 2 7.44% $11,673
    NEWREZ LLC 2 6.75% $9,684
    VERITAS FUNDING, LLC 2 6.25% $16,430
    First-Citizens Bank & Trust Company 2 5.56% $11,251
    AMERICAN FINANCIAL NETWORK, INC. 2 7.06% $10,174
    GUILD MORTGAGE COMPANY 2 6.31% $14,201
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $17,751
    Texana Bank 1 5.50% $29,611
    Truist 1 5.63% $14,931
    UNION HOME MORTGAGE CORP. 1 6.63% $5,827
    VILLAGE CAPITAL MORTGAGE 1 5.75% $8,051
    Wells Fargo Bank 1 5.88% $12,125
    United Community Bank 1 6.13% $9,130
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 4.99% $14,501
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $9,593
    Ameris Bank 1 6.75% $10,427
    Assurance Financial Group, L.L.C. 1 7.25% $6,711
    Atlantic Coast Mortgage, LLC 1 6.99% $9,984
    BETTER MORTGAGE CORPORATION 1 5.88% $15,521
    Carrington Mortgage Services, LLC 1 6.75% $8,262
    CMG MORTGAGE, INC. 1 7.13% $9,077
    CORNERSTONE HOME LENDING, INC. 1 6.63% $10,669
    EVERETT FINANCIAL, INC. 1 6.63% $19,516
    FIRST COMMUNITY MORTGAGE, INC. 1 6.25% $11,609
    First Federal Bank 1 5.75% $6,810
    GEO-CORP, INC. 1 7.50% $21,915
    GUARANTEED RATE, INC. 1 6.63% $8,059
    HOMESIDE FINANCIAL, LLC 1 5.63% $19,426
    Integrity Home Mortgage Corp 1 6.13% $12,479
    Magnolia Bank 1 6.63% $10,583
    MILEND, INC. 1 6.25% $10,755
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $5,747
    Nations Lending Corporation 1 5.75% $21,767
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $11,379
    PENNYMAC LOAN SERVICES, LLC 1 6.00% $10,883
    PENTAGON FEDERAL CREDIT UNION 1 6.50% $11,563
    Pinnacle Bank 1 6.13% $6,896
    Plains Commerce Bank 1 6.50% $13,479
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $9,872
    RADIUS FINANCIAL GROUP INC. 1 6.75% $5,884

    The top Albemarle FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 44 FHA loans originated. Their average total fees are $12,718, which is $5,564 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. ($7,153), QUICKEN LOANS, LLC ($9,971), LOANDEPOT.COM, LLC ($12,018), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($12,063) and MOVEMENT MORTGAGE, LLC ($12,718).

    The lowest rate Albemarle FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.23%), LOANDEPOT.COM, LLC (5.57%), UNITED WHOLESALE MORTGAGE, LLC (5.92%), MOVEMENT MORTGAGE, LLC (6.27%) and QUICKEN LOANS, LLC (6.37%).

    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).