New Bern FHA Loan Rates, Closing Costs & Stats

NEW BERN, 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.

    New Bern's 66 lenders originated 284 FHA loans during 2023. The total origination value was $63,810,000, with an average FHA loan value of $224,683.

    New Bern FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in New Bern averaged 6.35% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    New Bern's average FHA mortgage closing costs are $6,977.

    The average rate for the prior week (2024-11-01) was 6.02% and one month ago for the week of 2024-10-04, the average rate was 5.64%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

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

    New Bern 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 New Bern level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 52 6.56% $11,389
    QUICKEN LOANS, LLC 32 6.22% $10,351
    GUARANTEED RATE, INC. 27 6.72% $10,348
    MOVEMENT MORTGAGE, LLC 16 6.14% $10,786
    DHI MORTGAGE COMPANY, LTD. 11 5.66% $8,102
    UNITED WHOLESALE MORTGAGE, LLC 7 6.27% $11,957
    CROSSCOUNTRY MORTGAGE, LLC 7 6.76% $9,877
    FREEDOM MORTGAGE CORPORATION 6 6.92% $11,933
    CARDINAL FINANCIAL 6 6.50% $10,169
    LOANDEPOT.COM, LLC 5 6.30% $9,797
    GUILD MORTGAGE COMPANY 4 6.59% $6,741
    Mr. Cooper ( Nationstar Mortgage ) 4 5.81% $14,958
    INTERCOASTAL MORTGAGE COMPANY 3 6.54% $8,616
    American Security Mortgage Corp. 3 6.25% $11,841
    NEWREZ LLC 3 6.58% $7,799
    EMM LOANS LLC 3 6.58% $13,116
    PNC Bank 3 6.33% $7,884
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.38% $9,456
    Equity Prime Mortgage LLC 2 6.44% $11,865
    RADIUS FINANCIAL GROUP INC. 2 6.81% $10,670
    AMERISAVE MORTGAGE CORPORATION 2 5.94% $12,169
    SUN WEST MORTGAGE COMPANY, INC. 2 6.88% $7,726
    CALCON MUTUAL MORTGAGE LLC 2 7.13% $13,729
    Truist 2 6.48% $9,746
    OCMBC, INC. 1 7.50% $11,152
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $7,555
    Plains Commerce Bank 1 6.13% $15,749
    PLAZA HOME MORTGAGE, INC. 1 6.25% $6,853
    POLARIS HOME FUNDING CORP. 1 7.75% $9,533
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.25% $4,141
    Prosperity Home Mortgage, LLC 1 5.75% $6,488
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $7,376
    RESOURCE FINANCIAL SERVICES, INC. 1 6.63% $11,359
    ROSS MORTGAGE CORPORATION 1 7.13% $16,043
    T2 FINANCIAL LLC 1 6.88% $8,855
    TIDEWATER MORTGAGE SERVICES, INC. 1 6.13% $7,348
    TOP FLITE FINANCIAL, INC. 1 7.75% $8,052
    UNION HOME MORTGAGE CORP. 1 7.13% $8,524
    United Bank 1 6.63% $9,292
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 7.25% $7,213
    VELOCIO MORTGAGE L.L.C. 1 5.99% $10,284
    VILLAGE CAPITAL MORTGAGE 1 6.75% $2,465
    Wells Fargo Bank 1 6.63% $10,327
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $10,881
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.13% $8,919
    CALIBER HOME LOANS, INC. 1 5.75% $7,156
    Carrington Mortgage Services, LLC 1 5.63% $10,413
    C & F Mortgage Corporation 1 6.88% $17,379
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $12,391
    Corporate Investors Mortgage Group, Inc. 1 6.75% $8,689
    Evolve Bank & Trust 1 6.75% $16,235
    FAIR WAY LENDING LLC 1 6.25% $10,190
    FIRST COMMUNITY MORTGAGE, INC. 1 7.38% $8,946
    First Federal Bank of the Midwest 1 6.75% $10,892
    First Heritage Mortgage, LLC 1 7.00% $11,613
    First Internet Bank of Indiana 1 7.00% $3,942
    GoPrime Mortgage, Inc. 1 5.75% $6,436
    GSF Mortgage Corporation 1 6.75% $8,612
    JPMorgan Chase Bank 1 7.13% $7,052
    MICHIGAN MUTUAL, INC. 1 6.13% $18,317
    MORTGAGE INVESTORS GROUP, INC. 1 7.13% $6,155
    Mortgage Research Center, LLC 1 7.63% $2,829
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $23,617
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.63% $11,902
    NEW DAY FINANCIAL, LLC 1 7.50% $8,480
    NFM, INC. 1 7.63% $4,411

    The top New Bern FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 52 FHA loans originated. Their average total fees are $11,389, which is $1,038 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Bern FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,102), GUARANTEED RATE, INC. ($10,348), QUICKEN LOANS, LLC ($10,351), MOVEMENT MORTGAGE, LLC ($10,786) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($11,389).

    The lowest rate New Bern FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.66%), MOVEMENT MORTGAGE, LLC (6.14%), QUICKEN LOANS, LLC (6.22%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.56%) and GUARANTEED RATE, INC. (6.72%).

    New Bern FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    NEW BERN, NC CRAVEN 2022 $420,680 $538,650 $651,050 $809,150
    NEW BERN, NC JONES 2022 $420,680 $538,650 $651,050 $809,150
    NEW BERN, NC PAMLICO 2022 $420,680 $538,650 $651,050 $809,150
    NEW BERN, NC CRAVEN 2023 $472,030 $604,400 $730,525 $907,900
    NEW BERN, NC JONES 2023 $472,030 $604,400 $730,525 $907,900
    NEW BERN, NC PAMLICO 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).