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 62 lenders originated 203 FHA loans during 2023. The total origination value was $52,625,000, with an average FHA loan value of $259,236.

    Sanford FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Sanford averaged 6.38% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Sanford's average FHA mortgage closing costs are $7,521.

    The average rate for the prior week (2024-11-01) was 5.96% and one month ago for the week of 2024-10-04, the average rate was 5.48%.

    The average rate one year ago was 7.22%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 26 6.30% $10,069
    DHI MORTGAGE COMPANY, LTD. 22 5.23% $8,174
    UNITED WHOLESALE MORTGAGE, LLC 14 6.71% $10,361
    MOVEMENT MORTGAGE, LLC 12 6.67% $14,666
    CMG MORTGAGE, INC. 7 6.88% $14,490
    GUILD MORTGAGE COMPANY 7 7.30% $12,124
    CORNERSTONE HOME LENDING, INC. 5 6.33% $13,794
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.34% $11,013
    PENNYMAC LOAN SERVICES, LLC 4 6.00% $15,417
    INTERCOASTAL MORTGAGE COMPANY 4 6.16% $9,612
    LOANDEPOT.COM, LLC 4 6.00% $11,536
    Carrington Mortgage Services, LLC 3 6.29% $6,793
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.88% $9,592
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.08% $12,471
    JET HOMELOANS, LLC 3 6.33% $10,944
    Mr. Cooper ( Nationstar Mortgage ) 3 6.38% $14,532
    First Heritage Mortgage, LLC 3 6.29% $11,098
    AMERISAVE MORTGAGE CORPORATION 3 6.21% $14,610
    GoPrime Mortgage, Inc. 3 7.21% $11,513
    CARDINAL FINANCIAL 3 6.21% $14,847
    FREEDOM MORTGAGE CORPORATION 2 7.06% $11,442
    CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $11,563
    The Fidelity Bank 2 6.50% $12,117
    American Security Mortgage Corp. 2 5.88% $12,066
    Northpointe Bank 2 6.63% $9,215
    Equity Prime Mortgage LLC 2 7.25% $8,657
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $10,719
    Prosperity Home Mortgage, LLC 1 6.63% $11,856
    Shamrock Home Loans, Inc. 1 6.75% $10,444
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $6,470
    T2 FINANCIAL LLC 1 7.75% $9,636
    Towne Mortgage of the Carolinas, LLC 1 7.00% $9,925
    Truist 1 6.60% $14,796
    UNION HOME MORTGAGE CORP. 1 7.75% $10,236
    VILLAGE CAPITAL MORTGAGE 1 6.38% $18,478
    1ST SIGNATURE LENDING, LLC 1 6.63% $9,475
    Wells Fargo Bank 1 7.13% $7,148
    ACADEMY MORTGAGE CORPORATION 1 6.13% $16,603
    ALTITUDE FINANCIAL CORPORATION 1 6.75% $5,511
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $18,994
    AMERICAN FINANCING CORPORATION 1 6.00% $8,426
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 7.50% $3,927
    BROKER SOLUTIONS, INC. 1 6.75% $12,479
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $12,927
    EMM LOANS LLC 1 6.00% $10,785
    EQUITY RESOURCES, INC. 1 7.00% $10,461
    First-Citizens Bank & Trust Company 1 6.50% $9,300
    First National Bank of Pennsylvania 1 6.25% $15,771
    Flagstar Bank, FSB 1 6.50% $9,392
    GUARANTEED RATE, INC. 1 6.13% $8,513
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $10,959
    LOANPAL, LLC 1 5.00% $11,851
    MICHIGAN MUTUAL, INC. 1 7.63% $14,935
    MLB RESIDENTIAL LENDING, LLC 1 5.88% $14,267
    NEWREZ LLC 1 6.99% $10,413
    NFM, INC. 1 6.13% $15,364
    NORWICH COMMERCIAL GROUP, INC. 1 7.75% $7,310
    Paramount Residential Mortgage Group, Inc. 1 6.63% $6,372
    Plains Commerce Bank 1 6.50% $11,124
    PNC Bank 1 6.25% $5,710
    PREMIA MORTGAGE, LLC 1 5.63% $9,015
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $15,238

    The top Sanford FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 26 FHA loans originated. Their average total fees are $10,069, which is $1,896 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Sanford FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($8,174), QUICKEN LOANS, LLC ($10,069), UNITED WHOLESALE MORTGAGE, LLC ($10,361), MOVEMENT MORTGAGE, LLC ($14,666) and .

    The lowest rate Sanford FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.23%), QUICKEN LOANS, LLC (6.30%), MOVEMENT MORTGAGE, LLC (6.67%), UNITED WHOLESALE MORTGAGE, LLC (6.71%) and .

    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).