Wilmington FHA Loan Rates, Closing Costs & Stats

WILMINGTON, 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.

    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 6.07% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.05% and one month ago for the week of 2024-10-04, the average rate was 5.77%.

    The average rate one year ago was 7.01%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.36%.

    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
    2024-05-01 $577,500 (3.6%) $800,868 (0.8%) 1.31 1,058
    2024-06-01 $560,000 (1.9%) $787,271 (3.8%) 1.26 1,187
    2024-07-01 $560,125 (2.0%) $778,265 (1.5%) 1.28 1,221
    2024-08-01 $549,900 (4.7%) $770,982 (0.5%) 1.28 1,235
    2024-09-01 $546,603 (3.8%) $773,078 (1.9%) 1.29 1,289
    2024-10-01 $539,950 (3.9%) $782,075 (5.4%) 1.27 1,320
    Wilmington's median listing price for 2024-10-01 was $539,950, a difference of $20,250 (3.9%) versus the prior year and $-6,653 versus the prior month.

    Wilmington's median listing price comes in at 127% of the national average.

    Wilmington's average listing price for 2024-10-01 was $782,075, a difference of $40,285 (5.4%) versus the prior year and $8,997 versus the prior month.

    For the 2024-10-01 period, Wilmington had 1,320 MLS listings, a difference of 31 listings (2%) versus the prior month and 330 listings (33%) 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
    2024-05-01 45 days 2,008 sqft
    2024-06-01 49 days 2,018 sqft
    2024-07-01 54 days 2,020 sqft
    2024-08-01 60 days 2,014 sqft
    2024-09-01 61 days 1,993 sqft
    2024-10-01 60 days 1,959 sqft
    Wilmington's median listing age (time on market) for 2024-10-01 was 60 days. This is 22% longer than the same period one year ago.

    Wilmington's median square footage for active listings during the 2024-10-01 period was 1,959 sqft. One year prior, the average listing was 2,045 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).