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%.

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

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.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 146 2.71% $7,083
MOVEMENT MORTGAGE, LLC 94 2.97% $8,132
LAKEVIEW LOAN SERVICING, LLC 61 2.91% $4,530
GoPrime Mortgage, Inc. 32 3.56% $9,162
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 31 3.37% $8,855
Mr. Cooper ( Nationstar Mortgage ) 27 3.30% $3,701
PENNYMAC LOAN SERVICES, LLC 26 2.83% $4,881
VANDERBILT MORTGAGE AND FINANCE, INC. 25 3.17% $10,035
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 23 3.32% $9,351
CALIBER HOME LOANS, INC. 20 2.74% $7,221
UNITED WHOLESALE MORTGAGE, LLC 19 2.62% $7,896
BROKER SOLUTIONS, INC. 19 3.20% $8,534
GUARANTEED RATE, INC. 18 2.97% $8,517
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 16 3.30% $8,440
AMERICAN FINANCIAL RESOURCES, INC. 16 3.08% $8,929
FREEDOM MORTGAGE CORPORATION 14 2.83% $5,371
Alcova Mortgage LLC 14 3.15% $6,829
AMERICAN FINANCIAL NETWORK, INC. 13 3.67% $11,878
CROSSCOUNTRY MORTGAGE, LLC 13 3.25% $9,837
NEWREZ LLC 12 3.05% $4,844
Nations Lending Corporation 10 3.56% $9,408
LOANDEPOT.COM, LLC 9 3.38% $9,511
Carrington Mortgage Services, LLC 9 3.64% $9,828
Citizens Bank 8 2.73% $7,188
HOMESTAR FINANCIAL CORPORATION 8 3.31% $5,776
RADIUS FINANCIAL GROUP INC. 8 3.23% $7,524
VILLAGE CAPITAL & INVESTMENT LLC 7 3.09% $2,615
DHI MORTGAGE COMPANY, LTD. 7 2.82% $6,171
AMERIFIRST FINANCIAL CORPORATION 7 3.50% $9,126
HOME POINT FINANCIAL CORPORATION 7 2.61% $6,470
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.08% $8,636
DIRECT MORTGAGE LOANS, LLC 6 3.83% $9,257
UNION HOME MORTGAGE CORP. 6 2.90% $8,674
PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.40% $8,890
Bank of England 6 3.19% $8,470
AMERISAVE MORTGAGE CORPORATION 5 2.63% $11,998
THRIVE MORTGAGE, LLC 5 3.58% $10,008
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.88% $5,448
Lakeview Community Capital, LLC 5 3.02% $4,472
BAY EQUITY LLC 5 3.02% $9,136
RELIANCE FIRST CAPITAL, LLC 5 3.05% $8,341
HOMESIDE FINANCIAL, LLC 4 2.91% $8,799
STEARNS LENDING, LLC 4 2.59% $8,127
Bank of America 4 3.06% $8,164
Blue Ridge Bank 4 2.34% $7,765
PLANET HOME LENDING, LLC 4 3.25% $4,934
Equity Prime Mortgage LLC 4 3.50% $6,561
Ameris Bank 4 2.94% $9,407
MUTUAL OF OMAHA MORTGAGE, INC. 4 2.75% $8,713
Wolfe Financial, Inc 4 3.16% $9,100
1ST SIGNATURE LENDING, LLC 4 3.13% $8,395
OCEANSIDE MORTGAGE COMPANY 3 2.74% $2,476
Paramount Residential Mortgage Group, Inc. 3 3.50% $8,098
Champion Credit Union 3 2.38% $7,305
AmeriHome Mortgage Company, LLC 3 2.75% $4,327
ACOPIA, LLC 3 3.25% $8,110
COUNTRYPLACE MORTGAGE, LTD. 3 3.25% $12,874
RUOFF MORTGAGE COMPANY, INC. 3 3.08% $4,947
Truist Bank 3 2.79% $6,320
First Guaranty Mortgage Corporation 3 2.92% $4,505
Hometown Lenders, Inc. 3 3.46% $10,585
LENDUS, LLC 3 3.58% $9,058
Magnolia Bank 3 3.25% $8,923
First Bank 2 2.94% $8,327
Wells Fargo Bank 2 3.06% $8,719
AMERICAN FINANCING CORPORATION 2 2.44% $6,392
InterContinental Capital Group, Inc 2 2.75% $8,498
TOWNE MORTGAGE COMPANY 2 2.94% $5,940
TOP FLITE FINANCIAL, INC. 2 3.38% $13,998
T2 FINANCIAL LLC 2 3.13% $9,368
Peoples Bank 2 3.63% $7,345
EMBRACE HOME LOANS, INC. 2 3.00% $9,838
LOANPAL, LLC 2 2.25% $10,141
SOUTHERN TRUST MORTGAGE, LLC 2 3.00% $7,533
CERTAINTY HOME LOANS, LLC 2 3.00% $9,217
ALLIED MORTGAGE GROUP, INC. 2 3.06% $7,826
GENEVA FINANCIAL, LLC 2 4.19% $8,358
First Option Mortgage, LLC 2 3.25% $6,831
First-Citizens Bank & Trust Company 2 2.50% $8,285
ZILLOW HOME LOANS, LLC 1 2.50% $10,034
Advisors Mortgage Group, L.L.C. 1 2.38% $11,086
Allen Tate Mortgage Partners, LLC 1 2.50% $7,102
AMCAP MORTGAGE, LTD. 1 3.25% $7,494
American Security Mortgage Corp. 1 3.25% $9,023
Amerifirst Financial, Inc. 1 3.25% $4,627
ARC HOME LLC 1 2.63% $6,533
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.38% $3,925
Atlantic Union Bank 1 3.00% $9,358
CAPITAL CENTER, L.L.C. 1 2.50% $7,575
Centennial Bank 1 3.00% $9,289
CHURCHILL MORTGAGE CORPORATION 1 2.38% $5,703
CityWorth Mortgage LLC 1 4.25% $6,253
CORNERSTONE HOME LENDING, INC. 1 3.25% $10,341
ENVOY MORTGAGE, LTD 1 2.88% $13,702
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $10,129
FIRST COMMUNITY MORTGAGE, INC. 1 4.13% $9,975
First Heritage Mortgage, LLC 1 2.88% $9,118
FLAT BRANCH MORTGAGE, INC. 1 3.13% $10,100
GUARANTY HOME MORTGAGE CORPORATION 1 2.63% $11,517
GUILD MORTGAGE COMPANY 1 3.50% $10,409
HAMILTON HOME LOANS, INC. 1 3.25% $15,216
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.13% $4,290
INTERLINC MORTGAGE SERVICES, LLC 1 2.88% $3,767
Low VA Rates, LLC 1 3.25% $3,015
MICHIGAN MUTUAL, INC. 1 3.38% $11,775
MIDLAND MORTGAGE CORPORATION 1 3.00% $11,901
MORTGAGE INVESTORS GROUP, INC. 1 3.13% $9,956
NATIONS RELIABLE LENDING, LLC 1 3.25% $3,626
NFM, INC. 1 3.38% $12,258
PANORAMA MORTGAGE GROUP, LLC 1 2.75% $6,830
PHH Mortgage Corporation 1 2.88% $12,716
Plains Commerce Bank 1 2.63% $10,215
PLAZA HOME MORTGAGE, INC. 1 2.75% $15,430
POLARIS HOME FUNDING CORP. 1 3.38% $13,106
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $11,152
RAPID MORTGAGE COMPANY 1 2.75% $10,110
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $7,454
Strong Home Mortgage, LLC 1 2.88% $9,927
SUCCESS MORTGAGE PARTNERS, INC. 1 2.88% $7,543
SUN WEST MORTGAGE COMPANY, INC. 1 3.74% $5,588
The Federal Savings Bank 1 2.25% $10,828
UNITED 1 3.25% $8,966
UNITED MORTGAGE CORP. 1 2.88% $11,125
UNITED SECURITY FINANCIAL CORP 1 2.50% $7,055

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. Louis
Date 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 for 2022-04-01 was $559,900, a difference of $92,150 (19.7%) versus the prior year and $-5,100 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-04-01 was 37 days. This is -32% shorter than the same period one year ago.

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.

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).