Beckley FHA Loan Rates, Closing Costs & Stats

BECKLEY, WV

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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.

    Beckley's 38 lenders originated 267 FHA loans during 2023. The total origination value was $40,275,000, with an average FHA loan value of $150,843.

    Beckley FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Beckley averaged 6.83% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Beckley's average FHA mortgage closing costs are $6,122.

    The average rate for the prior week (2024-04-05) was 6.76% and one month ago for the week of 2024-03-08, the average rate was 6.4%.

    The average rate one year ago was 5.93%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.69%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Beckley 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 Beckley level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 58 6.41% $7,886
    The Huntington National Bank 40 6.36% $6,036
    MOVEMENT MORTGAGE, LLC 39 6.61% $7,323
    LOANDEPOT.COM, LLC 14 6.46% $8,143
    Truist 11 5.97% $7,110
    AMERISAVE MORTGAGE CORPORATION 8 6.09% $8,477
    Victorian Finance, LLC 7 7.00% $8,134
    U.S. Bank 6 6.69% $8,481
    JPMorgan Chase Bank 5 7.28% $5,197
    BROKER SOLUTIONS, INC. 5 6.62% $12,494
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.67% $6,752
    Mr. Cooper ( Nationstar Mortgage ) 3 6.13% $9,898
    NEWREZ LLC 3 6.62% $10,059
    CARDINAL FINANCIAL 3 6.42% $12,092
    T2 FINANCIAL LLC 3 6.83% $9,731
    UNITED WHOLESALE MORTGAGE, LLC 3 5.75% $10,155
    Alcova Mortgage LLC 3 7.13% $5,874
    Atlantic Union Bank 3 7.04% $10,454
    Carrington Mortgage Services, LLC 2 6.63% $7,741
    Gateway First Bank 2 7.00% $3,840
    CROSSCOUNTRY MORTGAGE, LLC 2 7.00% $5,125
    MYCUMORTGAGE, LLC 2 5.88% $9,691
    ZILLOW HOME LOANS, LLC 1 6.25% $9,379
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $5,040
    AmeriHome Mortgage Company, LLC 1 4.88% $18,806
    Blue Ridge Bank 1 7.13% $9,586
    C & F Mortgage Corporation 1 6.63% $5,554
    Citizens Bank 1 6.00% $6,719
    FIRST COLONY MORTGAGE CORPORATION 1 7.25% $5,407
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,003
    INTERCOASTAL MORTGAGE COMPANY 1 6.75% $12,066
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,441
    Mortgage Research Center, LLC 1 7.25% $2,932
    ON Q FINANCIAL, INC. 1 7.75% $8,825
    Plains Commerce Bank 1 5.13% $15,414
    PLANET HOME LENDING, LLC 1 5.50% $4,856
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $8,997
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.25% $7,773

    The top Beckley FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 58 FHA loans originated. Their average total fees are $7,886, which is $1,850 higher than the next largest lender, The Huntington National Bank.

    The lowest fee Beckley FHA lenders (with over 10 loans originated) are The Huntington National Bank ($6,036), Truist ($7,110), MOVEMENT MORTGAGE, LLC ($7,323), QUICKEN LOANS, LLC ($7,886) and LOANDEPOT.COM, LLC ($8,143).

    The lowest rate Beckley FHA lenders (with over 10 loans originated) are Truist (5.97%), The Huntington National Bank (6.36%), QUICKEN LOANS, LLC (6.41%), LOANDEPOT.COM, LLC (6.46%) and MOVEMENT MORTGAGE, LLC (6.61%).

    Beckley FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BECKLEY, WV FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    BECKLEY, WV RALEIGH 2022 $420,680 $538,650 $651,050 $809,150
    BECKLEY, WV FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
    BECKLEY, WV RALEIGH 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Beckley (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 $120,000 (-7.7%) $166,254 (-5.4%) 0.00 547
    2018-02-01 $119,950 (-10.0%) $163,997 (-7.0%) 0.00 536
    2018-03-01 $120,000 (-13.7%) $168,113 (-5.0%) 0.00 520
    2018-04-01 $128,000 (-8.1%) $177,733 (-0.6%) 0.00 498
    2018-05-01 $131,800 (-5.5%) $181,630 (1.7%) 0.00 512
    2018-06-01 $130,000 (-7.1%) $183,593 (-0.1%) 0.00 568
    2018-07-01 $129,900 (-6.6%) $179,015 (-0.1%) 0.00 595
    2018-08-01 $129,800 (-5.5%) $178,108 (-0.3%) 0.00 613
    2018-09-01 $129,000 (-4.4%) $177,210 (-0.2%) 0.00 618
    2018-10-01 $125,498 (-6.2%) $180,225 (1.3%) 0.00 582
    2018-11-01 $120,625 (-6.5%) $178,998 (3.9%) 0.00 530
    2018-12-01 $125,000 (0.1%) $175,752 (4.4%) 0.00 487
    2019-01-01 $122,500 (2.1%) $175,039 (5.3%) 0.00 442
    2019-02-01 $129,450 (7.9%) $182,029 (11.0%) 0.00 427
    2019-03-01 $134,100 (11.8%) $187,454 (11.5%) 0.00 426
    2019-04-01 $138,650 (8.3%) $192,610 (8.4%) 0.00 428
    2019-05-01 $139,700 (6.0%) $200,167 (10.2%) 0.00 458
    2019-06-01 $139,900 (7.6%) $202,298 (10.2%) 0.00 494
    2019-07-01 $139,900 (7.7%) $205,281 (14.7%) 0.00 488
    2019-08-01 $135,327 (4.3%) $197,329 (10.8%) 0.00 502
    2019-09-01 $128,393 (-0.5%) $185,961 (4.9%) 0.00 525
    2019-10-01 $123,125 (-1.9%) $179,706 (-0.3%) 0.00 535
    2019-11-01 $119,900 (-0.6%) $179,814 (0.5%) 0.00 516
    2019-12-01 $119,000 (-4.8%) $172,758 (-1.7%) 0.00 499
    2020-01-01 $115,000 (-6.1%) $166,445 (-4.9%) 0.00 454
    2020-02-01 $125,000 (-3.4%) $179,822 (-1.2%) 0.00 395
    2020-03-01 $124,925 (-6.8%) $180,299 (-3.8%) 0.00 369
    2020-04-01 $122,475 (-11.7%) $183,304 (-4.8%) 0.00 333
    2020-05-01 $119,900 (-14.2%) $178,431 (-10.9%) 0.00 318
    2020-06-01 $115,750 (-17.3%) $180,007 (-11.0%) 0.00 312
    2020-07-01 $119,975 (-14.2%) $192,664 (-6.2%) 0.00 316
    2020-08-01 $122,670 (-9.4%) $206,352 (4.6%) 0.00 303
    2020-09-01 $115,875 (-9.8%) $211,287 (13.6%) 0.00 289
    2020-10-01 $114,900 (-6.7%) $199,100 (10.8%) 0.00 322
    2020-11-01 $115,500 (-3.7%) $197,091 (9.6%) 0.00 320
    2020-12-01 $119,950 (0.8%) $199,437 (15.4%) 0.00 288
    2021-01-01 $122,950 (6.9%) $209,064 (25.6%) 0.00 254
    2021-02-01 $135,000 (8.0%) $220,628 (22.7%) 0.00 219
    2021-03-01 $132,750 (6.3%) $226,874 (25.8%) 0.00 200
    2021-04-01 $135,000 (10.2%) $238,834 (30.3%) 0.00 170
    2021-05-01 $155,000 (29.3%) $257,019 (44.0%) 0.00 164
    2021-06-01 $157,000 (35.6%) $249,436 (38.6%) 0.00 178
    2021-07-01 $141,000 (17.5%) $221,657 (15.1%) 0.00 190
    2021-08-01 $131,000 (6.8%) $214,411 (3.9%) 0.00 191
    2021-09-01 $139,125 (20.1%) $228,585 (8.2%) 0.00 184
    2021-10-01 $145,000 (26.2%) $223,286 (12.2%) 0.00 172
    2021-11-01 $133,700 (15.8%) $217,195 (10.2%) 0.00 158
    2021-12-01 $125,975 (5.0%) $228,541 (14.6%) 0.00 145
    2022-01-01 $127,000 (3.3%) $236,744 (13.2%) 0.00 125
    2022-02-01 $124,974 (-7.4%) $222,785 (1.0%) 0.00 119
    2022-03-01 $139,975 (5.4%) $250,526 (10.4%) 0.00 110
    2022-04-01 $132,200 (-2.1%) $243,146 (1.8%) 0.00 123
    2022-05-01 $142,450 (-8.1%) $238,575 (-7.2%) 0.00 120
    2022-06-01 $143,225 (-8.8%) $243,038 (-2.6%) 0.00 136
    2022-07-01 $139,000 (-1.4%) $228,418 (3.1%) 0.00 156
    2022-08-01 $154,450 (17.9%) $239,934 (11.9%) 0.00 180
    2022-09-01 $160,000 (15.0%) $255,647 (11.8%) 0.00 174
    2022-10-01 $150,000 (3.5%) $261,607 (17.2%) 0.00 190
    2022-11-01 $163,750 (22.5%) $268,312 (23.5%) 0.00 179
    2022-12-01 $153,000 (21.5%) $248,385 (8.7%) 0.00 181
    2023-01-01 $153,500 (20.9%) $255,458 (7.9%) 0.00 168
    2023-02-01 $153,500 (22.8%) $285,056 (28.0%) 0.00 153
    2023-03-01 $155,000 (10.7%) $290,084 (15.8%) 0.00 148
    2023-04-01 $184,950 (39.9%) $308,870 (27.0%) 0.00 138
    2023-05-01 $205,000 (43.9%) $314,705 (31.9%) 0.00 145
    2023-06-01 $217,500 (51.9%) $299,213 (23.1%) 0.00 167
    2023-07-01 $219,950 (58.2%) $293,275 (28.4%) 0.00 181
    2023-08-01 $212,425 (37.5%) $289,826 (20.8%) 0.00 181
    2023-09-01 $199,900 (24.9%) $281,431 (10.1%) 0.00 181
    2023-10-01 $194,750 (29.8%) $277,050 (5.9%) 0.00 199
    2023-11-01 $189,725 (15.9%) $268,074 (-0.1%) 0.00 186
    2023-12-01 $190,450 (24.5%) $249,620 (0.5%) 0.00 188
    2024-01-01 $188,425 (22.8%) $237,913 (-6.9%) 0.00 180
    2024-02-01 $160,975 (4.9%) $224,642 (-21.2%) 0.00 171
    2024-03-01 $169,000 (9.0%) $237,753 (-18.0%) 0.00 179
    Beckley's median listing price for 2024-03-01 was $169,000, a difference of $14,000 (9.0%) versus the prior year and $8,025 versus the prior month.

    Beckley's median listing price comes in at 0% of the national average.

    Beckley's average listing price for 2024-03-01 was $237,753, a difference of $-52,331 (-18.0%) versus the prior year and $13,111 versus the prior month.

    For the 2024-03-01 period, Beckley had 179 MLS listings, a difference of 8 listings (5%) versus the prior month and 31 listings (21%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Beckley (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,773 sqft
    2018-02-01 0 days 1,755 sqft
    2018-03-01 0 days 1,750 sqft
    2018-04-01 0 days 1,750 sqft
    2018-05-01 0 days 1,764 sqft
    2018-06-01 0 days 1,764 sqft
    2018-07-01 0 days 1,760 sqft
    2018-08-01 0 days 1,740 sqft
    2018-09-01 0 days 1,754 sqft
    2018-10-01 0 days 1,742 sqft
    2018-11-01 0 days 1,716 sqft
    2018-12-01 0 days 1,686 sqft
    2019-01-01 0 days 1,668 sqft
    2019-02-01 0 days 1,737 sqft
    2019-03-01 0 days 1,769 sqft
    2019-04-01 0 days 1,798 sqft
    2019-05-01 0 days 1,844 sqft
    2019-06-01 0 days 1,861 sqft
    2019-07-01 0 days 1,881 sqft
    2019-08-01 0 days 1,885 sqft
    2019-09-01 0 days 1,881 sqft
    2019-10-01 0 days 1,878 sqft
    2019-11-01 0 days 1,891 sqft
    2019-12-01 0 days 1,845 sqft
    2020-01-01 0 days 1,799 sqft
    2020-02-01 0 days 1,738 sqft
    2020-03-01 0 days 1,673 sqft
    2020-04-01 0 days 1,618 sqft
    2020-05-01 0 days 1,657 sqft
    2020-06-01 0 days 1,651 sqft
    2020-07-01 0 days 1,741 sqft
    2020-08-01 0 days 1,824 sqft
    2020-09-01 0 days 1,748 sqft
    2020-10-01 0 days 1,591 sqft
    2020-11-01 0 days 1,590 sqft
    2020-12-01 0 days 1,580 sqft
    2021-01-01 0 days 1,584 sqft
    2021-02-01 0 days 1,617 sqft
    2021-03-01 0 days 1,672 sqft
    2021-04-01 0 days 1,675 sqft
    2021-05-01 0 days 1,812 sqft
    2021-06-01 0 days 1,800 sqft
    2021-07-01 0 days 1,755 sqft
    2021-08-01 0 days 1,732 sqft
    2021-09-01 0 days 1,702 sqft
    2021-10-01 0 days 1,702 sqft
    2021-11-01 0 days 1,695 sqft
    2021-12-01 0 days 1,663 sqft
    2022-01-01 0 days 1,575 sqft
    2022-02-01 0 days 1,584 sqft
    2022-03-01 0 days 1,688 sqft
    2022-04-01 0 days 1,594 sqft
    2022-05-01 0 days 1,578 sqft
    2022-06-01 0 days 1,604 sqft
    2022-07-01 0 days 1,584 sqft
    2022-08-01 0 days 1,636 sqft
    2022-09-01 0 days 1,649 sqft
    2022-10-01 0 days 1,530 sqft
    2022-11-01 0 days 1,587 sqft
    2022-12-01 0 days 1,527 sqft
    2023-01-01 0 days 1,520 sqft
    2023-02-01 0 days 1,533 sqft
    2023-03-01 0 days 1,583 sqft
    2023-04-01 0 days 1,674 sqft
    2023-05-01 0 days 1,755 sqft
    2023-06-01 0 days 1,794 sqft
    2023-07-01 0 days 1,819 sqft
    2023-08-01 0 days 1,808 sqft
    2023-09-01 0 days 1,823 sqft
    2023-10-01 0 days 1,862 sqft
    2023-11-01 0 days 1,877 sqft
    2023-12-01 0 days 1,894 sqft
    2024-01-01 0 days 1,705 sqft
    2024-02-01 0 days 1,678 sqft
    2024-03-01 0 days 1,668 sqft
    Beckley's median listing age (time on market) for 2024-03-01 was 0 days.

    Beckley's median square footage for active listings during the 2024-03-01 period was 1,668 sqft. One year prior, the average listing was 1,583 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).