New Bern FHA Loan Rates, Closing Costs & Stats

NEW BERN, NC

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 70 lenders originated 336 FHA loans during 2022. The total origination value was $65,930,000, with an average FHA loan value of $196,220.

New Bern FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in New Bern averaged 6.18% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

New Bern's average FHA mortgage closing costs are $6,456.

The average rate for the prior week (2024-02-09) was 5.99% and one month ago for the week of 2024-01-12, the average rate was 6.03%.

The average rate one year ago was 5.38%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.15%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 52 5.04% $9,106
QUICKEN LOANS, LLC 40 4.44% $8,656
GUARANTEED RATE, INC. 26 4.85% $8,530
MOVEMENT MORTGAGE, LLC 23 4.76% $7,740
DHI MORTGAGE COMPANY, LTD. 12 3.92% $8,111
Alpha Mortgage Corporation 11 5.39% $9,329
UNITED WHOLESALE MORTGAGE, LLC 8 4.81% $10,114
CALIBER HOME LOANS, INC. 8 4.05% $7,835
UNION HOME MORTGAGE CORP. 7 4.77% $6,906
BROKER SOLUTIONS, INC. 5 4.47% $9,291
PNC Bank 5 3.85% $5,593
AMERISAVE MORTGAGE CORPORATION 5 5.03% $10,420
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.46% $9,488
FREEDOM MORTGAGE CORPORATION 4 5.09% $7,457
VANDERBILT MORTGAGE AND FINANCE, INC. 4 4.50% $9,559
PENNYMAC LOAN SERVICES, LLC 4 4.84% $9,893
LOANDEPOT.COM, LLC 4 5.34% $7,016
CORNERSTONE HOME LENDING, INC. 3 4.25% $6,878
TOP FLITE FINANCIAL, INC. 3 5.58% $13,280
CROSSCOUNTRY MORTGAGE, LLC 3 5.08% $8,224
HOMESTAR FINANCIAL CORPORATION 3 4.63% $6,414
Equity Prime Mortgage LLC 3 4.79% $9,235
CARDINAL FINANCIAL 3 5.63% $8,980
Hometown Lenders, Inc. 3 4.63% $6,397
Alcova Mortgage LLC 2 5.25% $4,876
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 4.25% $8,873
Bank of America 2 5.00% $8,402
Blue Ridge Bank 2 5.44% $9,183
First-Citizens Bank & Trust Company 2 6.38% $7,999
Gateway First Bank 2 5.06% $9,312
GUILD MORTGAGE COMPANY 2 5.31% $7,215
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 4.81% $9,579
INTERCOASTAL MORTGAGE COMPANY 2 5.75% $5,920
LAKEVIEW LOAN SERVICING, LLC 2 2.63% $7,260
Mortgage Research Center, LLC 2 7.37% $7,741
Mr. Cooper ( Nationstar Mortgage ) 2 5.13% $9,378
Nations Lending Corporation 2 5.44% $10,095
NFM, INC. 2 5.44% $9,001
American Security Mortgage Corp. 1 5.63% $9,124
EQUITY RESOURCES, INC. 1 2.88% $4,863
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.63% $12,754
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $5,908
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 4.88% $6,416
AMERICAN FINANCIAL RESOURCES, INC. 1 4.88% $6,678
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.00% $7,077
Wyndham Capital Mortgage, Inc. 1 6.13% $8,946
NETWORK CAPITAL FUNDING CORPORATION 1 4.75% $11,966
ZILLOW HOME LOANS, LLC 1 5.00% $9,352
OCMBC, INC. 1 3.75% $7,026
PANORAMA MORTGAGE GROUP, LLC 1 5.50% $13,915
CMG MORTGAGE, INC. 1 4.63% $14,453
PLANET HOME LENDING, LLC 1 3.75% $11,992
Platinum Home Mortgage Corporation 1 5.75% $8,711
C & F Mortgage Corporation 1 5.63% $10,784
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.25% $5,351
Carrington Mortgage Services, LLC 1 5.63% $7,848
RADIUS FINANCIAL GROUP INC. 1 5.75% $7,122
RAPID MORTGAGE COMPANY 1 5.63% $9,265
Renasant Bank 1 3.75% $7,420
SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.50% $13,331
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $7,994
T2 FINANCIAL LLC 1 5.75% $10,069
First Heritage Mortgage, LLC 1 5.25% $12,002
ANGEL OAK HOME LOANS LLC 1 6.63% $8,825
Towne Bank 1 5.75% $7,258
HOMESIDE FINANCIAL, LLC 1 5.75% $12,551
FIRST COMMUNITY MORTGAGE, INC. 1 4.88% $12,006
EVERETT FINANCIAL, INC. 1 5.13% $5,907
Truist 1 5.60% $6,755
Lakeview Community Capital, LLC 1 3.25% $4,260

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 $9,106, which is $449 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee New Bern FHA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($7,740), DHI MORTGAGE COMPANY, LTD. ($8,111), GUARANTEED RATE, INC. ($8,530), QUICKEN LOANS, LLC ($8,656) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,106).

The lowest rate New Bern FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.92%), QUICKEN LOANS, LLC (4.44%), MOVEMENT MORTGAGE, LLC (4.76%), GUARANTEED RATE, INC. (4.85%) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. (5.04%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - New Bern (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 $194,925 (6.2%) $246,422 (3.1%) 0.00 758
2018-02-01 $192,700 (-2.4%) $242,828 (-2.6%) 0.00 748
2018-03-01 $195,900 (-5.1%) $249,954 (-1.6%) 0.00 750
2018-04-01 $198,725 (-3.8%) $255,124 (-0.7%) 0.00 791
2018-05-01 $198,475 (-4.4%) $252,696 (-3.7%) 0.00 831
2018-06-01 $200,000 (-4.1%) $256,215 (-2.8%) 0.00 837
2018-07-01 $208,850 (2.4%) $254,440 (-3.2%) 0.00 819
2018-08-01 $207,450 (1.2%) $256,363 (-3.4%) 0.00 810
2018-09-01 $206,250 (3.1%) $256,815 (-2.9%) 0.00 749
2018-10-01 $209,875 (3.9%) $260,439 (-3.7%) 0.00 582
2018-11-01 $214,100 (7.6%) $261,450 (2.4%) 0.00 535
2018-12-01 $218,250 (11.9%) $262,666 (6.3%) 0.00 498
2019-01-01 $223,380 (14.6%) $262,544 (6.5%) 0.00 454
2019-02-01 $229,088 (18.9%) $274,253 (12.9%) 0.00 456
2019-03-01 $232,657 (18.8%) $281,231 (12.5%) 0.00 520
2019-04-01 $236,908 (19.2%) $286,539 (12.3%) 0.00 566
2019-05-01 $242,705 (22.3%) $294,889 (16.7%) 0.00 598
2019-06-01 $242,610 (21.3%) $293,590 (14.6%) 0.00 670
2019-07-01 $239,950 (14.9%) $292,142 (14.8%) 0.00 718
2019-08-01 $237,173 (14.3%) $288,121 (12.4%) 0.00 737
2019-09-01 $233,082 (13.0%) $284,637 (10.8%) 0.00 738
2019-10-01 $230,400 (9.8%) $283,346 (8.8%) 0.00 733
2019-11-01 $229,900 (7.4%) $284,877 (9.0%) 0.00 740
2019-12-01 $225,000 (3.1%) $284,987 (8.5%) 0.00 716
2020-01-01 $225,000 (0.7%) $284,623 (8.4%) 0.00 688
2020-02-01 $229,900 (0.4%) $289,513 (5.6%) 0.00 675
2020-03-01 $235,000 (1.0%) $297,217 (5.7%) 0.00 658
2020-04-01 $236,625 (-0.1%) $294,566 (2.8%) 0.00 675
2020-05-01 $241,900 (-0.3%) $305,849 (3.7%) 0.00 628
2020-06-01 $249,400 (2.8%) $317,873 (8.3%) 0.00 565
2020-07-01 $246,300 (2.7%) $319,337 (9.3%) 0.00 530
2020-08-01 $248,850 (4.9%) $320,702 (11.3%) 0.00 461
2020-09-01 $249,000 (6.8%) $329,249 (15.7%) 0.00 405
2020-10-01 $245,000 (6.3%) $331,698 (17.1%) 0.00 398
2020-11-01 $247,000 (7.4%) $335,307 (17.7%) 0.00 391
2020-12-01 $239,000 (6.2%) $326,890 (14.7%) 0.00 361
2021-01-01 $239,890 (6.6%) $329,185 (15.7%) 0.00 313
2021-02-01 $257,438 (12.0%) $346,731 (19.8%) 0.00 292
2021-03-01 $257,700 (9.7%) $334,155 (12.4%) 0.00 278
2021-04-01 $264,760 (11.9%) $332,957 (13.0%) 0.00 268
2021-05-01 $280,900 (16.1%) $352,412 (15.2%) 0.00 259
2021-06-01 $280,400 (12.4%) $346,973 (9.2%) 0.00 253
2021-07-01 $273,450 (11.0%) $341,497 (6.9%) 0.00 271
2021-08-01 $275,450 (10.7%) $343,858 (7.2%) 0.00 276
2021-09-01 $273,368 (9.8%) $350,128 (6.3%) 0.00 251
2021-10-01 $289,925 (18.3%) $370,371 (11.7%) 0.00 253
2021-11-01 $299,225 (21.1%) $389,577 (16.2%) 0.00 232
2021-12-01 $310,000 (29.7%) $398,072 (21.8%) 0.00 219
2022-01-01 $307,500 (28.2%) $409,097 (24.3%) 0.00 192
2022-02-01 $314,233 (22.1%) $405,665 (17.0%) 0.00 158
2022-03-01 $317,500 (23.2%) $420,079 (25.7%) 0.00 140
2022-04-01 $311,000 (17.5%) $420,612 (26.3%) 0.00 145
2022-05-01 $325,000 (15.7%) $419,810 (19.1%) 0.00 170
2022-06-01 $325,225 (16.0%) $422,196 (21.7%) 0.00 200
2022-07-01 $329,950 (20.7%) $421,787 (23.5%) 0.00 255
2022-08-01 $334,025 (21.3%) $405,819 (18.0%) 0.00 249
2022-09-01 $335,500 (22.7%) $410,582 (17.3%) 0.00 245
2022-10-01 $330,990 (14.2%) $406,553 (9.8%) 0.00 256
2022-11-01 $329,595 (10.2%) $417,244 (7.1%) 0.00 260
2022-12-01 $325,450 (5.0%) $406,299 (2.1%) 0.00 248
2023-01-01 $325,450 (5.8%) $404,534 (-1.1%) 0.00 242
2023-02-01 $338,500 (7.7%) $413,078 (1.8%) 0.00 227
2023-03-01 $347,060 (9.3%) $410,914 (-2.2%) 0.00 209
2023-04-01 $359,750 (15.7%) $430,049 (2.2%) 0.00 223
2023-05-01 $362,498 (11.5%) $429,311 (2.3%) 0.00 281
2023-06-01 $369,648 (13.7%) $427,730 (1.3%) 0.00 339
2023-07-01 $355,000 (7.6%) $418,094 (-0.9%) 0.00 328
2023-08-01 $359,888 (7.7%) $424,160 (4.5%) 0.00 340
2023-09-01 $362,700 (8.1%) $424,926 (3.5%) 0.00 339
2023-10-01 $369,450 (11.6%) $420,569 (3.5%) 0.00 383
2023-11-01 $365,123 (10.8%) $422,084 (1.2%) 0.00 440
2023-12-01 $356,000 (9.4%) $405,863 (-0.1%) 0.00 443
New Bern's median listing price for 2023-12-01 was $356,000, a difference of $30,550 (9.4%) versus the prior year and $-9,123 versus the prior month.

New Bern's median listing price comes in at 0% of the national average.

New Bern's average listing price for 2023-12-01 was $405,863, a difference of $-436 (-0.1%) versus the prior year and $-16,221 versus the prior month.

For the 2023-12-01 period, New Bern had 443 MLS listings, a difference of 3 listings (1%) versus the prior month and 195 listings (79%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - New Bern (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,888 sqft
2018-02-01 0 days 1,869 sqft
2018-03-01 0 days 1,865 sqft
2018-04-01 0 days 1,850 sqft
2018-05-01 0 days 1,854 sqft
2018-06-01 0 days 1,836 sqft
2018-07-01 0 days 1,838 sqft
2018-08-01 0 days 1,834 sqft
2018-09-01 0 days 1,836 sqft
2018-10-01 0 days 1,855 sqft
2018-11-01 0 days 1,900 sqft
2018-12-01 0 days 1,902 sqft
2019-01-01 0 days 1,906 sqft
2019-02-01 0 days 1,945 sqft
2019-03-01 0 days 1,955 sqft
2019-04-01 0 days 1,942 sqft
2019-05-01 0 days 1,980 sqft
2019-06-01 0 days 1,990 sqft
2019-07-01 0 days 1,961 sqft
2019-08-01 0 days 1,941 sqft
2019-09-01 0 days 1,948 sqft
2019-10-01 0 days 1,952 sqft
2019-11-01 0 days 1,950 sqft
2019-12-01 0 days 1,933 sqft
2020-01-01 0 days 1,913 sqft
2020-02-01 0 days 1,928 sqft
2020-03-01 0 days 1,940 sqft
2020-04-01 0 days 1,940 sqft
2020-05-01 0 days 1,950 sqft
2020-06-01 0 days 1,999 sqft
2020-07-01 0 days 1,937 sqft
2020-08-01 0 days 1,919 sqft
2020-09-01 0 days 1,948 sqft
2020-10-01 0 days 1,955 sqft
2020-11-01 0 days 1,908 sqft
2020-12-01 0 days 1,835 sqft
2021-01-01 0 days 1,815 sqft
2021-02-01 0 days 1,873 sqft
2021-03-01 0 days 1,902 sqft
2021-04-01 0 days 1,892 sqft
2021-05-01 0 days 1,917 sqft
2021-06-01 0 days 1,915 sqft
2021-07-01 0 days 1,900 sqft
2021-08-01 0 days 1,885 sqft
2021-09-01 0 days 1,847 sqft
2021-10-01 0 days 1,886 sqft
2021-11-01 0 days 1,925 sqft
2021-12-01 0 days 1,980 sqft
2022-01-01 0 days 1,936 sqft
2022-02-01 0 days 1,922 sqft
2022-03-01 0 days 1,927 sqft
2022-04-01 0 days 1,877 sqft
2022-05-01 0 days 1,956 sqft
2022-06-01 0 days 1,955 sqft
2022-07-01 0 days 1,975 sqft
2022-08-01 0 days 1,937 sqft
2022-09-01 0 days 1,986 sqft
2022-10-01 0 days 1,968 sqft
2022-11-01 0 days 1,944 sqft
2022-12-01 0 days 1,936 sqft
2023-01-01 0 days 1,904 sqft
2023-02-01 0 days 1,917 sqft
2023-03-01 0 days 1,933 sqft
2023-04-01 0 days 1,978 sqft
2023-05-01 0 days 1,972 sqft
2023-06-01 0 days 2,006 sqft
2023-07-01 0 days 1,987 sqft
2023-08-01 0 days 1,972 sqft
2023-09-01 0 days 2,000 sqft
2023-10-01 0 days 1,984 sqft
2023-11-01 0 days 1,982 sqft
2023-12-01 0 days 1,927 sqft
New Bern's median listing age (time on market) for 2023-12-01 was 0 days.

New Bern's median square footage for active listings during the 2023-12-01 period was 1,927 sqft. One year prior, the average listing was 1,936 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).