Mount Airy FHA Loan Rates, Closing Costs & Stats

Mount Airy, 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.

    Mount Airy's 50 lenders originated 186 FHA loans during 2024. The total origination value was $39,490,000, with an average FHA loan value of $212,312.

    Mount Airy FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Airy averaged 0.23% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Mount Airy's average FHA mortgage closing costs are $7,290.

    The average rate for the prior week (2025-06-13) was 6.81% and one month ago for the week of 2025-05-16, the average rate was 6.67%.

    The average rate one year ago was 6.83%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.16%.

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

    Mount Airy 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 Mount Airy level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    EMM LOANS LLC 23 6.49% $9,648
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 22 6.85% $10,594
    QUICKEN LOANS, LLC 21 6.25% $10,266
    UNITED WHOLESALE MORTGAGE, LLC 8 6.20% $11,720
    CROSSCOUNTRY MORTGAGE, LLC 6 6.56% $11,864
    MOVEMENT MORTGAGE, LLC 6 6.92% $9,543
    AMERICAN FINANCIAL RESOURCES, INC. 6 6.21% $11,243
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.63% $11,216
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.04% $7,211
    FREEDOM MORTGAGE CORPORATION 3 7.13% $10,700
    TOWNE MORTGAGE COMPANY 3 6.92% $10,272
    Alcova Mortgage LLC 3 6.46% $5,671
    Renasant Bank 3 6.08% $7,653
    ENVOY MORTGAGE, LTD 3 7.08% $9,185
    CMG MORTGAGE, INC. 2 7.06% $7,805
    Truist 2 6.05% $5,815
    UNION HOME MORTGAGE CORP. 2 6.31% $10,355
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.13% $9,397
    Mortgage Research Center, LLC 2 7.19% $5,464
    LOANDEPOT.COM, LLC 2 6.44% $9,872
    PENNYMAC LOAN SERVICES, LLC 2 6.50% $10,809
    Flagstar Bank, FSB 2 5.94% $8,554
    Prosperity Home Mortgage, LLC 2 6.44% $10,670
    NEWREZ LLC 2 6.75% $5,235
    Blue Ridge Bank 2 6.69% $7,036
    Carrington Mortgage Services, LLC 2 6.25% $10,736
    VILLAGE CAPITAL MORTGAGE 1 7.25% $1,751
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $9,787
    Atlantic Coast Mortgage, LLC 1 6.25% $7,569
    BROKER SOLUTIONS, INC. 1 7.75% $5,389
    CANOPY MORTGAGE, LLC 1 5.75% $19,608
    CARDINAL FINANCIAL 1 7.75% $7,259
    Cornerstone First Mortgage, Inc 1 6.13% $7,573
    Equity Prime Mortgage LLC 1 5.88% $8,885
    Gateway First Bank 1 6.25% $8,224
    GUARANTEED RATE, INC. 1 6.63% $16,047
    Lakeview Community Capital, LLC 1 6.25% $6,604
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $6,165
    LOANPAL, LLC 1 6.99% $4,208
    MICHIGAN MUTUAL, INC. 1 5.88% $9,327
    MILEND, INC. 1 6.25% $10,304
    Nations Lending Corporation 1 6.75% $15,123
    PENTAGON FEDERAL CREDIT UNION 1 6.25% $6,974
    POLARIS HOME FUNDING CORP. 1 5.75% $12,614
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.50% $12,712
    ROYAL UNITED MORTGAGE LLC 1 7.63% $5,564
    SeaTrust Mortgage Company 1 6.25% $9,942
    SUMMIT FUNDING, INC. 1 7.63% $8,343
    SUN WEST MORTGAGE COMPANY, INC. 1 5.57% $7,125
    UNITED MORTGAGE CORP 1 6.75% $15,749

    The top Mount Airy FHA lender as defined by loan originations is EMM LOANS LLC, with 23 FHA loans originated. Their average total fees are $9,648, which is $946 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

    The lowest fee Mount Airy FHA lenders (with over 10 loans originated) are EMM LOANS LLC ($9,648), QUICKEN LOANS, LLC ($10,266), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($10,594), .

    The lowest rate Mount Airy FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), EMM LOANS LLC (6.49%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.85%), .

    Mount Airy FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MOUNT AIRY, NC SURRY 2022 $420,680 $538,650 $651,050 $809,150
    MOUNT AIRY, NC SURRY 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).