Kill Devil Hills FHA Loan Rates, Closing Costs & Stats

Kill Devil Hills, 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.

    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 6.12% for the week of 2023-09-22, compared to the national average (all FHA variants) of 7.036% for the same period.

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

    The average rate for the prior week (2023-09-15) was 6.48% and one month ago for the week of 2023-08-18, the average rate was 6.18%.

    The average rate one year ago was 5.17%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.18%.

    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%) $564,902 (-1.5%) 0.00 1,008
    2018-07-01 $436,575 (-0.7%) $561,096 (-2.3%) 0.00 985
    2018-08-01 $432,425 (-1.5%) $560,012 (-4.0%) 0.00 999
    2018-09-01 $435,000 (-0.9%) $561,728 (-5.0%) 0.00 1,018
    2018-10-01 $434,900 (-2.2%) $563,912 (-5.7%) 0.00 1,023
    2018-11-01 $424,975 (-5.3%) $568,004 (-4.2%) 0.00 1,027
    2018-12-01 $419,000 (-6.4%) $564,674 (-3.4%) 0.00 1,005
    2019-01-01 $425,000 (-4.0%) $560,367 (-4.4%) 0.00 981
    2019-02-01 $431,950 (-3.3%) $561,586 (-4.0%) 0.00 1,012
    2019-03-01 $440,814 (-2.0%) $567,640 (-3.4%) 0.00 1,077
    2019-04-01 $448,314 (-2.0%) $573,183 (-2.4%) 0.00 1,120
    2019-05-01 $449,000 (-1.3%) $569,936 (-1.9%) 0.00 1,108
    2019-06-01 $449,000 (2.3%) $572,416 (1.3%) 0.00 1,057
    2019-07-01 $452,475 (3.6%) $568,990 (1.4%) 0.00 993
    2019-08-01 $458,418 (6.0%) $564,984 (0.9%) 0.00 968
    2019-09-01 $458,745 (5.5%) $560,351 (-0.3%) 0.00 957
    2019-10-01 $464,000 (6.7%) $560,211 (-0.7%) 0.00 935
    2019-11-01 $465,000 (9.4%) $566,817 (-0.2%) 0.00 910
    2019-12-01 $468,000 (11.7%) $572,194 (1.3%) 0.00 878
    2020-01-01 $469,975 (10.6%) $564,544 (0.8%) 0.00 819
    2020-02-01 $469,000 (8.6%) $559,502 (-0.4%) 0.00 821
    2020-03-01 $479,500 (8.8%) $573,913 (1.1%) 0.00 853
    2020-04-01 $479,600 (7.0%) $566,181 (-1.2%) 0.00 841
    2020-05-01 $479,700 (6.8%) $576,539 (1.2%) 0.00 818
    2020-06-01 $499,900 (11.3%) $608,812 (6.4%) 0.00 694
    2020-07-01 $499,900 (10.5%) $623,233 (9.5%) 0.00 610
    2020-08-01 $525,000 (14.5%) $646,584 (14.4%) 0.00 534
    2020-09-01 $539,000 (17.5%) $679,704 (21.3%) 0.00 478
    2020-10-01 $537,000 (15.7%) $692,082 (23.5%) 0.00 471
    2020-11-01 $540,000 (16.1%) $700,082 (23.5%) 0.00 454
    2020-12-01 $525,625 (12.3%) $699,319 (22.2%) 0.00 411
    2021-01-01 $549,000 (16.8%) $715,240 (26.7%) 0.00 368
    2021-02-01 $537,500 (14.6%) $746,541 (33.4%) 0.00 289
    2021-03-01 $536,000 (11.8%) $764,205 (33.2%) 0.00 253
    2021-04-01 $589,750 (23.0%) $814,941 (43.9%) 0.00 265
    2021-05-01 $599,900 (25.1%) $849,378 (47.3%) 0.00 247
    2021-06-01 $642,225 (28.5%) $899,057 (47.7%) 0.00 266
    2021-07-01 $648,110 (29.7%) $871,740 (39.9%) 0.00 289
    2021-08-01 $639,055 (21.7%) $830,182 (28.4%) 0.00 329
    2021-09-01 $620,750 (15.2%) $811,532 (19.4%) 0.00 311
    2021-10-01 $606,000 (12.9%) $830,365 (20.0%) 0.00 278
    2021-11-01 $646,750 (19.8%) $914,226 (30.6%) 0.00 256
    2021-12-01 $659,975 (25.6%) $966,506 (38.2%) 0.00 227
    2022-01-01 $699,000 (27.3%) $1,069,936 (49.6%) 0.00 199
    2022-02-01 $662,000 (23.2%) $943,788 (26.4%) 0.00 165
    2022-03-01 $724,950 (35.3%) $983,075 (28.6%) 0.00 164
    2022-04-01 $725,000 (22.9%) $963,049 (18.2%) 0.00 179
    2022-05-01 $738,225 (23.1%) $986,759 (16.2%) 0.00 233
    2022-06-01 $699,000 (8.8%) $952,791 (6.0%) 0.00 290
    2022-07-01 $695,000 (7.2%) $963,528 (10.5%) 0.00 342
    2022-08-01 $677,450 (6.0%) $943,618 (13.7%) 0.00 350
    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%) 0.00 317
    2022-11-01 $670,000 (3.6%) $923,763 (1.0%) 0.00 322
    2022-12-01 $629,950 (-4.6%) $858,724 (-11.2%) 0.00 325
    2023-01-01 $672,259 (-3.8%) $873,025 (-18.4%) 0.00 280
    2023-02-01 $649,700 (-1.9%) $899,128 (-4.7%) 0.00 249
    2023-03-01 $671,008 (-7.4%) $939,838 (-4.4%) 0.00 241
    2023-04-01 $670,000 (-7.6%) $940,727 (-2.3%) 0.00 238
    2023-05-01 $687,000 (-6.9%) $999,619 (1.3%) 0.00 238
    2023-06-01 $714,000 (2.2%) $1,042,706 (9.4%) 0.00 244
    2023-07-01 $689,450 (-0.8%) $992,371 (3.0%) 0.00 263
    2023-08-01 $684,725 (1.1%) $966,718 (2.5%) 0.00 287
    Kill Devil Hills's median listing price for 2023-08-01 was $684,725, a difference of $7,275 (1.1%) versus the prior year and $-4,725 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 2023-08-01 was $966,718, a difference of $23,100 (2.5%) versus the prior year and $-25,653 versus the prior month.

    For the 2023-08-01 period, Kill Devil Hills had 287 MLS listings, a difference of 24 listings (9%) versus the prior month and -63 listings (-18%) 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 2,117 sqft
    2018-07-01 0 days 2,100 sqft
    2018-08-01 0 days 2,127 sqft
    2018-09-01 0 days 2,125 sqft
    2018-10-01 0 days 2,097 sqft
    2018-11-01 0 days 2,057 sqft
    2018-12-01 0 days 2,022 sqft
    2019-01-01 0 days 2,025 sqft
    2019-02-01 0 days 2,023 sqft
    2019-03-01 0 days 2,052 sqft
    2019-04-01 0 days 2,066 sqft
    2019-05-01 0 days 2,051 sqft
    2019-06-01 0 days 2,030 sqft
    2019-07-01 0 days 2,044 sqft
    2019-08-01 0 days 2,057 sqft
    2019-09-01 0 days 2,088 sqft
    2019-10-01 0 days 2,134 sqft
    2019-11-01 0 days 2,158 sqft
    2019-12-01 0 days 2,137 sqft
    2020-01-01 0 days 2,159 sqft
    2020-02-01 0 days 2,148 sqft
    2020-03-01 0 days 2,201 sqft
    2020-04-01 0 days 2,193 sqft
    2020-05-01 0 days 2,184 sqft
    2020-06-01 0 days 2,302 sqft
    2020-07-01 0 days 2,292 sqft
    2020-08-01 0 days 2,321 sqft
    2020-09-01 0 days 2,338 sqft
    2020-10-01 0 days 2,243 sqft
    2020-11-01 0 days 2,247 sqft
    2020-12-01 0 days 2,204 sqft
    2021-01-01 0 days 2,271 sqft
    2021-02-01 0 days 2,318 sqft
    2021-03-01 0 days 2,250 sqft
    2021-04-01 0 days 2,277 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 2,205 sqft
    2022-06-01 0 days 2,051 sqft
    2022-07-01 0 days 2,067 sqft
    2022-08-01 0 days 1,996 sqft
    2022-09-01 0 days 1,985 sqft
    2022-10-01 0 days 1,986 sqft
    2022-11-01 0 days 1,942 sqft
    2022-12-01 0 days 1,880 sqft
    2023-01-01 0 days 1,976 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 2,163 sqft
    2023-07-01 0 days 2,104 sqft
    2023-08-01 0 days 2,070 sqft
    Kill Devil Hills's median listing age (time on market) for 2023-08-01 was 0 days.

    Kill Devil Hills's median square footage for active listings during the 2023-08-01 period was 2,070 sqft. One year prior, the average listing was 1,996 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).