Fayetteville FHA Loan Rates, Closing Costs & Stats

FAYETTEVILLE, NC

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Fayetteville's 158 lenders originated 1,720 FHA loans during 2023. The total origination value was $397,640,000, with an average FHA loan value of $231,186.

    Fayetteville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fayetteville averaged 6.2% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Fayetteville's average FHA mortgage closing costs are $7,220.

    The average rate for the prior week (2024-07-12) was 6.55% and one month ago for the week of 2024-06-14, the average rate was 6.71%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.85%.

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

    Fayetteville 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 Fayetteville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 151 6.22% $9,509
    MOVEMENT MORTGAGE, LLC 103 6.67% $10,646
    UNITED WHOLESALE MORTGAGE, LLC 89 6.40% $11,003
    LOANDEPOT.COM, LLC 60 6.49% $8,638
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 55 6.86% $8,967
    CORNERSTONE HOME LENDING, INC. 55 6.76% $10,662
    DHI MORTGAGE COMPANY, LTD. 50 5.24% $7,931
    CROSSCOUNTRY MORTGAGE, LLC 49 6.72% $9,783
    FREEDOM MORTGAGE CORPORATION 34 6.76% $11,361
    GoPrime Mortgage, Inc. 33 6.77% $10,058
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 31 6.79% $10,611
    NVR Mortgage Finance, Inc. 29 5.72% $15,113
    GUARANTEED RATE, INC. 29 6.64% $9,068
    American Security Mortgage Corp. 29 6.34% $10,482
    UNION HOME MORTGAGE CORP. 28 6.64% $10,659
    CMG MORTGAGE, INC. 28 6.95% $11,271
    BROKER SOLUTIONS, INC. 27 6.80% $10,713
    NFM, INC. 27 6.96% $11,719
    SOUTHERN TRUST MORTGAGE, LLC 27 6.56% $9,471
    Mr. Cooper ( Nationstar Mortgage ) 26 6.23% $11,438
    JET HOMELOANS, LLC 23 6.10% $11,404
    AMERISAVE MORTGAGE CORPORATION 20 5.96% $11,314
    INTERCOASTAL MORTGAGE COMPANY 19 6.58% $8,608
    Truist 18 5.90% $12,374
    CARDINAL FINANCIAL 18 6.47% $11,021
    PENNYMAC LOAN SERVICES, LLC 15 6.16% $10,475
    Carrington Mortgage Services, LLC 15 6.17% $11,902
    Sierra Pacific Mortgage Company, Inc. 14 6.72% $10,459
    Alcova Mortgage LLC 13 6.82% $8,818
    NEWREZ LLC 13 6.50% $9,615
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 7.41% $8,666
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.89% $11,545
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.92% $11,372
    Mortgage Research Center, LLC 12 6.75% $6,846
    VELOCIO MORTGAGE L.L.C. 11 5.90% $12,748
    HOMESPIRE MORTGAGE CORPORATION 11 6.93% $7,536
    Encompass Lending Group, LP 11 6.20% $10,031
    Flagstar Bank, FSB 10 6.38% $9,548
    Integrity Home Mortgage Corp 10 6.59% $9,206
    ACADEMY MORTGAGE CORPORATION 10 6.66% $11,978
    EQUITY RESOURCES, INC. 10 6.68% $8,269
    Nations Lending Corporation 9 6.54% $7,999
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 6.65% $13,993
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 9 6.83% $10,333
    ACOPIA, LLC 8 6.98% $11,359
    ZILLOW HOME LOANS, LLC 8 6.36% $9,558
    PRIMARY RESIDENTIAL MORTGAGE, INC. 8 7.02% $12,208
    MATTAMY HOME FUNDING, LLC 7 5.43% $9,041
    Towne Bank 7 5.79% $13,035
    LOANPAL, LLC 6 6.06% $10,267
    KBHS HOME LOANS, LLC 6 6.19% $17,369
    SUCCESS MORTGAGE PARTNERS, INC. 6 6.89% $10,782
    Blue Ridge Bank 6 6.35% $9,901
    United Community Bank 6 6.10% $10,056
    GUILD MORTGAGE COMPANY 6 7.02% $13,474
    SECURITYNATIONAL MORTGAGE COMPANY 6 6.21% $8,942
    North State Bank 5 6.43% $9,377
    Towne Mortgage of the Carolinas, LLC 5 6.60% $9,747
    AMERICAN FINANCIAL NETWORK, INC. 5 7.15% $10,354
    Equity Prime Mortgage LLC 5 7.48% $8,703
    PLAZA HOME MORTGAGE, INC. 5 6.80% $11,254
    TOP FLITE FINANCIAL, INC. 5 6.45% $10,354
    PNC Bank 5 6.63% $6,006
    The Federal Savings Bank 5 6.60% $13,199
    Prosperity Home Mortgage, LLC 5 6.60% $9,436
    AMERICAN FINANCING CORPORATION 4 5.84% $7,541
    OCMBC, INC. 4 7.28% $12,882
    RELIANCE FIRST CAPITAL, LLC 4 6.75% $10,234
    LAKEVIEW LOAN SERVICING, LLC 4 5.94% $10,793
    Paramount Residential Mortgage Group, Inc. 4 6.72% $11,564
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.38% $9,331
    Wells Fargo Bank 4 6.41% $9,182
    1ST SIGNATURE LENDING, LLC 3 7.33% $12,851
    M&T Bank 3 6.46% $7,319
    Plains Commerce Bank 3 6.13% $8,653
    U.S. Bank 3 6.38% $9,556
    VILLAGE CAPITAL MORTGAGE 3 6.50% $9,587
    First Horizon Bank 2 6.06% $10,145
    PENTAGON FEDERAL CREDIT UNION 2 5.69% $10,342
    NBKC BANK 2 6.31% $8,221
    FIRST EQUITY MORTGAGE INCORPORATED 2 6.88% $12,370
    The Central Trust Bank 2 5.94% $6,568
    PLANET HOME LENDING, LLC 2 5.88% $10,521
    The Fidelity Bank 2 6.19% $9,209
    FIRST HOME MORTGAGE CORPORATION 2 7.50% $11,555
    Northpointe Bank 2 6.25% $10,442
    TOTAL MORTGAGE SERVICES, LLC 2 7.19% $8,179
    BAYSHORE MORTGAGE FUNDING, LLC 2 7.13% $10,104
    First-Citizens Bank & Trust Company 2 6.88% $7,429
    Barrington Bank & Trust Company, N.A. 2 6.75% $12,092
    RUOFF MORTGAGE COMPANY, INC. 2 5.88% $4,608
    Ameris Bank 2 6.13% $8,510
    SeaTrust Mortgage Company 2 6.44% $11,611
    AmeriHome Mortgage Company, LLC 2 6.63% $7,470
    MILEND, INC. 2 6.38% $15,728
    Presidential Bank, FSB 2 7.00% $13,091
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.25% $11,799
    Shamrock Home Loans, Inc. 2 6.88% $7,879
    CBM Mortgage, Inc. 2 7.06% $7,165
    JPMorgan Chase Bank 2 5.94% $9,562
    Keystone Funding, Inc. 2 5.75% $10,578
    First Heritage Mortgage, LLC 2 6.69% $8,888
    NATIONS DIRECT MORTGAGE, LLC 2 7.25% $14,115
    Corporate Investors Mortgage Group, Inc. 1 7.13% $9,745
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.13% $10,564
    Citizens Bank 1 6.63% $6,772
    RADIUS FINANCIAL GROUP INC. 1 6.50% $10,520
    RAPID MORTGAGE COMPANY 1 7.63% $9,032
    Regions Bank 1 5.75% $12,263
    CIS Financial Services, Inc. 1 7.13% $16,559
    RESIDENTIAL BANCORP 1 6.75% $6,656
    Residential Mortgage Solutions, Inc. 1 7.25% $12,544
    C & F Mortgage Corporation 1 6.50% $8,176
    SFMC, LP 1 7.13% $4,156
    SIRVA MORTGAGE, INC. 1 7.38% $6,214
    Capital Bank 1 6.38% $6,019
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.25% $20,030
    CANOPY MORTGAGE, LLC 1 7.13% $6,404
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $4,968
    T2 FINANCIAL LLC 1 7.13% $14,564
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $13,490
    THE MORTGAGE FIRM, INC. 1 6.50% $12,232
    BAY-VALLEY MORTGAGE GROUP 1 7.38% $7,912
    TOWNE MORTGAGE COMPANY 1 6.99% $9,565
    Bank of England 1 6.88% $13,732
    UNITED 1 6.75% $12,552
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.00% $8,392
    Wolfe Financial, Inc 1 6.50% $10,555
    VERITAS FUNDING, LLC 1 7.25% $17,360
    Victorian Finance, LLC 1 6.88% $7,496
    Kwik Mortgage Corporation 1 6.63% $5,797
    Ixonia Bank 1 6.75% $11,070
    Lakeview Community Capital, LLC 1 6.25% $7,395
    LIBERTY HOME MORTGAGE CORPORATION 1 6.38% $11,919
    HUNT MORTGAGE CORPORATION 1 6.50% $8,832
    HOMESTAR FINANCIAL CORPORATION 1 6.75% $9,223
    HOMESIDE FINANCIAL, LLC 1 5.75% $6,752
    MEMBERS 1ST FEDERAL CREDIT UNION 1 6.63% $7,818
    MICHIGAN MUTUAL, INC. 1 4.75% $13,702
    MID AMERICA MORTGAGE, INC. 1 8.25% $5,127
    MIDLAND MORTGAGE CORPORATION 1 6.63% $8,803
    MORTGAGE INVESTORS GROUP, INC. 1 6.99% $14,285
    GUARANTEED RATE AFFINITY, LLC 1 7.75% $6,586
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.75% $8,803
    ALLIED MORTGAGE GROUP, INC. 1 5.88% $9,313
    First Federal Bank 1 6.13% $10,030
    FIRST CONTINENTAL MORTGAGE, LTD. 1 7.13% $9,829
    First Bank 1 5.75% $10,101
    EVERETT FINANCIAL, INC. 1 6.63% $4,838
    ENVOY MORTGAGE, LTD 1 6.50% $14,795
    EMM LOANS LLC 1 5.50% $21,394
    Pinnacle Bank 1 7.00% $6,370
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.50% $11,433
    EMBRACE HOME LOANS, INC. 1 6.75% $9,675
    DAS Acquisition Company, LLC 1 6.49% $14,690
    POLARIS HOME FUNDING CORP. 1 6.13% $10,056
    PREMIA MORTGAGE, LLC 1 6.75% $6,836
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 7.63% $8,613

    The top Fayetteville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 151 FHA loans originated. Their average total fees are $9,509, which is $1,137 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Fayetteville FHA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,846), HOMESPIRE MORTGAGE CORPORATION ($7,536), DHI MORTGAGE COMPANY, LTD. ($7,931), EQUITY RESOURCES, INC. ($8,269) and INTERCOASTAL MORTGAGE COMPANY ($8,608).

    The lowest rate Fayetteville FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.24%), NVR Mortgage Finance, Inc. (5.72%), Truist (5.90%), VELOCIO MORTGAGE L.L.C. (5.90%) and AMERISAVE MORTGAGE CORPORATION (5.96%).

    Fayetteville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FAYETTEVILLE, NC CUMBERLAND 2022 $420,680 $538,650 $651,050 $809,150
    FAYETTEVILLE, NC HARNETT 2022 $420,680 $538,650 $651,050 $809,150
    FAYETTEVILLE, NC HOKE 2022 $420,680 $538,650 $651,050 $809,150
    FAYETTEVILLE, NC CUMBERLAND 2023 $472,030 $604,400 $730,525 $907,900
    FAYETTEVILLE, NC HARNETT 2023 $472,030 $604,400 $730,525 $907,900
    FAYETTEVILLE, NC HOKE 2023 $472,030 $604,400 $730,525 $907,900

    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).