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 252 lenders originated 8,575 FHA loans during 2023. The total origination value was $2,599,665,000, with an average FHA loan value of $303,168.
Charlotte FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Charlotte
averaged
6.47%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Charlotte's average FHA mortgage closing costs are $8,244.
The average rate for the prior week (2024-04-12) was
6.56% and
one month ago for the week of 2024-03-15, the
average rate was 6.53%.
The average rate one year ago was 5.95%.
For refis of the same type during the week of 2024-04-19, the average rate
was 7.1%.
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
878 FHA loans originated. Their average total fees are
$12,232, which is $813
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Charlotte FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. ($6,815), Fifth Third Bank ($7,418), First Federal Bank ($7,959), PULTE MORTGAGE LLC ($9,299) and Mortgage Research Center, LLC ($9,381).
The lowest rate Charlotte FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.48%), MICHIGAN MUTUAL, INC. (5.53%), MATTAMY HOME FUNDING, LLC (5.60%), INSPIRE HOME LOANS INC. (5.66%) and NVR Mortgage Finance, Inc. (5.73%).
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 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | ANSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | CABARRUS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | GASTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | IREDELL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | LINCOLN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | MECKLENBURG | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | ROWAN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | UNION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | CHESTER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | LANCASTER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | YORK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
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 | $337,402 (8.9%) | $436,934 (7.7%) | 1.25 | 6,854 |
| 2018-02-01 | $338,500 (6.5%) | $442,760 (6.0%) | 1.23 | 6,890 |
| 2018-03-01 | $349,000 (5.8%) | $452,256 (4.6%) | 1.22 | 7,189 |
| 2018-04-01 | $352,916 (3.8%) | $463,121 (4.3%) | 1.20 | 7,505 |
| 2018-05-01 | $354,719 (2.2%) | $468,323 (3.4%) | 1.18 | 7,951 |
| 2018-06-01 | $352,758 (1.3%) | $464,301 (1.8%) | 1.18 | 8,425 |
| 2018-07-01 | $347,000 (0.6%) | $453,480 (0.7%) | 1.16 | 8,769 |
| 2018-08-01 | $340,000 (0.2%) | $445,833 (1.1%) | 1.14 | 8,908 |
| 2018-09-01 | $339,900 (0.7%) | $443,535 (1.2%) | 1.14 | 8,965 |
| 2018-10-01 | $333,975 (-1.2%) | $436,164 (-0.7%) | 1.13 | 9,032 |
| 2018-11-01 | $329,950 (-0.9%) | $432,745 (-0.3%) | 1.12 | 8,853 |
| 2018-12-01 | $325,000 (-2.0%) | $428,688 (-0.6%) | 1.12 | 8,317 |
| 2019-01-01 | $325,000 (-3.7%) | $429,118 (-1.8%) | 1.12 | 7,890 |
| 2019-02-01 | $329,900 (-2.5%) | $439,798 (-0.7%) | 1.11 | 7,891 |
| 2019-03-01 | $341,329 (-2.2%) | $461,575 (2.1%) | 1.12 | 7,939 |
| 2019-04-01 | $349,950 (-0.8%) | $474,915 (2.6%) | 1.11 | 8,122 |
| 2019-05-01 | $355,750 (0.3%) | $478,421 (2.2%) | 1.11 | 8,347 |
| 2019-06-01 | $358,500 (1.6%) | $477,847 (2.9%) | 1.12 | 8,499 |
| 2019-07-01 | $349,950 (0.9%) | $457,689 (0.9%) | 1.10 | 8,511 |
| 2019-08-01 | $345,109 (1.5%) | $455,218 (2.1%) | 1.09 | 8,487 |
| 2019-09-01 | $339,423 (-0.1%) | $457,231 (3.1%) | 1.09 | 8,399 |
| 2019-10-01 | $335,632 (0.5%) | $449,668 (3.1%) | 1.08 | 8,304 |
| 2019-11-01 | $334,750 (1.5%) | $435,540 (0.7%) | 1.10 | 7,812 |
| 2019-12-01 | $335,882 (3.4%) | $436,961 (1.9%) | 1.12 | 6,995 |
| 2020-01-01 | $336,675 (3.6%) | $443,443 (3.3%) | 1.13 | 6,361 |
| 2020-02-01 | $340,888 (3.3%) | $460,397 (4.7%) | 1.12 | 5,749 |
| 2020-03-01 | $349,950 (2.5%) | $477,868 (3.5%) | 1.10 | 5,975 |
| 2020-04-01 | $340,320 (-2.8%) | $459,662 (-3.2%) | 1.07 | 6,500 |
| 2020-05-01 | $352,938 (-0.8%) | $484,739 (1.3%) | 1.07 | 6,263 |
| 2020-06-01 | $367,405 (2.5%) | $509,202 (6.6%) | 1.08 | 5,332 |
| 2020-07-01 | $369,450 (5.6%) | $513,307 (12.2%) | 1.07 | 4,730 |
| 2020-08-01 | $369,900 (7.2%) | $515,953 (13.3%) | 1.06 | 4,557 |
| 2020-09-01 | $373,591 (10.1%) | $520,568 (13.9%) | 1.07 | 4,440 |
| 2020-10-01 | $368,732 (9.9%) | $516,090 (14.8%) | 1.06 | 4,332 |
| 2020-11-01 | $374,950 (12.0%) | $519,927 (19.4%) | 1.10 | 4,040 |
| 2020-12-01 | $372,061 (10.8%) | $513,364 (17.5%) | 1.11 | 3,530 |
| 2021-01-01 | $367,391 (9.1%) | $508,532 (14.7%) | 1.10 | 3,034 |
| 2021-02-01 | $362,500 (6.3%) | $511,201 (11.0%) | 1.06 | 2,639 |
| 2021-03-01 | $375,070 (7.2%) | $545,201 (14.1%) | 1.06 | 2,329 |
| 2021-04-01 | $385,000 (13.1%) | $554,098 (20.5%) | 1.04 | 2,311 |
| 2021-05-01 | $389,000 (10.2%) | $550,233 (13.5%) | 1.03 | 2,456 |
| 2021-06-01 | $388,750 (5.8%) | $541,814 (6.4%) | 1.02 | 2,783 |
| 2021-07-01 | $385,975 (4.5%) | $527,944 (2.9%) | 1.02 | 3,060 |
| 2021-08-01 | $388,250 (5.0%) | $516,997 (0.2%) | 1.04 | 3,242 |
| 2021-09-01 | $389,215 (4.2%) | $524,313 (0.7%) | 1.04 | 3,269 |
| 2021-10-01 | $398,430 (8.1%) | $525,286 (1.8%) | 1.06 | 3,215 |
| 2021-11-01 | $399,000 (6.4%) | $521,379 (0.3%) | 1.07 | 3,032 |
| 2021-12-01 | $392,000 (5.4%) | $519,938 (1.3%) | 1.06 | 2,550 |
| 2022-01-01 | $399,000 (8.6%) | $529,046 (4.0%) | 1.08 | 2,098 |
| 2022-02-01 | $397,750 (9.7%) | $550,199 (7.6%) | 1.03 | 1,800 |
| 2022-03-01 | $403,994 (7.7%) | $559,287 (2.6%) | 1.01 | 1,895 |
| 2022-04-01 | $415,000 (7.8%) | $582,445 (5.1%) | 0.99 | 2,134 |
| 2022-05-01 | $432,245 (11.1%) | $596,914 (8.5%) | 0.99 | 2,880 |
| 2022-06-01 | $445,383 (14.6%) | $597,206 (10.2%) | 0.99 | 3,649 |
| 2022-07-01 | $432,000 (11.9%) | $578,299 (9.5%) | 0.97 | 4,965 |
| 2022-08-01 | $425,000 (9.5%) | $567,894 (9.8%) | 0.98 | 5,333 |
| 2022-09-01 | $420,500 (8.0%) | $567,737 (8.3%) | 0.98 | 5,389 |
| 2022-10-01 | $415,000 (4.2%) | $552,120 (5.1%) | 0.98 | 5,668 |
| 2022-11-01 | $403,900 (1.2%) | $540,222 (3.6%) | 0.97 | 5,924 |
| 2022-12-01 | $396,590 (1.2%) | $528,046 (1.6%) | 0.98 | 5,428 |
| 2023-01-01 | $395,000 (-1.0%) | $528,802 (-0.1%) | 0.98 | 4,914 |
| 2023-02-01 | $397,227 (-0.1%) | $540,298 (-1.8%) | 0.96 | 4,367 |
| 2023-03-01 | $401,784 (-0.6%) | $556,878 (-0.4%) | 0.95 | 4,088 |
| 2023-04-01 | $425,000 (2.4%) | $590,203 (1.3%) | 0.99 | 4,010 |
| 2023-05-01 | $434,881 (0.6%) | $624,514 (4.6%) | 0.99 | 3,964 |
| 2023-06-01 | $440,975 (-1.0%) | $642,110 (7.5%) | 0.99 | 4,109 |
| 2023-07-01 | $439,900 (1.8%) | $635,874 (10.0%) | 1.00 | 4,234 |
| 2023-08-01 | $429,736 (1.1%) | $620,073 (9.2%) | 0.99 | 4,400 |
| 2023-09-01 | $425,000 (1.1%) | $618,600 (9.0%) | 0.99 | 4,629 |
| 2023-10-01 | $420,948 (1.4%) | $601,721 (9.0%) | 0.99 | 5,106 |
| 2023-11-01 | $414,945 (2.7%) | $587,807 (8.8%) | 0.99 | 5,285 |
| 2023-12-01 | $400,000 (0.9%) | $572,924 (8.5%) | 0.98 | 5,014 |
| 2024-01-01 | $400,000 (1.3%) | $575,941 (8.9%) | 0.98 | 4,626 |
| 2024-02-01 | $400,000 (0.7%) | $590,355 (9.3%) | 0.96 | 4,571 |
| 2024-03-01 | $410,104 (2.1%) | $596,803 (7.2%) | 0.97 | 4,902 |
Charlotte's median listing price comes in at 97% of the national average.
Charlotte's average listing price for 2024-03-01 was $596,803, a difference of $39,925 (7.2%) versus the prior year and $6,448 versus the prior month.
For the 2024-03-01 period, Charlotte had 4,902 MLS listings, a difference of 331 listings (7%) versus the prior month and 814 listings (20%) 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 | 79 days | 2,580 sqft |
| 2018-02-01 | 69 days | 2,556 sqft |
| 2018-03-01 | 46 days | 2,622 sqft |
| 2018-04-01 | 45 days | 2,639 sqft |
| 2018-05-01 | 45 days | 2,651 sqft |
| 2018-06-01 | 46 days | 2,650 sqft |
| 2018-07-01 | 50 days | 2,602 sqft |
| 2018-08-01 | 51 days | 2,560 sqft |
| 2018-09-01 | 56 days | 2,540 sqft |
| 2018-10-01 | 59 days | 2,500 sqft |
| 2018-11-01 | 59 days | 2,468 sqft |
| 2018-12-01 | 65 days | 2,432 sqft |
| 2019-01-01 | 72 days | 2,416 sqft |
| 2019-02-01 | 63 days | 2,423 sqft |
| 2019-03-01 | 51 days | 2,480 sqft |
| 2019-04-01 | 46 days | 2,519 sqft |
| 2019-05-01 | 46 days | 2,558 sqft |
| 2019-06-01 | 47 days | 2,547 sqft |
| 2019-07-01 | 50 days | 2,482 sqft |
| 2019-08-01 | 50 days | 2,436 sqft |
| 2019-09-01 | 52 days | 2,407 sqft |
| 2019-10-01 | 53 days | 2,387 sqft |
| 2019-11-01 | 55 days | 2,362 sqft |
| 2019-12-01 | 64 days | 2,359 sqft |
| 2020-01-01 | 70 days | 2,334 sqft |
| 2020-02-01 | 57 days | 2,356 sqft |
| 2020-03-01 | 38 days | 2,388 sqft |
| 2020-04-01 | 41 days | 2,327 sqft |
| 2020-05-01 | 52 days | 2,409 sqft |
| 2020-06-01 | 45 days | 2,437 sqft |
| 2020-07-01 | 42 days | 2,424 sqft |
| 2020-08-01 | 37 days | 2,384 sqft |
| 2020-09-01 | 33 days | 2,356 sqft |
| 2020-10-01 | 35 days | 2,278 sqft |
| 2020-11-01 | 41 days | 2,236 sqft |
| 2020-12-01 | 47 days | 2,195 sqft |
| 2021-01-01 | 46 days | 2,192 sqft |
| 2021-02-01 | 30 days | 2,057 sqft |
| 2021-03-01 | 28 days | 2,077 sqft |
| 2021-04-01 | 25 days | 2,097 sqft |
| 2021-05-01 | 22 days | 2,110 sqft |
| 2021-06-01 | 22 days | 2,088 sqft |
| 2021-07-01 | 24 days | 2,058 sqft |
| 2021-08-01 | 25 days | 2,047 sqft |
| 2021-09-01 | 28 days | 2,061 sqft |
| 2021-10-01 | 30 days | 2,046 sqft |
| 2021-11-01 | 31 days | 2,040 sqft |
| 2021-12-01 | 38 days | 1,984 sqft |
| 2022-01-01 | 39 days | 1,986 sqft |
| 2022-02-01 | 26 days | 1,958 sqft |
| 2022-03-01 | 17 days | 1,978 sqft |
| 2022-04-01 | 17 days | 1,994 sqft |
| 2022-05-01 | 20 days | 2,042 sqft |
| 2022-06-01 | 26 days | 2,105 sqft |
| 2022-07-01 | 30 days | 2,085 sqft |
| 2022-08-01 | 36 days | 2,082 sqft |
| 2022-09-01 | 43 days | 2,079 sqft |
| 2022-10-01 | 44 days | 2,049 sqft |
| 2022-11-01 | 47 days | 2,017 sqft |
| 2022-12-01 | 57 days | 1,959 sqft |
| 2023-01-01 | 67 days | 1,938 sqft |
| 2023-02-01 | 55 days | 1,952 sqft |
| 2023-03-01 | 42 days | 1,968 sqft |
| 2023-04-01 | 39 days | 2,016 sqft |
| 2023-05-01 | 39 days | 2,056 sqft |
| 2023-06-01 | 38 days | 2,078 sqft |
| 2023-07-01 | 39 days | 2,089 sqft |
| 2023-08-01 | 38 days | 2,050 sqft |
| 2023-09-01 | 40 days | 2,031 sqft |
| 2023-10-01 | 40 days | 2,000 sqft |
| 2023-11-01 | 43 days | 1,945 sqft |
| 2023-12-01 | 53 days | 1,911 sqft |
| 2024-01-01 | 59 days | 1,890 sqft |
| 2024-02-01 | 45 days | 1,886 sqft |
| 2024-03-01 | 38 days | 1,920 sqft |
Charlotte's median square footage for active listings during the 2024-03-01 period was 1,920 sqft. One year prior, the average listing was 1,968 sqft.