Durham FHA Loan Rates, Closing Costs & Stats

DURHAM-CHAPEL HILL, NC

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 6.63% for the week of 2024-05-10, compared to the national average (all FHA variants) of 6.786% for the same period.

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

The average rate for the prior week (2024-05-03) was 6.62% and one month ago for the week of 2024-04-05, the average rate was 6.61%.

The average rate one year ago was 6.02%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.4%.

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
2024-04-01 $525,000 (-2.8%) $771,941 (3.8%) 1.22 1,106
Durham's median listing price for 2024-04-01 was $525,000, a difference of $-15,000 (-2.8%) versus the prior year and $0 versus the prior month.

Durham's median listing price comes in at 122% of the national average.

Durham's average listing price for 2024-04-01 was $771,941, a difference of $28,199 (3.8%) versus the prior year and $10,657 versus the prior month.

For the 2024-04-01 period, Durham had 1,106 MLS listings, a difference of 109 listings (11%) versus the prior month and 212 listings (24%) 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 2,017 sqft
2024-03-01 37 days 2,134 sqft
2024-04-01 39 days 2,111 sqft
Durham's median listing age (time on market) for 2024-04-01 was 39 days. This is -6% shorter than the same period one year ago.

Durham's median square footage for active listings during the 2024-04-01 period was 2,111 sqft. One year prior, the average listing was 2,229 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).