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
-0.06%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Boone's average FHA mortgage closing costs are $7,805.
The average rate for the prior week (2024-11-22) was
6.53% and
one month ago for the week of 2024-10-25, the
average rate was 6.31%.
The average rate one year ago was 7%.
For refis of the same type during the week of 2024-11-29, the average rate
was 0.2%.
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. LouisDate | 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 |
2024-05-01 | $707,000 (3.4%) | $995,462 (7.3%) | 0.00 | 286 |
2024-06-01 | $699,700 (3.7%) | $988,518 (11.7%) | 0.00 | 329 |
2024-07-01 | $699,000 (-0.1%) | $964,007 (3.0%) | 0.00 | 377 |
2024-08-01 | $699,000 (-2.8%) | $1,005,512 (7.4%) | 0.00 | 357 |
2024-09-01 | $699,000 (-4.7%) | $1,009,875 (7.9%) | 0.00 | 326 |
2024-10-01 | $698,875 (0.1%) | $1,005,994 (8.0%) | 0.00 | 299 |
Boone's median listing price comes in at 0% of the national average.
Boone's average listing price for 2024-10-01 was $1,005,994, a difference of $74,116 (8.0%) versus the prior year and $-3,881 versus the prior month.
For the 2024-10-01 period, Boone had 299 MLS listings, a difference of -27 listings (-8%) versus the prior month and 31 listings (12%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Boone (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-05-01 | 0 days | 2,095 sqft |
2024-06-01 | 0 days | 2,130 sqft |
2024-07-01 | 0 days | 2,128 sqft |
2024-08-01 | 0 days | 2,196 sqft |
2024-09-01 | 0 days | 2,168 sqft |
2024-10-01 | 0 days | 2,205 sqft |
Boone's median square footage for active listings during the 2024-10-01 period was 2,205 sqft. One year prior, the average listing was 2,140 sqft.