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 42 lenders originated 164 FHA loans during 2023. The total origination value was $31,990,000, with an average FHA loan value of $195,061.

    Mount Airy FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mount Airy averaged 6.54% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Mount Airy's average FHA mortgage closing costs are $6,848.

    The average rate for the prior week (2024-11-01) was 6.21% and one month ago for the week of 2024-10-04, the average rate was 5.63%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    EMM LOANS LLC 19 6.52% $9,952
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 6.65% $9,353
    QUICKEN LOANS, LLC 15 6.33% $10,395
    TOWNE MORTGAGE COMPANY 12 7.09% $8,859
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.63% $7,871
    CARDINAL FINANCIAL 5 6.75% $12,043
    AMERISAVE MORTGAGE CORPORATION 5 6.63% $15,932
    CROSSCOUNTRY MORTGAGE, LLC 5 6.61% $8,961
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.53% $6,067
    Blue Ridge Bank 3 6.87% $7,548
    INTERCOASTAL MORTGAGE COMPANY 3 6.33% $7,441
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.75% $6,263
    UNITED WHOLESALE MORTGAGE, LLC 3 6.33% $13,919
    Mr. Cooper ( Nationstar Mortgage ) 3 6.33% $11,933
    Chickasaw Community Bank 3 6.88% $8,459
    ACADEMY MORTGAGE CORPORATION 2 6.25% $7,892
    FIRST COMMUNITY MORTGAGE, INC. 2 6.94% $9,584
    HOMESIDE FINANCIAL, LLC 2 6.25% $11,985
    MOVEMENT MORTGAGE, LLC 2 6.75% $8,064
    NEWREZ LLC 2 6.44% $8,800
    Truist 2 7.06% $6,463
    UNION HOME MORTGAGE CORP. 2 6.00% $11,828
    LOANDEPOT.COM, LLC 1 5.99% $7,222
    Mortgage Research Center, LLC 1 7.13% $3,398
    ALLIED MORTGAGE GROUP, INC. 1 6.00% $10,697
    Carrington Mortgage Services, LLC 1 5.63% $9,295
    BROKER SOLUTIONS, INC. 1 6.75% $10,295
    Nations Lending Corporation 1 6.75% $11,310
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.63% $5,932
    VILLAGE CAPITAL MORTGAGE 1 6.25% $12,288
    NORWICH COMMERCIAL GROUP, INC. 1 7.25% $4,140
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $11,231
    PLAZA HOME MORTGAGE, INC. 1 7.13% $6,448
    Prosperity Home Mortgage, LLC 1 7.75% $12,889
    Atlantic Coast Mortgage, LLC 1 7.00% $5,460
    Renasant Bank 1 6.50% $8,792
    Shamrock Home Loans, Inc. 1 6.63% $9,271
    GSF Mortgage Corporation 1 5.50% $8,363
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.75% $11,217
    AMERICAN FINANCING CORPORATION 1 5.99% $18,936
    Integrity Home Mortgage Corp 1 5.88% $7,809
    FLAT BRANCH MORTGAGE, INC. 1 7.63% $10,932

    The top Mount Airy FHA lender as defined by loan originations is EMM LOANS LLC, with 19 FHA loans originated. Their average total fees are $9,952, which is $599 higher 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 TOWNE MORTGAGE COMPANY ($8,859), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,353), EMM LOANS LLC ($9,952), QUICKEN LOANS, LLC ($10,395) and .

    The lowest rate Mount Airy FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.33%), EMM LOANS LLC (6.52%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.65%), TOWNE MORTGAGE COMPANY (7.09%) and .

    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).