Asheville FHA Loans

ASHEVILLE, 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.

    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 5.89% for the week of 2022-09-23, compared to the national average (all FHA variants) of 6.08% for the same period.

    The average rate for the prior week (2022-09-16) was 5.89% and one month ago for the week of 2022-08-19, the average rate was 5.41%.

    The average rate one year ago was 3.25%.

    For refis of the same type during the week of 2022-09-23, the average rate was 5.72%.

    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 MORTGAGE 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 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
    2022-05-01 $570,000 (18.8%) $879,720 (20.2%) 1.28 838
    2022-06-01 $564,950 (18.9%) $838,240 (17.7%) 1.26 979
    2022-07-01 $544,000 (19.0%) $804,008 (16.3%) 1.21 1,152
    2022-08-01 $524,950 (16.7%) $771,801 (11.2%) 1.21 1,179
    Asheville's median listing price for 2022-08-01 was $524,950, a difference of $75,000 (16.7%) versus the prior year and $-19,050 versus the prior month.

    Asheville's median listing price comes in at 121% of the national average.

    Asheville's average listing price for 2022-08-01 was $771,801, a difference of $77,551 (11.2%) versus the prior year and $-32,207 versus the prior month.

    For the 2022-08-01 period, Asheville had 1,179 MLS listings, a difference of 27 listings (2%) versus the prior month and -55 listings (-4%) 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
    2022-05-01 35 days 2,077 sqft
    2022-06-01 37 days 2,055 sqft
    2022-07-01 41 days 2,030 sqft
    2022-08-01 49 days 2,033 sqft
    Asheville's median listing age (time on market) for 2022-08-01 was 49 days. This is -6% shorter than the same period one year ago.

    Asheville's median square footage for active listings during the 2022-08-01 period was 2,033 sqft. One year prior, the average listing was 1,874 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).