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 92 lenders originated 726 FHA loans during 2024. The total origination value was $215,100,000, with an average FHA loan value of $296,281.

Asheville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Asheville averaged -0.04% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Asheville's average FHA mortgage closing costs are $8,778.

The average rate for the prior week (2025-06-13) was 6.74% and one month ago for the week of 2025-05-16, the average rate was 6.7%.

The average rate one year ago was 6.65%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.25%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
QUICKEN LOANS, LLC 80 6.24% $13,467
DHI MORTGAGE COMPANY, LTD. 66 5.19% $7,047
UNITED WHOLESALE MORTGAGE, LLC 52 6.02% $15,432
MOVEMENT MORTGAGE, LLC 44 6.73% $12,265
GoPrime Mortgage, Inc. 27 6.82% $12,464
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 18 6.47% $12,500
FREEDOM MORTGAGE CORPORATION 17 6.33% $14,785
LOANDEPOT.COM, LLC 16 6.32% $15,403
AMERICAN FINANCIAL RESOURCES, INC. 16 5.95% $17,160
BROKER SOLUTIONS, INC. 12 6.66% $13,225
UNION HOME MORTGAGE CORP. 12 6.91% $11,533
HOWARD HANNA FINANCIAL SERVICES, INC. 11 6.60% $11,960
CARDINAL FINANCIAL 10 6.42% $14,367
PENNYMAC LOAN SERVICES, LLC 9 5.85% $9,707
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 9 6.29% $13,714
NEWREZ LLC 9 6.49% $11,861
GUARANTEED RATE, INC. 8 6.55% $11,374
T2 FINANCIAL LLC 8 6.59% $15,666
CROSSCOUNTRY MORTGAGE, LLC 8 6.73% $13,070
RADIUS FINANCIAL GROUP INC. 7 6.77% $13,155
Equity Prime Mortgage LLC 7 6.98% $13,910
RELIANCE FIRST CAPITAL, LLC 6 6.42% $17,285
United Community Bank 6 6.92% $10,971
LAKEVIEW LOAN SERVICING, LLC 6 6.52% $7,345
Alcova Mortgage LLC 6 6.54% $12,045
American Security Mortgage Corp. 6 6.60% $11,152
VILLAGE CAPITAL MORTGAGE 5 6.75% $7,714
SUN WEST MORTGAGE COMPANY, INC. 5 5.93% $18,917
Nations Lending Corporation 5 6.40% $19,789
MUTUAL OF OMAHA MORTGAGE, INC. 5 6.35% $17,524
Carrington Mortgage Services, LLC 5 6.35% $12,864
AMERISAVE MORTGAGE CORPORATION 4 6.09% $14,300
HOMESIDE FINANCIAL, LLC 4 6.65% $18,240
PLANET HOME LENDING, LLC 4 6.12% $7,619
SeaTrust Mortgage Company 4 6.78% $9,943
Paramount Bank 3 6.67% $7,981
CMG MORTGAGE, INC. 3 5.83% $14,852
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.58% $12,823
BAY EQUITY LLC 3 6.96% $12,326
ZILLOW HOME LOANS, LLC 3 6.33% $13,092
Mr. Cooper ( Nationstar Mortgage ) 3 6.29% $12,935
Mortgage Research Center, LLC 3 6.38% $16,836
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.43% $19,475
ALLIED MORTGAGE GROUP, INC. 2 6.13% $11,589
Champion Credit Union 2 6.19% $10,414
Prosperity Home Mortgage, LLC 2 6.25% $14,080
EVERETT FINANCIAL, INC. 2 6.56% $11,685
1ST SIGNATURE LENDING, LLC 2 6.50% $19,907
The Federal Savings Bank 2 6.50% $11,861
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.25% $9,765
First Bank 2 5.94% $12,579
First-Citizens Bank & Trust Company 2 6.00% $11,312
VERITAS FUNDING, LLC 2 6.38% $21,243
ABSOLUTE HOME MORTGAGE CORPORATION 2 6.63% $16,896
Lakeview Community Capital, LLC 2 6.38% $8,228
LOANPAL, LLC 2 5.75% $17,060
Magnolia Bank 2 6.19% $10,042
NETWORK CAPITAL FUNDING CORPORATION 2 6.88% $10,422
MILEND, INC. 2 6.13% $19,887
SWBC MORTGAGE CORPORATION 1 6.63% $12,083
ACOPIA, LLC 1 6.50% $9,705
ALLIANT CREDIT UNION 1 6.00% $7,712
AMERICAN FINANCIAL NETWORK, INC. 1 7.00% $13,597
American Mortgage & Equity Consultants, Inc. 1 6.13% $17,864
AmeriHome Mortgage Company, LLC 1 6.13% $5,775
Barrington Bank & Trust Company, N.A. 1 7.25% $10,638
Bell Bank 1 6.13% $11,191
BETTER MORTGAGE CORPORATION 1 6.00% $10,371
CALCON MUTUAL MORTGAGE LLC 1 7.13% $26,203
CASTLE & COOKE MORTGAGE, LLC 1 5.75% $11,726
Century Mortgage Company DBA Century Lending Company 1 6.99% $13,497
FIRST HOME MORTGAGE CORPORATION 1 5.88% $19,373
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $5,221
HOMESTEAD FUNDING CORP. 1 6.50% $6,355
INTERCOASTAL MORTGAGE COMPANY 1 6.75% $9,527
ISERVE RESIDENTIAL LENDING, LLC 1 6.25% $11,465
LADERA LENDING, INC. 1 7.75% $16,461
Loan Simple, Inc. 1 7.13% $19,024
Mid-Continent Funding, Inc. 1 6.75% $6,601
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.25% $10,254
NFM, INC. 1 6.75% $11,942
NP, Inc. 1 7.13% $11,573
OCEANSIDE MORTGAGE COMPANY 1 6.13% $5,702
OCMBC, INC. 1 6.75% $10,966
Plains Commerce Bank 1 6.25% $11,028
PLAZA HOME MORTGAGE, INC. 1 7.75% $8,683
POLARIS HOME FUNDING CORP. 1 6.75% $15,132
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $15,653
Strong Home Mortgage, LLC 1 5.75% $12,486
TOP FLITE FINANCIAL, INC. 1 6.38% $17,053
Truist 1 6.13% $16,376
VANDERBILT MORTGAGE AND FINANCE, INC. 1 7.75% $11,266

The top Asheville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 80 FHA loans originated. Their average total fees are $13,467, which is $6,421 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Asheville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,047), UNION HOME MORTGAGE CORP. ($11,533), HOWARD HANNA FINANCIAL SERVICES, INC. ($11,960), MOVEMENT MORTGAGE, LLC ($12,265) and GoPrime Mortgage, Inc. ($12,464).

The lowest rate Asheville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.19%), AMERICAN FINANCIAL RESOURCES, INC. (5.95%), UNITED WHOLESALE MORTGAGE, LLC (6.02%), QUICKEN LOANS, LLC (6.24%) and LOANDEPOT.COM, LLC (6.32%).

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

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).