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 87 lenders originated 503 FHA loans during 2023. The total origination value was $109,155,000, with an average FHA loan value of $217,008.

Rocky Mount FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Rocky Mount averaged 6.56% for the week of 2024-07-05, compared to the national average (all FHA variants) of 6.724% for the same period.

Rocky Mount's average FHA mortgage closing costs are $7,402.

The average rate for the prior week (2024-06-28) was 6.62% and one month ago for the week of 2024-05-31, the average rate was 6.71%.

The average rate one year ago was 6.69%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.93%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 53 6.47% $8,941
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 53 6.57% $10,397
INSPIRE HOME LOANS INC. 27 5.93% $10,052
GUARANTEED RATE, INC. 25 6.42% $10,951
MOVEMENT MORTGAGE, LLC 20 6.36% $9,704
UNITED WHOLESALE MORTGAGE, LLC 15 6.09% $11,002
NFM, INC. 13 6.56% $9,637
LOANDEPOT.COM, LLC 11 6.76% $7,703
FBC MORTGAGE, LLC 9 5.66% $8,933
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.88% $11,472
NVR Mortgage Finance, Inc. 9 6.08% $12,403
JET HOMELOANS, LLC 8 6.07% $11,488
CROSSCOUNTRY MORTGAGE, LLC 8 6.34% $11,177
GoPrime Mortgage, Inc. 7 6.82% $10,725
Truist 7 6.27% $7,876
BROKER SOLUTIONS, INC. 7 6.79% $9,422
CARDINAL FINANCIAL 7 6.75% $11,768
FREEDOM MORTGAGE CORPORATION 6 7.08% $16,465
AMERISAVE MORTGAGE CORPORATION 6 6.17% $10,882
Carrington Mortgage Services, LLC 6 6.25% $13,648
CORNERSTONE HOME LENDING, INC. 5 6.17% $12,547
North State Bank 5 6.67% $9,099
Alcova Mortgage LLC 5 6.95% $6,187
Prosperity Home Mortgage, LLC 4 6.25% $11,170
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.31% $8,043
DHI MORTGAGE COMPANY, LTD. 4 5.59% $8,061
Blue Ridge Bank 4 6.00% $10,327
MUTUAL OF OMAHA MORTGAGE, INC. 4 7.03% $8,704
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.75% $12,075
Wells Fargo Bank 3 6.46% $8,070
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.96% $10,723
American Security Mortgage Corp. 3 6.29% $9,723
DELMAR FINANCIAL COMPANY 3 6.88% $9,933
EQUITY RESOURCES, INC. 3 6.83% $8,171
Integrity Home Mortgage Corp 3 5.79% $10,265
INTERCOASTAL MORTGAGE COMPANY 3 6.75% $7,144
Mr. Cooper ( Nationstar Mortgage ) 3 6.00% $12,022
Nations Lending Corporation 3 6.79% $12,387
Northpointe Bank 3 7.00% $12,366
PLANET HOME LENDING, LLC 3 5.83% $8,513
The Federal Savings Bank 3 6.71% $8,915
VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.81% $12,798
Mortgage Research Center, LLC 2 6.94% $5,414
Paramount Residential Mortgage Group, Inc. 2 7.25% $13,746
PENNYMAC LOAN SERVICES, LLC 2 6.06% $8,679
Plains Commerce Bank 2 6.13% $10,858
NEWREZ LLC 2 6.19% $10,057
PNC Bank 2 6.75% $4,347
M&T Bank 2 7.00% $7,518
First-Citizens Bank & Trust Company 2 6.13% $7,485
VELOCIO MORTGAGE L.L.C. 2 5.87% $9,501
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.63% $9,877
HOMESIDE FINANCIAL, LLC 2 6.88% $8,801
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.38% $8,486
RELIANCE FIRST CAPITAL, LLC 2 6.38% $12,532
AMERICAN FINANCIAL NETWORK, INC. 2 7.19% $8,307
GENEVA FINANCIAL, LLC 2 7.00% $12,773
LAKEVIEW LOAN SERVICING, LLC 2 5.75% $8,853
Ameris Bank 1 6.63% $12,438
Renasant Bank 1 7.13% $13,757
Shamrock Home Loans, Inc. 1 6.50% $10,026
Southern First Bank 1 5.50% $7,336
STOCKTON MORTGAGE CORPORATION 1 6.25% $10,187
T2 FINANCIAL LLC 1 6.38% $8,229
ACADEMY MORTGAGE CORPORATION 1 7.13% $12,316
TOP FLITE FINANCIAL, INC. 1 6.75% $14,049
Towne Bank 1 6.13% $9,428
American Mortgage & Equity Consultants, Inc. 1 8.13% $17,476
UNION HOME MORTGAGE CORP. 1 6.38% $6,801
United Community Bank 1 7.63% $12,231
JPMorgan Chase Bank 1 7.13% $3,142
Flagstar Bank, FSB 1 6.50% $9,178
LOANLEADERS OF AMERICA, INC. 1 5.50% $9,619
LOANPAL, LLC 1 5.50% $11,077
MDE Home Loans, LLC 1 6.50% $15,498
MILEND, INC. 1 7.13% $11,898
First Heritage Mortgage, LLC 1 6.50% $8,705
U.S. Bank 1 7.63% $8,824
EVERETT FINANCIAL, INC. 1 6.63% $7,248
NEW DAY FINANCIAL, LLC 1 7.50% $10,126
Equity Prime Mortgage LLC 1 7.75% $7,160
NMSI, INC. 1 6.25% $8,983
CMG MORTGAGE, INC. 1 6.25% $12,242
CityWorth Mortgage LLC 1 7.25% $12,884
VILLAGE CAPITAL MORTGAGE 1 6.88% $7,238
Citizens Bank 1 5.75% $5,797
CALCON MUTUAL MORTGAGE LLC 1 7.63% $14,292

The top Rocky Mount FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 53 FHA loans originated. Their average total fees are $8,941, which is $1,456 lower than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Rocky Mount FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($7,703), QUICKEN LOANS, LLC ($8,941), NFM, INC. ($9,637), MOVEMENT MORTGAGE, LLC ($9,704) and INSPIRE HOME LOANS INC. ($10,052).

The lowest rate Rocky Mount FHA lenders (with over 10 loans originated) are INSPIRE HOME LOANS INC. (5.93%), UNITED WHOLESALE MORTGAGE, LLC (6.09%), MOVEMENT MORTGAGE, LLC (6.36%), GUARANTEED RATE, INC. (6.42%) and QUICKEN LOANS, LLC (6.47%).

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
ROCKY MOUNT, NC EDGECOMBE 2023 $472,030 $604,400 $730,525 $907,900
ROCKY MOUNT, NC NASH 2023 $472,030 $604,400 $730,525 $907,900

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%) 0.49 520
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%) 0.48 418
2019-01-01 $134,150 (0.5%) $171,425 (0.6%) 0.46 423
2019-02-01 $134,900 (1.8%) $170,280 (-0.1%) 0.46 432
2019-03-01 $133,681 (-1.0%) $173,101 (-0.9%) 0.44 430
2019-04-01 $132,201 (-6.2%) $178,029 (0.0%) 0.42 428
2019-05-01 $134,945 (0.7%) $182,204 (6.2%) 0.42 425
2019-06-01 $134,900 (-0.2%) $190,301 (11.5%) 0.42 397
2019-07-01 $135,470 (-0.3%) $195,998 (13.6%) 0.42 391
2019-08-01 $135,336 (-6.2%) $191,891 (7.3%) 0.43 393
2019-09-01 $134,416 (-7.1%) $185,613 (4.5%) 0.43 396
2019-10-01 $131,800 (-7.2%) $177,256 (1.5%) 0.43 395
2019-11-01 $134,900 (-0.4%) $177,940 (4.7%) 0.44 382
2019-12-01 $149,800 (7.9%) $185,696 (7.9%) 0.50 327
2020-01-01 $148,548 (10.7%) $185,363 (8.1%) 0.50 318
2020-02-01 $149,950 (11.2%) $190,936 (12.1%) 0.49 315
2020-03-01 $156,900 (17.4%) $198,001 (14.4%) 0.49 306
2020-04-01 $150,000 (13.5%) $197,357 (10.9%) 0.47 297
2020-05-01 $151,950 (12.6%) $198,607 (9.0%) 0.46 269
2020-06-01 $160,000 (18.6%) $206,900 (8.7%) 0.47 216
2020-07-01 $160,000 (18.1%) $217,464 (11.0%) 0.46 191
2020-08-01 $164,000 (21.2%) $212,454 (10.7%) 0.47 170
2020-09-01 $165,999 (23.5%) $216,857 (16.8%) 0.48 151
2020-10-01 $199,900 (51.7%) $229,812 (29.7%) 0.57 172
2020-11-01 $201,200 (49.2%) $222,928 (25.3%) 0.59 170
2020-12-01 $204,800 (36.7%) $229,744 (23.7%) 0.61 176
2021-01-01 $199,000 (34.0%) $227,323 (22.6%) 0.59 164
2021-02-01 $194,650 (29.8%) $231,039 (21.0%) 0.57 139
2021-03-01 $200,625 (27.9%) $238,968 (20.7%) 0.57 125
2021-04-01 $216,850 (44.6%) $249,544 (26.4%) 0.59 116
2021-05-01 $222,000 (46.1%) $255,646 (28.7%) 0.59 112
2021-06-01 $219,850 (37.4%) $251,471 (21.5%) 0.58 144
2021-07-01 $202,450 (26.5%) $239,356 (10.1%) 0.53 167
2021-08-01 $202,995 (23.8%) $252,582 (18.9%) 0.54 201
2021-09-01 $199,650 (20.3%) $252,590 (16.5%) 0.53 210
2021-10-01 $210,000 (5.1%) $263,081 (14.5%) 0.56 187
2021-11-01 $201,250 (0.0%) $249,540 (11.9%) 0.54 210
2021-12-01 $211,895 (3.5%) $254,355 (10.7%) 0.57 186
2022-01-01 $224,900 (13.0%) $263,973 (16.1%) 0.61 152
2022-02-01 $219,900 (13.0%) $247,101 (7.0%) 0.57 111
2022-03-01 $219,500 (9.4%) $249,149 (4.3%) 0.55 91
2022-04-01 $220,320 (1.6%) $246,748 (-1.1%) 0.53 108
2022-05-01 $233,575 (5.2%) $259,827 (1.6%) 0.53 148
2022-06-01 $249,925 (13.7%) $278,334 (10.7%) 0.56 156
2022-07-01 $252,400 (24.7%) $281,478 (17.6%) 0.57 197
2022-08-01 $273,650 (34.8%) $286,569 (13.5%) 0.63 237
2022-09-01 $284,030 (42.3%) $294,249 (16.5%) 0.66 249
2022-10-01 $277,450 (32.1%) $292,338 (11.1%) 0.65 293
2022-11-01 $277,424 (37.9%) $291,946 (17.0%) 0.67 318
2022-12-01 $269,900 (27.4%) $294,643 (15.8%) 0.67 301
2023-01-01 $277,473 (23.4%) $302,689 (14.7%) 0.69 271
2023-02-01 $277,995 (26.4%) $300,512 (21.6%) 0.67 264
2023-03-01 $289,900 (32.1%) $309,481 (24.2%) 0.68 250
2023-04-01 $294,900 (33.9%) $310,232 (25.7%) 0.69 236
2023-05-01 $299,923 (28.4%) $307,694 (18.4%) 0.68 220
2023-06-01 $306,468 (22.6%) $322,357 (15.8%) 0.69 246
2023-07-01 $300,000 (18.9%) $306,259 (8.8%) 0.68 238
2023-08-01 $301,494 (10.2%) $309,281 (7.9%) 0.69 232
2023-09-01 $299,990 (5.6%) $311,177 (5.8%) 0.70 246
2023-10-01 $300,647 (8.4%) $299,349 (2.4%) 0.71 262
2023-11-01 $287,350 (3.6%) $292,729 (0.3%) 0.68 288
2023-12-01 $292,400 (8.3%) $291,301 (-1.1%) 0.71 313
2024-01-01 $288,450 (4.0%) $289,168 (-4.5%) 0.70 299
2024-02-01 $279,598 (0.6%) $287,412 (-4.4%) 0.67 305
2024-03-01 $278,400 (-4.0%) $286,780 (-7.3%) 0.66 307
2024-04-01 $304,900 (3.4%) $298,750 (-3.7%) 0.71 297
2024-05-01 $294,950 (-1.7%) $298,816 (-2.9%) 0.67 319
2024-06-01 $299,900 (-2.1%) $303,278 (-5.9%) 0.67 351
Rocky Mount's median listing price for 2024-06-01 was $299,900, a difference of $-6,568 (-2.1%) versus the prior year and $4,950 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 2024-06-01 was $303,278, a difference of $-19,079 (-5.9%) versus the prior year and $4,462 versus the prior month.

For the 2024-06-01 period, Rocky Mount had 351 MLS listings, a difference of 32 listings (10%) versus the prior month and 105 listings (43%) 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
2018-01-01 109 days 1,768 sqft
2018-02-01 101 days 1,737 sqft
2018-03-01 99 days 1,778 sqft
2018-04-01 76 days 1,859 sqft
2018-05-01 62 days 1,720 sqft
2018-06-01 67 days 1,740 sqft
2018-07-01 74 days 1,728 sqft
2018-08-01 88 days 1,803 sqft
2018-09-01 88 days 1,792 sqft
2018-10-01 95 days 1,769 sqft
2018-11-01 93 days 1,763 sqft
2018-12-01 100 days 1,766 sqft
2019-01-01 94 days 1,756 sqft
2019-02-01 77 days 1,730 sqft
2019-03-01 75 days 1,710 sqft
2019-04-01 78 days 1,691 sqft
2019-05-01 80 days 1,699 sqft
2019-06-01 84 days 1,698 sqft
2019-07-01 90 days 1,700 sqft
2019-08-01 84 days 1,681 sqft
2019-09-01 79 days 1,652 sqft
2019-10-01 76 days 1,632 sqft
2019-11-01 85 days 1,658 sqft
2019-12-01 85 days 1,747 sqft
2020-01-01 96 days 1,696 sqft
2020-02-01 84 days 1,790 sqft
2020-03-01 64 days 1,863 sqft
2020-04-01 67 days 1,846 sqft
2020-05-01 75 days 1,770 sqft
2020-06-01 86 days 1,875 sqft
2020-07-01 73 days 1,889 sqft
2020-08-01 64 days 1,772 sqft
2020-09-01 53 days 1,806 sqft
2020-10-01 42 days 1,777 sqft
2020-11-01 51 days 1,828 sqft
2020-12-01 64 days 1,790 sqft
2021-01-01 64 days 1,789 sqft
2021-02-01 47 days 1,866 sqft
2021-03-01 47 days 1,806 sqft
2021-04-01 40 days 1,922 sqft
2021-05-01 43 days 1,928 sqft
2021-06-01 35 days 1,985 sqft
2021-07-01 41 days 1,892 sqft
2021-08-01 40 days 1,823 sqft
2021-09-01 43 days 1,771 sqft
2021-10-01 44 days 1,809 sqft
2021-11-01 44 days 1,742 sqft
2021-12-01 49 days 1,755 sqft
2022-01-01 56 days 1,776 sqft
2022-02-01 66 days 1,660 sqft
2022-03-01 42 days 1,692 sqft
2022-04-01 33 days 1,690 sqft
2022-05-01 31 days 1,716 sqft
2022-06-01 35 days 1,684 sqft
2022-07-01 39 days 1,704 sqft
2022-08-01 44 days 1,735 sqft
2022-09-01 52 days 1,859 sqft
2022-10-01 54 days 1,894 sqft
2022-11-01 56 days 1,859 sqft
2022-12-01 70 days 1,824 sqft
2023-01-01 86 days 1,870 sqft
2023-02-01 83 days 1,880 sqft
2023-03-01 67 days 1,927 sqft
2023-04-01 58 days 1,902 sqft
2023-05-01 51 days 1,940 sqft
2023-06-01 49 days 1,894 sqft
2023-07-01 51 days 1,869 sqft
2023-08-01 53 days 1,876 sqft
2023-09-01 47 days 1,902 sqft
2023-10-01 54 days 1,846 sqft
2023-11-01 49 days 1,808 sqft
2023-12-01 51 days 1,811 sqft
2024-01-01 62 days 1,800 sqft
2024-02-01 64 days 1,741 sqft
2024-03-01 56 days 1,772 sqft
2024-04-01 55 days 1,732 sqft
2024-05-01 52 days 1,689 sqft
2024-06-01 47 days 1,724 sqft
Rocky Mount's median listing age (time on market) for 2024-06-01 was 47 days. This is -3% shorter than the same period one year ago.

Rocky Mount's median square footage for active listings during the 2024-06-01 period was 1,724 sqft. One year prior, the average listing was 1,894 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).