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 6.58% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.37% and one month ago for the week of 2024-03-15, the average rate was 6.34%.

    The average rate one year ago was 6.07%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.97%.

    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

    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
    2024-01-01 $359,725 (10.5%) $425,438 (5.2%) 0.00 442
    2024-02-01 $355,950 (5.2%) $420,125 (1.7%) 0.00 431
    2024-03-01 $354,460 (2.1%) $426,693 (3.8%) 0.00 432
    New Bern's median listing price for 2024-03-01 was $354,460, a difference of $7,400 (2.1%) versus the prior year and $-1,490 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 2024-03-01 was $426,693, a difference of $15,779 (3.8%) versus the prior year and $6,568 versus the prior month.

    For the 2024-03-01 period, New Bern had 432 MLS listings, a difference of 1 listings (0%) versus the prior month and 223 listings (107%) 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
    2024-01-01 0 days 1,911 sqft
    2024-02-01 0 days 1,918 sqft
    2024-03-01 0 days 1,941 sqft
    New Bern's median listing age (time on market) for 2024-03-01 was 0 days.

    New Bern's median square footage for active listings during the 2024-03-01 period was 1,941 sqft. One year prior, the average listing was 1,933 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).