Roanoke Rapids FHA Loan Rates, Closing Costs & Stats

Roanoke Rapids, 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.

    Roanoke Rapids's 47 lenders originated 146 FHA loans during 2024. The total origination value was $24,890,000, with an average FHA loan value of $170,479.

    Roanoke Rapids FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Roanoke Rapids averaged 0.36% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Roanoke Rapids's average FHA mortgage closing costs are $7,154.

    The average rate for the prior week (2025-06-13) was 6.85% and one month ago for the week of 2025-05-16, the average rate was 6.91%.

    The average rate one year ago was 7.06%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.2%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 36 6.65% $9,461
    QUICKEN LOANS, LLC 18 6.30% $9,485
    INTERCOASTAL MORTGAGE COMPANY 5 6.65% $9,066
    GUARANTEED RATE, INC. 5 6.67% $9,065
    FREEDOM MORTGAGE CORPORATION 3 6.33% $10,007
    LOANDEPOT.COM, LLC 3 5.96% $7,101
    SUN WEST MORTGAGE COMPANY, INC. 3 6.70% $7,160
    UNITED WHOLESALE MORTGAGE, LLC 3 5.50% $11,057
    BROKER SOLUTIONS, INC. 3 6.92% $9,211
    First-Citizens Bank & Trust Company 2 6.38% $8,591
    CORNERSTONE HOME LENDING, INC. 2 6.44% $5,678
    1ST SIGNATURE LENDING, LLC 2 6.81% $11,700
    LOANPAL, LLC 2 5.44% $11,969
    TOWNE MORTGAGE COMPANY 2 6.50% $10,842
    PENNYMAC LOAN SERVICES, LLC 2 6.19% $8,820
    Alcova Mortgage LLC 2 6.94% $5,773
    CARDINAL FINANCIAL 2 6.75% $8,609
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $9,558
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.00% $12,927
    NEWREZ LLC 1 5.75% $10,409
    NFM, INC. 1 5.63% $11,511
    NORWICH COMMERCIAL GROUP, INC. 1 6.25% $7,040
    PLANET HOME LENDING, LLC 1 6.75% $8,159
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $12,320
    Prosperity Home Mortgage, LLC 1 6.25% $11,864
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $6,579
    The Huntington National Bank 1 6.25% $5,621
    Truist 1 5.70% $8,313
    Wells Fargo Bank 1 6.50% $8,557
    ZILLOW HOME LOANS, LLC 1 7.25% $4,958
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $10,535
    American Mortgage & Equity Consultants, Inc. 1 6.50% $10,599
    American Security Mortgage Corp. 1 7.13% $7,842
    AMERISAVE MORTGAGE CORPORATION 1 5.50% $6,958
    Atlantic Coast Mortgage, LLC 1 6.13% $5,391
    Blue Ridge Bank 1 7.00% $5,983
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $10,185
    CAPITAL CENTER, L.L.C. 1 6.63% $2,355
    Carrington Mortgage Services, LLC 1 7.63% $6,049
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $16,183
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $7,561
    ISERVE RESIDENTIAL LENDING, LLC 1 6.13% $10,107
    Keystone Funding, Inc. 1 6.38% $11,733
    Lakeview Community Capital, LLC 1 6.25% $5,774
    Mortgage Research Center, LLC 1 7.25% $5,766
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $9,297
    MOVEMENT MORTGAGE, LLC 1 6.63% $8,171

    The top Roanoke Rapids FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 36 FHA loans originated. Their average total fees are $9,461, which is $24 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Roanoke Rapids FHA lenders (with over 10 loans originated) are ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,461), QUICKEN LOANS, LLC ($9,485), .

    The lowest rate Roanoke Rapids FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.30%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.65%), .

    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

    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).