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 112 lenders originated 536 FHA loans during 2022. The total origination value was $108,310,000, with an average FHA loan value of $202,071.

Rocky Mount FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Rocky Mount averaged 5.99% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

Rocky Mount's average FHA mortgage closing costs are $6,820.

The average rate for the prior week (2024-02-09) was 6.09% and one month ago for the week of 2024-01-12, the average rate was 6.03%.

The average rate one year ago was 5.78%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.43%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 61 4.41% $8,603
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 39 5.03% $9,692
INSPIRE HOME LOANS INC. 26 5.71% $9,900
DHI MORTGAGE COMPANY, LTD. 22 3.72% $7,690
BROKER SOLUTIONS, INC. 18 4.87% $8,345
MOVEMENT MORTGAGE, LLC 18 5.17% $9,166
NFM, INC. 15 5.05% $9,001
CORNERSTONE HOME LENDING, INC. 13 4.72% $9,728
GUARANTEED RATE, INC. 10 5.17% $9,207
INTERCOASTAL MORTGAGE COMPANY 9 4.76% $8,937
LOANDEPOT.COM, LLC 9 4.64% $8,366
Mr. Cooper ( Nationstar Mortgage ) 8 4.75% $11,078
UNITED WHOLESALE MORTGAGE, LLC 8 4.63% $10,277
Carrington Mortgage Services, LLC 7 5.41% $5,881
HOMESIDE FINANCIAL, LLC 6 4.67% $8,969
CROSSCOUNTRY MORTGAGE, LLC 6 4.83% $8,545
GoPrime Mortgage, Inc. 6 5.52% $7,814
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.69% $8,614
Alcova Mortgage LLC 6 5.56% $4,368
Truist 6 4.31% $7,932
Nations Lending Corporation 5 4.95% $10,273
PENNYMAC LOAN SERVICES, LLC 5 3.60% $5,448
ANGEL OAK HOME LOANS LLC 5 4.78% $8,353
Equity Prime Mortgage LLC 5 5.10% $7,606
Victorian Finance, LLC 5 5.00% $10,699
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 5.20% $8,028
Blue Ridge Bank 4 5.50% $9,045
AMERICAN FINANCIAL RESOURCES, INC. 4 3.56% $10,581
AMERICAN FINANCING CORPORATION 4 5.90% $7,877
AMERISAVE MORTGAGE CORPORATION 4 4.91% $6,332
CALIBER HOME LOANS, INC. 4 4.34% $7,804
CARDINAL FINANCIAL 4 4.97% $9,467
CMG MORTGAGE, INC. 4 4.81% $8,521
Flagstar Bank, FSB 4 4.41% $10,708
FREEDOM MORTGAGE CORPORATION 4 5.31% $6,067
Hometown Lenders, Inc. 4 4.81% $10,923
Mortgage Research Center, LLC 4 5.09% $8,165
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.25% $8,488
RELIANCE FIRST CAPITAL, LLC 4 4.53% $7,970
VANDERBILT MORTGAGE AND FINANCE, INC. 4 4.81% $11,038
Plains Commerce Bank 3 6.04% $6,968
PANORAMA MORTGAGE GROUP, LLC 3 5.08% $13,551
American Security Mortgage Corp. 3 4.75% $8,650
SUN WEST MORTGAGE COMPANY, INC. 3 5.75% $10,288
RESOURCE FINANCIAL SERVICES, INC. 3 4.50% $7,661
JET HOMELOANS, LLC 2 6.00% $5,497
United Bank 2 5.06% $7,753
GUILD MORTGAGE COMPANY 2 6.13% $7,767
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.06% $7,830
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 4.69% $9,948
Lakeview Community Capital, LLC 2 5.00% $5,557
U.S. Bank 2 4.38% $6,091
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.75% $13,694
Northpointe Bank 2 4.44% $7,385
Paramount Residential Mortgage Group, Inc. 2 4.69% $11,879
PLAZA HOME MORTGAGE, INC. 2 4.50% $12,140
PNC Bank 2 3.63% $6,598
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.69% $9,068
Prosperity Home Mortgage, LLC 2 5.38% $8,070
RAPID MORTGAGE COMPANY 2 4.69% $10,408
SOVEREIGN LENDING GROUP INCORPORATED 2 3.56% $8,932
T2 FINANCIAL LLC 2 6.06% $14,534
The Federal Savings Bank 2 4.31% $11,581
Towne Bank 2 4.50% $10,385
Towne Mortgage of the Carolinas, LLC 2 4.88% $10,284
Encompass Lending Group, LP 2 6.31% $9,553
MILEND, INC. 1 5.63% $9,251
SUCCESS MORTGAGE PARTNERS, INC. 1 6.13% $11,938
CAPITAL CENTER, L.L.C. 1 3.88% $2,695
CALCON MUTUAL MORTGAGE LLC 1 4.75% $8,857
ABSOLUTE HOME MORTGAGE CORPORATION 1 5.63% $8,214
United Community Bank 1 4.38% $6,899
Bank of America 1 2.88% $9,936
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $11,322
Atlantic Coast Mortgage, LLC 1 5.25% $7,787
FAIR WAY LENDING LLC 1 5.25% $8,773
North State Bank 1 4.75% $12,170
EMM LOANS LLC 1 5.75% $14,465
FIDELITY DIRECT MORTGAGE, LLC 1 3.88% $6,544
Armed Forces Bank 1 6.63% $7,782
Peoples Bank 1 6.75% $17,500
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.00% $8,567
PLANET HOME LENDING, LLC 1 6.13% $14,703
TOP FLITE FINANCIAL, INC. 1 5.25% $17,891
FirstBank 1 4.13% $7,710
FIRST COMMUNITY MORTGAGE, INC. 1 4.63% $12,032
VILLAGE CAPITAL MORTGAGE 1 5.50% $18,798
First Home Bank 1 4.25% $16,695
Ameris Bank 1 3.13% $8,810
EQUITY RESOURCES, INC. 1 3.88% $11,436
ACADEMY MORTGAGE CORPORATION 1 5.88% $18,481
Gateway First Bank 1 6.25% $6,649
RUOFF MORTGAGE COMPANY, INC. 1 3.63% $3,439
EMBRACE HOME LOANS, INC. 1 7.50% $7,658
GUARANTY HOME MORTGAGE CORPORATION 1 4.75% $8,692
Shamrock Home Loans, Inc. 1 6.75% $12,797
SOUTHERN TRUST MORTGAGE, LLC 1 5.50% $7,872
HOME POINT FINANCIAL CORPORATION 1 3.75% $7,639
Corporate Investors Mortgage Group, Inc. 1 5.75% $8,323
HOMESPIRE MORTGAGE CORPORATION 1 5.75% $7,494
HOMESTAR FINANCIAL CORPORATION 1 5.25% $7,974
SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.88% $13,599
Colten Mortgage, LLC 1 3.63% $6,740
CityWorth Mortgage LLC 1 3.75% $8,600
First Guaranty Mortgage Corporation 1 4.75% $11,593
KELLER MORTGAGE, LLC 1 4.00% $7,294
First Federal Bank 1 5.63% $16,367
LAKEVIEW LOAN SERVICING, LLC 1 3.99% $12,307
Citizens Bank 1 6.13% $13,108
LOANPAL, LLC 1 5.75% $12,377
Magnolia Bank 1 7.25% $8,066
MIDLAND MORTGAGE CORPORATION 1 5.25% $11,954

The top Rocky Mount FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 61 FHA loans originated. Their average total fees are $8,603, which is $1,089 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 DHI MORTGAGE COMPANY, LTD. ($7,690), BROKER SOLUTIONS, INC. ($8,345), QUICKEN LOANS, LLC ($8,603), NFM, INC. ($9,001) and MOVEMENT MORTGAGE, LLC ($9,166).

The lowest rate Rocky Mount FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.72%), QUICKEN LOANS, LLC (4.41%), CORNERSTONE HOME LENDING, INC. (4.72%), BROKER SOLUTIONS, INC. (4.87%) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. (5.03%).

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
Rocky Mount's median listing price for 2023-12-01 was $292,400, a difference of $22,500 (8.3%) versus the prior year and $5,050 versus the prior month.

Rocky Mount's median listing price comes in at 71% of the national average.

Rocky Mount's average listing price for 2023-12-01 was $291,301, a difference of $-3,342 (-1.1%) versus the prior year and $-1,428 versus the prior month.

For the 2023-12-01 period, Rocky Mount had 313 MLS listings, a difference of 25 listings (9%) versus the prior month and 12 listings (4%) 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 1,810 sqft
Rocky Mount's median listing age (time on market) for 2023-12-01 was 51 days. This is -27% shorter than the same period one year ago.

Rocky Mount's median square footage for active listings during the 2023-12-01 period was 1,810 sqft. One year prior, the average listing was 1,824 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).