Charlotte FHA Loans
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
5.88%
for the week of 2022-09-23, compared to the national average (all FHA variants) of
6.08% for the same period.
The average rate for the prior week (2022-09-16) was
5.88% and
one month ago for the week of 2022-08-19, the
average rate was 5.2%.
The average rate one year ago was 3.04%.
For refis of the same type during the week of 2022-09-23, the average rate
was 5.79%.
Charlotte 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 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 | $334,995 (9.1%) | $435,018 (8.4%) | 1.23 | 7,086 |
| 2018-02-01 | $335,000 (5.6%) | $439,756 (6.2%) | 1.21 | 7,101 |
| 2018-03-01 | $345,000 (5.0%) | $449,677 (4.9%) | 1.19 | 7,375 |
| 2018-04-01 | $350,000 (3.3%) | $460,762 (4.7%) | 1.17 | 7,670 |
| 2018-05-01 | $354,500 (2.8%) | $467,397 (3.6%) | 1.18 | 8,117 |
| 2018-06-01 | $353,900 (2.1%) | $464,835 (2.6%) | 1.18 | 8,565 |
| 2018-07-01 | $347,000 (1.5%) | $453,158 (1.0%) | 1.16 | 8,959 |
| 2018-08-01 | $340,000 (0.6%) | $445,389 (1.8%) | 1.14 | 9,185 |
| 2018-09-01 | $339,759 (1.4%) | $444,463 (1.8%) | 1.14 | 9,057 |
| 2018-10-01 | $332,962 (-0.9%) | $435,477 (-0.5%) | 1.11 | 9,253 |
| 2018-11-01 | $329,900 (0.0%) | $431,793 (-0.2%) | 1.11 | 9,061 |
| 2018-12-01 | $325,000 (-1.5%) | $428,175 (-0.4%) | 1.11 | 8,540 |
| 2019-01-01 | $325,000 (-3.0%) | $429,457 (-1.3%) | 1.12 | 8,029 |
| 2019-02-01 | $329,900 (-1.5%) | $439,863 (0.0%) | 1.11 | 7,999 |
| 2019-03-01 | $341,386 (-1.1%) | $465,785 (3.6%) | 1.11 | 8,053 |
| 2019-04-01 | $349,950 (0.0%) | $479,677 (4.1%) | 1.10 | 8,207 |
| 2019-05-01 | $357,058 (0.7%) | $480,080 (2.7%) | 1.10 | 8,408 |
| 2019-06-01 | $359,000 (1.4%) | $478,240 (2.9%) | 1.11 | 8,597 |
| 2019-07-01 | $349,950 (0.9%) | $459,323 (1.4%) | 1.09 | 8,582 |
| 2019-08-01 | $345,531 (1.6%) | $451,051 (1.3%) | 1.09 | 8,422 |
| 2019-09-01 | $339,900 (0.0%) | $464,941 (4.6%) | 1.08 | 8,233 |
| 2019-10-01 | $335,900 (0.9%) | $460,338 (5.7%) | 1.07 | 8,452 |
| 2019-11-01 | $335,000 (1.6%) | $439,094 (1.7%) | 1.08 | 7,897 |
| 2019-12-01 | $339,700 (4.5%) | $442,484 (3.3%) | 1.13 | 7,041 |
| 2020-01-01 | $339,200 (4.4%) | $447,774 (4.3%) | 1.13 | 6,371 |
| 2020-02-01 | $345,000 (4.6%) | $465,061 (5.7%) | 1.11 | 5,729 |
| 2020-03-01 | $352,930 (3.4%) | $482,844 (3.7%) | 1.10 | 5,924 |
| 2020-04-01 | $345,000 (-1.4%) | $462,585 (-3.6%) | 1.07 | 6,526 |
| 2020-05-01 | $355,000 (-0.6%) | $484,585 (0.9%) | 1.08 | 6,234 |
| 2020-06-01 | $369,955 (3.1%) | $512,270 (7.1%) | 1.08 | 5,263 |
| 2020-07-01 | $373,500 (6.7%) | $517,040 (12.6%) | 1.07 | 4,748 |
| 2020-08-01 | $375,000 (8.5%) | $520,259 (15.3%) | 1.07 | 4,517 |
| 2020-09-01 | $377,413 (11.0%) | $525,716 (13.1%) | 1.08 | 4,404 |
| 2020-10-01 | $374,653 (11.5%) | $522,120 (13.4%) | 1.07 | 4,313 |
| 2020-11-01 | $375,000 (11.9%) | $524,101 (19.4%) | 1.07 | 4,011 |
| 2020-12-01 | $374,320 (10.2%) | $516,003 (16.6%) | 1.10 | 3,487 |
| 2021-01-01 | $368,500 (8.6%) | $512,534 (14.5%) | 1.08 | 3,086 |
| 2021-02-01 | $364,315 (5.6%) | $514,795 (10.7%) | 1.05 | 2,582 |
| 2021-03-01 | $377,450 (7.0%) | $546,204 (13.1%) | 1.06 | 2,220 |
| 2021-04-01 | $389,000 (12.8%) | $558,932 (20.8%) | 1.05 | 2,147 |
| 2021-05-01 | $390,000 (9.9%) | $552,769 (14.1%) | 1.03 | 2,310 |
| 2021-06-01 | $389,693 (5.3%) | $546,560 (6.7%) | 1.01 | 2,642 |
| 2021-07-01 | $389,950 (4.4%) | $532,239 (2.9%) | 1.01 | 2,922 |
| 2021-08-01 | $385,450 (2.8%) | $516,459 (-0.7%) | 1.01 | 3,181 |
| 2021-09-01 | $390,923 (3.6%) | $525,209 (-0.1%) | 1.03 | 3,189 |
| 2021-10-01 | $399,900 (6.7%) | $528,042 (1.1%) | 1.05 | 3,108 |
| 2021-11-01 | $399,500 (6.5%) | $526,241 (0.4%) | 1.05 | 2,987 |
| 2021-12-01 | $395,000 (5.5%) | $525,691 (1.9%) | 1.05 | 2,542 |
| 2022-01-01 | $399,950 (8.5%) | $537,013 (4.8%) | 1.07 | 2,036 |
| 2022-02-01 | $399,089 (9.5%) | $550,494 (6.9%) | 1.02 | 1,728 |
| 2022-03-01 | $409,500 (8.5%) | $562,198 (2.9%) | 1.01 | 1,803 |
| 2022-04-01 | $419,000 (7.7%) | $584,282 (4.5%) | 0.99 | 2,054 |
| 2022-05-01 | $434,894 (11.5%) | $598,284 (8.2%) | 0.97 | 2,797 |
| 2022-06-01 | $445,000 (14.2%) | $596,831 (9.2%) | 0.99 | 3,612 |
| 2022-07-01 | $430,000 (10.3%) | $578,899 (8.8%) | 0.96 | 4,959 |
| 2022-08-01 | $425,000 (10.3%) | $568,828 (10.1%) | 0.98 | 5,227 |
Charlotte's median listing price comes in at 98% of the national average.
Charlotte's average listing price for 2022-08-01 was $568,828, a difference of $52,369 (10.1%) versus the prior year and $-10,071 versus the prior month.
For the 2022-08-01 period, Charlotte had 5,227 MLS listings, a difference of 268 listings (5%) versus the prior month and 2,046 listings (64%) 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 | 85 days | 2,556 sqft |
| 2018-02-01 | 74 days | 2,546 sqft |
| 2018-03-01 | 52 days | 2,618 sqft |
| 2018-04-01 | 50 days | 2,638 sqft |
| 2018-05-01 | 49 days | 2,653 sqft |
| 2018-06-01 | 50 days | 2,656 sqft |
| 2018-07-01 | 53 days | 2,613 sqft |
| 2018-08-01 | 54 days | 2,572 sqft |
| 2018-09-01 | 58 days | 2,540 sqft |
| 2018-10-01 | 63 days | 2,504 sqft |
| 2018-11-01 | 63 days | 2,470 sqft |
| 2018-12-01 | 70 days | 2,439 sqft |
| 2019-01-01 | 77 days | 2,417 sqft |
| 2019-02-01 | 70 days | 2,427 sqft |
| 2019-03-01 | 56 days | 2,483 sqft |
| 2019-04-01 | 51 days | 2,522 sqft |
| 2019-05-01 | 49 days | 2,563 sqft |
| 2019-06-01 | 50 days | 2,553 sqft |
| 2019-07-01 | 51 days | 2,488 sqft |
| 2019-08-01 | 52 days | 2,451 sqft |
| 2019-09-01 | 56 days | 2,425 sqft |
| 2019-10-01 | 57 days | 2,394 sqft |
| 2019-11-01 | 57 days | 2,382 sqft |
| 2019-12-01 | 67 days | 2,375 sqft |
| 2020-01-01 | 74 days | 2,359 sqft |
| 2020-02-01 | 64 days | 2,368 sqft |
| 2020-03-01 | 43 days | 2,418 sqft |
| 2020-04-01 | 43 days | 2,347 sqft |
| 2020-05-01 | 57 days | 2,413 sqft |
| 2020-06-01 | 53 days | 2,443 sqft |
| 2020-07-01 | 48 days | 2,436 sqft |
| 2020-08-01 | 42 days | 2,406 sqft |
| 2020-09-01 | 38 days | 2,376 sqft |
| 2020-10-01 | 41 days | 2,304 sqft |
| 2020-11-01 | 44 days | 2,246 sqft |
| 2020-12-01 | 51 days | 2,204 sqft |
| 2021-01-01 | 55 days | 2,200 sqft |
| 2021-02-01 | 35 days | 2,078 sqft |
| 2021-03-01 | 34 days | 2,095 sqft |
| 2021-04-01 | 32 days | 2,106 sqft |
| 2021-05-01 | 28 days | 2,134 sqft |
| 2021-06-01 | 27 days | 2,109 sqft |
| 2021-07-01 | 28 days | 2,076 sqft |
| 2021-08-01 | 28 days | 2,053 sqft |
| 2021-09-01 | 31 days | 2,073 sqft |
| 2021-10-01 | 32 days | 2,063 sqft |
| 2021-11-01 | 34 days | 2,049 sqft |
| 2021-12-01 | 40 days | 1,997 sqft |
| 2022-01-01 | 45 days | 2,010 sqft |
| 2022-02-01 | 31 days | 1,981 sqft |
| 2022-03-01 | 20 days | 1,985 sqft |
| 2022-04-01 | 20 days | 2,005 sqft |
| 2022-05-01 | 23 days | 2,056 sqft |
| 2022-06-01 | 29 days | 2,114 sqft |
| 2022-07-01 | 33 days | 2,083 sqft |
| 2022-08-01 | 37 days | 2,081 sqft |
Charlotte's median square footage for active listings during the 2022-08-01 period was 2,081 sqft. One year prior, the average listing was 2,053 sqft.
