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 109 lenders originated 601 FHA loans during 2022. The total origination value was $167,435,000, with an average FHA loan value of $278,594.

    Wilmington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wilmington averaged -0.49% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Wilmington's average FHA mortgage closing costs are $7,211.

    The average rate for the prior week (2023-11-17) was 6.7% and one month ago for the week of 2023-10-20, the average rate was 7.01%.

    The average rate one year ago was 5.84%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.66%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 56 4.18% $10,544
    GUARANTEED RATE, INC. 24 4.89% $11,564
    MOVEMENT MORTGAGE, LLC 24 4.61% $9,868
    Alpha Mortgage Corporation 23 5.11% $9,574
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 4.92% $10,512
    DHI MORTGAGE COMPANY, LTD. 18 3.67% $8,447
    ANGEL OAK HOME LOANS LLC 17 5.26% $11,264
    VANDERBILT MORTGAGE AND FINANCE, INC. 16 4.77% $9,557
    UNITED WHOLESALE MORTGAGE, LLC 15 5.06% $11,261
    CORNERSTONE HOME LENDING, INC. 14 5.11% $8,790
    Mr. Cooper ( Nationstar Mortgage ) 13 4.67% $16,117
    PENNYMAC LOAN SERVICES, LLC 13 3.96% $11,492
    FREEDOM MORTGAGE CORPORATION 13 4.70% $10,191
    CROSSCOUNTRY MORTGAGE, LLC 13 5.50% $10,357
    LAKEVIEW LOAN SERVICING, LLC 12 4.13% $6,563
    RAPID MORTGAGE COMPANY 12 4.85% $10,811
    CALIBER HOME LOANS, INC. 12 5.18% $7,079
    AMERISAVE MORTGAGE CORPORATION 10 4.46% $14,707
    LOANDEPOT.COM, LLC 10 4.65% $9,283
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 9 5.07% $9,765
    UNION HOME MORTGAGE CORP. 9 4.51% $9,979
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.08% $8,731
    Towne Bank 7 4.36% $9,133
    Carrington Mortgage Services, LLC 6 5.00% $8,798
    ON Q FINANCIAL, INC. 6 4.00% $8,512
    SeaTrust Mortgage Company 5 5.48% $10,121
    THE MORTGAGE FIRM, INC. 5 5.07% $10,092
    INTERCOASTAL MORTGAGE COMPANY 5 5.65% $9,508
    NEWREZ LLC 5 5.47% $6,452
    MUTUAL OF OMAHA MORTGAGE, INC. 5 5.70% $9,669
    HOMESIDE FINANCIAL, LLC 5 4.43% $10,307
    BROKER SOLUTIONS, INC. 5 4.65% $9,670
    Blue Ridge Bank 5 5.23% $10,796
    TOWNE MORTGAGE COMPANY 4 5.34% $7,847
    North State Bank 4 4.84% $8,187
    Flagstar Bank, FSB 4 3.50% $10,029
    American Security Mortgage Corp. 4 4.31% $8,266
    Nations Lending Corporation 4 4.47% $11,833
    MILEND, INC. 3 5.08% $14,338
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.42% $8,603
    AMERICAN FINANCING CORPORATION 3 4.17% $11,180
    TOP FLITE FINANCIAL, INC. 3 5.79% $12,523
    Alcova Mortgage LLC 3 4.67% $9,143
    West Town Bank & Trust 3 3.46% $9,053
    Northpointe Bank 3 5.54% $8,920
    LIBERTY HOME MORTGAGE CORPORATION 3 5.83% $8,812
    LOANPAL, LLC 3 4.71% $13,965
    Prosperity Home Mortgage, LLC 2 4.44% $9,151
    ALLIED MORTGAGE GROUP, INC. 2 3.88% $16,890
    AmeriHome Mortgage Company, LLC 2 3.06% $9,167
    CARDINAL FINANCIAL 2 4.87% $5,791
    CMG MORTGAGE, INC. 2 5.44% $10,798
    Equity Prime Mortgage LLC 2 4.44% $8,041
    FIRST COMMUNITY MORTGAGE, INC. 2 5.13% $11,339
    First Heritage Mortgage, LLC 2 4.50% $9,356
    OPEN MORTGAGE, LLC 2 4.75% $10,712
    RESOURCE FINANCIAL SERVICES, INC. 2 4.69% $9,008
    Wells Fargo Bank 2 4.94% $6,562
    Integrity Home Mortgage Corp 1 7.25% $9,167
    HOMESTEAD FUNDING CORP. 1 5.25% $11,053
    HOMESTAR FINANCIAL CORPORATION 1 4.00% $2,128
    MIDLAND MORTGAGE CORPORATION 1 5.75% $14,985
    HOME POINT FINANCIAL CORPORATION 1 3.75% $8,157
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.50% $17,702
    HAMILTON HOME LOANS, INC. 1 5.13% $12,372
    George Mason Mortgage, LLC 1 4.99% $8,839
    GENEVA FINANCIAL, LLC 1 5.25% $7,626
    Gateway First Bank 1 6.63% $8,143
    NBKC BANK 1 5.50% $9,629
    NEW DAY FINANCIAL, LLC 1 3.88% $12,654
    First Savings Bank 1 3.75% $9,480
    NFM, INC. 1 5.38% $9,985
    First Option Mortgage, LLC 1 3.00% $7,838
    First Guaranty Mortgage Corporation 1 4.50% $10,163
    First Federal Bank 1 4.63% $8,304
    Ameris Bank 1 3.50% $9,849
    First Bank 1 3.75% $8,635
    Plains Commerce Bank 1 3.99% $6,619
    PLANET HOME LENDING, LLC 1 3.75% $7,702
    PNC Bank 1 4.13% $7,799
    POLARIS HOME FUNDING CORP. 1 4.88% $8,866
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $10,974
    EMBRACE HOME LOANS, INC. 1 6.75% $9,855
    Colonial Savings, F.A. 1 4.25% $11,294
    Capital City Home Loans, LLC 1 5.00% $8,457
    RELIANCE FIRST CAPITAL, LLC 1 4.63% $8,418
    Wyndham Capital Mortgage, Inc. 1 3.63% $10,625
    CAPITAL CENTER, L.L.C. 1 4.88% $4,644
    Shamrock Home Loans, Inc. 1 5.13% $7,633
    SIRVA MORTGAGE, INC. 1 6.63% $8,993
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.75% $13,491
    T2 FINANCIAL LLC 1 4.25% $11,464
    Texana Bank 1 2.88% $16,280
    The Federal Savings Bank 1 5.13% $13,425
    CALCON MUTUAL MORTGAGE LLC 1 5.13% $7,851
    BETTER MORTGAGE CORPORATION 1 6.13% $9,186
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.25% $7,216
    Barrington Bank & Trust Company, N.A. 1 6.63% $16,405
    Bank of America 1 3.13% $8,561
    United Bank 1 4.63% $6,595
    Atlantic Coast Mortgage, LLC 1 3.25% $18,733
    U.S. Bank 1 3.75% $6,978
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.13% $13,875
    VERITAS FUNDING, LLC 1 5.25% $14,927
    VILLAGE CAPITAL MORTGAGE 1 5.25% $13,442
    ZILLOW HOME LOANS, LLC 1 5.38% $11,524
    Lakeview Community Capital, LLC 1 4.50% $7,164
    JET HOMELOANS, LLC 1 6.75% $12,337
    LAND HOME FINANCIAL SERVICES, INC. 1 7.13% $11,593

    The top Wilmington FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 56 FHA loans originated. Their average total fees are $10,544, which is $1,020 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 ($6,563), CALIBER HOME LOANS, INC. ($7,079), DHI MORTGAGE COMPANY, LTD. ($8,447), CORNERSTONE HOME LENDING, INC. ($8,790) and LOANDEPOT.COM, LLC ($9,283).

    The lowest rate Wilmington FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (3.67%), PENNYMAC LOAN SERVICES, LLC (3.96%), LAKEVIEW LOAN SERVICING, LLC (4.13%), QUICKEN LOANS, LLC (4.18%) and AMERISAVE MORTGAGE CORPORATION (4.46%).

    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 (2.0%) $482,112 (4.9%) 1.22 1,809
    2018-02-01 $331,550 (2.0%) $479,227 (2.2%) 1.20 1,806
    2018-03-01 $333,800 (2.0%) $478,763 (0.7%) 1.17 1,864
    2018-04-01 $338,188 (1.0%) $484,110 (-0.6%) 1.15 1,880
    2018-05-01 $336,500 (-1.0%) $489,767 (-1.2%) 1.12 1,898
    2018-06-01 $335,000 (-0.7%) $483,263 (-0.7%) 1.12 1,991
    2018-07-01 $333,071 (0.4%) $484,907 (-0.6%) 1.11 2,097
    2018-08-01 $329,950 (-0.9%) $482,186 (-0.6%) 1.11 2,095
    2018-09-01 $339,900 (2.2%) $487,752 (1.4%) 1.14 2,085
    2018-10-01 $340,000 (3.2%) $488,678 (2.9%) 1.15 1,749
    2018-11-01 $348,600 (5.7%) $490,197 (3.0%) 1.18 1,672
    2018-12-01 $344,900 (4.7%) $487,475 (2.9%) 1.19 1,627
    2019-01-01 $349,500 (5.9%) $496,202 (2.9%) 1.21 1,496
    2019-02-01 $349,450 (5.4%) $498,498 (4.0%) 1.18 1,476
    2019-03-01 $359,761 (7.8%) $504,475 (5.4%) 1.18 1,510
    2019-04-01 $361,348 (6.9%) $512,917 (6.0%) 1.15 1,561
    2019-05-01 $369,200 (9.7%) $531,019 (8.4%) 1.15 1,596
    2019-06-01 $361,928 (8.0%) $524,566 (8.6%) 1.13 1,685
    2019-07-01 $367,000 (10.2%) $529,672 (9.2%) 1.15 1,705
    2019-08-01 $369,482 (12.0%) $532,184 (10.4%) 1.17 1,731
    2019-09-01 $370,206 (8.9%) $534,446 (9.6%) 1.18 1,738
    2019-10-01 $370,278 (8.9%) $535,954 (9.7%) 1.19 1,748
    2019-11-01 $361,261 (3.6%) $527,042 (7.5%) 1.18 1,760
    2019-12-01 $360,532 (4.5%) $526,546 (8.0%) 1.20 1,674
    2020-01-01 $362,500 (3.7%) $530,690 (7.0%) 1.21 1,590
    2020-02-01 $365,000 (4.5%) $534,207 (7.2%) 1.20 1,583
    2020-03-01 $379,086 (5.4%) $560,028 (11.0%) 1.19 1,645
    2020-04-01 $371,759 (2.9%) $551,020 (7.4%) 1.16 1,734
    2020-05-01 $375,000 (1.6%) $559,150 (5.3%) 1.14 1,694
    2020-06-01 $377,761 (4.4%) $566,714 (8.0%) 1.11 1,470
    2020-07-01 $375,000 (2.2%) $578,340 (9.2%) 1.09 1,342
    2020-08-01 $378,875 (2.5%) $581,728 (9.3%) 1.09 1,257
    2020-09-01 $379,900 (2.6%) $582,550 (9.0%) 1.09 1,171
    2020-10-01 $379,900 (2.6%) $591,710 (10.4%) 1.09 1,089
    2020-11-01 $379,188 (5.0%) $596,962 (13.3%) 1.11 1,069
    2020-12-01 $384,900 (6.8%) $609,110 (15.7%) 1.15 1,015
    2021-01-01 $380,000 (4.8%) $626,997 (18.2%) 1.13 845
    2021-02-01 $399,950 (9.6%) $692,047 (29.6%) 1.16 610
    2021-03-01 $395,899 (4.4%) $670,045 (19.6%) 1.12 528
    2021-04-01 $416,625 (12.1%) $679,643 (23.3%) 1.13 506
    2021-05-01 $424,900 (13.3%) $714,513 (27.8%) 1.13 496
    2021-06-01 $423,725 (12.2%) $702,232 (23.9%) 1.12 550
    2021-07-01 $449,500 (19.9%) $694,593 (20.1%) 1.19 576
    2021-08-01 $439,825 (16.1%) $666,538 (14.6%) 1.17 614
    2021-09-01 $449,663 (18.4%) $666,521 (14.4%) 1.20 619
    2021-10-01 $470,112 (23.8%) $674,125 (13.9%) 1.25 616
    2021-11-01 $483,450 (27.5%) $711,522 (19.2%) 1.29 538
    2021-12-01 $475,842 (23.6%) $689,459 (13.2%) 1.29 477
    2022-01-01 $482,500 (27.0%) $710,573 (13.3%) 1.30 381
    2022-02-01 $469,564 (17.4%) $715,169 (3.3%) 1.22 336
    2022-03-01 $469,475 (18.6%) $753,985 (12.5%) 1.18 330
    2022-04-01 $500,000 (20.0%) $755,800 (11.2%) 1.19 347
    2022-05-01 $524,800 (23.5%) $754,376 (5.6%) 1.20 469
    2022-06-01 $523,975 (23.7%) $767,661 (9.3%) 1.17 608
    2022-07-01 $529,900 (17.9%) $781,066 (12.5%) 1.19 787
    2022-08-01 $549,900 (25.0%) $792,225 (18.9%) 1.27 806
    2022-09-01 $542,537 (20.7%) $775,401 (16.3%) 1.27 827
    2022-10-01 $535,000 (13.8%) $733,172 (8.8%) 1.26 850
    2022-11-01 $525,000 (8.6%) $717,207 (0.8%) 1.26 875
    2022-12-01 $524,900 (10.3%) $723,051 (4.9%) 1.30 822
    2023-01-01 $524,925 (8.8%) $737,052 (3.7%) 1.30 750
    2023-02-01 $531,022 (13.1%) $738,902 (3.3%) 1.28 704
    2023-03-01 $527,163 (12.3%) $755,425 (0.2%) 1.24 678
    2023-04-01 $549,900 (10.0%) $782,562 (3.5%) 1.28 666
    2023-05-01 $557,900 (6.3%) $794,680 (5.3%) 1.26 704
    2023-06-01 $549,450 (4.9%) $758,825 (-1.2%) 1.23 764
    2023-07-01 $549,000 (3.6%) $766,709 (-1.8%) 1.25 792
    2023-08-01 $525,000 (-4.5%) $767,248 (-3.2%) 1.21 852
    2023-09-01 $526,450 (-3.0%) $758,478 (-2.2%) 1.23 898
    2023-10-01 $519,700 (-2.9%) $741,790 (1.2%) 1.22 990
    Wilmington's median listing price for 2023-10-01 was $519,700, a difference of $-15,300 (-2.9%) versus the prior year and $-6,750 versus the prior month.

    Wilmington's median listing price comes in at 122% of the national average.

    Wilmington's average listing price for 2023-10-01 was $741,790, a difference of $8,618 (1.2%) versus the prior year and $-16,688 versus the prior month.

    For the 2023-10-01 period, Wilmington had 990 MLS listings, a difference of 92 listings (10%) versus the prior month and 140 listings (16%) 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 2,152 sqft
    2018-02-01 101 days 2,163 sqft
    2018-03-01 73 days 2,150 sqft
    2018-04-01 62 days 2,160 sqft
    2018-05-01 61 days 2,167 sqft
    2018-06-01 63 days 2,182 sqft
    2018-07-01 64 days 2,184 sqft
    2018-08-01 67 days 2,132 sqft
    2018-09-01 78 days 2,157 sqft
    2018-10-01 101 days 2,165 sqft
    2018-11-01 102 days 2,189 sqft
    2018-12-01 107 days 2,167 sqft
    2019-01-01 96 days 2,189 sqft
    2019-02-01 92 days 2,188 sqft
    2019-03-01 76 days 2,206 sqft
    2019-04-01 58 days 2,202 sqft
    2019-05-01 57 days 2,212 sqft
    2019-06-01 58 days 2,201 sqft
    2019-07-01 63 days 2,203 sqft
    2019-08-01 68 days 2,209 sqft
    2019-09-01 74 days 2,200 sqft
    2019-10-01 78 days 2,193 sqft
    2019-11-01 76 days 2,146 sqft
    2019-12-01 83 days 2,134 sqft
    2020-01-01 92 days 2,148 sqft
    2020-02-01 87 days 2,160 sqft
    2020-03-01 65 days 2,180 sqft
    2020-04-01 66 days 2,151 sqft
    2020-05-01 71 days 2,175 sqft
    2020-06-01 78 days 2,205 sqft
    2020-07-01 70 days 2,214 sqft
    2020-08-01 64 days 2,200 sqft
    2020-09-01 67 days 2,191 sqft
    2020-10-01 68 days 2,169 sqft
    2020-11-01 69 days 2,107 sqft
    2020-12-01 67 days 2,144 sqft
    2021-01-01 74 days 2,131 sqft
    2021-02-01 74 days 2,174 sqft
    2021-03-01 49 days 2,113 sqft
    2021-04-01 47 days 2,161 sqft
    2021-05-01 42 days 2,096 sqft
    2021-06-01 39 days 2,067 sqft
    2021-07-01 40 days 2,121 sqft
    2021-08-01 40 days 2,145 sqft
    2021-09-01 43 days 2,129 sqft
    2021-10-01 45 days 2,131 sqft
    2021-11-01 52 days 2,165 sqft
    2021-12-01 59 days 2,075 sqft
    2022-01-01 64 days 2,147 sqft
    2022-02-01 45 days 2,060 sqft
    2022-03-01 33 days 1,977 sqft
    2022-04-01 32 days 2,042 sqft
    2022-05-01 33 days 2,068 sqft
    2022-06-01 34 days 2,093 sqft
    2022-07-01 37 days 2,133 sqft
    2022-08-01 45 days 2,195 sqft
    2022-09-01 51 days 2,237 sqft
    2022-10-01 54 days 2,215 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 2,250 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 2,182 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
    Wilmington's median listing age (time on market) for 2023-10-01 was 49 days. This is -9% shorter than the same period one year ago.

    Wilmington's median square footage for active listings during the 2023-10-01 period was 2,045 sqft. One year prior, the average listing was 2,215 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).