Cullowhee FHA Loan Rates, Closing Costs & Stats

Cullowhee, 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.

    Cullowhee's 23 lenders originated 65 FHA loans during 2023. The total origination value was $14,835,000, with an average FHA loan value of $228,231.

    Cullowhee FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cullowhee averaged 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Cullowhee's average FHA mortgage closing costs are $7,625.

    The average rate for the prior week (2024-04-12) was 6.85% and one month ago for the week of 2024-03-15, the average rate was 6.72%.

    The average rate one year ago was 6.65%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Cullowhee 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 Cullowhee level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    HOMESTAR FINANCIAL CORPORATION 8 6.50% $8,061
    CROSSCOUNTRY MORTGAGE, LLC 4 6.81% $11,028
    UNITED WHOLESALE MORTGAGE, LLC 3 6.46% $10,617
    CARDINAL FINANCIAL 3 7.00% $11,969
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.67% $11,070
    VILLAGE CAPITAL MORTGAGE 2 5.88% $13,278
    QUICKEN LOANS, LLC 2 6.74% $16,062
    LOANDEPOT.COM, LLC 2 6.56% $16,405
    MORTGAGE FINANCIAL GROUP, INC. 1 6.25% $19,681
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $9,468
    Nations Lending Corporation 1 7.63% $6,635
    NEW FED MORTGAGE, CORP. 1 6.63% $9,668
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $17,534
    PLAZA HOME MORTGAGE, INC. 1 7.25% $17,428
    RADIUS FINANCIAL GROUP INC. 1 7.00% $17,845
    MIDLAND MORTGAGE CORPORATION 1 6.75% $10,190
    Alcova Mortgage LLC 1 7.75% $13,105
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.50% $10,193
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $16,230
    CMG MORTGAGE, INC. 1 6.13% $11,887
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $6,820
    1ST SIGNATURE LENDING, LLC 1 6.63% $15,178
    MILEND, INC. 1 7.75% $9,674

    The top Cullowhee FHA lender as defined by loan originations is HOMESTAR FINANCIAL CORPORATION, with 8 FHA loans originated. Their average total fees are $8,061, which is $2,967 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Cullowhee FHA lenders (with over 10 loans originated) are .

    The lowest rate Cullowhee FHA lenders (with over 10 loans originated) are .

    Cullowhee FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CULLOWHEE, NC JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    CULLOWHEE, NC SWAIN 2022 $420,680 $538,650 $651,050 $809,150
    CULLOWHEE, NC JACKSON 2023 $472,030 $604,400 $730,525 $907,900
    CULLOWHEE, NC SWAIN 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cullowhee (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 $349,900 (7.0%) $635,275 (8.7%) 0.00 822
    2018-02-01 $350,000 (5.0%) $643,226 (9.5%) 0.00 811
    2018-03-01 $350,000 (0.3%) $646,393 (7.9%) 0.00 817
    2018-04-01 $369,500 (2.9%) $643,586 (4.6%) 0.00 844
    2018-05-01 $377,750 (3.3%) $642,484 (1.8%) 0.00 880
    2018-06-01 $381,950 (3.2%) $648,836 (2.0%) 0.00 935
    2018-07-01 $379,575 (1.2%) $640,208 (0.4%) 0.00 971
    2018-08-01 $385,000 (1.9%) $650,428 (2.7%) 0.00 963
    2018-09-01 $379,900 (-1.3%) $655,584 (2.6%) 0.00 955
    2018-10-01 $379,450 (0.0%) $659,179 (3.2%) 0.00 953
    2018-11-01 $387,000 (2.5%) $662,683 (4.7%) 0.00 894
    2018-12-01 $396,500 (7.2%) $648,059 (1.8%) 0.00 845
    2019-01-01 $385,000 (10.0%) $647,806 (2.0%) 0.00 749
    2019-02-01 $385,000 (10.0%) $647,125 (0.6%) 0.00 749
    2019-03-01 $389,264 (11.2%) $658,362 (1.9%) 0.00 767
    2019-04-01 $396,975 (7.4%) $667,159 (3.7%) 0.00 797
    2019-05-01 $397,250 (5.2%) $661,091 (2.9%) 0.00 880
    2019-06-01 $395,000 (3.4%) $647,419 (-0.2%) 0.00 916
    2019-07-01 $387,475 (2.1%) $634,235 (-0.9%) 0.00 917
    2019-08-01 $386,091 (0.3%) $637,883 (-1.9%) 0.00 904
    2019-09-01 $387,727 (2.1%) $638,923 (-2.5%) 0.00 883
    2019-10-01 $394,000 (3.8%) $642,772 (-2.5%) 0.00 866
    2019-11-01 $399,000 (3.1%) $656,755 (-0.9%) 0.00 799
    2019-12-01 $379,900 (-4.2%) $636,326 (-1.8%) 0.00 772
    2020-01-01 $374,000 (-2.9%) $613,756 (-5.3%) 0.00 704
    2020-02-01 $395,000 (2.6%) $640,753 (-1.0%) 0.00 624
    2020-03-01 $416,375 (7.0%) $661,633 (0.5%) 0.00 641
    2020-04-01 $419,225 (5.6%) $683,877 (2.5%) 0.00 658
    2020-05-01 $425,000 (7.0%) $699,943 (5.9%) 0.00 664
    2020-06-01 $442,000 (11.9%) $727,829 (12.4%) 0.00 637
    2020-07-01 $419,000 (8.1%) $750,930 (18.4%) 0.00 574
    2020-08-01 $425,000 (10.1%) $758,279 (18.9%) 0.00 488
    2020-09-01 $427,975 (10.4%) $756,658 (18.4%) 0.00 424
    2020-10-01 $474,900 (20.5%) $780,625 (21.5%) 0.00 414
    2020-11-01 $511,175 (28.1%) $828,521 (26.2%) 0.00 383
    2020-12-01 $549,913 (44.8%) $875,873 (37.7%) 0.00 355
    2021-01-01 $557,000 (48.9%) $892,664 (45.4%) 0.00 301
    2021-02-01 $529,500 (34.1%) $925,116 (44.4%) 0.00 270
    2021-03-01 $581,000 (39.5%) $957,446 (44.7%) 0.00 248
    2021-04-01 $570,925 (36.2%) $988,120 (44.5%) 0.00 246
    2021-05-01 $579,000 (36.2%) $999,256 (42.8%) 0.00 257
    2021-06-01 $589,000 (33.3%) $1,021,742 (40.4%) 0.00 290
    2021-07-01 $625,000 (49.2%) $1,046,271 (39.3%) 0.00 308
    2021-08-01 $598,000 (40.7%) $1,019,110 (34.4%) 0.00 301
    2021-09-01 $621,500 (45.2%) $1,048,372 (38.6%) 0.00 286
    2021-10-01 $662,450 (39.5%) $1,172,707 (50.2%) 0.00 263
    2021-11-01 $671,500 (31.4%) $1,172,827 (41.6%) 0.00 243
    2021-12-01 $672,000 (22.2%) $1,215,616 (38.8%) 0.00 220
    2022-01-01 $671,450 (20.6%) $1,272,964 (42.6%) 0.00 181
    2022-02-01 $698,500 (31.9%) $1,370,268 (48.1%) 0.00 172
    2022-03-01 $681,075 (17.2%) $1,296,191 (35.4%) 0.00 172
    2022-04-01 $662,500 (16.0%) $1,327,270 (34.3%) 0.00 190
    2022-05-01 $640,950 (10.7%) $1,262,771 (26.4%) 0.00 214
    2022-06-01 $675,000 (14.6%) $1,295,427 (26.8%) 0.00 271
    2022-07-01 $635,000 (1.6%) $1,270,360 (21.4%) 0.00 306
    2022-08-01 $627,250 (4.9%) $1,203,245 (18.1%) 0.00 317
    2022-09-01 $620,850 (-0.1%) $1,114,783 (6.3%) 0.00 319
    2022-10-01 $602,000 (-9.1%) $1,085,158 (-7.5%) 0.00 338
    2022-11-01 $667,000 (-0.7%) $1,176,142 (0.3%) 0.00 306
    2022-12-01 $695,000 (3.4%) $1,202,026 (-1.1%) 0.00 272
    2023-01-01 $693,625 (3.3%) $1,187,861 (-6.7%) 0.00 229
    2023-02-01 $718,875 (2.9%) $1,198,482 (-12.5%) 0.00 220
    2023-03-01 $763,500 (12.1%) $1,243,991 (-4.0%) 0.00 213
    2023-04-01 $749,000 (13.1%) $1,288,004 (-3.0%) 0.00 237
    2023-05-01 $767,225 (19.7%) $1,344,482 (6.5%) 0.00 271
    2023-06-01 $801,075 (18.7%) $1,391,106 (7.4%) 0.00 306
    2023-07-01 $794,000 (25.0%) $1,423,792 (12.1%) 0.00 334
    2023-08-01 $783,000 (24.8%) $1,448,926 (20.4%) 0.00 326
    2023-09-01 $754,500 (21.5%) $1,385,886 (24.3%) 0.00 325
    2023-10-01 $749,500 (24.5%) $1,340,786 (23.6%) 0.00 347
    2023-11-01 $702,249 (5.3%) $1,319,523 (12.2%) 0.00 336
    2023-12-01 $699,000 (0.6%) $1,292,062 (7.5%) 0.00 331
    2024-01-01 $699,000 (0.8%) $1,261,375 (6.2%) 0.00 287
    2024-02-01 $647,225 (-10.0%) $1,242,453 (3.7%) 0.00 284
    2024-03-01 $649,700 (-14.9%) $1,235,809 (-0.7%) 0.00 300
    Cullowhee's median listing price for 2024-03-01 was $649,700, a difference of $-113,800 (-14.9%) versus the prior year and $2,475 versus the prior month.

    Cullowhee's median listing price comes in at 0% of the national average.

    Cullowhee's average listing price for 2024-03-01 was $1,235,809, a difference of $-8,182 (-0.7%) versus the prior year and $-6,644 versus the prior month.

    For the 2024-03-01 period, Cullowhee had 300 MLS listings, a difference of 16 listings (6%) versus the prior month and 87 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cullowhee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,250 sqft
    2018-02-01 0 days 2,250 sqft
    2018-03-01 0 days 2,250 sqft
    2018-04-01 0 days 2,250 sqft
    2018-05-01 0 days 2,250 sqft
    2018-06-01 0 days 2,250 sqft
    2018-07-01 0 days 2,250 sqft
    2018-08-01 0 days 2,250 sqft
    2018-09-01 0 days 2,250 sqft
    2018-10-01 0 days 2,250 sqft
    2018-11-01 0 days 2,250 sqft
    2018-12-01 0 days 2,250 sqft
    2019-01-01 0 days 2,250 sqft
    2019-02-01 0 days 2,250 sqft
    2019-03-01 0 days 2,230 sqft
    2019-04-01 0 days 2,248 sqft
    2019-05-01 0 days 2,250 sqft
    2019-06-01 0 days 2,250 sqft
    2019-07-01 0 days 2,167 sqft
    2019-08-01 0 days 2,194 sqft
    2019-09-01 0 days 2,146 sqft
    2019-10-01 0 days 2,119 sqft
    2019-11-01 0 days 2,090 sqft
    2019-12-01 0 days 2,020 sqft
    2020-01-01 0 days 1,934 sqft
    2020-02-01 0 days 2,117 sqft
    2020-03-01 0 days 2,109 sqft
    2020-04-01 0 days 2,012 sqft
    2020-05-01 0 days 1,937 sqft
    2020-06-01 0 days 1,842 sqft
    2020-07-01 0 days 1,891 sqft
    2020-08-01 0 days 1,827 sqft
    2020-09-01 0 days 1,845 sqft
    2020-10-01 0 days 1,858 sqft
    2020-11-01 0 days 1,884 sqft
    2020-12-01 0 days 1,877 sqft
    2021-01-01 0 days 1,916 sqft
    2021-02-01 0 days 1,879 sqft
    2021-03-01 0 days 1,936 sqft
    2021-04-01 0 days 1,899 sqft
    2021-05-01 0 days 1,900 sqft
    2021-06-01 0 days 1,903 sqft
    2021-07-01 0 days 1,984 sqft
    2021-08-01 0 days 1,981 sqft
    2021-09-01 0 days 1,903 sqft
    2021-10-01 0 days 1,897 sqft
    2021-11-01 0 days 1,867 sqft
    2021-12-01 0 days 1,790 sqft
    2022-01-01 0 days 1,700 sqft
    2022-02-01 0 days 1,773 sqft
    2022-03-01 0 days 1,863 sqft
    2022-04-01 0 days 1,750 sqft
    2022-05-01 0 days 1,756 sqft
    2022-06-01 0 days 1,867 sqft
    2022-07-01 0 days 1,896 sqft
    2022-08-01 0 days 2,056 sqft
    2022-09-01 0 days 2,055 sqft
    2022-10-01 0 days 1,922 sqft
    2022-11-01 0 days 1,911 sqft
    2022-12-01 0 days 1,922 sqft
    2023-01-01 0 days 1,808 sqft
    2023-02-01 0 days 1,808 sqft
    2023-03-01 0 days 1,941 sqft
    2023-04-01 0 days 1,840 sqft
    2023-05-01 0 days 1,824 sqft
    2023-06-01 0 days 1,896 sqft
    2023-07-01 0 days 2,066 sqft
    2023-08-01 0 days 2,070 sqft
    2023-09-01 0 days 2,026 sqft
    2023-10-01 0 days 1,953 sqft
    2023-11-01 0 days 1,933 sqft
    2023-12-01 0 days 1,881 sqft
    2024-01-01 0 days 1,826 sqft
    2024-02-01 0 days 1,753 sqft
    2024-03-01 0 days 1,740 sqft
    Cullowhee's median listing age (time on market) for 2024-03-01 was 0 days.

    Cullowhee's median square footage for active listings during the 2024-03-01 period was 1,740 sqft. One year prior, the average listing was 1,941 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).