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 105 lenders originated 647 FHA loans during 2023. The total origination value was $172,235,000, with an average FHA loan value of $266,206.

Asheville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Asheville averaged 6.79% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

Asheville's average FHA mortgage closing costs are $8,259.

The average rate for the prior week (2024-05-31) was 6.88% and one month ago for the week of 2024-05-03, the average rate was 6.78%.

The average rate one year ago was 6.74%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.72%.

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/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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 85 6.22% $13,284
MOVEMENT MORTGAGE, LLC 40 6.69% $11,135
UNITED WHOLESALE MORTGAGE, LLC 39 6.24% $13,485
DHI MORTGAGE COMPANY, LTD. 31 5.61% $6,751
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 28 6.70% $13,183
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 21 6.52% $13,872
LOANDEPOT.COM, LLC 19 6.53% $10,182
CARDINAL FINANCIAL 17 6.81% $13,665
AMERICAN FINANCIAL RESOURCES, INC. 15 6.20% $14,071
GoPrime Mortgage, Inc. 13 6.78% $12,545
PENNYMAC LOAN SERVICES, LLC 12 6.11% $12,669
BROKER SOLUTIONS, INC. 12 6.70% $13,866
CROSSCOUNTRY MORTGAGE, LLC 10 6.74% $11,882
FREEDOM MORTGAGE CORPORATION 9 7.00% $15,507
Alcova Mortgage LLC 8 7.08% $10,470
RADIUS FINANCIAL GROUP INC. 7 6.61% $13,505
AMERISAVE MORTGAGE CORPORATION 7 5.71% $15,953
Nations Lending Corporation 7 6.68% $12,620
HOWARD HANNA FINANCIAL SERVICES, INC. 6 6.52% $10,769
GUARANTEED RATE, INC. 6 6.30% $12,459
VANDERBILT MORTGAGE AND FINANCE, INC. 5 7.18% $11,485
AMERICAN FINANCIAL NETWORK, INC. 5 6.43% $13,160
EVERETT FINANCIAL, INC. 5 6.98% $11,744
Equity Prime Mortgage LLC 5 6.10% $10,275
NEWREZ LLC 4 6.44% $11,654
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.47% $12,346
UNION HOME MORTGAGE CORP. 4 6.38% $12,476
American Security Mortgage Corp. 3 6.71% $11,534
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.54% $14,166
SUN WEST MORTGAGE COMPANY, INC. 3 5.92% $15,317
EMM LOANS LLC 3 6.58% $17,476
BAY EQUITY LLC 3 6.62% $16,378
RELIANCE FIRST CAPITAL, LLC 3 6.63% $16,514
CMG MORTGAGE, INC. 3 5.88% $12,730
LAKEVIEW LOAN SERVICING, LLC 3 6.42% $12,930
TOP FLITE FINANCIAL, INC. 2 6.81% $15,293
PLAZA HOME MORTGAGE, INC. 2 5.81% $22,840
MICHIGAN MUTUAL, INC. 2 4.75% $19,794
VILLAGE CAPITAL MORTGAGE 2 6.50% $6,766
ALLIED MORTGAGE GROUP, INC. 2 6.63% $8,495
AMERICAN FINANCING CORPORATION 2 6.44% $14,182
SeaTrust Mortgage Company 2 6.75% $10,749
INTERCOASTAL MORTGAGE COMPANY 2 6.69% $10,038
Mortgage Research Center, LLC 2 6.94% $7,728
Northpointe Bank 2 6.38% $15,878
Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $20,502
CALIBER HOME LOANS, INC. 2 5.50% $10,525
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.63% $14,544
TD Bank 2 5.88% $8,796
The Federal Savings Bank 2 6.63% $24,379
NBKC BANK 1 5.88% $9,765
NETWORK CAPITAL FUNDING CORPORATION 1 6.50% $9,842
NEW DAY FINANCIAL, LLC 1 7.99% $10,037
NEW FED MORTGAGE, CORP. 1 6.25% $11,339
1ST SIGNATURE LENDING, LLC 1 6.75% $16,108
NEXERA HOLDING LLC 1 5.50% $8,452
NP, Inc. 1 7.25% $14,951
Paramount Bank 1 7.63% $10,079
Paramount Residential Mortgage Group, Inc. 1 6.50% $13,964
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $15,131
PENTAGON FEDERAL CREDIT UNION 1 6.00% $13,088
PHH Mortgage Corporation 1 5.63% $15,547
PLANET HOME LENDING, LLC 1 5.25% $7,873
PNC Bank 1 7.00% $7,508
American Mortgage & Equity Consultants, Inc. 1 6.99% $13,300
RESOURCE FINANCIAL SERVICES, INC. 1 6.13% $13,663
SECURITYNATIONAL MORTGAGE COMPANY 1 6.75% $8,177
Shamrock Home Loans, Inc. 1 6.63% $14,357
SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $11,807
STOCKTON MORTGAGE CORPORATION 1 6.75% $13,106
Strong Home Mortgage, LLC 1 6.63% $12,978
T2 FINANCIAL LLC 1 7.63% $8,969
The Central Trust Bank 1 7.00% $13,567
THE MORTGAGE FIRM, INC. 1 6.75% $15,981
TOWNE MORTGAGE COMPANY 1 6.25% $21,651
Truist 1 6.25% $8,427
ZILLOW HOME LOANS, LLC 1 7.63% $8,288
United Community Bank 1 7.25% $7,997
Uwharrie Bank 1 6.25% $11,320
ACADEMY MORTGAGE CORPORATION 1 7.25% $11,278
VERITAS FUNDING, LLC 1 7.13% $15,900
Citizens Bank 1 5.75% $8,025
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.88% $17,075
EMBRACE HOME LOANS, INC. 1 6.99% $17,122
CHURCHILL MORTGAGE CORPORATION 1 6.25% $10,831
EQUITY RESOURCES, INC. 1 6.99% $9,017
Carrington Mortgage Services, LLC 1 6.13% $13,529
Fifth Third Bank 1 6.00% $3,066
First Bank 1 5.13% $13,514
FIRST COLONY MORTGAGE CORPORATION 1 7.25% $9,858
First Federal Bank 1 6.88% $7,225
First Option Mortgage, LLC 1 7.50% $15,157
Bell Bank 1 6.75% $14,068
GUILD MORTGAGE COMPANY 1 6.75% $11,115
Bank of England 1 7.25% $17,132
HOMESIDE FINANCIAL, LLC 1 7.25% $15,258
HOMESTAR FINANCIAL CORPORATION 1 7.25% $7,585
Bank of America 1 6.38% $24,648
Lakeview Community Capital, LLC 1 6.75% $9,097
AmeriHome Mortgage Company, LLC 1 6.63% $8,630
LOANPAL, LLC 1 5.25% $12,523
MILEND, INC. 1 6.63% $17,005
MORTGAGE INVESTORS GROUP, INC. 1 6.63% $10,832
M&T Bank 1 6.75% $8,976
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $13,045

The top Asheville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 85 FHA loans originated. Their average total fees are $13,284, which is $2,149 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Asheville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($6,751), LOANDEPOT.COM, LLC ($10,182), MOVEMENT MORTGAGE, LLC ($11,135), CROSSCOUNTRY MORTGAGE, LLC ($11,882) and GoPrime Mortgage, Inc. ($12,545).

The lowest rate Asheville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.61%), PENNYMAC LOAN SERVICES, LLC (6.11%), AMERICAN FINANCIAL RESOURCES, INC. (6.20%), QUICKEN LOANS, LLC (6.22%) and UNITED WHOLESALE MORTGAGE, LLC (6.24%).

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 $349,998 (0.2%) $496,161 (-3.6%) 1.30 2,448
2018-02-01 $349,975 (-2.8%) $492,639 (-6.2%) 1.27 2,391
2018-03-01 $354,900 (-2.5%) $498,344 (-5.2%) 1.25 2,443
2018-04-01 $358,900 (-3.0%) $495,611 (-5.8%) 1.22 2,575
2018-05-01 $363,950 (-3.2%) $494,599 (-7.2%) 1.22 2,671
2018-06-01 $385,000 (1.3%) $530,612 (0.4%) 1.28 2,595
2018-07-01 $387,000 (2.9%) $524,412 (-0.4%) 1.29 2,679
2018-08-01 $385,000 (0.7%) $519,359 (-3.1%) 1.29 2,776
2018-09-01 $380,000 (0.3%) $518,962 (-3.3%) 1.28 2,886
2018-10-01 $377,200 (0.4%) $514,577 (-3.8%) 1.28 2,982
2018-11-01 $375,000 (-1.1%) $511,281 (-4.0%) 1.27 2,872
2018-12-01 $375,000 (-1.1%) $512,127 (-4.1%) 1.29 2,654
2019-01-01 $379,000 (8.3%) $519,692 (4.7%) 1.31 2,358
2019-02-01 $375,000 (7.2%) $522,430 (6.1%) 1.27 2,259
2019-03-01 $383,357 (8.0%) $533,796 (7.1%) 1.25 2,341
2019-04-01 $396,500 (10.5%) $549,239 (10.8%) 1.26 2,462
2019-05-01 $399,945 (9.9%) $559,405 (13.1%) 1.25 2,595
2019-06-01 $399,500 (3.8%) $559,590 (5.5%) 1.25 2,771
2019-07-01 $399,000 (3.1%) $552,197 (5.3%) 1.25 2,767
2019-08-01 $399,364 (3.7%) $551,906 (6.3%) 1.26 2,795
2019-09-01 $399,159 (5.0%) $548,221 (5.6%) 1.28 2,812
2019-10-01 $399,000 (5.8%) $546,946 (6.3%) 1.29 2,825
2019-11-01 $399,000 (6.4%) $549,424 (7.5%) 1.31 2,640
2019-12-01 $398,975 (6.4%) $548,608 (7.1%) 1.33 2,317
2020-01-01 $399,450 (5.4%) $560,369 (7.8%) 1.33 2,017
2020-02-01 $400,000 (6.7%) $562,546 (7.7%) 1.31 1,844
2020-03-01 $404,500 (5.5%) $567,078 (6.2%) 1.27 1,871
2020-04-01 $399,450 (0.7%) $555,148 (1.1%) 1.25 2,023
2020-05-01 $419,950 (5.0%) $578,249 (3.4%) 1.28 2,016
2020-06-01 $427,000 (6.9%) $596,762 (6.6%) 1.26 1,959
2020-07-01 $428,000 (7.3%) $606,190 (9.8%) 1.24 1,859
2020-08-01 $429,000 (7.4%) $614,941 (11.4%) 1.23 1,687
2020-09-01 $442,500 (10.9%) $649,081 (18.4%) 1.27 1,588
2020-10-01 $449,500 (12.7%) $658,258 (20.4%) 1.29 1,558
2020-11-01 $454,345 (13.9%) $670,608 (22.1%) 1.33 1,427
2020-12-01 $469,000 (17.6%) $689,163 (25.6%) 1.39 1,280
2021-01-01 $464,000 (16.2%) $694,304 (23.9%) 1.39 1,064
2021-02-01 $449,725 (12.4%) $690,087 (22.7%) 1.31 914
2021-03-01 $457,500 (13.1%) $698,079 (23.1%) 1.30 821
2021-04-01 $465,000 (16.4%) $718,303 (29.4%) 1.26 847
2021-05-01 $479,000 (14.1%) $736,951 (27.5%) 1.27 867
2021-06-01 $472,475 (10.7%) $713,142 (19.5%) 1.24 1,098
2021-07-01 $454,880 (6.3%) $689,306 (13.7%) 1.20 1,210
2021-08-01 $449,500 (4.8%) $690,396 (12.3%) 1.20 1,232
2021-09-01 $457,105 (3.3%) $715,568 (10.2%) 1.22 1,207
2021-10-01 $471,320 (4.9%) $728,622 (10.7%) 1.26 1,163
2021-11-01 $472,475 (4.0%) $743,295 (10.8%) 1.26 1,014
2021-12-01 $479,950 (2.3%) $770,423 (11.8%) 1.30 870
2022-01-01 $499,900 (7.7%) $828,819 (19.4%) 1.35 678
2022-02-01 $537,933 (19.6%) $910,511 (31.9%) 1.40 540
2022-03-01 $555,925 (21.5%) $919,082 (31.7%) 1.39 520
2022-04-01 $550,000 (18.3%) $884,179 (23.1%) 1.31 604
2022-05-01 $567,450 (18.5%) $862,792 (17.1%) 1.30 821
2022-06-01 $562,233 (19.0%) $826,393 (15.9%) 1.25 965
2022-07-01 $530,000 (16.5%) $789,064 (14.5%) 1.19 1,139
2022-08-01 $521,000 (15.9%) $760,825 (10.2%) 1.20 1,154
2022-09-01 $523,725 (14.6%) $773,395 (8.1%) 1.22 1,188
2022-10-01 $529,000 (12.2%) $792,464 (8.8%) 1.24 1,292
2022-11-01 $534,500 (13.1%) $797,589 (7.3%) 1.28 1,231
2022-12-01 $539,450 (12.4%) $797,555 (3.5%) 1.33 1,098
2023-01-01 $531,200 (6.3%) $798,957 (-3.6%) 1.32 959
2023-02-01 $575,000 (6.9%) $832,146 (-8.6%) 1.39 820
2023-03-01 $575,000 (3.4%) $840,919 (-8.5%) 1.36 837
2023-04-01 $589,500 (7.2%) $854,280 (-3.4%) 1.37 924
2023-05-01 $599,000 (5.6%) $875,566 (1.5%) 1.36 1,055
2023-06-01 $607,185 (8.0%) $887,871 (7.4%) 1.36 1,106
2023-07-01 $599,000 (13.0%) $880,743 (11.6%) 1.36 1,144
2023-08-01 $600,000 (15.2%) $874,653 (15.0%) 1.38 1,172
2023-09-01 $600,000 (14.6%) $857,769 (10.9%) 1.40 1,245
2023-10-01 $592,225 (12.0%) $853,475 (7.7%) 1.39 1,375
2023-11-01 $575,000 (7.6%) $840,927 (5.4%) 1.37 1,389
2023-12-01 $549,900 (1.9%) $823,351 (3.2%) 1.34 1,271
2024-01-01 $552,475 (4.0%) $851,280 (6.6%) 1.35 1,087
2024-02-01 $547,000 (-4.9%) $846,333 (1.7%) 1.32 1,022
2024-03-01 $550,000 (-4.4%) $849,221 (1.0%) 1.29 1,138
2024-04-01 $570,125 (-3.3%) $837,425 (-2.0%) 1.33 1,249
2024-05-01 $627,000 (4.7%) $913,529 (4.3%) 1.42 1,319
Asheville's median listing price for 2024-05-01 was $627,000, a difference of $28,000 (4.7%) versus the prior year and $56,875 versus the prior month.

Asheville's median listing price comes in at 142% of the national average.

Asheville's average listing price for 2024-05-01 was $913,529, a difference of $37,963 (4.3%) versus the prior year and $76,104 versus the prior month.

For the 2024-05-01 period, Asheville had 1,319 MLS listings, a difference of 70 listings (6%) versus the prior month and 264 listings (25%) 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
2018-01-01 106 days 2,214 sqft
2018-02-01 46 days 2,193 sqft
2018-03-01 68 days 2,153 sqft
2018-04-01 80 days 2,156 sqft
2018-05-01 73 days 2,163 sqft
2018-06-01 72 days 2,160 sqft
2018-07-01 72 days 2,187 sqft
2018-08-01 79 days 2,185 sqft
2018-09-01 81 days 2,172 sqft
2018-10-01 85 days 2,130 sqft
2018-11-01 86 days 2,114 sqft
2018-12-01 99 days 2,089 sqft
2019-01-01 111 days 2,080 sqft
2019-02-01 114 days 2,063 sqft
2019-03-01 93 days 2,113 sqft
2019-04-01 63 days 2,166 sqft
2019-05-01 60 days 2,214 sqft
2019-06-01 60 days 2,216 sqft
2019-07-01 66 days 2,211 sqft
2019-08-01 70 days 2,185 sqft
2019-09-01 75 days 2,163 sqft
2019-10-01 78 days 2,153 sqft
2019-11-01 81 days 2,144 sqft
2019-12-01 92 days 2,130 sqft
2020-01-01 107 days 2,128 sqft
2020-02-01 109 days 2,110 sqft
2020-03-01 91 days 2,112 sqft
2020-04-01 75 days 2,079 sqft
2020-05-01 75 days 2,149 sqft
2020-06-01 72 days 2,172 sqft
2020-07-01 62 days 2,204 sqft
2020-08-01 62 days 2,181 sqft
2020-09-01 59 days 2,211 sqft
2020-10-01 57 days 2,176 sqft
2020-11-01 60 days 2,141 sqft
2020-12-01 68 days 2,110 sqft
2021-01-01 79 days 2,055 sqft
2021-02-01 82 days 1,990 sqft
2021-03-01 57 days 1,941 sqft
2021-04-01 45 days 1,930 sqft
2021-05-01 38 days 1,992 sqft
2021-06-01 35 days 1,941 sqft
2021-07-01 41 days 1,906 sqft
2021-08-01 48 days 1,870 sqft
2021-09-01 52 days 1,898 sqft
2021-10-01 53 days 1,938 sqft
2021-11-01 57 days 1,917 sqft
2021-12-01 67 days 1,930 sqft
2022-01-01 79 days 1,939 sqft
2022-02-01 74 days 1,936 sqft
2022-03-01 48 days 2,023 sqft
2022-04-01 30 days 2,005 sqft
2022-05-01 30 days 2,074 sqft
2022-06-01 33 days 2,054 sqft
2022-07-01 36 days 2,026 sqft
2022-08-01 45 days 2,025 sqft
2022-09-01 49 days 1,988 sqft
2022-10-01 50 days 2,040 sqft
2022-11-01 56 days 2,062 sqft
2022-12-01 71 days 2,046 sqft
2023-01-01 83 days 1,971 sqft
2023-02-01 85 days 2,017 sqft
2023-03-01 61 days 2,030 sqft
2023-04-01 46 days 2,051 sqft
2023-05-01 43 days 2,056 sqft
2023-06-01 46 days 2,102 sqft
2023-07-01 52 days 2,089 sqft
2023-08-01 54 days 2,110 sqft
2023-09-01 50 days 2,105 sqft
2023-10-01 51 days 2,080 sqft
2023-11-01 57 days 2,008 sqft
2023-12-01 69 days 1,987 sqft
2024-01-01 82 days 1,931 sqft
2024-02-01 84 days 1,888 sqft
2024-03-01 57 days 1,902 sqft
2024-04-01 43 days 1,943 sqft
2024-05-01 40 days 2,041 sqft
Asheville's median listing age (time on market) for 2024-05-01 was 40 days. This is -8% shorter than the same period one year ago.

Asheville's median square footage for active listings during the 2024-05-01 period was 2,041 sqft. One year prior, the average listing was 2,056 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).