Forest City FHA Loan Rates, Closing Costs & Stats
Forest 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.
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
6.08%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Forest City's average FHA mortgage closing costs are $7,134.
The average rate for the prior week (2024-10-04) was
6.1% and
one month ago for the week of 2024-09-06, the
average rate was 5.93%.
The average rate one year ago was 7.36%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.3%.
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.
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. LouisDate | 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 |
2024-04-01 | $382,750 (2.8%) | $562,944 (3.7%) | 0.00 | 189 |
2024-05-01 | $400,000 (-6.1%) | $589,416 (0.8%) | 0.00 | 194 |
2024-06-01 | $400,000 (-9.7%) | $580,409 (1.4%) | 0.00 | 229 |
2024-07-01 | $412,500 (-5.1%) | $597,840 (6.4%) | 0.00 | 252 |
2024-08-01 | $400,000 (-3.0%) | $572,281 (5.2%) | 0.00 | 281 |
2024-09-01 | $399,975 (-3.6%) | $549,062 (-0.9%) | 0.00 | 303 |
Forest City's median listing price comes in at 0% of the national average.
Forest City's average listing price for 2024-09-01 was $549,062, a difference of $-4,992 (-0.9%) versus the prior year and $-23,219 versus the prior month.
For the 2024-09-01 period, Forest City had 303 MLS listings, a difference of 22 listings (8%) versus the prior month and 134 listings (79%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Forest City (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 | 1,815 sqft |
2024-04-01 | 0 days | 1,700 sqft |
2024-05-01 | 0 days | 1,674 sqft |
2024-06-01 | 0 days | 1,673 sqft |
2024-07-01 | 0 days | 1,701 sqft |
2024-08-01 | 0 days | 1,600 sqft |
2024-09-01 | 0 days | 1,630 sqft |
Forest City's median square footage for active listings during the 2024-09-01 period was 1,630 sqft. One year prior, the average listing was 1,664 sqft.