Kill Devil Hills FHA Loans

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 40 lenders originated 126 FHA loans during 2021. The total origination value was $34,110,000, with an average FHA loan value of $270,714.

Kill Devil Hills FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Kill Devil Hills averaged 5.45% for the week of 2022-08-05, compared to the national average (all FHA variants) of 5.305% for the same period.

The average rate for the prior week (2022-07-29) was 5.19% and one month ago for the week of 2022-07-01, the average rate was 5.68%.

The average rate one year ago was 2.89%.

For refis of the same type during the week of 2022-08-05, the average rate was 4.88%.

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 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 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
CALIBER HOME LOANS, INC. 16 2.69% $9,151
MOVEMENT MORTGAGE, LLC 12 3.21% $9,090
QUICKEN LOANS, LLC 12 2.63% $8,719
LAKEVIEW LOAN SERVICING, LLC 8 2.92% $5,344
Towne Bank 6 2.71% $9,318
FREEDOM MORTGAGE CORPORATION 5 2.73% $5,233
GUARANTEED RATE, INC. 4 2.88% $9,000
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 3.08% $11,030
OVM FINANCIAL, INC. 2 3.13% $7,389
PENNYMAC LOAN SERVICES, LLC 2 2.63% $5,682
EQUITY RESOURCES, INC. 1 3.25% $8,489
First Guaranty Mortgage Corporation 1 3.25% $5,737
GoPrime Mortgage, Inc. 1 2.63% $5,362
GSF Mortgage Corporation 1 3.25% $17,155
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $4,436
InterContinental Capital Group, Inc 1 2.25% $9,698
KELLER MORTGAGE, LLC 1 2.38% $6,980
LOANDEPOT.COM, LLC 1 4.25% $8,494
MIDLAND MORTGAGE CORPORATION 1 3.25% $12,202
Mortgage Research Center, LLC 1 2.99% $12,631
Mr. Cooper ( Nationstar Mortgage ) 1 3.88% $3,282
Paramount Residential Mortgage Group, Inc. 1 2.38% $9,136
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.25% $11,111
SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $8,092
SOUTHWEST STAGE FUNDING, LLC 1 3.25% $5,098
The Federal Savings Bank 1 2.75% $12,537
TIDEWATER MORTGAGE SERVICES, INC. 1 2.50% $8,406
UNITED SECURITY FINANCIAL CORP 1 3.13% $9,068
U.S. Bank 1 2.38% $6,707
Alcova Mortgage LLC 1 2.75% $8,362
Wells Fargo Bank 1 3.63% $6,326
AMERICAN FINANCIAL RESOURCES, INC. 1 3.38% $8,688
AmeriHome Mortgage Company, LLC 1 2.63% $5,090
AMERISAVE MORTGAGE CORPORATION 1 2.63% $6,608
ARC HOME LLC 1 3.13% $15,503
Atlantic Coast Mortgage, LLC 1 3.25% $9,743
BROKER SOLUTIONS, INC. 1 3.25% $10,284
C & F Mortgage Corporation 1 3.00% $7,792
CHURCHILL MORTGAGE CORPORATION 1 3.25% $11,494
CROSSCOUNTRY MORTGAGE, LLC 1 2.75% $12,379

The top Kill Devil Hills FHA lender as defined by loan originations is CALIBER HOME LOANS, INC., with 16 FHA loans originated. Their average total fees are $9,151, which is $60 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Kill Devil Hills FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,719), MOVEMENT MORTGAGE, LLC ($9,090), CALIBER HOME LOANS, INC. ($9,151), .

The lowest rate Kill Devil Hills FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.63%), CALIBER HOME LOANS, INC. (2.69%), MOVEMENT MORTGAGE, LLC (3.21%), .

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

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 $446,500 (4.1%) $597,448 (0.6%) 0.00 662
2018-02-01 $449,000 (3.2%) $603,052 (0.3%) 0.00 686
2018-03-01 $449,900 (4.9%) $598,417 (0.9%) 0.00 742
2018-04-01 $470,000 (8.1%) $606,353 (3.3%) 0.00 731
2018-05-01 $468,900 (4.3%) $604,151 (0.5%) 0.00 740
2018-06-01 $450,000 (0.0%) $592,242 (-1.5%) 0.00 750
2018-07-01 $444,475 (-1.0%) $576,395 (-3.5%) 0.00 741
2018-08-01 $436,200 (-0.6%) $570,775 (-4.0%) 0.00 753
2018-09-01 $429,000 (-2.5%) $571,645 (-5.1%) 0.00 764
2018-10-01 $426,950 (-4.5%) $568,960 (-6.2%) 0.00 769
2018-11-01 $404,900 (-9.8%) $568,125 (-5.6%) 0.00 767
2018-12-01 $399,900 (-10.1%) $565,118 (-4.8%) 0.00 754
2019-01-01 $399,900 (-10.4%) $559,823 (-6.3%) 0.00 734
2019-02-01 $417,000 (-7.1%) $565,328 (-6.3%) 0.00 749
2019-03-01 $427,714 (-4.9%) $571,199 (-4.6%) 0.00 790
2019-04-01 $432,214 (-8.0%) $575,004 (-5.2%) 0.00 811
2019-05-01 $429,000 (-8.5%) $572,669 (-5.2%) 0.00 793
2019-06-01 $425,000 (-5.6%) $571,644 (-3.5%) 0.00 759
2019-07-01 $439,000 (-1.2%) $569,625 (-1.2%) 0.00 723
2019-08-01 $430,429 (-1.3%) $552,607 (-3.2%) 0.00 740
2019-09-01 $420,679 (-1.9%) $534,875 (-6.4%) 0.00 732
2019-10-01 $446,250 (4.5%) $555,524 (-2.4%) 0.00 682
2019-11-01 $445,000 (9.9%) $562,077 (-1.1%) 0.00 664
2019-12-01 $439,000 (9.8%) $567,240 (0.4%) 0.00 640
2020-01-01 $443,500 (10.9%) $553,534 (-1.1%) 0.00 590
2020-02-01 $439,900 (5.5%) $545,668 (-3.5%) 0.00 583
2020-03-01 $450,000 (5.2%) $563,363 (-1.4%) 0.00 604
2020-04-01 $457,450 (5.8%) $557,316 (-3.1%) 0.00 612
2020-05-01 $469,900 (9.5%) $576,023 (0.6%) 0.00 586
2020-06-01 $499,250 (17.5%) $613,795 (7.4%) 0.00 475
2020-07-01 $492,450 (12.2%) $626,662 (10.0%) 0.00 403
2020-08-01 $519,000 (20.6%) $660,996 (19.6%) 0.00 370
2020-09-01 $525,000 (24.8%) $706,033 (32.0%) 0.00 319
2020-10-01 $525,000 (17.7%) $723,086 (30.2%) 0.00 317
2020-11-01 $511,000 (14.8%) $718,828 (27.9%) 0.00 320
2020-12-01 $482,900 (10.0%) $681,033 (20.1%) 0.00 294
2021-01-01 $470,000 (6.0%) $698,921 (26.3%) 0.00 259
2021-02-01 $459,450 (4.4%) $738,176 (35.3%) 0.00 201
2021-03-01 $499,000 (10.9%) $750,186 (33.2%) 0.00 186
2021-04-01 $529,950 (15.9%) $764,573 (37.2%) 0.00 199
2021-05-01 $549,000 (16.8%) $828,098 (43.8%) 0.00 178
2021-06-01 $595,950 (19.4%) $854,631 (39.2%) 0.00 201
2021-07-01 $599,500 (21.7%) $823,813 (31.5%) 0.00 217
2021-08-01 $573,750 (10.6%) $803,368 (21.5%) 0.00 237
2021-09-01 $574,950 (9.5%) $788,881 (11.7%) 0.00 235
2021-10-01 $595,000 (13.3%) $813,009 (12.4%) 0.00 212
2021-11-01 $599,250 (17.3%) $900,523 (25.3%) 0.00 191
2021-12-01 $640,000 (32.5%) $1,003,211 (47.3%) 0.00 169
2022-01-01 $730,000 (55.3%) $1,140,543 (63.2%) 0.00 136
2022-02-01 $602,000 (31.0%) $915,605 (24.0%) 0.00 124
2022-03-01 $645,000 (29.3%) $959,478 (27.9%) 0.00 118
2022-04-01 $625,000 (17.9%) $906,143 (18.5%) 0.00 123
2022-05-01 $664,000 (21.0%) $931,549 (12.5%) 0.00 154
2022-06-01 $629,950 (5.7%) $868,046 (1.6%) 0.00 206
Kill Devil Hills's median listing price for 2022-06-01 was $629,950, a difference of $34,000 (5.7%) versus the prior year and $-34,050 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 2022-06-01 was $868,046, a difference of $13,415 (1.6%) versus the prior year and $-63,503 versus the prior month.

For the 2022-06-01 period, Kill Devil Hills had 206 MLS listings, a difference of 52 listings (34%) versus the prior month and 5 listings (2%) 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 2,141 sqft
2018-02-01 0 days 2,149 sqft
2018-03-01 0 days 2,168 sqft
2018-04-01 0 days 2,200 sqft
2018-05-01 0 days 2,203 sqft
2018-06-01 0 days 2,179 sqft
2018-07-01 0 days 2,125 sqft
2018-08-01 0 days 2,140 sqft
2018-09-01 0 days 2,100 sqft
2018-10-01 0 days 2,068 sqft
2018-11-01 0 days 1,992 sqft
2018-12-01 0 days 1,992 sqft
2019-01-01 0 days 1,984 sqft
2019-02-01 0 days 1,977 sqft
2019-03-01 0 days 2,016 sqft
2019-04-01 0 days 2,043 sqft
2019-05-01 0 days 2,020 sqft
2019-06-01 0 days 1,992 sqft
2019-07-01 0 days 2,001 sqft
2019-08-01 0 days 2,005 sqft
2019-09-01 0 days 2,014 sqft
2019-10-01 0 days 2,140 sqft
2019-11-01 0 days 2,156 sqft
2019-12-01 0 days 2,160 sqft
2020-01-01 0 days 2,168 sqft
2020-02-01 0 days 2,182 sqft
2020-03-01 0 days 2,240 sqft
2020-04-01 0 days 2,245 sqft
2020-05-01 0 days 2,252 sqft
2020-06-01 0 days 2,314 sqft
2020-07-01 0 days 2,300 sqft
2020-08-01 0 days 2,333 sqft
2020-09-01 0 days 2,368 sqft
2020-10-01 0 days 2,300 sqft
2020-11-01 0 days 2,291 sqft
2020-12-01 0 days 2,197 sqft
2021-01-01 0 days 2,309 sqft
2021-02-01 0 days 2,427 sqft
2021-03-01 0 days 2,358 sqft
2021-04-01 0 days 2,316 sqft
2021-05-01 0 days 2,204 sqft
2021-06-01 0 days 2,172 sqft
2021-07-01 0 days 2,082 sqft
2021-08-01 0 days 2,029 sqft
2021-09-01 0 days 1,987 sqft
2021-10-01 0 days 2,028 sqft
2021-11-01 0 days 2,074 sqft
2021-12-01 0 days 2,113 sqft
2022-01-01 0 days 2,464 sqft
2022-02-01 0 days 2,026 sqft
2022-03-01 0 days 2,230 sqft
2022-04-01 0 days 2,000 sqft
2022-05-01 0 days 1,993 sqft
2022-06-01 0 days 1,912 sqft
Kill Devil Hills's median listing age (time on market) for 2022-06-01 was 0 days.

Kill Devil Hills's median square footage for active listings during the 2022-06-01 period was 1,912 sqft. One year prior, the average listing was 2,172 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).