Hickory FHA Loan Rates, Closing Costs & Stats

HICKORY-LENOIR-MORGANTON, 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.

Hickory's 117 lenders originated 1,146 FHA loans during 2023. The total origination value was $275,640,000, with an average FHA loan value of $240,524.

Hickory FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hickory averaged 6.56% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

Hickory's average FHA mortgage closing costs are $7,302.

The average rate for the prior week (2024-04-05) was 6.59% and one month ago for the week of 2024-03-08, the average rate was 6.63%.

The average rate one year ago was 6.16%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.62%.

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

Hickory 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 Hickory level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 151 6.30% $9,869
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 127 6.64% $11,280
CROSSCOUNTRY MORTGAGE, LLC 98 6.91% $10,272
UNITED WHOLESALE MORTGAGE, LLC 59 6.49% $11,075
DHI MORTGAGE COMPANY, LTD. 42 5.32% $6,195
CARDINAL FINANCIAL 40 6.70% $12,361
MOVEMENT MORTGAGE, LLC 35 6.73% $9,875
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 32 6.88% $8,665
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 29 6.75% $8,948
LOANDEPOT.COM, LLC 27 6.57% $9,637
EAGLE HOME MORTGAGE, LLC 26 6.41% $8,076
FREEDOM MORTGAGE CORPORATION 21 6.86% $12,636
INSPIRE HOME LOANS INC. 20 6.07% $10,113
GUILD MORTGAGE COMPANY 17 6.82% $9,706
AMERISAVE MORTGAGE CORPORATION 15 6.03% $11,370
Mr. Cooper ( Nationstar Mortgage ) 13 6.33% $10,926
Truist 12 6.66% $8,207
BROKER SOLUTIONS, INC. 11 6.87% $11,296
PENNYMAC LOAN SERVICES, LLC 11 6.23% $12,737
Alcova Mortgage LLC 11 7.02% $8,660
First-Citizens Bank & Trust Company 10 6.31% $9,625
Flagstar Bank, FSB 10 6.29% $12,363
NEWREZ LLC 9 6.35% $12,391
RELIANCE FIRST CAPITAL, LLC 9 6.83% $7,818
MUTUAL OF OMAHA MORTGAGE, INC. 7 6.41% $16,501
LAKEVIEW LOAN SERVICING, LLC 6 5.75% $9,884
MICHIGAN MUTUAL, INC. 6 5.08% $14,095
INTERCOASTAL MORTGAGE COMPANY 6 5.96% $13,465
American Security Mortgage Corp. 6 6.79% $10,626
UNION HOME MORTGAGE CORP. 5 6.55% $11,006
SeaTrust Mortgage Company 5 6.95% $9,453
NFM, INC. 5 7.20% $12,043
AMERICAN FINANCIAL RESOURCES, INC. 5 6.23% $9,208
HOMESIDE FINANCIAL, LLC 5 6.55% $11,419
Carrington Mortgage Services, LLC 5 6.75% $8,342
First Federal Bank 4 7.16% $8,479
Wells Fargo Bank 4 6.25% $10,676
EMM LOANS LLC 4 6.03% $15,505
Equity Prime Mortgage LLC 4 6.63% $12,757
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.47% $10,366
First Heritage Mortgage, LLC 4 7.28% $15,766
GUARANTEED RATE, INC. 4 6.91% $10,217
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.91% $10,263
AMERICAN FINANCIAL NETWORK, INC. 3 6.79% $8,826
GoPrime Mortgage, Inc. 3 7.63% $11,990
Nations Lending Corporation 3 6.54% $9,761
Mortgage Research Center, LLC 3 7.12% $7,008
AMERICAN FINANCING CORPORATION 3 6.79% $10,008
Plains Commerce Bank 3 6.33% $7,769
ZILLOW HOME LOANS, LLC 3 6.33% $9,087
TOP FLITE FINANCIAL, INC. 2 7.25% $11,970
American Mortgage & Equity Consultants, Inc. 2 7.00% $11,375
AMERICAN PACIFIC MORTGAGE CORPORATION 2 7.25% $10,378
AmeriHome Mortgage Company, LLC 2 6.19% $17,934
Bank of America 2 5.81% $3,015
Bank of England 2 6.13% $16,372
CORNERSTONE HOME LENDING, INC. 2 7.50% $6,317
DELMAR FINANCIAL COMPANY 2 7.38% $11,028
Fifth Third Bank 2 6.13% $5,382
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.94% $6,362
LOANPAL, LLC 2 6.19% $11,185
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 8.19% $6,665
Northpointe Bank 2 6.88% $9,789
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.88% $14,243
RAPID MORTGAGE COMPANY 2 6.81% $11,488
Renasant Bank 2 6.63% $8,436
ROYAL UNITED MORTGAGE LLC 2 7.06% $8,548
RUOFF MORTGAGE COMPANY, INC. 2 6.06% $5,408
Shamrock Home Loans, Inc. 2 7.00% $10,151
SOUTHWEST STAGE FUNDING, LLC 2 7.06% $8,734
T2 FINANCIAL LLC 2 6.81% $13,610
United Bank 2 6.75% $9,697
VILLAGE CAPITAL MORTGAGE 2 6.25% $5,035
NETWORK CAPITAL FUNDING CORPORATION 1 5.63% $10,226
First Reliance Bank 1 6.75% $7,881
First Horizon Bank 1 7.00% $14,338
C & F Mortgage Corporation 1 6.38% $4,587
Paramount Residential Mortgage Group, Inc. 1 7.25% $11,504
FIRST COMMUNITY MORTGAGE, INC. 1 6.50% $11,965
PENTAGON FEDERAL CREDIT UNION 1 6.63% $6,868
FBC MORTGAGE, LLC 1 5.75% $13,818
PNC Bank 1 6.25% $6,067
POLARIS HOME FUNDING CORP. 1 7.13% $11,357
PREMIER LENDING, INC. 1 6.25% $15,246
UNITED 1 7.75% $6,239
EVERETT FINANCIAL, INC. 1 7.13% $8,641
Prosperity Home Mortgage, LLC 1 5.75% $12,707
Encompass Lending Group, LP 1 7.99% $12,984
Wolfe Financial, Inc 1 6.50% $9,373
COMPASS MORTGAGE, INC. 1 7.25% $7,236
CALCON MUTUAL MORTGAGE LLC 1 6.75% $25,173
RESIDENTIAL HOME FUNDING CORP. 1 5.00% $9,013
U.S. Bank 1 7.13% $4,415
Uwharrie Bank 1 6.25% $18,359
Citizens Bank 1 6.25% $13,254
SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $12,133
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.13% $8,751
ALLIED MORTGAGE GROUP, INC. 1 6.75% $14,195
Strong Home Mortgage, LLC 1 6.13% $13,475
SUN WEST MORTGAGE COMPANY, INC. 1 5.25% $5,800
Atlantic Coast Mortgage, LLC 1 5.63% $11,357
The Federal Savings Bank 1 6.75% $9,103
ABSOLUTE HOME MORTGAGE CORPORATION 1 8.13% $13,604
TOWNE MORTGAGE COMPANY 1 6.13% $5,601
CIS Financial Services, Inc. 1 6.88% $7,632
MDE Home Loans, LLC 1 6.00% $7,442
LOANLEADERS OF AMERICA, INC. 1 6.88% $13,397
MID AMERICA MORTGAGE, INC. 1 5.25% $3,370
MILEND, INC. 1 7.50% $13,772
Lakeview Community Capital, LLC 1 6.25% $7,525
Truliant Federal Credit Union 1 6.75% $8,269
JMAC LENDING, INC. 1 6.75% $22,386
INTERLINC MORTGAGE SERVICES, LLC 1 6.75% $8,216
M&T Bank 1 6.25% $9,925
HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.63% $9,251
GUARANTEED RATE AFFINITY, LLC 1 7.63% $17,440
NBKC BANK 1 6.50% $7,166

The top Hickory FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 151 FHA loans originated. Their average total fees are $9,869, which is $1,411 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Hickory FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($6,195), EAGLE HOME MORTGAGE, LLC ($8,076), Truist ($8,207), Alcova Mortgage LLC ($8,660) and HIGHLANDS RESIDENTIAL MORTGAGE, LTD. ($8,665).

The lowest rate Hickory FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.32%), AMERISAVE MORTGAGE CORPORATION (6.03%), INSPIRE HOME LOANS INC. (6.07%), PENNYMAC LOAN SERVICES, LLC (6.23%) and Flagstar Bank, FSB (6.29%).

Hickory FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
HICKORY-LENOIR-MORGANTON, NC ALEXANDER 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC BURKE 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC CALDWELL 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC CATAWBA 2022 $420,680 $538,650 $651,050 $809,150
HICKORY-LENOIR-MORGANTON, NC ALEXANDER 2023 $472,030 $604,400 $730,525 $907,900
HICKORY-LENOIR-MORGANTON, NC BURKE 2023 $472,030 $604,400 $730,525 $907,900
HICKORY-LENOIR-MORGANTON, NC CALDWELL 2023 $472,030 $604,400 $730,525 $907,900
HICKORY-LENOIR-MORGANTON, NC CATAWBA 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Hickory (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 $228,750 (27.6%) $314,555 (18.2%) 0.85 1,032
2018-02-01 $231,950 (26.1%) $322,291 (18.3%) 0.84 1,095
2018-03-01 $246,398 (28.4%) $343,090 (22.6%) 0.86 1,058
2018-04-01 $253,655 (23.7%) $349,105 (21.2%) 0.86 1,118
2018-05-01 $256,880 (19.5%) $353,026 (20.5%) 0.86 1,112
2018-06-01 $259,900 (19.8%) $358,282 (17.6%) 0.87 1,122
2018-07-01 $249,875 (13.6%) $351,641 (13.3%) 0.83 1,204
2018-08-01 $245,250 (9.0%) $352,312 (14.4%) 0.82 1,236
2018-09-01 $238,950 (6.2%) $338,587 (8.1%) 0.80 1,283
2018-10-01 $237,900 (4.9%) $336,271 (7.1%) 0.81 1,287
2018-11-01 $248,000 (5.6%) $338,742 (6.3%) 0.84 1,219
2018-12-01 $249,000 (6.0%) $338,339 (6.7%) 0.86 1,149
2019-01-01 $249,900 (9.3%) $344,359 (9.5%) 0.86 1,005
2019-02-01 $249,950 (7.8%) $340,334 (5.6%) 0.84 989
2019-03-01 $265,543 (7.8%) $356,181 (3.8%) 0.87 925
2019-04-01 $279,800 (10.3%) $377,124 (8.0%) 0.89 866
2019-05-01 $299,250 (16.5%) $391,935 (11.0%) 0.94 861
2019-06-01 $299,000 (15.0%) $398,138 (11.1%) 0.93 872
2019-07-01 $297,750 (19.2%) $394,532 (12.2%) 0.93 884
2019-08-01 $295,486 (20.5%) $392,056 (11.3%) 0.94 872
2019-09-01 $289,841 (21.3%) $385,679 (13.9%) 0.93 851
2019-10-01 $280,225 (17.8%) $377,986 (12.4%) 0.90 845
2019-11-01 $269,900 (8.8%) $365,745 (8.0%) 0.88 840
2019-12-01 $274,900 (10.4%) $369,415 (9.2%) 0.92 777
2020-01-01 $267,450 (7.0%) $372,224 (8.1%) 0.89 702
2020-02-01 $260,000 (4.0%) $370,519 (8.9%) 0.85 686
2020-03-01 $259,950 (-2.1%) $361,376 (1.5%) 0.81 677
2020-04-01 $263,675 (-5.8%) $357,475 (-5.2%) 0.83 669
2020-05-01 $269,900 (-9.8%) $373,722 (-4.7%) 0.82 589
2020-06-01 $279,450 (-6.5%) $389,848 (-2.1%) 0.82 528
2020-07-01 $299,500 (0.6%) $396,934 (0.6%) 0.87 490
2020-08-01 $310,000 (4.9%) $406,247 (3.6%) 0.89 443
2020-09-01 $299,175 (3.2%) $407,475 (5.7%) 0.86 513
2020-10-01 $309,900 (10.6%) $413,087 (9.3%) 0.89 425
2020-11-01 $299,950 (11.1%) $417,807 (14.2%) 0.88 438
2020-12-01 $294,450 (7.1%) $412,280 (11.6%) 0.88 412
2021-01-01 $285,000 (6.6%) $421,957 (13.4%) 0.85 366
2021-02-01 $259,950 (0.0%) $414,807 (12.0%) 0.76 324
2021-03-01 $264,500 (1.8%) $414,911 (14.8%) 0.75 287
2021-04-01 $264,700 (0.4%) $416,582 (16.5%) 0.72 281
2021-05-01 $264,950 (-1.8%) $433,273 (15.9%) 0.70 297
2021-06-01 $267,750 (-4.2%) $428,482 (9.9%) 0.70 342
2021-07-01 $275,000 (-8.2%) $410,979 (3.5%) 0.73 393
2021-08-01 $270,600 (-12.7%) $391,978 (-3.5%) 0.72 402
2021-09-01 $272,500 (-8.9%) $401,846 (-1.4%) 0.73 406
2021-10-01 $269,900 (-12.9%) $405,718 (-1.8%) 0.72 377
2021-11-01 $281,950 (-6.0%) $407,596 (-2.4%) 0.75 356
2021-12-01 $277,400 (-5.8%) $417,883 (1.4%) 0.75 311
2022-01-01 $296,700 (4.1%) $438,266 (3.9%) 0.80 253
2022-02-01 $294,350 (13.2%) $427,885 (3.2%) 0.77 233
2022-03-01 $311,175 (17.7%) $432,407 (4.2%) 0.78 254
2022-04-01 $300,000 (13.3%) $450,281 (8.1%) 0.72 249
2022-05-01 $317,450 (19.8%) $486,863 (12.4%) 0.73 336
2022-06-01 $326,500 (21.9%) $483,176 (12.8%) 0.73 384
2022-07-01 $339,900 (23.6%) $477,571 (16.2%) 0.77 465
2022-08-01 $346,145 (27.9%) $478,147 (22.0%) 0.80 505
2022-09-01 $339,675 (24.7%) $482,555 (20.1%) 0.79 503
2022-10-01 $339,900 (25.9%) $477,720 (17.8%) 0.80 520
2022-11-01 $340,773 (20.9%) $466,358 (14.4%) 0.82 573
2022-12-01 $329,900 (18.9%) $464,150 (11.1%) 0.81 528
2023-01-01 $343,395 (15.7%) $475,266 (8.4%) 0.85 483
2023-02-01 $349,900 (18.9%) $480,283 (12.3%) 0.84 438
2023-03-01 $349,450 (12.3%) $486,667 (12.6%) 0.82 440
2023-04-01 $369,900 (23.3%) $509,681 (13.2%) 0.86 449
2023-05-01 $376,252 (18.5%) $523,504 (7.5%) 0.85 489
2023-06-01 $385,000 (17.9%) $524,757 (8.6%) 0.87 482
2023-07-01 $373,540 (9.9%) $514,800 (7.8%) 0.85 497
2023-08-01 $369,900 (6.9%) $504,256 (5.5%) 0.85 552
2023-09-01 $360,000 (6.0%) $506,685 (5.0%) 0.84 590
2023-10-01 $349,950 (3.0%) $505,553 (5.8%) 0.82 601
2023-11-01 $348,750 (2.3%) $492,779 (5.7%) 0.83 647
2023-12-01 $349,900 (6.1%) $498,989 (7.5%) 0.85 676
2024-01-01 $349,900 (1.9%) $482,637 (1.6%) 0.85 632
2024-02-01 $358,066 (2.3%) $496,559 (3.4%) 0.86 602
2024-03-01 $359,900 (3.0%) $505,788 (3.9%) 0.85 637
Hickory's median listing price for 2024-03-01 was $359,900, a difference of $10,450 (3.0%) versus the prior year and $1,834 versus the prior month.

Hickory's median listing price comes in at 85% of the national average.

Hickory's average listing price for 2024-03-01 was $505,788, a difference of $19,121 (3.9%) versus the prior year and $9,229 versus the prior month.

For the 2024-03-01 period, Hickory had 637 MLS listings, a difference of 35 listings (6%) versus the prior month and 197 listings (45%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Hickory (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 104 days 2,091 sqft
2018-02-01 86 days 2,076 sqft
2018-03-01 73 days 2,123 sqft
2018-04-01 63 days 2,151 sqft
2018-05-01 61 days 2,183 sqft
2018-06-01 64 days 2,104 sqft
2018-07-01 65 days 2,082 sqft
2018-08-01 67 days 2,100 sqft
2018-09-01 73 days 2,031 sqft
2018-10-01 81 days 2,082 sqft
2018-11-01 88 days 2,069 sqft
2018-12-01 95 days 2,052 sqft
2019-01-01 97 days 2,071 sqft
2019-02-01 92 days 2,012 sqft
2019-03-01 80 days 2,123 sqft
2019-04-01 72 days 2,207 sqft
2019-05-01 65 days 2,274 sqft
2019-06-01 63 days 2,332 sqft
2019-07-01 64 days 2,282 sqft
2019-08-01 62 days 2,249 sqft
2019-09-01 65 days 2,230 sqft
2019-10-01 66 days 2,183 sqft
2019-11-01 65 days 2,123 sqft
2019-12-01 74 days 2,114 sqft
2020-01-01 85 days 2,112 sqft
2020-02-01 73 days 2,079 sqft
2020-03-01 55 days 2,044 sqft
2020-04-01 54 days 2,038 sqft
2020-05-01 60 days 2,063 sqft
2020-06-01 60 days 2,102 sqft
2020-07-01 52 days 2,194 sqft
2020-08-01 44 days 2,187 sqft
2020-09-01 37 days 2,110 sqft
2020-10-01 43 days 2,202 sqft
2020-11-01 44 days 2,185 sqft
2020-12-01 50 days 2,080 sqft
2021-01-01 58 days 1,964 sqft
2021-02-01 48 days 1,926 sqft
2021-03-01 41 days 1,893 sqft
2021-04-01 36 days 1,918 sqft
2021-05-01 29 days 1,870 sqft
2021-06-01 29 days 1,819 sqft
2021-07-01 29 days 1,870 sqft
2021-08-01 33 days 1,903 sqft
2021-09-01 39 days 1,898 sqft
2021-10-01 37 days 1,828 sqft
2021-11-01 40 days 1,901 sqft
2021-12-01 43 days 1,792 sqft
2022-01-01 46 days 1,904 sqft
2022-02-01 34 days 1,875 sqft
2022-03-01 27 days 1,902 sqft
2022-04-01 26 days 1,806 sqft
2022-05-01 27 days 1,789 sqft
2022-06-01 34 days 1,899 sqft
2022-07-01 32 days 1,937 sqft
2022-08-01 41 days 1,970 sqft
2022-09-01 43 days 1,957 sqft
2022-10-01 48 days 1,970 sqft
2022-11-01 47 days 1,989 sqft
2022-12-01 57 days 1,920 sqft
2023-01-01 71 days 1,915 sqft
2023-02-01 69 days 1,887 sqft
2023-03-01 43 days 1,881 sqft
2023-04-01 44 days 1,996 sqft
2023-05-01 40 days 2,039 sqft
2023-06-01 44 days 2,034 sqft
2023-07-01 43 days 1,980 sqft
2023-08-01 41 days 1,976 sqft
2023-09-01 44 days 1,933 sqft
2023-10-01 46 days 1,816 sqft
2023-11-01 47 days 1,799 sqft
2023-12-01 52 days 1,884 sqft
2024-01-01 61 days 1,899 sqft
2024-02-01 60 days 1,895 sqft
2024-03-01 45 days 1,824 sqft
Hickory's median listing age (time on market) for 2024-03-01 was 45 days. This is 5% longer than the same period one year ago.

Hickory's median square footage for active listings during the 2024-03-01 period was 1,824 sqft. One year prior, the average listing was 1,881 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).