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 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 6.31% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.49% and one month ago for the week of 2024-10-04, the average rate was 5.71%.

    The average rate one year ago was 7.15%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.27%.

    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

    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).