Wilmington FHA Loans

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 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%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Wilmington level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 119 2.66% $7,052
    GUARANTEED RATE, INC. 71 2.88% $8,490
    MOVEMENT MORTGAGE, LLC 52 3.07% $7,251
    Alpha Mortgage Corporation 50 3.21% $7,931
    FREEDOM MORTGAGE CORPORATION 41 2.74% $4,981
    LAKEVIEW LOAN SERVICING, LLC 34 3.02% $4,413
    PENNYMAC LOAN SERVICES, LLC 32 2.84% $5,147
    ANGEL OAK HOME LOANS LLC 30 3.02% $8,533
    Mr. Cooper ( Nationstar Mortgage ) 26 3.22% $4,804
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 3.28% $8,570
    Towne Bank 21 2.73% $7,972
    CORNERSTONE HOME LENDING, INC. 21 3.38% $8,046
    UNITED WHOLESALE MORTGAGE, LLC 19 2.53% $8,431
    CALIBER HOME LOANS, INC. 18 2.71% $6,357
    DHI MORTGAGE COMPANY, LTD. 17 2.72% $7,267
    ON Q FINANCIAL, INC. 17 2.89% $8,574
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 15 3.45% $7,544
    UNION HOME MORTGAGE CORP. 14 3.00% $7,366
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 14 3.43% $6,921
    VANDERBILT MORTGAGE AND FINANCE, INC. 13 3.13% $8,702
    NEWREZ LLC 13 2.96% $5,278
    CROSSCOUNTRY MORTGAGE, LLC 13 3.26% $8,866
    RAPID MORTGAGE COMPANY 12 3.16% $8,394
    North State Bank 11 2.81% $6,353
    HOMESIDE FINANCIAL, LLC 11 3.16% $7,229
    Carrington Mortgage Services, LLC 10 3.34% $6,331
    LOANDEPOT.COM, LLC 9 3.55% $6,941
    VILLAGE CAPITAL & INVESTMENT LLC 8 2.86% $2,651
    THE MORTGAGE FIRM, INC. 8 3.06% $7,563
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.29% $11,539
    Gateway First Bank 6 3.10% $5,321
    Northpointe Bank 6 2.77% $8,473
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.63% $6,339
    First-Citizens Bank & Trust Company 5 2.55% $7,041
    AMERICAN FINANCIAL NETWORK, INC. 5 3.18% $13,351
    SOUTHERN TRUST MORTGAGE, LLC 5 3.35% $4,280
    RESOURCE FINANCIAL SERVICES, INC. 5 2.93% $7,917
    RELIANCE FIRST CAPITAL, LLC 5 2.88% $8,363
    First Guaranty Mortgage Corporation 5 3.20% $5,195
    PLANET HOME LENDING, LLC 5 3.98% $6,499
    AMERICAN FINANCIAL RESOURCES, INC. 4 3.16% $7,837
    SUN WEST MORTGAGE COMPANY, INC. 4 2.87% $7,358
    Barrington Bank & Trust Company, N.A. 4 3.03% $9,070
    AmeriHome Mortgage Company, LLC 4 2.78% $5,508
    PLAZA HOME MORTGAGE, INC. 4 2.81% $4,799
    AMERISAVE MORTGAGE CORPORATION 3 3.42% $7,021
    Blue Ridge Bank 3 3.08% $7,186
    CALCON MUTUAL MORTGAGE LLC 3 3.92% $11,277
    EQUITY RESOURCES, INC. 3 3.13% $6,808
    JET DIRECT FUNDING CORP 3 2.75% $5,833
    HOME POINT FINANCIAL CORPORATION 3 2.75% $7,714
    SOVEREIGN LENDING GROUP INCORPORATED 2 2.50% $12,368
    Alcova Mortgage LLC 2 2.88% $9,759
    AMERICAN FINANCING CORPORATION 2 3.00% $6,209
    American Security Mortgage Corp. 2 2.38% $7,429
    BROKER SOLUTIONS, INC. 2 2.62% $8,814
    Capital City Home Loans, LLC 2 2.63% $7,699
    Citizens Bank 2 3.00% $6,547
    GoPrime Mortgage, Inc. 2 3.31% $5,907
    HOMESTEAD FUNDING CORP. 2 2.81% $5,876
    InterContinental Capital Group, Inc 2 2.56% $9,957
    KELLER MORTGAGE, LLC 2 2.88% $4,996
    Lakeview Community Capital, LLC 2 3.00% $5,325
    LIBERTY HOME MORTGAGE CORPORATION 2 2.38% $7,408
    LOANPAL, LLC 2 2.25% $10,427
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 4.19% $13,808
    Nations Lending Corporation 2 3.56% $10,950
    OVM FINANCIAL, INC. 2 2.81% $7,229
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.19% $7,413
    South State Bank 2 2.50% $6,877
    TOWNE MORTGAGE COMPANY 2 3.00% $6,804
    United Bank 2 2.75% $9,329
    NP, Inc. 1 3.00% $6,970
    Hometown Lenders, Inc. 1 3.75% $9,758
    Bank of America 1 3.25% $7,050
    Paramount Residential Mortgage Group, Inc. 1 3.25% $6,334
    HOMESPIRE MORTGAGE CORPORATION 1 3.50% $7,427
    PHH Mortgage Corporation 1 3.88% $6,644
    Pinnacle Bank 1 2.88% $6,425
    Plains Commerce Bank 1 2.63% $10,288
    GENEVA FINANCIAL, LLC 1 3.25% $10,747
    Flagstar Bank, FSB 1 2.80% $7,203
    POLARIS HOME FUNDING CORP. 1 3.50% $10,501
    U.S. Bank 1 3.13% $8,346
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.99% $13,613
    First Home Bank 1 3.13% $9,603
    EVERETT FINANCIAL, INC. 1 2.88% $7,592
    Equity Prime Mortgage LLC 1 3.25% $5,063
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.25% $5,991
    Residential Mortgage Solutions, Inc. 1 2.25% $8,438
    EMM LOANS LLC 1 3.13% $9,101
    CMG MORTGAGE, INC. 1 2.75% $8,728
    Austin Capital Bank SSB 1 3.13% $4,262
    1ST SIGNATURE LENDING, LLC 1 3.25% $9,096
    CHURCHILL MORTGAGE CORPORATION 1 3.13% $7,323
    The Central Trust Bank 1 2.63% $8,558
    CAPITAL CENTER, L.L.C. 1 2.75% $3,884
    BOND STREET MORTGAGE, LLC 1 3.00% $7,912
    Ameris Bank 1 2.50% $6,815
    Truist Bank 1 2.63% $5,873
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $13,829
    MILEND, INC. 1 3.75% $10,246
    Willamette Valley Bank 1 3.13% $8,976
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.13% $11,021
    LEADERONE FINANCIAL CORPORATION 1 2.75% $7,879
    LADERA LENDING, INC. 1 3.25% $6,030
    INTERCOASTAL MORTGAGE COMPANY 1 3.00% $5,307

    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. Louis
    Date 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 for 2022-04-01 was $489,325, a difference of $77,931 (18.9%) versus the prior year and $34,425 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 34 days. This is -24% shorter than the same period one year ago.

    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.

    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).