Asheville FHA Loan Rates, Closing Costs & Stats

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 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 6.48% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

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

    The average rate for the prior week (2023-09-15) was 6.63% and one month ago for the week of 2023-08-18, the average rate was 6.34%.

    The average rate one year ago was 5.42%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.38%.

    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 $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%) 1.28 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%) $519,356 (4.7%) 1.31 2,356
    2019-02-01 $375,000 (7.2%) $522,183 (6.1%) 1.27 2,256
    2019-03-01 $383,379 (8.0%) $533,567 (7.2%) 1.25 2,338
    2019-04-01 $396,525 (10.5%) $549,001 (10.9%) 1.26 2,460
    2019-05-01 $399,925 (9.8%) $558,910 (13.0%) 1.25 2,595
    2019-06-01 $399,500 (3.8%) $559,076 (5.4%) 1.25 2,771
    2019-07-01 $399,000 (3.1%) $551,524 (5.2%) 1.25 2,766
    2019-08-01 $399,000 (3.6%) $551,132 (6.2%) 1.26 2,793
    2019-09-01 $399,000 (4.7%) $547,524 (5.6%) 1.28 2,809
    2019-10-01 $399,000 (5.8%) $546,303 (6.2%) 1.29 2,821
    2019-11-01 $399,000 (6.4%) $549,650 (7.6%) 1.31 2,637
    2019-12-01 $398,950 (6.4%) $548,845 (7.3%) 1.33 2,314
    2020-01-01 $399,373 (5.4%) $560,534 (7.9%) 1.33 2,015
    2020-02-01 $400,000 (6.7%) $562,601 (7.7%) 1.31 1,843
    2020-03-01 $403,656 (5.3%) $567,123 (6.3%) 1.27 1,870
    2020-04-01 $399,450 (0.7%) $555,177 (1.1%) 1.25 2,022
    2020-05-01 $419,900 (5.0%) $578,288 (3.5%) 1.28 2,015
    2020-06-01 $427,000 (6.9%) $596,811 (6.8%) 1.26 1,958
    2020-07-01 $427,000 (7.0%) $606,243 (9.9%) 1.24 1,858
    2020-08-01 $429,000 (7.5%) $614,891 (11.6%) 1.23 1,687
    2020-09-01 $442,500 (10.9%) $648,644 (18.5%) 1.27 1,586
    2020-10-01 $449,250 (12.6%) $658,355 (20.5%) 1.29 1,556
    2020-11-01 $455,250 (14.1%) $670,739 (22.0%) 1.33 1,424
    2020-12-01 $469,000 (17.6%) $688,882 (25.5%) 1.40 1,276
    2021-01-01 $463,000 (15.9%) $693,720 (23.8%) 1.38 1,061
    2021-02-01 $449,250 (12.3%) $689,485 (22.6%) 1.31 911
    2021-03-01 $457,475 (13.3%) $697,415 (23.0%) 1.30 818
    2021-04-01 $464,950 (16.4%) $718,269 (29.4%) 1.26 843
    2021-05-01 $479,000 (14.1%) $737,198 (27.5%) 1.27 861
    2021-06-01 $472,450 (10.6%) $713,240 (19.5%) 1.24 1,092
    2021-07-01 $454,385 (6.4%) $689,197 (13.7%) 1.20 1,204
    2021-08-01 $448,675 (4.6%) $690,368 (12.3%) 1.20 1,225
    2021-09-01 $456,503 (3.2%) $715,651 (10.3%) 1.22 1,201
    2021-10-01 $469,950 (4.6%) $729,040 (10.7%) 1.25 1,157
    2021-11-01 $472,250 (3.7%) $743,062 (10.8%) 1.26 1,010
    2021-12-01 $479,000 (2.1%) $770,120 (11.8%) 1.30 867
    2022-01-01 $499,450 (7.9%) $827,928 (19.4%) 1.35 678
    2022-02-01 $537,063 (19.6%) $909,748 (32.0%) 1.40 539
    2022-03-01 $552,228 (20.7%) $918,572 (31.7%) 1.38 517
    2022-04-01 $550,000 (18.3%) $883,704 (23.0%) 1.31 600
    2022-05-01 $567,000 (18.4%) $862,329 (17.0%) 1.30 817
    2022-06-01 $560,000 (18.5%) $825,831 (15.8%) 1.25 961
    2022-07-01 $530,000 (16.6%) $788,446 (14.4%) 1.19 1,138
    2022-08-01 $521,240 (16.2%) $761,878 (10.4%) 1.21 1,155
    2022-09-01 $524,950 (15.0%) $774,188 (8.2%) 1.23 1,189
    2022-10-01 $529,000 (12.6%) $793,039 (8.8%) 1.24 1,293
    2022-11-01 $534,625 (13.2%) $797,858 (7.4%) 1.29 1,231
    2022-12-01 $539,000 (12.5%) $797,674 (3.6%) 1.33 1,097
    2023-01-01 $529,950 (6.1%) $799,113 (-3.5%) 1.31 958
    2023-02-01 $575,000 (7.1%) $832,499 (-8.5%) 1.39 819
    2023-03-01 $575,000 (4.1%) $841,281 (-8.4%) 1.36 836
    2023-04-01 $589,500 (7.2%) $854,280 (-3.3%) 1.37 924
    2023-05-01 $599,000 (5.6%) $875,823 (1.6%) 1.36 1,055
    2023-06-01 $607,500 (8.5%) $888,508 (7.6%) 1.37 1,105
    2023-07-01 $599,000 (13.0%) $881,137 (11.8%) 1.36 1,144
    2023-08-01 $600,000 (15.1%) $874,653 (14.8%) 1.38 1,172
    Asheville's median listing price for 2023-08-01 was $600,000, a difference of $78,760 (15.1%) versus the prior year and $1,000 versus the prior month.

    Asheville's median listing price comes in at 138% of the national average.

    Asheville's average listing price for 2023-08-01 was $874,653, a difference of $112,775 (14.8%) versus the prior year and $-6,484 versus the prior month.

    For the 2023-08-01 period, Asheville had 1,172 MLS listings, a difference of 28 listings (2%) versus the prior month and 17 listings (1%) 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 2,227 sqft
    2018-02-01 46 days 2,194 sqft
    2018-03-01 68 days 2,155 sqft
    2018-04-01 80 days 2,157 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 2,131 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 2,065 sqft
    2019-03-01 93 days 2,115 sqft
    2019-04-01 63 days 2,169 sqft
    2019-05-01 60 days 2,215 sqft
    2019-06-01 60 days 2,217 sqft
    2019-07-01 66 days 2,211 sqft
    2019-08-01 70 days 2,186 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
    2020-01-01 106 days 2,129 sqft
    2020-02-01 109 days 2,113 sqft
    2020-03-01 91 days 2,111 sqft
    2020-04-01 75 days 2,079 sqft
    2020-05-01 76 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 2,182 sqft
    2020-09-01 59 days 2,211 sqft
    2020-10-01 57 days 2,176 sqft
    2020-11-01 60 days 2,140 sqft
    2020-12-01 68 days 2,110 sqft
    2021-01-01 79 days 2,051 sqft
    2021-02-01 82 days 1,988 sqft
    2021-03-01 56 days 1,940 sqft
    2021-04-01 45 days 1,930 sqft
    2021-05-01 38 days 1,994 sqft
    2021-06-01 35 days 1,943 sqft
    2021-07-01 41 days 1,910 sqft
    2021-08-01 48 days 1,872 sqft
    2021-09-01 52 days 1,907 sqft
    2021-10-01 52 days 1,941 sqft
    2021-11-01 56 days 1,917 sqft
    2021-12-01 67 days 1,929 sqft
    2022-01-01 79 days 1,941 sqft
    2022-02-01 74 days 1,939 sqft
    2022-03-01 49 days 2,025 sqft
    2022-04-01 30 days 2,003 sqft
    2022-05-01 29 days 2,074 sqft
    2022-06-01 33 days 2,052 sqft
    2022-07-01 36 days 2,016 sqft
    2022-08-01 45 days 2,023 sqft
    2022-09-01 49 days 1,986 sqft
    2022-10-01 50 days 2,042 sqft
    2022-11-01 56 days 2,066 sqft
    2022-12-01 70 days 2,047 sqft
    2023-01-01 83 days 1,972 sqft
    2023-02-01 85 days 2,015 sqft
    2023-03-01 61 days 2,029 sqft
    2023-04-01 46 days 2,048 sqft
    2023-05-01 43 days 2,056 sqft
    2023-06-01 46 days 2,102 sqft
    2023-07-01 52 days 2,088 sqft
    2023-08-01 54 days 2,110 sqft
    Asheville's median listing age (time on market) for 2023-08-01 was 54 days. This is 21% longer than the same period one year ago.

    Asheville's median square footage for active listings during the 2023-08-01 period was 2,110 sqft. One year prior, the average listing was 2,023 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).