Henderson FHA Loan Rates, Closing Costs & Stats

Henderson, 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.

    Henderson's 44 lenders originated 91 FHA loans during 2023. The total origination value was $18,005,000, with an average FHA loan value of $197,857.

    Henderson FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Henderson averaged 6.6% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Henderson's average FHA mortgage closing costs are $7,516.

    The average rate for the prior week (2024-04-12) was 6.49% and one month ago for the week of 2024-03-15, the average rate was 6.75%.

    The average rate one year ago was 6.18%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Henderson 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 Henderson level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 11 6.16% $10,454
    LOANDEPOT.COM, LLC 5 6.65% $8,393
    UNITED WHOLESALE MORTGAGE, LLC 5 6.97% $8,697
    NEWREZ LLC 4 6.97% $10,877
    BROKER SOLUTIONS, INC. 3 7.04% $11,959
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.96% $11,061
    Prosperity Home Mortgage, LLC 3 6.25% $10,896
    CORNERSTONE HOME LENDING, INC. 3 7.75% $10,140
    UNION HOME MORTGAGE CORP. 3 6.21% $8,934
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.00% $7,958
    The Federal Savings Bank 2 6.50% $10,040
    RELIANCE FIRST CAPITAL, LLC 2 7.06% $6,167
    MOVEMENT MORTGAGE, LLC 2 6.44% $10,689
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.13% $6,893
    GoPrime Mortgage, Inc. 1 6.50% $17,500
    INTERCOASTAL MORTGAGE COMPANY 1 6.50% $9,217
    Meridian Bank Corporation 1 6.25% $11,666
    MILEND, INC. 1 6.75% $17,761
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $16,830
    M&T Bank 1 6.75% $5,706
    MY MORTGAGE, INC. 1 6.13% $7,163
    1ST SIGNATURE LENDING, LLC 1 6.63% $15,638
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $9,027
    NFM, INC. 1 7.13% $8,332
    PREMIA MORTGAGE, LLC 1 6.25% $10,707
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.88% $9,563
    Shamrock Home Loans, Inc. 1 6.63% $7,176
    SUMMIT FUNDING, INC. 1 6.75% $7,812
    Towne Bank 1 7.00% $11,458
    VELOCIO MORTGAGE L.L.C. 1 5.99% $5,263
    Victorian Finance, LLC 1 6.38% $10,651
    Nations Lending Corporation 1 7.13% $8,546
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.88% $7,153
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $6,049
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $9,393
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $9,474
    BAY EQUITY LLC 1 5.38% $11,536
    Blue Ridge Bank 1 6.50% $12,277
    CARDINAL FINANCIAL 1 6.25% $9,865
    Century Mortgage Company DBA Century Lending Company 1 6.99% $13,379
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $10,326
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $9,665
    DAS Acquisition Company, LLC 1 7.00% $11,098
    Equity Prime Mortgage LLC 1 7.50% $5,442

    The top Henderson FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 11 FHA loans originated. Their average total fees are $10,454, which is $2,062 higher than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Henderson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($10,454), .

    The lowest rate Henderson FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.16%), .

    Henderson FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Henderson (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 $180,495 (40.3%) $204,240 (17.4%) 0.00 72
    2018-02-01 $173,993 (17.6%) $204,679 (19.2%) 0.00 71
    2018-03-01 $149,900 (-0.6%) $195,859 (3.6%) 0.00 78
    2018-04-01 $177,150 (18.1%) $200,655 (4.7%) 0.00 78
    2018-05-01 $159,925 (2.4%) $190,599 (1.3%) 0.00 77
    2018-06-01 $169,000 (5.8%) $197,254 (0.2%) 0.00 73
    2018-07-01 $170,700 (-0.8%) $239,677 (17.1%) 0.00 69
    2018-08-01 $159,675 (0.8%) $236,310 (21.1%) 0.00 65
    2018-09-01 $172,400 (6.4%) $244,861 (24.5%) 0.00 70
    2018-10-01 $184,200 (8.4%) $255,563 (28.7%) 0.00 70
    2018-11-01 $158,725 (-9.8%) $239,134 (18.0%) 0.00 78
    2018-12-01 $129,000 (-29.9%) $201,560 (-3.1%) 0.00 85
    2019-01-01 $116,500 (-35.5%) $168,456 (-17.5%) 0.00 78
    2019-02-01 $126,000 (-27.6%) $170,822 (-16.5%) 0.00 77
    2019-03-01 $136,621 (-8.9%) $180,080 (-8.1%) 0.00 72
    2019-04-01 $149,225 (-15.8%) $186,502 (-7.1%) 0.00 77
    2019-05-01 $149,475 (-6.5%) $191,693 (0.6%) 0.00 72
    2019-06-01 $197,000 (16.6%) $217,856 (10.4%) 0.00 57
    2019-07-01 $198,450 (16.3%) $217,380 (-9.3%) 0.00 56
    2019-08-01 $189,536 (18.7%) $210,349 (-11.0%) 0.00 57
    2019-09-01 $173,991 (0.9%) $201,169 (-17.8%) 0.00 60
    2019-10-01 $153,400 (-16.7%) $190,604 (-25.4%) 0.00 63
    2019-11-01 $159,000 (0.2%) $185,432 (-22.5%) 0.00 70
    2019-12-01 $150,448 (16.6%) $177,770 (-11.8%) 0.00 64
    2020-01-01 $179,000 (53.7%) $214,664 (27.4%) 0.00 46
    2020-02-01 $172,450 (36.9%) $193,388 (13.2%) 0.00 49
    2020-03-01 $153,750 (12.5%) $185,814 (3.2%) 0.00 55
    2020-04-01 $189,553 (27.0%) $194,777 (4.4%) 0.00 60
    2020-05-01 $189,990 (27.1%) $195,948 (2.2%) 0.00 57
    2020-06-01 $172,225 (-12.6%) $203,796 (-6.5%) 0.00 40
    2020-07-01 $197,933 (-0.3%) $218,825 (0.7%) 0.00 39
    2020-08-01 $235,000 (24.0%) $271,041 (28.9%) 0.00 34
    2020-09-01 $244,000 (40.2%) $293,939 (46.1%) 0.00 36
    2020-10-01 $161,500 (5.3%) $276,897 (45.3%) 0.00 35
    2020-11-01 $166,750 (4.9%) $271,825 (46.6%) 0.00 38
    2020-12-01 $159,250 (5.9%) $226,227 (27.3%) 0.00 33
    2021-01-01 $167,500 (-6.4%) $241,832 (12.7%) 0.00 28
    2021-02-01 $160,000 (-7.2%) $222,386 (15.0%) 0.00 27
    2021-03-01 $166,475 (8.3%) $316,724 (70.5%) 0.00 20
    2021-04-01 $229,725 (21.2%) $339,516 (74.3%) 0.00 22
    2021-05-01 $202,400 (6.5%) $283,732 (44.8%) 0.00 24
    2021-06-01 $212,250 (23.2%) $292,077 (43.3%) 0.00 25
    2021-07-01 $175,000 (-11.6%) $289,244 (32.2%) 0.00 32
    2021-08-01 $163,725 (-30.3%) $262,568 (-3.1%) 0.00 49
    2021-09-01 $165,000 (-32.4%) $282,604 (-3.9%) 0.00 48
    2021-10-01 $186,250 (15.3%) $269,061 (-2.8%) 0.00 40
    2021-11-01 $159,975 (-4.1%) $226,142 (-16.8%) 0.00 35
    2021-12-01 $160,000 (0.5%) $264,610 (17.0%) 0.00 31
    2022-01-01 $169,950 (1.5%) $274,730 (13.6%) 0.00 30
    2022-02-01 $158,450 (-1.0%) $242,231 (8.9%) 0.00 25
    2022-03-01 $268,475 (61.3%) $319,880 (1.0%) 0.00 26
    2022-04-01 $289,900 (26.2%) $352,072 (3.7%) 0.00 26
    2022-05-01 $270,000 (33.4%) $328,350 (15.7%) 0.00 34
    2022-06-01 $275,975 (30.0%) $325,080 (11.3%) 0.00 40
    2022-07-01 $282,200 (61.3%) $327,973 (13.4%) 0.00 49
    2022-08-01 $282,200 (72.4%) $331,591 (26.3%) 0.00 56
    2022-09-01 $277,000 (67.9%) $320,670 (13.5%) 0.00 54
    2022-10-01 $270,000 (45.0%) $321,365 (19.4%) 0.00 56
    2022-11-01 $258,675 (61.7%) $305,042 (34.9%) 0.00 55
    2022-12-01 $244,950 (53.1%) $308,570 (16.6%) 0.00 52
    2023-01-01 $275,000 (61.8%) $312,858 (13.9%) 0.00 48
    2023-02-01 $262,500 (65.7%) $296,606 (22.5%) 0.00 52
    2023-03-01 $299,450 (11.5%) $341,061 (6.6%) 0.00 52
    2023-04-01 $325,000 (12.1%) $367,552 (4.4%) 0.00 40
    2023-05-01 $325,000 (20.4%) $371,692 (13.2%) 0.00 40
    2023-06-01 $325,000 (17.8%) $383,532 (18.0%) 0.00 44
    2023-07-01 $315,000 (11.6%) $386,841 (18.0%) 0.00 48
    2023-08-01 $299,725 (6.2%) $358,169 (8.0%) 0.00 55
    2023-09-01 $299,500 (8.1%) $351,961 (9.8%) 0.00 55
    2023-10-01 $295,000 (9.3%) $346,173 (7.7%) 0.00 53
    2023-11-01 $289,000 (11.7%) $323,289 (6.0%) 0.00 53
    2023-12-01 $299,250 (22.2%) $349,452 (13.3%) 0.00 54
    2024-01-01 $282,300 (2.7%) $328,231 (4.9%) 0.00 54
    2024-02-01 $284,500 (8.4%) $324,633 (9.5%) 0.00 56
    2024-03-01 $304,900 (1.8%) $337,181 (-1.1%) 0.00 50
    Henderson's median listing price for 2024-03-01 was $304,900, a difference of $5,450 (1.8%) versus the prior year and $20,400 versus the prior month.

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

    Henderson's average listing price for 2024-03-01 was $337,181, a difference of $-3,880 (-1.1%) versus the prior year and $12,548 versus the prior month.

    For the 2024-03-01 period, Henderson had 50 MLS listings, a difference of -6 listings (-11%) versus the prior month and -2 listings (-4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Henderson (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,933 sqft
    2018-02-01 0 days 1,897 sqft
    2018-03-01 0 days 1,800 sqft
    2018-04-01 0 days 1,782 sqft
    2018-05-01 0 days 1,783 sqft
    2018-06-01 0 days 1,805 sqft
    2018-07-01 0 days 1,860 sqft
    2018-08-01 0 days 1,808 sqft
    2018-09-01 0 days 1,820 sqft
    2018-10-01 0 days 1,819 sqft
    2018-11-01 0 days 1,771 sqft
    2018-12-01 0 days 1,532 sqft
    2019-01-01 0 days 1,396 sqft
    2019-02-01 0 days 1,511 sqft
    2019-03-01 0 days 1,539 sqft
    2019-04-01 0 days 1,575 sqft
    2019-05-01 0 days 1,616 sqft
    2019-06-01 0 days 1,760 sqft
    2019-07-01 0 days 1,809 sqft
    2019-08-01 0 days 1,782 sqft
    2019-09-01 0 days 1,736 sqft
    2019-10-01 0 days 1,673 sqft
    2019-11-01 0 days 1,569 sqft
    2019-12-01 0 days 1,469 sqft
    2020-01-01 0 days 1,757 sqft
    2020-02-01 0 days 1,813 sqft
    2020-03-01 0 days 1,847 sqft
    2020-04-01 0 days 1,922 sqft
    2020-05-01 0 days 1,814 sqft
    2020-06-01 0 days 1,810 sqft
    2020-07-01 0 days 1,854 sqft
    2020-08-01 0 days 1,854 sqft
    2020-09-01 0 days 1,761 sqft
    2020-10-01 0 days 1,850 sqft
    2020-11-01 0 days 1,781 sqft
    2020-12-01 0 days 1,641 sqft
    2021-01-01 0 days 1,617 sqft
    2021-02-01 0 days 1,544 sqft
    2021-03-01 0 days 1,757 sqft
    2021-04-01 0 days 2,022 sqft
    2021-05-01 0 days 1,721 sqft
    2021-06-01 0 days 1,794 sqft
    2021-07-01 0 days 1,740 sqft
    2021-08-01 0 days 1,576 sqft
    2021-09-01 0 days 1,502 sqft
    2021-10-01 0 days 1,456 sqft
    2021-11-01 0 days 1,456 sqft
    2021-12-01 0 days 1,608 sqft
    2022-01-01 0 days 1,396 sqft
    2022-02-01 0 days 1,307 sqft
    2022-03-01 0 days 1,602 sqft
    2022-04-01 0 days 1,665 sqft
    2022-05-01 0 days 1,665 sqft
    2022-06-01 0 days 1,672 sqft
    2022-07-01 0 days 1,667 sqft
    2022-08-01 0 days 1,736 sqft
    2022-09-01 0 days 1,730 sqft
    2022-10-01 0 days 1,660 sqft
    2022-11-01 0 days 1,658 sqft
    2022-12-01 0 days 1,568 sqft
    2023-01-01 0 days 1,650 sqft
    2023-02-01 0 days 1,669 sqft
    2023-03-01 0 days 1,735 sqft
    2023-04-01 0 days 1,738 sqft
    2023-05-01 0 days 1,738 sqft
    2023-06-01 0 days 1,751 sqft
    2023-07-01 0 days 1,740 sqft
    2023-08-01 0 days 1,738 sqft
    2023-09-01 0 days 1,612 sqft
    2023-10-01 0 days 1,717 sqft
    2023-11-01 0 days 1,520 sqft
    2023-12-01 0 days 1,618 sqft
    2024-01-01 0 days 1,607 sqft
    2024-02-01 0 days 1,610 sqft
    2024-03-01 0 days 1,694 sqft
    Henderson's median listing age (time on market) for 2024-03-01 was 0 days.

    Henderson's median square footage for active listings during the 2024-03-01 period was 1,694 sqft. One year prior, the average listing was 1,735 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).