Raleigh FHA Loans
RALEIGH-CARY, 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.
Raleigh's 221 lenders originated 4,759 FHA loans during 2021. The total origination value was $1,227,965,000, with an average FHA loan value of $258,030.
Raleigh FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Raleigh
averaged
5.04%
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
5.27% and
one month ago for the week of 2022-04-08, the
average rate was 4.94%.
The average rate one year ago was 2.94%.
For refis of the same type during the week of 2022-05-13, the average rate
was 5.16%.
Raleigh 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 Raleigh level.
The top Raleigh FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
533 FHA loans originated. Their average total fees are
$6,620, which is $1,116
lower than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Raleigh FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($3,027), Lakeview Community Capital, LLC ($5,134), LAKEVIEW LOAN SERVICING, LLC ($5,276), FREEDOM MORTGAGE CORPORATION ($5,306) and Mr. Cooper ( Nationstar Mortgage ) ($5,310).
The lowest rate Raleigh FHA lenders (with over 10 loans originated) are
InterContinental Capital Group, Inc (2.54%), MATTAMY HOME FUNDING, LLC (2.61%), QUICKEN LOANS, LLC (2.64%), UNITED SECURITY FINANCIAL CORP (2.65%) and South Pacific Financial Corporation (2.66%).
Raleigh FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| RALEIGH-CARY, NC | FRANKLIN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| RALEIGH-CARY, NC | JOHNSTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| RALEIGH-CARY, NC | WAKE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Raleigh (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 | $353,742 (3.6%) | $425,099 (3.9%) | 1.30 | 4,048 |
| 2018-02-01 | $359,900 (3.6%) | $428,887 (3.9%) | 1.30 | 4,098 |
| 2018-03-01 | $369,900 (2.8%) | $440,880 (3.4%) | 1.28 | 4,322 |
| 2018-04-01 | $374,700 (1.8%) | $442,115 (0.9%) | 1.26 | 4,592 |
| 2018-05-01 | $374,205 (1.2%) | $444,706 (0.7%) | 1.25 | 4,902 |
| 2018-06-01 | $370,000 (1.4%) | $448,058 (2.9%) | 1.23 | 4,967 |
| 2018-07-01 | $369,945 (1.4%) | $449,779 (3.2%) | 1.23 | 4,926 |
| 2018-08-01 | $369,900 (1.6%) | $448,388 (3.6%) | 1.24 | 5,024 |
| 2018-09-01 | $366,560 (0.5%) | $444,302 (2.6%) | 1.23 | 5,154 |
| 2018-10-01 | $359,450 (-0.2%) | $433,361 (0.7%) | 1.20 | 5,399 |
| 2018-11-01 | $354,950 (-1.4%) | $430,588 (0.4%) | 1.19 | 5,299 |
| 2018-12-01 | $352,290 (-1.7%) | $426,282 (-0.5%) | 1.21 | 5,019 |
| 2019-01-01 | $349,990 (-1.1%) | $422,788 (-0.5%) | 1.21 | 4,745 |
| 2019-02-01 | $352,245 (-2.1%) | $428,724 (0.0%) | 1.18 | 4,717 |
| 2019-03-01 | $363,743 (-1.7%) | $439,143 (-0.4%) | 1.19 | 4,707 |
| 2019-04-01 | $369,995 (-1.3%) | $449,632 (1.7%) | 1.17 | 4,820 |
| 2019-05-01 | $376,250 (0.6%) | $457,233 (2.8%) | 1.16 | 4,909 |
| 2019-06-01 | $379,900 (2.7%) | $456,497 (1.9%) | 1.17 | 4,998 |
| 2019-07-01 | $375,000 (1.4%) | $454,546 (1.1%) | 1.17 | 5,076 |
| 2019-08-01 | $374,107 (1.1%) | $450,811 (0.5%) | 1.18 | 5,113 |
| 2019-09-01 | $371,459 (1.3%) | $446,679 (0.5%) | 1.18 | 5,128 |
| 2019-10-01 | $365,000 (1.5%) | $444,197 (2.5%) | 1.16 | 5,280 |
| 2019-11-01 | $359,900 (1.4%) | $442,820 (2.8%) | 1.16 | 5,093 |
| 2019-12-01 | $362,100 (2.8%) | $445,520 (4.5%) | 1.21 | 4,649 |
| 2020-01-01 | $359,900 (2.8%) | $444,663 (5.2%) | 1.20 | 4,319 |
| 2020-02-01 | $365,000 (3.6%) | $450,856 (5.2%) | 1.18 | 4,127 |
| 2020-03-01 | $374,950 (3.1%) | $462,522 (5.3%) | 1.17 | 4,088 |
| 2020-04-01 | $366,000 (-1.1%) | $453,062 (0.8%) | 1.14 | 4,348 |
| 2020-05-01 | $374,900 (-0.4%) | $466,999 (2.1%) | 1.14 | 4,190 |
| 2020-06-01 | $384,950 (1.3%) | $487,082 (6.7%) | 1.12 | 3,581 |
| 2020-07-01 | $384,170 (2.5%) | $487,805 (7.3%) | 1.10 | 3,333 |
| 2020-08-01 | $386,193 (3.2%) | $487,666 (8.2%) | 1.10 | 3,218 |
| 2020-09-01 | $391,000 (5.3%) | $496,732 (11.2%) | 1.12 | 2,932 |
| 2020-10-01 | $389,900 (6.8%) | $497,109 (11.9%) | 1.11 | 2,888 |
| 2020-11-01 | $385,000 (7.0%) | $493,715 (11.5%) | 1.10 | 2,598 |
| 2020-12-01 | $385,000 (6.3%) | $496,449 (11.4%) | 1.13 | 2,231 |
| 2021-01-01 | $389,900 (8.3%) | $507,114 (14.0%) | 1.15 | 1,846 |
| 2021-02-01 | $395,000 (8.2%) | $525,054 (16.5%) | 1.14 | 1,483 |
| 2021-03-01 | $398,793 (6.4%) | $531,609 (14.9%) | 1.12 | 1,271 |
| 2021-04-01 | $402,740 (10.0%) | $544,638 (20.2%) | 1.08 | 1,195 |
| 2021-05-01 | $407,190 (8.6%) | $554,238 (18.7%) | 1.07 | 999 |
| 2021-06-01 | $410,131 (6.5%) | $562,410 (15.5%) | 1.07 | 1,014 |
| 2021-07-01 | $408,500 (6.3%) | $547,527 (12.2%) | 1.06 | 1,181 |
| 2021-08-01 | $422,255 (9.3%) | $567,561 (16.4%) | 1.11 | 1,228 |
| 2021-09-01 | $427,133 (9.2%) | $559,329 (12.6%) | 1.12 | 1,372 |
| 2021-10-01 | $425,000 (9.0%) | $556,756 (12.0%) | 1.12 | 1,423 |
| 2021-11-01 | $425,000 (10.4%) | $554,431 (12.3%) | 1.12 | 1,349 |
| 2021-12-01 | $419,900 (9.1%) | $551,202 (11.0%) | 1.12 | 1,113 |
| 2022-01-01 | $424,706 (8.9%) | $569,984 (12.4%) | 1.13 | 909 |
| 2022-02-01 | $430,000 (8.9%) | $594,027 (13.1%) | 1.10 | 666 |
| 2022-03-01 | $448,625 (12.5%) | $632,932 (19.1%) | 1.11 | 662 |
| 2022-04-01 | $475,000 (17.9%) | $624,166 (14.6%) | 1.12 | 808 |
Raleigh's median listing price comes in at 112% of the national average.
Raleigh's average listing price for 2022-04-01 was $624,166, a difference of $79,528 (14.6%) versus the prior year and $-8,766 versus the prior month.
For the 2022-04-01 period, Raleigh had 808 MLS listings, a difference of 146 listings (22%) versus the prior month and -387 listings (-32%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Raleigh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 85 days | 2,663 sqft |
| 2018-02-01 | 72 days | 2,655 sqft |
| 2018-03-01 | 56 days | 2,700 sqft |
| 2018-04-01 | 53 days | 2,681 sqft |
| 2018-05-01 | 52 days | 2,685 sqft |
| 2018-06-01 | 56 days | 2,668 sqft |
| 2018-07-01 | 63 days | 2,653 sqft |
| 2018-08-01 | 65 days | 2,654 sqft |
| 2018-09-01 | 67 days | 2,623 sqft |
| 2018-10-01 | 72 days | 2,592 sqft |
| 2018-11-01 | 73 days | 2,578 sqft |
| 2018-12-01 | 82 days | 2,563 sqft |
| 2019-01-01 | 87 days | 2,554 sqft |
| 2019-02-01 | 82 days | 2,558 sqft |
| 2019-03-01 | 57 days | 2,594 sqft |
| 2019-04-01 | 50 days | 2,630 sqft |
| 2019-05-01 | 51 days | 2,655 sqft |
| 2019-06-01 | 51 days | 2,639 sqft |
| 2019-07-01 | 57 days | 2,611 sqft |
| 2019-08-01 | 59 days | 2,595 sqft |
| 2019-09-01 | 59 days | 2,576 sqft |
| 2019-10-01 | 60 days | 2,544 sqft |
| 2019-11-01 | 63 days | 2,514 sqft |
| 2019-12-01 | 69 days | 2,520 sqft |
| 2020-01-01 | 73 days | 2,498 sqft |
| 2020-02-01 | 64 days | 2,530 sqft |
| 2020-03-01 | 50 days | 2,558 sqft |
| 2020-04-01 | 50 days | 2,503 sqft |
| 2020-05-01 | 59 days | 2,518 sqft |
| 2020-06-01 | 63 days | 2,547 sqft |
| 2020-07-01 | 51 days | 2,498 sqft |
| 2020-08-01 | 43 days | 2,474 sqft |
| 2020-09-01 | 48 days | 2,467 sqft |
| 2020-10-01 | 49 days | 2,425 sqft |
| 2020-11-01 | 47 days | 2,387 sqft |
| 2020-12-01 | 51 days | 2,378 sqft |
| 2021-01-01 | 53 days | 2,355 sqft |
| 2021-02-01 | 36 days | 2,309 sqft |
| 2021-03-01 | 30 days | 2,260 sqft |
| 2021-04-01 | 23 days | 2,303 sqft |
| 2021-05-01 | 20 days | 2,292 sqft |
| 2021-06-01 | 15 days | 2,254 sqft |
| 2021-07-01 | 18 days | 2,266 sqft |
| 2021-08-01 | 19 days | 2,258 sqft |
| 2021-09-01 | 19 days | 2,258 sqft |
| 2021-10-01 | 19 days | 2,249 sqft |
| 2021-11-01 | 23 days | 2,230 sqft |
| 2021-12-01 | 33 days | 2,198 sqft |
| 2022-01-01 | 36 days | 2,134 sqft |
| 2022-02-01 | 20 days | 2,161 sqft |
| 2022-03-01 | 11 days | 2,189 sqft |
| 2022-04-01 | 9 days | 2,260 sqft |
Raleigh's median square footage for active listings during the 2022-04-01 period was 2,260 sqft. One year prior, the average listing was 2,303 sqft.
