Beckley FHA Loan Rates, Closing Costs & Stats

BECKLEY, WV

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 39 lenders originated 262 FHA loans during 2024. The total origination value was $42,910,000, with an average FHA loan value of $163,779.

Beckley FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Beckley averaged 0.42% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

Beckley's average FHA mortgage closing costs are $6,385.

The average rate for the prior week (2025-06-13) was 6.6% and one month ago for the week of 2025-05-16, the average rate was 6.76%.

The average rate one year ago was 6.82%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.34%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
MOVEMENT MORTGAGE, LLC 54 6.58% $8,085
QUICKEN LOANS, LLC 47 6.53% $8,264
The Huntington National Bank 39 6.53% $6,497
LOANDEPOT.COM, LLC 14 6.31% $8,735
Truist 11 6.26% $7,814
T2 FINANCIAL LLC 7 6.98% $7,519
UNITED WHOLESALE MORTGAGE, LLC 6 6.58% $9,634
BROKER SOLUTIONS, INC. 5 7.65% $7,731
Alcova Mortgage LLC 4 6.90% $3,246
U.S. Bank 4 6.56% $7,755
Atlantic Union Bank 3 6.96% $9,625
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.71% $6,220
Gateway First Bank 3 7.08% $6,493
United Bank 2 6.88% $5,789
ZILLOW HOME LOANS, LLC 2 6.69% $10,206
JPMorgan Chase Bank 2 7.31% $3,132
Blue Ridge Bank 2 6.38% $5,938
NEWREZ LLC 2 7.00% $10,833
FREEDOM MORTGAGE CORPORATION 2 6.94% $6,731
CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $8,796
STOCKTON MORTGAGE CORPORATION 1 7.25% $6,805
SUCCESS MORTGAGE PARTNERS, INC. 1 7.50% $11,660
SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $6,544
Barrington Bank & Trust Company, N.A. 1 6.75% $7,744
THE MORTGAGE FIRM, INC. 1 6.63% $6,144
TOWNE MORTGAGE COMPANY 1 5.50% $10,714
AMERISAVE MORTGAGE CORPORATION 1 6.13% $9,843
WesBanco 1 5.64% $5,670
Equity Prime Mortgage LLC 1 7.50% $11,070
ENVOY MORTGAGE, LTD 1 6.63% $17,794
FIRST COLONY MORTGAGE CORPORATION 1 6.63% $4,604
Flagstar Bank, FSB 1 5.48% $6,873
GUARANTEED RATE, INC. 1 6.25% $7,146
HOMESIDE FINANCIAL, LLC 1 6.75% $9,299
LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $2,973
Carrington Mortgage Services, LLC 1 7.63% $17,053
NBKC BANK 1 6.13% $5,566
CARDINAL FINANCIAL 1 6.75% $8,169
ROYAL UNITED MORTGAGE LLC 1 6.13% $33,092

The top Beckley FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 54 FHA loans originated. Their average total fees are $8,085, which is $179 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Beckley FHA lenders (with over 10 loans originated) are The Huntington National Bank ($6,497), Truist ($7,814), MOVEMENT MORTGAGE, LLC ($8,085), QUICKEN LOANS, LLC ($8,264) and LOANDEPOT.COM, LLC ($8,735).

The lowest rate Beckley FHA lenders (with over 10 loans originated) are Truist (6.26%), LOANDEPOT.COM, LLC (6.31%), QUICKEN LOANS, LLC (6.53%), The Huntington National Bank (6.53%) and MOVEMENT MORTGAGE, LLC (6.58%).

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

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).