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 49 lenders originated 190 FHA loans during 2022. The total origination value was $33,140,000, with an average FHA loan value of $174,421.

Forest City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Forest City averaged -0.46% for the week of 2024-02-23, compared to the national average (all FHA variants) of 0% for the same period.

Forest City's average FHA mortgage closing costs are $6,651.

The average rate for the prior week (2024-02-16) was 6.28% and one month ago for the week of 2024-01-19, the average rate was 6.02%.

The average rate one year ago was 5.58%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.93%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 32 4.64% $7,749
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 19 4.98% $9,979
MOVEMENT MORTGAGE, LLC 16 5.42% $7,887
CARDINAL FINANCIAL 12 5.25% $12,742
HOMESTAR FINANCIAL CORPORATION 9 5.31% $4,964
Nations Lending Corporation 5 6.05% $10,289
VANDERBILT MORTGAGE AND FINANCE, INC. 4 4.72% $11,529
BROKER SOLUTIONS, INC. 4 5.91% $9,714
Bank of England 4 5.00% $8,497
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 4 5.44% $10,003
AMERISAVE MORTGAGE CORPORATION 3 5.21% $9,549
GUILD MORTGAGE COMPANY 3 3.88% $12,053
GoPrime Mortgage, Inc. 3 5.16% $10,120
UNITED WHOLESALE MORTGAGE, LLC 3 6.12% $10,085
T2 FINANCIAL LLC 3 4.79% $7,738
Mr. Cooper ( Nationstar Mortgage ) 3 4.29% $11,492
LAKEVIEW LOAN SERVICING, LLC 3 3.92% $4,455
Wyndham Capital Mortgage, Inc. 2 4.44% $8,299
AMERICAN FINANCIAL RESOURCES, INC. 2 3.94% $13,383
Carrington Mortgage Services, LLC 2 6.19% $6,148
HOME POINT FINANCIAL CORPORATION 2 4.75% $6,595
LOANDEPOT.COM, LLC 2 4.75% $14,771
NEWREZ LLC 2 4.75% $4,146
PENNYMAC LOAN SERVICES, LLC 2 4.13% $8,728
RELIANCE FIRST CAPITAL, LLC 2 4.63% $7,743
ALLIED MORTGAGE GROUP, INC. 2 5.50% $8,890
Fifth Third Bank 1 4.00% $6,644
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.49% $8,378
United Community Bank 1 3.88% $8,530
ON Q FINANCIAL, INC. 1 5.75% $7,388
CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $6,713
PLANET HOME LENDING, LLC 1 3.75% $3,674
Platinum Home Mortgage Corporation 1 5.75% $11,488
PNC Bank 1 5.13% $5,627
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.75% $13,113
Evolve Bank & Trust 1 3.75% $7,146
RADIUS FINANCIAL GROUP INC. 1 5.75% $9,421
RAPID MORTGAGE COMPANY 1 5.50% $8,963
CALIBER HOME LOANS, INC. 1 3.63% $3,393
SeaTrust Mortgage Company 1 5.50% $6,822
South State Bank 1 5.25% $5,854
SUN WEST MORTGAGE COMPANY, INC. 1 4.12% $8,832
Equity Prime Mortgage LLC 1 6.75% $12,154
Towne Bank 1 5.00% $7,506
FREEDOM MORTGAGE CORPORATION 1 6.25% $6,816
INTERLINC MORTGAGE SERVICES, LLC 1 6.75% $3,051
First Guaranty Mortgage Corporation 1 3.13% $16,481
Truliant Federal Credit Union 1 4.88% $5,383
First-Citizens Bank & Trust Company 1 6.75% $9,033

The top Forest City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 32 FHA loans originated. Their average total fees are $7,749, which is $2,230 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Forest City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,749), MOVEMENT MORTGAGE, LLC ($7,887), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,979), CARDINAL FINANCIAL ($12,742) and .

The lowest rate Forest City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.64%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (4.98%), CARDINAL FINANCIAL (5.25%), MOVEMENT MORTGAGE, LLC (5.42%) 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
Forest City's median listing price for 2023-12-01 was $395,000, a difference of $65,000 (19.7%) versus the prior year and $-4,250 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 2023-12-01 was $540,339, a difference of $41,043 (8.2%) versus the prior year and $-6,953 versus the prior month.

For the 2023-12-01 period, Forest City had 193 MLS listings, a difference of -17 listings (-8%) versus the prior month and 18 listings (10%) 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
Forest City's median listing age (time on market) for 2023-12-01 was 0 days.

Forest City's median square footage for active listings during the 2023-12-01 period was 1,751 sqft. One year prior, the average listing was 1,664 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).