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 112 lenders originated 790 FHA loans during 2022. The total origination value was $196,880,000, with an average FHA loan value of $249,215.

Asheville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Asheville averaged -0.56% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Asheville's average FHA mortgage closing costs are $7,703.

The average rate for the prior week (2024-02-16) was 5.88% and one month ago for the week of 2024-01-19, the average rate was 6.02%.

The average rate one year ago was 5.68%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.66%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 72 4.20% $11,636
MOVEMENT MORTGAGE, LLC 66 4.86% $9,954
UNITED WHOLESALE MORTGAGE, LLC 36 4.53% $11,476
AMERICAN FINANCIAL RESOURCES, INC. 23 4.20% $9,738
GoPrime Mortgage, Inc. 23 5.27% $12,133
CARDINAL FINANCIAL 22 5.16% $12,618
DHI MORTGAGE COMPANY, LTD. 21 4.31% $6,874
VANDERBILT MORTGAGE AND FINANCE, INC. 19 5.08% $14,061
BROKER SOLUTIONS, INC. 18 5.10% $10,660
LOANDEPOT.COM, LLC 18 4.56% $10,083
GUARANTEED RATE, INC. 16 5.20% $9,494
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 15 5.01% $10,361
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 13 5.04% $11,617
FREEDOM MORTGAGE CORPORATION 12 5.16% $11,466
HOME POINT FINANCIAL CORPORATION 11 4.25% $11,286
LAKEVIEW LOAN SERVICING, LLC 10 3.80% $6,352
CROSSCOUNTRY MORTGAGE, LLC 9 5.57% $12,304
Carrington Mortgage Services, LLC 9 4.33% $10,605
Alcova Mortgage LLC 9 3.57% $7,322
Citizens Bank 8 4.88% $8,324
Mr. Cooper ( Nationstar Mortgage ) 8 4.75% $11,381
AMERISAVE MORTGAGE CORPORATION 8 4.78% $12,976
Flagstar Bank, FSB 8 4.39% $10,852
UNION HOME MORTGAGE CORP. 8 5.09% $9,631
PENNYMAC LOAN SERVICES, LLC 8 3.67% $12,240
Nations Lending Corporation 7 4.89% $10,969
RADIUS FINANCIAL GROUP INC. 7 4.75% $10,493
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 4.45% $9,355
NEWREZ LLC 6 5.19% $10,127
BAY EQUITY LLC 6 4.46% $11,283
HOMESTAR FINANCIAL CORPORATION 5 4.60% $7,588
Equity Prime Mortgage LLC 4 5.34% $12,742
1ST SIGNATURE LENDING, LLC 4 5.53% $12,527
AMERICAN PACIFIC MORTGAGE CORPORATION 4 5.78% $14,590
RELIANCE FIRST CAPITAL, LLC 3 5.29% $8,730
American Security Mortgage Corp. 3 3.17% $10,967
NEW FED MORTGAGE, CORP. 3 6.25% $10,959
First-Citizens Bank & Trust Company 3 4.71% $11,089
CALIBER HOME LOANS, INC. 3 4.07% $13,630
VILLAGE CAPITAL MORTGAGE 3 4.25% $6,479
Barrington Bank & Trust Company, N.A. 3 4.42% $6,654
AMERICAN FINANCING CORPORATION 3 4.29% $11,267
AMERIFIRST FINANCIAL CORPORATION 3 5.46% $10,593
HOMESIDE FINANCIAL, LLC 3 5.63% $11,634
Mortgage Research Center, LLC 2 4.62% $7,085
ACOPIA, LLC 2 4.63% $10,707
Ameris Bank 2 4.13% $11,403
CHURCHILL MORTGAGE CORPORATION 2 4.88% $12,809
CMG MORTGAGE, INC. 2 5.13% $11,492
DIRECT MORTGAGE LOANS, LLC 2 4.94% $9,800
EMM LOANS LLC 2 4.38% $16,119
First Bank 2 3.88% $8,887
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.56% $13,833
Hometown Lenders, Inc. 2 4.75% $11,799
JPMorgan Chase Bank 2 5.44% $9,983
LIBERTY HOME MORTGAGE CORPORATION 2 6.19% $13,259
LOANPAL, LLC 2 4.81% $9,471
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.75% $8,800
NATIONS DIRECT MORTGAGE, LLC 2 4.56% $18,069
PLANET HOME LENDING, LLC 2 6.56% $15,012
SeaTrust Mortgage Company 2 5.56% $11,150
Strong Home Mortgage, LLC 2 4.50% $7,273
TOP FLITE FINANCIAL, INC. 2 4.31% $11,511
United Community Bank 2 5.19% $10,063
VERITAS FUNDING, LLC 2 4.44% $19,767
Wells Fargo Bank 2 3.75% $8,178
Wolfe Financial, Inc 2 3.31% $6,905
TOWNE MORTGAGE COMPANY 1 4.63% $6,238
MILEND, INC. 1 4.38% $14,030
MORIA DEVELOPMENT, INC. 1 3.25% $12,876
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.25% $6,293
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.25% $18,241
Encompass Lending Group, LP 1 4.75% $18,931
Century Mortgage Company DBA Century Lending Company 1 4.00% $12,660
Truist 1 5.00% $6,610
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.63% $13,486
CASTLE & COOKE MORTGAGE, LLC 1 5.75% $8,200
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $6,554
CAPITAL CENTER, L.L.C. 1 5.75% $5,047
BNC National Bank 1 3.38% $10,396
NP, Inc. 1 7.13% $8,229
ON Q FINANCIAL, INC. 1 7.25% $5,765
Blue Ridge Bank 1 3.88% $9,864
ALLIED MORTGAGE GROUP, INC. 1 2.75% $13,697
PLAZA HOME MORTGAGE, INC. 1 6.63% $9,405
PNC Bank 1 3.13% $5,800
POLARIS HOME FUNDING CORP. 1 5.75% $8,524
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $20,088
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 3.63% $7,717
Bank of England 1 7.13% $14,422
RAPID MORTGAGE COMPANY 1 6.00% $12,278
Bank of America 1 5.50% $6,862
Renasant Bank 1 2.88% $8,203
Residential Mortgage Solutions, Inc. 1 5.63% $11,626
RESOURCE FINANCIAL SERVICES, INC. 1 5.25% $13,192
AmeriHome Mortgage Company, LLC 1 5.63% $18,560
SOUTHERN TRUST MORTGAGE, LLC 1 4.25% $10,259
HANCOCK MORTGAGE PARTNERS, LLC 1 3.25% $6,264
HARBORONE MORTGAGE, LLC 1 4.88% $14,852
GUILD MORTGAGE COMPANY 1 3.63% $7,027
SOVEREIGN LENDING GROUP INCORPORATED 1 3.75% $10,173
GUARANTY HOME MORTGAGE CORPORATION 1 6.00% $9,644
First Option Mortgage, LLC 1 4.38% $12,357
First Guaranty Mortgage Corporation 1 3.63% $7,717
Hometown Equity Mortgage, LLC 1 5.00% $12,473
Amerifirst Financial, Inc. 1 4.13% $3,665
TD Bank 1 4.75% $6,566
KELLER MORTGAGE, LLC 1 3.13% $8,191
Lakeview Community Capital, LLC 1 3.63% $5,203
Fifth Third Bank 1 6.75% $8,415
Wyndham Capital Mortgage, Inc. 1 5.25% $8,960
EVERETT FINANCIAL, INC. 1 5.63% $5,937

The top Asheville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 72 FHA loans originated. Their average total fees are $11,636, which is $1,683 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Asheville FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,352), DHI MORTGAGE COMPANY, LTD. ($6,874), GUARANTEED RATE, INC. ($9,494), AMERICAN FINANCIAL RESOURCES, INC. ($9,738) and MOVEMENT MORTGAGE, LLC ($9,954).

The lowest rate Asheville FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC (3.80%), QUICKEN LOANS, LLC (4.20%), AMERICAN FINANCIAL RESOURCES, INC. (4.20%), HOME POINT FINANCIAL CORPORATION (4.25%) and DHI MORTGAGE COMPANY, LTD. (4.31%).

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
ASHEVILLE, NC BUNCOMBE 2023 $472,030 $604,400 $730,525 $907,900
ASHEVILLE, NC HAYWOOD 2023 $472,030 $604,400 $730,525 $907,900
ASHEVILLE, NC HENDERSON 2023 $472,030 $604,400 $730,525 $907,900
ASHEVILLE, NC MADISON 2023 $472,030 $604,400 $730,525 $907,900

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 $381,600 (1.2%) $538,570 (-4.7%) 1.41 1,917
2018-02-01 $379,000 (-3.3%) $532,851 (-7.5%) 1.38 1,880
2018-03-01 $379,000 (-2.7%) $538,478 (-6.1%) 1.33 1,930
2018-04-01 $387,450 (-1.1%) $536,804 (-5.7%) 1.31 2,018
2018-05-01 $394,875 (-1.0%) $533,969 (-7.6%) 1.32 2,099
2018-06-01 $399,900 (0.1%) $563,261 (-0.8%) 1.33 2,113
2018-07-01 $399,450 (0.1%) $552,165 (-2.0%) 1.33 2,171
2018-08-01 $399,000 (0.0%) $541,769 (-5.0%) 1.34 2,269
2018-09-01 $399,000 (0.0%) $543,053 (-4.9%) 1.34 2,362
2018-10-01 $392,500 (-1.4%) $536,655 (-5.2%) 1.33 2,452
2018-11-01 $389,000 (-2.5%) $527,840 (-6.8%) 1.32 2,382
2018-12-01 $386,000 (-3.3%) $530,241 (-6.6%) 1.33 2,187
2019-01-01 $389,900 (2.2%) $537,723 (-0.2%) 1.35 1,946
2019-02-01 $389,750 (2.8%) $541,289 (1.6%) 1.32 1,872
2019-03-01 $397,143 (4.8%) $550,958 (2.3%) 1.30 1,952
2019-04-01 $406,450 (4.9%) $565,975 (5.4%) 1.29 2,060
2019-05-01 $425,000 (7.6%) $577,886 (8.2%) 1.33 2,184
2019-06-01 $424,000 (6.0%) $578,956 (2.8%) 1.33 2,310
2019-07-01 $419,950 (5.1%) $571,725 (3.5%) 1.31 2,303
2019-08-01 $420,153 (5.3%) $571,565 (5.5%) 1.33 2,321
2019-09-01 $417,254 (4.6%) $567,854 (4.6%) 1.34 2,325
2019-10-01 $417,560 (6.4%) $566,938 (5.6%) 1.35 2,328
2019-11-01 $419,000 (7.7%) $571,317 (8.2%) 1.37 2,175
2019-12-01 $417,238 (8.1%) $572,132 (7.9%) 1.39 1,890
2020-01-01 $419,475 (7.6%) $586,592 (9.1%) 1.40 1,643
2020-02-01 $425,000 (9.0%) $591,326 (9.2%) 1.39 1,502
2020-03-01 $429,500 (8.2%) $598,204 (8.6%) 1.35 1,551
2020-04-01 $418,948 (3.1%) $580,499 (2.6%) 1.31 1,690
2020-05-01 $430,000 (1.2%) $603,876 (4.5%) 1.31 1,684
2020-06-01 $440,375 (3.9%) $617,823 (6.7%) 1.30 1,634
2020-07-01 $442,450 (5.4%) $627,989 (9.8%) 1.28 1,546
2020-08-01 $445,000 (5.9%) $637,535 (11.5%) 1.28 1,412
2020-09-01 $452,500 (8.5%) $665,197 (17.1%) 1.30 1,357
2020-10-01 $465,000 (11.4%) $676,761 (19.4%) 1.33 1,323
2020-11-01 $465,000 (11.0%) $686,866 (20.2%) 1.36 1,215
2020-12-01 $475,000 (13.8%) $712,129 (24.5%) 1.41 1,080
2021-01-01 $477,000 (13.7%) $718,749 (22.5%) 1.42 899
2021-02-01 $467,000 (9.9%) $714,880 (20.9%) 1.36 762
2021-03-01 $466,500 (8.6%) $724,511 (21.1%) 1.32 687
2021-04-01 $472,000 (12.7%) $741,808 (27.8%) 1.28 696
2021-05-01 $489,900 (13.9%) $769,982 (27.5%) 1.30 721
2021-06-01 $479,250 (8.8%) $743,721 (20.4%) 1.26 901
2021-07-01 $468,500 (5.9%) $718,865 (14.5%) 1.24 982
2021-08-01 $452,380 (1.7%) $713,277 (11.9%) 1.21 1,020
2021-09-01 $471,975 (4.3%) $742,522 (11.6%) 1.26 1,023
2021-10-01 $481,970 (3.7%) $749,374 (10.7%) 1.29 977
2021-11-01 $485,790 (4.5%) $770,627 (12.2%) 1.30 848
2021-12-01 $492,500 (3.7%) $813,092 (14.2%) 1.33 718
2022-01-01 $525,000 (10.1%) $885,202 (23.2%) 1.42 557
2022-02-01 $570,175 (22.1%) $971,920 (36.0%) 1.48 454
2022-03-01 $587,205 (25.9%) $972,728 (34.3%) 1.47 431
2022-04-01 $579,000 (22.7%) $937,993 (26.5%) 1.38 483
2022-05-01 $595,000 (21.5%) $902,865 (17.3%) 1.36 673
2022-06-01 $584,500 (22.0%) $863,864 (16.2%) 1.30 784
2022-07-01 $550,000 (17.4%) $818,499 (13.9%) 1.24 921
2022-08-01 $542,530 (19.9%) $790,653 (10.9%) 1.25 938
2022-09-01 $545,000 (15.5%) $815,114 (9.8%) 1.27 944
2022-10-01 $550,000 (14.1%) $834,256 (11.3%) 1.29 1,037
2022-11-01 $571,200 (17.6%) $840,696 (9.1%) 1.37 1,008
2022-12-01 $575,000 (16.8%) $845,914 (4.0%) 1.42 885
2023-01-01 $577,850 (10.1%) $841,107 (-5.0%) 1.43 772
2023-02-01 $599,000 (5.1%) $870,617 (-10.4%) 1.45 661
2023-03-01 $612,500 (4.3%) $891,880 (-8.3%) 1.44 679
2023-04-01 $620,000 (7.1%) $907,237 (-3.3%) 1.44 754
2023-05-01 $625,000 (5.0%) $929,794 (3.0%) 1.42 863
2023-06-01 $644,000 (10.2%) $939,322 (8.7%) 1.45 905
2023-07-01 $625,000 (13.6%) $927,648 (13.3%) 1.42 949
2023-08-01 $628,246 (15.8%) $910,912 (15.2%) 1.44 972
2023-09-01 $620,000 (13.8%) $890,091 (9.2%) 1.44 1,034
2023-10-01 $599,125 (8.9%) $883,702 (5.9%) 1.41 1,162
2023-11-01 $587,655 (2.9%) $866,971 (3.1%) 1.40 1,181
2023-12-01 $559,000 (-2.8%) $848,294 (0.3%) 1.36 1,078
Asheville's median listing price for 2023-12-01 was $559,000, a difference of $-16,000 (-2.8%) versus the prior year and $-28,655 versus the prior month.

Asheville's median listing price comes in at 136% of the national average.

Asheville's average listing price for 2023-12-01 was $848,294, a difference of $2,380 (0.3%) versus the prior year and $-18,677 versus the prior month.

For the 2023-12-01 period, Asheville had 1,078 MLS listings, a difference of -103 listings (-9%) versus the prior month and 193 listings (22%) 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
2018-01-01 102 days 2,246 sqft
2018-02-01 46 days 2,203 sqft
2018-03-01 68 days 2,168 sqft
2018-04-01 78 days 2,193 sqft
2018-05-01 71 days 2,211 sqft
2018-06-01 69 days 2,200 sqft
2018-07-01 70 days 2,221 sqft
2018-08-01 74 days 2,206 sqft
2018-09-01 78 days 2,188 sqft
2018-10-01 81 days 2,153 sqft
2018-11-01 86 days 2,128 sqft
2018-12-01 96 days 2,108 sqft
2019-01-01 109 days 2,095 sqft
2019-02-01 110 days 2,080 sqft
2019-03-01 91 days 2,138 sqft
2019-04-01 62 days 2,186 sqft
2019-05-01 59 days 2,228 sqft
2019-06-01 60 days 2,230 sqft
2019-07-01 66 days 2,224 sqft
2019-08-01 70 days 2,194 sqft
2019-09-01 75 days 2,174 sqft
2019-10-01 77 days 2,170 sqft
2019-11-01 79 days 2,177 sqft
2019-12-01 90 days 2,159 sqft
2020-01-01 106 days 2,154 sqft
2020-02-01 107 days 2,152 sqft
2020-03-01 81 days 2,141 sqft
2020-04-01 72 days 2,094 sqft
2020-05-01 72 days 2,166 sqft
2020-06-01 71 days 2,179 sqft
2020-07-01 63 days 2,197 sqft
2020-08-01 63 days 2,184 sqft
2020-09-01 58 days 2,211 sqft
2020-10-01 57 days 2,176 sqft
2020-11-01 60 days 2,127 sqft
2020-12-01 67 days 2,111 sqft
2021-01-01 78 days 2,044 sqft
2021-02-01 82 days 1,983 sqft
2021-03-01 56 days 1,941 sqft
2021-04-01 46 days 1,947 sqft
2021-05-01 37 days 2,001 sqft
2021-06-01 35 days 1,933 sqft
2021-07-01 42 days 1,894 sqft
2021-08-01 47 days 1,866 sqft
2021-09-01 51 days 1,916 sqft
2021-10-01 52 days 1,951 sqft
2021-11-01 59 days 1,937 sqft
2021-12-01 71 days 1,950 sqft
2022-01-01 79 days 1,943 sqft
2022-02-01 73 days 1,954 sqft
2022-03-01 46 days 2,039 sqft
2022-04-01 30 days 2,045 sqft
2022-05-01 30 days 2,110 sqft
2022-06-01 33 days 2,088 sqft
2022-07-01 37 days 2,047 sqft
2022-08-01 43 days 2,043 sqft
2022-09-01 48 days 2,008 sqft
2022-10-01 48 days 2,081 sqft
2022-11-01 54 days 2,103 sqft
2022-12-01 68 days 2,062 sqft
2023-01-01 82 days 1,978 sqft
2023-02-01 86 days 2,018 sqft
2023-03-01 59 days 2,058 sqft
2023-04-01 46 days 2,080 sqft
2023-05-01 43 days 2,097 sqft
2023-06-01 46 days 2,161 sqft
2023-07-01 51 days 2,125 sqft
2023-08-01 52 days 2,128 sqft
2023-09-01 50 days 2,105 sqft
2023-10-01 51 days 2,083 sqft
2023-11-01 57 days 2,005 sqft
2023-12-01 70 days 1,959 sqft
Asheville's median listing age (time on market) for 2023-12-01 was 70 days. This is 3% longer than the same period one year ago.

Asheville's median square footage for active listings during the 2023-12-01 period was 1,959 sqft. One year prior, the average listing was 2,062 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).