Morehead City FHA Loan Rates, Closing Costs & Stats

Morehead City, 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.

    Morehead City's 34 lenders originated 104 FHA loans during 2023. The total origination value was $24,220,000, with an average FHA loan value of $232,885.

    Morehead City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Morehead City averaged 5.98% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Morehead City's average FHA mortgage closing costs are $7,557.

    The average rate for the prior week (2024-12-06) was 6.35% and one month ago for the week of 2024-11-08, the average rate was 6.31%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.48%.

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

    Morehead City 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 Morehead City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 14 5.92% $11,642
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 13 6.81% $11,219
    American Security Mortgage Corp. 8 6.31% $9,570
    UNITED WHOLESALE MORTGAGE, LLC 6 6.09% $12,515
    MOVEMENT MORTGAGE, LLC 6 7.10% $12,697
    CMG MORTGAGE, INC. 5 7.05% $7,811
    BROKER SOLUTIONS, INC. 3 6.75% $12,020
    DHI MORTGAGE COMPANY, LTD. 3 5.63% $7,516
    PENNYMAC LOAN SERVICES, LLC 3 6.13% $15,297
    AMERICAN FINANCING CORPORATION 2 5.94% $15,483
    AMERISAVE MORTGAGE CORPORATION 2 6.50% $12,813
    CORNERSTONE HOME LENDING, INC. 2 6.75% $9,314
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.13% $12,127
    GUARANTEED RATE, INC. 2 6.94% $12,680
    Prosperity Home Mortgage, LLC 2 6.44% $7,515
    FREEDOM MORTGAGE CORPORATION 1 6.75% $10,894
    The Central Trust Bank 1 6.49% $7,183
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.49% $6,481
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $6,249
    LOANDEPOT.COM, LLC 1 6.25% $8,109
    EMBRACE HOME LOANS, INC. 1 6.75% $10,729
    Mr. Cooper ( Nationstar Mortgage ) 1 6.00% $17,839
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $9,190
    NEWREZ LLC 1 5.63% $11,158
    Carrington Mortgage Services, LLC 1 6.38% $11,731
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $8,597
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.88% $8,727
    CARDINAL FINANCIAL 1 6.75% $5,697
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $5,330
    RESIDENTIAL BANCORP 1 6.00% $9,347
    SUN WEST MORTGAGE COMPANY, INC. 1 5.75% $9,072
    SWBC MORTGAGE CORPORATION 1 7.25% $5,472
    First-Citizens Bank & Trust Company 1 6.88% $9,070
    First Heritage Mortgage, LLC 1 6.00% $7,859

    The top Morehead City FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 14 FHA loans originated. Their average total fees are $11,642, which is $423 higher than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

    The lowest fee Morehead City FHA lenders (with over 10 loans originated) are ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($11,219), QUICKEN LOANS, LLC ($11,642), .

    The lowest rate Morehead City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.92%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.81%), .

    Morehead City FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Morehead City (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 $309,450 (3.5%) $393,920 (7.8%) 0.00 969
    2018-02-01 $314,950 (5.3%) $398,075 (7.7%) 0.00 958
    2018-03-01 $322,950 (8.0%) $404,889 (8.3%) 0.00 997
    2018-04-01 $322,250 (4.6%) $404,273 (4.8%) 0.00 1,011
    2018-05-01 $325,000 (6.7%) $413,015 (5.8%) 0.00 1,022
    2018-06-01 $326,500 (7.1%) $416,844 (7.9%) 0.00 999
    2018-07-01 $330,000 (4.8%) $425,276 (8.6%) 0.00 983
    2018-08-01 $337,000 (6.9%) $433,165 (10.7%) 0.00 939
    2018-09-01 $343,000 (8.9%) $446,926 (15.2%) 0.00 899
    2018-10-01 $337,000 (7.0%) $445,004 (14.4%) 0.00 723
    2018-11-01 $338,925 (9.7%) $443,515 (15.0%) 0.00 670
    2018-12-01 $339,900 (9.7%) $443,764 (14.0%) 0.00 653
    2019-01-01 $339,463 (9.7%) $449,963 (14.2%) 0.00 585
    2019-02-01 $340,619 (8.2%) $440,224 (10.6%) 0.00 610
    2019-03-01 $351,143 (8.7%) $457,572 (13.0%) 0.00 636
    2019-04-01 $354,125 (9.9%) $474,251 (17.3%) 0.00 673
    2019-05-01 $362,500 (11.5%) $488,547 (18.3%) 0.00 705
    2019-06-01 $359,900 (10.2%) $484,360 (16.2%) 0.00 729
    2019-07-01 $369,125 (11.9%) $486,944 (14.5%) 0.00 737
    2019-08-01 $376,336 (11.7%) $494,837 (14.2%) 0.00 751
    2019-09-01 $378,341 (10.3%) $497,583 (11.3%) 0.00 778
    2019-10-01 $379,677 (12.7%) $499,413 (12.2%) 0.00 799
    2019-11-01 $375,000 (10.6%) $492,275 (11.0%) 0.00 820
    2019-12-01 $375,000 (10.3%) $488,356 (10.1%) 0.00 774
    2020-01-01 $375,000 (10.5%) $484,524 (7.7%) 0.00 771
    2020-02-01 $375,000 (10.1%) $488,145 (10.9%) 0.00 771
    2020-03-01 $375,000 (6.8%) $490,303 (7.2%) 0.00 805
    2020-04-01 $375,375 (6.0%) $497,395 (4.9%) 0.00 809
    2020-05-01 $375,500 (3.6%) $499,510 (2.2%) 0.00 758
    2020-06-01 $385,000 (7.0%) $519,460 (7.3%) 0.00 659
    2020-07-01 $385,000 (4.3%) $520,107 (6.8%) 0.00 584
    2020-08-01 $385,000 (2.3%) $527,131 (6.5%) 0.00 532
    2020-09-01 $385,000 (1.8%) $552,438 (11.0%) 0.00 454
    2020-10-01 $385,000 (1.4%) $555,865 (11.3%) 0.00 430
    2020-11-01 $385,000 (2.7%) $558,711 (13.5%) 0.00 400
    2020-12-01 $399,725 (6.6%) $575,358 (17.8%) 0.00 332
    2021-01-01 $399,250 (6.5%) $552,071 (13.9%) 0.00 287
    2021-02-01 $422,500 (12.7%) $587,290 (20.3%) 0.00 241
    2021-03-01 $449,975 (20.0%) $594,730 (21.3%) 0.00 219
    2021-04-01 $469,950 (25.2%) $619,749 (24.6%) 0.00 215
    2021-05-01 $465,000 (23.8%) $622,774 (24.7%) 0.00 202
    2021-06-01 $467,825 (21.5%) $613,422 (18.1%) 0.00 224
    2021-07-01 $450,000 (16.9%) $596,253 (14.6%) 0.00 242
    2021-08-01 $450,000 (16.9%) $624,288 (18.4%) 0.00 245
    2021-09-01 $450,000 (16.9%) $623,067 (12.8%) 0.00 276
    2021-10-01 $449,000 (16.6%) $599,921 (7.9%) 0.00 265
    2021-11-01 $449,500 (16.8%) $612,188 (9.6%) 0.00 232
    2021-12-01 $461,950 (15.6%) $615,791 (7.0%) 0.00 208
    2022-01-01 $475,000 (19.0%) $607,750 (10.1%) 0.00 165
    2022-02-01 $479,150 (13.4%) $609,761 (3.8%) 0.00 160
    2022-03-01 $484,475 (7.7%) $633,846 (6.6%) 0.00 145
    2022-04-01 $486,950 (3.6%) $635,745 (2.6%) 0.00 164
    2022-05-01 $510,950 (9.9%) $682,419 (9.6%) 0.00 179
    2022-06-01 $525,000 (12.2%) $696,527 (13.6%) 0.00 218
    2022-07-01 $539,900 (20.0%) $706,652 (18.5%) 0.00 262
    2022-08-01 $559,450 (24.3%) $722,663 (15.8%) 0.00 271
    2022-09-01 $552,975 (22.9%) $721,107 (15.7%) 0.00 300
    2022-10-01 $550,000 (22.5%) $697,339 (16.2%) 0.00 335
    2022-11-01 $547,425 (21.8%) $660,806 (7.9%) 0.00 351
    2022-12-01 $552,350 (19.6%) $670,615 (8.9%) 0.00 320
    2023-01-01 $551,175 (16.0%) $687,578 (13.1%) 0.00 285
    2023-02-01 $549,925 (14.8%) $680,483 (11.6%) 0.00 290
    2023-03-01 $549,850 (13.5%) $702,072 (10.8%) 0.00 290
    2023-04-01 $569,000 (16.9%) $714,988 (12.5%) 0.00 280
    2023-05-01 $550,000 (7.6%) $696,546 (2.1%) 0.00 275
    2023-06-01 $576,250 (9.8%) $718,237 (3.1%) 0.00 285
    2023-07-01 $587,575 (8.8%) $733,432 (3.8%) 0.00 278
    2023-08-01 $593,250 (6.0%) $754,410 (4.4%) 0.00 282
    2023-09-01 $595,000 (7.6%) $778,551 (8.0%) 0.00 305
    2023-10-01 $609,925 (10.9%) $808,786 (16.0%) 0.00 312
    2023-11-01 $602,475 (10.1%) $791,650 (19.8%) 0.00 328
    2023-12-01 $599,900 (8.6%) $772,642 (15.2%) 0.00 329
    2024-01-01 $598,650 (8.6%) $736,826 (7.2%) 0.00 338
    2024-02-01 $598,950 (8.9%) $753,647 (10.8%) 0.00 364
    2024-03-01 $599,900 (9.1%) $770,159 (9.7%) 0.00 402
    2024-04-01 $599,325 (5.3%) $755,192 (5.6%) 0.00 431
    2024-05-01 $599,900 (9.1%) $756,786 (8.7%) 0.00 451
    2024-06-01 $599,900 (4.1%) $800,722 (11.5%) 0.00 456
    2024-07-01 $599,000 (1.9%) $786,046 (7.2%) 0.00 454
    2024-08-01 $590,450 (-0.5%) $765,769 (1.5%) 0.00 475
    2024-09-01 $599,000 (0.7%) $771,239 (-0.9%) 0.00 490
    2024-10-01 $597,000 (-2.1%) $759,131 (-6.1%) 0.00 486
    2024-11-01 $579,950 (-3.7%) $747,511 (-5.6%) 0.00 497
    Morehead City's median listing price for 2024-11-01 was $579,950, a difference of $-22,525 (-3.7%) versus the prior year and $-17,050 versus the prior month.

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

    Morehead City's average listing price for 2024-11-01 was $747,511, a difference of $-44,139 (-5.6%) versus the prior year and $-11,620 versus the prior month.

    For the 2024-11-01 period, Morehead City had 497 MLS listings, a difference of 11 listings (2%) versus the prior month and 169 listings (52%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Morehead City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,716 sqft
    2018-02-01 0 days 1,750 sqft
    2018-03-01 0 days 1,784 sqft
    2018-04-01 0 days 1,787 sqft
    2018-05-01 0 days 1,831 sqft
    2018-06-01 0 days 1,841 sqft
    2018-07-01 0 days 1,864 sqft
    2018-08-01 0 days 1,867 sqft
    2018-09-01 0 days 1,862 sqft
    2018-10-01 0 days 1,845 sqft
    2018-11-01 0 days 1,806 sqft
    2018-12-01 0 days 1,789 sqft
    2019-01-01 0 days 1,783 sqft
    2019-02-01 0 days 1,796 sqft
    2019-03-01 0 days 1,814 sqft
    2019-04-01 0 days 1,819 sqft
    2019-05-01 0 days 1,922 sqft
    2019-06-01 0 days 1,944 sqft
    2019-07-01 0 days 1,952 sqft
    2019-08-01 0 days 1,969 sqft
    2019-09-01 0 days 1,953 sqft
    2019-10-01 0 days 1,922 sqft
    2019-11-01 0 days 1,863 sqft
    2019-12-01 0 days 1,825 sqft
    2020-01-01 0 days 1,798 sqft
    2020-02-01 0 days 1,795 sqft
    2020-03-01 0 days 1,789 sqft
    2020-04-01 0 days 1,795 sqft
    2020-05-01 0 days 1,800 sqft
    2020-06-01 0 days 1,923 sqft
    2020-07-01 0 days 1,944 sqft
    2020-08-01 0 days 1,920 sqft
    2020-09-01 0 days 1,890 sqft
    2020-10-01 0 days 1,874 sqft
    2020-11-01 0 days 1,847 sqft
    2020-12-01 0 days 1,854 sqft
    2021-01-01 0 days 1,860 sqft
    2021-02-01 0 days 1,942 sqft
    2021-03-01 0 days 1,959 sqft
    2021-04-01 0 days 1,974 sqft
    2021-05-01 0 days 1,951 sqft
    2021-06-01 0 days 1,901 sqft
    2021-07-01 0 days 1,850 sqft
    2021-08-01 0 days 1,850 sqft
    2021-09-01 0 days 1,821 sqft
    2021-10-01 0 days 1,820 sqft
    2021-11-01 0 days 1,792 sqft
    2021-12-01 0 days 1,784 sqft
    2022-01-01 0 days 1,790 sqft
    2022-02-01 0 days 1,808 sqft
    2022-03-01 0 days 1,802 sqft
    2022-04-01 0 days 1,802 sqft
    2022-05-01 0 days 1,979 sqft
    2022-06-01 0 days 1,926 sqft
    2022-07-01 0 days 1,887 sqft
    2022-08-01 0 days 2,000 sqft
    2022-09-01 0 days 1,976 sqft
    2022-10-01 0 days 1,960 sqft
    2022-11-01 0 days 1,914 sqft
    2022-12-01 0 days 1,881 sqft
    2023-01-01 0 days 1,875 sqft
    2023-02-01 0 days 1,918 sqft
    2023-03-01 0 days 1,910 sqft
    2023-04-01 0 days 1,937 sqft
    2023-05-01 0 days 1,999 sqft
    2023-06-01 0 days 1,972 sqft
    2023-07-01 0 days 1,970 sqft
    2023-08-01 0 days 1,906 sqft
    2023-09-01 0 days 1,926 sqft
    2023-10-01 0 days 1,910 sqft
    2023-11-01 0 days 1,871 sqft
    2023-12-01 0 days 1,800 sqft
    2024-01-01 0 days 1,800 sqft
    2024-02-01 0 days 1,765 sqft
    2024-03-01 0 days 1,797 sqft
    2024-04-01 0 days 1,795 sqft
    2024-05-01 0 days 1,800 sqft
    2024-06-01 0 days 1,816 sqft
    2024-07-01 0 days 1,936 sqft
    2024-08-01 0 days 1,858 sqft
    2024-09-01 0 days 1,829 sqft
    2024-10-01 0 days 1,823 sqft
    2024-11-01 0 days 1,800 sqft
    Morehead City's median listing age (time on market) for 2024-11-01 was 0 days.

    Morehead City's median square footage for active listings during the 2024-11-01 period was 1,800 sqft. One year prior, the average listing was 1,871 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).