Kinston FHA Loan Rates, Closing Costs & Stats

Kinston, 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.

    Kinston's 46 lenders originated 140 FHA loans during 2023. The total origination value was $26,050,000, with an average FHA loan value of $186,071.

    Kinston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kinston averaged 5.86% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Kinston's average FHA mortgage closing costs are $6,847.

    The average rate for the prior week (2024-12-06) was 6.23% and one month ago for the week of 2024-11-08, the average rate was 6.39%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

    Kinston 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 Kinston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 16 6.41% $8,136
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 10 6.95% $9,320
    MOVEMENT MORTGAGE, LLC 9 6.57% $10,232
    INSPIRE HOME LOANS INC. 8 6.20% $7,924
    LOANDEPOT.COM, LLC 5 7.03% $10,729
    CORNERSTONE HOME LENDING, INC. 5 6.15% $9,927
    DHI MORTGAGE COMPANY, LTD. 5 5.17% $6,043
    BROKER SOLUTIONS, INC. 4 6.84% $10,997
    UNITED WHOLESALE MORTGAGE, LLC 4 6.83% $9,575
    CARDINAL FINANCIAL 3 7.50% $9,350
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $8,680
    CROSSCOUNTRY MORTGAGE, LLC 3 6.67% $9,194
    American Security Mortgage Corp. 3 6.96% $6,453
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.75% $6,827
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $8,521
    GUILD MORTGAGE COMPANY 3 6.83% $8,104
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.75% $6,578
    CMG MORTGAGE, INC. 2 6.25% $11,667
    FBC MORTGAGE, LLC 2 6.12% $8,343
    FREEDOM MORTGAGE CORPORATION 2 6.50% $10,013
    INTERCOASTAL MORTGAGE COMPANY 2 7.25% $6,942
    MICHIGAN MUTUAL, INC. 2 6.50% $7,129
    NEWREZ LLC 2 6.75% $7,500
    NFM, INC. 2 6.44% $5,302
    Truist 2 6.00% $5,157
    VILLAGE CAPITAL MORTGAGE 2 6.69% $9,148
    BETTER MORTGAGE CORPORATION 1 5.50% $15,337
    T2 FINANCIAL LLC 1 7.00% $10,046
    Mortgage Research Center, LLC 1 5.75% $5,002
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.75% $5,299
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $12,011
    Bank of England 1 7.25% $3,897
    TOP FLITE FINANCIAL, INC. 1 6.63% $12,139
    American Mortgage & Equity Consultants, Inc. 1 6.63% $20,666
    PREMIA MORTGAGE, LLC 1 5.75% $4,287
    Alcova Mortgage LLC 1 7.75% $5,223
    AMERISAVE MORTGAGE CORPORATION 1 6.50% $9,746
    Regions Bank 1 5.25% $8,302
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.00% $7,973
    First-Citizens Bank & Trust Company 1 5.50% $8,492
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $16,761
    Evolve Bank & Trust 1 6.25% $7,958
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.50% $5,792
    EMM LOANS LLC 1 6.75% $13,211
    Integrity Home Mortgage Corp 1 6.00% $7,358
    SUN WEST MORTGAGE COMPANY, INC. 1 8.25% $10,381

    The top Kinston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 16 FHA loans originated. Their average total fees are $8,136, which is $1,185 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

    The lowest fee Kinston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,136), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,320), .

    The lowest rate Kinston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.41%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.95%), .

    Kinston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    KINSTON, NC LENOIR 2022 $420,680 $538,650 $651,050 $809,150
    KINSTON, NC LENOIR 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Kinston (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 $114,950 (-3.4%) $130,920 (-6.5%) 0.00 200
    2018-02-01 $114,900 (-5.0%) $130,791 (-10.0%) 0.00 199
    2018-03-01 $119,000 (-7.2%) $131,613 (-10.2%) 0.00 196
    2018-04-01 $119,000 (-7.8%) $134,463 (-6.2%) 0.00 183
    2018-05-01 $113,425 (-8.8%) $131,031 (-5.4%) 0.00 171
    2018-06-01 $115,000 (-7.2%) $133,755 (-3.7%) 0.00 156
    2018-07-01 $122,425 (-2.0%) $140,123 (3.4%) 0.00 159
    2018-08-01 $115,000 (-7.9%) $136,785 (2.0%) 0.00 152
    2018-09-01 $119,900 (0.0%) $142,141 (6.9%) 0.00 153
    2018-10-01 $122,275 (2.0%) $140,097 (5.2%) 0.00 134
    2018-11-01 $119,100 (4.2%) $141,818 (10.1%) 0.00 126
    2018-12-01 $119,000 (3.6%) $142,712 (9.9%) 0.00 128
    2019-01-01 $119,000 (3.5%) $149,291 (14.0%) 0.00 114
    2019-02-01 $119,000 (3.6%) $155,465 (18.9%) 0.00 100
    2019-03-01 $119,429 (0.4%) $161,845 (23.0%) 0.00 94
    2019-04-01 $124,250 (4.4%) $163,733 (21.8%) 0.00 93
    2019-05-01 $129,800 (14.4%) $167,893 (28.1%) 0.00 103
    2019-06-01 $129,000 (12.2%) $160,606 (20.1%) 0.00 114
    2019-07-01 $124,500 (1.7%) $153,722 (9.7%) 0.00 108
    2019-08-01 $125,541 (9.2%) $158,906 (16.2%) 0.00 106
    2019-09-01 $119,302 (-0.5%) $156,655 (10.2%) 0.00 104
    2019-10-01 $116,393 (-4.8%) $154,686 (10.4%) 0.00 103
    2019-11-01 $110,000 (-7.6%) $140,904 (-0.6%) 0.00 116
    2019-12-01 $103,475 (-13.1%) $133,538 (-6.4%) 0.00 118
    2020-01-01 $114,650 (-3.7%) $137,586 (-7.8%) 0.00 103
    2020-02-01 $114,900 (-3.5%) $136,362 (-12.3%) 0.00 108
    2020-03-01 $113,725 (-4.8%) $139,194 (-14.0%) 0.00 104
    2020-04-01 $114,950 (-7.5%) $150,513 (-8.1%) 0.00 94
    2020-05-01 $118,950 (-8.4%) $146,635 (-12.7%) 0.00 89
    2020-06-01 $124,425 (-3.6%) $156,760 (-2.4%) 0.00 68
    2020-07-01 $123,200 (-1.0%) $163,560 (6.4%) 0.00 63
    2020-08-01 $129,450 (3.1%) $170,647 (7.4%) 0.00 55
    2020-09-01 $129,999 (9.0%) $168,922 (7.8%) 0.00 47
    2020-10-01 $137,500 (18.1%) $179,919 (16.3%) 0.00 45
    2020-11-01 $148,450 (35.0%) $179,929 (27.7%) 0.00 55
    2020-12-01 $138,350 (33.7%) $160,292 (20.0%) 0.00 52
    2021-01-01 $148,000 (29.1%) $175,434 (27.5%) 0.00 47
    2021-02-01 $136,125 (18.5%) $169,737 (24.5%) 0.00 43
    2021-03-01 $125,000 (9.9%) $166,895 (19.9%) 0.00 34
    2021-04-01 $135,225 (17.6%) $173,146 (15.0%) 0.00 34
    2021-05-01 $125,000 (5.1%) $173,309 (18.2%) 0.00 32
    2021-06-01 $159,925 (28.5%) $183,245 (16.9%) 0.00 35
    2021-07-01 $154,900 (25.7%) $181,706 (11.1%) 0.00 33
    2021-08-01 $149,975 (15.9%) $198,248 (16.2%) 0.00 34
    2021-09-01 $153,500 (18.1%) $204,737 (21.2%) 0.00 40
    2021-10-01 $150,000 (9.1%) $211,114 (17.3%) 0.00 38
    2021-11-01 $172,750 (16.4%) $211,293 (17.4%) 0.00 38
    2021-12-01 $153,725 (11.1%) $196,007 (22.3%) 0.00 37
    2022-01-01 $157,450 (6.4%) $197,435 (12.5%) 0.00 35
    2022-02-01 $151,200 (11.1%) $191,519 (12.8%) 0.00 32
    2022-03-01 $181,950 (45.6%) $210,027 (25.8%) 0.00 31
    2022-04-01 $177,000 (30.9%) $204,324 (18.0%) 0.00 36
    2022-05-01 $185,425 (48.3%) $200,077 (15.5%) 0.00 50
    2022-06-01 $192,725 (20.5%) $206,011 (12.4%) 0.00 66
    2022-07-01 $207,500 (34.0%) $220,632 (21.4%) 0.00 88
    2022-08-01 $207,725 (38.5%) $226,305 (14.2%) 0.00 87
    2022-09-01 $212,475 (38.4%) $226,563 (10.7%) 0.00 88
    2022-10-01 $227,370 (51.6%) $235,558 (11.6%) 0.00 101
    2022-11-01 $221,720 (28.4%) $256,154 (21.2%) 0.00 114
    2022-12-01 $237,495 (54.5%) $281,225 (43.5%) 0.00 122
    2023-01-01 $243,089 (54.4%) $290,973 (47.4%) 0.00 117
    2023-02-01 $242,169 (60.2%) $292,301 (52.6%) 0.00 113
    2023-03-01 $239,900 (31.9%) $295,365 (40.6%) 0.00 99
    2023-04-01 $229,000 (29.4%) $234,562 (14.8%) 0.00 74
    2023-05-01 $242,470 (30.8%) $278,613 (39.3%) 0.00 85
    2023-06-01 $257,748 (33.7%) $313,719 (52.3%) 0.00 97
    2023-07-01 $250,740 (20.8%) $316,925 (43.6%) 0.00 95
    2023-08-01 $247,740 (19.3%) $308,701 (36.4%) 0.00 95
    2023-09-01 $279,900 (31.7%) $320,632 (41.5%) 0.00 105
    2023-10-01 $263,700 (16.0%) $294,748 (25.1%) 0.00 93
    2023-11-01 $239,813 (8.2%) $280,370 (9.5%) 0.00 116
    2023-12-01 $236,500 (-0.4%) $272,323 (-3.2%) 0.00 115
    2024-01-01 $219,500 (-9.7%) $233,334 (-19.8%) 0.00 91
    2024-02-01 $231,175 (-4.5%) $249,436 (-14.7%) 0.00 86
    2024-03-01 $230,000 (-4.1%) $252,378 (-14.6%) 0.00 87
    2024-04-01 $238,675 (4.2%) $254,686 (8.6%) 0.00 93
    2024-05-01 $241,745 (-0.3%) $252,911 (-9.2%) 0.00 91
    2024-06-01 $236,250 (-8.3%) $250,327 (-20.2%) 0.00 94
    2024-07-01 $243,450 (-2.9%) $259,227 (-18.2%) 0.00 106
    2024-08-01 $241,990 (-2.3%) $246,908 (-20.0%) 0.00 114
    2024-09-01 $234,125 (-16.4%) $239,382 (-25.3%) 0.00 111
    2024-10-01 $229,925 (-12.8%) $231,537 (-21.5%) 0.00 108
    2024-11-01 $229,900 (-4.1%) $234,811 (-16.3%) 0.00 105
    Kinston's median listing price for 2024-11-01 was $229,900, a difference of $-9,913 (-4.1%) versus the prior year and $-25 versus the prior month.

    Kinston's median listing price comes in at 0% of the national average.

    Kinston's average listing price for 2024-11-01 was $234,811, a difference of $-45,559 (-16.3%) versus the prior year and $3,274 versus the prior month.

    For the 2024-11-01 period, Kinston had 105 MLS listings, a difference of -3 listings (-3%) versus the prior month and -11 listings (-9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Kinston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,863 sqft
    2018-02-01 0 days 1,866 sqft
    2018-03-01 0 days 1,825 sqft
    2018-04-01 0 days 1,836 sqft
    2018-05-01 0 days 1,813 sqft
    2018-06-01 0 days 1,840 sqft
    2018-07-01 0 days 1,819 sqft
    2018-08-01 0 days 1,760 sqft
    2018-09-01 0 days 1,862 sqft
    2018-10-01 0 days 1,930 sqft
    2018-11-01 0 days 1,845 sqft
    2018-12-01 0 days 1,800 sqft
    2019-01-01 0 days 1,827 sqft
    2019-02-01 0 days 1,791 sqft
    2019-03-01 0 days 1,799 sqft
    2019-04-01 0 days 1,812 sqft
    2019-05-01 0 days 1,937 sqft
    2019-06-01 0 days 1,947 sqft
    2019-07-01 0 days 1,943 sqft
    2019-08-01 0 days 1,912 sqft
    2019-09-01 0 days 1,851 sqft
    2019-10-01 0 days 1,827 sqft
    2019-11-01 0 days 1,808 sqft
    2019-12-01 0 days 1,780 sqft
    2020-01-01 0 days 1,772 sqft
    2020-02-01 0 days 1,746 sqft
    2020-03-01 0 days 1,756 sqft
    2020-04-01 0 days 1,781 sqft
    2020-05-01 0 days 1,805 sqft
    2020-06-01 0 days 1,863 sqft
    2020-07-01 0 days 1,823 sqft
    2020-08-01 0 days 1,901 sqft
    2020-09-01 0 days 1,912 sqft
    2020-10-01 0 days 1,948 sqft
    2020-11-01 0 days 2,014 sqft
    2020-12-01 0 days 1,900 sqft
    2021-01-01 0 days 1,818 sqft
    2021-02-01 0 days 1,812 sqft
    2021-03-01 0 days 1,604 sqft
    2021-04-01 0 days 1,614 sqft
    2021-05-01 0 days 1,739 sqft
    2021-06-01 0 days 2,008 sqft
    2021-07-01 0 days 1,874 sqft
    2021-08-01 0 days 1,949 sqft
    2021-09-01 0 days 1,942 sqft
    2021-10-01 0 days 1,805 sqft
    2021-11-01 0 days 1,857 sqft
    2021-12-01 0 days 1,808 sqft
    2022-01-01 0 days 1,712 sqft
    2022-02-01 0 days 1,718 sqft
    2022-03-01 0 days 1,746 sqft
    2022-04-01 0 days 1,654 sqft
    2022-05-01 0 days 1,705 sqft
    2022-06-01 0 days 1,807 sqft
    2022-07-01 0 days 1,890 sqft
    2022-08-01 0 days 1,890 sqft
    2022-09-01 0 days 1,852 sqft
    2022-10-01 0 days 1,895 sqft
    2022-11-01 0 days 1,825 sqft
    2022-12-01 0 days 1,628 sqft
    2023-01-01 0 days 1,620 sqft
    2023-02-01 0 days 1,662 sqft
    2023-03-01 0 days 1,598 sqft
    2023-04-01 0 days 1,843 sqft
    2023-05-01 0 days 1,765 sqft
    2023-06-01 0 days 1,662 sqft
    2023-07-01 0 days 1,672 sqft
    2023-08-01 0 days 1,712 sqft
    2023-09-01 0 days 1,644 sqft
    2023-10-01 0 days 1,773 sqft
    2023-11-01 0 days 1,676 sqft
    2023-12-01 0 days 1,698 sqft
    2024-01-01 0 days 1,769 sqft
    2024-02-01 0 days 1,796 sqft
    2024-03-01 0 days 1,777 sqft
    2024-04-01 0 days 1,794 sqft
    2024-05-01 0 days 1,767 sqft
    2024-06-01 0 days 1,763 sqft
    2024-07-01 0 days 1,767 sqft
    2024-08-01 0 days 1,843 sqft
    2024-09-01 0 days 1,761 sqft
    2024-10-01 0 days 1,758 sqft
    2024-11-01 0 days 1,710 sqft
    Kinston's median listing age (time on market) for 2024-11-01 was 0 days.

    Kinston's median square footage for active listings during the 2024-11-01 period was 1,710 sqft. One year prior, the average listing was 1,676 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).