Hickory FHA Loan Rates, Closing Costs & Stats

HICKORY-LENOIR-MORGANTON, 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.

    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 6.25% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.42% and one month ago for the week of 2024-10-04, the average rate was 5.74%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.3%.

    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

    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).