Elizabeth City FHA Loan Rates, Closing Costs & Stats

Elizabeth City, 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.

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 6.38% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.3% and one month ago for the week of 2024-02-16, the average rate was 6.32%.

The average rate one year ago was 6.41%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.6%.

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
Elizabeth City's median listing price for 2024-02-01 was $342,243, a difference of $-1,477 (-0.4%) versus the prior year and $-8,230 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 2024-02-01 was $362,561, a difference of $23,080 (6.8%) versus the prior year and $-3,632 versus the prior month.

For the 2024-02-01 period, Elizabeth City had 161 MLS listings, a difference of 7 listings (5%) versus the prior month and 60 listings (59%) 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
Elizabeth City's median listing age (time on market) for 2024-02-01 was 0 days.

Elizabeth City's median square footage for active listings during the 2024-02-01 period was 2,000 sqft. One year prior, the average listing was 2,003 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).