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 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 6.69% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.78% and one month ago for the week of 2024-03-15, the average rate was 6.35%.

    The average rate one year ago was 5.98%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

    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
    Rocky Mount's median listing price for 2024-03-01 was $278,400, a difference of $-11,500 (-4.0%) versus the prior year and $-1,198 versus the prior month.

    Rocky Mount's median listing price comes in at 66% of the national average.

    Rocky Mount's average listing price for 2024-03-01 was $286,780, a difference of $-22,701 (-7.3%) versus the prior year and $-632 versus the prior month.

    For the 2024-03-01 period, Rocky Mount had 307 MLS listings, a difference of 2 listings (1%) versus the prior month and 57 listings (23%) 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
    Rocky Mount's median listing age (time on market) for 2024-03-01 was 56 days. This is -16% shorter than the same period one year ago.

    Rocky Mount's median square footage for active listings during the 2024-03-01 period was 1,772 sqft. One year prior, the average listing was 1,927 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).