Rocky Mount FHA Loan Rates, Closing Costs & Stats

ROCKY MOUNT, 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.

Rocky Mount's 106 lenders originated 614 FHA loans during 2021. The total origination value was $108,490,000, with an average FHA loan value of $176,694.

Rocky Mount FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Rocky Mount averaged 6.3% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Rocky Mount's average FHA mortgage closing costs are $6,140.

The average rate for the prior week (2023-01-20) was 6.17% and one month ago for the week of 2022-12-23, the average rate was 6.46%.

The average rate one year ago was 4.05%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.92%.

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

Rocky Mount 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 Rocky Mount level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 102 2.76% $6,049
PRIMELENDING, A PLAINSCAPITAL COMPANY 39 3.43% $8,162
DHI MORTGAGE COMPANY, LTD. 21 2.80% $7,160
VILLAGE CAPITAL MORTGAGE 16 2.92% $1,819
GUARANTEED RATE, INC. 15 3.03% $8,161
MOVEMENT MORTGAGE, LLC 15 3.20% $6,272
LAKEVIEW LOAN SERVICING, LLC 14 3.02% $4,160
ANGEL OAK HOME LOANS LLC 14 3.16% $6,852
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 3.22% $6,684
Atlantic Home Loans, Inc. 13 2.98% $6,687
Truist 11 3.03% $7,029
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 11 3.76% $7,038
UNITED WHOLESALE MORTGAGE, LLC 11 2.72% $6,557
BROKER SOLUTIONS, INC. 11 3.43% $7,260
FREEDOM MORTGAGE CORPORATION 11 2.90% $5,118
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 10 3.04% $7,418
CALIBER HOME LOANS, INC. 9 2.82% $6,037
Mr. Cooper ( Nationstar Mortgage ) 9 3.38% $2,306
Carrington Mortgage Services, LLC 9 3.56% $6,779
Alcova Mortgage LLC 8 3.19% $5,208
INSPIRE HOME LOANS INC. 8 3.36% $6,599
CORNERSTONE HOME LENDING, INC. 7 3.68% $7,230
LOANDEPOT.COM, LLC 7 3.43% $7,378
Lakeview Community Capital, LLC 7 3.01% $3,966
PENNYMAC LOAN SERVICES, LLC 7 2.98% $4,801
AMERICAN FINANCIAL RESOURCES, INC. 6 3.29% $8,885
INTERCOASTAL MORTGAGE COMPANY 6 3.02% $6,736
NEWREZ LLC 6 3.02% $5,438
CROSSCOUNTRY MORTGAGE, LLC 6 3.04% $9,674
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 3.00% $6,392
First-Citizens Bank & Trust Company 4 3.16% $5,878
HOMESIDE FINANCIAL, LLC 4 2.97% $6,553
Prosperity Home Mortgage, LLC 4 2.91% $7,268
BAYSHORE MORTGAGE FUNDING, LLC 4 3.66% $7,562
EQUITY RESOURCES, INC. 4 3.00% $5,485
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 4.06% $6,607
Paramount Residential Mortgage Group, Inc. 3 3.04% $9,442
Ameris Bank 3 3.17% $8,059
GoPrime Mortgage, Inc. 3 3.63% $7,249
Nations Lending Corporation 3 3.42% $8,924
HOMESPIRE MORTGAGE CORPORATION 3 3.67% $6,784
Wells Fargo Bank 2 3.19% $5,499
ACADEMY MORTGAGE CORPORATION 2 3.00% $7,213
AMCAP MORTGAGE, LTD. 2 3.19% $7,606
AMERICAN FINANCIAL NETWORK, INC. 2 2.75% $7,436
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 3.00% $8,675
AMERIFIRST FINANCIAL CORPORATION 2 4.06% $7,073
AmeriHome Mortgage Company, LLC 2 2.63% $4,873
AMERISAVE MORTGAGE CORPORATION 2 3.38% $4,535
CMG MORTGAGE, INC. 2 4.00% $7,279
DAS Acquisition Company, LLC 2 3.63% $7,445
First Guaranty Mortgage Corporation 2 3.44% $6,734
HOME POINT FINANCIAL CORPORATION 2 2.81% $5,827
Hometown Lenders, Inc. 2 3.38% $8,261
NFM, INC. 2 3.00% $8,826
PHH Mortgage Corporation 2 3.13% $3,209
PLANET HOME LENDING, LLC 2 2.69% $3,939
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.13% $6,377
T2 FINANCIAL LLC 2 3.44% $5,480
The Central Trust Bank 2 3.25% $10,094
THE MORTGAGE FIRM, INC. 2 2.88% $6,264
Towne Mortgage of the Carolinas, LLC 2 3.06% $7,546
Victorian Finance, LLC 2 3.31% $9,765
MILEND, INC. 1 2.88% $5,608
MORIA DEVELOPMENT, INC. 1 3.63% $5,416
FAIR WAY LENDING LLC 1 2.25% $6,703
EVERETT FINANCIAL, INC. 1 3.13% $6,881
Equity Prime Mortgage LLC 1 4.13% $5,625
M&T Bank 1 3.63% $7,363
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.63% $6,798
DATA MORTGAGE, INC. 1 4.00% $10,492
Colten Mortgage, LLC 1 4.25% $6,569
TOP FLITE FINANCIAL, INC. 1 3.25% $14,265
North American Savings Bank, F.S.B. 1 3.13% $5,856
North State Bank 1 2.88% $6,352
NTFN, INC. 1 3.38% $5,017
OCEANSIDE MORTGAGE COMPANY 1 2.25% $4,271
ON Q FINANCIAL, INC. 1 3.75% $5,108
CityWorth Mortgage LLC 1 3.50% $8,782
BETTER MORTGAGE CORPORATION 1 3.00% $8,045
Peoples Bank 1 3.25% $6,286
Towne Bank 1 3.13% $8,227
ALLIED MORTGAGE GROUP, INC. 1 2.25% $9,997
American Mortgage Bank, LLC 1 2.88% $7,046
Atlantic Coast Mortgage, LLC 1 2.25% $6,494
Amerifirst Financial, Inc. 1 3.63% $16,986
American Security Mortgage Corp. 1 2.75% $7,335
RAPID MORTGAGE COMPANY 1 3.25% $6,615
RELIANCE FIRST CAPITAL, LLC 1 2.50% $9,959
RUOFF MORTGAGE COMPANY, INC. 1 3.25% $5,349
SECURITYNATIONAL MORTGAGE COMPANY 1 4.25% $10,814
SOUTHEAST MORTGAGE OF GEORGIA, INC. 1 3.75% $7,136
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.25% $8,813
United Community Bank 1 3.13% $8,208
AMERICAN FINANCING CORPORATION 1 2.63% $6,810
The Federal Savings Bank 1 2.63% $8,902
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.50% $5,418
1ST SIGNATURE LENDING, LLC 1 3.13% $9,490
Home Mortgage Alliance Corp 1 4.00% $7,579
GENEVA FINANCIAL, LLC 1 3.50% $7,618
InterContinental Capital Group, Inc 1 2.88% $7,491
JPMorgan Chase Bank 1 2.63% $2,622
Flagstar Bank, FSB 1 2.82% $7,249
First Heritage Mortgage, LLC 1 2.38% $6,039
FBC MORTGAGE, LLC 1 3.63% $8,203
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.75% $9,492

The top Rocky Mount FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 102 FHA loans originated. Their average total fees are $6,049, which is $2,113 lower than the next largest lender, PRIMELENDING, A PLAINSCAPITAL COMPANY.

The lowest fee Rocky Mount FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($1,819), LAKEVIEW LOAN SERVICING, LLC ($4,160), FREEDOM MORTGAGE CORPORATION ($5,118), QUICKEN LOANS, LLC ($6,049) and MOVEMENT MORTGAGE, LLC ($6,272).

The lowest rate Rocky Mount FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.72%), QUICKEN LOANS, LLC (2.76%), DHI MORTGAGE COMPANY, LTD. (2.80%), FREEDOM MORTGAGE CORPORATION (2.90%) and VILLAGE CAPITAL MORTGAGE (2.92%).

Rocky Mount FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ROCKY MOUNT, NC EDGECOMBE 2022 $420,680 $538,650 $651,050 $809,150
ROCKY MOUNT, NC NASH 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Rocky Mount (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 $133,490 (11.3%) $170,429 (11.0%) 0.50 520
2018-02-01 $132,500 (20.6%) $170,486 (-7.3%) 0.48 494
2018-03-01 $135,000 (22.8%) $174,645 (8.0%) 0.47 482
2018-04-01 $141,000 (22.7%) $178,086 (6.6%) 0.48 489
2018-05-01 $133,948 (16.6%) $171,498 (1.9%) 0.45 528
2018-06-01 $135,200 (14.2%) $170,730 (6.8%) 0.45 525
2018-07-01 $135,900 (13.3%) $172,533 (9.4%) 0.45 499
2018-08-01 $144,245 (16.4%) $178,849 (13.9%) 0.48 489
2018-09-01 $144,695 (16.2%) $177,598 (13.2%) 0.49 474
2018-10-01 $142,035 (10.4%) $174,595 (7.2%) 0.48 457
2018-11-01 $135,500 (4.1%) $169,930 (1.5%) 0.46 449
2018-12-01 $138,900 (4.6%) $172,172 (2.0%) 0.48 417
2019-01-01 $133,900 (0.3%) $171,315 (0.5%) 0.46 422
2019-02-01 $134,050 (1.2%) $170,168 (-0.2%) 0.45 431
2019-03-01 $133,653 (-1.0%) $172,993 (-1.0%) 0.44 429
2019-04-01 $132,198 (-6.2%) $177,858 (-0.1%) 0.42 428
2019-05-01 $134,448 (0.4%) $182,037 (6.1%) 0.42 425
2019-06-01 $134,400 (-0.6%) $190,507 (11.6%) 0.42 399
2019-07-01 $135,470 (-0.3%) $195,996 (13.6%) 0.42 393
2019-08-01 $135,009 (-6.4%) $191,707 (7.2%) 0.43 395
2019-09-01 $133,598 (-7.7%) $185,445 (4.4%) 0.43 398
2019-10-01 $131,200 (-7.6%) $177,108 (1.4%) 0.42 397
2019-11-01 $134,900 (-0.4%) $177,798 (4.6%) 0.44 384
2019-12-01 $149,490 (7.6%) $184,997 (7.5%) 0.50 327
2020-01-01 $147,445 (10.1%) $184,668 (7.8%) 0.49 319
2020-02-01 $149,900 (11.8%) $190,103 (11.7%) 0.49 316
2020-03-01 $156,675 (17.2%) $197,297 (14.1%) 0.49 307
2020-04-01 $150,000 (13.5%) $196,640 (10.6%) 0.47 299
2020-05-01 $150,000 (11.6%) $197,839 (8.7%) 0.46 271
2020-06-01 $159,950 (19.0%) $205,873 (8.1%) 0.47 218
2020-07-01 $159,925 (18.1%) $216,267 (10.3%) 0.46 193
2020-08-01 $160,000 (18.5%) $211,216 (10.2%) 0.46 172
2020-09-01 $163,750 (22.6%) $215,440 (16.2%) 0.47 153
2020-10-01 $199,450 (52.0%) $228,437 (29.0%) 0.57 174
2020-11-01 $199,750 (48.1%) $221,478 (24.6%) 0.58 172
2020-12-01 $204,000 (36.5%) $228,300 (23.4%) 0.61 178
2021-01-01 $199,000 (35.0%) $225,759 (22.3%) 0.59 166
2021-02-01 $191,700 (27.9%) $229,248 (20.6%) 0.56 141
2021-03-01 $198,250 (26.5%) $236,573 (19.9%) 0.56 127
2021-04-01 $215,750 (43.8%) $247,744 (26.0%) 0.58 119
2021-05-01 $219,000 (46.0%) $253,490 (28.1%) 0.58 115
2021-06-01 $216,075 (35.1%) $249,481 (21.2%) 0.57 146
2021-07-01 $200,000 (25.1%) $237,733 (9.9%) 0.53 169
2021-08-01 $202,573 (26.6%) $251,171 (18.9%) 0.54 203
2021-09-01 $199,275 (21.7%) $251,154 (16.6%) 0.53 212
2021-10-01 $209,950 (5.3%) $261,796 (14.6%) 0.56 190
2021-11-01 $199,975 (0.1%) $248,709 (12.3%) 0.53 213
2021-12-01 $209,445 (2.7%) $253,183 (10.9%) 0.57 188
2022-01-01 $222,740 (11.9%) $261,766 (16.0%) 0.60 154
2022-02-01 $215,949 (12.7%) $244,892 (6.8%) 0.56 113
2022-03-01 $217,000 (9.5%) $246,337 (4.1%) 0.54 93
2022-04-01 $216,450 (0.3%) $244,278 (-1.4%) 0.52 110
2022-05-01 $232,075 (6.0%) $257,573 (1.6%) 0.53 150
2022-06-01 $249,900 (15.7%) $275,857 (10.6%) 0.56 158
2022-07-01 $249,950 (25.0%) $279,519 (17.6%) 0.57 199
2022-08-01 $271,150 (33.9%) $285,285 (13.6%) 0.63 240
2022-09-01 $282,900 (42.0%) $292,672 (16.5%) 0.66 252
2022-10-01 $275,000 (31.0%) $290,926 (11.1%) 0.65 295
2022-11-01 $277,400 (38.7%) $290,703 (16.9%) 0.67 320
2022-12-01 $269,900 (28.9%) $291,265 (15.0%) 0.67 309
Rocky Mount's median listing price for 2022-12-01 was $269,900, a difference of $60,455 (28.9%) versus the prior year and $-7,500 versus the prior month.

Rocky Mount's median listing price comes in at 67% of the national average.

Rocky Mount's average listing price for 2022-12-01 was $291,265, a difference of $38,082 (15.0%) versus the prior year and $562 versus the prior month.

For the 2022-12-01 period, Rocky Mount had 309 MLS listings, a difference of -11 listings (-3%) versus the prior month and 121 listings (64%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Rocky Mount (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 136 days 1,768 sqft
2018-02-01 136 days 1,737 sqft
2018-03-01 129 days 1,778 sqft
2018-04-01 110 days 1,859 sqft
2018-05-01 81 days 1,720 sqft
2018-06-01 86 days 1,740 sqft
2018-07-01 88 days 1,728 sqft
2018-08-01 99 days 1,803 sqft
2018-09-01 107 days 1,792 sqft
2018-10-01 113 days 1,769 sqft
2018-11-01 111 days 1,763 sqft
2018-12-01 115 days 1,766 sqft
2019-01-01 117 days 1,756 sqft
2019-02-01 101 days 1,730 sqft
2019-03-01 95 days 1,710 sqft
2019-04-01 91 days 1,691 sqft
2019-05-01 92 days 1,697 sqft
2019-06-01 97 days 1,698 sqft
2019-07-01 103 days 1,700 sqft
2019-08-01 101 days 1,680 sqft
2019-09-01 93 days 1,650 sqft
2019-10-01 87 days 1,630 sqft
2019-11-01 94 days 1,656 sqft
2019-12-01 93 days 1,750 sqft
2020-01-01 104 days 1,700 sqft
2020-02-01 96 days 1,819 sqft
2020-03-01 75 days 1,864 sqft
2020-04-01 75 days 1,846 sqft
2020-05-01 85 days 1,770 sqft
2020-06-01 99 days 1,875 sqft
2020-07-01 88 days 1,889 sqft
2020-08-01 81 days 1,772 sqft
2020-09-01 66 days 1,806 sqft
2020-10-01 48 days 1,777 sqft
2020-11-01 56 days 1,834 sqft
2020-12-01 66 days 1,790 sqft
2021-01-01 70 days 1,789 sqft
2021-02-01 49 days 1,863 sqft
2021-03-01 53 days 1,810 sqft
2021-04-01 45 days 1,929 sqft
2021-05-01 43 days 1,943 sqft
2021-06-01 37 days 1,985 sqft
2021-07-01 43 days 1,892 sqft
2021-08-01 42 days 1,823 sqft
2021-09-01 43 days 1,774 sqft
2021-10-01 44 days 1,809 sqft
2021-11-01 45 days 1,752 sqft
2021-12-01 52 days 1,757 sqft
2022-01-01 57 days 1,776 sqft
2022-02-01 67 days 1,660 sqft
2022-03-01 43 days 1,692 sqft
2022-04-01 34 days 1,684 sqft
2022-05-01 31 days 1,707 sqft
2022-06-01 36 days 1,673 sqft
2022-07-01 40 days 1,696 sqft
2022-08-01 44 days 1,730 sqft
2022-09-01 52 days 1,855 sqft
2022-10-01 55 days 1,888 sqft
2022-11-01 57 days 1,848 sqft
2022-12-01 72 days 1,825 sqft
Rocky Mount's median listing age (time on market) for 2022-12-01 was 72 days. This is 38% longer than the same period one year ago.

Rocky Mount's median square footage for active listings during the 2022-12-01 period was 1,825 sqft. One year prior, the average listing was 1,757 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).