Asheville FHA Loans
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
5.16%
for the week of 2022-05-20, compared to the national average (all FHA variants) of
5.352% for the same period.
The average rate for the prior week (2022-05-13) was
5.17% and
one month ago for the week of 2022-04-15, the
average rate was 4.96%.
The average rate one year ago was 3.23%.
For refis of the same type during the week of 2022-05-20, the average rate
was 4.89%.
Asheville FHA Loan Lenders by Rates & Fees
The below table looks at the average fees 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 | $361,950 (3.4%) | $518,865 (-0.6%) | 1.33 | 3,490 |
2018-02-01 | $350,000 (-3.7%) | $497,894 (-6.5%) | 1.26 | 2,397 |
2018-03-01 | $357,000 (-1.9%) | $501,705 (-5.7%) | 1.24 | 2,443 |
2018-04-01 | $358,950 (-3.0%) | $498,384 (-6.3%) | 1.20 | 2,568 |
2018-05-01 | $366,950 (-2.5%) | $497,446 (-7.8%) | 1.22 | 2,669 |
2018-06-01 | $388,000 (2.2%) | $533,582 (-0.3%) | 1.29 | 2,595 |
2018-07-01 | $389,250 (3.0%) | $528,386 (-0.8%) | 1.30 | 2,701 |
2018-08-01 | $389,000 (2.4%) | $521,152 (-3.9%) | 1.30 | 2,805 |
2018-09-01 | $384,900 (1.3%) | $521,123 (-4.0%) | 1.29 | 2,916 |
2018-10-01 | $379,900 (0.8%) | $517,009 (-4.7%) | 1.27 | 3,005 |
2018-11-01 | $379,000 (-0.2%) | $513,652 (-4.9%) | 1.27 | 2,888 |
2018-12-01 | $375,000 (-1.1%) | $513,931 (-4.6%) | 1.28 | 2,672 |
2019-01-01 | $379,450 (4.8%) | $522,483 (0.7%) | 1.31 | 2,367 |
2019-02-01 | $377,450 (7.8%) | $525,238 (5.5%) | 1.26 | 2,273 |
2019-03-01 | $385,857 (8.1%) | $535,638 (6.8%) | 1.26 | 2,361 |
2019-04-01 | $397,000 (10.6%) | $550,200 (10.4%) | 1.25 | 2,484 |
2019-05-01 | $399,999 (9.0%) | $561,242 (12.8%) | 1.23 | 2,606 |
2019-06-01 | $399,500 (3.0%) | $559,290 (4.8%) | 1.23 | 2,806 |
2019-07-01 | $399,000 (2.5%) | $552,334 (4.5%) | 1.24 | 2,822 |
2019-08-01 | $399,514 (2.7%) | $553,592 (6.2%) | 1.26 | 2,807 |
2019-09-01 | $399,000 (3.7%) | $550,664 (5.7%) | 1.27 | 2,786 |
2019-10-01 | $399,250 (5.1%) | $548,554 (6.1%) | 1.27 | 2,885 |
2019-11-01 | $399,000 (5.3%) | $549,365 (7.0%) | 1.29 | 2,704 |
2019-12-01 | $399,000 (6.4%) | $547,833 (6.6%) | 1.33 | 2,388 |
2020-01-01 | $399,868 (5.4%) | $559,747 (7.1%) | 1.33 | 2,081 |
2020-02-01 | $403,900 (7.0%) | $561,832 (7.0%) | 1.30 | 1,881 |
2020-03-01 | $407,762 (5.7%) | $566,517 (5.8%) | 1.27 | 1,918 |
2020-04-01 | $399,700 (0.7%) | $554,593 (0.8%) | 1.25 | 2,075 |
2020-05-01 | $420,000 (5.0%) | $576,998 (2.8%) | 1.27 | 2,072 |
2020-06-01 | $427,000 (6.9%) | $596,025 (6.6%) | 1.25 | 2,000 |
2020-07-01 | $429,450 (7.6%) | $604,750 (9.5%) | 1.23 | 1,906 |
2020-08-01 | $429,000 (7.4%) | $614,339 (11.0%) | 1.23 | 1,709 |
2020-09-01 | $444,500 (11.4%) | $649,970 (18.0%) | 1.27 | 1,614 |
2020-10-01 | $449,900 (12.7%) | $659,890 (20.3%) | 1.29 | 1,592 |
2020-11-01 | $453,500 (13.7%) | $671,719 (22.3%) | 1.30 | 1,459 |
2020-12-01 | $467,000 (17.0%) | $685,040 (25.1%) | 1.37 | 1,313 |
2021-01-01 | $463,000 (15.8%) | $690,394 (23.3%) | 1.36 | 1,096 |
2021-02-01 | $449,500 (11.3%) | $686,681 (22.2%) | 1.29 | 937 |
2021-03-01 | $457,500 (12.2%) | $696,715 (23.0%) | 1.28 | 825 |
2021-04-01 | $467,750 (17.0%) | $717,828 (29.4%) | 1.26 | 850 |
2021-05-01 | $480,000 (14.3%) | $731,972 (26.9%) | 1.26 | 872 |
2021-06-01 | $475,000 (11.2%) | $712,249 (19.5%) | 1.23 | 1,095 |
2021-07-01 | $457,005 (6.4%) | $691,270 (14.3%) | 1.19 | 1,197 |
2021-08-01 | $449,950 (4.9%) | $694,250 (13.0%) | 1.18 | 1,234 |
2021-09-01 | $458,505 (3.2%) | $720,786 (10.9%) | 1.21 | 1,204 |
2021-10-01 | $469,000 (4.3%) | $729,536 (10.6%) | 1.23 | 1,160 |
2021-11-01 | $471,210 (3.9%) | $740,594 (10.3%) | 1.24 | 1,017 |
2021-12-01 | $479,985 (2.8%) | $771,661 (12.6%) | 1.28 | 877 |
2022-01-01 | $499,900 (8.0%) | $841,176 (21.8%) | 1.33 | 679 |
2022-02-01 | $542,400 (20.7%) | $923,648 (34.5%) | 1.38 | 550 |
2022-03-01 | $565,000 (23.5%) | $945,259 (35.7%) | 1.40 | 520 |
2022-04-01 | $559,900 (19.7%) | $900,177 (25.4%) | 1.32 | 614 |
Asheville's median listing price comes in at 132% of the national average.
Asheville's average listing price for 2022-04-01 was $900,177, a difference of $182,349 (25.4%) versus the prior year and $-45,082 versus the prior month.
For the 2022-04-01 period, Asheville had 614 MLS listings, a difference of 94 listings (18%) versus the prior month and -236 listings (-28%) 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 | 75 days | 2,212 sqft |
2018-02-01 | 57 days | 2,196 sqft |
2018-03-01 | 72 days | 2,151 sqft |
2018-04-01 | 98 days | 2,154 sqft |
2018-05-01 | 92 days | 2,166 sqft |
2018-06-01 | 76 days | 2,164 sqft |
2018-07-01 | 76 days | 2,200 sqft |
2018-08-01 | 80 days | 2,194 sqft |
2018-09-01 | 84 days | 2,182 sqft |
2018-10-01 | 88 days | 2,150 sqft |
2018-11-01 | 91 days | 2,128 sqft |
2018-12-01 | 106 days | 2,104 sqft |
2019-01-01 | 123 days | 2,094 sqft |
2019-02-01 | 129 days | 2,078 sqft |
2019-03-01 | 123 days | 2,129 sqft |
2019-04-01 | 79 days | 2,182 sqft |
2019-05-01 | 71 days | 2,231 sqft |
2019-06-01 | 70 days | 2,225 sqft |
2019-07-01 | 74 days | 2,213 sqft |
2019-08-01 | 83 days | 2,191 sqft |
2019-09-01 | 86 days | 2,174 sqft |
2019-10-01 | 89 days | 2,163 sqft |
2019-11-01 | 92 days | 2,144 sqft |
2019-12-01 | 99 days | 2,133 sqft |
2020-01-01 | 113 days | 2,132 sqft |
2020-02-01 | 119 days | 2,125 sqft |
2020-03-01 | 111 days | 2,119 sqft |
2020-04-01 | 88 days | 2,081 sqft |
2020-05-01 | 88 days | 2,149 sqft |
2020-06-01 | 90 days | 2,176 sqft |
2020-07-01 | 78 days | 2,204 sqft |
2020-08-01 | 77 days | 2,180 sqft |
2020-09-01 | 75 days | 2,214 sqft |
2020-10-01 | 70 days | 2,176 sqft |
2020-11-01 | 72 days | 2,144 sqft |
2020-12-01 | 81 days | 2,109 sqft |
2021-01-01 | 92 days | 2,048 sqft |
2021-02-01 | 97 days | 1,981 sqft |
2021-03-01 | 79 days | 1,941 sqft |
2021-04-01 | 55 days | 1,934 sqft |
2021-05-01 | 45 days | 1,991 sqft |
2021-06-01 | 40 days | 1,945 sqft |
2021-07-01 | 44 days | 1,923 sqft |
2021-08-01 | 52 days | 1,874 sqft |
2021-09-01 | 57 days | 1,903 sqft |
2021-10-01 | 59 days | 1,931 sqft |
2021-11-01 | 63 days | 1,911 sqft |
2021-12-01 | 75 days | 1,928 sqft |
2022-01-01 | 85 days | 1,944 sqft |
2022-02-01 | 88 days | 1,942 sqft |
2022-03-01 | 67 days | 2,039 sqft |
2022-04-01 | 37 days | 2,010 sqft |
Asheville's median square footage for active listings during the 2022-04-01 period was 2,010 sqft. One year prior, the average listing was 1,934 sqft.