Marion FHA Loan Rates, Closing Costs & Stats

Marion, 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.

    Marion's 27 lenders originated 87 FHA loans during 2023. The total origination value was $18,875,000, with an average FHA loan value of $216,954.

    Marion FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Marion averaged 6.63% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Marion's average FHA mortgage closing costs are $7,667.

    The average rate for the prior week (2024-04-05) was 6.75% and one month ago for the week of 2024-03-08, the average rate was 6.29%.

    The average rate one year ago was 6.12%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.84%.

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

    Marion 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 Marion level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 11 6.86% $9,776
    UNITED WHOLESALE MORTGAGE, LLC 10 6.50% $11,901
    CARDINAL FINANCIAL 10 6.55% $12,344
    QUICKEN LOANS, LLC 8 6.14% $9,391
    MOVEMENT MORTGAGE, LLC 6 7.40% $9,879
    HOWARD HANNA FINANCIAL SERVICES, INC. 3 6.79% $10,007
    GoPrime Mortgage, Inc. 2 6.38% $9,031
    PENTAGON FEDERAL CREDIT UNION 2 5.31% $11,732
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.75% $13,689
    INTERCOASTAL MORTGAGE COMPANY 2 6.44% $7,965
    T2 FINANCIAL LLC 2 6.50% $9,388
    SeaTrust Mortgage Company 1 6.99% $13,897
    South State Bank 1 6.25% $10,375
    TOP FLITE FINANCIAL, INC. 1 6.25% $7,638
    Truist 1 6.25% $6,885
    UNION HOME MORTGAGE CORP. 1 6.38% $9,242
    LOANDEPOT.COM, LLC 1 4.99% $14,247
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $18,657
    BROKER SOLUTIONS, INC. 1 6.75% $12,928
    Carrington Mortgage Services, LLC 1 5.63% $9,125
    FREEDOM MORTGAGE CORPORATION 1 6.25% $14,123
    GUARANTEED RATE, INC. 1 7.25% $9,306
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $8,777
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $7,640
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $11,545
    RADIUS FINANCIAL GROUP INC. 1 5.63% $6,952
    Regions Bank 1 5.63% $7,566

    The top Marion FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 11 FHA loans originated. Their average total fees are $9,776, which is $2,125 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Marion FHA lenders (with over 10 loans originated) are ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,776), UNITED WHOLESALE MORTGAGE, LLC ($11,901), CARDINAL FINANCIAL ($12,344), .

    The lowest rate Marion FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.50%), CARDINAL FINANCIAL (6.55%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.86%), .

    Marion FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Marion (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 $259,000 (12.0%) $331,777 (10.1%) 0.00 196
    2018-02-01 $259,000 (12.7%) $328,382 (12.4%) 0.00 194
    2018-03-01 $250,000 (5.5%) $331,818 (6.9%) 0.00 184
    2018-04-01 $249,150 (-3.8%) $344,373 (7.4%) 0.00 176
    2018-05-01 $249,000 (-5.6%) $350,455 (6.3%) 0.00 187
    2018-06-01 $269,000 (-0.7%) $378,315 (11.0%) 0.00 196
    2018-07-01 $272,750 (-2.2%) $384,531 (12.2%) 0.00 212
    2018-08-01 $289,500 (3.8%) $395,421 (16.1%) 0.00 198
    2018-09-01 $294,500 (5.6%) $389,059 (10.3%) 0.00 210
    2018-10-01 $286,375 (2.6%) $389,102 (11.0%) 0.00 215
    2018-11-01 $269,950 (-1.8%) $367,480 (5.0%) 0.00 206
    2018-12-01 $256,950 (-6.6%) $351,536 (1.3%) 0.00 203
    2019-01-01 $250,000 (-3.5%) $338,981 (2.2%) 0.00 188
    2019-02-01 $269,450 (4.0%) $349,321 (6.4%) 0.00 178
    2019-03-01 $274,714 (9.9%) $355,611 (7.2%) 0.00 189
    2019-04-01 $294,250 (18.1%) $375,317 (9.0%) 0.00 181
    2019-05-01 $313,250 (25.8%) $405,039 (15.6%) 0.00 186
    2019-06-01 $299,400 (11.3%) $408,119 (7.9%) 0.00 217
    2019-07-01 $294,100 (7.8%) $400,796 (4.2%) 0.00 210
    2019-08-01 $302,959 (4.7%) $398,698 (0.8%) 0.00 207
    2019-09-01 $308,298 (4.7%) $394,049 (1.3%) 0.00 207
    2019-10-01 $311,857 (8.9%) $391,977 (0.7%) 0.00 207
    2019-11-01 $324,900 (20.4%) $392,232 (6.7%) 0.00 197
    2019-12-01 $294,750 (14.7%) $379,798 (8.0%) 0.00 178
    2020-01-01 $304,825 (21.9%) $386,655 (14.1%) 0.00 164
    2020-02-01 $325,000 (20.6%) $405,247 (16.0%) 0.00 162
    2020-03-01 $329,900 (20.1%) $408,056 (14.8%) 0.00 163
    2020-04-01 $334,900 (13.8%) $413,255 (10.1%) 0.00 156
    2020-05-01 $359,250 (14.7%) $433,694 (7.1%) 0.00 134
    2020-06-01 $372,000 (24.3%) $450,788 (10.5%) 0.00 119
    2020-07-01 $383,500 (30.4%) $467,271 (16.6%) 0.00 103
    2020-08-01 $359,500 (18.7%) $450,273 (12.9%) 0.00 97
    2020-09-01 $357,000 (15.8%) $448,431 (13.8%) 0.00 98
    2020-10-01 $340,000 (9.0%) $431,100 (10.0%) 0.00 93
    2020-11-01 $342,200 (5.3%) $404,340 (3.1%) 0.00 85
    2020-12-01 $299,000 (1.4%) $384,417 (1.2%) 0.00 85
    2021-01-01 $299,000 (-1.9%) $379,658 (-1.8%) 0.00 68
    2021-02-01 $278,500 (-14.3%) $394,075 (-2.8%) 0.00 57
    2021-03-01 $301,225 (-8.7%) $388,675 (-4.8%) 0.00 52
    2021-04-01 $287,400 (-14.2%) $391,830 (-5.2%) 0.00 53
    2021-05-01 $325,000 (-9.5%) $407,969 (-5.9%) 0.00 55
    2021-06-01 $397,250 (6.8%) $447,250 (-0.8%) 0.00 64
    2021-07-01 $415,000 (8.2%) $466,777 (-0.1%) 0.00 74
    2021-08-01 $375,500 (4.5%) $431,255 (-4.2%) 0.00 84
    2021-09-01 $384,250 (7.6%) $453,726 (1.2%) 0.00 80
    2021-10-01 $389,000 (14.4%) $490,980 (13.9%) 0.00 83
    2021-11-01 $414,000 (21.0%) $3,247,435 (703.2%) 0.00 80
    2021-12-01 $389,000 (30.1%) $3,411,322 (787.4%) 0.00 71
    2022-01-01 $400,000 (33.8%) $471,730 (24.3%) 0.00 56
    2022-02-01 $341,925 (22.8%) $472,235 (19.8%) 0.00 42
    2022-03-01 $334,725 (11.1%) $426,652 (9.8%) 0.00 45
    2022-04-01 $365,000 (27.0%) $480,702 (22.7%) 0.00 43
    2022-05-01 $362,500 (11.5%) $496,381 (21.7%) 0.00 49
    2022-06-01 $380,000 (-4.3%) $506,753 (13.3%) 0.00 64
    2022-07-01 $375,000 (-9.6%) $482,028 (3.3%) 0.00 80
    2022-08-01 $354,500 (-5.6%) $457,792 (6.2%) 0.00 86
    2022-09-01 $385,500 (0.3%) $499,305 (10.1%) 0.00 77
    2022-10-01 $397,000 (2.1%) $519,100 (5.7%) 0.00 79
    2022-11-01 $440,000 (6.3%) $554,716 (-82.9%) 0.00 81
    2022-12-01 $415,000 (6.7%) $537,088 (-84.3%) 0.00 82
    2023-01-01 $394,475 (-1.4%) $540,474 (14.6%) 0.00 75
    2023-02-01 $413,225 (20.9%) $575,609 (21.9%) 0.00 59
    2023-03-01 $395,000 (18.0%) $610,847 (43.2%) 0.00 58
    2023-04-01 $462,450 (26.7%) $663,896 (38.1%) 0.00 59
    2023-05-01 $479,625 (32.3%) $680,944 (37.2%) 0.00 66
    2023-06-01 $489,000 (28.7%) $730,118 (44.1%) 0.00 69
    2023-07-01 $459,000 (22.4%) $639,190 (32.6%) 0.00 78
    2023-08-01 $449,725 (26.9%) $620,430 (35.5%) 0.00 92
    2023-09-01 $450,000 (16.7%) $650,381 (30.3%) 0.00 103
    2023-10-01 $441,075 (11.1%) $591,360 (13.9%) 0.00 116
    2023-11-01 $447,225 (1.6%) $587,131 (5.8%) 0.00 112
    2023-12-01 $459,000 (10.6%) $597,841 (11.3%) 0.00 101
    2024-01-01 $467,000 (18.4%) $579,409 (7.2%) 0.00 89
    2024-02-01 $443,000 (7.2%) $567,223 (-1.5%) 0.00 84
    2024-03-01 $459,900 (16.4%) $559,427 (-8.4%) 0.00 96
    Marion's median listing price for 2024-03-01 was $459,900, a difference of $64,900 (16.4%) versus the prior year and $16,900 versus the prior month.

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

    Marion's average listing price for 2024-03-01 was $559,427, a difference of $-51,420 (-8.4%) versus the prior year and $-7,796 versus the prior month.

    For the 2024-03-01 period, Marion had 96 MLS listings, a difference of 12 listings (14%) versus the prior month and 38 listings (66%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Marion (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,998 sqft
    2018-02-01 0 days 1,947 sqft
    2018-03-01 0 days 1,989 sqft
    2018-04-01 0 days 1,925 sqft
    2018-05-01 0 days 1,906 sqft
    2018-06-01 0 days 1,906 sqft
    2018-07-01 0 days 1,932 sqft
    2018-08-01 0 days 2,059 sqft
    2018-09-01 0 days 2,049 sqft
    2018-10-01 0 days 2,029 sqft
    2018-11-01 0 days 1,936 sqft
    2018-12-01 0 days 1,907 sqft
    2019-01-01 0 days 1,901 sqft
    2019-02-01 0 days 1,919 sqft
    2019-03-01 0 days 1,947 sqft
    2019-04-01 0 days 2,012 sqft
    2019-05-01 0 days 2,003 sqft
    2019-06-01 0 days 2,000 sqft
    2019-07-01 0 days 1,999 sqft
    2019-08-01 0 days 2,015 sqft
    2019-09-01 0 days 2,021 sqft
    2019-10-01 0 days 2,024 sqft
    2019-11-01 0 days 2,000 sqft
    2019-12-01 0 days 1,989 sqft
    2020-01-01 0 days 1,984 sqft
    2020-02-01 0 days 2,000 sqft
    2020-03-01 0 days 2,052 sqft
    2020-04-01 0 days 2,088 sqft
    2020-05-01 0 days 2,203 sqft
    2020-06-01 0 days 2,258 sqft
    2020-07-01 0 days 2,362 sqft
    2020-08-01 0 days 2,242 sqft
    2020-09-01 0 days 2,217 sqft
    2020-10-01 0 days 2,209 sqft
    2020-11-01 0 days 2,108 sqft
    2020-12-01 0 days 2,083 sqft
    2021-01-01 0 days 2,100 sqft
    2021-02-01 0 days 2,012 sqft
    2021-03-01 0 days 1,906 sqft
    2021-04-01 0 days 1,630 sqft
    2021-05-01 0 days 1,674 sqft
    2021-06-01 0 days 1,885 sqft
    2021-07-01 0 days 1,823 sqft
    2021-08-01 0 days 1,791 sqft
    2021-09-01 0 days 1,843 sqft
    2021-10-01 0 days 1,872 sqft
    2021-11-01 0 days 1,977 sqft
    2021-12-01 0 days 1,839 sqft
    2022-01-01 0 days 1,696 sqft
    2022-02-01 0 days 1,643 sqft
    2022-03-01 0 days 1,575 sqft
    2022-04-01 0 days 1,650 sqft
    2022-05-01 0 days 1,762 sqft
    2022-06-01 0 days 1,810 sqft
    2022-07-01 0 days 1,772 sqft
    2022-08-01 0 days 1,730 sqft
    2022-09-01 0 days 1,836 sqft
    2022-10-01 0 days 1,824 sqft
    2022-11-01 0 days 1,907 sqft
    2022-12-01 0 days 1,738 sqft
    2023-01-01 0 days 1,644 sqft
    2023-02-01 0 days 1,812 sqft
    2023-03-01 0 days 1,758 sqft
    2023-04-01 0 days 2,252 sqft
    2023-05-01 0 days 2,252 sqft
    2023-06-01 0 days 2,077 sqft
    2023-07-01 0 days 1,967 sqft
    2023-08-01 0 days 1,904 sqft
    2023-09-01 0 days 1,978 sqft
    2023-10-01 0 days 1,799 sqft
    2023-11-01 0 days 1,833 sqft
    2023-12-01 0 days 1,798 sqft
    2024-01-01 0 days 1,797 sqft
    2024-02-01 0 days 1,749 sqft
    2024-03-01 0 days 1,917 sqft
    Marion's median listing age (time on market) for 2024-03-01 was 0 days.

    Marion's median square footage for active listings during the 2024-03-01 period was 1,917 sqft. One year prior, the average listing was 1,758 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).