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%.

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).