Sanford FHA Loan Rates, Closing Costs & Stats

Sanford, 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.

    Sanford's 61 lenders originated 299 FHA loans during 2024. The total origination value was $85,965,000, with an average FHA loan value of $287,508.

    Sanford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sanford averaged -0.46% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Sanford's average FHA mortgage closing costs are $8,193.

    The average rate for the prior week (2025-06-13) was 6.32% and one month ago for the week of 2025-05-16, the average rate was 6.28%.

    The average rate one year ago was 6.64%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.08%.

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

    Sanford 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 Sanford level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    DHI MORTGAGE COMPANY, LTD. 72 4.68% $8,086
    UNITED WHOLESALE MORTGAGE, LLC 18 6.27% $11,101
    NVR Mortgage Finance, Inc. 17 6.03% $12,500
    QUICKEN LOANS, LLC 17 6.19% $11,941
    GUILD MORTGAGE COMPANY 11 6.07% $11,426
    FBC MORTGAGE, LLC 10 5.10% $11,263
    JET HOMELOANS, LLC 9 6.21% $14,211
    MOVEMENT MORTGAGE, LLC 9 6.67% $12,448
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 8 6.53% $12,173
    South Pacific Financial Corporation 7 5.39% $9,751
    FREEDOM MORTGAGE CORPORATION 7 6.25% $9,545
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.10% $12,083
    CROSSCOUNTRY MORTGAGE, LLC 5 6.44% $12,304
    PENNYMAC LOAN SERVICES, LLC 4 6.00% $13,305
    NFM, INC. 4 6.06% $13,909
    NEWREZ LLC 4 6.25% $9,527
    CORNERSTONE HOME LENDING, INC. 3 6.38% $13,572
    American Security Mortgage Corp. 3 6.25% $10,018
    Carrington Mortgage Services, LLC 3 6.21% $16,592
    BROKER SOLUTIONS, INC. 3 6.92% $9,452
    United Community Bank 3 6.38% $12,664
    CARDINAL FINANCIAL 3 7.42% $18,321
    LOANPAL, LLC 3 6.16% $9,541
    RELIANCE FIRST CAPITAL, LLC 2 6.50% $10,604
    MILEND, INC. 2 6.88% $10,968
    ZILLOW HOME LOANS, LLC 2 6.25% $13,462
    DELMAR FINANCIAL COMPANY 2 6.19% $11,787
    SUN WEST MORTGAGE COMPANY, INC. 2 5.75% $9,265
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $12,761
    The Fidelity Bank 2 6.88% $7,004
    VILLAGE CAPITAL MORTGAGE 2 6.50% $6,027
    Mortgage Research Center, LLC 1 6.63% $5,966
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $13,852
    CityWorth Mortgage LLC 1 7.13% $10,394
    EQUITY RESOURCES, INC. 1 6.63% $8,729
    FIDELITY DIRECT MORTGAGE, LLC 1 7.00% $17,835
    First Heritage Mortgage, LLC 1 6.13% $14,005
    First National Bank of Pennsylvania 1 6.50% $9,214
    GoPrime Mortgage, Inc. 1 6.75% $9,501
    GUARANTEED RATE, INC. 1 6.25% $10,971
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $3,948
    INTERCOASTAL MORTGAGE COMPANY 1 7.00% $9,575
    Keystone Funding, Inc. 1 5.75% $10,877
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $5,813
    LOANDEPOT.COM, LLC 1 5.99% $9,305
    Alcova Mortgage LLC 1 6.63% $4,374
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $13,083
    NATION ONE MORTGAGE CORPORATION 1 6.75% $16,682
    Nations Lending Corporation 1 6.75% $9,075
    OPEN MORTGAGE, LLC 1 6.25% $13,907
    Paramount Residential Mortgage Group, Inc. 1 7.13% $9,559
    Plains Commerce Bank 1 7.50% $9,263
    Presidential Bank, FSB 1 6.25% $10,939
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.25% $8,753
    Prosperity Home Mortgage, LLC 1 5.75% $9,645
    SOUTHERN TRUST MORTGAGE, LLC 1 6.63% $10,874
    T2 FINANCIAL LLC 1 7.13% $11,098
    Truist 1 5.75% $7,693
    UNION HOME MORTGAGE CORP. 1 6.63% $17,896
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.13% $15,557
    Wells Fargo Bank 1 4.50% $21,540

    The top Sanford FHA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 72 FHA loans originated. Their average total fees are $8,086, which is $3,015 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Sanford FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,086), UNITED WHOLESALE MORTGAGE, LLC ($11,101), FBC MORTGAGE, LLC ($11,263), GUILD MORTGAGE COMPANY ($11,426) and QUICKEN LOANS, LLC ($11,941).

    The lowest rate Sanford FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.68%), FBC MORTGAGE, LLC (5.10%), NVR Mortgage Finance, Inc. (6.03%), GUILD MORTGAGE COMPANY (6.07%) and QUICKEN LOANS, LLC (6.19%).

    Sanford FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SANFORD, NC LEE 2022 $420,680 $538,650 $651,050 $809,150
    SANFORD, NC LEE 2023 $472,030 $604,400 $730,525 $907,900

    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).