Asheville FHA Loan Rates, Closing Costs & Stats
ASHEVILLE, NC
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.
Asheville's 124 lenders originated 1,152 FHA loans during 2021. The total origination value was $254,970,000, with an average FHA loan value of $221,328.
Asheville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Asheville
averaged
-0.19%
for the week of 2023-01-20, compared to the national average (all FHA variants) of
0% for the same period.
Asheville's average FHA mortgage closing costs are $7,146.
The average rate for the prior week (2023-01-13) was
6.34% and
one month ago for the week of 2022-12-16, the
average rate was 6.13%.
The average rate one year ago was 3.42%.
For refis of the same type during the week of 2023-01-20, the average rate
was -0.36%.
Asheville 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 Asheville level.
The top Asheville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
146 FHA loans originated. Their average total fees are
$7,083, which is $1,049
lower than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Asheville FHA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($3,701), LAKEVIEW LOAN SERVICING, LLC ($4,530), NEWREZ LLC ($4,844), PENNYMAC LOAN SERVICES, LLC ($4,881) and FREEDOM MORTGAGE CORPORATION ($5,371).
The lowest rate Asheville FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.62%), QUICKEN LOANS, LLC (2.71%), CALIBER HOME LOANS, INC. (2.74%), PENNYMAC LOAN SERVICES, LLC (2.83%) and FREEDOM MORTGAGE CORPORATION (2.83%).
Asheville FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
ASHEVILLE, NC | BUNCOMBE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ASHEVILLE, NC | HAYWOOD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ASHEVILLE, NC | HENDERSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
ASHEVILLE, NC | MADISON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Asheville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $349,950 (0.1%) | $496,019 (-3.7%) | 1.30 | 2,439 |
2018-02-01 | $349,963 (-3.1%) | $492,032 (-6.4%) | 1.27 | 2,387 |
2018-03-01 | $354,900 (-2.6%) | $497,845 (-5.4%) | 1.25 | 2,439 |
2018-04-01 | $358,925 (-3.0%) | $495,286 (-5.9%) | 1.22 | 2,572 |
2018-05-01 | $364,225 (-3.3%) | $494,421 (-7.3%) | 1.22 | 2,668 |
2018-06-01 | $385,000 (1.3%) | $530,377 (0.2%) | 1.28 | 2,593 |
2018-07-01 | $387,000 (2.1%) | $524,077 (-0.6%) | 1.29 | 2,676 |
2018-08-01 | $385,000 (0.7%) | $519,027 (-3.3%) | 1.29 | 2,773 |
2018-09-01 | $380,950 (0.5%) | $518,694 (-3.5%) | 1.28 | 2,882 |
2018-10-01 | $377,200 (0.2%) | $514,303 (-4.0%) | 1.27 | 2,978 |
2018-11-01 | $375,000 (-1.2%) | $510,954 (-4.2%) | 1.27 | 2,869 |
2018-12-01 | $375,000 (-1.1%) | $511,713 (-4.2%) | 1.29 | 2,651 |
2019-01-01 | $379,000 (8.3%) | $519,344 (4.7%) | 1.31 | 2,357 |
2019-02-01 | $375,000 (7.2%) | $522,168 (6.1%) | 1.27 | 2,257 |
2019-03-01 | $383,400 (8.0%) | $533,548 (7.2%) | 1.25 | 2,340 |
2019-04-01 | $396,675 (10.5%) | $549,109 (10.9%) | 1.26 | 2,462 |
2019-05-01 | $399,925 (9.8%) | $558,790 (13.0%) | 1.25 | 2,597 |
2019-06-01 | $399,500 (3.8%) | $558,957 (5.4%) | 1.25 | 2,774 |
2019-07-01 | $399,000 (3.1%) | $551,336 (5.2%) | 1.25 | 2,769 |
2019-08-01 | $399,000 (3.6%) | $550,961 (6.2%) | 1.26 | 2,796 |
2019-09-01 | $399,000 (4.7%) | $547,405 (5.5%) | 1.28 | 2,813 |
2019-10-01 | $399,000 (5.8%) | $546,217 (6.2%) | 1.29 | 2,827 |
2019-11-01 | $399,000 (6.4%) | $549,514 (7.6%) | 1.31 | 2,643 |
2019-12-01 | $399,000 (6.4%) | $548,704 (7.2%) | 1.33 | 2,320 |
2020-01-01 | $399,434 (5.4%) | $560,332 (7.9%) | 1.33 | 2,021 |
2020-02-01 | $400,000 (6.7%) | $562,376 (7.7%) | 1.31 | 1,849 |
2020-03-01 | $404,725 (5.6%) | $566,882 (6.3%) | 1.27 | 1,876 |
2020-04-01 | $399,450 (0.7%) | $554,927 (1.1%) | 1.25 | 2,027 |
2020-05-01 | $419,900 (5.0%) | $577,938 (3.4%) | 1.28 | 2,020 |
2020-06-01 | $427,000 (6.9%) | $596,391 (6.7%) | 1.26 | 1,963 |
2020-07-01 | $428,000 (7.3%) | $605,804 (9.9%) | 1.24 | 1,863 |
2020-08-01 | $429,000 (7.5%) | $614,389 (11.5%) | 1.23 | 1,692 |
2020-09-01 | $442,500 (10.9%) | $648,333 (18.4%) | 1.27 | 1,591 |
2020-10-01 | $449,500 (12.7%) | $657,670 (20.4%) | 1.29 | 1,561 |
2020-11-01 | $454,345 (13.9%) | $669,166 (21.8%) | 1.33 | 1,429 |
2020-12-01 | $469,000 (17.5%) | $686,767 (25.2%) | 1.39 | 1,281 |
2021-01-01 | $460,000 (15.2%) | $690,380 (23.2%) | 1.37 | 1,066 |
2021-02-01 | $449,475 (12.4%) | $686,126 (22.0%) | 1.31 | 915 |
2021-03-01 | $456,500 (12.8%) | $693,532 (22.3%) | 1.30 | 823 |
2021-04-01 | $464,475 (16.3%) | $714,503 (28.8%) | 1.26 | 848 |
2021-05-01 | $477,905 (13.8%) | $733,724 (27.0%) | 1.26 | 866 |
2021-06-01 | $472,463 (10.7%) | $710,328 (19.1%) | 1.24 | 1,100 |
2021-07-01 | $454,010 (6.1%) | $686,556 (13.3%) | 1.20 | 1,208 |
2021-08-01 | $449,450 (4.8%) | $687,833 (12.0%) | 1.20 | 1,230 |
2021-09-01 | $456,500 (3.2%) | $713,005 (10.0%) | 1.22 | 1,206 |
2021-10-01 | $469,900 (4.5%) | $726,471 (10.5%) | 1.25 | 1,162 |
2021-11-01 | $472,250 (3.9%) | $739,981 (10.6%) | 1.26 | 1,016 |
2021-12-01 | $479,855 (2.3%) | $769,283 (12.0%) | 1.30 | 873 |
2022-01-01 | $499,000 (8.5%) | $825,510 (19.6%) | 1.35 | 684 |
2022-02-01 | $533,278 (18.6%) | $905,840 (32.0%) | 1.39 | 545 |
2022-03-01 | $550,000 (20.5%) | $914,686 (31.9%) | 1.38 | 523 |
2022-04-01 | $550,000 (18.4%) | $880,457 (23.2%) | 1.31 | 606 |
2022-05-01 | $564,850 (18.2%) | $859,927 (17.2%) | 1.29 | 823 |
2022-06-01 | $560,000 (18.5%) | $824,057 (16.0%) | 1.25 | 967 |
2022-07-01 | $530,000 (16.7%) | $787,502 (14.7%) | 1.20 | 1,144 |
2022-08-01 | $519,950 (15.7%) | $759,865 (10.5%) | 1.20 | 1,159 |
2022-09-01 | $522,500 (14.5%) | $772,369 (8.3%) | 1.22 | 1,193 |
2022-10-01 | $529,000 (12.6%) | $791,616 (9.0%) | 1.24 | 1,298 |
2022-11-01 | $535,000 (13.3%) | $796,714 (7.7%) | 1.29 | 1,237 |
2022-12-01 | $539,000 (12.3%) | $794,024 (3.2%) | 1.35 | 1,109 |
Asheville's median listing price comes in at 135% of the national average.
Asheville's average listing price for 2022-12-01 was $794,024, a difference of $24,741 (3.2%) versus the prior year and $-2,690 versus the prior month.
For the 2022-12-01 period, Asheville had 1,109 MLS listings, a difference of -128 listings (-10%) versus the prior month and 236 listings (27%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Asheville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 137 days | 2,226 sqft |
2018-02-01 | 57 days | 2,194 sqft |
2018-03-01 | 72 days | 2,154 sqft |
2018-04-01 | 99 days | 2,157 sqft |
2018-05-01 | 90 days | 2,163 sqft |
2018-06-01 | 73 days | 2,160 sqft |
2018-07-01 | 74 days | 2,186 sqft |
2018-08-01 | 80 days | 2,184 sqft |
2018-09-01 | 85 days | 2,172 sqft |
2018-10-01 | 88 days | 2,131 sqft |
2018-11-01 | 91 days | 2,114 sqft |
2018-12-01 | 106 days | 2,089 sqft |
2019-01-01 | 122 days | 2,080 sqft |
2019-02-01 | 128 days | 2,063 sqft |
2019-03-01 | 108 days | 2,114 sqft |
2019-04-01 | 76 days | 2,168 sqft |
2019-05-01 | 71 days | 2,213 sqft |
2019-06-01 | 68 days | 2,214 sqft |
2019-07-01 | 74 days | 2,210 sqft |
2019-08-01 | 80 days | 2,185 sqft |
2019-09-01 | 84 days | 2,163 sqft |
2019-10-01 | 89 days | 2,153 sqft |
2019-11-01 | 93 days | 2,144 sqft |
2019-12-01 | 101 days | 2,130 sqft |
2020-01-01 | 115 days | 2,129 sqft |
2020-02-01 | 118 days | 2,113 sqft |
2020-03-01 | 110 days | 2,111 sqft |
2020-04-01 | 86 days | 2,077 sqft |
2020-05-01 | 88 days | 2,145 sqft |
2020-06-01 | 87 days | 2,170 sqft |
2020-07-01 | 74 days | 2,201 sqft |
2020-08-01 | 72 days | 2,181 sqft |
2020-09-01 | 72 days | 2,210 sqft |
2020-10-01 | 67 days | 2,176 sqft |
2020-11-01 | 72 days | 2,138 sqft |
2020-12-01 | 79 days | 2,108 sqft |
2021-01-01 | 92 days | 2,048 sqft |
2021-02-01 | 93 days | 1,985 sqft |
2021-03-01 | 72 days | 1,940 sqft |
2021-04-01 | 52 days | 1,929 sqft |
2021-05-01 | 43 days | 1,992 sqft |
2021-06-01 | 37 days | 1,941 sqft |
2021-07-01 | 44 days | 1,903 sqft |
2021-08-01 | 51 days | 1,870 sqft |
2021-09-01 | 54 days | 1,903 sqft |
2021-10-01 | 57 days | 1,937 sqft |
2021-11-01 | 61 days | 1,916 sqft |
2021-12-01 | 74 days | 1,928 sqft |
2022-01-01 | 84 days | 1,932 sqft |
2022-02-01 | 87 days | 1,926 sqft |
2022-03-01 | 59 days | 2,015 sqft |
2022-04-01 | 36 days | 1,998 sqft |
2022-05-01 | 32 days | 2,074 sqft |
2022-06-01 | 36 days | 2,052 sqft |
2022-07-01 | 38 days | 2,014 sqft |
2022-08-01 | 47 days | 2,018 sqft |
2022-09-01 | 51 days | 1,984 sqft |
2022-10-01 | 52 days | 2,040 sqft |
2022-11-01 | 58 days | 2,062 sqft |
2022-12-01 | 73 days | 2,056 sqft |
Asheville's median square footage for active listings during the 2022-12-01 period was 2,056 sqft. One year prior, the average listing was 1,928 sqft.