Wilmington FHA Loan Rates, Closing Costs & Stats

WILMINGTON, 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.

Wilmington's 87 lenders originated 606 FHA loans during 2023. The total origination value was $175,840,000, with an average FHA loan value of $290,165.

Wilmington FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Wilmington averaged 6.79% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Wilmington's average FHA mortgage closing costs are $7,794.

The average rate for the prior week (2024-05-17) was 6.69% and one month ago for the week of 2024-04-19, the average rate was 6.51%.

The average rate one year ago was 6.43%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.78%.

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

Wilmington 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 Wilmington level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 63 6.30% $11,949
DHI MORTGAGE COMPANY, LTD. 51 5.35% $7,890
MOVEMENT MORTGAGE, LLC 40 6.45% $12,396
UNITED WHOLESALE MORTGAGE, LLC 39 6.05% $14,726
GUARANTEED RATE, INC. 22 6.40% $13,916
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 6.51% $12,086
NEWREZ LLC 17 6.62% $10,803
CROSSCOUNTRY MORTGAGE, LLC 16 6.96% $13,398
LOANDEPOT.COM, LLC 14 6.40% $10,723
PENNYMAC LOAN SERVICES, LLC 13 6.05% $15,273
CORNERSTONE HOME LENDING, INC. 13 6.35% $11,850
Integrity Home Mortgage Corp 12 6.91% $11,730
Towne Bank 12 6.82% $12,429
Northpointe Bank 11 6.51% $12,128
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 10 7.05% $11,412
INTERCOASTAL MORTGAGE COMPANY 8 6.28% $8,873
American Security Mortgage Corp. 7 6.23% $10,531
Blue Ridge Bank 7 5.89% $11,482
Carrington Mortgage Services, LLC 7 6.00% $12,049
CALIBER HOME LOANS, INC. 6 6.23% $11,794
VANDERBILT MORTGAGE AND FINANCE, INC. 6 6.52% $12,329
AMERICAN FINANCIAL RESOURCES, INC. 6 5.92% $14,828
BROKER SOLUTIONS, INC. 6 6.88% $12,803
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.21% $13,509
CARDINAL FINANCIAL 5 6.17% $16,209
SeaTrust Mortgage Company 5 6.83% $10,381
Mr. Cooper ( Nationstar Mortgage ) 5 5.78% $15,271
AMERISAVE MORTGAGE CORPORATION 5 5.63% $22,259
SOUTHEAST MORTGAGE OF GEORGIA, INC. 4 6.53% $14,346
FREEDOM MORTGAGE CORPORATION 4 7.13% $15,584
MILEND, INC. 4 7.06% $12,416
Mortgage Research Center, LLC 3 6.92% $11,227
Nations Lending Corporation 3 7.08% $13,354
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $12,640
HOMESIDE FINANCIAL, LLC 3 6.71% $18,915
CMG MORTGAGE, INC. 3 6.33% $12,115
RELIANCE FIRST CAPITAL, LLC 3 6.42% $15,183
Equity Prime Mortgage LLC 3 6.92% $18,373
MICHIGAN MUTUAL, INC. 2 5.94% $9,674
TOTAL MORTGAGE SERVICES, LLC 2 7.44% $9,194
Truist 2 6.43% $9,346
TOWNE MORTGAGE COMPANY 2 6.00% $9,394
UNION HOME MORTGAGE CORP. 2 7.31% $7,182
SUN WEST MORTGAGE COMPANY, INC. 2 6.44% $13,032
First Bank 2 5.44% $8,839
Alcova Mortgage LLC 2 7.13% $13,618
JET HOMELOANS, LLC 2 5.49% $10,367
PLANET HOME LENDING, LLC 2 6.25% $9,255
AMERICAN FINANCIAL NETWORK, INC. 2 6.50% $16,379
CALCON MUTUAL MORTGAGE LLC 2 6.88% $17,400
North State Bank 2 6.63% $9,594
Wells Fargo Bank 1 6.63% $10,728
Advisors Mortgage Group, L.L.C. 1 6.50% $12,244
AmeriHome Mortgage Company, LLC 1 6.25% $8,510
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $8,936
Bank of America 1 6.50% $12,492
Barrington Bank & Trust Company, N.A. 1 5.75% $10,761
BAYSHORE MORTGAGE FUNDING, LLC 1 7.13% $15,236
Century Mortgage Company DBA Century Lending Company 1 6.50% $8,253
Citizens Bank 1 6.88% $11,827
EMM LOANS LLC 1 5.50% $16,882
GoPrime Mortgage, Inc. 1 7.25% $16,002
GUILD MORTGAGE COMPANY 1 6.75% $9,418
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $6,390
LAND HOME FINANCIAL SERVICES, INC. 1 6.75% $11,562
LOANLEADERS OF AMERICA, INC. 1 6.63% $14,442
LOANPAL, LLC 1 6.63% $10,910
MDE Home Loans, LLC 1 7.25% $13,711
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 6.25% $18,310
MID AMERICA MORTGAGE, INC. 1 6.88% $3,577
Mortgage Assurance Inc. 1 5.63% $9,622
PHH Mortgage Corporation 1 7.13% $8,714
Plains Commerce Bank 1 6.88% $8,370
POLARIS HOME FUNDING CORP. 1 7.25% $11,967
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $12,258
Prosperity Home Mortgage, LLC 1 7.63% $10,361
RAPID MORTGAGE COMPANY 1 6.13% $6,743
Regions Bank 1 7.63% $11,459
Renasant Bank 1 6.63% $14,635
RESOURCE FINANCIAL SERVICES, INC. 1 5.75% $13,492
Shamrock Home Loans, Inc. 1 6.25% $10,693
Sierra Pacific Mortgage Company, Inc. 1 7.50% $10,784
South State Bank 1 6.63% $10,418
United Bank 1 6.25% $8,597
VERITAS FUNDING, LLC 1 6.75% $23,784
VILLAGE CAPITAL MORTGAGE 1 5.75% $16,896
ACOPIA, LLC 1 7.50% $16,518

The top Wilmington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 63 FHA loans originated. Their average total fees are $11,949, which is $4,059 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Wilmington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,890), LOANDEPOT.COM, LLC ($10,723), NEWREZ LLC ($10,803), HIGHLANDS RESIDENTIAL MORTGAGE, LTD. ($11,412) and Integrity Home Mortgage Corp ($11,730).

The lowest rate Wilmington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.35%), PENNYMAC LOAN SERVICES, LLC (6.05%), UNITED WHOLESALE MORTGAGE, LLC (6.05%), QUICKEN LOANS, LLC (6.30%) and CORNERSTONE HOME LENDING, INC. (6.35%).

Wilmington FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Wilmington (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 $329,900 (2.1%) $482,074 (4.9%) 1.22 1,797
2018-02-01 $331,200 (1.9%) $478,991 (2.1%) 1.20 1,796
2018-03-01 $332,900 (1.7%) $478,421 (0.4%) 1.17 1,853
2018-04-01 $337,068 (0.6%) $483,624 (-0.9%) 1.14 1,870
2018-05-01 $336,150 (-1.1%) $489,390 (-1.4%) 1.12 1,890
2018-06-01 $334,900 (-0.3%) $482,560 (-0.9%) 1.12 1,982
2018-07-01 $332,306 (0.7%) $484,445 (-0.8%) 1.11 2,088
2018-08-01 $329,949 (-0.4%) $481,366 (-0.9%) 1.11 2,088
2018-09-01 $339,900 (2.6%) $486,980 (1.2%) 1.14 2,078
2018-10-01 $339,935 (3.3%) $487,736 (2.8%) 1.15 1,743
2018-11-01 $347,838 (5.7%) $489,096 (2.9%) 1.18 1,665
2018-12-01 $344,700 (4.8%) $486,617 (2.7%) 1.19 1,621
2019-01-01 $349,000 (5.8%) $495,302 (2.7%) 1.21 1,490
2019-02-01 $348,562 (5.2%) $497,550 (3.9%) 1.18 1,469
2019-03-01 $357,143 (7.3%) $503,587 (5.3%) 1.17 1,503
2019-04-01 $360,000 (6.8%) $512,122 (5.9%) 1.14 1,554
2019-05-01 $367,867 (9.4%) $530,726 (8.5%) 1.15 1,592
2019-06-01 $360,000 (7.5%) $523,945 (8.6%) 1.13 1,679
2019-07-01 $365,867 (10.1%) $529,045 (9.2%) 1.15 1,700
2019-08-01 $367,610 (11.4%) $531,589 (10.4%) 1.16 1,726
2019-09-01 $368,925 (8.5%) $533,886 (9.6%) 1.18 1,734
2019-10-01 $369,778 (8.8%) $535,417 (9.8%) 1.19 1,744
2019-11-01 $360,000 (3.5%) $526,504 (7.7%) 1.18 1,756
2019-12-01 $360,005 (4.4%) $526,090 (8.1%) 1.20 1,670
2020-01-01 $362,435 (3.9%) $530,229 (7.1%) 1.21 1,586
2020-02-01 $364,985 (4.7%) $533,555 (7.2%) 1.19 1,578
2020-03-01 $378,500 (6.0%) $559,494 (11.1%) 1.19 1,640
2020-04-01 $370,786 (3.0%) $550,479 (7.5%) 1.16 1,729
2020-05-01 $375,000 (1.9%) $558,616 (5.3%) 1.14 1,690
2020-06-01 $376,976 (4.7%) $566,327 (8.1%) 1.11 1,466
2020-07-01 $375,000 (2.5%) $578,044 (9.3%) 1.09 1,336
2020-08-01 $378,750 (3.0%) $581,534 (9.4%) 1.09 1,251
2020-09-01 $379,900 (3.0%) $582,257 (9.1%) 1.09 1,167
2020-10-01 $379,900 (2.7%) $591,704 (10.5%) 1.09 1,086
2020-11-01 $379,250 (5.4%) $597,234 (13.4%) 1.11 1,066
2020-12-01 $384,950 (6.9%) $609,339 (15.8%) 1.14 1,012
2021-01-01 $381,000 (5.1%) $627,159 (18.3%) 1.14 843
2021-02-01 $399,950 (9.6%) $691,918 (29.7%) 1.16 609
2021-03-01 $395,833 (4.6%) $669,844 (19.7%) 1.12 527
2021-04-01 $417,455 (12.6%) $680,963 (23.7%) 1.13 505
2021-05-01 $424,950 (13.3%) $715,100 (28.0%) 1.13 496
2021-06-01 $425,437 (12.9%) $704,218 (24.4%) 1.12 548
2021-07-01 $449,500 (19.9%) $696,464 (20.5%) 1.19 572
2021-08-01 $440,700 (16.4%) $667,524 (14.8%) 1.18 612
2021-09-01 $449,825 (18.4%) $667,331 (14.6%) 1.20 616
2021-10-01 $470,500 (23.9%) $673,608 (13.8%) 1.25 614
2021-11-01 $492,200 (29.8%) $713,014 (19.4%) 1.32 533
2021-12-01 $476,214 (23.7%) $691,321 (13.5%) 1.29 469
2022-01-01 $485,000 (27.3%) $707,097 (12.8%) 1.31 375
2022-02-01 $470,128 (17.6%) $714,447 (3.3%) 1.22 335
2022-03-01 $470,950 (19.0%) $754,304 (12.6%) 1.18 330
2022-04-01 $500,000 (19.8%) $756,802 (11.1%) 1.19 345
2022-05-01 $523,575 (23.2%) $754,196 (5.5%) 1.20 469
2022-06-01 $523,563 (23.1%) $768,025 (9.1%) 1.17 607
2022-07-01 $529,900 (17.9%) $779,657 (12.0%) 1.19 786
2022-08-01 $549,900 (24.8%) $792,214 (18.7%) 1.27 806
2022-09-01 $541,653 (20.4%) $775,017 (16.1%) 1.27 827
2022-10-01 $535,000 (13.7%) $733,310 (8.9%) 1.26 850
2022-11-01 $525,000 (6.7%) $717,311 (0.6%) 1.26 875
2022-12-01 $519,000 (9.0%) $718,436 (3.9%) 1.28 822
2023-01-01 $524,974 (8.2%) $737,299 (4.3%) 1.30 751
2023-02-01 $530,576 (12.9%) $738,902 (3.4%) 1.28 704
2023-03-01 $526,876 (11.9%) $755,452 (0.2%) 1.24 678
2023-04-01 $549,900 (10.0%) $782,562 (3.4%) 1.28 666
2023-05-01 $557,450 (6.5%) $794,761 (5.4%) 1.26 703
2023-06-01 $549,675 (5.0%) $758,825 (-1.2%) 1.24 764
2023-07-01 $548,943 (3.6%) $766,709 (-1.7%) 1.25 792
2023-08-01 $525,000 (-4.5%) $767,248 (-3.2%) 1.21 852
2023-09-01 $526,450 (-2.8%) $758,478 (-2.1%) 1.23 898
2023-10-01 $519,700 (-2.9%) $741,790 (1.2%) 1.22 990
2023-11-01 $500,000 (-4.8%) $732,648 (2.1%) 1.19 1,100
2023-12-01 $505,000 (-2.7%) $721,087 (0.4%) 1.23 1,078
2024-01-01 $516,750 (-1.6%) $710,724 (-3.6%) 1.26 1,008
2024-02-01 $537,475 (1.3%) $717,106 (-3.0%) 1.29 991
2024-03-01 $540,000 (2.5%) $756,783 (0.2%) 1.27 987
2024-04-01 $554,450 (0.8%) $775,968 (-0.8%) 1.29 1,045
Wilmington's median listing price for 2024-04-01 was $554,450, a difference of $4,550 (0.8%) versus the prior year and $14,450 versus the prior month.

Wilmington's median listing price comes in at 129% of the national average.

Wilmington's average listing price for 2024-04-01 was $775,968, a difference of $-6,594 (-0.8%) versus the prior year and $19,185 versus the prior month.

For the 2024-04-01 period, Wilmington had 1,045 MLS listings, a difference of 58 listings (6%) versus the prior month and 379 listings (57%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Wilmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 103 days 2,150 sqft
2018-02-01 101 days 2,160 sqft
2018-03-01 72 days 2,141 sqft
2018-04-01 62 days 2,155 sqft
2018-05-01 61 days 2,159 sqft
2018-06-01 63 days 2,170 sqft
2018-07-01 64 days 2,174 sqft
2018-08-01 67 days 2,130 sqft
2018-09-01 78 days 2,153 sqft
2018-10-01 101 days 2,161 sqft
2018-11-01 102 days 2,189 sqft
2018-12-01 107 days 2,165 sqft
2019-01-01 96 days 2,191 sqft
2019-02-01 91 days 2,188 sqft
2019-03-01 76 days 2,208 sqft
2019-04-01 58 days 2,202 sqft
2019-05-01 57 days 2,214 sqft
2019-06-01 58 days 2,201 sqft
2019-07-01 63 days 2,203 sqft
2019-08-01 68 days 2,210 sqft
2019-09-01 74 days 2,203 sqft
2019-10-01 78 days 2,196 sqft
2019-11-01 75 days 2,146 sqft
2019-12-01 83 days 2,135 sqft
2020-01-01 92 days 2,152 sqft
2020-02-01 87 days 2,160 sqft
2020-03-01 65 days 2,183 sqft
2020-04-01 66 days 2,152 sqft
2020-05-01 71 days 2,177 sqft
2020-06-01 78 days 2,208 sqft
2020-07-01 70 days 2,217 sqft
2020-08-01 64 days 2,200 sqft
2020-09-01 67 days 2,191 sqft
2020-10-01 68 days 2,165 sqft
2020-11-01 69 days 2,106 sqft
2020-12-01 67 days 2,142 sqft
2021-01-01 74 days 2,131 sqft
2021-02-01 74 days 2,171 sqft
2021-03-01 49 days 2,113 sqft
2021-04-01 46 days 2,161 sqft
2021-05-01 42 days 2,097 sqft
2021-06-01 39 days 2,081 sqft
2021-07-01 39 days 2,121 sqft
2021-08-01 40 days 2,146 sqft
2021-09-01 43 days 2,131 sqft
2021-10-01 45 days 2,133 sqft
2021-11-01 51 days 2,160 sqft
2021-12-01 59 days 2,070 sqft
2022-01-01 64 days 2,115 sqft
2022-02-01 44 days 2,062 sqft
2022-03-01 33 days 1,968 sqft
2022-04-01 32 days 2,042 sqft
2022-05-01 33 days 2,067 sqft
2022-06-01 34 days 2,093 sqft
2022-07-01 37 days 2,132 sqft
2022-08-01 45 days 2,194 sqft
2022-09-01 51 days 2,234 sqft
2022-10-01 54 days 2,213 sqft
2022-11-01 60 days 2,224 sqft
2022-12-01 70 days 2,205 sqft
2023-01-01 78 days 2,200 sqft
2023-02-01 72 days 2,217 sqft
2023-03-01 52 days 2,251 sqft
2023-04-01 46 days 2,243 sqft
2023-05-01 43 days 2,248 sqft
2023-06-01 47 days 2,227 sqft
2023-07-01 45 days 2,184 sqft
2023-08-01 44 days 2,106 sqft
2023-09-01 46 days 2,059 sqft
2023-10-01 49 days 2,045 sqft
2023-11-01 51 days 1,962 sqft
2023-12-01 58 days 1,946 sqft
2024-01-01 73 days 1,980 sqft
2024-02-01 65 days 2,006 sqft
2024-03-01 53 days 1,998 sqft
2024-04-01 49 days 2,000 sqft
Wilmington's median listing age (time on market) for 2024-04-01 was 49 days. This is 8% longer than the same period one year ago.

Wilmington's median square footage for active listings during the 2024-04-01 period was 2,000 sqft. One year prior, the average listing was 2,243 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).