Boone FHA Loan Rates, Closing Costs & Stats

Boone, 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.

    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 6.76% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.67% and one month ago for the week of 2025-01-10, the average rate was 6.73%.

    The average rate one year ago was 6.56%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.52%.

    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 $340,700 (14.6%) $491,524 (18.3%) 0.00 713
    2018-02-01 $352,450 (19.5%) $507,679 (25.9%) 0.00 698
    2018-03-01 $373,450 (24.9%) $521,823 (27.2%) 0.00 695
    2018-04-01 $359,250 (19.8%) $515,119 (24.8%) 0.00 731
    2018-05-01 $360,975 (44.6%) $510,650 (39.4%) 0.00 783
    2018-06-01 $376,500 (90.3%) $521,268 (67.8%) 0.00 876
    2018-07-01 $289,000 (44.6%) $427,614 (35.7%) 0.00 1,305
    2018-08-01 $199,000 (-39.3%) $324,983 (-28.2%) 0.00 1,662
    2018-09-01 $197,750 (-40.1%) $326,090 (-28.9%) 0.00 1,655
    2018-10-01 $189,800 (-42.5%) $321,284 (-30.9%) 0.00 1,633
    2018-11-01 $179,000 (-45.3%) $311,009 (-32.7%) 0.00 1,582
    2018-12-01 $169,000 (-48.6%) $308,271 (-35.1%) 0.00 1,475
    2019-01-01 $159,181 (-53.3%) $300,347 (-38.9%) 0.00 1,322
    2019-02-01 $150,000 (-57.4%) $295,424 (-41.8%) 0.00 1,325
    2019-03-01 $256,714 (-31.3%) $420,083 (-19.5%) 0.00 1,016
    2019-04-01 $399,000 (11.1%) $579,378 (12.5%) 0.00 606
    2019-05-01 $393,724 (9.1%) $572,213 (12.1%) 0.00 596
    2019-06-01 $399,000 (6.0%) $577,874 (10.9%) 0.00 663
    2019-07-01 $399,000 (38.1%) $584,285 (36.6%) 0.00 694
    2019-08-01 $404,455 (103.2%) $595,097 (83.1%) 0.00 676
    2019-09-01 $412,636 (108.7%) $606,850 (86.1%) 0.00 650
    2019-10-01 $421,950 (122.3%) $616,824 (92.0%) 0.00 623
    2019-11-01 $420,000 (134.6%) $615,618 (97.9%) 0.00 544
    2019-12-01 $417,500 (147.0%) $610,947 (98.2%) 0.00 495
    2020-01-01 $422,450 (165.4%) $616,598 (105.3%) 0.00 438
    2020-02-01 $435,000 (190.0%) $629,343 (113.0%) 0.00 414
    2020-03-01 $449,125 (75.0%) $624,826 (48.7%) 0.00 420
    2020-04-01 $449,125 (12.6%) $629,320 (8.6%) 0.00 423
    2020-05-01 $454,500 (15.4%) $653,648 (14.2%) 0.00 426
    2020-06-01 $463,750 (16.2%) $667,546 (15.5%) 0.00 392
    2020-07-01 $488,175 (22.4%) $713,580 (22.1%) 0.00 335
    2020-08-01 $499,000 (23.4%) $720,992 (21.2%) 0.00 267
    2020-09-01 $499,450 (21.0%) $749,369 (23.5%) 0.00 240
    2020-10-01 $524,950 (24.4%) $757,570 (22.8%) 0.00 213
    2020-11-01 $521,200 (24.1%) $783,956 (27.3%) 0.00 193
    2020-12-01 $499,475 (19.6%) $762,845 (24.9%) 0.00 174
    2021-01-01 $499,450 (18.2%) $771,526 (25.1%) 0.00 146
    2021-02-01 $563,125 (29.5%) $896,903 (42.5%) 0.00 129
    2021-03-01 $564,725 (25.7%) $926,240 (48.2%) 0.00 113
    2021-04-01 $597,500 (33.0%) $974,080 (54.8%) 0.00 118
    2021-05-01 $625,000 (37.5%) $981,949 (50.2%) 0.00 164
    2021-06-01 $612,000 (32.0%) $919,273 (37.7%) 0.00 194
    2021-07-01 $599,900 (22.9%) $887,060 (24.3%) 0.00 217
    2021-08-01 $580,725 (16.4%) $877,196 (21.7%) 0.00 203
    2021-09-01 $598,950 (19.9%) $879,566 (17.4%) 0.00 181
    2021-10-01 $595,000 (13.3%) $813,557 (7.4%) 0.00 178
    2021-11-01 $557,475 (7.0%) $766,650 (-2.2%) 0.00 152
    2021-12-01 $597,000 (19.5%) $817,937 (7.2%) 0.00 114
    2022-01-01 $727,000 (45.6%) $1,048,855 (36.0%) 0.00 90
    2022-02-01 $705,750 (25.3%) $1,051,424 (17.2%) 0.00 87
    2022-03-01 $727,500 (28.8%) $1,064,925 (15.0%) 0.00 96
    2022-04-01 $635,000 (6.3%) $930,567 (-4.5%) 0.00 125
    2022-05-01 $629,750 (0.8%) $900,471 (-8.3%) 0.00 177
    2022-06-01 $638,675 (4.4%) $843,559 (-8.2%) 0.00 232
    2022-07-01 $649,814 (8.3%) $842,337 (-5.0%) 0.00 298
    2022-08-01 $649,632 (11.9%) $842,665 (-3.9%) 0.00 282
    2022-09-01 $699,000 (16.7%) $926,966 (5.4%) 0.00 247
    2022-10-01 $699,000 (17.5%) $936,967 (15.2%) 0.00 220
    2022-11-01 $697,000 (25.0%) $939,887 (22.6%) 0.00 211
    2022-12-01 $699,000 (17.1%) $908,064 (11.0%) 0.00 194
    2023-01-01 $720,035 (-1.0%) $948,336 (-9.6%) 0.00 164
    2023-02-01 $699,000 (-1.0%) $939,241 (-10.7%) 0.00 142
    2023-03-01 $693,500 (-4.7%) $929,255 (-12.7%) 0.00 152
    2023-04-01 $649,900 (2.4%) $888,814 (-4.5%) 0.00 177
    2023-05-01 $684,000 (8.6%) $928,081 (3.1%) 0.00 220
    2023-06-01 $675,000 (5.7%) $885,833 (5.0%) 0.00 256
    2023-07-01 $699,900 (7.7%) $938,376 (11.4%) 0.00 265
    2023-08-01 $719,000 (10.7%) $936,694 (11.2%) 0.00 261
    2023-09-01 $741,070 (6.0%) $937,218 (1.1%) 0.00 261
    2023-10-01 $701,475 (0.4%) $928,153 (-0.9%) 0.00 269
    2023-11-01 $699,000 (0.3%) $925,583 (-1.5%) 0.00 282
    2023-12-01 $695,000 (-0.6%) $926,758 (2.1%) 0.00 281
    2024-01-01 $665,750 (-7.5%) $915,649 (-3.5%) 0.00 256
    2024-02-01 $658,500 (-5.8%) $919,070 (-2.2%) 0.00 232
    2024-03-01 $689,450 (-0.6%) $954,546 (2.7%) 0.00 232
    2024-04-01 $702,000 (8.0%) $1,008,067 (13.4%) 0.00 254
    2024-05-01 $699,375 (2.3%) $982,866 (5.9%) 0.00 287
    2024-06-01 $699,700 (3.7%) $975,172 (10.1%) 0.00 330
    2024-07-01 $699,000 (-0.1%) $964,007 (2.7%) 0.00 377
    2024-08-01 $699,000 (-2.8%) $1,005,512 (7.4%) 0.00 357
    2024-09-01 $699,000 (-5.7%) $1,009,875 (7.8%) 0.00 326
    2024-10-01 $698,750 (-0.4%) $1,005,994 (8.4%) 0.00 299
    2024-11-01 $699,450 (0.1%) $1,026,963 (11.0%) 0.00 291
    2024-12-01 $722,475 (4.0%) $1,045,900 (12.9%) 0.00 271
    2025-01-01 $699,000 (5.0%) $1,034,115 (12.9%) 0.00 248
    Boone's median listing price for 2025-01-01 was $699,000, a difference of $33,250 (5.0%) versus the prior year and $-23,475 versus the prior month.

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

    Boone's average listing price for 2025-01-01 was $1,034,115, a difference of $118,466 (12.9%) versus the prior year and $-11,785 versus the prior month.

    For the 2025-01-01 period, Boone had 248 MLS listings, a difference of -23 listings (-8%) versus the prior month and -8 listings (-3%) 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 2,058 sqft
    2018-02-01 0 days 2,089 sqft
    2018-03-01 0 days 2,143 sqft
    2018-04-01 0 days 2,143 sqft
    2018-05-01 0 days 2,150 sqft
    2018-06-01 0 days 2,184 sqft
    2018-07-01 0 days 2,199 sqft
    2018-08-01 0 days 2,163 sqft
    2018-09-01 0 days 2,178 sqft
    2018-10-01 0 days 2,174 sqft
    2018-11-01 0 days 2,163 sqft
    2018-12-01 0 days 2,182 sqft
    2019-01-01 0 days 2,169 sqft
    2019-02-01 0 days 2,147 sqft
    2019-03-01 0 days 2,230 sqft
    2019-04-01 0 days 2,231 sqft
    2019-05-01 0 days 2,162 sqft
    2019-06-01 0 days 2,208 sqft
    2019-07-01 0 days 2,294 sqft
    2019-08-01 0 days 2,327 sqft
    2019-09-01 0 days 2,368 sqft
    2019-10-01 0 days 2,400 sqft
    2019-11-01 0 days 2,366 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 2,335 sqft
    2020-04-01 0 days 2,297 sqft
    2020-05-01 0 days 2,352 sqft
    2020-06-01 0 days 2,390 sqft
    2020-07-01 0 days 2,541 sqft
    2020-08-01 0 days 2,536 sqft
    2020-09-01 0 days 2,515 sqft
    2020-10-01 0 days 2,408 sqft
    2020-11-01 0 days 2,410 sqft
    2020-12-01 0 days 2,355 sqft
    2021-01-01 0 days 2,315 sqft
    2021-02-01 0 days 2,507 sqft
    2021-03-01 0 days 2,418 sqft
    2021-04-01 0 days 2,502 sqft
    2021-05-01 0 days 2,594 sqft
    2021-06-01 0 days 2,578 sqft
    2021-07-01 0 days 2,527 sqft
    2021-08-01 0 days 2,396 sqft
    2021-09-01 0 days 2,372 sqft
    2021-10-01 0 days 2,201 sqft
    2021-11-01 0 days 2,041 sqft
    2021-12-01 0 days 2,136 sqft
    2022-01-01 0 days 2,430 sqft
    2022-02-01 0 days 2,209 sqft
    2022-03-01 0 days 2,231 sqft
    2022-04-01 0 days 2,166 sqft
    2022-05-01 0 days 2,176 sqft
    2022-06-01 0 days 2,175 sqft
    2022-07-01 0 days 2,159 sqft
    2022-08-01 0 days 2,120 sqft
    2022-09-01 0 days 2,185 sqft
    2022-10-01 0 days 2,180 sqft
    2022-11-01 0 days 2,132 sqft
    2022-12-01 0 days 2,102 sqft
    2023-01-01 0 days 2,097 sqft
    2023-02-01 0 days 2,019 sqft
    2023-03-01 0 days 2,035 sqft
    2023-04-01 0 days 1,971 sqft
    2023-05-01 0 days 2,000 sqft
    2023-06-01 0 days 2,018 sqft
    2023-07-01 0 days 2,130 sqft
    2023-08-01 0 days 2,212 sqft
    2023-09-01 0 days 2,162 sqft
    2023-10-01 0 days 2,141 sqft
    2023-11-01 0 days 2,111 sqft
    2023-12-01 0 days 2,076 sqft
    2024-01-01 0 days 2,019 sqft
    2024-02-01 0 days 1,953 sqft
    2024-03-01 0 days 2,076 sqft
    2024-04-01 0 days 2,158 sqft
    2024-05-01 0 days 2,063 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
    2024-11-01 0 days 2,100 sqft
    2024-12-01 0 days 2,140 sqft
    2025-01-01 0 days 2,168 sqft
    Boone's median listing age (time on market) for 2025-01-01 was 0 days.

    Boone's median square footage for active listings during the 2025-01-01 period was 2,168 sqft. One year prior, the average listing was 2,019 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).