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 7.1% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.56%.

    The average rate one year ago was 6.58%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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
    Boone's median listing price for 2024-03-01 was $689,000, a difference of $-4,500 (-0.7%) versus the prior year and $30,500 versus the prior month.

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

    Boone's average listing price for 2024-03-01 was $953,913, a difference of $24,658 (2.7%) versus the prior year and $35,439 versus the prior month.

    For the 2024-03-01 period, Boone had 231 MLS listings, a difference of -1 listings (0%) versus the prior month and 79 listings (52%) 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
    Boone's median listing age (time on market) for 2024-03-01 was 0 days.

    Boone's median square footage for active listings during the 2024-03-01 period was 2,076 sqft. One year prior, the average listing was 2,040 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).