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
5.88%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Burlington's average FHA mortgage closing costs are $7,644.
The average rate for the prior week (2024-10-04) was
5.8% and
one month ago for the week of 2024-09-06, the
average rate was 5.92%.
The average rate one year ago was 7.05%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.31%.
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.
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. LouisDate | 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 |
2024-07-01 | $358,240 (-0.5%) | $393,400 (-0.2%) | 0.82 | 424 |
2024-08-01 | $351,990 (-2.4%) | $396,857 (0.7%) | 0.82 | 486 |
2024-09-01 | $354,248 (-1.4%) | $395,161 (3.0%) | 0.83 | 480 |
Burlington's median listing price comes in at 83% of the national average.
Burlington's average listing price for 2024-09-01 was $395,161, a difference of $11,336 (3.0%) versus the prior year and $-1,696 versus the prior month.
For the 2024-09-01 period, Burlington had 480 MLS listings, a difference of -6 listings (-1%) versus the prior month and 137 listings (40%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 1,925 sqft |
2024-07-01 | 44 days | 1,925 sqft |
2024-08-01 | 47 days | 1,925 sqft |
2024-09-01 | 50 days | 1,898 sqft |
Burlington's median square footage for active listings during the 2024-09-01 period was 1,898 sqft. One year prior, the average listing was 1,930 sqft.