Jacksonville FHA Loan Rates, Closing Costs & Stats

JACKSONVILLE, NC

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Jacksonville's 93 lenders originated 472 FHA loans during 2023. The total origination value was $102,410,000, with an average FHA loan value of $216,970.

    Jacksonville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Jacksonville averaged 6.3% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Jacksonville's average FHA mortgage closing costs are $7,199.

    The average rate for the prior week (2024-07-12) was 6.55% and one month ago for the week of 2024-06-14, the average rate was 6.31%.

    The average rate one year ago was 6.5%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.19%.

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

    Jacksonville 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 Jacksonville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 62 6.72% $9,998
    QUICKEN LOANS, LLC 40 6.28% $10,074
    NEWREZ LLC 31 6.74% $7,553
    UNITED WHOLESALE MORTGAGE, LLC 26 6.18% $12,061
    GUILD MORTGAGE COMPANY 20 6.97% $7,333
    CROSSCOUNTRY MORTGAGE, LLC 17 6.69% $9,455
    FREEDOM MORTGAGE CORPORATION 16 6.73% $10,101
    PLAZA HOME MORTGAGE, INC. 15 6.35% $7,996
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 15 6.53% $11,108
    GUARANTEED RATE, INC. 14 6.29% $9,792
    LOANDEPOT.COM, LLC 13 6.74% $9,858
    Mr. Cooper ( Nationstar Mortgage ) 13 6.41% $14,617
    CARDINAL FINANCIAL 8 6.00% $11,347
    INTERCOASTAL MORTGAGE COMPANY 7 6.77% $8,778
    AMERISAVE MORTGAGE CORPORATION 7 6.21% $12,899
    American Security Mortgage Corp. 6 6.25% $8,970
    SeaTrust Mortgage Company 5 6.55% $10,281
    UNION HOME MORTGAGE CORP. 5 6.95% $9,504
    Mortgage Research Center, LLC 5 7.35% $6,703
    Carrington Mortgage Services, LLC 4 5.97% $10,152
    Integrity Home Mortgage Corp 3 7.50% $10,383
    HOMESIDE FINANCIAL, LLC 3 6.63% $8,605
    SUN WEST MORTGAGE COMPANY, INC. 3 5.67% $11,895
    PLANET HOME LENDING, LLC 3 6.21% $9,508
    PENNYMAC LOAN SERVICES, LLC 3 5.67% $10,018
    CORNERSTONE HOME LENDING, INC. 3 6.04% $12,732
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.75% $10,527
    ZILLOW HOME LOANS, LLC 2 6.19% $7,523
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.69% $9,562
    Atlantic Coast Mortgage, LLC 2 5.63% $10,655
    DELMAR FINANCIAL COMPANY 2 6.31% $10,989
    Equity Prime Mortgage LLC 2 7.00% $14,409
    EQUITY RESOURCES, INC. 2 6.87% $8,087
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.31% $11,874
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.44% $9,717
    LAKEVIEW LOAN SERVICING, LLC 2 6.25% $11,302
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.25% $8,754
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.63% $21,143
    Northpointe Bank 2 6.63% $9,979
    PNC Bank 2 6.19% $8,873
    RADIUS FINANCIAL GROUP INC. 2 6.81% $12,397
    Towne Bank 2 6.69% $11,381
    VILLAGE CAPITAL MORTGAGE 2 5.94% $6,451
    TOP FLITE FINANCIAL, INC. 1 6.50% $13,174
    FBC MORTGAGE, LLC 1 7.25% $9,759
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $6,921
    East Coast Capital Corp. 1 7.75% $13,729
    DHI MORTGAGE COMPANY, LTD. 1 5.75% $8,783
    JET HOMELOANS, LLC 1 7.25% $13,693
    Wells Fargo Bank 1 6.50% $4,851
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $8,774
    DAS Acquisition Company, LLC 1 6.13% $10,556
    LOANLEADERS OF AMERICA, INC. 1 5.63% $9,327
    LOANPAL, LLC 1 7.13% $11,210
    MICHIGAN MUTUAL, INC. 1 5.75% $6,576
    Mid-Continent Funding, Inc. 1 6.13% $12,418
    Corporate Investors Mortgage Group, Inc. 1 6.63% $6,463
    TOWNE MORTGAGE COMPANY 1 5.75% $10,995
    CMG MORTGAGE, INC. 1 6.75% $7,243
    CityWorth Mortgage LLC 1 7.13% $7,734
    AMERICAN FINANCIAL NETWORK, INC. 1 7.38% $14,604
    NEW DAY FINANCIAL, LLC 1 7.25% $9,227
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $12,884
    NFM, INC. 1 6.63% $11,328
    Advance Financial Group, LLC 1 6.25% $9,428
    OCMBC, INC. 1 6.75% $8,574
    Paramount Residential Mortgage Group, Inc. 1 7.13% $7,740
    CBM Mortgage, Inc. 1 5.63% $5,913
    PENTAGON FEDERAL CREDIT UNION 1 6.38% $6,399
    PHH Mortgage Corporation 1 5.63% $7,276
    CALIBER HOME LOANS, INC. 1 6.25% $9,159
    BOND STREET MORTGAGE, LLC 1 6.63% $9,764
    U.S. Bank 1 5.50% $12,451
    Princeton Mortgage Corporation 1 7.25% $9,150
    Prosperity Home Mortgage, LLC 1 6.75% $5,882
    Blue Ridge Bank 1 6.13% $10,952
    ACOPIA, LLC 1 6.75% $9,789
    Renasant Bank 1 5.99% $7,681
    RESOURCE FINANCIAL SERVICES, INC. 1 7.25% $8,463
    BECKAM FUNDING CORP. 1 7.00% $10,332
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 6.00% $5,194
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $15,377
    Ameris Bank 1 6.63% $14,214
    The Federal Savings Bank 1 6.50% $8,365
    FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $8,923
    First Federal Bank 1 6.13% $5,158
    First National Bank of Pennsylvania 1 5.50% $11,800
    Flagstar Bank, FSB 1 6.50% $8,959
    First-Citizens Bank & Trust Company 1 7.38% $10,970
    Gateway First Bank 1 6.25% $5,745
    GENEVA FINANCIAL, LLC 1 6.63% $18,405
    First Bank 1 7.12% $7,196
    Fifth Third Bank 1 7.13% $5,571

    The top Jacksonville FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 62 FHA loans originated. Their average total fees are $9,998, which is $76 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Jacksonville FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($7,333), NEWREZ LLC ($7,553), PLAZA HOME MORTGAGE, INC. ($7,996), CROSSCOUNTRY MORTGAGE, LLC ($9,455) and GUARANTEED RATE, INC. ($9,792).

    The lowest rate Jacksonville FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.18%), QUICKEN LOANS, LLC (6.28%), GUARANTEED RATE, INC. (6.29%), PLAZA HOME MORTGAGE, INC. (6.35%) and Mr. Cooper ( Nationstar Mortgage ) (6.41%).

    Jacksonville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    JACKSONVILLE, NC ONSLOW 2022 $420,680 $538,650 $651,050 $809,150
    JACKSONVILLE, NC ONSLOW 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).