Laurinburg FHA Loan Rates, Closing Costs & Stats

Laurinburg, 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.

    Laurinburg's 44 lenders originated 75 FHA loans during 2023. The total origination value was $12,575,000, with an average FHA loan value of $167,667.

    Laurinburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Laurinburg averaged 0.15% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Laurinburg's average FHA mortgage closing costs are $6,599.

    The average rate for the prior week (2024-11-08) was 6.56% and one month ago for the week of 2024-10-11, the average rate was 6.26%.

    The average rate one year ago was 7.41%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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

    Laurinburg 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 Laurinburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 8 6.48% $6,904
    UNION HOME MORTGAGE CORP. 4 6.94% $7,364
    BROKER SOLUTIONS, INC. 3 6.63% $5,992
    MOVEMENT MORTGAGE, LLC 3 7.63% $6,771
    UNITED WHOLESALE MORTGAGE, LLC 3 6.87% $7,247
    Alcova Mortgage LLC 2 6.56% $7,916
    American Security Mortgage Corp. 2 6.44% $8,006
    Blue Ridge Bank 2 6.38% $8,059
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.63% $9,987
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $6,684
    Flagstar Bank, FSB 1 6.24% $17,181
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,043
    GENEVA FINANCIAL, LLC 1 6.38% $10,356
    GoPrime Mortgage, Inc. 1 6.75% $5,753
    GUARANTEED RATE, INC. 1 5.68% $8,963
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $9,011
    HOMESIDE FINANCIAL, LLC 1 5.63% $15,302
    INTERCOASTAL MORTGAGE COMPANY 1 6.75% $7,947
    Keystone Funding, Inc. 1 7.25% $11,690
    LOANDEPOT.COM, LLC 1 5.50% $7,303
    Mortgage Research Center, LLC 1 6.99% $7,255
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.13% $15,607
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $6,467
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $6,893
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $9,860
    PLAZA HOME MORTGAGE, INC. 1 6.63% $6,938
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $14,701
    RAPID MORTGAGE COMPANY 1 7.25% $12,582
    SeaTrust Mortgage Company 1 7.75% $8,284
    Sierra Pacific Mortgage Company, Inc. 1 7.25% $7,734
    SOUTHERN TRUST MORTGAGE, LLC 1 6.88% $15,013
    THE MORTGAGE FIRM, INC. 1 6.63% $13,011
    United Community Bank 1 6.00% $9,696
    U.S. Bank 1 7.75% $5,475
    Victorian Finance, LLC 1 6.38% $4,799
    VILLAGE CAPITAL MORTGAGE 1 6.25% $2,731
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $17,305
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.25% $7,810
    Bank of England 1 6.25% $11,334
    CARDINAL FINANCIAL 1 7.75% $11,057
    CBM Mortgage, Inc. 1 6.00% $6,137
    C & F Mortgage Corporation 1 7.63% $6,270
    CMG MORTGAGE, INC. 1 7.50% $8,079
    CORNERSTONE HOME LENDING, INC. 1 7.50% $11,553

    The top Laurinburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 8 FHA loans originated. Their average total fees are $6,904, which is $461 lower than the next largest lender, UNION HOME MORTGAGE CORP..

    The lowest fee Laurinburg FHA lenders (with over 10 loans originated) are .

    The lowest rate Laurinburg FHA lenders (with over 10 loans originated) are .

    Laurinburg FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Laurinburg (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 $129,925 (16.0%) $160,767 (16.1%) 0.00 133
    2018-02-01 $128,575 (14.9%) $158,434 (15.2%) 0.00 129
    2018-03-01 $129,900 (14.2%) $156,404 (13.1%) 0.00 132
    2018-04-01 $129,900 (9.2%) $155,699 (8.0%) 0.00 138
    2018-05-01 $129,900 (6.0%) $159,912 (4.8%) 0.00 146
    2018-06-01 $128,450 (8.0%) $152,874 (1.6%) 0.00 154
    2018-07-01 $124,975 (-3.8%) $149,536 (-4.0%) 0.00 152
    2018-08-01 $121,175 (-7.7%) $145,176 (-8.9%) 0.00 154
    2018-09-01 $121,000 (-9.3%) $145,325 (-9.0%) 0.00 142
    2018-10-01 $114,975 (-16.5%) $140,482 (-15.2%) 0.00 127
    2018-11-01 $113,385 (-12.7%) $145,790 (-8.0%) 0.00 115
    2018-12-01 $113,250 (-9.4%) $148,847 (-3.4%) 0.00 107
    2019-01-01 $114,700 (-11.7%) $147,281 (-8.4%) 0.00 97
    2019-02-01 $117,350 (-8.7%) $148,135 (-6.5%) 0.00 101
    2019-03-01 $121,929 (-6.1%) $151,806 (-2.9%) 0.00 96
    2019-04-01 $124,529 (-4.1%) $154,048 (-1.1%) 0.00 97
    2019-05-01 $121,300 (-6.6%) $148,475 (-7.2%) 0.00 96
    2019-06-01 $125,000 (-2.7%) $159,083 (4.1%) 0.00 87
    2019-07-01 $134,875 (7.9%) $172,762 (15.5%) 0.00 80
    2019-08-01 $134,523 (11.0%) $168,370 (16.0%) 0.00 85
    2019-09-01 $133,807 (10.6%) $169,151 (16.4%) 0.00 92
    2019-10-01 $133,330 (16.0%) $169,671 (20.8%) 0.00 98
    2019-11-01 $130,000 (14.7%) $161,254 (10.6%) 0.00 90
    2019-12-01 $128,375 (13.4%) $148,139 (-0.5%) 0.00 82
    2020-01-01 $132,000 (15.1%) $148,755 (1.0%) 0.00 74
    2020-02-01 $129,900 (10.7%) $144,333 (-2.6%) 0.00 72
    2020-03-01 $111,000 (-9.0%) $139,093 (-8.4%) 0.00 68
    2020-04-01 $108,000 (-13.3%) $138,838 (-9.9%) 0.00 70
    2020-05-01 $111,500 (-8.1%) $137,785 (-7.2%) 0.00 59
    2020-06-01 $119,425 (-4.5%) $150,281 (-5.5%) 0.00 55
    2020-07-01 $139,925 (3.7%) $163,824 (-5.2%) 0.00 38
    2020-08-01 $149,900 (11.4%) $177,011 (5.1%) 0.00 39
    2020-09-01 $159,925 (19.5%) $191,717 (13.3%) 0.00 37
    2020-10-01 $192,400 (44.3%) $197,924 (16.7%) 0.00 37
    2020-11-01 $185,825 (42.9%) $194,140 (20.4%) 0.00 34
    2020-12-01 $173,650 (35.3%) $188,600 (27.3%) 0.00 40
    2021-01-01 $178,500 (35.2%) $194,124 (30.5%) 0.00 28
    2021-02-01 $132,425 (1.9%) $167,955 (16.4%) 0.00 18
    2021-03-01 $163,200 (47.0%) $188,149 (35.3%) 0.00 18
    2021-04-01 $184,450 (70.8%) $213,383 (53.7%) 0.00 21
    2021-05-01 $199,900 (79.3%) $232,284 (68.6%) 0.00 19
    2021-06-01 $184,250 (54.3%) $243,944 (62.3%) 0.00 20
    2021-07-01 $190,000 (35.8%) $216,342 (32.1%) 0.00 26
    2021-08-01 $189,600 (26.5%) $217,613 (22.9%) 0.00 40
    2021-09-01 $149,950 (-6.2%) $197,249 (2.9%) 0.00 38
    2021-10-01 $180,000 (-6.4%) $207,793 (5.0%) 0.00 36
    2021-11-01 $237,450 (27.8%) $235,379 (21.2%) 0.00 36
    2021-12-01 $219,975 (26.7%) $236,609 (25.5%) 0.00 29
    2022-01-01 $185,950 (4.2%) $235,445 (21.3%) 0.00 30
    2022-02-01 $160,100 (20.9%) $223,093 (32.8%) 0.00 25
    2022-03-01 $167,225 (2.5%) $239,130 (27.1%) 0.00 21
    2022-04-01 $145,700 (-21.0%) $229,580 (7.6%) 0.00 25
    2022-05-01 $203,000 (1.6%) $250,777 (8.0%) 0.00 34
    2022-06-01 $172,350 (-6.5%) $249,441 (2.3%) 0.00 35
    2022-07-01 $199,750 (5.1%) $234,825 (8.5%) 0.00 47
    2022-08-01 $198,950 (4.9%) $230,517 (5.9%) 0.00 42
    2022-09-01 $202,425 (35.0%) $228,272 (15.7%) 0.00 46
    2022-10-01 $194,950 (8.3%) $227,438 (9.5%) 0.00 44
    2022-11-01 $208,625 (-12.1%) $225,115 (-4.4%) 0.00 45
    2022-12-01 $229,900 (4.5%) $262,165 (10.8%) 0.00 43
    2023-01-01 $229,900 (23.6%) $254,752 (8.2%) 0.00 40
    2023-02-01 $221,125 (38.1%) $252,818 (13.3%) 0.00 38
    2023-03-01 $204,475 (22.3%) $249,700 (4.4%) 0.00 37
    2023-04-01 $209,450 (43.8%) $266,576 (16.1%) 0.00 30
    2023-05-01 $203,750 (0.4%) $250,279 (-0.2%) 0.00 30
    2023-06-01 $208,750 (21.1%) $244,620 (-1.9%) 0.00 32
    2023-07-01 $195,000 (-2.4%) $227,329 (-3.2%) 0.00 27
    2023-08-01 $202,475 (1.8%) $239,865 (4.1%) 0.00 31
    2023-09-01 $172,900 (-14.6%) $221,670 (-2.9%) 0.00 36
    2023-10-01 $189,950 (-2.6%) $249,984 (9.9%) 0.00 34
    2023-11-01 $188,725 (-9.5%) $255,812 (13.6%) 0.00 39
    2023-12-01 $179,000 (-22.1%) $267,229 (1.9%) 0.00 37
    2024-01-01 $177,925 (-22.6%) $258,806 (1.6%) 0.00 36
    2024-02-01 $201,425 (-8.9%) $273,551 (8.2%) 0.00 37
    2024-03-01 $214,950 (5.1%) $284,790 (14.1%) 0.00 35
    2024-04-01 $218,650 (4.4%) $281,074 (5.4%) 0.00 35
    2024-05-01 $200,448 (-1.6%) $269,478 (7.7%) 0.00 47
    2024-06-01 $201,495 (-3.5%) $274,344 (12.2%) 0.00 55
    2024-07-01 $209,995 (7.7%) $275,958 (21.4%) 0.00 55
    2024-08-01 $215,000 (6.2%) $268,356 (11.9%) 0.00 60
    2024-09-01 $211,250 (22.2%) $260,683 (17.6%) 0.00 62
    2024-10-01 $229,250 (20.7%) $250,988 (0.4%) 0.00 66
    Laurinburg's median listing price for 2024-10-01 was $229,250, a difference of $39,300 (20.7%) versus the prior year and $18,000 versus the prior month.

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

    Laurinburg's average listing price for 2024-10-01 was $250,988, a difference of $1,004 (0.4%) versus the prior year and $-9,695 versus the prior month.

    For the 2024-10-01 period, Laurinburg had 66 MLS listings, a difference of 4 listings (6%) versus the prior month and 32 listings (94%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Laurinburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,100 sqft
    2018-02-01 0 days 2,031 sqft
    2018-03-01 0 days 2,011 sqft
    2018-04-01 0 days 2,013 sqft
    2018-05-01 0 days 2,092 sqft
    2018-06-01 0 days 1,956 sqft
    2018-07-01 0 days 1,888 sqft
    2018-08-01 0 days 1,961 sqft
    2018-09-01 0 days 1,974 sqft
    2018-10-01 0 days 1,883 sqft
    2018-11-01 0 days 1,870 sqft
    2018-12-01 0 days 1,930 sqft
    2019-01-01 0 days 1,870 sqft
    2019-02-01 0 days 1,876 sqft
    2019-03-01 0 days 1,922 sqft
    2019-04-01 0 days 1,946 sqft
    2019-05-01 0 days 1,946 sqft
    2019-06-01 0 days 1,936 sqft
    2019-07-01 0 days 1,963 sqft
    2019-08-01 0 days 1,937 sqft
    2019-09-01 0 days 1,917 sqft
    2019-10-01 0 days 1,904 sqft
    2019-11-01 0 days 1,912 sqft
    2019-12-01 0 days 1,859 sqft
    2020-01-01 0 days 1,854 sqft
    2020-02-01 0 days 1,842 sqft
    2020-03-01 0 days 1,813 sqft
    2020-04-01 0 days 1,738 sqft
    2020-05-01 0 days 1,670 sqft
    2020-06-01 0 days 1,691 sqft
    2020-07-01 0 days 1,870 sqft
    2020-08-01 0 days 1,851 sqft
    2020-09-01 0 days 2,037 sqft
    2020-10-01 0 days 2,076 sqft
    2020-11-01 0 days 2,100 sqft
    2020-12-01 0 days 2,114 sqft
    2021-01-01 0 days 2,237 sqft
    2021-02-01 0 days 2,224 sqft
    2021-03-01 0 days 2,116 sqft
    2021-04-01 0 days 2,435 sqft
    2021-05-01 0 days 2,336 sqft
    2021-06-01 0 days 2,174 sqft
    2021-07-01 0 days 2,141 sqft
    2021-08-01 0 days 2,039 sqft
    2021-09-01 0 days 1,925 sqft
    2021-10-01 0 days 2,100 sqft
    2021-11-01 0 days 2,100 sqft
    2021-12-01 0 days 1,925 sqft
    2022-01-01 0 days 2,027 sqft
    2022-02-01 0 days 2,003 sqft
    2022-03-01 0 days 1,951 sqft
    2022-04-01 0 days 2,078 sqft
    2022-05-01 0 days 2,113 sqft
    2022-06-01 0 days 1,960 sqft
    2022-07-01 0 days 1,950 sqft
    2022-08-01 0 days 1,943 sqft
    2022-09-01 0 days 1,950 sqft
    2022-10-01 0 days 1,950 sqft
    2022-11-01 0 days 1,950 sqft
    2022-12-01 0 days 2,088 sqft
    2023-01-01 0 days 2,060 sqft
    2023-02-01 0 days 2,055 sqft
    2023-03-01 0 days 2,029 sqft
    2023-04-01 0 days 2,039 sqft
    2023-05-01 0 days 2,044 sqft
    2023-06-01 0 days 2,054 sqft
    2023-07-01 0 days 1,988 sqft
    2023-08-01 0 days 1,886 sqft
    2023-09-01 0 days 1,813 sqft
    2023-10-01 0 days 1,983 sqft
    2023-11-01 0 days 1,820 sqft
    2023-12-01 0 days 1,828 sqft
    2024-01-01 0 days 1,845 sqft
    2024-02-01 0 days 1,963 sqft
    2024-03-01 0 days 1,993 sqft
    2024-04-01 0 days 1,861 sqft
    2024-05-01 0 days 1,762 sqft
    2024-06-01 0 days 1,601 sqft
    2024-07-01 0 days 1,653 sqft
    2024-08-01 0 days 1,608 sqft
    2024-09-01 0 days 1,653 sqft
    2024-10-01 0 days 1,805 sqft
    Laurinburg's median listing age (time on market) for 2024-10-01 was 0 days.

    Laurinburg's median square footage for active listings during the 2024-10-01 period was 1,805 sqft. One year prior, the average listing was 1,983 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).