Hickory FHA Loans

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 142 lenders originated 1,553 FHA loans during 2021. The total origination value was $264,065,000, with an average FHA loan value of $170,035.

Hickory FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Hickory averaged 5.28% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.58% and one month ago for the week of 2022-04-15, the average rate was 4.97%.

The average rate one year ago was 3.25%.

For refis of the same type during the week of 2022-05-20, the average rate was 4.94%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Hickory level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 241 2.74% $5,855
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 90 3.37% $8,317
MOVEMENT MORTGAGE, LLC 77 3.09% $6,952
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 63 3.30% $6,957
CERTAINTY HOME LOANS, LLC 60 3.63% $7,338
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 59 3.50% $7,617
CROSSCOUNTRY MORTGAGE, LLC 53 3.53% $7,284
FREEDOM MORTGAGE CORPORATION 44 2.97% $4,373
LAKEVIEW LOAN SERVICING, LLC 33 3.11% $3,474
Mr. Cooper ( Nationstar Mortgage ) 30 3.42% $3,290
AMERIFIRST FINANCIAL CORPORATION 30 4.30% $7,648
Alcova Mortgage LLC 28 3.11% $5,559
PENNYMAC LOAN SERVICES, LLC 26 3.04% $4,615
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 21 3.37% $7,217
FAMILY FIRST FUNDING LLC 19 3.43% $7,524
HOMESIDE FINANCIAL, LLC 18 3.12% $6,833
HOMESTAR FINANCIAL CORPORATION 17 3.32% $4,914
UNITED WHOLESALE MORTGAGE, LLC 15 2.85% $6,827
BROKER SOLUTIONS, INC. 15 3.27% $7,090
NEWREZ LLC 14 3.05% $5,247
VILLAGE CAPITAL & INVESTMENT LLC 14 2.94% $1,868
CIS Financial Services, Inc. 14 3.71% $7,760
GUILD MORTGAGE COMPANY 13 3.28% $6,432
HOMEBRIDGE FINANCIAL SERVICES, INC. 11 2.88% $5,689
MCLEAN MORTGAGE CORPORATION 10 2.98% $7,228
CALIBER HOME LOANS, INC. 10 2.87% $7,013
Northpointe Bank 9 3.08% $6,290
Nations Lending Corporation 9 3.39% $8,110
Carrington Mortgage Services, LLC 9 3.40% $8,057
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 3.22% $6,875
LOANDEPOT.COM, LLC 9 3.78% $7,526
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 4.06% $7,930
INSPIRE HOME LOANS INC. 8 3.30% $6,710
LAND HOME FINANCIAL SERVICES, INC. 8 3.48% $7,566
AmeriHome Mortgage Company, LLC 7 2.70% $4,134
VANDERBILT MORTGAGE AND FINANCE, INC. 7 3.45% $8,773
HOME POINT FINANCIAL CORPORATION 7 3.02% $5,321
AMERISAVE MORTGAGE CORPORATION 6 2.92% $7,837
GoPrime Mortgage, Inc. 6 3.56% $7,145
Renasant Bank 6 2.89% $5,699
AMERICAN FINANCIAL RESOURCES, INC. 6 2.71% $6,994
Truist Bank 6 3.06% $5,851
First-Citizens Bank & Trust Company 6 3.15% $6,226
PLANET HOME LENDING, LLC 5 3.10% $3,466
GENEVA FINANCIAL, LLC 5 3.10% $7,747
GUARANTEED RATE, INC. 5 3.05% $6,137
MUTUAL OF OMAHA MORTGAGE, INC. 5 3.18% $7,829
THRIVE MORTGAGE, LLC 5 3.13% $7,213
First Heritage Mortgage, LLC 4 3.06% $7,547
LENDUS, LLC 4 2.72% $6,637
CHURCHILL MORTGAGE CORPORATION 4 3.16% $6,354
Colten Mortgage, LLC 4 3.16% $7,453
InterContinental Capital Group, Inc 4 3.00% $7,660
Bank of America 4 2.78% $3,841
RELIANCE FIRST CAPITAL, LLC 4 3.28% $6,467
American Security Mortgage Corp. 4 3.09% $6,875
First Guaranty Mortgage Corporation 3 3.08% $5,126
AMERICAN FINANCING CORPORATION 3 2.88% $7,324
ANGEL OAK HOME LOANS LLC 3 3.21% $8,442
Austin Capital Bank SSB 3 3.04% $6,992
EQUITY RESOURCES, INC. 3 3.46% $8,025
Fifth Third Bank 3 2.96% $5,984
FLAT BRANCH MORTGAGE, INC. 3 3.33% $8,170
Hometown Lenders, Inc. 3 3.50% $8,998
INTERCOASTAL MORTGAGE COMPANY 3 3.50% $5,101
Lakeview Community Capital, LLC 3 3.00% $3,232
LIBERTY HOME MORTGAGE CORPORATION 3 3.29% $8,434
Paramount Residential Mortgage Group, Inc. 3 3.50% $9,650
PNC Bank 3 2.67% $5,450
SUMMIT FUNDING, INC. 3 3.21% $8,468
SUN WEST MORTGAGE COMPANY, INC. 3 3.24% $4,908
Hometown Equity Mortgage, LLC 2 2.56% $7,926
Plains Commerce Bank 2 2.88% $7,251
Allen Tate Mortgage Partners, LLC 2 2.81% $7,511
COUNTRYPLACE MORTGAGE, LTD. 2 3.25% $13,339
SOUTHWEST STAGE FUNDING, LLC 2 3.38% $7,282
Wolfe Financial, Inc 2 3.63% $6,647
Wyndham Capital Mortgage, Inc. 2 3.31% $5,195
POLARIS HOME FUNDING CORP. 2 3.00% $10,804
LOANLEADERS OF AMERICA, INC. 2 3.19% $12,842
CAPITAL CENTER, L.L.C. 2 2.69% $4,671
Prosperity Home Mortgage, LLC 2 3.31% $5,293
TOP FLITE FINANCIAL, INC. 2 2.94% $9,981
TOWNE MORTGAGE COMPANY 2 3.13% $5,506
Alpha Mortgage Corporation 2 3.25% $8,597
Magnolia Bank 2 3.13% $5,032
ALLIED MORTGAGE GROUP, INC. 2 3.38% $7,364
EMBRACE HOME LOANS, INC. 2 2.69% $8,009
ENVOY MORTGAGE, LTD 2 4.56% $3,522
OCEANSIDE MORTGAGE COMPANY 2 2.75% $2,489
MORIA DEVELOPMENT, INC. 2 3.56% $7,034
Mortgage Research Center, LLC 2 2.99% $3,200
ABSOLUTE HOME MORTGAGE CORPORATION 2 3.00% $7,480
First Federal Bank 2 2.81% $8,198
Wells Fargo Bank 2 3.69% $4,598
Ameris Bank 1 2.63% $7,915
RADIUS FINANCIAL GROUP INC. 1 3.13% $6,173
RAPID MORTGAGE COMPANY 1 3.50% $7,864
Amerifirst Financial, Inc. 1 3.75% $4,265
AMERICAN FINANCIAL NETWORK, INC. 1 3.13% $5,447
RESIDENTIAL HOME FUNDING CORP. 1 2.50% $11,948
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.88% $8,846
ROYAL UNITED MORTGAGE LLC 1 2.63% $5,566
Servion, Inc. 1 2.88% $4,180
Southern First Bank 1 2.25% $7,347
SOUTHERN TRUST MORTGAGE, LLC 1 3.25% $9,259
SUCCESS MORTGAGE PARTNERS, INC. 1 3.50% $7,200
ZILLOW HOME LOANS, LLC 1 2.63% $8,611
T2 FINANCIAL LLC 1 3.75% $6,139
The Fidelity Bank 1 3.13% $7,934
AMCAP MORTGAGE, LTD. 1 3.38% $5,967
United Community Bank 1 3.13% $4,997
Gateway First Bank 1 4.63% $7,112
F & M BANK CORP. 1 3.75% $6,811
HALLMARK HOME MORTGAGE, LLC 1 3.25% $6,254
HAMILTON HOME LOANS, INC. 1 3.25% $8,047
Flagstar Bank, FSB 1 2.75% $10,407
EVERETT FINANCIAL, INC. 1 5.00% $8,854
FIRST COMMUNITY MORTGAGE, INC. 1 4.25% $8,548
U.S. Bank 1 2.88% $6,304
Equity Prime Mortgage LLC 1 4.88% $5,969
Uwharrie Bank 1 2.75% $7,742
INTERLINC MORTGAGE SERVICES, LLC 1 3.88% $6,360
EAGLE HOME MORTGAGE, LLC 1 3.25% $6,433
DAS Acquisition Company, LLC 1 3.75% $7,695
ACOPIA, LLC 1 3.25% $7,546
CMG MORTGAGE, INC. 1 2.75% $6,214
MLD MORTGAGE INC. 1 2.25% $12,372
Citizens Bank 1 2.63% $4,297
Chickasaw Community Bank 1 2.63% $4,651
C & F Mortgage Corporation 1 3.25% $6,057
NATIONS DIRECT MORTGAGE, LLC 1 2.25% $10,377
Blue Ridge Bank 1 2.75% $7,389
BETTER MORTGAGE CORPORATION 1 3.25% $4,832
NORWICH COMMERCIAL GROUP, INC. 1 3.38% $9,223
ON Q FINANCIAL, INC. 1 3.25% $6,427
Paramount Bank 1 2.75% $6,148
BAY EQUITY LLC 1 2.75% $14,048
Barrington Bank & Trust Company, N.A. 1 3.88% $4,464
Platinum Home Mortgage Corporation 1 3.75% $7,055
Bank of England 1 3.13% $7,207
Atlantic Home Loans, Inc. 1 2.75% $6,591

The top Hickory FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 241 FHA loans originated. Their average total fees are $5,855, which is $2,461 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 VILLAGE CAPITAL & INVESTMENT LLC ($1,868), Mr. Cooper ( Nationstar Mortgage ) ($3,290), LAKEVIEW LOAN SERVICING, LLC ($3,474), FREEDOM MORTGAGE CORPORATION ($4,373) and PENNYMAC LOAN SERVICES, LLC ($4,615).

The lowest rate Hickory FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.74%), UNITED WHOLESALE MORTGAGE, LLC (2.85%), CALIBER HOME LOANS, INC. (2.87%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.88%) and VILLAGE CAPITAL & INVESTMENT LLC (2.94%).

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

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).