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 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
6.71%
for the week of 2024-07-19, compared to the national average (all FHA variants) of
6.59% for the same period.
Kill Devil Hills's average FHA mortgage closing costs are $8,884.
The average rate for the prior week (2024-07-12) was
6.56% and
one month ago for the week of 2024-06-14, the
average rate was 7.02%.
The average rate one year ago was 7.1%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.49%.
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 |