Wilmington FHA Loans
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 107 lenders originated 1,093 FHA loans during 2021. The total origination value was $287,145,000, with an average FHA loan value of $262,713.
Wilmington FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Wilmington
averaged
5.28%
for the week of 2022-05-13, compared to the national average (all FHA variants) of
5.361% for the same period.
The average rate for the prior week (2022-05-06) was
5.11% and
one month ago for the week of 2022-04-08, the
average rate was 4.67%.
The average rate one year ago was 3.08%.
For refis of the same type during the week of 2022-05-13, the average rate
was 4.86%.
Wilmington FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Wilmington level.
The top Wilmington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
119 FHA loans originated. Their average total fees are
$7,052, which is $1,438
lower than the next largest lender,
GUARANTEED RATE, INC..
The lowest fee Wilmington FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($4,413), Mr. Cooper ( Nationstar Mortgage ) ($4,804), FREEDOM MORTGAGE CORPORATION ($4,981), PENNYMAC LOAN SERVICES, LLC ($5,147) and NEWREZ LLC ($5,278).
The lowest rate Wilmington FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (2.53%), QUICKEN LOANS, LLC (2.66%), CALIBER HOME LOANS, INC. (2.71%), DHI MORTGAGE COMPANY, LTD. (2.72%) and Towne Bank (2.73%).
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 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Wilmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $326,718 (2.2%) | $484,727 (4.6%) | 1.20 | 1,679 |
2018-02-01 | $328,450 (1.7%) | $480,512 (1.6%) | 1.18 | 1,674 |
2018-03-01 | $329,900 (1.9%) | $477,506 (-0.4%) | 1.14 | 1,724 |
2018-04-01 | $329,950 (-0.6%) | $481,672 (-1.6%) | 1.11 | 1,749 |
2018-05-01 | $330,700 (-1.6%) | $486,139 (-2.6%) | 1.10 | 1,771 |
2018-06-01 | $329,900 (-1.2%) | $480,261 (-1.7%) | 1.10 | 1,868 |
2018-07-01 | $327,950 (-0.6%) | $481,339 (-1.9%) | 1.09 | 1,981 |
2018-08-01 | $325,000 (-1.4%) | $476,985 (-2.4%) | 1.09 | 1,982 |
2018-09-01 | $334,000 (1.5%) | $487,192 (1.3%) | 1.12 | 1,981 |
2018-10-01 | $339,000 (4.5%) | $488,568 (3.0%) | 1.13 | 1,656 |
2018-11-01 | $343,338 (5.6%) | $485,000 (1.7%) | 1.15 | 1,577 |
2018-12-01 | $339,209 (4.4%) | $484,714 (2.1%) | 1.16 | 1,531 |
2019-01-01 | $342,963 (5.0%) | $490,947 (1.3%) | 1.18 | 1,408 |
2019-02-01 | $342,238 (4.2%) | $493,501 (2.7%) | 1.15 | 1,390 |
2019-03-01 | $353,857 (7.3%) | $501,332 (5.0%) | 1.15 | 1,416 |
2019-04-01 | $358,357 (8.6%) | $510,320 (6.0%) | 1.13 | 1,475 |
2019-05-01 | $363,188 (9.8%) | $531,342 (9.3%) | 1.12 | 1,511 |
2019-06-01 | $354,000 (7.3%) | $522,433 (8.8%) | 1.09 | 1,581 |
2019-07-01 | $359,900 (9.7%) | $530,357 (10.2%) | 1.12 | 1,600 |
2019-08-01 | $363,800 (11.9%) | $538,396 (12.9%) | 1.14 | 1,609 |
2019-09-01 | $366,300 (9.7%) | $541,849 (11.2%) | 1.16 | 1,593 |
2019-10-01 | $361,250 (6.6%) | $530,860 (8.7%) | 1.15 | 1,620 |
2019-11-01 | $350,000 (1.9%) | $521,594 (7.6%) | 1.13 | 1,624 |
2019-12-01 | $352,400 (3.9%) | $521,068 (7.5%) | 1.17 | 1,537 |
2020-01-01 | $357,953 (4.4%) | $527,415 (7.4%) | 1.19 | 1,458 |
2020-02-01 | $359,000 (4.9%) | $531,660 (7.7%) | 1.16 | 1,435 |
2020-03-01 | $374,208 (5.8%) | $558,840 (11.5%) | 1.17 | 1,493 |
2020-04-01 | $367,051 (2.4%) | $550,342 (7.8%) | 1.14 | 1,578 |
2020-05-01 | $369,900 (1.9%) | $557,350 (4.9%) | 1.12 | 1,544 |
2020-06-01 | $371,813 (5.0%) | $563,958 (8.0%) | 1.09 | 1,338 |
2020-07-01 | $369,534 (2.7%) | $573,231 (8.1%) | 1.06 | 1,218 |
2020-08-01 | $374,300 (2.9%) | $582,297 (8.2%) | 1.07 | 1,157 |
2020-09-01 | $384,446 (5.0%) | $595,527 (9.9%) | 1.10 | 1,086 |
2020-10-01 | $389,000 (7.7%) | $615,436 (15.9%) | 1.11 | 1,025 |
2020-11-01 | $382,500 (9.3%) | $622,755 (19.4%) | 1.10 | 1,009 |
2020-12-01 | $381,734 (8.3%) | $624,287 (19.8%) | 1.12 | 948 |
2021-01-01 | $379,900 (6.1%) | $639,233 (21.2%) | 1.12 | 794 |
2021-02-01 | $396,950 (10.6%) | $707,779 (33.1%) | 1.14 | 570 |
2021-03-01 | $395,333 (5.7%) | $689,116 (23.3%) | 1.11 | 487 |
2021-04-01 | $411,394 (12.1%) | $680,493 (23.7%) | 1.11 | 477 |
2021-05-01 | $409,900 (10.8%) | $700,698 (25.7%) | 1.08 | 464 |
2021-06-01 | $419,500 (12.8%) | $700,456 (24.2%) | 1.09 | 511 |
2021-07-01 | $444,500 (20.3%) | $701,392 (22.4%) | 1.15 | 530 |
2021-08-01 | $434,500 (16.1%) | $664,594 (14.1%) | 1.14 | 576 |
2021-09-01 | $439,950 (14.4%) | $649,726 (9.1%) | 1.16 | 582 |
2021-10-01 | $453,172 (16.5%) | $654,156 (6.3%) | 1.19 | 571 |
2021-11-01 | $474,950 (24.2%) | $694,722 (11.6%) | 1.25 | 495 |
2021-12-01 | $465,424 (21.9%) | $670,951 (7.5%) | 1.24 | 434 |
2022-01-01 | $475,000 (25.0%) | $695,454 (8.8%) | 1.27 | 344 |
2022-02-01 | $454,488 (14.5%) | $697,437 (-1.5%) | 1.16 | 302 |
2022-03-01 | $454,900 (15.1%) | $742,604 (7.8%) | 1.12 | 300 |
2022-04-01 | $489,325 (18.9%) | $744,058 (9.3%) | 1.15 | 316 |
Wilmington's median listing price comes in at 115% of the national average.
Wilmington's average listing price for 2022-04-01 was $744,058, a difference of $63,565 (9.3%) versus the prior year and $1,454 versus the prior month.
For the 2022-04-01 period, Wilmington had 316 MLS listings, a difference of 16 listings (5%) versus the prior month and -161 listings (-34%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Wilmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 113 days | 2,202 sqft |
2018-02-01 | 112 days | 2,220 sqft |
2018-03-01 | 92 days | 2,190 sqft |
2018-04-01 | 71 days | 2,200 sqft |
2018-05-01 | 71 days | 2,201 sqft |
2018-06-01 | 70 days | 2,202 sqft |
2018-07-01 | 71 days | 2,206 sqft |
2018-08-01 | 73 days | 2,155 sqft |
2018-09-01 | 85 days | 2,185 sqft |
2018-10-01 | 108 days | 2,191 sqft |
2018-11-01 | 112 days | 2,233 sqft |
2018-12-01 | 114 days | 2,206 sqft |
2019-01-01 | 115 days | 2,236 sqft |
2019-02-01 | 102 days | 2,223 sqft |
2019-03-01 | 88 days | 2,243 sqft |
2019-04-01 | 64 days | 2,241 sqft |
2019-05-01 | 62 days | 2,257 sqft |
2019-06-01 | 64 days | 2,241 sqft |
2019-07-01 | 66 days | 2,241 sqft |
2019-08-01 | 69 days | 2,259 sqft |
2019-09-01 | 79 days | 2,259 sqft |
2019-10-01 | 82 days | 2,219 sqft |
2019-11-01 | 79 days | 2,183 sqft |
2019-12-01 | 86 days | 2,182 sqft |
2020-01-01 | 92 days | 2,206 sqft |
2020-02-01 | 88 days | 2,211 sqft |
2020-03-01 | 66 days | 2,240 sqft |
2020-04-01 | 65 days | 2,198 sqft |
2020-05-01 | 73 days | 2,221 sqft |
2020-06-01 | 80 days | 2,246 sqft |
2020-07-01 | 72 days | 2,255 sqft |
2020-08-01 | 64 days | 2,239 sqft |
2020-09-01 | 60 days | 2,283 sqft |
2020-10-01 | 58 days | 2,283 sqft |
2020-11-01 | 57 days | 2,235 sqft |
2020-12-01 | 63 days | 2,238 sqft |
2021-01-01 | 74 days | 2,223 sqft |
2021-02-01 | 75 days | 2,262 sqft |
2021-03-01 | 48 days | 2,170 sqft |
2021-04-01 | 45 days | 2,171 sqft |
2021-05-01 | 42 days | 2,120 sqft |
2021-06-01 | 40 days | 2,121 sqft |
2021-07-01 | 41 days | 2,163 sqft |
2021-08-01 | 39 days | 2,168 sqft |
2021-09-01 | 43 days | 2,149 sqft |
2021-10-01 | 45 days | 2,141 sqft |
2021-11-01 | 52 days | 2,172 sqft |
2021-12-01 | 57 days | 2,084 sqft |
2022-01-01 | 63 days | 2,147 sqft |
2022-02-01 | 46 days | 2,054 sqft |
2022-03-01 | 35 days | 1,952 sqft |
2022-04-01 | 34 days | 2,042 sqft |
Wilmington's median square footage for active listings during the 2022-04-01 period was 2,042 sqft. One year prior, the average listing was 2,171 sqft.