New Bern FHA Loans

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 86 lenders originated 493 FHA loans during 2021. The total origination value was $83,415,000, with an average FHA loan value of $169,199.

New Bern FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in New Bern averaged 5.05% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.08% and one month ago for the week of 2022-04-08, the average rate was 5.05%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.94%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the New Bern level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 69 2.75% $5,968
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 60 3.47% $7,377
MOVEMENT MORTGAGE, LLC 58 3.24% $5,880
GUARANTEED RATE, INC. 31 3.06% $6,671
DHI MORTGAGE COMPANY, LTD. 17 2.72% $6,468
Mr. Cooper ( Nationstar Mortgage ) 12 3.25% $3,538
UNION HOME MORTGAGE CORP. 10 3.26% $6,641
CORNERSTONE HOME LENDING, INC. 9 3.67% $6,561
FREEDOM MORTGAGE CORPORATION 9 2.90% $4,576
VILLAGE CAPITAL & INVESTMENT LLC 9 3.11% $1,693
CALIBER HOME LOANS, INC. 9 2.92% $6,438
PNC Bank 8 2.70% $5,793
PENNYMAC LOAN SERVICES, LLC 8 3.09% $5,019
LAKEVIEW LOAN SERVICING, LLC 7 3.02% $4,030
Carrington Mortgage Services, LLC 6 3.52% $7,245
NEWREZ LLC 5 3.30% $3,409
American Security Mortgage Corp. 5 2.73% $5,508
AMERISAVE MORTGAGE CORPORATION 4 2.63% $8,240
LOANDEPOT.COM, LLC 4 3.22% $6,692
CROSSCOUNTRY MORTGAGE, LLC 4 3.47% $6,579
Alpha Mortgage Corporation 4 3.03% $6,020
First-Citizens Bank & Trust Company 4 3.34% $5,925
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 3.53% $7,973
AMERICAN FINANCIAL NETWORK, INC. 3 3.63% $9,542
Gateway First Bank 3 3.25% $5,654
West Town Bank & Trust 3 3.17% $7,994
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.50% $4,423
Alcova Mortgage LLC 3 2.92% $5,312
GSF Mortgage Corporation 2 4.25% $8,496
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.00% $8,698
First Guaranty Mortgage Corporation 2 3.19% $4,625
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.50% $4,919
HOME POINT FINANCIAL CORPORATION 2 2.31% $6,666
INTERCOASTAL MORTGAGE COMPANY 2 2.81% $6,757
PHH Mortgage Corporation 2 3.13% $2,180
STEARNS LENDING, LLC 2 2.69% $6,120
UNITED SECURITY FINANCIAL CORP 2 2.69% $4,660
UNITED WHOLESALE MORTGAGE, LLC 2 2.42% $6,946
HOMESTAR FINANCIAL CORPORATION 1 3.00% $6,964
Hometown Lenders, Inc. 1 4.25% $7,521
AMERICAN FINANCING CORPORATION 1 2.38% $8,444
KELLER MORTGAGE, LLC 1 2.50% $7,112
Lakeview Community Capital, LLC 1 2.75% $3,987
EQUITY RESOURCES, INC. 1 2.88% $7,997
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $6,858
Equity Prime Mortgage LLC 1 3.75% $8,659
LOANPAL, LLC 1 2.88% $8,783
MILEND, INC. 1 3.13% $10,511
MORTGAGE EQUITY PARTNERS LLC 1 3.75% $10,529
Mortgage Research Center, LLC 1 2.99% $1,750
EMBRACE HOME LOANS, INC. 1 2.63% $6,510
BROKER SOLUTIONS, INC. 1 2.75% $8,722
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $6,261
Nations Lending Corporation 1 3.63% $19,065
BETTER MORTGAGE CORPORATION 1 3.25% $5,235
Paramount Residential Mortgage Group, Inc. 1 2.63% $9,712
Barrington Bank & Trust Company, N.A. 1 2.50% $6,889
Waterstone Mortgage Corporation 1 2.88% $6,872
Plains Commerce Bank 1 2.88% $4,606
PLANET HOME LENDING, LLC 1 2.75% $4,781
Austin Capital Bank SSB 1 3.25% $7,709
Presidential Bank, FSB 1 3.00% $8,401
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.88% $7,148
AmRes Corporation 1 3.25% $4,428
RESIDENTIAL HOME FUNDING CORP. 1 2.75% $8,442
RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.75% $4,872
Shamrock Home Loans, Inc. 1 3.00% $5,833
SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $7,337
Wells Fargo Bank 1 2.88% $8,438
T2 FINANCIAL LLC 1 3.25% $6,425
TEXAS TECH 1 3.00% $5,344
TOP FLITE FINANCIAL, INC. 1 3.13% $12,997
Towne Bank 1 2.88% $8,287
Truist Bank 1 3.00% $7,270
Ameris Bank 1 2.50% $4,530
United Bank 1 3.00% $5,596
AMERICAN FINANCIAL RESOURCES, INC. 1 4.25% $6,300
Wyndham Capital Mortgage, Inc. 1 3.25% $4,167
U.S. Bank 1 2.99% $5,774
First Mortgage Solutions, LLC 1 2.50% $7,606
FIRST HOME MORTGAGE CORPORATION 1 2.63% $7,356
First Home Bank 1 2.75% $10,308
FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $4,514
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.75% $5,542
VELOCIO MORTGAGE L.L.C. 1 3.25% $10,180
HOMESIDE FINANCIAL, LLC 1 3.13% $5,717

The top New Bern FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 69 FHA loans originated. Their average total fees are $5,968, which is $1,409 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee New Bern FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,538), MOVEMENT MORTGAGE, LLC ($5,880), QUICKEN LOANS, LLC ($5,968), DHI MORTGAGE COMPANY, LTD. ($6,468) and UNION HOME MORTGAGE CORP. ($6,641).

The lowest rate New Bern FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (2.72%), QUICKEN LOANS, LLC (2.75%), GUARANTEED RATE, INC. (3.06%), MOVEMENT MORTGAGE, LLC (3.24%) and Mr. Cooper ( Nationstar Mortgage ) (3.25%).

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

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).