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 6.74% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.73% and one month ago for the week of 2024-03-15, the average rate was 6.5%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Forest 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 $229,900 (8.2%) $353,032 (15.3%) 0.00 421
    2018-02-01 $229,450 (5.5%) $367,160 (19.6%) 0.00 396
    2018-03-01 $231,500 (6.6%) $373,750 (20.7%) 0.00 406
    2018-04-01 $247,400 (10.0%) $389,595 (19.9%) 0.00 429
    2018-05-01 $259,700 (8.3%) $404,258 (19.6%) 0.00 459
    2018-06-01 $295,000 (19.0%) $448,995 (30.5%) 0.00 426
    2018-07-01 $291,725 (16.9%) $444,670 (27.2%) 0.00 466
    2018-08-01 $299,900 (17.8%) $461,531 (30.9%) 0.00 467
    2018-09-01 $299,900 (15.8%) $461,718 (28.3%) 0.00 498
    2018-10-01 $299,000 (12.8%) $448,602 (21.6%) 0.00 483
    2018-11-01 $299,000 (15.4%) $441,686 (18.2%) 0.00 480
    2018-12-01 $299,900 (20.0%) $443,907 (18.7%) 0.00 446
    2019-01-01 $299,900 (30.5%) $445,626 (26.2%) 0.00 422
    2019-02-01 $299,900 (30.7%) $445,755 (21.4%) 0.00 415
    2019-03-01 $299,300 (29.3%) $434,822 (16.3%) 0.00 438
    2019-04-01 $299,800 (21.2%) $437,894 (12.4%) 0.00 455
    2019-05-01 $299,700 (15.4%) $432,929 (7.1%) 0.00 487
    2019-06-01 $299,950 (1.7%) $443,239 (-1.3%) 0.00 508
    2019-07-01 $312,450 (7.1%) $439,436 (-1.2%) 0.00 493
    2019-08-01 $314,482 (4.9%) $434,023 (-6.0%) 0.00 478
    2019-09-01 $306,280 (2.1%) $430,408 (-6.8%) 0.00 467
    2019-10-01 $299,450 (0.2%) $425,555 (-5.1%) 0.00 461
    2019-11-01 $297,000 (-0.7%) $409,505 (-7.3%) 0.00 433
    2019-12-01 $287,475 (-4.1%) $399,899 (-9.9%) 0.00 389
    2020-01-01 $298,000 (-0.6%) $413,424 (-7.2%) 0.00 310
    2020-02-01 $294,950 (-1.7%) $417,965 (-6.2%) 0.00 293
    2020-03-01 $299,000 (-0.1%) $427,951 (-1.6%) 0.00 294
    2020-04-01 $295,500 (-1.4%) $430,272 (-1.7%) 0.00 294
    2020-05-01 $325,000 (8.4%) $450,147 (4.0%) 0.00 274
    2020-06-01 $349,800 (16.6%) $462,361 (4.3%) 0.00 254
    2020-07-01 $349,900 (12.0%) $470,013 (7.0%) 0.00 231
    2020-08-01 $349,000 (11.0%) $471,745 (8.7%) 0.00 200
    2020-09-01 $349,000 (14.0%) $473,777 (10.1%) 0.00 163
    2020-10-01 $312,000 (4.2%) $442,113 (3.9%) 0.00 157
    2020-11-01 $299,250 (0.8%) $434,808 (6.2%) 0.00 150
    2020-12-01 $298,225 (3.7%) $443,495 (10.9%) 0.00 128
    2021-01-01 $284,500 (-4.5%) $412,099 (-0.3%) 0.00 109
    2021-02-01 $269,900 (-8.5%) $396,613 (-5.1%) 0.00 109
    2021-03-01 $278,200 (-7.0%) $441,213 (3.1%) 0.00 84
    2021-04-01 $307,975 (4.2%) $478,908 (11.3%) 0.00 79
    2021-05-01 $414,600 (27.6%) $539,821 (19.9%) 0.00 84
    2021-06-01 $409,375 (17.0%) $527,544 (14.1%) 0.00 114
    2021-07-01 $349,000 (-0.3%) $482,663 (2.7%) 0.00 134
    2021-08-01 $344,500 (-1.3%) $478,854 (1.5%) 0.00 137
    2021-09-01 $361,950 (3.7%) $496,566 (4.8%) 0.00 127
    2021-10-01 $344,000 (10.3%) $486,376 (10.0%) 0.00 133
    2021-11-01 $340,000 (13.6%) $458,302 (5.4%) 0.00 117
    2021-12-01 $345,000 (15.7%) $475,651 (7.3%) 0.00 116
    2022-01-01 $320,000 (12.5%) $458,027 (11.1%) 0.00 95
    2022-02-01 $327,500 (21.3%) $451,837 (13.9%) 0.00 84
    2022-03-01 $377,200 (35.6%) $492,847 (11.7%) 0.00 78
    2022-04-01 $400,000 (29.9%) $503,768 (5.2%) 0.00 79
    2022-05-01 $332,725 (-19.8%) $474,891 (-12.0%) 0.00 96
    2022-06-01 $325,450 (-20.5%) $488,440 (-7.4%) 0.00 108
    2022-07-01 $335,000 (-4.0%) $499,314 (3.5%) 0.00 155
    2022-08-01 $343,975 (-0.2%) $493,602 (3.1%) 0.00 180
    2022-09-01 $345,450 (-4.6%) $502,280 (1.2%) 0.00 165
    2022-10-01 $349,900 (1.7%) $490,634 (0.9%) 0.00 178
    2022-11-01 $348,450 (2.5%) $517,655 (13.0%) 0.00 174
    2022-12-01 $330,000 (-4.4%) $499,296 (5.0%) 0.00 175
    2023-01-01 $324,000 (1.3%) $468,131 (2.2%) 0.00 152
    2023-02-01 $325,000 (-0.8%) $487,416 (7.9%) 0.00 120
    2023-03-01 $357,450 (-5.2%) $515,465 (4.6%) 0.00 114
    2023-04-01 $372,450 (-6.9%) $542,765 (7.7%) 0.00 124
    2023-05-01 $425,738 (28.0%) $584,732 (23.1%) 0.00 120
    2023-06-01 $442,700 (36.0%) $572,558 (17.2%) 0.00 141
    2023-07-01 $434,500 (29.7%) $561,971 (12.6%) 0.00 154
    2023-08-01 $412,363 (19.9%) $544,031 (10.2%) 0.00 150
    2023-09-01 $414,900 (20.1%) $554,054 (10.3%) 0.00 169
    2023-10-01 $399,500 (14.2%) $520,966 (6.2%) 0.00 195
    2023-11-01 $399,250 (14.6%) $547,292 (5.7%) 0.00 210
    2023-12-01 $395,000 (19.7%) $540,339 (8.2%) 0.00 193
    2024-01-01 $373,688 (15.3%) $533,780 (14.0%) 0.00 195
    2024-02-01 $361,150 (11.1%) $528,930 (8.5%) 0.00 169
    2024-03-01 $386,750 (8.2%) $529,320 (2.7%) 0.00 166
    Forest City's median listing price for 2024-03-01 was $386,750, a difference of $29,300 (8.2%) versus the prior year and $25,600 versus the prior month.

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

    Forest City's average listing price for 2024-03-01 was $529,320, a difference of $13,855 (2.7%) versus the prior year and $390 versus the prior month.

    For the 2024-03-01 period, Forest City had 166 MLS listings, a difference of -3 listings (-2%) versus the prior month and 52 listings (46%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Forest 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 1,941 sqft
    2018-02-01 0 days 1,917 sqft
    2018-03-01 0 days 1,978 sqft
    2018-04-01 0 days 2,006 sqft
    2018-05-01 0 days 2,005 sqft
    2018-06-01 0 days 2,003 sqft
    2018-07-01 0 days 2,024 sqft
    2018-08-01 0 days 2,041 sqft
    2018-09-01 0 days 2,073 sqft
    2018-10-01 0 days 2,077 sqft
    2018-11-01 0 days 2,078 sqft
    2018-12-01 0 days 2,100 sqft
    2019-01-01 0 days 2,101 sqft
    2019-02-01 0 days 2,042 sqft
    2019-03-01 0 days 2,024 sqft
    2019-04-01 0 days 2,030 sqft
    2019-05-01 0 days 2,043 sqft
    2019-06-01 0 days 2,180 sqft
    2019-07-01 0 days 2,171 sqft
    2019-08-01 0 days 2,186 sqft
    2019-09-01 0 days 2,134 sqft
    2019-10-01 0 days 2,099 sqft
    2019-11-01 0 days 2,006 sqft
    2019-12-01 0 days 1,959 sqft
    2020-01-01 0 days 1,950 sqft
    2020-02-01 0 days 1,899 sqft
    2020-03-01 0 days 1,974 sqft
    2020-04-01 0 days 2,002 sqft
    2020-05-01 0 days 2,005 sqft
    2020-06-01 0 days 2,100 sqft
    2020-07-01 0 days 2,135 sqft
    2020-08-01 0 days 2,079 sqft
    2020-09-01 0 days 1,951 sqft
    2020-10-01 0 days 1,836 sqft
    2020-11-01 0 days 1,741 sqft
    2020-12-01 0 days 1,739 sqft
    2021-01-01 0 days 1,662 sqft
    2021-02-01 0 days 1,661 sqft
    2021-03-01 0 days 1,716 sqft
    2021-04-01 0 days 1,757 sqft
    2021-05-01 0 days 2,064 sqft
    2021-06-01 0 days 2,147 sqft
    2021-07-01 0 days 1,906 sqft
    2021-08-01 0 days 1,892 sqft
    2021-09-01 0 days 1,906 sqft
    2021-10-01 0 days 1,961 sqft
    2021-11-01 0 days 1,835 sqft
    2021-12-01 0 days 1,833 sqft
    2022-01-01 0 days 1,572 sqft
    2022-02-01 0 days 1,735 sqft
    2022-03-01 0 days 1,914 sqft
    2022-04-01 0 days 1,802 sqft
    2022-05-01 0 days 1,805 sqft
    2022-06-01 0 days 1,787 sqft
    2022-07-01 0 days 1,718 sqft
    2022-08-01 0 days 1,698 sqft
    2022-09-01 0 days 1,672 sqft
    2022-10-01 0 days 1,688 sqft
    2022-11-01 0 days 1,677 sqft
    2022-12-01 0 days 1,664 sqft
    2023-01-01 0 days 1,665 sqft
    2023-02-01 0 days 1,590 sqft
    2023-03-01 0 days 1,601 sqft
    2023-04-01 0 days 1,636 sqft
    2023-05-01 0 days 1,800 sqft
    2023-06-01 0 days 1,831 sqft
    2023-07-01 0 days 1,802 sqft
    2023-08-01 0 days 1,662 sqft
    2023-09-01 0 days 1,664 sqft
    2023-10-01 0 days 1,702 sqft
    2023-11-01 0 days 1,752 sqft
    2023-12-01 0 days 1,751 sqft
    2024-01-01 0 days 1,684 sqft
    2024-02-01 0 days 1,807 sqft
    2024-03-01 0 days 1,808 sqft
    Forest City's median listing age (time on market) for 2024-03-01 was 0 days.

    Forest City's median square footage for active listings during the 2024-03-01 period was 1,808 sqft. One year prior, the average listing was 1,601 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).