Burlington FHA Loan Rates, Closing Costs & Stats

BURLINGTON, 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.

Burlington's 97 lenders originated 589 FHA loans during 2023. The total origination value was $153,275,000, with an average FHA loan value of $260,229.

Burlington FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Burlington averaged 6.27% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

Burlington's average FHA mortgage closing costs are $7,644.

The average rate for the prior week (2024-07-12) was 6.42% and one month ago for the week of 2024-06-14, the average rate was 6.18%.

The average rate one year ago was 6.36%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.7%.

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

Burlington 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 Burlington level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 79 5.52% $8,332
QUICKEN LOANS, LLC 65 6.14% $11,297
LOANDEPOT.COM, LLC 45 5.63% $10,921
MOVEMENT MORTGAGE, LLC 35 6.87% $10,900
UNITED WHOLESALE MORTGAGE, LLC 25 6.31% $12,241
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 6.82% $12,692
UNION HOME MORTGAGE CORP. 19 6.41% $10,507
CROSSCOUNTRY MORTGAGE, LLC 18 6.65% $11,901
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 6.51% $10,932
HOMESIDE FINANCIAL, LLC 9 6.57% $13,220
FREEDOM MORTGAGE CORPORATION 9 6.71% $12,903
CORNERSTONE HOME LENDING, INC. 9 7.03% $10,312
BROKER SOLUTIONS, INC. 8 6.34% $12,020
Carrington Mortgage Services, LLC 7 5.89% $12,442
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 6.79% $11,404
INTERCOASTAL MORTGAGE COMPANY 6 6.44% $12,730
PENNYMAC LOAN SERVICES, LLC 6 6.00% $14,294
Ameris Bank 5 6.20% $9,867
Towne Mortgage of the Carolinas, LLC 5 6.28% $12,963
Truist 5 6.29% $8,319
CARDINAL FINANCIAL 5 7.33% $10,978
TOP FLITE FINANCIAL, INC. 4 6.81% $13,939
Victorian Finance, LLC 4 6.72% $10,862
NEWREZ LLC 4 6.47% $12,879
Mortgage Research Center, LLC 4 7.38% $7,950
VANDERBILT MORTGAGE AND FINANCE, INC. 4 6.00% $16,362
AMERISAVE MORTGAGE CORPORATION 4 6.00% $17,324
Truliant Federal Credit Union 4 5.97% $7,315
RELIANCE FIRST CAPITAL, LLC 4 6.41% $14,765
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.42% $14,010
BAY EQUITY LLC 3 6.83% $12,491
Corporate Investors Mortgage Group, Inc. 3 5.96% $11,297
Flagstar Bank, FSB 3 6.46% $12,988
GoPrime Mortgage, Inc. 3 7.04% $12,803
GUARANTEED RATE, INC. 3 6.71% $11,236
HOMESPIRE MORTGAGE CORPORATION 3 6.42% $10,788
Integrity Home Mortgage Corp 3 6.71% $10,353
LOANPAL, LLC 3 5.50% $12,345
Mr. Cooper ( Nationstar Mortgage ) 3 6.08% $11,850
ACADEMY MORTGAGE CORPORATION 3 6.88% $10,549
Prosperity Home Mortgage, LLC 3 6.16% $14,569
T2 FINANCIAL LLC 3 6.88% $10,576
Wells Fargo Bank 3 6.83% $11,196
Shamrock Home Loans, Inc. 2 6.56% $8,427
CMG MORTGAGE, INC. 2 6.88% $12,904
Blue Ridge Bank 2 6.88% $11,096
Pinnacle Bank 2 6.94% $8,982
PLAZA HOME MORTGAGE, INC. 2 6.56% $8,965
EQUITY RESOURCES, INC. 2 6.19% $9,237
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.88% $12,662
GENEVA FINANCIAL, LLC 2 7.50% $12,962
Atlantic Coast Mortgage, LLC 2 6.00% $10,532
AMERICAN FINANCING CORPORATION 2 6.88% $9,764
EVERETT FINANCIAL, INC. 2 6.75% $7,504
MORTGAGE INVESTORS GROUP, INC. 1 6.38% $12,538
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $6,053
CHERRY CREEK MORTGAGE, LLC 1 6.75% $3,436
ALLIED MORTGAGE GROUP, INC. 1 6.50% $9,020
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,499
NEW DAY FINANCIAL, LLC 1 7.99% $3,903
CALCON MUTUAL MORTGAGE LLC 1 6.25% $21,101
NFM, INC. 1 7.25% $10,113
North State Bank 1 6.75% $8,562
Paramount Residential Mortgage Group, Inc. 1 7.50% $10,931
POLARIS HOME FUNDING CORP. 1 6.25% $10,112
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $9,805
Alcova Mortgage LLC 1 7.00% $13,632
VILLAGE CAPITAL MORTGAGE 1 6.88% $16,992
BAYSHORE MORTGAGE FUNDING, LLC 1 6.25% $6,388
Bank of England 1 6.63% $14,981
ROYAL UNITED MORTGAGE LLC 1 6.75% $11,668
RUOFF MORTGAGE COMPANY, INC. 1 6.63% $5,080
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 7.25% $7,281
SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $5,954
ZILLOW HOME LOANS, LLC 1 6.25% $8,375
The Central Trust Bank 1 6.75% $10,979
The Fidelity Bank 1 7.25% $13,710
BANC ONE MORTGAGE CORPORATION 1 7.75% $1,995
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.50% $15,521
First Federal Bank 1 6.88% $15,239
First Heritage Mortgage, LLC 1 6.25% $9,109
FIRST MORTGAGE COMPANY, INC. 1 7.00% $8,898
First National Bank of Pennsylvania 1 6.00% $10,691
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.49% $11,486
FIDELITY DIRECT MORTGAGE, LLC 1 7.13% $11,801
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $10,915
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $10,288
United Community Bank 1 6.38% $6,244
HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.50% $6,232
AMERICAN FINANCIAL NETWORK, INC. 1 7.63% $8,937
Equity Prime Mortgage LLC 1 6.75% $8,614
Lakeview Community Capital, LLC 1 5.75% $9,494
DELMAR FINANCIAL COMPANY 1 7.38% $13,521
U.S. Bank 1 6.38% $6,614
Magnolia Bank 1 7.13% $10,817
MILEND, INC. 1 7.13% $15,787
MORIA DEVELOPMENT, INC. 1 6.88% $7,256

The top Burlington FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 79 FHA loans originated. Their average total fees are $8,332, which is $2,965 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Burlington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,332), UNION HOME MORTGAGE CORP. ($10,507), MOVEMENT MORTGAGE, LLC ($10,900), LOANDEPOT.COM, LLC ($10,921) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($10,932).

The lowest rate Burlington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.52%), LOANDEPOT.COM, LLC (5.63%), QUICKEN LOANS, LLC (6.14%), UNITED WHOLESALE MORTGAGE, LLC (6.31%) and UNION HOME MORTGAGE CORP. (6.41%).

Burlington FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Burlington (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 $197,500 (14.7%) $267,574 (28.2%) 0.73 634
2018-02-01 $199,250 (16.8%) $268,902 (25.6%) 0.72 598
2018-03-01 $215,500 (18.9%) $274,678 (22.7%) 0.76 540
2018-04-01 $216,175 (23.5%) $252,793 (10.5%) 0.73 486
2018-05-01 $221,748 (23.7%) $266,684 (0.6%) 0.74 501
2018-06-01 $222,655 (25.8%) $272,335 (3.1%) 0.74 480
2018-07-01 $221,575 (24.2%) $272,470 (3.2%) 0.74 477
2018-08-01 $217,925 (23.5%) $254,470 (-0.6%) 0.73 451
2018-09-01 $229,000 (28.7%) $256,905 (2.4%) 0.77 446
2018-10-01 $225,000 (23.6%) $253,884 (1.4%) 0.76 493
2018-11-01 $229,500 (21.5%) $262,146 (2.5%) 0.78 474
2018-12-01 $231,900 (22.3%) $262,441 (3.0%) 0.80 456
2019-01-01 $233,925 (18.4%) $259,803 (-2.9%) 0.81 433
2019-02-01 $244,329 (22.6%) $271,097 (0.8%) 0.83 406
2019-03-01 $250,243 (16.1%) $274,603 (0.0%) 0.82 382
2019-04-01 $253,118 (17.1%) $275,421 (9.0%) 0.80 357
2019-05-01 $255,000 (15.0%) $283,267 (6.2%) 0.80 363
2019-06-01 $255,000 (14.5%) $285,900 (5.0%) 0.80 343
2019-07-01 $249,950 (12.8%) $295,737 (8.5%) 0.78 353
2019-08-01 $246,518 (13.1%) $293,303 (15.3%) 0.78 357
2019-09-01 $241,445 (5.4%) $289,308 (12.6%) 0.77 364
2019-10-01 $239,264 (6.3%) $287,913 (13.4%) 0.77 357
2019-11-01 $237,000 (3.3%) $281,200 (7.3%) 0.78 329
2019-12-01 $233,542 (0.7%) $279,524 (6.5%) 0.78 314
2020-01-01 $245,788 (5.1%) $294,124 (13.2%) 0.82 314
2020-02-01 $249,900 (2.3%) $312,352 (15.2%) 0.82 291
2020-03-01 $250,576 (0.1%) $308,957 (12.5%) 0.79 305
2020-04-01 $261,064 (3.1%) $320,947 (16.5%) 0.82 330
2020-05-01 $270,000 (5.9%) $345,684 (22.0%) 0.82 273
2020-06-01 $286,140 (12.2%) $362,906 (26.9%) 0.84 234
2020-07-01 $280,945 (12.4%) $324,628 (9.8%) 0.81 227
2020-08-01 $289,220 (17.3%) $345,568 (17.8%) 0.83 214
2020-09-01 $297,570 (23.3%) $335,360 (15.9%) 0.85 211
2020-10-01 $276,225 (15.5%) $328,358 (14.1%) 0.79 212
2020-11-01 $287,500 (21.3%) $344,011 (22.3%) 0.84 193
2020-12-01 $289,585 (24.0%) $343,363 (22.8%) 0.86 176
2021-01-01 $284,500 (15.8%) $344,767 (17.2%) 0.85 155
2021-02-01 $270,250 (8.1%) $337,715 (8.1%) 0.79 149
2021-03-01 $284,975 (13.7%) $358,104 (15.9%) 0.81 128
2021-04-01 $299,700 (14.8%) $385,066 (20.0%) 0.81 104
2021-05-01 $284,950 (5.5%) $364,931 (5.6%) 0.76 125
2021-06-01 $274,618 (-4.0%) $386,116 (6.4%) 0.72 128
2021-07-01 $286,000 (1.8%) $379,752 (17.0%) 0.75 152
2021-08-01 $289,945 (0.3%) $365,305 (5.7%) 0.77 169
2021-09-01 $292,500 (-1.7%) $372,031 (10.9%) 0.78 190
2021-10-01 $290,000 (5.0%) $357,272 (8.8%) 0.77 174
2021-11-01 $290,870 (1.2%) $350,304 (1.8%) 0.78 190
2021-12-01 $315,130 (8.8%) $368,412 (7.3%) 0.85 170
2022-01-01 $339,425 (19.3%) $378,912 (9.9%) 0.92 133
2022-02-01 $323,422 (19.7%) $380,405 (12.6%) 0.84 104
2022-03-01 $352,878 (23.8%) $407,994 (13.9%) 0.88 98
2022-04-01 $374,108 (24.8%) $413,374 (7.4%) 0.89 105
2022-05-01 $365,000 (28.1%) $396,363 (8.6%) 0.83 125
2022-06-01 $383,500 (39.7%) $435,294 (12.7%) 0.85 177
2022-07-01 $385,000 (34.6%) $437,031 (15.1%) 0.87 214
2022-08-01 $362,498 (25.0%) $383,239 (4.9%) 0.84 241
2022-09-01 $355,070 (21.4%) $379,938 (2.1%) 0.83 234
2022-10-01 $362,450 (25.0%) $381,878 (6.9%) 0.85 239
2022-11-01 $367,995 (26.5%) $385,791 (10.1%) 0.88 284
2022-12-01 $353,470 (12.2%) $371,379 (0.8%) 0.87 293
2023-01-01 $362,300 (6.7%) $375,335 (-0.9%) 0.90 298
2023-02-01 $359,975 (11.3%) $381,682 (0.3%) 0.87 272
2023-03-01 $367,500 (4.1%) $383,071 (-6.1%) 0.87 244
2023-04-01 $365,000 (-2.4%) $391,687 (-5.3%) 0.85 260
2023-05-01 $363,585 (-0.4%) $388,100 (-2.1%) 0.82 275
2023-06-01 $365,500 (-4.7%) $396,030 (-9.0%) 0.82 296
2023-07-01 $359,900 (-6.5%) $394,348 (-9.8%) 0.82 296
2023-08-01 $360,481 (-0.6%) $394,264 (2.9%) 0.83 304
2023-09-01 $359,240 (1.2%) $383,825 (1.0%) 0.84 343
2023-10-01 $352,535 (-2.7%) $383,397 (0.4%) 0.83 355
2023-11-01 $355,764 (-3.3%) $381,399 (-1.1%) 0.85 375
2023-12-01 $344,990 (-2.4%) $382,328 (3.0%) 0.84 431
2024-01-01 $339,968 (-6.2%) $371,973 (-0.9%) 0.83 381
2024-02-01 $336,000 (-6.7%) $369,464 (-3.2%) 0.81 364
2024-03-01 $331,495 (-9.8%) $366,828 (-4.2%) 0.78 335
2024-04-01 $354,473 (-2.9%) $388,229 (-0.9%) 0.82 340
2024-05-01 $359,468 (-1.1%) $400,396 (3.2%) 0.81 362
2024-06-01 $364,995 (-0.1%) $402,883 (1.7%) 0.82 376
Burlington's median listing price for 2024-06-01 was $364,995, a difference of $-505 (-0.1%) versus the prior year and $5,527 versus the prior month.

Burlington's median listing price comes in at 82% of the national average.

Burlington's average listing price for 2024-06-01 was $402,883, a difference of $6,853 (1.7%) versus the prior year and $2,487 versus the prior month.

For the 2024-06-01 period, Burlington had 376 MLS listings, a difference of 14 listings (4%) versus the prior month and 80 listings (27%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 105 days 1,972 sqft
2018-02-01 95 days 1,924 sqft
2018-03-01 68 days 1,943 sqft
2018-04-01 63 days 1,963 sqft
2018-05-01 60 days 1,956 sqft
2018-06-01 54 days 1,981 sqft
2018-07-01 70 days 1,933 sqft
2018-08-01 67 days 1,933 sqft
2018-09-01 68 days 1,951 sqft
2018-10-01 63 days 1,940 sqft
2018-11-01 71 days 1,955 sqft
2018-12-01 74 days 1,936 sqft
2019-01-01 87 days 2,002 sqft
2019-02-01 91 days 2,095 sqft
2019-03-01 71 days 2,133 sqft
2019-04-01 64 days 2,134 sqft
2019-05-01 43 days 2,173 sqft
2019-06-01 48 days 2,193 sqft
2019-07-01 53 days 2,067 sqft
2019-08-01 51 days 2,006 sqft
2019-09-01 52 days 1,964 sqft
2019-10-01 54 days 1,942 sqft
2019-11-01 48 days 1,975 sqft
2019-12-01 59 days 1,926 sqft
2020-01-01 66 days 1,954 sqft
2020-02-01 54 days 1,998 sqft
2020-03-01 43 days 2,020 sqft
2020-04-01 42 days 2,065 sqft
2020-05-01 58 days 2,117 sqft
2020-06-01 57 days 2,210 sqft
2020-07-01 38 days 2,137 sqft
2020-08-01 40 days 2,115 sqft
2020-09-01 32 days 2,155 sqft
2020-10-01 31 days 2,051 sqft
2020-11-01 41 days 2,045 sqft
2020-12-01 58 days 2,075 sqft
2021-01-01 60 days 1,929 sqft
2021-02-01 29 days 1,875 sqft
2021-03-01 27 days 1,934 sqft
2021-04-01 25 days 1,944 sqft
2021-05-01 16 days 1,801 sqft
2021-06-01 21 days 1,874 sqft
2021-07-01 23 days 1,874 sqft
2021-08-01 21 days 1,876 sqft
2021-09-01 30 days 1,948 sqft
2021-10-01 33 days 1,858 sqft
2021-11-01 28 days 1,881 sqft
2021-12-01 37 days 2,002 sqft
2022-01-01 46 days 2,026 sqft
2022-02-01 37 days 1,932 sqft
2022-03-01 25 days 1,997 sqft
2022-04-01 13 days 2,026 sqft
2022-05-01 19 days 1,968 sqft
2022-06-01 19 days 2,121 sqft
2022-07-01 28 days 2,175 sqft
2022-08-01 30 days 2,063 sqft
2022-09-01 39 days 2,038 sqft
2022-10-01 43 days 2,057 sqft
2022-11-01 45 days 2,057 sqft
2022-12-01 49 days 1,946 sqft
2023-01-01 60 days 2,008 sqft
2023-02-01 56 days 1,994 sqft
2023-03-01 52 days 1,985 sqft
2023-04-01 36 days 2,026 sqft
2023-05-01 39 days 1,993 sqft
2023-06-01 40 days 2,047 sqft
2023-07-01 43 days 1,997 sqft
2023-08-01 45 days 1,971 sqft
2023-09-01 44 days 1,930 sqft
2023-10-01 48 days 1,904 sqft
2023-11-01 50 days 1,916 sqft
2023-12-01 55 days 1,892 sqft
2024-01-01 58 days 1,893 sqft
2024-02-01 60 days 1,911 sqft
2024-03-01 55 days 1,812 sqft
2024-04-01 50 days 1,927 sqft
2024-05-01 42 days 1,954 sqft
2024-06-01 40 days 1,929 sqft
Burlington's median listing age (time on market) for 2024-06-01 was 40 days. This is -1% shorter than the same period one year ago.

Burlington's median square footage for active listings during the 2024-06-01 period was 1,929 sqft. One year prior, the average listing was 2,047 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).