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 167 FHA loans during 2024. The total origination value was $30,835,000, with an average FHA loan value of $184,641.

    Kinston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Kinston averaged 6.76% for the week of 2025-05-09, compared to the national average (all FHA variants) of 6.477% for the same period.

    Kinston's average FHA mortgage closing costs are $7,247.

    The average rate for the prior week (2025-05-02) was 6.31% and one month ago for the week of 2025-04-04, the average rate was 6.44%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2025-05-09, the average rate was 6.48%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 26 6.65% $8,989
    QUICKEN LOANS, LLC 19 6.37% $9,824
    MOVEMENT MORTGAGE, LLC 11 6.83% $8,973
    Truist 7 6.35% $6,682
    MICHIGAN MUTUAL, INC. 7 6.23% $7,022
    DHI MORTGAGE COMPANY, LTD. 7 4.67% $6,115
    UNITED WHOLESALE MORTGAGE, LLC 5 5.80% $9,629
    LOANDEPOT.COM, LLC 5 6.15% $7,865
    UNION HOME MORTGAGE CORP. 4 6.78% $9,667
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.09% $8,554
    American Security Mortgage Corp. 3 6.79% $6,962
    NFM, INC. 3 6.58% $12,026
    PENNYMAC LOAN SERVICES, LLC 3 5.92% $6,051
    CORNERSTONE HOME LENDING, INC. 3 6.29% $9,568
    FBC MORTGAGE, LLC 3 5.58% $9,524
    SUCCESS MORTGAGE PARTNERS, INC. 3 6.79% $9,514
    Alcova Mortgage LLC 3 6.21% $6,746
    BROKER SOLUTIONS, INC. 3 7.25% $8,075
    AMERICAN FINANCING CORPORATION 2 5.69% $19,358
    FREEDOM MORTGAGE CORPORATION 2 6.94% $6,636
    CROSSCOUNTRY MORTGAGE, LLC 2 7.44% $8,691
    PLAZA HOME MORTGAGE, INC. 2 6.44% $8,940
    CMG MORTGAGE, INC. 2 7.06% $9,003
    AMERISAVE MORTGAGE CORPORATION 2 6.69% $8,669
    The Central Trust Bank 1 7.00% $9,688
    AMERITRUST MORTGAGE CORPORATION 1 6.75% $8,714
    Blue Ridge Bank 1 6.88% $9,008
    Capital Bank 1 5.99% $12,555
    CARDINAL FINANCIAL 1 7.25% $14,152
    Equity Prime Mortgage LLC 1 6.25% $6,835
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $2,467
    Gateway First Bank 1 7.25% $12,659
    INTERCOASTAL MORTGAGE COMPANY 1 6.63% $5,541
    MILEND, INC. 1 6.25% $14,830
    Northpointe Bank 1 7.00% $8,037
    Paramount Residential Mortgage Group, Inc. 1 5.75% $14,505
    PLANET HOME LENDING, LLC 1 6.13% $7,356
    PREMIA MORTGAGE, LLC 1 6.63% $3,546
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.38% $7,898
    RELIANCE FIRST CAPITAL, LLC 1 6.50% $7,789
    Residential Acceptance Corporation 1 8.25% $7,603
    SeaTrust Mortgage Company 1 6.99% $11,372
    Strong Home Mortgage, LLC 1 6.13% $5,506
    T2 FINANCIAL LLC 1 6.75% $8,289
    The Loan Store, Inc. 1 6.99% $10,143
    United Community Bank 1 7.00% $7,735

    The top Kinston FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 26 FHA loans originated. Their average total fees are $8,989, which is $835 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Kinston FHA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($8,973), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($8,989), QUICKEN LOANS, LLC ($9,824), .

    The lowest rate Kinston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.37%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.65%), MOVEMENT MORTGAGE, LLC (6.83%), .

    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

    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).