Rockingham FHA Loan Rates, Closing Costs & Stats

Rockingham, 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.

    Rockingham's 31 lenders originated 85 FHA loans during 2024. The total origination value was $16,795,000, with an average FHA loan value of $197,588.

    Rockingham FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rockingham averaged 0.35% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Rockingham's average FHA mortgage closing costs are $6,841.

    The average rate for the prior week (2025-06-13) was 6.64% and one month ago for the week of 2025-05-16, the average rate was 6.6%.

    The average rate one year ago was 6.75%.

    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.

    Rockingham 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 Rockingham level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNION HOME MORTGAGE CORP. 10 6.35% $9,848
    QUICKEN LOANS, LLC 9 6.91% $8,716
    UNITED WHOLESALE MORTGAGE, LLC 8 6.44% $8,830
    AMERICAN FINANCIAL RESOURCES, INC. 4 7.38% $8,958
    INTERCOASTAL MORTGAGE COMPANY 3 6.46% $6,259
    CROSSCOUNTRY MORTGAGE, LLC 2 6.97% $8,670
    FREEDOM MORTGAGE CORPORATION 2 6.69% $9,188
    Truist 2 5.83% $8,453
    LOANDEPOT.COM, LLC 2 6.18% $9,100
    Flagstar Bank, FSB 2 5.81% $10,896
    Alcova Mortgage LLC 1 6.13% $6,988
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $4,775
    Mortgage Research Center, LLC 1 6.63% $5,551
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $5,400
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $6,878
    NFM, INC. 1 7.50% $10,426
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $15,965
    Regions Bank 1 6.63% $8,200
    SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 7.25% $9,841
    SUMMIT FUNDING, INC. 1 6.25% $13,089
    The Loan Store, Inc. 1 6.50% $9,210
    LADERA LENDING, INC. 1 6.63% $6,685
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $13,283
    American Security Mortgage Corp. 1 6.50% $6,380
    CARDINAL FINANCIAL 1 6.75% $12,706
    CORNERSTONE HOME LENDING, INC. 1 5.75% $25,148
    Encompass Lending Group, LP 1 6.75% $9,325
    ENVOY MORTGAGE, LTD 1 7.13% $16,869
    Equity Prime Mortgage LLC 1 7.50% $10,218
    First National Bank of Pennsylvania 1 5.50% $13,067
    Keystone Funding, Inc. 1 6.25% $26,530

    The top Rockingham FHA lender as defined by loan originations is UNION HOME MORTGAGE CORP., with 10 FHA loans originated. Their average total fees are $9,848, which is $1,132 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Rockingham FHA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. ($9,848), .

    The lowest rate Rockingham FHA lenders (with over 10 loans originated) are UNION HOME MORTGAGE CORP. (6.35%), .

    Rockingham FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ROCKINGHAM, NC RICHMOND 2022 $420,680 $538,650 $651,050 $809,150
    ROCKINGHAM, NC RICHMOND 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).