Rocky Mount FHA Loan Rates, Closing Costs & Stats

ROCKY MOUNT, 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.

    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).