Kill Devil Hills FHA Loan Rates, Closing Costs & Stats

Kill Devil Hills, 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.

Kill Devil Hills's 23 lenders originated 54 FHA loans during 2022. The total origination value was $16,630,000, with an average FHA loan value of $307,963.

Kill Devil Hills FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Kill Devil Hills averaged 5.87% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Kill Devil Hills's average FHA mortgage closing costs are $8,422.

The average rate for the prior week (2024-02-23) was 5.96% and one month ago for the week of 2024-01-26, the average rate was 5.66%.

The average rate one year ago was 5.89%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.23%.

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

Kill Devil Hills 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 Kill Devil Hills level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 7 4.25% $13,816
LOANDEPOT.COM, LLC 5 3.80% $12,457
MOVEMENT MORTGAGE, LLC 5 5.95% $11,924
Towne Bank 3 4.17% $9,492
Paramount Residential Mortgage Group, Inc. 3 4.33% $12,561
CALIBER HOME LOANS, INC. 2 4.63% $11,064
GUARANTEED RATE, INC. 2 3.55% $12,282
CARDINAL FINANCIAL 2 4.19% $9,417
PANORAMA MORTGAGE GROUP, LLC 1 5.75% $10,708
PENTAGON FEDERAL CREDIT UNION 1 4.25% $12,248
T2 FINANCIAL LLC 1 3.63% $11,020
Tidewater Home Funding, LLC 1 4.13% $7,004
TOP FLITE FINANCIAL, INC. 1 6.13% $14,585
UNITED WHOLESALE MORTGAGE, LLC 1 4.13% $18,736
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $12,873
U.S. Bank 1 3.50% $8,163
AMERISAVE MORTGAGE CORPORATION 1 5.75% $17,280
Atlantic Union Bank 1 4.25% $14,885
BAY EQUITY LLC 1 4.25% $11,630
BROKER SOLUTIONS, INC. 1 4.13% $11,647
Citizens Bank 1 4.13% $10,277
GSF Mortgage Corporation 1 4.13% $7,509
M&T Bank 1 6.25% $9,491

The top Kill Devil Hills FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $13,816, which is $1,359 higher than the next largest lender, LOANDEPOT.COM, LLC.

The lowest fee Kill Devil Hills FHA lenders (with over 10 loans originated) are .

The lowest rate Kill Devil Hills FHA lenders (with over 10 loans originated) are .

Kill Devil Hills FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
KILL DEVIL HILLS, NC DARE 2022 $471,500 $603,600 $729,600 $906,750
KILL DEVIL HILLS, NC DARE 2023 $603,750 $772,900 $934,250 $1,161,050

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Kill Devil Hills (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $442,838 (4.2%) $586,173 (2.7%) 0.00 908
2018-02-01 $446,725 (3.8%) $584,989 (1.5%) 0.00 938
2018-03-01 $449,900 (4.9%) $587,721 (2.3%) 0.00 997
2018-04-01 $457,500 (6.2%) $587,349 (2.9%) 0.00 996
2018-05-01 $454,950 (2.8%) $580,845 (0.2%) 0.00 1,009
2018-06-01 $439,000 (0.0%) $564,970 (-1.5%) 0.00 1,008
2018-07-01 $434,800 (-1.1%) $561,225 (-2.3%) 0.00 983
2018-08-01 $432,175 (-1.6%) $560,136 (-4.0%) 0.00 996
2018-09-01 $434,900 (-0.9%) $561,858 (-4.9%) 0.00 1,015
2018-10-01 $434,800 (-2.2%) $564,515 (-5.6%) 0.00 1,021
2018-11-01 $424,850 (-5.4%) $568,477 (-4.1%) 0.00 1,025
2018-12-01 $419,000 (-6.4%) $564,563 (-3.5%) 0.00 1,002
2019-01-01 $425,000 (-4.0%) $560,243 (-4.4%) 0.00 978
2019-02-01 $429,500 (-3.9%) $561,468 (-4.0%) 0.00 1,009
2019-03-01 $439,557 (-2.3%) $567,514 (-3.4%) 0.00 1,073
2019-04-01 $445,332 (-2.7%) $573,041 (-2.4%) 0.00 1,115
2019-05-01 $445,350 (-2.1%) $569,775 (-1.9%) 0.00 1,103
2019-06-01 $449,000 (2.3%) $572,260 (1.3%) 0.00 1,052
2019-07-01 $450,000 (3.5%) $568,801 (1.4%) 0.00 988
2019-08-01 $456,091 (5.5%) $564,771 (0.8%) 0.00 963
2019-09-01 $457,727 (5.3%) $560,113 (-0.3%) 0.00 952
2019-10-01 $462,000 (6.3%) $559,968 (-0.8%) 0.00 930
2019-11-01 $464,000 (9.2%) $566,443 (-0.4%) 0.00 905
2019-12-01 $464,950 (11.0%) $571,048 (1.2%) 0.00 873
2020-01-01 $469,950 (10.6%) $563,271 (0.5%) 0.00 814
2020-02-01 $464,950 (8.3%) $558,222 (-0.6%) 0.00 816
2020-03-01 $477,250 (8.6%) $572,276 (0.8%) 0.00 844
2020-04-01 $478,750 (7.5%) $564,456 (-1.5%) 0.00 832
2020-05-01 $479,000 (7.6%) $575,358 (1.0%) 0.00 811
2020-06-01 $499,700 (11.3%) $608,218 (6.3%) 0.00 687
2020-07-01 $499,000 (10.9%) $623,035 (9.5%) 0.00 605
2020-08-01 $524,900 (15.1%) $645,432 (14.3%) 0.00 528
2020-09-01 $539,000 (17.8%) $679,102 (21.2%) 0.00 477
2020-10-01 $535,000 (15.8%) $690,635 (23.3%) 0.00 469
2020-11-01 $537,500 (15.8%) $698,620 (23.3%) 0.00 452
2020-12-01 $525,000 (12.9%) $697,598 (22.2%) 0.00 409
2021-01-01 $549,000 (16.8%) $714,896 (26.9%) 0.00 367
2021-02-01 $537,500 (15.6%) $746,541 (33.7%) 0.00 289
2021-03-01 $536,000 (12.3%) $764,205 (33.5%) 0.00 253
2021-04-01 $587,475 (22.7%) $814,014 (44.2%) 0.00 265
2021-05-01 $599,900 (25.2%) $849,378 (47.6%) 0.00 247
2021-06-01 $642,225 (28.5%) $899,057 (47.8%) 0.00 266
2021-07-01 $648,110 (29.9%) $871,740 (39.9%) 0.00 289
2021-08-01 $639,055 (21.8%) $830,182 (28.6%) 0.00 329
2021-09-01 $620,750 (15.2%) $811,532 (19.5%) 0.00 311
2021-10-01 $606,000 (13.3%) $830,365 (20.2%) 0.00 278
2021-11-01 $646,750 (20.3%) $914,226 (30.9%) 0.00 256
2021-12-01 $659,975 (25.7%) $966,506 (38.6%) 0.00 227
2022-01-01 $699,000 (27.3%) $1,069,936 (49.7%) 0.00 199
2022-02-01 $662,000 (23.2%) $943,788 (26.4%) 0.00 165
2022-03-01 $720,950 (34.5%) $983,344 (28.7%) 0.00 164
2022-04-01 $725,000 (23.4%) $965,878 (18.7%) 0.00 179
2022-05-01 $739,450 (23.3%) $989,447 (16.5%) 0.00 232
2022-06-01 $699,000 (8.8%) $954,000 (6.1%) 0.00 290
2022-07-01 $695,000 (7.2%) $962,004 (10.4%) 0.00 343
2022-08-01 $676,200 (5.8%) $943,060 (13.6%) 0.00 351
2022-09-01 $686,326 (10.6%) $931,478 (14.8%) 0.00 324
2022-10-01 $672,500 (11.0%) $921,895 (11.0%) 0.00 316
2022-11-01 $672,259 (3.9%) $925,944 (1.3%) 0.00 321
2022-12-01 $629,950 (-4.6%) $860,883 (-10.9%) 0.00 325
2023-01-01 $672,009 (-3.9%) $872,207 (-18.5%) 0.00 280
2023-02-01 $649,700 (-1.9%) $899,128 (-4.7%) 0.00 249
2023-03-01 $671,008 (-6.9%) $939,838 (-4.4%) 0.00 241
2023-04-01 $670,000 (-7.6%) $940,727 (-2.6%) 0.00 238
2023-05-01 $687,000 (-7.1%) $999,619 (1.0%) 0.00 238
2023-06-01 $714,450 (2.2%) $1,045,309 (9.6%) 0.00 243
2023-07-01 $692,450 (-0.4%) $996,747 (3.6%) 0.00 261
2023-08-01 $686,875 (1.6%) $965,771 (2.4%) 0.00 288
2023-09-01 $699,950 (2.0%) $961,152 (3.2%) 0.00 327
2023-10-01 $699,225 (4.0%) $941,253 (2.1%) 0.00 331
2023-11-01 $722,625 (7.5%) $934,760 (1.0%) 0.00 368
2023-12-01 $749,000 (18.9%) $955,608 (11.0%) 0.00 353
2024-01-01 $709,750 (5.6%) $950,830 (9.0%) 0.00 332
Kill Devil Hills's median listing price for 2024-01-01 was $709,750, a difference of $37,741 (5.6%) versus the prior year and $-39,250 versus the prior month.

Kill Devil Hills's median listing price comes in at 0% of the national average.

Kill Devil Hills's average listing price for 2024-01-01 was $950,830, a difference of $78,623 (9.0%) versus the prior year and $-4,778 versus the prior month.

For the 2024-01-01 period, Kill Devil Hills had 332 MLS listings, a difference of -21 listings (-6%) versus the prior month and 52 listings (19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Kill Devil Hills (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,146 sqft
2018-02-01 0 days 2,152 sqft
2018-03-01 0 days 2,182 sqft
2018-04-01 0 days 2,202 sqft
2018-05-01 0 days 2,191 sqft
2018-06-01 0 days 2,119 sqft
2018-07-01 0 days 2,100 sqft
2018-08-01 0 days 2,126 sqft
2018-09-01 0 days 2,125 sqft
2018-10-01 0 days 2,092 sqft
2018-11-01 0 days 2,056 sqft
2018-12-01 0 days 2,019 sqft
2019-01-01 0 days 2,022 sqft
2019-02-01 0 days 2,022 sqft
2019-03-01 0 days 2,045 sqft
2019-04-01 0 days 2,061 sqft
2019-05-01 0 days 2,048 sqft
2019-06-01 0 days 2,029 sqft
2019-07-01 0 days 2,039 sqft
2019-08-01 0 days 2,049 sqft
2019-09-01 0 days 2,078 sqft
2019-10-01 0 days 2,123 sqft
2019-11-01 0 days 2,144 sqft
2019-12-01 0 days 2,125 sqft
2020-01-01 0 days 2,139 sqft
2020-02-01 0 days 2,133 sqft
2020-03-01 0 days 2,187 sqft
2020-04-01 0 days 2,181 sqft
2020-05-01 0 days 2,171 sqft
2020-06-01 0 days 2,294 sqft
2020-07-01 0 days 2,286 sqft
2020-08-01 0 days 2,321 sqft
2020-09-01 0 days 2,337 sqft
2020-10-01 0 days 2,210 sqft
2020-11-01 0 days 2,241 sqft
2020-12-01 0 days 2,199 sqft
2021-01-01 0 days 2,261 sqft
2021-02-01 0 days 2,318 sqft
2021-03-01 0 days 2,250 sqft
2021-04-01 0 days 2,273 sqft
2021-05-01 0 days 2,200 sqft
2021-06-01 0 days 2,191 sqft
2021-07-01 0 days 2,168 sqft
2021-08-01 0 days 2,075 sqft
2021-09-01 0 days 2,006 sqft
2021-10-01 0 days 2,002 sqft
2021-11-01 0 days 2,110 sqft
2021-12-01 0 days 2,105 sqft
2022-01-01 0 days 2,292 sqft
2022-02-01 0 days 2,085 sqft
2022-03-01 0 days 2,272 sqft
2022-04-01 0 days 2,267 sqft
2022-05-01 0 days 2,206 sqft
2022-06-01 0 days 2,052 sqft
2022-07-01 0 days 2,067 sqft
2022-08-01 0 days 2,005 sqft
2022-09-01 0 days 1,985 sqft
2022-10-01 0 days 1,990 sqft
2022-11-01 0 days 1,951 sqft
2022-12-01 0 days 1,880 sqft
2023-01-01 0 days 1,988 sqft
2023-02-01 0 days 2,024 sqft
2023-03-01 0 days 2,112 sqft
2023-04-01 0 days 2,112 sqft
2023-05-01 0 days 2,156 sqft
2023-06-01 0 days 2,164 sqft
2023-07-01 0 days 2,109 sqft
2023-08-01 0 days 2,069 sqft
2023-09-01 0 days 2,063 sqft
2023-10-01 0 days 2,086 sqft
2023-11-01 0 days 2,069 sqft
2023-12-01 0 days 2,020 sqft
2024-01-01 0 days 1,954 sqft
Kill Devil Hills's median listing age (time on market) for 2024-01-01 was 0 days.

Kill Devil Hills's median square footage for active listings during the 2024-01-01 period was 1,954 sqft. One year prior, the average listing was 1,988 sqft.

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).