Shelby FHA Loan Rates, Closing Costs & Stats

Shelby, 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.

    Shelby's 85 lenders originated 428 FHA loans during 2024. The total origination value was $97,940,000, with an average FHA loan value of $228,832.

    Shelby FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Shelby averaged 0.32% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

    Shelby's average FHA mortgage closing costs are $7,579.

    The average rate for the prior week (2025-06-27) was 6.6% and one month ago for the week of 2025-05-30, the average rate was 6.78%.

    The average rate one year ago was 6.7%.

    For refis of the same type during the week of 2025-07-04, the average rate was 0.1%.

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

    Shelby 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 Shelby level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 44 6.43% $9,482
    LOANDEPOT.COM, LLC 34 6.19% $7,504
    MOVEMENT MORTGAGE, LLC 20 6.64% $10,915
    AMERICAN FINANCIAL RESOURCES, INC. 19 6.28% $15,301
    UNION HOME MORTGAGE CORP. 19 6.72% $10,774
    UNITED WHOLESALE MORTGAGE, LLC 19 6.12% $11,557
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 6.67% $11,825
    ON Q FINANCIAL, INC. 15 6.40% $10,798
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.67% $10,981
    CARDINAL FINANCIAL 10 6.67% $13,712
    INSPIRE HOME LOANS INC. 9 5.92% $10,689
    BROKER SOLUTIONS, INC. 9 6.98% $8,358
    FREEDOM MORTGAGE CORPORATION 8 6.41% $13,083
    CROSSCOUNTRY MORTGAGE, LLC 8 6.49% $10,555
    GUARANTEED RATE, INC. 7 5.93% $11,814
    PENNYMAC LOAN SERVICES, LLC 6 6.21% $9,808
    Carrington Mortgage Services, LLC 5 6.78% $8,260
    Alcova Mortgage LLC 5 6.45% $12,859
    GUILD MORTGAGE COMPANY 5 6.55% $9,493
    DHI MORTGAGE COMPANY, LTD. 5 4.85% $6,265
    Equity Prime Mortgage LLC 5 6.70% $8,997
    ZILLOW HOME LOANS, LLC 4 6.47% $10,519
    SUMMIT FUNDING, INC. 4 6.28% $12,035
    Plains Commerce Bank 4 6.38% $9,670
    American Security Mortgage Corp. 4 6.75% $8,318
    VILLAGE CAPITAL MORTGAGE 3 6.88% $4,502
    The Loan Store, Inc. 3 6.08% $8,416
    SeaTrust Mortgage Company 3 6.67% $10,386
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.83% $9,599
    Flagstar Bank, FSB 3 5.71% $9,289
    T2 FINANCIAL LLC 3 7.00% $14,704
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 2 6.06% $9,346
    American Mortgage & Equity Consultants, Inc. 2 6.69% $13,599
    AMERISAVE MORTGAGE CORPORATION 2 6.44% $13,402
    Barrington Bank & Trust Company, N.A. 2 6.00% $7,965
    Fifth Third Bank 2 6.38% $7,439
    FIRST COMMUNITY MORTGAGE, INC. 2 7.06% $11,111
    HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.81% $6,700
    Integrity Home Mortgage Corp 2 7.19% $9,923
    Lakeview Community Capital, LLC 2 6.75% $7,891
    LAKEVIEW LOAN SERVICING, LLC 2 6.50% $12,036
    MILEND, INC. 2 6.75% $11,958
    Mortgage Research Center, LLC 2 6.88% $8,308
    Mr. Cooper ( Nationstar Mortgage ) 2 6.69% $7,714
    NEWREZ LLC 2 5.31% $11,188
    PLANET HOME LENDING, LLC 2 6.38% $6,176
    PLAZA HOME MORTGAGE, INC. 2 6.94% $13,409
    1ST SIGNATURE LENDING, LLC 2 6.31% $13,443
    SUN WEST MORTGAGE COMPANY, INC. 2 6.31% $13,138
    Uwharrie Bank 1 6.88% $10,433
    NFM, INC. 1 7.25% $9,557
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.25% $8,521
    Paramount Residential Mortgage Group, Inc. 1 6.50% $11,390
    First National Bank of Pennsylvania 1 6.25% $8,983
    PHH Mortgage Corporation 1 7.63% $3,874
    First Federal Bank 1 6.13% $5,201
    VERITAS FUNDING, LLC 1 6.63% $17,644
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $11,483
    PREMIER LENDING, INC. 1 7.13% $12,002
    First-Citizens Bank & Trust Company 1 6.38% $7,976
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $10,647
    Prosperity Home Mortgage, LLC 1 7.63% $9,706
    ENVOY MORTGAGE, LTD 1 6.63% $14,619
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $11,596
    Wells Fargo Bank 1 6.50% $14,760
    CityWorth Mortgage LLC 1 6.00% $13,719
    South State Bank 1 6.13% $8,059
    SOUTHWEST STAGE FUNDING, LLC 1 5.88% $11,233
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.99% $13,451
    Centennial Bank 1 6.75% $11,295
    ALLIED MORTGAGE GROUP, INC. 1 5.25% $10,380
    BANKSOUTH MORTGAGE COMPANY, LLC 1 6.63% $10,592
    The Fidelity Bank 1 6.50% $8,483
    Bank of America 1 8.00% $7,444
    TJC Mortgage, Inc. 1 7.63% $12,222
    TOP FLITE FINANCIAL, INC. 1 6.99% $6,783
    Truliant Federal Credit Union 1 7.13% $8,345
    Loan Simple, Inc. 1 7.25% $13,749
    MID AMERICA MORTGAGE, INC. 1 6.88% $4,000
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $17,257
    Mortgage Assurance Inc. 1 6.38% $15,472
    AMERICAN FINANCING CORPORATION 1 6.63% $6,556
    INTERCOASTAL MORTGAGE COMPANY 1 6.88% $10,738
    U.S. Bank 1 7.13% $8,345
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $14,761

    The top Shelby FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 44 FHA loans originated. Their average total fees are $9,482, which is $1,979 higher than the next largest lender, LOANDEPOT.COM, LLC.

    The lowest fee Shelby FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($7,504), QUICKEN LOANS, LLC ($9,482), UNION HOME MORTGAGE CORP. ($10,774), ON Q FINANCIAL, INC. ($10,798) and MOVEMENT MORTGAGE, LLC ($10,915).

    The lowest rate Shelby FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.12%), LOANDEPOT.COM, LLC (6.19%), AMERICAN FINANCIAL RESOURCES, INC. (6.28%), ON Q FINANCIAL, INC. (6.40%) and QUICKEN LOANS, LLC (6.43%).

    Shelby FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SHELBY, NC CLEVELAND 2022 $420,680 $538,650 $651,050 $809,150
    SHELBY, NC CLEVELAND 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).