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).