Durham FHA Loan Rates, Closing Costs & Stats

DURHAM-CHAPEL HILL, NC

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 138 lenders originated 967 FHA loans during 2023. The total origination value was $279,765,000, with an average FHA loan value of $289,312.

    Durham FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Durham averaged 6.4% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Durham's average FHA mortgage closing costs are $8,304.

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.16%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 113 6.19% $13,168
    UNITED WHOLESALE MORTGAGE, LLC 62 6.07% $14,668
    LOANDEPOT.COM, LLC 61 6.11% $10,147
    MOVEMENT MORTGAGE, LLC 33 6.53% $11,778
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 6.82% $10,677
    CORNERSTONE HOME LENDING, INC. 25 6.74% $12,120
    NVR Mortgage Finance, Inc. 23 5.86% $12,983
    BROKER SOLUTIONS, INC. 22 6.77% $12,057
    Mr. Cooper ( Nationstar Mortgage ) 19 6.01% $17,480
    PENNYMAC LOAN SERVICES, LLC 18 6.13% $15,978
    CROSSCOUNTRY MORTGAGE, LLC 18 6.84% $14,153
    Prosperity Home Mortgage, LLC 15 6.59% $11,761
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 15 6.65% $11,582
    EAGLE HOME MORTGAGE, LLC 12 5.58% $8,603
    CARDINAL FINANCIAL 12 6.02% $16,087
    INTERCOASTAL MORTGAGE COMPANY 12 6.61% $9,566
    Carrington Mortgage Services, LLC 12 6.34% $12,540
    FREEDOM MORTGAGE CORPORATION 12 6.65% $14,257
    NEWREZ LLC 11 6.20% $13,162
    UNION HOME MORTGAGE CORP. 10 6.89% $10,232
    DHI MORTGAGE COMPANY, LTD. 10 5.16% $7,796
    CMG MORTGAGE, INC. 10 6.64% $10,309
    MUTUAL OF OMAHA MORTGAGE, INC. 9 6.44% $13,646
    AMERISAVE MORTGAGE CORPORATION 9 6.15% $16,280
    Corporate Investors Mortgage Group, Inc. 8 6.72% $11,846
    VELOCIO MORTGAGE L.L.C. 7 6.21% $15,366
    ACADEMY MORTGAGE CORPORATION 7 7.07% $10,921
    Towne Mortgage of the Carolinas, LLC 6 6.88% $12,366
    GoPrime Mortgage, Inc. 6 6.71% $14,455
    The Federal Savings Bank 6 6.79% $13,204
    T2 FINANCIAL LLC 6 6.94% $13,817
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.77% $15,579
    American Security Mortgage Corp. 6 6.06% $12,610
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 7.00% $11,879
    PLANET HOME LENDING, LLC 5 5.78% $12,682
    KBHS HOME LOANS, LLC 5 5.98% $17,794
    Alcova Mortgage LLC 5 6.60% $8,392
    GUARANTEED RATE, INC. 5 6.32% $14,346
    Lakeview Community Capital, LLC 5 5.85% $11,452
    LOANPAL, LLC 5 6.07% $13,899
    EMM LOANS LLC 5 6.18% $15,946
    Ameris Bank 5 6.35% $14,960
    The Central Trust Bank 5 6.90% $9,501
    Northpointe Bank 5 6.68% $10,752
    Victorian Finance, LLC 4 6.84% $10,629
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 5.81% $10,882
    MILEND, INC. 4 6.44% $14,598
    TOP FLITE FINANCIAL, INC. 4 6.59% $17,849
    Keystone Funding, Inc. 4 6.22% $7,850
    NFM, INC. 4 6.63% $14,585
    First Heritage Mortgage, LLC 4 6.41% $9,523
    Mortgage Research Center, LLC 4 6.81% $12,860
    ZILLOW HOME LOANS, LLC 4 5.81% $13,275
    Truist 4 5.78% $15,526
    MICHIGAN MUTUAL, INC. 3 5.17% $15,574
    AMERICAN FINANCIAL NETWORK, INC. 3 8.04% $13,250
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.08% $12,170
    AmeriHome Mortgage Company, LLC 3 6.67% $10,070
    Barrington Bank & Trust Company, N.A. 3 7.08% $11,617
    BAY EQUITY LLC 3 6.71% $13,925
    Blue Ridge Bank 3 6.25% $8,153
    CALCON MUTUAL MORTGAGE LLC 3 7.29% $14,644
    LAKEVIEW LOAN SERVICING, LLC 3 6.42% $12,250
    M/I FINANCIAL, LLC 3 6.67% $13,891
    NTFN, INC. 3 6.17% $9,544
    Plains Commerce Bank 3 6.38% $16,457
    PULTE MORTGAGE LLC 3 5.75% $12,691
    SOUTHERN TRUST MORTGAGE, LLC 3 6.71% $14,322
    The Fidelity Bank 3 7.21% $10,675
    Towne Bank 3 6.71% $13,823
    AMERICAN FINANCING CORPORATION 2 6.75% $12,391
    Equity Prime Mortgage LLC 2 6.94% $9,747
    PLAZA HOME MORTGAGE, INC. 2 6.94% $11,201
    Fifth Third Bank 2 7.25% $7,503
    Flagstar Bank, FSB 2 7.06% $9,665
    VILLAGE CAPITAL MORTGAGE 2 5.76% $12,972
    Bank of America 2 6.63% $7,852
    Encompass Lending Group, LP 2 6.13% $11,583
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.87% $14,230
    ALLIED MORTGAGE GROUP, INC. 2 7.13% $9,560
    Integrity Home Mortgage Corp 2 6.44% $10,830
    SUN WEST MORTGAGE COMPANY, INC. 2 6.56% $16,311
    Paramount Residential Mortgage Group, Inc. 2 6.13% $11,987
    EQUITY RESOURCES, INC. 2 7.24% $8,972
    HOMESIDE FINANCIAL, LLC 2 6.94% $13,060
    FIRST HOME MORTGAGE CORPORATION 2 6.19% $13,753
    RELIANCE FIRST CAPITAL, LLC 2 6.69% $9,558
    Pinnacle Bank 1 6.13% $5,008
    VERITAS FUNDING, LLC 1 6.75% $16,958
    PNC Bank 1 6.25% $9,944
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $10,922
    DELMAR FINANCIAL COMPANY 1 7.13% $8,513
    DAS Acquisition Company, LLC 1 6.75% $6,076
    RAPID MORTGAGE COMPANY 1 7.00% $25,614
    Regions Bank 1 5.63% $9,885
    Renasant Bank 1 6.75% $13,735
    Residential Mortgage Solutions, Inc. 1 6.75% $16,243
    RUOFF MORTGAGE COMPANY, INC. 1 6.25% $10,421
    SeaTrust Mortgage Company 1 7.38% $9,258
    Shamrock Home Loans, Inc. 1 5.38% $10,511
    SOVEREIGN LENDING GROUP INCORPORATED 1 5.75% $11,416
    STOCKTON MORTGAGE CORPORATION 1 6.75% $10,363
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $9,691
    SWBC MORTGAGE CORPORATION 1 7.75% $7,016
    CONTOUR MORTGAGE CORPORATION 1 5.75% $19,414
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $9,281
    Century Mortgage Company DBA Century Lending Company 1 6.75% $16,038
    Wolfe Financial, Inc 1 7.75% $11,215
    Centennial Bank 1 8.13% $13,585
    ACOPIA, LLC 1 6.88% $13,050
    TOWNE MORTGAGE COMPANY 1 5.75% $7,944
    BETTER MORTGAGE CORPORATION 1 6.13% $8,949
    TruHome Solutions, LLC 1 6.13% $7,050
    Arvest Bank 1 5.50% $12,094
    United Community Bank 1 7.13% $21,915
    LADERA LENDING, INC. 1 6.63% $14,387
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $13,933
    LEADERONE FINANCIAL CORPORATION 1 6.25% $10,041
    HOMESPIRE MORTGAGE CORPORATION 1 7.25% $7,266
    Magnolia Bank 1 6.13% $13,400
    MIDLAND MORTGAGE CORPORATION 1 6.75% $8,055
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.25% $27,666
    U.S. Bank 1 6.75% $11,214
    MORTGAGE EQUITY PARTNERS LLC 1 7.25% $32,898
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $8,408
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $21,649
    First Horizon Bank 1 6.50% $9,014
    Nations Lending Corporation 1 6.13% $12,950
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $12,557
    NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $11,350
    NEW DAY FINANCIAL, LLC 1 7.00% $2,092
    First Financial Bank 1 6.63% $10,624
    First-Citizens Bank & Trust Company 1 6.88% $6,828
    North American Savings Bank, F.S.B. 1 5.50% $12,335
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $13,478
    North State Bank 1 6.75% $7,238
    OCEANSIDE MORTGAGE COMPANY 1 6.00% $4,719
    OCMBC, INC. 1 7.25% $11,111

    The top Durham FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 113 FHA loans originated. Their average total fees are $13,168, which is $1,500 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Durham FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,796), EAGLE HOME MORTGAGE, LLC ($8,603), INTERCOASTAL MORTGAGE COMPANY ($9,566), LOANDEPOT.COM, LLC ($10,147) and UNION HOME MORTGAGE CORP. ($10,232).

    The lowest rate Durham FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.16%), EAGLE HOME MORTGAGE, LLC (5.58%), NVR Mortgage Finance, Inc. (5.86%), Mr. Cooper ( Nationstar Mortgage ) (6.01%) and CARDINAL FINANCIAL (6.02%).

    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 $377,246 (10.0%) $476,112 (13.4%) 1.40 1,367
    2018-02-01 $390,450 (11.5%) $487,309 (13.7%) 1.42 1,333
    2018-03-01 $395,000 (7.6%) $487,386 (10.4%) 1.39 1,508
    2018-04-01 $399,900 (5.2%) $500,732 (8.8%) 1.36 1,563
    2018-05-01 $399,190 (2.8%) $510,159 (8.9%) 1.33 1,626
    2018-06-01 $390,000 (0.1%) $501,452 (6.9%) 1.30 1,697
    2018-07-01 $384,368 (-0.2%) $486,251 (3.1%) 1.28 1,795
    2018-08-01 $379,994 (-0.6%) $480,286 (2.5%) 1.27 1,826
    2018-09-01 $379,700 (-0.3%) $480,706 (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 (-1.1%) $473,227 (0.1%) 1.27 1,824
    2018-12-01 $374,000 (-0.3%) $471,060 (-0.9%) 1.29 1,681
    2019-01-01 $359,950 (-4.6%) $460,338 (-3.3%) 1.24 1,533
    2019-02-01 $375,000 (-4.0%) $473,100 (-2.9%) 1.27 1,483
    2019-03-01 $387,440 (-1.9%) $488,280 (0.2%) 1.27 1,583
    2019-04-01 $399,950 (0.0%) $499,517 (-0.2%) 1.27 1,683
    2019-05-01 $399,450 (0.1%) $493,115 (-3.3%) 1.25 1,744
    2019-06-01 $399,900 (2.5%) $485,830 (-3.1%) 1.25 1,870
    2019-07-01 $396,833 (3.2%) $474,770 (-2.4%) 1.24 1,933
    2019-08-01 $381,777 (0.5%) $465,129 (-3.2%) 1.21 1,981
    2019-09-01 $375,152 (-1.2%) $459,351 (-4.4%) 1.20 2,011
    2019-10-01 $369,995 (-2.3%) $454,090 (-5.1%) 1.19 2,025
    2019-11-01 $371,800 (-0.9%) $454,328 (-4.0%) 1.22 1,907
    2019-12-01 $379,530 (1.5%) $456,293 (-3.1%) 1.27 1,696
    2020-01-01 $385,375 (7.1%) $461,165 (0.2%) 1.29 1,498
    2020-02-01 $399,000 (6.4%) $474,212 (0.2%) 1.31 1,396
    2020-03-01 $416,225 (7.4%) $497,586 (1.9%) 1.30 1,417
    2020-04-01 $395,100 (-1.2%) $476,790 (-4.6%) 1.24 1,462
    2020-05-01 $399,000 (-0.1%) $478,460 (-3.0%) 1.21 1,471
    2020-06-01 $417,000 (4.3%) $503,935 (3.7%) 1.23 1,356
    2020-07-01 $418,032 (5.3%) $507,824 (7.0%) 1.21 1,288
    2020-08-01 $419,975 (10.0%) $512,238 (10.1%) 1.20 1,216
    2020-09-01 $418,945 (11.7%) $526,946 (14.7%) 1.20 1,118
    2020-10-01 $415,000 (12.2%) $540,704 (19.1%) 1.19 1,064
    2020-11-01 $406,673 (9.4%) $536,815 (18.2%) 1.19 1,029
    2020-12-01 $411,400 (8.4%) $549,529 (20.4%) 1.22 913
    2021-01-01 $399,994 (3.8%) $541,101 (17.3%) 1.19 779
    2021-02-01 $412,225 (3.3%) $565,136 (19.2%) 1.20 610
    2021-03-01 $430,235 (3.4%) $571,854 (14.9%) 1.22 564
    2021-04-01 $458,206 (16.0%) $614,718 (28.9%) 1.24 508
    2021-05-01 $443,500 (11.2%) $596,646 (24.7%) 1.18 478
    2021-06-01 $441,000 (5.8%) $603,003 (19.7%) 1.16 527
    2021-07-01 $440,000 (5.3%) $594,590 (17.1%) 1.16 593
    2021-08-01 $445,475 (6.1%) $587,264 (14.7%) 1.19 625
    2021-09-01 $450,238 (7.5%) $590,983 (12.2%) 1.20 665
    2021-10-01 $467,250 (12.6%) $610,213 (12.9%) 1.25 673
    2021-11-01 $454,088 (11.7%) $600,945 (12.0%) 1.21 616
    2021-12-01 $460,950 (12.0%) $609,879 (11.0%) 1.25 564
    2022-01-01 $459,500 (14.9%) $633,140 (17.0%) 1.24 479
    2022-02-01 $474,450 (15.1%) $650,055 (15.0%) 1.23 376
    2022-03-01 $477,250 (10.9%) $684,498 (19.7%) 1.19 400
    2022-04-01 $485,000 (5.9%) $675,273 (9.9%) 1.16 439
    2022-05-01 $494,500 (11.5%) $690,223 (15.7%) 1.13 612
    2022-06-01 $497,574 (12.8%) $667,519 (10.7%) 1.11 805
    2022-07-01 $499,000 (13.4%) $658,342 (10.7%) 1.12 987
    2022-08-01 $493,638 (10.8%) $653,666 (11.3%) 1.14 1,096
    2022-09-01 $461,000 (2.4%) $620,643 (5.0%) 1.08 1,219
    2022-10-01 $465,000 (-0.5%) $637,614 (4.5%) 1.09 1,321
    2022-11-01 $465,000 (2.4%) $651,782 (8.5%) 1.12 1,265
    2022-12-01 $459,500 (-0.3%) $653,621 (7.2%) 1.13 1,135
    2023-01-01 $467,250 (1.7%) $665,694 (5.1%) 1.16 965
    2023-02-01 $487,000 (2.7%) $699,174 (7.6%) 1.18 903
    2023-03-01 $522,975 (9.6%) $732,205 (7.0%) 1.23 892
    2023-04-01 $540,000 (11.3%) $743,742 (10.1%) 1.26 894
    2023-05-01 $532,000 (7.6%) $755,445 (9.5%) 1.21 925
    2023-06-01 $528,925 (6.3%) $757,330 (13.5%) 1.19 971
    2023-07-01 $535,000 (7.2%) $762,481 (15.8%) 1.22 988
    2023-08-01 $532,450 (7.9%) $758,485 (16.0%) 1.22 1,010
    2023-09-01 $499,000 (8.2%) $734,130 (18.3%) 1.16 1,132
    2023-10-01 $496,725 (6.8%) $733,628 (15.1%) 1.17 1,205
    2023-11-01 $489,831 (5.3%) $722,235 (10.8%) 1.17 1,179
    2023-12-01 $475,000 (3.4%) $711,843 (8.9%) 1.16 1,096
    2024-01-01 $479,750 (2.7%) $737,614 (10.8%) 1.17 941
    2024-02-01 $493,663 (1.4%) $743,831 (6.4%) 1.19 952
    2024-03-01 $525,000 (0.4%) $761,284 (4.0%) 1.24 997
    Durham's median listing price for 2024-03-01 was $525,000, a difference of $2,025 (0.4%) versus the prior year and $31,337 versus the prior month.

    Durham's median listing price comes in at 124% of the national average.

    Durham's average listing price for 2024-03-01 was $761,284, a difference of $29,079 (4.0%) versus the prior year and $17,453 versus the prior month.

    For the 2024-03-01 period, Durham had 997 MLS listings, a difference of 45 listings (5%) versus the prior month and 105 listings (12%) 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 2,462 sqft
    2018-02-01 72 days 2,471 sqft
    2018-03-01 44 days 2,468 sqft
    2018-04-01 47 days 2,502 sqft
    2018-05-01 50 days 2,485 sqft
    2018-06-01 51 days 2,446 sqft
    2018-07-01 53 days 2,433 sqft
    2018-08-01 56 days 2,400 sqft
    2018-09-01 66 days 2,376 sqft
    2018-10-01 68 days 2,361 sqft
    2018-11-01 75 days 2,327 sqft
    2018-12-01 82 days 2,302 sqft
    2019-01-01 89 days 2,243 sqft
    2019-02-01 79 days 2,304 sqft
    2019-03-01 57 days 2,364 sqft
    2019-04-01 47 days 2,423 sqft
    2019-05-01 47 days 2,413 sqft
    2019-06-01 50 days 2,369 sqft
    2019-07-01 56 days 2,306 sqft
    2019-08-01 59 days 2,257 sqft
    2019-09-01 62 days 2,255 sqft
    2019-10-01 65 days 2,253 sqft
    2019-11-01 68 days 2,260 sqft
    2019-12-01 79 days 2,227 sqft
    2020-01-01 82 days 2,201 sqft
    2020-02-01 72 days 2,231 sqft
    2020-03-01 48 days 2,331 sqft
    2020-04-01 49 days 2,205 sqft
    2020-05-01 56 days 2,201 sqft
    2020-06-01 58 days 2,309 sqft
    2020-07-01 52 days 2,307 sqft
    2020-08-01 50 days 2,282 sqft
    2020-09-01 52 days 2,334 sqft
    2020-10-01 51 days 2,276 sqft
    2020-11-01 49 days 2,250 sqft
    2020-12-01 53 days 2,226 sqft
    2021-01-01 58 days 2,197 sqft
    2021-02-01 38 days 2,188 sqft
    2021-03-01 25 days 2,140 sqft
    2021-04-01 25 days 2,211 sqft
    2021-05-01 19 days 2,119 sqft
    2021-06-01 16 days 2,067 sqft
    2021-07-01 22 days 2,059 sqft
    2021-08-01 27 days 2,079 sqft
    2021-09-01 28 days 2,046 sqft
    2021-10-01 29 days 2,129 sqft
    2021-11-01 31 days 1,999 sqft
    2021-12-01 39 days 1,939 sqft
    2022-01-01 52 days 1,901 sqft
    2022-02-01 38 days 1,899 sqft
    2022-03-01 17 days 1,984 sqft
    2022-04-01 15 days 2,017 sqft
    2022-05-01 16 days 2,007 sqft
    2022-06-01 18 days 2,033 sqft
    2022-07-01 24 days 2,059 sqft
    2022-08-01 32 days 2,074 sqft
    2022-09-01 44 days 2,053 sqft
    2022-10-01 50 days 2,080 sqft
    2022-11-01 58 days 2,087 sqft
    2022-12-01 69 days 2,086 sqft
    2023-01-01 74 days 2,074 sqft
    2023-02-01 61 days 2,135 sqft
    2023-03-01 45 days 2,206 sqft
    2023-04-01 42 days 2,229 sqft
    2023-05-01 39 days 2,184 sqft
    2023-06-01 40 days 2,153 sqft
    2023-07-01 44 days 2,178 sqft
    2023-08-01 44 days 2,200 sqft
    2023-09-01 43 days 2,154 sqft
    2023-10-01 47 days 2,159 sqft
    2023-11-01 52 days 2,127 sqft
    2023-12-01 64 days 2,025 sqft
    2024-01-01 61 days 2,024 sqft
    2024-02-01 44 days 2,016 sqft
    2024-03-01 37 days 2,126 sqft
    Durham's median listing age (time on market) for 2024-03-01 was 37 days. This is -18% shorter than the same period one year ago.

    Durham's median square footage for active listings during the 2024-03-01 period was 2,126 sqft. One year prior, the average listing was 2,206 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).