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 6.97% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.76% and one month ago for the week of 2024-03-15, the average rate was 6.63%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mount Airy (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 $161,175 (1.1%) $259,624 (10.4%) 0.00 243
    2018-02-01 $160,425 (4.6%) $269,994 (20.1%) 0.00 242
    2018-03-01 $185,250 (22.3%) $281,341 (24.2%) 0.00 242
    2018-04-01 $192,860 (20.6%) $289,389 (21.7%) 0.00 239
    2018-05-01 $218,675 (28.7%) $297,304 (20.3%) 0.00 239
    2018-06-01 $199,450 (15.7%) $285,622 (12.9%) 0.00 238
    2018-07-01 $184,350 (2.5%) $259,159 (0.8%) 0.00 248
    2018-08-01 $165,925 (-10.3%) $239,215 (-8.0%) 0.00 193
    2018-09-01 $189,450 (5.3%) $253,577 (-9.0%) 0.00 175
    2018-10-01 $179,475 (3.2%) $245,943 (-10.0%) 0.00 177
    2018-11-01 $189,000 (11.2%) $256,218 (-2.8%) 0.00 159
    2018-12-01 $189,450 (5.3%) $266,243 (-1.3%) 0.00 143
    2019-01-01 $195,925 (21.6%) $267,679 (3.1%) 0.00 143
    2019-02-01 $191,900 (19.6%) $269,452 (-0.2%) 0.00 141
    2019-03-01 $206,371 (11.4%) $271,788 (-3.4%) 0.00 143
    2019-04-01 $213,921 (10.9%) $278,225 (-3.9%) 0.00 147
    2019-05-01 $215,000 (-1.7%) $277,604 (-6.6%) 0.00 149
    2019-06-01 $204,900 (2.7%) $289,405 (1.3%) 0.00 143
    2019-07-01 $199,325 (8.1%) $273,728 (5.6%) 0.00 157
    2019-08-01 $198,359 (19.6%) $273,591 (14.4%) 0.00 154
    2019-09-01 $197,848 (4.4%) $276,538 (9.1%) 0.00 151
    2019-10-01 $201,232 (12.1%) $284,288 (15.6%) 0.00 147
    2019-11-01 $199,999 (5.8%) $301,954 (17.9%) 0.00 147
    2019-12-01 $219,450 (15.8%) $302,161 (13.5%) 0.00 136
    2020-01-01 $192,400 (-1.8%) $301,927 (12.8%) 0.00 130
    2020-02-01 $189,900 (-1.0%) $285,010 (5.8%) 0.00 133
    2020-03-01 $199,950 (-3.1%) $286,727 (5.5%) 0.00 123
    2020-04-01 $217,450 (1.7%) $299,492 (7.6%) 0.00 121
    2020-05-01 $229,900 (6.9%) $305,226 (10.0%) 0.00 112
    2020-06-01 $247,450 (20.8%) $344,253 (19.0%) 0.00 108
    2020-07-01 $242,925 (21.9%) $327,286 (19.6%) 0.00 114
    2020-08-01 $239,000 (20.5%) $337,159 (23.2%) 0.00 107
    2020-09-01 $238,675 (20.6%) $334,358 (20.9%) 0.00 101
    2020-10-01 $251,855 (25.2%) $348,292 (22.5%) 0.00 94
    2020-11-01 $241,300 (20.7%) $340,198 (12.7%) 0.00 92
    2020-12-01 $199,900 (-8.9%) $320,487 (6.1%) 0.00 78
    2021-01-01 $227,450 (18.2%) $346,839 (14.9%) 0.00 63
    2021-02-01 $263,475 (38.7%) $360,935 (26.6%) 0.00 58
    2021-03-01 $266,350 (33.2%) $380,219 (32.6%) 0.00 52
    2021-04-01 $257,400 (18.4%) $388,227 (29.6%) 0.00 53
    2021-05-01 $249,000 (8.3%) $360,177 (18.0%) 0.00 65
    2021-06-01 $257,400 (4.0%) $379,835 (10.3%) 0.00 71
    2021-07-01 $244,900 (0.8%) $380,932 (16.4%) 0.00 79
    2021-08-01 $251,750 (5.3%) $355,332 (5.4%) 0.00 90
    2021-09-01 $258,800 (8.4%) $356,882 (6.7%) 0.00 88
    2021-10-01 $259,900 (3.2%) $362,545 (4.1%) 0.00 83
    2021-11-01 $217,423 (-9.9%) $327,529 (-3.7%) 0.00 79
    2021-12-01 $212,000 (6.1%) $318,446 (-0.6%) 0.00 69
    2022-01-01 $236,000 (3.8%) $324,053 (-6.6%) 0.00 56
    2022-02-01 $238,675 (-9.4%) $331,303 (-8.2%) 0.00 53
    2022-03-01 $229,450 (-13.9%) $349,483 (-8.1%) 0.00 43
    2022-04-01 $219,500 (-14.7%) $300,468 (-22.6%) 0.00 40
    2022-05-01 $218,450 (-12.3%) $298,067 (-17.2%) 0.00 43
    2022-06-01 $256,700 (-0.3%) $331,897 (-12.6%) 0.00 67
    2022-07-01 $293,000 (19.6%) $348,041 (-8.6%) 0.00 76
    2022-08-01 $295,000 (17.2%) $389,123 (9.5%) 0.00 88
    2022-09-01 $272,450 (5.3%) $356,759 (0.0%) 0.00 100
    2022-10-01 $269,000 (3.5%) $368,523 (1.7%) 0.00 102
    2022-11-01 $285,975 (31.5%) $368,067 (12.4%) 0.00 101
    2022-12-01 $275,500 (30.0%) $348,445 (9.4%) 0.00 93
    2023-01-01 $277,750 (17.7%) $349,752 (7.9%) 0.00 84
    2023-02-01 $274,900 (15.2%) $340,632 (2.8%) 0.00 76
    2023-03-01 $283,200 (23.4%) $349,657 (0.1%) 0.00 67
    2023-04-01 $289,900 (32.1%) $357,186 (18.9%) 0.00 59
    2023-05-01 $282,400 (29.3%) $358,597 (20.3%) 0.00 56
    2023-06-01 $287,400 (12.0%) $363,768 (9.6%) 0.00 57
    2023-07-01 $257,000 (-12.3%) $338,811 (-2.7%) 0.00 72
    2023-08-01 $296,725 (0.6%) $362,308 (-6.9%) 0.00 75
    2023-09-01 $310,000 (13.8%) $381,502 (6.9%) 0.00 69
    2023-10-01 $299,500 (11.3%) $387,562 (5.2%) 0.00 83
    2023-11-01 $299,450 (4.7%) $382,577 (3.9%) 0.00 101
    2023-12-01 $292,450 (6.2%) $377,663 (8.4%) 0.00 97
    2024-01-01 $318,675 (14.7%) $402,941 (15.2%) 0.00 87
    2024-02-01 $299,900 (9.1%) $391,927 (15.1%) 0.00 93
    2024-03-01 $299,950 (5.9%) $387,697 (10.9%) 0.00 92
    Mount Airy's median listing price for 2024-03-01 was $299,950, a difference of $16,750 (5.9%) versus the prior year and $50 versus the prior month.

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

    Mount Airy's average listing price for 2024-03-01 was $387,697, a difference of $38,040 (10.9%) versus the prior year and $-4,230 versus the prior month.

    For the 2024-03-01 period, Mount Airy had 92 MLS listings, a difference of -1 listings (-1%) versus the prior month and 25 listings (37%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mount Airy (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,983 sqft
    2018-02-01 0 days 1,826 sqft
    2018-03-01 0 days 1,900 sqft
    2018-04-01 0 days 2,007 sqft
    2018-05-01 0 days 2,068 sqft
    2018-06-01 0 days 2,055 sqft
    2018-07-01 0 days 2,012 sqft
    2018-08-01 0 days 1,942 sqft
    2018-09-01 0 days 1,971 sqft
    2018-10-01 0 days 1,977 sqft
    2018-11-01 0 days 1,993 sqft
    2018-12-01 0 days 1,987 sqft
    2019-01-01 0 days 1,987 sqft
    2019-02-01 0 days 2,053 sqft
    2019-03-01 0 days 2,075 sqft
    2019-04-01 0 days 2,032 sqft
    2019-05-01 0 days 2,047 sqft
    2019-06-01 0 days 2,315 sqft
    2019-07-01 0 days 2,184 sqft
    2019-08-01 0 days 2,432 sqft
    2019-09-01 0 days 2,326 sqft
    2019-10-01 0 days 2,179 sqft
    2019-11-01 0 days 2,042 sqft
    2019-12-01 0 days 1,985 sqft
    2020-01-01 0 days 1,993 sqft
    2020-02-01 0 days 2,924 sqft
    2020-03-01 0 days 2,344 sqft
    2020-04-01 0 days 2,904 sqft
    2020-05-01 0 days 2,924 sqft
    2020-06-01 0 days 2,508 sqft
    2020-07-01 0 days 2,426 sqft
    2020-08-01 0 days 2,426 sqft
    2020-09-01 0 days 2,380 sqft
    2020-10-01 0 days 3,168 sqft
    2020-11-01 0 days 2,428 sqft
    2020-12-01 0 days 2,333 sqft
    2021-01-01 0 days 2,396 sqft
    2021-02-01 0 days 2,472 sqft
    2021-03-01 0 days 2,464 sqft
    2021-04-01 0 days 2,180 sqft
    2021-05-01 0 days 2,422 sqft
    2021-06-01 0 days 2,561 sqft
    2021-07-01 0 days 2,561 sqft
    2021-08-01 0 days 3,506 sqft
    2021-09-01 0 days 3,506 sqft
    2021-10-01 0 days 3,518 sqft
    2021-11-01 0 days 2,402 sqft
    2021-12-01 0 days 2,161 sqft
    2022-01-01 0 days 2,134 sqft
    2022-02-01 0 days 1,970 sqft
    2022-03-01 0 days 1,727 sqft
    2022-04-01 0 days 1,764 sqft
    2022-05-01 0 days 1,982 sqft
    2022-06-01 0 days 2,411 sqft
    2022-07-01 0 days 2,285 sqft
    2022-08-01 0 days 1,995 sqft
    2022-09-01 0 days 1,782 sqft
    2022-10-01 0 days 1,534 sqft
    2022-11-01 0 days 1,824 sqft
    2022-12-01 0 days 1,474 sqft
    2023-01-01 0 days 1,554 sqft
    2023-02-01 0 days 1,457 sqft
    2023-03-01 0 days 1,880 sqft
    2023-04-01 0 days 2,025 sqft
    2023-05-01 0 days 2,068 sqft
    2023-06-01 0 days 1,600 sqft
    2023-07-01 0 days 1,518 sqft
    2023-08-01 0 days 1,559 sqft
    2023-09-01 0 days 1,518 sqft
    2023-10-01 0 days 1,576 sqft
    2023-11-01 0 days 1,637 sqft
    2023-12-01 0 days 1,978 sqft
    2024-01-01 0 days 1,923 sqft
    2024-02-01 0 days 1,579 sqft
    2024-03-01 0 days 2,015 sqft
    Mount Airy's median listing age (time on market) for 2024-03-01 was 0 days.

    Mount Airy's median square footage for active listings during the 2024-03-01 period was 2,015 sqft. One year prior, the average listing was 1,880 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).