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 -0.42% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

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

    The average rate for the prior week (2024-11-08) was 6.39% and one month ago for the week of 2024-10-11, the average rate was 5.79%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

    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 $204,500 (4.1%) $228,508 (-3.3%) 0.00 344
    2018-02-01 $212,600 (4.3%) $234,845 (0.0%) 0.00 373
    2018-03-01 $219,000 (5.2%) $240,952 (1.6%) 0.00 371
    2018-04-01 $219,900 (5.0%) $243,140 (3.2%) 0.00 361
    2018-05-01 $224,450 (3.0%) $249,190 (3.1%) 0.00 363
    2018-06-01 $217,000 (1.0%) $250,036 (4.8%) 0.00 373
    2018-07-01 $218,000 (1.4%) $249,804 (5.4%) 0.00 399
    2018-08-01 $215,000 (-1.2%) $247,677 (1.4%) 0.00 401
    2018-09-01 $209,900 (-5.8%) $238,752 (-5.2%) 0.00 399
    2018-10-01 $213,350 (-5.0%) $239,677 (-5.4%) 0.00 389
    2018-11-01 $200,813 (-7.3%) $238,030 (-2.4%) 0.00 364
    2018-12-01 $199,900 (-4.8%) $232,536 (-0.6%) 0.00 342
    2019-01-01 $199,900 (-2.3%) $234,149 (2.5%) 0.00 326
    2019-02-01 $213,250 (0.3%) $243,175 (3.6%) 0.00 331
    2019-03-01 $220,714 (0.8%) $250,929 (4.1%) 0.00 347
    2019-04-01 $229,000 (4.1%) $258,348 (6.3%) 0.00 364
    2019-05-01 $229,000 (2.0%) $261,279 (4.9%) 0.00 375
    2019-06-01 $229,700 (5.9%) $264,981 (6.0%) 0.00 356
    2019-07-01 $232,750 (6.8%) $271,348 (8.6%) 0.00 352
    2019-08-01 $236,350 (9.9%) $272,557 (10.1%) 0.00 351
    2019-09-01 $238,375 (13.6%) $271,690 (13.8%) 0.00 347
    2019-10-01 $242,450 (13.6%) $271,428 (13.3%) 0.00 344
    2019-11-01 $235,000 (17.0%) $260,868 (9.6%) 0.00 321
    2019-12-01 $231,875 (16.0%) $258,512 (11.2%) 0.00 298
    2020-01-01 $230,950 (15.5%) $255,150 (9.0%) 0.00 269
    2020-02-01 $242,850 (13.9%) $259,997 (6.9%) 0.00 270
    2020-03-01 $240,743 (9.1%) $260,559 (3.8%) 0.00 266
    2020-04-01 $239,900 (4.8%) $260,013 (0.6%) 0.00 273
    2020-05-01 $245,900 (7.4%) $269,763 (3.3%) 0.00 251
    2020-06-01 $244,475 (6.4%) $279,897 (5.6%) 0.00 223
    2020-07-01 $250,850 (7.8%) $282,208 (4.0%) 0.00 203
    2020-08-01 $265,000 (12.1%) $295,306 (8.4%) 0.00 176
    2020-09-01 $267,000 (12.0%) $296,388 (9.1%) 0.00 147
    2020-10-01 $257,000 (6.0%) $299,125 (10.2%) 0.00 133
    2020-11-01 $266,225 (13.3%) $301,479 (15.6%) 0.00 114
    2020-12-01 $251,950 (8.7%) $276,283 (6.9%) 0.00 114
    2021-01-01 $257,000 (11.3%) $289,146 (13.3%) 0.00 102
    2021-02-01 $251,075 (3.4%) $294,556 (13.3%) 0.00 98
    2021-03-01 $259,000 (7.6%) $303,667 (16.5%) 0.00 88
    2021-04-01 $274,500 (14.4%) $314,181 (20.8%) 0.00 80
    2021-05-01 $249,900 (1.6%) $314,257 (16.5%) 0.00 84
    2021-06-01 $251,975 (3.1%) $314,632 (12.4%) 0.00 94
    2021-07-01 $257,000 (2.5%) $320,836 (13.7%) 0.00 112
    2021-08-01 $250,950 (-5.3%) $334,436 (13.3%) 0.00 119
    2021-09-01 $274,975 (3.0%) $344,834 (16.4%) 0.00 124
    2021-10-01 $295,000 (14.8%) $344,868 (15.3%) 0.00 115
    2021-11-01 $304,875 (14.5%) $349,823 (16.0%) 0.00 108
    2021-12-01 $286,175 (13.6%) $325,862 (17.9%) 0.00 98
    2022-01-01 $294,990 (14.8%) $328,048 (13.5%) 0.00 105
    2022-02-01 $299,225 (19.2%) $348,101 (18.2%) 0.00 104
    2022-03-01 $300,968 (16.2%) $325,686 (7.3%) 0.00 108
    2022-04-01 $319,400 (16.4%) $317,823 (1.2%) 0.00 111
    2022-05-01 $313,750 (25.6%) $328,798 (4.6%) 0.00 109
    2022-06-01 $337,373 (33.9%) $351,977 (11.9%) 0.00 124
    2022-07-01 $326,000 (26.9%) $354,637 (10.5%) 0.00 162
    2022-08-01 $163,225 (-35.0%) $233,534 (-30.2%) 0.00 317
    2022-09-01 $257,250 (-6.5%) $272,486 (-21.0%) 0.00 240
    2022-10-01 $334,495 (13.4%) $338,046 (-2.0%) 0.00 153
    2022-11-01 $328,950 (7.9%) $335,418 (-4.1%) 0.00 151
    2022-12-01 $349,000 (22.0%) $338,194 (3.8%) 0.00 123
    2023-01-01 $349,968 (18.6%) $340,914 (3.9%) 0.00 106
    2023-02-01 $343,720 (14.9%) $339,481 (-2.5%) 0.00 101
    2023-03-01 $329,990 (9.6%) $327,935 (0.7%) 0.00 105
    2023-04-01 $351,900 (10.2%) $353,077 (11.1%) 0.00 112
    2023-05-01 $362,445 (15.5%) $366,397 (11.4%) 0.00 140
    2023-06-01 $359,945 (6.7%) $374,788 (6.5%) 0.00 155
    2023-07-01 $359,900 (10.4%) $396,502 (11.8%) 0.00 151
    2023-08-01 $348,425 (113.5%) $393,114 (68.3%) 0.00 162
    2023-09-01 $349,000 (35.7%) $409,976 (50.5%) 0.00 171
    2023-10-01 $355,245 (6.2%) $402,088 (18.9%) 0.00 174
    2023-11-01 $354,874 (7.9%) $384,719 (14.7%) 0.00 175
    2023-12-01 $362,745 (3.9%) $380,623 (12.6%) 0.00 166
    2024-01-01 $350,473 (0.1%) $366,193 (7.4%) 0.00 154
    2024-02-01 $342,243 (-0.4%) $362,561 (6.8%) 0.00 161
    2024-03-01 $355,000 (7.6%) $364,287 (11.1%) 0.00 170
    2024-04-01 $361,495 (2.7%) $374,833 (6.2%) 0.00 159
    2024-05-01 $387,750 (7.0%) $392,128 (7.0%) 0.00 177
    2024-06-01 $379,000 (5.3%) $409,698 (9.3%) 0.00 198
    2024-07-01 $380,200 (5.6%) $414,264 (4.5%) 0.00 190
    2024-08-01 $394,995 (13.4%) $423,636 (7.8%) 0.00 178
    2024-09-01 $389,500 (11.6%) $430,390 (5.0%) 0.00 174
    2024-10-01 $391,725 (10.3%) $425,528 (5.8%) 0.00 191
    Elizabeth City's median listing price for 2024-10-01 was $391,725, a difference of $36,480 (10.3%) versus the prior year and $2,225 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 2024-10-01 was $425,528, a difference of $23,440 (5.8%) versus the prior year and $-4,862 versus the prior month.

    For the 2024-10-01 period, Elizabeth City had 191 MLS listings, a difference of 17 listings (10%) versus the prior month and 17 listings (10%) 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 2,153 sqft
    2018-02-01 0 days 2,148 sqft
    2018-03-01 0 days 2,192 sqft
    2018-04-01 0 days 2,177 sqft
    2018-05-01 0 days 2,221 sqft
    2018-06-01 0 days 2,184 sqft
    2018-07-01 0 days 2,192 sqft
    2018-08-01 0 days 2,217 sqft
    2018-09-01 0 days 2,195 sqft
    2018-10-01 0 days 2,206 sqft
    2018-11-01 0 days 2,167 sqft
    2018-12-01 0 days 2,150 sqft
    2019-01-01 0 days 2,150 sqft
    2019-02-01 0 days 2,166 sqft
    2019-03-01 0 days 2,157 sqft
    2019-04-01 0 days 2,125 sqft
    2019-05-01 0 days 2,082 sqft
    2019-06-01 0 days 2,109 sqft
    2019-07-01 0 days 2,154 sqft
    2019-08-01 0 days 2,145 sqft
    2019-09-01 0 days 2,123 sqft
    2019-10-01 0 days 2,115 sqft
    2019-11-01 0 days 2,120 sqft
    2019-12-01 0 days 2,165 sqft
    2020-01-01 0 days 2,150 sqft
    2020-02-01 0 days 2,150 sqft
    2020-03-01 0 days 2,153 sqft
    2020-04-01 0 days 2,150 sqft
    2020-05-01 0 days 2,224 sqft
    2020-06-01 0 days 2,356 sqft
    2020-07-01 0 days 2,288 sqft
    2020-08-01 0 days 2,288 sqft
    2020-09-01 0 days 2,295 sqft
    2020-10-01 0 days 2,190 sqft
    2020-11-01 0 days 2,173 sqft
    2020-12-01 0 days 2,150 sqft
    2021-01-01 0 days 2,345 sqft
    2021-02-01 0 days 2,415 sqft
    2021-03-01 0 days 2,316 sqft
    2021-04-01 0 days 2,324 sqft
    2021-05-01 0 days 1,954 sqft
    2021-06-01 0 days 1,904 sqft
    2021-07-01 0 days 1,800 sqft
    2021-08-01 0 days 2,065 sqft
    2021-09-01 0 days 2,172 sqft
    2021-10-01 0 days 2,196 sqft
    2021-11-01 0 days 2,139 sqft
    2021-12-01 0 days 2,186 sqft
    2022-01-01 0 days 2,092 sqft
    2022-02-01 0 days 2,071 sqft
    2022-03-01 0 days 2,074 sqft
    2022-04-01 0 days 2,121 sqft
    2022-05-01 0 days 2,086 sqft
    2022-06-01 0 days 2,121 sqft
    2022-07-01 0 days 2,132 sqft
    2022-08-01 0 days 2,142 sqft
    2022-09-01 0 days 2,113 sqft
    2022-10-01 0 days 2,028 sqft
    2022-11-01 0 days 1,943 sqft
    2022-12-01 0 days 2,003 sqft
    2023-01-01 0 days 2,048 sqft
    2023-02-01 0 days 2,003 sqft
    2023-03-01 0 days 1,944 sqft
    2023-04-01 0 days 2,000 sqft
    2023-05-01 0 days 2,115 sqft
    2023-06-01 0 days 2,132 sqft
    2023-07-01 0 days 2,150 sqft
    2023-08-01 0 days 2,022 sqft
    2023-09-01 0 days 2,070 sqft
    2023-10-01 0 days 2,046 sqft
    2023-11-01 0 days 2,060 sqft
    2023-12-01 0 days 2,097 sqft
    2024-01-01 0 days 2,065 sqft
    2024-02-01 0 days 2,000 sqft
    2024-03-01 0 days 2,033 sqft
    2024-04-01 0 days 2,022 sqft
    2024-05-01 0 days 2,187 sqft
    2024-06-01 0 days 2,196 sqft
    2024-07-01 0 days 2,200 sqft
    2024-08-01 0 days 2,329 sqft
    2024-09-01 0 days 2,289 sqft
    2024-10-01 0 days 2,213 sqft
    Elizabeth City's median listing age (time on market) for 2024-10-01 was 0 days.

    Elizabeth City's median square footage for active listings during the 2024-10-01 period was 2,213 sqft. One year prior, the average listing was 2,046 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).