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 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).