Burlington FHA Loans

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 120 lenders originated 816 FHA loans during 2021. The total origination value was $159,300,000, with an average FHA loan value of $195,221.

Burlington FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Burlington averaged 5.58% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.31% and one month ago for the week of 2022-04-08, the average rate was 5.17%.

The average rate one year ago was 2.98%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.24%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Burlington level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 108 2.75% $6,325
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 37 3.28% $6,322
MOVEMENT MORTGAGE, LLC 34 3.17% $7,281
CROSSCOUNTRY MORTGAGE, LLC 34 3.04% $7,444
UNION HOME MORTGAGE CORP. 32 3.10% $7,975
Mr. Cooper ( Nationstar Mortgage ) 23 3.21% $3,254
FREEDOM MORTGAGE CORPORATION 22 2.78% $4,304
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 22 3.29% $8,077
PENNYMAC LOAN SERVICES, LLC 18 2.92% $5,106
CALIBER HOME LOANS, INC. 16 3.09% $7,099
LAKEVIEW LOAN SERVICING, LLC 14 3.08% $4,049
Ameris Bank 14 3.02% $6,941
INSPIRE HOME LOANS INC. 13 3.34% $6,536
UNITED WHOLESALE MORTGAGE, LLC 13 2.87% $6,226
BROKER SOLUTIONS, INC. 13 3.33% $7,893
Alcova Mortgage LLC 13 3.11% $6,507
Victorian Finance, LLC 12 3.17% $6,461
Prosperity Home Mortgage, LLC 12 3.22% $6,920
DHI MORTGAGE COMPANY, LTD. 10 2.88% $7,209
VILLAGE CAPITAL & INVESTMENT LLC 9 2.90% $2,012
VANDERBILT MORTGAGE AND FINANCE, INC. 9 2.90% $8,365
Carrington Mortgage Services, LLC 7 3.84% $9,385
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 2.98% $7,719
LOANDEPOT.COM, LLC 6 3.52% $8,305
HAMILTON HOME LOANS, INC. 6 2.96% $8,649
Hometown Lenders, Inc. 6 3.46% $8,852
NEWREZ LLC 6 3.08% $5,303
AmeriHome Mortgage Company, LLC 6 2.98% $5,140
AMCAP MORTGAGE, LTD. 5 3.13% $6,383
FINANCE OF AMERICA MORTGAGE LLC 5 2.95% $8,099
RELIANCE FIRST CAPITAL, LLC 5 3.23% $7,280
Allen Tate Mortgage Partners, LLC 5 3.03% $7,598
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.08% $8,302
Lakeview Community Capital, LLC 4 2.65% $4,378
MUTUAL OF OMAHA MORTGAGE, INC. 4 3.00% $7,774
Nations Lending Corporation 4 3.44% $10,050
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 3.47% $7,946
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.66% $5,775
AMERICAN FINANCING CORPORATION 3 3.13% $6,472
LEADERONE FINANCIAL CORPORATION 3 2.96% $5,849
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 4.13% $9,735
AMERISAVE MORTGAGE CORPORATION 3 2.96% $6,409
ANGEL OAK HOME LOANS LLC 3 3.08% $8,544
United Community Bank 3 2.79% $8,214
Truist Bank 3 3.28% $9,726
Towne Mortgage of the Carolinas, LLC 3 2.83% $6,113
The Federal Savings Bank 3 2.83% $12,679
CAPITAL CENTER, L.L.C. 3 3.04% $3,820
CMG MORTGAGE, INC. 3 3.25% $8,873
Corporate Investors Mortgage Group, Inc. 3 2.63% $6,516
First Guaranty Mortgage Corporation 3 3.21% $4,359
First Heritage Mortgage, LLC 3 3.21% $7,712
PLANET HOME LENDING, LLC 3 2.66% $3,901
OCEANSIDE MORTGAGE COMPANY 3 2.87% $2,903
Wyndham Capital Mortgage, Inc. 2 3.00% $4,546
Alpha Mortgage Corporation 2 3.19% $10,105
AMERICAN FINANCIAL NETWORK, INC. 2 3.00% $9,596
AMERIFIRST FINANCIAL CORPORATION 2 4.69% $6,345
EQUITY RESOURCES, INC. 2 2.63% $7,360
First Horizon Bank 2 2.69% $6,237
GUARANTEED RATE, INC. 2 3.19% $8,435
INTERCOASTAL MORTGAGE COMPANY 2 3.63% $6,638
InterContinental Capital Group, Inc 2 2.75% $7,438
JPMorgan Chase Bank 2 3.13% $1,267
Mortgage Research Center, LLC 2 3.06% $5,491
NFM, INC. 2 3.69% $6,514
PNC Bank 2 2.75% $4,081
RAPID MORTGAGE COMPANY 2 2.88% $10,650
SOUTHERN TRUST MORTGAGE, LLC 2 3.56% $0
SOVEREIGN LENDING GROUP INCORPORATED 2 2.81% $6,852
SUN WEST MORTGAGE COMPANY, INC. 2 3.44% $7,467
US MORTGAGE CORPORATION 2 4.13% $7,296
Wolfe Financial, Inc 2 3.00% $7,494
MYCUMORTGAGE, LLC 1 3.13% $4,280
HOMESTAR FINANCIAL CORPORATION 1 2.50% $7,528
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $8,117
HOMESPIRE MORTGAGE CORPORATION 1 2.63% $8,690
UNITED MORTGAGE CORP. 1 2.88% $8,260
North State Bank 1 3.50% $7,929
HOME POINT FINANCIAL CORPORATION 1 2.88% $11,110
PANORAMA MORTGAGE GROUP, LLC 1 3.38% $8,555
GENEVA FINANCIAL, LLC 1 2.88% $7,890
Peoples Bank 1 3.13% $10,572
Plains Commerce Bank 1 2.63% $6,094
First Home Bank 1 2.63% $11,117
Atlantic Coast Mortgage, LLC 1 3.00% $6,025
POLARIS HOME FUNDING CORP. 1 3.38% $10,868
First-Citizens Bank & Trust Company 1 2.75% $8,522
CORNERSTONE HOME LENDING, INC. 1 3.25% $7,424
Colten Mortgage, LLC 1 2.75% $8,043
CERTAINTY HOME LOANS, LLC 1 2.88% $11,080
ABSOLUTE HOME MORTGAGE CORPORATION 1 3.00% $7,364
CALCON MUTUAL MORTGAGE LLC 1 3.00% $12,820
Renasant Bank 1 2.75% $10,498
RESIDENTIAL MORTGAGE SERVICES, INC. 1 4.38% $5,529
Shamrock Home Loans, Inc. 1 3.00% $6,324
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.75% $6,709
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $6,596
SUCCESS MORTGAGE PARTNERS, INC. 1 4.25% $8,420
ACADEMY MORTGAGE CORPORATION 1 3.75% $7,593
SWBC MORTGAGE CORPORATION 1 2.75% $4,764
T2 FINANCIAL LLC 1 3.13% $7,847
The Central Trust Bank 1 3.63% $7,668
BETTER MORTGAGE CORPORATION 1 3.25% $5,480
The Fidelity Bank 1 2.50% $8,506
THE MORTGAGE FIRM, INC. 1 2.88% $9,280
TOP FLITE FINANCIAL, INC. 1 3.38% $12,230
TOWNE MORTGAGE COMPANY 1 2.50% $13,012
Bell Bank 1 2.63% $7,407
Barrington Bank & Trust Company, N.A. 1 3.59% $4,598
Bank of America 1 3.00% $2,128
MCLEAN MORTGAGE CORPORATION 1 2.88% $8,201
MIDLAND MORTGAGE CORPORATION 1 3.25% $6,190
MILEND, INC. 1 2.63% $9,385
MORIA DEVELOPMENT, INC. 1 3.63% $8,931
Austin Capital Bank SSB 1 2.88% $6,046
LOANPAL, LLC 1 2.25% $6,809
LIBERTY HOME MORTGAGE CORPORATION 1 2.75% $8,279
KELLER MORTGAGE, LLC 1 2.75% $8,663
HUNT MORTGAGE CORPORATION 1 3.75% $12,290

The top Burlington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 108 FHA loans originated. Their average total fees are $6,325, which is $3 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

The lowest fee Burlington FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,254), LAKEVIEW LOAN SERVICING, LLC ($4,049), FREEDOM MORTGAGE CORPORATION ($4,304), PENNYMAC LOAN SERVICES, LLC ($5,106) and UNITED WHOLESALE MORTGAGE, LLC ($6,226).

The lowest rate Burlington FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.75%), FREEDOM MORTGAGE CORPORATION (2.78%), UNITED WHOLESALE MORTGAGE, LLC (2.87%), DHI MORTGAGE COMPANY, LTD. (2.88%) and PENNYMAC LOAN SERVICES, LLC (2.92%).

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

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 $217,450 (17.6%) $278,392 (26.4%) 0.80 951
2018-02-01 $217,500 (16.0%) $279,244 (24.3%) 0.78 885
2018-03-01 $227,499 (16.5%) $279,454 (19.8%) 0.79 841
2018-04-01 $228,289 (14.2%) $260,118 (7.7%) 0.77 783
2018-05-01 $237,900 (17.1%) $271,050 (-5.0%) 0.79 791
2018-06-01 $232,500 (18.6%) $276,416 (-1.0%) 0.78 798
2018-07-01 $235,680 (18.7%) $277,250 (0.0%) 0.79 809
2018-08-01 $236,400 (18.2%) $268,635 (-0.4%) 0.79 793
2018-09-01 $245,000 (19.5%) $273,362 (1.3%) 0.82 759
2018-10-01 $240,500 (19.7%) $269,188 (0.4%) 0.80 844
2018-11-01 $240,975 (12.1%) $271,278 (-0.3%) 0.81 805
2018-12-01 $246,330 (14.6%) $274,567 (1.7%) 0.84 746
2019-01-01 $240,155 (10.4%) $268,041 (-3.7%) 0.83 715
2019-02-01 $252,293 (16.0%) $284,499 (1.9%) 0.85 666
2019-03-01 $259,900 (14.2%) $291,620 (4.4%) 0.85 630
2019-04-01 $259,900 (13.9%) $293,568 (12.9%) 0.82 582
2019-05-01 $257,450 (8.2%) $291,247 (7.5%) 0.79 610
2019-06-01 $255,000 (9.7%) $294,368 (6.5%) 0.78 591
2019-07-01 $252,450 (7.1%) $306,758 (10.6%) 0.78 601
2019-08-01 $247,386 (4.7%) $302,064 (12.4%) 0.78 596
2019-09-01 $242,785 (-0.9%) $291,158 (6.5%) 0.77 603
2019-10-01 $243,950 (1.4%) $290,197 (7.8%) 0.78 637
2019-11-01 $239,900 (-0.5%) $284,915 (5.0%) 0.77 623
2019-12-01 $235,000 (-4.6%) $282,712 (3.0%) 0.78 601
2020-01-01 $245,035 (2.0%) $287,379 (7.2%) 0.82 559
2020-02-01 $250,000 (-0.9%) $300,921 (5.8%) 0.81 511
2020-03-01 $261,490 (0.6%) $305,490 (4.8%) 0.82 499
2020-04-01 $267,240 (2.8%) $322,181 (9.8%) 0.83 528
2020-05-01 $276,465 (7.4%) $349,744 (20.1%) 0.84 461
2020-06-01 $281,400 (10.4%) $349,996 (18.9%) 0.82 413
2020-07-01 $280,450 (11.1%) $328,898 (7.2%) 0.80 382
2020-08-01 $286,900 (16.0%) $345,244 (14.3%) 0.82 344
2020-09-01 $292,935 (20.7%) $347,190 (19.2%) 0.84 353
2020-10-01 $275,000 (12.7%) $340,447 (17.3%) 0.79 330
2020-11-01 $294,189 (22.6%) $349,572 (22.7%) 0.84 305
2020-12-01 $299,000 (27.2%) $363,719 (28.7%) 0.88 258
2021-01-01 $289,000 (17.9%) $376,441 (31.0%) 0.85 220
2021-02-01 $259,945 (4.0%) $368,669 (22.5%) 0.75 217
2021-03-01 $275,000 (5.2%) $387,950 (27.0%) 0.77 180
2021-04-01 $291,248 (9.0%) $407,939 (26.6%) 0.78 157
2021-05-01 $270,000 (-2.3%) $385,619 (10.3%) 0.71 180
2021-06-01 $274,750 (-2.4%) $410,114 (17.2%) 0.71 191
2021-07-01 $297,000 (5.9%) $404,461 (23.0%) 0.77 217
2021-08-01 $289,990 (1.1%) $379,190 (9.8%) 0.76 267
2021-09-01 $294,250 (0.5%) $374,147 (7.8%) 0.77 291
2021-10-01 $290,000 (5.5%) $347,649 (2.1%) 0.76 274
2021-11-01 $283,750 (-3.6%) $337,258 (-3.5%) 0.75 304
2021-12-01 $295,000 (-1.3%) $353,499 (-2.8%) 0.79 272
2022-01-01 $325,000 (12.5%) $377,748 (0.4%) 0.87 198
2022-02-01 $314,253 (20.9%) $377,096 (2.3%) 0.80 146
2022-03-01 $349,950 (27.3%) $407,137 (5.0%) 0.86 144
2022-04-01 $360,000 (23.6%) $408,262 (0.1%) 0.85 158
Burlington's median listing price for 2022-04-01 was $360,000, a difference of $68,752 (23.6%) versus the prior year and $10,050 versus the prior month.

Burlington's median listing price comes in at 85% of the national average.

Burlington's average listing price for 2022-04-01 was $408,262, a difference of $323 (0.1%) versus the prior year and $1,125 versus the prior month.

For the 2022-04-01 period, Burlington had 158 MLS listings, a difference of 14 listings (10%) versus the prior month and 1 listings (1%) 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
2018-01-01 113 days 2,021 sqft
2018-02-01 107 days 2,011 sqft
2018-03-01 77 days 2,045 sqft
2018-04-01 63 days 2,055 sqft
2018-05-01 66 days 2,074 sqft
2018-06-01 58 days 2,048 sqft
2018-07-01 66 days 2,043 sqft
2018-08-01 64 days 2,067 sqft
2018-09-01 67 days 2,131 sqft
2018-10-01 61 days 2,098 sqft
2018-11-01 73 days 2,060 sqft
2018-12-01 75 days 2,069 sqft
2019-01-01 90 days 2,067 sqft
2019-02-01 98 days 2,192 sqft
2019-03-01 67 days 2,214 sqft
2019-04-01 57 days 2,195 sqft
2019-05-01 42 days 2,196 sqft
2019-06-01 47 days 2,217 sqft
2019-07-01 50 days 2,140 sqft
2019-08-01 51 days 2,045 sqft
2019-09-01 50 days 1,977 sqft
2019-10-01 50 days 1,970 sqft
2019-11-01 46 days 1,979 sqft
2019-12-01 59 days 1,942 sqft
2020-01-01 74 days 1,963 sqft
2020-02-01 65 days 2,008 sqft
2020-03-01 48 days 2,054 sqft
2020-04-01 45 days 2,099 sqft
2020-05-01 51 days 2,231 sqft
2020-06-01 51 days 2,261 sqft
2020-07-01 35 days 2,226 sqft
2020-08-01 44 days 2,180 sqft
2020-09-01 34 days 2,279 sqft
2020-10-01 30 days 2,102 sqft
2020-11-01 32 days 2,090 sqft
2020-12-01 43 days 2,133 sqft
2021-01-01 39 days 1,929 sqft
2021-02-01 22 days 1,875 sqft
2021-03-01 23 days 1,939 sqft
2021-04-01 29 days 2,024 sqft
2021-05-01 16 days 1,874 sqft
2021-06-01 18 days 1,918 sqft
2021-07-01 19 days 1,909 sqft
2021-08-01 20 days 1,878 sqft
2021-09-01 22 days 1,934 sqft
2021-10-01 29 days 1,887 sqft
2021-11-01 22 days 1,855 sqft
2021-12-01 35 days 1,921 sqft
2022-01-01 45 days 1,918 sqft
2022-02-01 35 days 1,955 sqft
2022-03-01 19 days 2,058 sqft
2022-04-01 13 days 2,026 sqft
Burlington's median listing age (time on market) for 2022-04-01 was 13 days. This is -55% shorter than the same period one year ago.

Burlington's median square footage for active listings during the 2022-04-01 period was 2,026 sqft. One year prior, the average listing was 2,024 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).