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%.

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/closing costs 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. Closing Costs
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 $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 for 2022-12-01 was $539,000, a difference of $59,145 (12.3%) versus the prior year and $4,000 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-12-01 was 73 days. This is -1% shorter than the same period one year ago.

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.

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).