Roanoke Rapids FHA Loan Rates, Closing Costs & Stats

Roanoke Rapids, 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.

Roanoke Rapids's 40 lenders originated 122 FHA loans during 2023. The total origination value was $18,110,000, with an average FHA loan value of $148,443.

Roanoke Rapids FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Roanoke Rapids averaged 6.78% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

Roanoke Rapids's average FHA mortgage closing costs are $6,679.

The average rate for the prior week (2024-03-15) was 6.4% and one month ago for the week of 2024-02-16, the average rate was 6.72%.

The average rate one year ago was 6.51%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.6%.

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

Roanoke Rapids 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 Roanoke Rapids level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 31 6.66% $9,582
QUICKEN LOANS, LLC 13 6.33% $7,542
INTERCOASTAL MORTGAGE COMPANY 5 6.50% $6,689
MOVEMENT MORTGAGE, LLC 4 6.31% $8,838
Truist 3 6.33% $6,351
BROKER SOLUTIONS, INC. 3 6.71% $9,229
MUTUAL OF OMAHA MORTGAGE, INC. 3 5.88% $9,514
AMERISAVE MORTGAGE CORPORATION 3 6.33% $10,274
Mr. Cooper ( Nationstar Mortgage ) 3 5.58% $11,397
Alcova Mortgage LLC 2 6.69% $6,868
CARDINAL FINANCIAL 2 7.00% $8,890
CMG MORTGAGE, INC. 2 7.38% $7,627
GUARANTEED RATE, INC. 2 6.31% $6,025
HOMESPIRE MORTGAGE CORPORATION 2 6.69% $1,896
LOANDEPOT.COM, LLC 2 6.19% $6,741
Mortgage Research Center, LLC 2 6.94% $4,861
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.06% $6,076
FREEDOM MORTGAGE CORPORATION 1 7.75% $9,229
RUOFF MORTGAGE COMPANY, INC. 1 6.00% $6,374
GUILD MORTGAGE COMPANY 1 7.13% $10,104
HOMESIDE FINANCIAL, LLC 1 7.75% $8,611
The Federal Savings Bank 1 7.00% $9,114
CityWorth Mortgage LLC 1 7.50% $8,702
LADERA LENDING, INC. 1 7.25% $9,887
Tidewater Home Funding, LLC 1 6.50% $5,229
TIDEWATER MORTGAGE SERVICES, INC. 1 6.63% $7,935
AMERICAN FINANCIAL RESOURCES, INC. 1 6.13% $9,209
Barrington Bank & Trust Company, N.A. 1 6.25% $6,165
Bank of England 1 6.50% $12,616
American Security Mortgage Corp. 1 7.13% $7,019
NEWREZ LLC 1 5.75% $12,452
NFM, INC. 1 7.25% $7,605
PHH Mortgage Corporation 1 6.00% $4,806
AMERICAN FINANCING CORPORATION 1 6.38% $8,196
Renasant Bank 1 5.75% $9,549
CORNERSTONE HOME LENDING, INC. 1 6.50% $7,466
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $15,539
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.75% $9,209
FIDELITY DIRECT MORTGAGE, LLC 1 7.13% $15,301
First-Citizens Bank & Trust Company 1 5.50% $5,936

The top Roanoke Rapids FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 31 FHA loans originated. Their average total fees are $9,582, which is $2,040 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Roanoke Rapids FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($7,542), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,582), .

The lowest rate Roanoke Rapids FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.33%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.66%), .

Roanoke Rapids FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ROANOKE RAPIDS, NC HALIFAX 2022 $420,680 $538,650 $651,050 $809,150
ROANOKE RAPIDS, NC NORTHAMPTON 2022 $420,680 $538,650 $651,050 $809,150
ROANOKE RAPIDS, NC HALIFAX 2023 $472,030 $604,400 $730,525 $907,900
ROANOKE RAPIDS, NC NORTHAMPTON 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Roanoke Rapids (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 $149,925 (0.0%) $236,266 (-3.9%) 0.00 265
2018-02-01 $153,950 (-12.4%) $242,547 (-4.9%) 0.00 267
2018-03-01 $169,900 (-8.4%) $246,321 (-5.7%) 0.00 283
2018-04-01 $180,550 (-2.4%) $262,551 (-1.4%) 0.00 285
2018-05-01 $167,450 (-13.0%) $261,191 (-2.8%) 0.00 293
2018-06-01 $165,000 (-5.0%) $249,377 (-2.1%) 0.00 286
2018-07-01 $156,700 (-2.5%) $245,790 (1.2%) 0.00 282
2018-08-01 $147,425 (-15.8%) $235,040 (-7.3%) 0.00 280
2018-09-01 $139,900 (-21.8%) $224,663 (-12.5%) 0.00 293
2018-10-01 $139,900 (-21.4%) $223,370 (-9.7%) 0.00 274
2018-11-01 $136,225 (-24.3%) $220,026 (-13.0%) 0.00 264
2018-12-01 $129,900 (-27.4%) $204,059 (-19.2%) 0.00 263
2019-01-01 $134,975 (-10.0%) $218,162 (-7.7%) 0.00 259
2019-02-01 $137,250 (-10.9%) $228,884 (-5.6%) 0.00 265
2019-03-01 $152,571 (-10.2%) $237,452 (-3.6%) 0.00 265
2019-04-01 $168,750 (-6.5%) $247,543 (-5.7%) 0.00 264
2019-05-01 $185,350 (10.7%) $275,915 (5.6%) 0.00 262
2019-06-01 $205,000 (24.2%) $292,361 (17.2%) 0.00 250
2019-07-01 $199,675 (27.4%) $280,084 (14.0%) 0.00 236
2019-08-01 $194,118 (31.7%) $272,285 (15.9%) 0.00 227
2019-09-01 $186,120 (33.0%) $265,238 (18.1%) 0.00 224
2019-10-01 $180,789 (29.2%) $260,235 (16.5%) 0.00 224
2019-11-01 $188,500 (38.4%) $268,578 (22.1%) 0.00 227
2019-12-01 $188,625 (45.2%) $270,115 (32.4%) 0.00 226
2020-01-01 $188,875 (39.9%) $264,260 (21.1%) 0.00 209
2020-02-01 $189,000 (37.7%) $273,705 (19.6%) 0.00 193
2020-03-01 $186,000 (21.9%) $280,383 (18.1%) 0.00 203
2020-04-01 $179,500 (6.4%) $280,381 (13.3%) 0.00 193
2020-05-01 $179,000 (-3.4%) $268,493 (-2.7%) 0.00 169
2020-06-01 $168,575 (-17.8%) $269,787 (-7.7%) 0.00 157
2020-07-01 $175,000 (-12.4%) $268,576 (-4.1%) 0.00 150
2020-08-01 $169,700 (-12.6%) $277,767 (2.0%) 0.00 140
2020-09-01 $169,250 (-9.1%) $310,451 (17.1%) 0.00 139
2020-10-01 $150,000 (-17.0%) $297,267 (14.2%) 0.00 133
2020-11-01 $132,200 (-29.9%) $280,018 (4.3%) 0.00 149
2020-12-01 $146,975 (-22.1%) $291,310 (7.9%) 0.00 128
2021-01-01 $149,900 (-20.6%) $289,741 (9.6%) 0.00 123
2021-02-01 $149,783 (-20.8%) $286,600 (4.7%) 0.00 105
2021-03-01 $152,191 (-18.2%) $301,862 (7.7%) 0.00 88
2021-04-01 $152,450 (-15.1%) $306,829 (9.4%) 0.00 80
2021-05-01 $210,000 (17.3%) $335,753 (25.1%) 0.00 74
2021-06-01 $217,500 (29.0%) $361,206 (33.9%) 0.00 73
2021-07-01 $224,950 (28.5%) $343,205 (27.8%) 0.00 79
2021-08-01 $230,475 (35.8%) $336,017 (21.0%) 0.00 74
2021-09-01 $220,000 (30.0%) $316,727 (2.0%) 0.00 72
2021-10-01 $199,000 (32.7%) $317,058 (6.7%) 0.00 67
2021-11-01 $203,725 (54.1%) $379,391 (35.5%) 0.00 76
2021-12-01 $188,725 (28.4%) $404,403 (38.8%) 0.00 66
2022-01-01 $192,450 (28.4%) $387,997 (33.9%) 0.00 65
2022-02-01 $196,750 (31.4%) $348,670 (21.7%) 0.00 61
2022-03-01 $224,900 (47.8%) $407,704 (35.1%) 0.00 62
2022-04-01 $236,000 (54.8%) $401,567 (30.9%) 0.00 72
2022-05-01 $255,250 (21.6%) $447,797 (33.4%) 0.00 79
2022-06-01 $299,500 (37.7%) $483,889 (34.0%) 0.00 83
2022-07-01 $289,500 (28.7%) $471,946 (37.5%) 0.00 99
2022-08-01 $247,000 (7.2%) $421,283 (25.4%) 0.00 112
2022-09-01 $238,725 (8.5%) $392,414 (23.9%) 0.00 105
2022-10-01 $249,950 (25.6%) $390,411 (23.1%) 0.00 105
2022-11-01 $257,500 (26.4%) $413,673 (9.0%) 0.00 96
2022-12-01 $270,999 (43.6%) $408,931 (1.1%) 0.00 90
2023-01-01 $270,999 (40.8%) $401,451 (3.5%) 0.00 86
2023-02-01 $249,675 (26.9%) $425,949 (22.2%) 0.00 84
2023-03-01 $199,498 (-11.3%) $314,518 (-22.9%) 0.00 83
2023-04-01 $212,900 (-9.8%) $353,709 (-11.9%) 0.00 83
2023-05-01 $230,000 (-9.9%) $326,607 (-27.1%) 0.00 97
2023-06-01 $249,675 (-16.6%) $390,581 (-19.3%) 0.00 100
2023-07-01 $214,000 (-26.1%) $354,574 (-24.9%) 0.00 97
2023-08-01 $199,000 (-19.4%) $332,557 (-21.1%) 0.00 106
2023-09-01 $183,900 (-23.0%) $312,044 (-20.5%) 0.00 96
2023-10-01 $220,250 (-11.9%) $386,340 (-1.0%) 0.00 107
2023-11-01 $220,000 (-14.6%) $385,202 (-6.9%) 0.00 102
2023-12-01 $215,000 (-20.7%) $360,421 (-11.9%) 0.00 103
2024-01-01 $199,675 (-26.3%) $355,300 (-11.5%) 0.00 97
2024-02-01 $199,250 (-20.2%) $328,902 (-22.8%) 0.00 96
Roanoke Rapids's median listing price for 2024-02-01 was $199,250, a difference of $-50,425 (-20.2%) versus the prior year and $-425 versus the prior month.

Roanoke Rapids's median listing price comes in at 0% of the national average.

Roanoke Rapids's average listing price for 2024-02-01 was $328,902, a difference of $-97,047 (-22.8%) versus the prior year and $-26,398 versus the prior month.

For the 2024-02-01 period, Roanoke Rapids had 96 MLS listings, a difference of -1 listings (-1%) versus the prior month and 12 listings (14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Roanoke Rapids (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,762 sqft
2018-02-01 0 days 1,795 sqft
2018-03-01 0 days 1,885 sqft
2018-04-01 0 days 1,937 sqft
2018-05-01 0 days 1,849 sqft
2018-06-01 0 days 1,823 sqft
2018-07-01 0 days 1,825 sqft
2018-08-01 0 days 1,823 sqft
2018-09-01 0 days 1,820 sqft
2018-10-01 0 days 1,823 sqft
2018-11-01 0 days 1,822 sqft
2018-12-01 0 days 1,745 sqft
2019-01-01 0 days 1,765 sqft
2019-02-01 0 days 1,748 sqft
2019-03-01 0 days 1,755 sqft
2019-04-01 0 days 1,768 sqft
2019-05-01 0 days 1,831 sqft
2019-06-01 0 days 1,932 sqft
2019-07-01 0 days 1,868 sqft
2019-08-01 0 days 1,823 sqft
2019-09-01 0 days 1,823 sqft
2019-10-01 0 days 1,823 sqft
2019-11-01 0 days 1,823 sqft
2019-12-01 0 days 1,823 sqft
2020-01-01 0 days 1,823 sqft
2020-02-01 0 days 1,823 sqft
2020-03-01 0 days 1,823 sqft
2020-04-01 0 days 1,823 sqft
2020-05-01 0 days 1,806 sqft
2020-06-01 0 days 1,823 sqft
2020-07-01 0 days 1,823 sqft
2020-08-01 0 days 1,809 sqft
2020-09-01 0 days 1,728 sqft
2020-10-01 0 days 1,693 sqft
2020-11-01 0 days 1,567 sqft
2020-12-01 0 days 1,568 sqft
2021-01-01 0 days 1,792 sqft
2021-02-01 0 days 1,754 sqft
2021-03-01 0 days 1,786 sqft
2021-04-01 0 days 1,605 sqft
2021-05-01 0 days 1,823 sqft
2021-06-01 0 days 2,152 sqft
2021-07-01 0 days 1,929 sqft
2021-08-01 0 days 1,873 sqft
2021-09-01 0 days 1,801 sqft
2021-10-01 0 days 1,764 sqft
2021-11-01 0 days 1,856 sqft
2021-12-01 0 days 1,877 sqft
2022-01-01 0 days 1,796 sqft
2022-02-01 0 days 1,826 sqft
2022-03-01 0 days 1,916 sqft
2022-04-01 0 days 1,963 sqft
2022-05-01 0 days 2,035 sqft
2022-06-01 0 days 2,330 sqft
2022-07-01 0 days 2,242 sqft
2022-08-01 0 days 2,167 sqft
2022-09-01 0 days 1,873 sqft
2022-10-01 0 days 1,800 sqft
2022-11-01 0 days 2,033 sqft
2022-12-01 0 days 2,280 sqft
2023-01-01 0 days 2,346 sqft
2023-02-01 0 days 2,177 sqft
2023-03-01 0 days 1,913 sqft
2023-04-01 0 days 1,738 sqft
2023-05-01 0 days 1,748 sqft
2023-06-01 0 days 1,854 sqft
2023-07-01 0 days 1,775 sqft
2023-08-01 0 days 1,783 sqft
2023-09-01 0 days 1,800 sqft
2023-10-01 0 days 1,969 sqft
2023-11-01 0 days 1,815 sqft
2023-12-01 0 days 1,756 sqft
2024-01-01 0 days 1,789 sqft
2024-02-01 0 days 1,731 sqft
Roanoke Rapids's median listing age (time on market) for 2024-02-01 was 0 days.

Roanoke Rapids's median square footage for active listings during the 2024-02-01 period was 1,731 sqft. One year prior, the average listing was 2,177 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).