Elizabeth City FHA Loan Rates, Closing Costs & Stats

Elizabeth City, 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.

    Elizabeth City's 49 lenders originated 183 FHA loans during 2023. The total origination value was $46,525,000, with an average FHA loan value of $254,235.

    Elizabeth City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Elizabeth City averaged 6.3% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Elizabeth City's average FHA mortgage closing costs are $7,800.

    The average rate for the prior week (2025-02-07) was 6.31% and one month ago for the week of 2025-01-10, the average rate was 6.57%.

    The average rate one year ago was 6.1%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.52%.

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

    Elizabeth City 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 Elizabeth City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NVR Mortgage Finance, Inc. 23 5.78% $17,037
    QUICKEN LOANS, LLC 17 6.35% $9,086
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 12 6.70% $12,718
    MOVEMENT MORTGAGE, LLC 10 6.41% $10,172
    Atlantic Coast Mortgage, LLC 7 6.80% $9,795
    UNITED WHOLESALE MORTGAGE, LLC 7 6.03% $13,920
    BROKER SOLUTIONS, INC. 6 6.63% $10,939
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 6.10% $11,002
    CARDINAL FINANCIAL 5 6.10% $9,700
    SOUTHERN TRUST MORTGAGE, LLC 5 7.03% $12,861
    CBM Mortgage, Inc. 4 6.47% $8,976
    AMERICAN FINANCIAL RESOURCES, INC. 4 5.88% $12,458
    NEWREZ LLC 3 5.83% $9,791
    AMERISAVE MORTGAGE CORPORATION 3 6.38% $12,612
    Towne Bank 3 7.21% $7,090
    Towne Mortgage, LLC 3 6.92% $11,863
    CORNERSTONE HOME LENDING, INC. 3 6.42% $16,787
    Advance Financial Group, LLC 2 6.75% $10,070
    CMG MORTGAGE, INC. 2 6.69% $10,998
    Carrington Mortgage Services, LLC 2 5.63% $11,809
    George Mason Mortgage, LLC 2 5.94% $12,492
    C & F Mortgage Corporation 2 7.13% $8,882
    PENTAGON FEDERAL CREDIT UNION 2 5.38% $10,416
    HOMESIDE FINANCIAL, LLC 2 6.12% $14,484
    Mr. Cooper ( Nationstar Mortgage ) 2 6.00% $14,902
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.44% $12,987
    VILLAGE CAPITAL MORTGAGE 1 5.25% $8,255
    Alcova Mortgage LLC 1 7.25% $3,373
    AMERICAN FINANCING CORPORATION 1 6.00% $14,969
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $6,333
    Flagstar Bank, FSB 1 6.50% $19,047
    FREEDOM MORTGAGE CORPORATION 1 7.13% $9,143
    GUARANTEED RATE, INC. 1 6.50% $15,226
    HOMESPIRE MORTGAGE CORPORATION 1 7.00% $5,175
    INTERLINC MORTGAGE SERVICES, LLC 1 6.13% $10,230
    ISERVE RESIDENTIAL LENDING, LLC 1 6.25% $20,846
    Keystone Funding, Inc. 1 5.75% $9,035
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $7,872
    LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $11,181
    LOANDEPOT.COM, LLC 1 6.13% $19,031
    MCLEAN MORTGAGE CORPORATION 1 5.50% $6,045
    MORTGAGE INVESTORS GROUP, INC. 1 7.50% $7,678
    Mortgage Research Center, LLC 1 7.99% $3,237
    PIKE CREEK MORTGAGE SERVICES, INC. 1 7.13% $8,393
    PNC Bank 1 6.25% $8,058
    PREMIA MORTGAGE, LLC 1 7.00% $10,320
    Tidewater Home Funding, LLC 1 7.00% $3,639
    TOP FLITE FINANCIAL, INC. 1 6.75% $11,751
    TOTAL MORTGAGE SERVICES, LLC 1 6.63% $6,442

    The top Elizabeth City FHA lender as defined by loan originations is NVR Mortgage Finance, Inc., with 23 FHA loans originated. Their average total fees are $17,037, which is $7,951 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Elizabeth City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($9,086), MOVEMENT MORTGAGE, LLC ($10,172), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($12,718), NVR Mortgage Finance, Inc. ($17,037) and .

    The lowest rate Elizabeth City FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.78%), QUICKEN LOANS, LLC (6.35%), MOVEMENT MORTGAGE, LLC (6.41%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.70%) and .

    Elizabeth City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ELIZABETH CITY, NC PASQUOTANK 2021 $805,000 $1,030,550 $1,245,700 $1,548,100
    ELIZABETH CITY, NC PERQUIMANS 2021 $805,000 $1,030,550 $1,245,700 $1,548,100
    ELIZABETH CITY, NC PASQUOTANK 2023 $805,000 $1,030,550 $1,245,700 $1,548,100
    ELIZABETH CITY, NC PERQUIMANS 2023 $805,000 $1,030,550 $1,245,700 $1,548,100

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Elizabeth City (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 $191,650 (6.5%) $197,810 (0.5%) 0.00 227
    2018-02-01 $190,225 (3.6%) $200,511 (1.2%) 0.00 243
    2018-03-01 $190,000 (-1.3%) $204,118 (2.1%) 0.00 236
    2018-04-01 $194,975 (2.7%) $208,879 (5.2%) 0.00 223
    2018-05-01 $189,950 (-3.8%) $206,166 (-2.3%) 0.00 219
    2018-06-01 $195,450 (0.1%) $206,613 (-1.6%) 0.00 217
    2018-07-01 $196,625 (1.3%) $210,679 (2.5%) 0.00 240
    2018-08-01 $199,200 (2.8%) $209,191 (1.8%) 0.00 251
    2018-09-01 $192,000 (-1.5%) $201,446 (-2.5%) 0.00 254
    2018-10-01 $196,725 (0.1%) $201,439 (-3.1%) 0.00 244
    2018-11-01 $188,725 (-3.2%) $193,070 (-5.0%) 0.00 228
    2018-12-01 $189,000 (-3.1%) $193,547 (-3.7%) 0.00 219
    2019-01-01 $189,475 (-1.1%) $196,089 (-0.9%) 0.00 214
    2019-02-01 $199,900 (5.1%) $206,250 (2.9%) 0.00 213
    2019-03-01 $206,371 (8.6%) $218,340 (7.0%) 0.00 218
    2019-04-01 $214,500 (10.0%) $222,494 (6.5%) 0.00 229
    2019-05-01 $215,250 (13.3%) $221,736 (7.6%) 0.00 241
    2019-06-01 $217,839 (11.5%) $225,733 (9.3%) 0.00 226
    2019-07-01 $218,100 (10.9%) $226,660 (7.6%) 0.00 220
    2019-08-01 $217,173 (9.0%) $229,420 (9.7%) 0.00 209
    2019-09-01 $213,082 (11.0%) $226,530 (12.5%) 0.00 203
    2019-10-01 $209,975 (6.7%) $225,115 (11.8%) 0.00 199
    2019-11-01 $206,950 (9.7%) $216,393 (12.1%) 0.00 184
    2019-12-01 $199,250 (5.4%) $211,584 (9.3%) 0.00 163
    2020-01-01 $201,175 (6.2%) $213,791 (9.0%) 0.00 150
    2020-02-01 $212,500 (6.3%) $219,645 (6.5%) 0.00 144
    2020-03-01 $202,350 (-2.0%) $213,982 (-2.0%) 0.00 151
    2020-04-01 $211,225 (-1.5%) $216,839 (-2.5%) 0.00 160
    2020-05-01 $219,450 (2.0%) $231,727 (4.5%) 0.00 144
    2020-06-01 $225,000 (3.3%) $240,763 (6.7%) 0.00 136
    2020-07-01 $231,250 (6.0%) $245,691 (8.4%) 0.00 123
    2020-08-01 $245,000 (12.8%) $253,314 (10.4%) 0.00 104
    2020-09-01 $218,750 (2.7%) $242,752 (7.2%) 0.00 91
    2020-10-01 $225,000 (7.2%) $248,924 (10.6%) 0.00 77
    2020-11-01 $220,000 (6.3%) $251,045 (16.0%) 0.00 67
    2020-12-01 $198,000 (-0.6%) $219,992 (4.0%) 0.00 65
    2021-01-01 $217,500 (8.1%) $222,576 (4.1%) 0.00 56
    2021-02-01 $224,950 (5.9%) $226,786 (3.3%) 0.00 53
    2021-03-01 $227,250 (12.3%) $239,645 (12.0%) 0.00 55
    2021-04-01 $231,875 (9.8%) $261,268 (20.5%) 0.00 49
    2021-05-01 $230,000 (4.8%) $254,026 (9.6%) 0.00 55
    2021-06-01 $222,450 (-1.1%) $251,921 (4.6%) 0.00 61
    2021-07-01 $199,900 (-13.6%) $244,581 (-0.5%) 0.00 74
    2021-08-01 $224,500 (-8.4%) $251,224 (-0.8%) 0.00 78
    2021-09-01 $249,900 (14.2%) $263,539 (8.6%) 0.00 84
    2021-10-01 $270,000 (20.0%) $288,881 (16.1%) 0.00 80
    2021-11-01 $268,750 (22.2%) $284,188 (13.2%) 0.00 75
    2021-12-01 $270,000 (36.4%) $281,613 (28.0%) 0.00 70
    2022-01-01 $289,900 (33.3%) $277,535 (24.7%) 0.00 76
    2022-02-01 $278,475 (23.8%) $278,061 (22.6%) 0.00 74
    2022-03-01 $289,973 (27.6%) $282,702 (18.0%) 0.00 80
    2022-04-01 $308,490 (33.0%) $297,936 (14.0%) 0.00 84
    2022-05-01 $299,990 (30.4%) $312,307 (22.9%) 0.00 83
    2022-06-01 $335,950 (51.0%) $337,741 (34.1%) 0.00 97
    2022-07-01 $327,450 (63.8%) $337,932 (38.2%) 0.00 116
    2022-08-01 $305,648 (36.2%) $306,207 (21.9%) 0.00 164
    2022-09-01 $304,975 (22.0%) $310,456 (17.8%) 0.00 144
    2022-10-01 $329,900 (22.2%) $316,149 (9.4%) 0.00 109
    2022-11-01 $312,495 (16.3%) $311,332 (9.6%) 0.00 107
    2022-12-01 $349,900 (29.6%) $323,629 (14.9%) 0.00 81
    2023-01-01 $349,950 (20.7%) $324,125 (16.8%) 0.00 70
    2023-02-01 $330,973 (18.9%) $308,192 (10.8%) 0.00 68
    2023-03-01 $325,973 (12.4%) $301,737 (6.7%) 0.00 71
    2023-04-01 $339,000 (9.9%) $312,928 (5.0%) 0.00 72
    2023-05-01 $349,900 (16.6%) $330,427 (5.8%) 0.00 91
    2023-06-01 $332,450 (-1.0%) $330,975 (-2.0%) 0.00 99
    2023-07-01 $329,500 (0.6%) $338,436 (0.2%) 0.00 98
    2023-08-01 $310,000 (1.4%) $324,336 (5.9%) 0.00 108
    2023-09-01 $314,995 (3.3%) $330,069 (6.3%) 0.00 118
    2023-10-01 $311,995 (-5.4%) $330,431 (4.5%) 0.00 118
    2023-11-01 $304,245 (-2.6%) $321,006 (3.1%) 0.00 112
    2023-12-01 $325,000 (-7.1%) $330,871 (2.2%) 0.00 105
    2024-01-01 $321,000 (-8.3%) $323,380 (-0.2%) 0.00 101
    2024-02-01 $311,500 (-5.9%) $315,344 (2.3%) 0.00 102
    2024-03-01 $322,400 (-1.1%) $320,229 (6.1%) 0.00 113
    2024-04-01 $329,950 (-2.7%) $330,704 (5.7%) 0.00 108
    2024-05-01 $344,973 (-1.4%) $346,667 (4.9%) 0.00 124
    2024-06-01 $345,000 (3.8%) $354,596 (7.1%) 0.00 138
    2024-07-01 $347,250 (5.4%) $363,970 (7.5%) 0.00 132
    2024-08-01 $359,900 (16.1%) $376,615 (16.1%) 0.00 121
    2024-09-01 $360,625 (14.5%) $381,064 (15.5%) 0.00 124
    2024-10-01 $351,500 (12.7%) $378,012 (14.4%) 0.00 133
    2024-11-01 $352,000 (15.7%) $367,131 (14.4%) 0.00 141
    2024-12-01 $374,375 (15.2%) $375,337 (13.4%) 0.00 129
    2025-01-01 $379,700 (18.3%) $370,676 (14.6%) 0.00 128
    Elizabeth City's median listing price for 2025-01-01 was $379,700, a difference of $58,700 (18.3%) versus the prior year and $5,325 versus the prior month.

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

    Elizabeth City's average listing price for 2025-01-01 was $370,676, a difference of $47,296 (14.6%) versus the prior year and $-4,661 versus the prior month.

    For the 2025-01-01 period, Elizabeth City had 128 MLS listings, a difference of -1 listings (-1%) versus the prior month and 27 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Elizabeth City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,058 sqft
    2018-02-01 0 days 2,003 sqft
    2018-03-01 0 days 2,044 sqft
    2018-04-01 0 days 2,055 sqft
    2018-05-01 0 days 2,073 sqft
    2018-06-01 0 days 2,060 sqft
    2018-07-01 0 days 2,061 sqft
    2018-08-01 0 days 2,106 sqft
    2018-09-01 0 days 2,100 sqft
    2018-10-01 0 days 2,102 sqft
    2018-11-01 0 days 2,032 sqft
    2018-12-01 0 days 2,008 sqft
    2019-01-01 0 days 2,005 sqft
    2019-02-01 0 days 2,017 sqft
    2019-03-01 0 days 2,042 sqft
    2019-04-01 0 days 2,081 sqft
    2019-05-01 0 days 1,996 sqft
    2019-06-01 0 days 1,947 sqft
    2019-07-01 0 days 1,947 sqft
    2019-08-01 0 days 1,950 sqft
    2019-09-01 0 days 1,950 sqft
    2019-10-01 0 days 1,959 sqft
    2019-11-01 0 days 1,952 sqft
    2019-12-01 0 days 1,974 sqft
    2020-01-01 0 days 2,020 sqft
    2020-02-01 0 days 2,062 sqft
    2020-03-01 0 days 2,032 sqft
    2020-04-01 0 days 2,020 sqft
    2020-05-01 0 days 2,082 sqft
    2020-06-01 0 days 2,153 sqft
    2020-07-01 0 days 2,151 sqft
    2020-08-01 0 days 2,150 sqft
    2020-09-01 0 days 2,093 sqft
    2020-10-01 0 days 2,060 sqft
    2020-11-01 0 days 2,053 sqft
    2020-12-01 0 days 2,000 sqft
    2021-01-01 0 days 2,000 sqft
    2021-02-01 0 days 2,061 sqft
    2021-03-01 0 days 2,029 sqft
    2021-04-01 0 days 2,079 sqft
    2021-05-01 0 days 1,786 sqft
    2021-06-01 0 days 1,702 sqft
    2021-07-01 0 days 1,698 sqft
    2021-08-01 0 days 2,056 sqft
    2021-09-01 0 days 2,150 sqft
    2021-10-01 0 days 2,167 sqft
    2021-11-01 0 days 2,122 sqft
    2021-12-01 0 days 2,186 sqft
    2022-01-01 0 days 2,078 sqft
    2022-02-01 0 days 1,874 sqft
    2022-03-01 0 days 2,045 sqft
    2022-04-01 0 days 2,114 sqft
    2022-05-01 0 days 2,080 sqft
    2022-06-01 0 days 2,092 sqft
    2022-07-01 0 days 2,079 sqft
    2022-08-01 0 days 2,123 sqft
    2022-09-01 0 days 2,072 sqft
    2022-10-01 0 days 2,005 sqft
    2022-11-01 0 days 1,924 sqft
    2022-12-01 0 days 2,018 sqft
    2023-01-01 0 days 2,053 sqft
    2023-02-01 0 days 1,985 sqft
    2023-03-01 0 days 1,884 sqft
    2023-04-01 0 days 1,943 sqft
    2023-05-01 0 days 1,982 sqft
    2023-06-01 0 days 1,920 sqft
    2023-07-01 0 days 1,970 sqft
    2023-08-01 0 days 1,893 sqft
    2023-09-01 0 days 1,828 sqft
    2023-10-01 0 days 1,837 sqft
    2023-11-01 0 days 1,772 sqft
    2023-12-01 0 days 1,879 sqft
    2024-01-01 0 days 1,866 sqft
    2024-02-01 0 days 1,780 sqft
    2024-03-01 0 days 1,865 sqft
    2024-04-01 0 days 1,917 sqft
    2024-05-01 0 days 1,985 sqft
    2024-06-01 0 days 2,014 sqft
    2024-07-01 0 days 2,000 sqft
    2024-08-01 0 days 2,065 sqft
    2024-09-01 0 days 2,005 sqft
    2024-10-01 0 days 1,992 sqft
    2024-11-01 0 days 1,982 sqft
    2024-12-01 0 days 1,982 sqft
    2025-01-01 0 days 2,016 sqft
    Elizabeth City's median listing age (time on market) for 2025-01-01 was 0 days.

    Elizabeth City's median square footage for active listings during the 2025-01-01 period was 2,016 sqft. One year prior, the average listing was 1,866 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).