Forest City FHA Loan Rates, Closing Costs & Stats

Forest 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.

    Forest City's 41 lenders originated 148 FHA loans during 2023. The total origination value was $27,690,000, with an average FHA loan value of $187,095.

    Forest City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Forest City averaged 6.57% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Forest City's average FHA mortgage closing costs are $7,134.

    The average rate for the prior week (2024-07-12) was 6.83% and one month ago for the week of 2024-06-14, the average rate was 6.58%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.59%.

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

    Forest 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 Forest City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 16 6.76% $9,802
    QUICKEN LOANS, LLC 16 6.21% $9,123
    HOMESTAR FINANCIAL CORPORATION 11 6.76% $7,909
    MOVEMENT MORTGAGE, LLC 10 6.70% $7,685
    BROKER SOLUTIONS, INC. 9 6.65% $11,394
    UNITED WHOLESALE MORTGAGE, LLC 8 6.10% $10,237
    CARDINAL FINANCIAL 5 6.93% $12,799
    Equity Prime Mortgage LLC 3 7.75% $7,858
    CROSSCOUNTRY MORTGAGE, LLC 3 7.06% $9,583
    GoPrime Mortgage, Inc. 3 6.88% $9,941
    LOANDEPOT.COM, LLC 3 5.99% $14,917
    SeaTrust Mortgage Company 3 6.96% $11,335
    First Federal Bank 2 6.31% $9,045
    FREEDOM MORTGAGE CORPORATION 2 6.56% $12,560
    AMERISAVE MORTGAGE CORPORATION 2 6.00% $11,186
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.31% $13,955
    NEWREZ LLC 2 6.00% $7,409
    ON Q FINANCIAL, INC. 2 6.44% $9,862
    PENNYMAC LOAN SERVICES, LLC 2 5.69% $11,332
    AMERICAN FINANCING CORPORATION 2 6.19% $12,551
    RELIANCE FIRST CAPITAL, LLC 2 7.25% $9,641
    TOP FLITE FINANCIAL, INC. 2 6.75% $13,034
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.31% $10,981
    CMG MORTGAGE, INC. 1 6.50% $9,361
    Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $16,504
    RADIUS FINANCIAL GROUP INC. 1 6.63% $8,685
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.50% $7,915
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $10,633
    ZILLOW HOME LOANS, LLC 1 7.50% $7,152
    The Federal Savings Bank 1 6.25% $23,359
    Plains Commerce Bank 1 6.13% $7,200
    First Option Mortgage, LLC 1 6.63% $7,894
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $10,437
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $7,101
    GUILD MORTGAGE COMPANY 1 6.13% $5,332
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.13% $5,238
    HOMESIDE FINANCIAL, LLC 1 7.50% $11,515
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.63% $14,984
    U.S. Bank 1 6.38% $5,237
    Magnolia Bank 1 7.13% $9,596
    Mortgage Research Center, LLC 1 5.99% $12,804

    The top Forest City FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 16 FHA loans originated. Their average total fees are $9,802, which is $679 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Forest City FHA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($7,685), HOMESTAR FINANCIAL CORPORATION ($7,909), QUICKEN LOANS, LLC ($9,123), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,802) and .

    The lowest rate Forest City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.21%), MOVEMENT MORTGAGE, LLC (6.70%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.76%), HOMESTAR FINANCIAL CORPORATION (6.76%) and .

    Forest City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FOREST CITY, NC RUTHERFORD 2022 $420,680 $538,650 $651,050 $809,150
    FOREST CITY, NC RUTHERFORD 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).