Shelby FHA Loan Rates, Closing Costs & Stats

Shelby, NC

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 89 lenders originated 378 FHA loans during 2023. The total origination value was $80,830,000, with an average FHA loan value of $213,836.

Shelby FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Shelby averaged 6.43% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Shelby's average FHA mortgage closing costs are $7,074.

The average rate for the prior week (2024-05-10) was 6.67% and one month ago for the week of 2024-04-12, the average rate was 6.63%.

The average rate one year ago was 6.39%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.49%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 46 6.31% $9,604
HOMESTAR FINANCIAL CORPORATION 35 6.59% $9,376
MOVEMENT MORTGAGE, LLC 28 6.64% $10,175
ON Q FINANCIAL, INC. 23 7.03% $10,708
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 19 6.61% $11,458
UNITED WHOLESALE MORTGAGE, LLC 19 6.24% $10,819
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 15 6.66% $9,739
LOANDEPOT.COM, LLC 13 6.58% $8,321
CROSSCOUNTRY MORTGAGE, LLC 10 6.44% $11,887
CARDINAL FINANCIAL 9 6.35% $11,831
BROKER SOLUTIONS, INC. 8 6.61% $11,264
American Security Mortgage Corp. 5 5.80% $10,874
GUILD MORTGAGE COMPANY 4 6.53% $8,893
Mr. Cooper ( Nationstar Mortgage ) 4 6.53% $11,651
PENNYMAC LOAN SERVICES, LLC 4 5.97% $11,096
Equity Prime Mortgage LLC 4 6.66% $9,202
First Federal Bank 3 6.29% $5,321
FREEDOM MORTGAGE CORPORATION 3 7.08% $9,752
SeaTrust Mortgage Company 3 6.42% $9,873
RAPID MORTGAGE COMPANY 3 7.25% $9,216
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.46% $12,799
PLANET HOME LENDING, LLC 3 6.46% $5,820
Carrington Mortgage Services, LLC 3 6.71% $9,510
ACADEMY MORTGAGE CORPORATION 3 7.46% $6,912
NEWREZ LLC 3 5.50% $10,113
LAKEVIEW LOAN SERVICING, LLC 3 6.33% $9,378
Northpointe Bank 2 6.75% $9,926
Alcova Mortgage LLC 2 7.25% $9,747
AMERICAN FINANCIAL RESOURCES, INC. 2 6.50% $19,510
Bank of America 2 6.63% $7,498
HOMESIDE FINANCIAL, LLC 2 6.94% $9,823
LOANPAL, LLC 2 5.81% $12,729
MID AMERICA MORTGAGE, INC. 2 7.19% $6,601
MILEND, INC. 2 6.75% $13,627
Nations Lending Corporation 2 6.69% $13,051
NFM, INC. 2 7.13% $11,385
Truliant Federal Credit Union 2 6.31% $7,022
Lakeview Community Capital, LLC 1 5.25% $10,323
First National Bank of Pennsylvania 1 7.13% $10,314
LEGEND LENDING CORPORATION 1 5.63% $12,173
Fifth Third Bank 1 6.13% $4,368
AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $6,105
MICHIGAN MUTUAL, INC. 1 5.38% $17,790
U.S. Bank 1 6.25% $5,654
Victorian Finance, LLC 1 6.88% $6,444
Mortgage Research Center, LLC 1 6.99% $6,330
FBC MORTGAGE, LLC 1 6.75% $7,771
EMBRACE HOME LOANS, INC. 1 6.75% $11,184
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $15,287
VILLAGE CAPITAL MORTGAGE 1 5.75% $12,869
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $12,703
CORNERSTONE HOME LENDING, INC. 1 6.75% $14,858
NEXERA HOLDING LLC 1 5.63% $12,228
Wyndham Capital Mortgage, Inc. 1 6.25% $9,976
North American Savings Bank, F.S.B. 1 5.75% $10,807
CMG MORTGAGE, INC. 1 6.63% $8,621
NORWICH COMMERCIAL GROUP, INC. 1 6.25% $8,228
OCMBC, INC. 1 7.25% $14,955
Citizens Bank 1 6.63% $10,895
CAPITAL CENTER, L.L.C. 1 6.63% $5,264
Pinnacle Bank 1 6.63% $8,676
Plains Commerce Bank 1 7.13% $9,727
Blue Ridge Bank 1 6.38% $8,185
Platinum Home Mortgage Corporation 1 6.75% $9,499
PLAZA HOME MORTGAGE, INC. 1 8.00% $6,197
PREMIER LENDING, INC. 1 7.75% $9,506
BETTER MORTGAGE CORPORATION 1 5.25% $11,123
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.50% $10,593
Prosperity Home Mortgage, LLC 1 5.63% $11,612
Atlantic Coast Mortgage, LLC 1 7.50% $11,715
AMERISAVE MORTGAGE CORPORATION 1 5.75% $10,511
Regions Bank 1 5.75% $7,474
RELIANCE FIRST CAPITAL, LLC 1 6.00% $6,673
AMERICAN FINANCING CORPORATION 1 6.00% $9,870
SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.38% $7,835
The Federal Savings Bank 1 5.13% $14,332
The Fidelity Bank 1 6.75% $6,649
THRIVE MORTGAGE, LLC 1 6.25% $8,497
TJC Mortgage, Inc. 1 6.88% $8,325
TOP FLITE FINANCIAL, INC. 1 7.25% $5,310
Towne Bank 1 6.25% $9,222
ZILLOW HOME LOANS, LLC 1 6.25% $6,635
GUARANTEED RATE, INC. 1 5.68% $8,419
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.50% $13,925
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.63% $10,573
UNION HOME MORTGAGE CORP. 1 7.50% $10,838
Flagstar Bank, FSB 1 6.25% $8,596
HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.75% $6,582
INSPIRE HOME LOANS INC. 1 7.25% $7,932

The top Shelby FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 46 FHA loans originated. Their average total fees are $9,604, which is $228 higher than the next largest lender, HOMESTAR FINANCIAL CORPORATION.

The lowest fee Shelby FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC ($8,321), HOMESTAR FINANCIAL CORPORATION ($9,376), QUICKEN LOANS, LLC ($9,604), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,739) and MOVEMENT MORTGAGE, LLC ($10,175).

The lowest rate Shelby FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.24%), QUICKEN LOANS, LLC (6.31%), CROSSCOUNTRY MORTGAGE, LLC (6.44%), LOANDEPOT.COM, LLC (6.58%) and HOMESTAR FINANCIAL CORPORATION (6.59%).

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Shelby (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 $144,745 (4.1%) $197,484 (6.8%) 0.00 252
2018-02-01 $163,495 (18.6%) $210,525 (12.6%) 0.00 250
2018-03-01 $166,495 (19.8%) $213,179 (11.0%) 0.00 237
2018-04-01 $180,825 (30.1%) $221,941 (11.2%) 0.00 232
2018-05-01 $177,493 (26.9%) $230,676 (11.9%) 0.00 266
2018-06-01 $174,490 (22.0%) $229,165 (12.3%) 0.00 272
2018-07-01 $179,320 (31.3%) $236,149 (21.2%) 0.00 279
2018-08-01 $172,450 (24.1%) $236,479 (18.4%) 0.00 269
2018-09-01 $169,950 (25.9%) $234,681 (21.2%) 0.00 261
2018-10-01 $167,500 (19.7%) $232,033 (18.6%) 0.00 253
2018-11-01 $175,873 (26.1%) $241,135 (22.2%) 0.00 233
2018-12-01 $175,000 (25.0%) $241,291 (24.1%) 0.00 215
2019-01-01 $183,495 (26.8%) $252,166 (27.7%) 0.00 204
2019-02-01 $192,225 (17.6%) $254,316 (20.8%) 0.00 199
2019-03-01 $197,714 (18.8%) $258,647 (21.3%) 0.00 180
2019-04-01 $187,950 (3.9%) $249,218 (12.3%) 0.00 174
2019-05-01 $218,400 (23.1%) $265,960 (15.3%) 0.00 171
2019-06-01 $212,000 (21.5%) $277,072 (20.9%) 0.00 173
2019-07-01 $209,900 (17.1%) $283,577 (20.1%) 0.00 174
2019-08-01 $202,264 (17.3%) $278,160 (17.6%) 0.00 176
2019-09-01 $190,809 (12.3%) $265,964 (13.3%) 0.00 186
2019-10-01 $181,900 (8.6%) $256,755 (10.7%) 0.00 195
2019-11-01 $189,900 (8.0%) $257,808 (6.9%) 0.00 184
2019-12-01 $189,900 (8.5%) $256,685 (6.4%) 0.00 172
2020-01-01 $185,650 (1.2%) $248,708 (-1.4%) 0.00 164
2020-02-01 $189,799 (-1.3%) $257,931 (1.4%) 0.00 156
2020-03-01 $214,950 (8.7%) $268,145 (3.7%) 0.00 146
2020-04-01 $220,675 (17.4%) $268,026 (7.6%) 0.00 125
2020-05-01 $222,900 (2.1%) $272,321 (2.4%) 0.00 131
2020-06-01 $220,150 (3.8%) $260,284 (-6.1%) 0.00 108
2020-07-01 $223,650 (6.6%) $286,893 (1.2%) 0.00 90
2020-08-01 $219,900 (8.7%) $283,423 (1.9%) 0.00 78
2020-09-01 $224,400 (17.6%) $319,136 (20.0%) 0.00 83
2020-10-01 $230,000 (26.4%) $314,148 (22.4%) 0.00 88
2020-11-01 $207,250 (9.1%) $280,946 (9.0%) 0.00 89
2020-12-01 $188,750 (-0.6%) $249,565 (-2.8%) 0.00 92
2021-01-01 $200,000 (7.7%) $258,627 (4.0%) 0.00 91
2021-02-01 $214,975 (13.3%) $262,002 (1.6%) 0.00 88
2021-03-01 $239,425 (11.4%) $281,237 (4.9%) 0.00 67
2021-04-01 $228,450 (3.5%) $277,407 (3.5%) 0.00 65
2021-05-01 $212,100 (-4.9%) $336,963 (23.7%) 0.00 56
2021-06-01 $240,425 (9.2%) $333,107 (28.0%) 0.00 60
2021-07-01 $230,000 (2.8%) $320,415 (11.7%) 0.00 77
2021-08-01 $237,475 (8.0%) $348,107 (22.8%) 0.00 105
2021-09-01 $228,250 (1.7%) $362,082 (13.5%) 0.00 111
2021-10-01 $259,900 (13.0%) $372,876 (18.7%) 0.00 118
2021-11-01 $247,750 (19.5%) $386,701 (37.6%) 0.00 146
2021-12-01 $247,450 (31.1%) $408,650 (63.7%) 0.00 129
2022-01-01 $247,500 (23.8%) $442,000 (70.9%) 0.00 104
2022-02-01 $249,950 (16.3%) $417,496 (59.4%) 0.00 81
2022-03-01 $282,472 (18.0%) $436,254 (55.1%) 0.00 69
2022-04-01 $265,000 (16.0%) $418,792 (51.0%) 0.00 68
2022-05-01 $259,450 (22.3%) $386,172 (14.6%) 0.00 90
2022-06-01 $245,000 (1.9%) $379,831 (14.0%) 0.00 126
2022-07-01 $227,450 (-1.1%) $364,107 (13.6%) 0.00 164
2022-08-01 $245,000 (3.2%) $362,163 (4.0%) 0.00 178
2022-09-01 $238,175 (4.4%) $339,450 (-6.3%) 0.00 205
2022-10-01 $240,000 (-7.7%) $325,942 (-12.6%) 0.00 224
2022-11-01 $250,000 (0.9%) $338,683 (-12.4%) 0.00 212
2022-12-01 $245,900 (-0.6%) $343,789 (-15.9%) 0.00 200
2023-01-01 $266,000 (7.5%) $350,508 (-20.7%) 0.00 169
2023-02-01 $264,973 (6.0%) $355,206 (-14.9%) 0.00 158
2023-03-01 $285,000 (0.9%) $383,483 (-12.1%) 0.00 151
2023-04-01 $285,000 (7.6%) $374,370 (-10.6%) 0.00 156
2023-05-01 $278,500 (7.3%) $381,350 (-1.3%) 0.00 153
2023-06-01 $272,400 (11.2%) $381,807 (0.5%) 0.00 179
2023-07-01 $269,250 (18.4%) $350,660 (-3.7%) 0.00 178
2023-08-01 $279,400 (14.0%) $362,212 (0.0%) 0.00 182
2023-09-01 $279,400 (17.3%) $367,476 (8.3%) 0.00 198
2023-10-01 $280,150 (16.7%) $370,796 (13.8%) 0.00 209
2023-11-01 $290,500 (16.2%) $373,343 (10.2%) 0.00 217
2023-12-01 $289,900 (17.9%) $373,975 (8.8%) 0.00 226
2024-01-01 $289,949 (9.0%) $370,172 (5.6%) 0.00 234
2024-02-01 $288,075 (8.7%) $361,099 (1.7%) 0.00 231
2024-03-01 $285,000 (0.0%) $350,916 (-8.5%) 0.00 221
2024-04-01 $296,450 (4.0%) $342,834 (-8.4%) 0.00 227
Shelby's median listing price for 2024-04-01 was $296,450, a difference of $11,450 (4.0%) versus the prior year and $11,450 versus the prior month.

Shelby's median listing price comes in at 0% of the national average.

Shelby's average listing price for 2024-04-01 was $342,834, a difference of $-31,536 (-8.4%) versus the prior year and $-8,082 versus the prior month.

For the 2024-04-01 period, Shelby had 227 MLS listings, a difference of 6 listings (3%) versus the prior month and 71 listings (46%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Shelby (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,803 sqft
2018-02-01 0 days 1,841 sqft
2018-03-01 0 days 1,827 sqft
2018-04-01 0 days 1,886 sqft
2018-05-01 0 days 1,951 sqft
2018-06-01 0 days 1,886 sqft
2018-07-01 0 days 1,934 sqft
2018-08-01 0 days 1,926 sqft
2018-09-01 0 days 1,881 sqft
2018-10-01 0 days 1,830 sqft
2018-11-01 0 days 1,888 sqft
2018-12-01 0 days 1,875 sqft
2019-01-01 0 days 2,002 sqft
2019-02-01 0 days 2,028 sqft
2019-03-01 0 days 2,038 sqft
2019-04-01 0 days 1,972 sqft
2019-05-01 0 days 2,149 sqft
2019-06-01 0 days 1,972 sqft
2019-07-01 0 days 1,927 sqft
2019-08-01 0 days 1,919 sqft
2019-09-01 0 days 1,841 sqft
2019-10-01 0 days 1,797 sqft
2019-11-01 0 days 1,840 sqft
2019-12-01 0 days 1,932 sqft
2020-01-01 0 days 1,802 sqft
2020-02-01 0 days 1,840 sqft
2020-03-01 0 days 1,816 sqft
2020-04-01 0 days 1,846 sqft
2020-05-01 0 days 1,870 sqft
2020-06-01 0 days 1,893 sqft
2020-07-01 0 days 1,866 sqft
2020-08-01 0 days 1,828 sqft
2020-09-01 0 days 1,812 sqft
2020-10-01 0 days 1,782 sqft
2020-11-01 0 days 1,664 sqft
2020-12-01 0 days 1,570 sqft
2021-01-01 0 days 1,587 sqft
2021-02-01 0 days 1,541 sqft
2021-03-01 0 days 1,598 sqft
2021-04-01 0 days 1,654 sqft
2021-05-01 0 days 1,624 sqft
2021-06-01 0 days 1,757 sqft
2021-07-01 0 days 1,744 sqft
2021-08-01 0 days 1,670 sqft
2021-09-01 0 days 1,699 sqft
2021-10-01 0 days 1,800 sqft
2021-11-01 0 days 1,673 sqft
2021-12-01 0 days 1,804 sqft
2022-01-01 0 days 1,827 sqft
2022-02-01 0 days 1,759 sqft
2022-03-01 0 days 1,805 sqft
2022-04-01 0 days 1,747 sqft
2022-05-01 0 days 1,666 sqft
2022-06-01 0 days 1,530 sqft
2022-07-01 0 days 1,500 sqft
2022-08-01 0 days 1,538 sqft
2022-09-01 0 days 1,558 sqft
2022-10-01 0 days 1,549 sqft
2022-11-01 0 days 1,604 sqft
2022-12-01 0 days 1,604 sqft
2023-01-01 0 days 1,623 sqft
2023-02-01 0 days 1,598 sqft
2023-03-01 0 days 1,631 sqft
2023-04-01 0 days 1,575 sqft
2023-05-01 0 days 1,571 sqft
2023-06-01 0 days 1,556 sqft
2023-07-01 0 days 1,583 sqft
2023-08-01 0 days 1,655 sqft
2023-09-01 0 days 1,666 sqft
2023-10-01 0 days 1,669 sqft
2023-11-01 0 days 1,679 sqft
2023-12-01 0 days 1,679 sqft
2024-01-01 0 days 1,692 sqft
2024-02-01 0 days 1,679 sqft
2024-03-01 0 days 1,679 sqft
2024-04-01 0 days 1,765 sqft
Shelby's median listing age (time on market) for 2024-04-01 was 0 days.

Shelby's median square footage for active listings during the 2024-04-01 period was 1,765 sqft. One year prior, the average listing was 1,575 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).