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 275 lenders originated 8,434 FHA loans during 2022. The total origination value was $2,322,420,000, with an average FHA loan value of $275,364.
Charlotte FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Charlotte
averaged
-0.48%
for the week of 2023-11-24, compared to the national average (all FHA variants) of
0% for the same period.
Charlotte's average FHA mortgage closing costs are $7,583.
The average rate for the prior week (2023-11-17) was
6.41% and
one month ago for the week of 2023-10-20, the
average rate was 7.02%.
The average rate one year ago was 6.15%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.39%.
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
942 FHA loans originated. Their average total fees are
$10,860, which is $513
higher than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Charlotte FHA lenders (with over 10 loans originated) are
CAPITAL CENTER, L.L.C. ($5,683), EVERETT FINANCIAL, INC. ($5,878), Fifth Third Bank ($6,462), Bank of America ($6,742) and Wells Fargo Bank ($7,073).
The lowest rate Charlotte FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (3.76%), LOANPAL, LLC (3.76%), First Guaranty Mortgage Corporation (3.80%), CAPITAL CENTER, L.L.C. (4.02%) and LAKEVIEW LOAN SERVICING, LLC (4.05%).
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 | $337,404 (8.9%) | $436,723 (7.7%) | 1.25 | 6,862 |
| 2018-02-01 | $338,498 (6.5%) | $442,534 (6.0%) | 1.23 | 6,894 |
| 2018-03-01 | $349,000 (5.8%) | $452,035 (4.6%) | 1.22 | 7,193 |
| 2018-04-01 | $352,725 (3.8%) | $462,981 (4.3%) | 1.20 | 7,507 |
| 2018-05-01 | $354,581 (2.1%) | $468,150 (3.3%) | 1.18 | 7,951 |
| 2018-06-01 | $352,490 (1.2%) | $464,150 (1.7%) | 1.18 | 8,421 |
| 2018-07-01 | $347,000 (0.6%) | $453,295 (0.7%) | 1.16 | 8,766 |
| 2018-08-01 | $339,997 (0.2%) | $445,653 (1.1%) | 1.14 | 8,906 |
| 2018-09-01 | $339,900 (0.7%) | $443,305 (1.2%) | 1.14 | 8,965 |
| 2018-10-01 | $333,600 (-1.3%) | $435,917 (-0.7%) | 1.13 | 9,032 |
| 2018-11-01 | $329,950 (-0.9%) | $432,475 (-0.3%) | 1.12 | 8,853 |
| 2018-12-01 | $325,000 (-2.0%) | $428,455 (-0.6%) | 1.12 | 8,316 |
| 2019-01-01 | $325,000 (-3.7%) | $428,858 (-1.8%) | 1.12 | 7,890 |
| 2019-02-01 | $329,862 (-2.6%) | $439,617 (-0.7%) | 1.11 | 7,891 |
| 2019-03-01 | $341,329 (-2.2%) | $461,445 (2.1%) | 1.12 | 7,937 |
| 2019-04-01 | $349,950 (-0.8%) | $474,852 (2.6%) | 1.11 | 8,117 |
| 2019-05-01 | $355,750 (0.3%) | $478,323 (2.2%) | 1.11 | 8,342 |
| 2019-06-01 | $358,250 (1.6%) | $477,698 (2.9%) | 1.12 | 8,496 |
| 2019-07-01 | $349,938 (0.9%) | $457,648 (1.0%) | 1.10 | 8,510 |
| 2019-08-01 | $345,109 (1.5%) | $455,280 (2.2%) | 1.09 | 8,491 |
| 2019-09-01 | $339,423 (-0.1%) | $457,282 (3.2%) | 1.09 | 8,405 |
| 2019-10-01 | $335,632 (0.6%) | $449,709 (3.2%) | 1.08 | 8,311 |
| 2019-11-01 | $334,750 (1.5%) | $435,472 (0.7%) | 1.10 | 7,819 |
| 2019-12-01 | $335,950 (3.4%) | $436,906 (2.0%) | 1.12 | 7,001 |
| 2020-01-01 | $336,685 (3.6%) | $443,376 (3.4%) | 1.13 | 6,365 |
| 2020-02-01 | $340,950 (3.4%) | $460,403 (4.7%) | 1.12 | 5,751 |
| 2020-03-01 | $349,950 (2.5%) | $477,904 (3.6%) | 1.10 | 5,974 |
| 2020-04-01 | $340,320 (-2.8%) | $459,641 (-3.2%) | 1.07 | 6,501 |
| 2020-05-01 | $352,578 (-0.9%) | $484,575 (1.3%) | 1.07 | 6,267 |
| 2020-06-01 | $367,327 (2.5%) | $509,056 (6.6%) | 1.08 | 5,336 |
| 2020-07-01 | $369,450 (5.6%) | $513,038 (12.1%) | 1.07 | 4,736 |
| 2020-08-01 | $369,900 (7.2%) | $515,844 (13.3%) | 1.06 | 4,559 |
| 2020-09-01 | $373,795 (10.1%) | $520,579 (13.8%) | 1.07 | 4,441 |
| 2020-10-01 | $368,950 (9.9%) | $516,057 (14.8%) | 1.06 | 4,335 |
| 2020-11-01 | $374,950 (12.0%) | $519,927 (19.4%) | 1.10 | 4,044 |
| 2020-12-01 | $372,305 (10.8%) | $513,404 (17.5%) | 1.11 | 3,533 |
| 2021-01-01 | $367,391 (9.1%) | $508,639 (14.7%) | 1.10 | 3,036 |
| 2021-02-01 | $362,475 (6.3%) | $510,995 (11.0%) | 1.06 | 2,641 |
| 2021-03-01 | $375,070 (7.2%) | $544,797 (14.0%) | 1.06 | 2,331 |
| 2021-04-01 | $385,000 (13.1%) | $553,542 (20.4%) | 1.04 | 2,319 |
| 2021-05-01 | $389,000 (10.3%) | $550,077 (13.5%) | 1.03 | 2,462 |
| 2021-06-01 | $388,770 (5.8%) | $541,537 (6.4%) | 1.02 | 2,788 |
| 2021-07-01 | $385,000 (4.2%) | $527,577 (2.8%) | 1.02 | 3,072 |
| 2021-08-01 | $387,021 (4.6%) | $516,217 (0.1%) | 1.03 | 3,258 |
| 2021-09-01 | $388,437 (3.9%) | $523,023 (0.5%) | 1.04 | 3,293 |
| 2021-10-01 | $397,950 (7.9%) | $524,181 (1.6%) | 1.06 | 3,245 |
| 2021-11-01 | $399,000 (6.4%) | $520,010 (0.0%) | 1.07 | 3,063 |
| 2021-12-01 | $389,990 (4.8%) | $517,189 (0.7%) | 1.06 | 2,593 |
| 2022-01-01 | $395,000 (7.5%) | $525,360 (3.3%) | 1.07 | 2,145 |
| 2022-02-01 | $390,950 (7.9%) | $544,943 (6.6%) | 1.02 | 1,847 |
| 2022-03-01 | $399,950 (6.6%) | $554,088 (1.7%) | 1.00 | 1,949 |
| 2022-04-01 | $414,210 (7.6%) | $579,621 (4.7%) | 0.99 | 2,166 |
| 2022-05-01 | $430,000 (10.5%) | $592,956 (7.8%) | 0.98 | 2,950 |
| 2022-06-01 | $441,004 (13.4%) | $593,138 (9.5%) | 0.98 | 3,721 |
| 2022-07-01 | $429,900 (11.7%) | $574,871 (9.0%) | 0.97 | 5,056 |
| 2022-08-01 | $425,000 (9.8%) | $564,407 (9.3%) | 0.98 | 5,434 |
| 2022-09-01 | $419,450 (8.0%) | $564,344 (7.9%) | 0.98 | 5,490 |
| 2022-10-01 | $410,995 (3.3%) | $549,205 (4.8%) | 0.97 | 5,765 |
| 2022-11-01 | $400,000 (0.3%) | $538,071 (3.5%) | 0.96 | 6,002 |
| 2022-12-01 | $395,000 (1.3%) | $526,293 (1.8%) | 0.98 | 5,488 |
| 2023-01-01 | $392,909 (-0.5%) | $527,096 (0.3%) | 0.97 | 4,963 |
| 2023-02-01 | $396,250 (1.4%) | $538,834 (-1.1%) | 0.96 | 4,404 |
| 2023-03-01 | $400,450 (0.1%) | $555,443 (0.2%) | 0.94 | 4,115 |
| 2023-04-01 | $424,999 (2.6%) | $588,747 (1.6%) | 0.99 | 4,030 |
| 2023-05-01 | $434,881 (1.1%) | $623,970 (5.2%) | 0.99 | 3,970 |
| 2023-06-01 | $441,238 (0.1%) | $642,071 (8.3%) | 0.99 | 4,108 |
| 2023-07-01 | $439,990 (2.4%) | $635,807 (10.6%) | 1.00 | 4,235 |
| 2023-08-01 | $429,736 (1.1%) | $620,073 (9.9%) | 0.99 | 4,400 |
| 2023-09-01 | $425,000 (1.3%) | $618,600 (9.6%) | 0.99 | 4,629 |
| 2023-10-01 | $420,948 (2.4%) | $601,721 (9.6%) | 0.99 | 5,106 |
Charlotte's median listing price comes in at 99% of the national average.
Charlotte's average listing price for 2023-10-01 was $601,721, a difference of $52,516 (9.6%) versus the prior year and $-16,879 versus the prior month.
For the 2023-10-01 period, Charlotte had 5,106 MLS listings, a difference of 477 listings (10%) versus the prior month and -659 listings (-11%) 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 | 2,573 sqft |
| 2018-02-01 | 69 days | 2,556 sqft |
| 2018-03-01 | 46 days | 2,621 sqft |
| 2018-04-01 | 45 days | 2,639 sqft |
| 2018-05-01 | 45 days | 2,650 sqft |
| 2018-06-01 | 46 days | 2,650 sqft |
| 2018-07-01 | 50 days | 2,601 sqft |
| 2018-08-01 | 51 days | 2,560 sqft |
| 2018-09-01 | 56 days | 2,540 sqft |
| 2018-10-01 | 59 days | 2,499 sqft |
| 2018-11-01 | 59 days | 2,467 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 | 2,518 sqft |
| 2019-05-01 | 46 days | 2,557 sqft |
| 2019-06-01 | 47 days | 2,547 sqft |
| 2019-07-01 | 50 days | 2,481 sqft |
| 2019-08-01 | 50 days | 2,435 sqft |
| 2019-09-01 | 52 days | 2,405 sqft |
| 2019-10-01 | 53 days | 2,386 sqft |
| 2019-11-01 | 56 days | 2,362 sqft |
| 2019-12-01 | 64 days | 2,358 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 | 2,425 sqft |
| 2020-08-01 | 37 days | 2,385 sqft |
| 2020-09-01 | 33 days | 2,356 sqft |
| 2020-10-01 | 35 days | 2,279 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 | 2,058 sqft |
| 2021-03-01 | 28 days | 2,076 sqft |
| 2021-04-01 | 25 days | 2,099 sqft |
| 2021-05-01 | 22 days | 2,110 sqft |
| 2021-06-01 | 23 days | 2,090 sqft |
| 2021-07-01 | 24 days | 2,058 sqft |
| 2021-08-01 | 25 days | 2,049 sqft |
| 2021-09-01 | 28 days | 2,067 sqft |
| 2021-10-01 | 30 days | 2,055 sqft |
| 2021-11-01 | 31 days | 2,047 sqft |
| 2021-12-01 | 38 days | 1,990 sqft |
| 2022-01-01 | 39 days | 1,997 sqft |
| 2022-02-01 | 26 days | 1,964 sqft |
| 2022-03-01 | 17 days | 1,983 sqft |
| 2022-04-01 | 17 days | 2,003 sqft |
| 2022-05-01 | 20 days | 2,053 sqft |
| 2022-06-01 | 27 days | 2,113 sqft |
| 2022-07-01 | 30 days | 2,098 sqft |
| 2022-08-01 | 36 days | 2,093 sqft |
| 2022-09-01 | 43 days | 2,088 sqft |
| 2022-10-01 | 44 days | 2,060 sqft |
| 2022-11-01 | 47 days | 2,027 sqft |
| 2022-12-01 | 58 days | 1,966 sqft |
| 2023-01-01 | 67 days | 1,950 sqft |
| 2023-02-01 | 55 days | 1,955 sqft |
| 2023-03-01 | 42 days | 1,972 sqft |
| 2023-04-01 | 39 days | 2,018 sqft |
| 2023-05-01 | 39 days | 2,058 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 |
Charlotte's median square footage for active listings during the 2023-10-01 period was 2,000 sqft. One year prior, the average listing was 2,060 sqft.