Charlotte FHA Loan Rates, Closing Costs & Stats
CHARLOTTE-CONCORD-GASTONIA, NC-SC
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.
Charlotte's 278 lenders originated 13,467 FHA loans during 2021. The total origination value was $3,226,595,000, with an average FHA loan value of $239,593.
Charlotte FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Charlotte
averaged
0.1%
for the week of 2023-01-20, compared to the national average (all FHA variants) of
0% for the same period.
Charlotte's average FHA mortgage closing costs are $6,994.
The average rate for the prior week (2023-01-13) was
6.13% and
one month ago for the week of 2022-12-16, the
average rate was 6.02%.
The average rate one year ago was 3.71%.
For refis of the same type during the week of 2023-01-20, the average rate
was -0.19%.
Charlotte 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 Charlotte level.
The top Charlotte FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,544 FHA loans originated. Their average total fees are
$6,432, which is $1,144
lower than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Charlotte FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($2,618), OCEANSIDE MORTGAGE COMPANY ($3,180), Mr. Cooper ( Nationstar Mortgage ) ($4,687), LAKEVIEW LOAN SERVICING, LLC ($4,731) and Lakeview Community Capital, LLC ($4,912).
The lowest rate Charlotte FHA lenders (with over 10 loans originated) are
MATTAMY HOME FUNDING, LLC (2.62%), QUICKEN LOANS, LLC (2.68%), OCEANSIDE MORTGAGE COMPANY (2.68%), HOME POINT FINANCIAL CORPORATION (2.70%) and UNITED SECURITY FINANCIAL CORP (2.70%).
Charlotte FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | ANSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | CABARRUS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | GASTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | IREDELL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | LINCOLN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | MECKLENBURG | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | ROWAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | UNION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | CHESTER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | LANCASTER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | YORK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Charlotte (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 | $337,400 (8.9%) | $436,646 (7.7%) | 1.25 | 6,864 |
| 2018-02-01 | $338,495 (6.5%) | $442,455 (6.0%) | 1.23 | 6,896 |
| 2018-03-01 | $348,995 (5.8%) | $451,957 (4.6%) | 1.22 | 7,195 |
| 2018-04-01 | $352,575 (3.7%) | $462,926 (4.3%) | 1.20 | 7,508 |
| 2018-05-01 | $354,568 (2.1%) | $468,097 (3.3%) | 1.18 | 7,952 |
| 2018-06-01 | $352,395 (1.2%) | $464,101 (1.7%) | 1.18 | 8,422 |
| 2018-07-01 | $347,000 (0.6%) | $453,255 (0.7%) | 1.16 | 8,767 |
| 2018-08-01 | $339,995 (0.2%) | $445,608 (1.1%) | 1.14 | 8,907 |
| 2018-09-01 | $339,850 (0.7%) | $443,262 (1.2%) | 1.14 | 8,966 |
| 2018-10-01 | $333,521 (-1.3%) | $435,875 (-0.7%) | 1.13 | 9,033 |
| 2018-11-01 | $329,950 (-0.9%) | $432,432 (-0.3%) | 1.12 | 8,854 |
| 2018-12-01 | $325,000 (-2.0%) | $428,410 (-0.6%) | 1.12 | 8,317 |
| 2019-01-01 | $325,000 (-3.7%) | $428,809 (-1.8%) | 1.12 | 7,891 |
| 2019-02-01 | $329,824 (-2.6%) | $439,566 (-0.7%) | 1.11 | 7,892 |
| 2019-03-01 | $341,329 (-2.2%) | $461,467 (2.1%) | 1.12 | 7,939 |
| 2019-04-01 | $349,950 (-0.7%) | $474,878 (2.6%) | 1.11 | 8,119 |
| 2019-05-01 | $355,750 (0.3%) | $478,108 (2.1%) | 1.11 | 8,359 |
| 2019-06-01 | $357,800 (1.5%) | $477,388 (2.9%) | 1.12 | 8,515 |
| 2019-07-01 | $349,866 (0.8%) | $457,421 (0.9%) | 1.10 | 8,530 |
| 2019-08-01 | $344,865 (1.4%) | $455,049 (2.1%) | 1.09 | 8,511 |
| 2019-09-01 | $339,316 (-0.2%) | $457,058 (3.1%) | 1.09 | 8,426 |
| 2019-10-01 | $335,617 (0.6%) | $449,522 (3.1%) | 1.08 | 8,331 |
| 2019-11-01 | $334,689 (1.4%) | $435,329 (0.7%) | 1.10 | 7,840 |
| 2019-12-01 | $335,650 (3.3%) | $436,754 (2.0%) | 1.12 | 7,023 |
| 2020-01-01 | $336,520 (3.5%) | $443,185 (3.4%) | 1.12 | 6,388 |
| 2020-02-01 | $340,900 (3.4%) | $460,261 (4.7%) | 1.11 | 5,775 |
| 2020-03-01 | $349,950 (2.5%) | $477,516 (3.5%) | 1.10 | 6,001 |
| 2020-04-01 | $340,000 (-2.8%) | $459,169 (-3.3%) | 1.06 | 6,534 |
| 2020-05-01 | $351,954 (-1.1%) | $484,040 (1.2%) | 1.07 | 6,298 |
| 2020-06-01 | $366,918 (2.6%) | $508,420 (6.5%) | 1.08 | 5,366 |
| 2020-07-01 | $369,250 (5.5%) | $512,469 (12.0%) | 1.07 | 4,764 |
| 2020-08-01 | $369,900 (7.3%) | $514,980 (13.2%) | 1.06 | 4,592 |
| 2020-09-01 | $372,804 (9.9%) | $519,341 (13.6%) | 1.07 | 4,475 |
| 2020-10-01 | $368,133 (9.7%) | $514,821 (14.5%) | 1.05 | 4,382 |
| 2020-11-01 | $374,250 (11.8%) | $518,027 (19.0%) | 1.09 | 4,089 |
| 2020-12-01 | $370,019 (10.2%) | $511,536 (17.1%) | 1.10 | 3,572 |
| 2021-01-01 | $365,900 (8.7%) | $507,972 (14.6%) | 1.09 | 3,077 |
| 2021-02-01 | $361,635 (6.1%) | $509,563 (10.7%) | 1.05 | 2,676 |
| 2021-03-01 | $373,418 (6.7%) | $543,031 (13.7%) | 1.06 | 2,359 |
| 2021-04-01 | $384,997 (13.2%) | $551,557 (20.1%) | 1.04 | 2,348 |
| 2021-05-01 | $386,839 (9.9%) | $548,046 (13.2%) | 1.02 | 2,492 |
| 2021-06-01 | $387,065 (5.5%) | $540,509 (6.3%) | 1.02 | 2,814 |
| 2021-07-01 | $385,000 (4.3%) | $526,531 (2.7%) | 1.01 | 3,101 |
| 2021-08-01 | $385,075 (4.1%) | $514,439 (-0.1%) | 1.03 | 3,283 |
| 2021-09-01 | $387,450 (3.9%) | $521,584 (0.4%) | 1.03 | 3,324 |
| 2021-10-01 | $397,000 (7.8%) | $523,226 (1.6%) | 1.06 | 3,280 |
| 2021-11-01 | $396,995 (6.1%) | $518,895 (0.2%) | 1.06 | 3,097 |
| 2021-12-01 | $389,450 (5.3%) | $515,985 (0.9%) | 1.06 | 2,628 |
| 2022-01-01 | $395,000 (8.0%) | $525,259 (3.4%) | 1.07 | 2,186 |
| 2022-02-01 | $389,948 (7.8%) | $542,717 (6.5%) | 1.01 | 1,879 |
| 2022-03-01 | $399,950 (7.1%) | $553,069 (1.9%) | 1.00 | 1,977 |
| 2022-04-01 | $411,574 (6.9%) | $578,065 (4.8%) | 0.98 | 2,193 |
| 2022-05-01 | $429,950 (11.1%) | $592,908 (8.2%) | 0.98 | 2,951 |
| 2022-06-01 | $441,004 (13.9%) | $593,539 (9.8%) | 0.98 | 3,725 |
| 2022-07-01 | $429,900 (11.7%) | $575,227 (9.3%) | 0.97 | 5,052 |
| 2022-08-01 | $425,000 (10.4%) | $565,026 (9.8%) | 0.98 | 5,420 |
| 2022-09-01 | $419,950 (8.4%) | $565,434 (8.4%) | 0.98 | 5,467 |
| 2022-10-01 | $412,990 (4.0%) | $550,544 (5.2%) | 0.97 | 5,731 |
| 2022-11-01 | $401,287 (1.1%) | $539,160 (3.9%) | 0.97 | 5,965 |
| 2022-12-01 | $394,990 (1.4%) | $522,772 (1.3%) | 0.99 | 5,545 |
Charlotte's median listing price comes in at 99% of the national average.
Charlotte's average listing price for 2022-12-01 was $522,772, a difference of $6,787 (1.3%) versus the prior year and $-16,388 versus the prior month.
For the 2022-12-01 period, Charlotte had 5,545 MLS listings, a difference of -420 listings (-7%) versus the prior month and 2,917 listings (111%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Charlotte (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 84 days | 2,573 sqft |
| 2018-02-01 | 73 days | 2,556 sqft |
| 2018-03-01 | 50 days | 2,622 sqft |
| 2018-04-01 | 48 days | 2,639 sqft |
| 2018-05-01 | 47 days | 2,650 sqft |
| 2018-06-01 | 49 days | 2,650 sqft |
| 2018-07-01 | 52 days | 2,601 sqft |
| 2018-08-01 | 53 days | 2,560 sqft |
| 2018-09-01 | 58 days | 2,540 sqft |
| 2018-10-01 | 61 days | 2,500 sqft |
| 2018-11-01 | 63 days | 2,467 sqft |
| 2018-12-01 | 68 days | 2,432 sqft |
| 2019-01-01 | 74 days | 2,416 sqft |
| 2019-02-01 | 67 days | 2,423 sqft |
| 2019-03-01 | 58 days | 2,480 sqft |
| 2019-04-01 | 50 days | 2,519 sqft |
| 2019-05-01 | 49 days | 2,558 sqft |
| 2019-06-01 | 50 days | 2,546 sqft |
| 2019-07-01 | 51 days | 2,480 sqft |
| 2019-08-01 | 52 days | 2,435 sqft |
| 2019-09-01 | 54 days | 2,406 sqft |
| 2019-10-01 | 57 days | 2,386 sqft |
| 2019-11-01 | 58 days | 2,362 sqft |
| 2019-12-01 | 67 days | 2,360 sqft |
| 2020-01-01 | 73 days | 2,335 sqft |
| 2020-02-01 | 61 days | 2,357 sqft |
| 2020-03-01 | 41 days | 2,388 sqft |
| 2020-04-01 | 43 days | 2,328 sqft |
| 2020-05-01 | 56 days | 2,409 sqft |
| 2020-06-01 | 50 days | 2,437 sqft |
| 2020-07-01 | 45 days | 2,426 sqft |
| 2020-08-01 | 38 days | 2,385 sqft |
| 2020-09-01 | 36 days | 2,356 sqft |
| 2020-10-01 | 37 days | 2,283 sqft |
| 2020-11-01 | 44 days | 2,240 sqft |
| 2020-12-01 | 50 days | 2,200 sqft |
| 2021-01-01 | 52 days | 2,197 sqft |
| 2021-02-01 | 31 days | 2,065 sqft |
| 2021-03-01 | 31 days | 2,089 sqft |
| 2021-04-01 | 27 days | 2,105 sqft |
| 2021-05-01 | 23 days | 2,126 sqft |
| 2021-06-01 | 24 days | 2,096 sqft |
| 2021-07-01 | 26 days | 2,060 sqft |
| 2021-08-01 | 27 days | 2,055 sqft |
| 2021-09-01 | 29 days | 2,071 sqft |
| 2021-10-01 | 32 days | 2,060 sqft |
| 2021-11-01 | 34 days | 2,050 sqft |
| 2021-12-01 | 40 days | 1,997 sqft |
| 2022-01-01 | 41 days | 2,007 sqft |
| 2022-02-01 | 29 days | 1,975 sqft |
| 2022-03-01 | 19 days | 1,985 sqft |
| 2022-04-01 | 19 days | 2,005 sqft |
| 2022-05-01 | 21 days | 2,053 sqft |
| 2022-06-01 | 27 days | 2,110 sqft |
| 2022-07-01 | 31 days | 2,086 sqft |
| 2022-08-01 | 37 days | 2,084 sqft |
| 2022-09-01 | 43 days | 2,083 sqft |
| 2022-10-01 | 45 days | 2,053 sqft |
| 2022-11-01 | 48 days | 2,019 sqft |
| 2022-12-01 | 60 days | 1,957 sqft |
Charlotte's median square footage for active listings during the 2022-12-01 period was 1,957 sqft. One year prior, the average listing was 1,997 sqft.