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 44 FHA loans during 2023. The total origination value was $15,340,000, with an average FHA loan value of $348,636.

    Kill Devil Hills FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kill Devil Hills averaged 6.77% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Kill Devil Hills's average FHA mortgage closing costs are $8,884.

    The average rate for the prior week (2024-04-12) was 7.06% and one month ago for the week of 2024-03-15, the average rate was 6.93%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 9 6.29% $14,828
    MOVEMENT MORTGAGE, LLC 3 7.08% $14,520
    GUARANTEED RATE, INC. 3 6.75% $11,459
    Towne Bank 2 7.06% $14,108
    Renasant Bank 2 6.88% $11,266
    UNITED WHOLESALE MORTGAGE, LLC 2 6.45% $17,658
    SOUTHERN TRUST MORTGAGE, LLC 2 6.88% $9,718
    NEWREZ LLC 2 6.75% $10,239
    LOANDEPOT.COM, LLC 1 5.50% $13,407
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $15,067
    NBKC BANK 1 5.63% $12,680
    Strong Home Mortgage, LLC 1 5.25% $11,672
    Tidewater Home Funding, LLC 1 6.75% $11,346
    TOP FLITE FINANCIAL, INC. 1 6.75% $10,312
    UNION HOME MORTGAGE CORP. 1 6.13% $15,179
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $14,652
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.13% $13,152
    Atlantic Coast Mortgage, LLC 1 5.75% $15,987
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $10,244
    Citizens Bank 1 6.50% $10,502
    Encompass Lending Group, LP 1 7.99% $19,329
    Flagstar Bank, FSB 1 6.25% $12,724
    FREEDOM MORTGAGE CORPORATION 1 6.25% $14,775

    The top Kill Devil Hills FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 9 FHA loans originated. Their average total fees are $14,828, which is $308 higher than the next largest lender, MOVEMENT MORTGAGE, 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
    2024-02-01 $699,450 (7.7%) $941,400 (4.7%) 0.00 335
    2024-03-01 $699,000 (4.2%) $948,392 (0.9%) 0.00 350
    Kill Devil Hills's median listing price for 2024-03-01 was $699,000, a difference of $27,992 (4.2%) versus the prior year and $-450 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 2024-03-01 was $948,392, a difference of $8,554 (0.9%) versus the prior year and $6,992 versus the prior month.

    For the 2024-03-01 period, Kill Devil Hills had 350 MLS listings, a difference of 15 listings (4%) versus the prior month and 109 listings (45%) 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
    2024-02-01 0 days 1,940 sqft
    2024-03-01 0 days 1,898 sqft
    Kill Devil Hills's median listing age (time on market) for 2024-03-01 was 0 days.

    Kill Devil Hills's median square footage for active listings during the 2024-03-01 period was 1,898 sqft. One year prior, the average listing was 2,112 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).