Hickory FHA Loans

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 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).