Burlington FHA Loan Rates, Closing Costs & Stats

BURLINGTON, 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.

    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 -0.52% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 5.99% and one month ago for the week of 2024-10-11, the average rate was 5.99%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.09%.

    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
    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
    2024-10-01 $354,990 (0.7%) $387,097 (1.0%) 0.84 522
    Burlington's median listing price for 2024-10-01 was $354,990, a difference of $2,455 (0.7%) versus the prior year and $742 versus the prior month.

    Burlington's median listing price comes in at 84% of the national average.

    Burlington's average listing price for 2024-10-01 was $387,097, a difference of $3,700 (1.0%) versus the prior year and $-8,064 versus the prior month.

    For the 2024-10-01 period, Burlington had 522 MLS listings, a difference of 42 listings (9%) versus the prior month and 167 listings (47%) 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 1,925 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
    2024-10-01 44 days 1,872 sqft
    Burlington's median listing age (time on market) for 2024-10-01 was 44 days. This is -7% shorter than the same period one year ago.

    Burlington's median square footage for active listings during the 2024-10-01 period was 1,872 sqft. One year prior, the average listing was 1,904 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).