Durham FHA Loan Rates, Closing Costs & Stats

DURHAM-CHAPEL HILL, 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.

    Durham's 142 lenders originated 1,004 FHA loans during 2022. The total origination value was $274,840,000, with an average FHA loan value of $273,745.

    Durham FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Durham averaged 6.49% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

    Durham's average FHA mortgage closing costs are $7,616.

    The average rate for the prior week (2023-11-24) was 6.3% and one month ago for the week of 2023-10-27, the average rate was 6.81%.

    The average rate one year ago was 5.83%.

    For refis of the same type during the week of 2023-12-01, the average rate was 5.04%.

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

    Durham 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 Durham level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 114 4.33% $12,210
    LOANDEPOT.COM, LLC 44 4.98% $9,872
    UNITED WHOLESALE MORTGAGE, LLC 36 4.94% $11,653
    CALIBER HOME LOANS, INC. 29 4.66% $10,745
    MOVEMENT MORTGAGE, LLC 28 5.09% $11,245
    BROKER SOLUTIONS, INC. 24 5.35% $12,038
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 22 5.46% $9,298
    AMERISAVE MORTGAGE CORPORATION 21 4.56% $10,945
    CARDINAL FINANCIAL 19 4.87% $11,910
    CORNERSTONE HOME LENDING, INC. 18 5.12% $11,155
    Mr. Cooper ( Nationstar Mortgage ) 16 4.33% $14,741
    FREEDOM MORTGAGE CORPORATION 15 4.84% $11,969
    NVR Mortgage Finance, Inc. 15 4.18% $12,837
    NFM, INC. 14 5.42% $11,451
    PENNYMAC LOAN SERVICES, LLC 12 4.05% $11,379
    Victorian Finance, LLC 12 4.98% $10,116
    GoPrime Mortgage, Inc. 11 5.26% $9,727
    Alcova Mortgage LLC 10 5.68% $7,202
    Carrington Mortgage Services, LLC 9 4.58% $9,557
    UNION HOME MORTGAGE CORP. 9 5.29% $9,377
    AMERICAN FINANCIAL RESOURCES, INC. 9 4.01% $9,679
    AMERICAN FINANCING CORPORATION 9 4.56% $11,958
    MORTGAGE SOLUTIONS OF COLORADO, LLC 9 4.83% $7,981
    RELIANCE FIRST CAPITAL, LLC 9 4.53% $9,218
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 8 5.88% $10,743
    LAKEVIEW LOAN SERVICING, LLC 8 3.61% $7,321
    Blue Ridge Bank 8 5.44% $10,314
    PRIMELENDING, A PLAINSCAPITAL COMPANY 8 5.06% $13,404
    PRIMARY RESIDENTIAL MORTGAGE, INC. 8 4.41% $10,018
    NEWREZ LLC 7 4.25% $6,125
    Prosperity Home Mortgage, LLC 7 6.03% $12,266
    CROSSCOUNTRY MORTGAGE, LLC 7 5.00% $13,946
    HOME POINT FINANCIAL CORPORATION 7 4.14% $7,897
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.75% $13,377
    Nations Lending Corporation 6 5.73% $10,441
    PANORAMA MORTGAGE GROUP, LLC 6 5.31% $14,057
    RAPID MORTGAGE COMPANY 6 4.50% $10,761
    PNC Bank 5 3.80% $5,164
    Shamrock Home Loans, Inc. 5 5.68% $10,199
    VANDERBILT MORTGAGE AND FINANCE, INC. 5 4.73% $12,166
    DHI MORTGAGE COMPANY, LTD. 5 3.32% $9,429
    PLANET HOME LENDING, LLC 5 4.72% $8,487
    PULTE MORTGAGE LLC 5 4.10% $11,178
    KBHS HOME LOANS, LLC 5 4.77% $15,271
    Corporate Investors Mortgage Group, Inc. 5 5.08% $9,468
    HOMESIDE FINANCIAL, LLC 5 5.27% $10,794
    First Heritage Mortgage, LLC 5 5.28% $9,142
    Lakeview Community Capital, LLC 5 3.80% $6,428
    Flagstar Bank, FSB 4 4.15% $9,424
    Hometown Lenders, Inc. 4 4.06% $10,519
    EAGLE HOME MORTGAGE, LLC 4 5.47% $9,037
    LOANPAL, LLC 4 3.56% $16,909
    T2 FINANCIAL LLC 4 4.94% $11,566
    CMG MORTGAGE, INC. 4 5.25% $8,241
    Equity Prime Mortgage LLC 4 5.41% $12,988
    Ameris Bank 4 4.69% $7,849
    ALLIED MORTGAGE GROUP, INC. 4 4.59% $8,445
    GUARANTEED RATE, INC. 4 5.00% $11,388
    North State Bank 3 5.54% $8,351
    SOUTHERN TRUST MORTGAGE, LLC 3 4.96% $13,749
    The Federal Savings Bank 3 5.42% $15,130
    TOP FLITE FINANCIAL, INC. 3 6.33% $15,875
    Truist 3 4.78% $9,829
    United Community Bank 3 4.46% $11,959
    U.S. Bank 3 3.92% $7,002
    EQUITY RESOURCES, INC. 3 3.92% $7,976
    EVERETT FINANCIAL, INC. 3 5.04% $7,621
    VILLAGE CAPITAL MORTGAGE 3 4.54% $9,357
    Wells Fargo Bank 3 4.75% $6,332
    First-Citizens Bank & Trust Company 3 3.42% $8,419
    GENEVA FINANCIAL, LLC 3 5.33% $8,851
    GUILD MORTGAGE COMPANY 3 5.63% $13,340
    INTERCOASTAL MORTGAGE COMPANY 3 5.38% $13,629
    JPMorgan Chase Bank 3 4.38% $7,725
    CAPITAL CENTER, L.L.C. 3 3.63% $6,063
    Mortgage Research Center, LLC 3 6.12% $6,522
    1ST SIGNATURE LENDING, LLC 3 4.25% $10,656
    HOMESTAR FINANCIAL CORPORATION 2 4.00% $10,187
    FIRST HOME MORTGAGE CORPORATION 2 4.63% $15,202
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.81% $11,739
    MYCUMORTGAGE, LLC 2 5.56% $4,414
    MY MORTGAGE, INC. 2 4.81% $8,346
    Bank of England 2 5.38% $17,722
    First Federal Bank 2 4.69% $12,323
    ZILLOW HOME LOANS, LLC 2 4.69% $8,916
    Wyndham Capital Mortgage, Inc. 2 4.13% $19,145
    Citizens Bank 2 3.88% $6,071
    POLARIS HOME FUNDING CORP. 2 5.25% $10,989
    RESIDENTIAL BANCORP 2 5.31% $12,220
    VERITAS FUNDING, LLC 2 4.25% $12,187
    Towne Mortgage of the Carolinas, LLC 2 4.13% $9,937
    Towne Bank 2 4.81% $11,798
    THE MORTGAGE FIRM, INC. 2 4.63% $12,865
    The Fidelity Bank 2 4.75% $9,736
    American Security Mortgage Corp. 2 4.63% $8,318
    The Central Trust Bank 2 6.19% $8,896
    SUN WEST MORTGAGE COMPANY, INC. 2 3.50% $8,316
    ANGEL OAK HOME LOANS LLC 2 5.06% $9,228
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 3.94% $16,487
    CALCON MUTUAL MORTGAGE LLC 2 4.69% $9,862
    NORWICH COMMERCIAL GROUP, INC. 1 4.75% $11,319
    Alpha Mortgage Corporation 1 6.13% $8,905
    American Mortgage Bank, LLC 1 4.88% $10,712
    American National Bank and Trust Company 1 5.00% $10,626
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $11,384
    Atlantic Coast Mortgage, LLC 1 5.75% $13,208
    Bank of America 1 4.75% $5,320
    BETTER MORTGAGE CORPORATION 1 2.75% $7,197
    CBM Mortgage, Inc. 1 3.63% $4,614
    Credence Funding Corporation 1 3.00% $7,412
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 4.63% $9,741
    DAS Acquisition Company, LLC 1 6.50% $7,857
    DATA MORTGAGE, INC. 1 3.88% $9,263
    Encompass Lending Group, LP 1 5.63% $6,757
    FBC MORTGAGE, LLC 1 6.25% $12,361
    Fifth Third Bank 1 3.00% $8,514
    First Home Bank 1 3.38% $8,232
    First Palmetto Bank 1 6.13% $7,362
    GSF Mortgage Corporation 1 4.25% $7,760
    HOMESPIRE MORTGAGE CORPORATION 1 3.75% $9,600
    HUNT MORTGAGE CORPORATION 1 3.63% $9,253
    LEADERONE FINANCIAL CORPORATION 1 5.75% $7,607
    LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $11,256
    MIDLAND MORTGAGE CORPORATION 1 7.13% $8,131
    M/I FINANCIAL, LLC 1 3.88% $20,203
    NEW DAY FINANCIAL, LLC 1 3.25% $7,140
    Northpointe Bank 1 4.25% $12,916
    OCEANSIDE MORTGAGE COMPANY 1 5.75% $5,102
    OCMBC, INC. 1 6.25% $21,386
    OPEN MORTGAGE, LLC 1 4.63% $9,868
    Paramount Residential Mortgage Group, Inc. 1 4.75% $10,671
    Peoples Bank 1 4.88% $15,577
    Plains Commerce Bank 1 5.25% $8,021
    Residential Mortgage Solutions, Inc. 1 4.50% $15,353
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.63% $19,788
    Strong Home Mortgage, LLC 1 3.63% $7,901
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.13% $7,466
    TJC Mortgage, Inc. 1 5.00% $15,626
    UNITED MORTGAGE CORP 1 4.75% $10,228
    VAN DYK MORTGAGE CORPORATION 1 4.63% $8,893
    VELOCIO MORTGAGE L.L.C. 1 5.63% $5,374
    Willamette Valley Bank 1 3.25% $6,787

    The top Durham FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 114 FHA loans originated. Their average total fees are $12,210, which is $2,338 higher than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Durham FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($7,202), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,298), GoPrime Mortgage, Inc. ($9,727), LOANDEPOT.COM, LLC ($9,872) and Victorian Finance, LLC ($10,116).

    The lowest rate Durham FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.05%), NVR Mortgage Finance, Inc. (4.18%), QUICKEN LOANS, LLC (4.33%), Mr. Cooper ( Nationstar Mortgage ) (4.33%) and AMERISAVE MORTGAGE CORPORATION (4.56%).

    Durham FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DURHAM-CHAPEL HILL, NC CHATHAM 2022 $506,000 $647,750 $783,000 $973,100
    DURHAM-CHAPEL HILL, NC DURHAM 2022 $506,000 $647,750 $783,000 $973,100
    DURHAM-CHAPEL HILL, NC GRANVILLE 2022 $506,000 $647,750 $783,000 $973,100
    DURHAM-CHAPEL HILL, NC ORANGE 2022 $506,000 $647,750 $783,000 $973,100
    DURHAM-CHAPEL HILL, NC PERSON 2022 $506,000 $647,750 $783,000 $973,100
    DURHAM-CHAPEL HILL, NC CHATHAM 2023 $602,600 $771,450 $932,500 $1,158,850
    DURHAM-CHAPEL HILL, NC DURHAM 2023 $602,600 $771,450 $932,500 $1,158,850
    DURHAM-CHAPEL HILL, NC GRANVILLE 2023 $602,600 $771,450 $932,500 $1,158,850
    DURHAM-CHAPEL HILL, NC ORANGE 2023 $602,600 $771,450 $932,500 $1,158,850
    DURHAM-CHAPEL HILL, NC PERSON 2023 $602,600 $771,450 $932,500 $1,158,850

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Durham (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 $377,532 (10.1%) $476,276 (13.4%) 1.40 1,369
    2018-02-01 $392,588 (11.6%) $487,332 (13.7%) 1.43 1,336
    2018-03-01 $395,000 (7.6%) $487,595 (10.4%) 1.39 1,508
    2018-04-01 $399,950 (5.2%) $500,921 (8.7%) 1.36 1,563
    2018-05-01 $399,415 (2.6%) $510,173 (8.9%) 1.33 1,627
    2018-06-01 $390,000 (0.1%) $501,438 (7.0%) 1.30 1,698
    2018-07-01 $384,700 (-0.1%) $486,423 (3.2%) 1.28 1,793
    2018-08-01 $380,020 (-0.5%) $480,476 (2.6%) 1.27 1,824
    2018-09-01 $379,700 (-0.3%) $480,632 (1.6%) 1.28 1,870
    2018-10-01 $378,611 (-0.1%) $478,565 (1.4%) 1.28 1,900
    2018-11-01 $375,000 (-1.3%) $473,202 (0.1%) 1.27 1,826
    2018-12-01 $374,000 (-0.3%) $470,997 (-1.0%) 1.29 1,682
    2019-01-01 $360,120 (-4.6%) $460,393 (-3.3%) 1.24 1,534
    2019-02-01 $375,000 (-4.5%) $473,152 (-2.9%) 1.27 1,484
    2019-03-01 $387,720 (-1.8%) $488,255 (0.1%) 1.27 1,585
    2019-04-01 $399,950 (0.0%) $499,408 (-0.3%) 1.27 1,685
    2019-05-01 $399,650 (0.1%) $493,043 (-3.4%) 1.25 1,746
    2019-06-01 $399,900 (2.5%) $485,810 (-3.1%) 1.25 1,873
    2019-07-01 $397,000 (3.2%) $474,669 (-2.4%) 1.24 1,937
    2019-08-01 $382,727 (0.7%) $464,977 (-3.2%) 1.21 1,985
    2019-09-01 $375,568 (-1.1%) $459,089 (-4.5%) 1.20 2,013
    2019-10-01 $369,995 (-2.3%) $453,720 (-5.2%) 1.19 2,028
    2019-11-01 $373,865 (-0.3%) $453,904 (-4.1%) 1.23 1,914
    2019-12-01 $379,769 (1.5%) $456,347 (-3.1%) 1.27 1,702
    2020-01-01 $386,325 (7.3%) $461,127 (0.2%) 1.29 1,504
    2020-02-01 $399,000 (6.4%) $474,379 (0.3%) 1.31 1,403
    2020-03-01 $415,900 (7.3%) $497,560 (1.9%) 1.30 1,421
    2020-04-01 $395,000 (-1.2%) $476,631 (-4.6%) 1.24 1,462
    2020-05-01 $399,000 (-0.2%) $478,299 (-3.0%) 1.21 1,471
    2020-06-01 $416,225 (4.1%) $503,466 (3.6%) 1.23 1,358
    2020-07-01 $417,713 (5.2%) $507,183 (6.9%) 1.21 1,290
    2020-08-01 $419,900 (9.7%) $511,656 (10.0%) 1.20 1,219
    2020-09-01 $418,845 (11.5%) $526,682 (14.7%) 1.20 1,121
    2020-10-01 $415,000 (12.2%) $540,514 (19.1%) 1.19 1,067
    2020-11-01 $407,000 (8.9%) $536,685 (18.2%) 1.19 1,032
    2020-12-01 $411,581 (8.4%) $549,717 (20.5%) 1.22 917
    2021-01-01 $399,900 (3.5%) $538,911 (16.9%) 1.19 784
    2021-02-01 $411,950 (3.3%) $564,052 (18.9%) 1.20 618
    2021-03-01 $427,350 (2.8%) $568,363 (14.2%) 1.21 579
    2021-04-01 $453,518 (14.8%) $611,076 (28.2%) 1.23 512
    2021-05-01 $441,500 (10.7%) $593,181 (24.0%) 1.17 483
    2021-06-01 $440,375 (5.8%) $603,385 (19.9%) 1.16 528
    2021-07-01 $442,974 (6.1%) $594,948 (17.3%) 1.17 593
    2021-08-01 $445,713 (6.2%) $587,493 (14.8%) 1.19 626
    2021-09-01 $449,950 (7.4%) $589,751 (12.0%) 1.20 669
    2021-10-01 $466,760 (12.5%) $608,972 (12.7%) 1.24 674
    2021-11-01 $450,475 (10.7%) $598,485 (11.5%) 1.20 620
    2021-12-01 $460,450 (11.9%) $609,959 (11.0%) 1.25 564
    2022-01-01 $459,500 (14.9%) $633,140 (17.5%) 1.24 479
    2022-02-01 $474,450 (15.2%) $650,055 (15.3%) 1.23 376
    2022-03-01 $478,000 (11.9%) $685,468 (20.6%) 1.20 399
    2022-04-01 $486,500 (7.3%) $673,449 (10.2%) 1.16 438
    2022-05-01 $495,350 (12.2%) $689,920 (16.3%) 1.13 614
    2022-06-01 $499,450 (13.4%) $667,240 (10.6%) 1.11 810
    2022-07-01 $499,999 (12.9%) $660,607 (11.0%) 1.13 992
    2022-08-01 $495,000 (11.1%) $655,493 (11.6%) 1.14 1,105
    2022-09-01 $462,068 (2.7%) $622,116 (5.5%) 1.08 1,232
    2022-10-01 $465,000 (-0.4%) $638,182 (4.8%) 1.09 1,331
    2022-11-01 $467,638 (3.8%) $653,794 (9.2%) 1.12 1,274
    2022-12-01 $460,000 (-0.1%) $655,911 (7.5%) 1.14 1,142
    2023-01-01 $470,435 (2.4%) $667,482 (5.4%) 1.17 972
    2023-02-01 $490,750 (3.4%) $699,034 (7.5%) 1.19 909
    2023-03-01 $522,975 (9.4%) $732,463 (6.9%) 1.23 890
    2023-04-01 $543,450 (11.7%) $744,086 (10.5%) 1.26 892
    2023-05-01 $533,750 (7.8%) $755,283 (9.5%) 1.21 932
    2023-06-01 $529,425 (6.0%) $757,369 (13.5%) 1.19 973
    2023-07-01 $535,000 (7.0%) $762,481 (15.4%) 1.22 988
    2023-08-01 $532,450 (7.6%) $758,485 (15.7%) 1.22 1,010
    2023-09-01 $499,000 (8.0%) $734,130 (18.0%) 1.16 1,132
    2023-10-01 $496,725 (6.8%) $733,628 (15.0%) 1.17 1,205
    2023-11-01 $489,831 (4.8%) $722,235 (10.5%) 1.17 1,179
    Durham's median listing price for 2023-11-01 was $489,831, a difference of $22,193 (4.8%) versus the prior year and $-6,894 versus the prior month.

    Durham's median listing price comes in at 117% of the national average.

    Durham's average listing price for 2023-11-01 was $722,235, a difference of $68,441 (10.5%) versus the prior year and $-11,393 versus the prior month.

    For the 2023-11-01 period, Durham had 1,179 MLS listings, a difference of -26 listings (-2%) versus the prior month and -95 listings (-7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 87 days 2,463 sqft
    2018-02-01 72 days 2,472 sqft
    2018-03-01 44 days 2,468 sqft
    2018-04-01 47 days 2,504 sqft
    2018-05-01 50 days 2,484 sqft
    2018-06-01 50 days 2,446 sqft
    2018-07-01 53 days 2,433 sqft
    2018-08-01 56 days 2,401 sqft
    2018-09-01 66 days 2,376 sqft
    2018-10-01 68 days 2,361 sqft
    2018-11-01 74 days 2,327 sqft
    2018-12-01 82 days 2,302 sqft
    2019-01-01 89 days 2,245 sqft
    2019-02-01 79 days 2,304 sqft
    2019-03-01 58 days 2,364 sqft
    2019-04-01 46 days 2,423 sqft
    2019-05-01 47 days 2,414 sqft
    2019-06-01 50 days 2,371 sqft
    2019-07-01 56 days 2,306 sqft
    2019-08-01 59 days 2,258 sqft
    2019-09-01 62 days 2,258 sqft
    2019-10-01 65 days 2,256 sqft
    2019-11-01 68 days 2,275 sqft
    2019-12-01 79 days 2,237 sqft
    2020-01-01 82 days 2,207 sqft
    2020-02-01 72 days 2,243 sqft
    2020-03-01 48 days 2,340 sqft
    2020-04-01 49 days 2,208 sqft
    2020-05-01 56 days 2,207 sqft
    2020-06-01 58 days 2,315 sqft
    2020-07-01 52 days 2,309 sqft
    2020-08-01 50 days 2,286 sqft
    2020-09-01 52 days 2,342 sqft
    2020-10-01 51 days 2,277 sqft
    2020-11-01 49 days 2,251 sqft
    2020-12-01 53 days 2,226 sqft
    2021-01-01 58 days 2,187 sqft
    2021-02-01 38 days 2,189 sqft
    2021-03-01 24 days 2,156 sqft
    2021-04-01 25 days 2,223 sqft
    2021-05-01 20 days 2,122 sqft
    2021-06-01 16 days 2,071 sqft
    2021-07-01 22 days 2,059 sqft
    2021-08-01 27 days 2,085 sqft
    2021-09-01 28 days 2,046 sqft
    2021-10-01 30 days 2,120 sqft
    2021-11-01 31 days 1,995 sqft
    2021-12-01 40 days 1,935 sqft
    2022-01-01 52 days 1,904 sqft
    2022-02-01 38 days 1,902 sqft
    2022-03-01 17 days 1,986 sqft
    2022-04-01 16 days 2,013 sqft
    2022-05-01 16 days 2,018 sqft
    2022-06-01 18 days 2,047 sqft
    2022-07-01 24 days 2,073 sqft
    2022-08-01 32 days 2,090 sqft
    2022-09-01 44 days 2,071 sqft
    2022-10-01 50 days 2,095 sqft
    2022-11-01 58 days 2,101 sqft
    2022-12-01 69 days 2,097 sqft
    2023-01-01 74 days 2,094 sqft
    2023-02-01 62 days 2,137 sqft
    2023-03-01 45 days 2,204 sqft
    2023-04-01 42 days 2,236 sqft
    2023-05-01 39 days 2,203 sqft
    2023-06-01 40 days 2,151 sqft
    2023-07-01 44 days 2,178 sqft
    2023-08-01 44 days 2,200 sqft
    2023-09-01 43 days 2,148 sqft
    2023-10-01 47 days 2,159 sqft
    2023-11-01 52 days 2,125 sqft
    Durham's median listing age (time on market) for 2023-11-01 was 52 days. This is -11% shorter than the same period one year ago.

    Durham's median square footage for active listings during the 2023-11-01 period was 2,125 sqft. One year prior, the average listing was 2,101 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).