Boone FHA Loan Rates, Closing Costs & Stats

Boone, 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.

Boone's 11 lenders originated 18 FHA loans during 2023. The total origination value was $5,230,000, with an average FHA loan value of $290,556.

Boone FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Boone averaged 6.69% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Boone's average FHA mortgage closing costs are $7,805.

The average rate for the prior week (2024-05-10) was 6.73% and one month ago for the week of 2024-04-12, the average rate was 6.69%.

The average rate one year ago was 6.64%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.94%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Boone 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 Boone level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 3 6.33% $11,942
MOVEMENT MORTGAGE, LLC 2 6.31% $13,417
American Security Mortgage Corp. 2 6.50% $9,590
MICHIGAN MUTUAL, INC. 1 5.00% $15,126
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $15,080
NP, Inc. 1 7.12% $23,693
POLARIS HOME FUNDING CORP. 1 6.13% $11,211
UNITED WHOLESALE MORTGAGE, LLC 1 6.00% $11,525
ZILLOW HOME LOANS, LLC 1 6.75% $13,181
BROKER SOLUTIONS, INC. 1 6.50% $12,321
Carrington Mortgage Services, LLC 1 6.13% $17,084

The top Boone FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 3 FHA loans originated. Their average total fees are $11,942, which is $1,475 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Boone FHA lenders (with over 10 loans originated) are .

The lowest rate Boone FHA lenders (with over 10 loans originated) are .

Boone FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
BOONE, NC WATAUGA 2022 $420,680 $538,650 $651,050 $809,150
BOONE, NC WATAUGA 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Boone (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 $346,375 (15.8%) $493,892 (17.7%) 0.00 708
2018-02-01 $354,450 (19.5%) $510,990 (25.4%) 0.00 693
2018-03-01 $374,950 (25.3%) $523,338 (26.5%) 0.00 691
2018-04-01 $359,250 (19.8%) $516,660 (24.3%) 0.00 727
2018-05-01 $360,975 (43.0%) $512,247 (39.2%) 0.00 778
2018-06-01 $378,000 (90.0%) $522,783 (67.8%) 0.00 870
2018-07-01 $289,000 (44.6%) $428,860 (35.7%) 0.00 1,297
2018-08-01 $199,000 (-39.6%) $325,938 (-28.4%) 0.00 1,651
2018-09-01 $199,000 (-39.7%) $327,147 (-29.1%) 0.00 1,643
2018-10-01 $189,950 (-42.6%) $322,514 (-31.0%) 0.00 1,620
2018-11-01 $179,125 (-45.4%) $312,033 (-32.8%) 0.00 1,569
2018-12-01 $169,900 (-48.4%) $309,238 (-35.2%) 0.00 1,462
2019-01-01 $159,406 (-54.0%) $301,611 (-38.9%) 0.00 1,309
2019-02-01 $150,000 (-57.7%) $296,573 (-42.0%) 0.00 1,312
2019-03-01 $256,714 (-31.5%) $421,427 (-19.5%) 0.00 1,007
2019-04-01 $399,000 (11.1%) $580,398 (12.3%) 0.00 604
2019-05-01 $393,724 (9.1%) $573,043 (11.9%) 0.00 594
2019-06-01 $399,000 (5.6%) $579,251 (10.8%) 0.00 659
2019-07-01 $399,000 (38.1%) $585,451 (36.5%) 0.00 691
2019-08-01 $404,455 (103.2%) $596,066 (82.9%) 0.00 673
2019-09-01 $412,636 (107.4%) $608,081 (85.9%) 0.00 647
2019-10-01 $421,950 (122.1%) $618,703 (91.8%) 0.00 620
2019-11-01 $422,450 (135.8%) $616,801 (97.7%) 0.00 542
2019-12-01 $417,475 (145.7%) $611,010 (97.6%) 0.00 494
2020-01-01 $421,225 (164.3%) $617,287 (104.7%) 0.00 436
2020-02-01 $435,000 (190.0%) $630,871 (112.7%) 0.00 412
2020-03-01 $449,000 (74.9%) $624,023 (48.1%) 0.00 418
2020-04-01 $449,000 (12.5%) $627,508 (8.1%) 0.00 422
2020-05-01 $450,000 (14.3%) $651,679 (13.7%) 0.00 424
2020-06-01 $460,975 (15.5%) $661,925 (14.3%) 0.00 390
2020-07-01 $485,250 (21.6%) $707,508 (20.9%) 0.00 333
2020-08-01 $498,500 (23.3%) $718,827 (20.6%) 0.00 266
2020-09-01 $499,225 (21.0%) $746,642 (22.8%) 0.00 239
2020-10-01 $524,900 (24.4%) $754,540 (22.0%) 0.00 212
2020-11-01 $517,500 (22.5%) $780,550 (26.6%) 0.00 192
2020-12-01 $499,475 (19.6%) $760,322 (24.4%) 0.00 173
2021-01-01 $499,000 (18.5%) $767,078 (24.3%) 0.00 145
2021-02-01 $570,000 (31.0%) $905,281 (43.5%) 0.00 127
2021-03-01 $564,725 (25.8%) $924,602 (48.2%) 0.00 111
2021-04-01 $597,250 (33.0%) $972,938 (55.1%) 0.00 117
2021-05-01 $632,000 (40.4%) $985,892 (51.3%) 0.00 162
2021-06-01 $612,000 (32.8%) $920,149 (39.0%) 0.00 192
2021-07-01 $599,450 (23.5%) $890,711 (25.9%) 0.00 215
2021-08-01 $580,725 (16.5%) $878,825 (22.3%) 0.00 203
2021-09-01 $593,975 (19.0%) $880,738 (18.0%) 0.00 179
2021-10-01 $592,500 (12.9%) $811,620 (7.6%) 0.00 175
2021-11-01 $555,950 (7.4%) $766,958 (-1.7%) 0.00 151
2021-12-01 $596,000 (19.3%) $817,937 (7.6%) 0.00 114
2022-01-01 $727,000 (45.7%) $1,048,855 (36.7%) 0.00 90
2022-02-01 $712,000 (24.9%) $1,053,424 (16.4%) 0.00 87
2022-03-01 $727,500 (28.8%) $1,064,925 (15.2%) 0.00 96
2022-04-01 $642,450 (7.6%) $944,956 (-2.9%) 0.00 124
2022-05-01 $638,432 (1.0%) $916,245 (-7.1%) 0.00 171
2022-06-01 $658,500 (7.6%) $853,659 (-7.2%) 0.00 224
2022-07-01 $658,500 (9.9%) $850,569 (-4.5%) 0.00 290
2022-08-01 $649,925 (11.9%) $849,099 (-3.4%) 0.00 281
2022-09-01 $699,450 (17.8%) $928,004 (5.4%) 0.00 246
2022-10-01 $699,000 (18.0%) $933,858 (15.1%) 0.00 220
2022-11-01 $699,000 (25.7%) $939,667 (22.5%) 0.00 212
2022-12-01 $699,000 (17.3%) $909,155 (11.2%) 0.00 194
2023-01-01 $716,070 (-1.5%) $945,210 (-9.9%) 0.00 163
2023-02-01 $699,000 (-1.8%) $937,519 (-11.0%) 0.00 142
2023-03-01 $693,500 (-4.7%) $929,255 (-12.7%) 0.00 152
2023-04-01 $649,900 (1.2%) $888,814 (-5.9%) 0.00 176
2023-05-01 $684,000 (7.1%) $928,081 (1.3%) 0.00 220
2023-06-01 $675,000 (2.5%) $884,706 (3.6%) 0.00 255
2023-07-01 $699,900 (6.3%) $935,979 (10.0%) 0.00 264
2023-08-01 $719,225 (10.7%) $935,957 (10.2%) 0.00 260
2023-09-01 $733,139 (4.8%) $935,889 (0.9%) 0.00 260
2023-10-01 $698,450 (-0.1%) $931,878 (-0.2%) 0.00 268
2023-11-01 $699,000 (0.0%) $931,497 (-0.9%) 0.00 281
2023-12-01 $694,950 (-0.6%) $927,026 (2.0%) 0.00 279
2024-01-01 $663,500 (-7.3%) $915,886 (-3.1%) 0.00 255
2024-02-01 $658,500 (-5.8%) $918,474 (-2.0%) 0.00 232
2024-03-01 $689,000 (-0.7%) $953,913 (2.7%) 0.00 231
2024-04-01 $706,000 (8.6%) $1,008,632 (13.5%) 0.00 253
Boone's median listing price for 2024-04-01 was $706,000, a difference of $56,100 (8.6%) versus the prior year and $17,000 versus the prior month.

Boone's median listing price comes in at 0% of the national average.

Boone's average listing price for 2024-04-01 was $1,008,632, a difference of $119,818 (13.5%) versus the prior year and $54,719 versus the prior month.

For the 2024-04-01 period, Boone had 253 MLS listings, a difference of 22 listings (10%) versus the prior month and 77 listings (44%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Boone (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,061 sqft
2018-02-01 0 days 2,091 sqft
2018-03-01 0 days 2,147 sqft
2018-04-01 0 days 2,144 sqft
2018-05-01 0 days 2,154 sqft
2018-06-01 0 days 2,185 sqft
2018-07-01 0 days 2,199 sqft
2018-08-01 0 days 2,165 sqft
2018-09-01 0 days 2,182 sqft
2018-10-01 0 days 2,182 sqft
2018-11-01 0 days 2,166 sqft
2018-12-01 0 days 2,197 sqft
2019-01-01 0 days 2,186 sqft
2019-02-01 0 days 2,173 sqft
2019-03-01 0 days 2,238 sqft
2019-04-01 0 days 2,234 sqft
2019-05-01 0 days 2,169 sqft
2019-06-01 0 days 2,210 sqft
2019-07-01 0 days 2,297 sqft
2019-08-01 0 days 2,327 sqft
2019-09-01 0 days 2,368 sqft
2019-10-01 0 days 2,407 sqft
2019-11-01 0 days 2,372 sqft
2019-12-01 0 days 2,305 sqft
2020-01-01 0 days 2,332 sqft
2020-02-01 0 days 2,400 sqft
2020-03-01 0 days 2,327 sqft
2020-04-01 0 days 2,298 sqft
2020-05-01 0 days 2,352 sqft
2020-06-01 0 days 2,378 sqft
2020-07-01 0 days 2,526 sqft
2020-08-01 0 days 2,534 sqft
2020-09-01 0 days 2,513 sqft
2020-10-01 0 days 2,406 sqft
2020-11-01 0 days 2,408 sqft
2020-12-01 0 days 2,365 sqft
2021-01-01 0 days 2,278 sqft
2021-02-01 0 days 2,538 sqft
2021-03-01 0 days 2,418 sqft
2021-04-01 0 days 2,502 sqft
2021-05-01 0 days 2,605 sqft
2021-06-01 0 days 2,583 sqft
2021-07-01 0 days 2,533 sqft
2021-08-01 0 days 2,402 sqft
2021-09-01 0 days 2,358 sqft
2021-10-01 0 days 2,172 sqft
2021-11-01 0 days 2,037 sqft
2021-12-01 0 days 2,130 sqft
2022-01-01 0 days 2,443 sqft
2022-02-01 0 days 2,218 sqft
2022-03-01 0 days 2,231 sqft
2022-04-01 0 days 2,167 sqft
2022-05-01 0 days 2,214 sqft
2022-06-01 0 days 2,222 sqft
2022-07-01 0 days 2,170 sqft
2022-08-01 0 days 2,143 sqft
2022-09-01 0 days 2,193 sqft
2022-10-01 0 days 2,187 sqft
2022-11-01 0 days 2,133 sqft
2022-12-01 0 days 2,116 sqft
2023-01-01 0 days 2,095 sqft
2023-02-01 0 days 2,025 sqft
2023-03-01 0 days 2,040 sqft
2023-04-01 0 days 1,972 sqft
2023-05-01 0 days 2,003 sqft
2023-06-01 0 days 2,024 sqft
2023-07-01 0 days 2,131 sqft
2023-08-01 0 days 2,224 sqft
2023-09-01 0 days 2,164 sqft
2023-10-01 0 days 2,140 sqft
2023-11-01 0 days 2,098 sqft
2023-12-01 0 days 2,073 sqft
2024-01-01 0 days 2,006 sqft
2024-02-01 0 days 1,954 sqft
2024-03-01 0 days 2,076 sqft
2024-04-01 0 days 2,153 sqft
Boone's median listing age (time on market) for 2024-04-01 was 0 days.

Boone's median square footage for active listings during the 2024-04-01 period was 2,153 sqft. One year prior, the average listing was 1,972 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).