Big Stone Gap FHA Loan Rates, Closing Costs & Stats

Big Stone Gap, VA

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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.

    Big Stone Gap's 20 lenders originated 53 FHA loans during 2023. The total origination value was $6,815,000, with an average FHA loan value of $128,585.

    Big Stone Gap FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Big Stone Gap averaged 7.33% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Big Stone Gap's average FHA mortgage closing costs are $6,141.

    The average rate for the prior week (2024-04-12) was 7.32% and one month ago for the week of 2024-03-15, the average rate was 6.99%.

    The average rate one year ago was 6.81%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Big Stone Gap 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 Big Stone Gap level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 15 7.23% $8,517
    QUICKEN LOANS, LLC 11 6.43% $6,043
    CMG MORTGAGE, INC. 3 7.38% $6,620
    ALAMEDA MORTGAGE CORPORATION 2 6.81% $9,278
    BROKER SOLUTIONS, INC. 2 6.56% $8,520
    CARDINAL FINANCIAL 2 7.31% $9,519
    FIRST COMMUNITY MORTGAGE, INC. 2 6.56% $5,326
    Virginia Credit Union, Inc. 2 7.00% $5,528
    GUARANTEED RATE, INC. 1 6.25% $5,169
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.50% $9,325
    LOANDEPOT.COM, LLC 1 6.99% $6,908
    MLD MORTGAGE INC. 1 7.75% $5,651
    Mortgage Research Center, LLC 1 6.75% $2,182
    MOVEMENT MORTGAGE, LLC 1 6.75% $6,064
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.00% $8,005
    Blue Ridge Bank 1 6.75% $6,129
    Sierra Pacific Mortgage Company, Inc. 1 6.13% $6,836
    SUN WEST MORTGAGE COMPANY, INC. 1 6.72% $3,633
    Carrington Mortgage Services, LLC 1 5.50% $9,883
    UNITED WHOLESALE MORTGAGE, LLC 1 7.03% $8,934

    The top Big Stone Gap FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 15 FHA loans originated. Their average total fees are $8,517, which is $2,474 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Big Stone Gap FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,043), CROSSCOUNTRY MORTGAGE, LLC ($8,517), .

    The lowest rate Big Stone Gap FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.43%), CROSSCOUNTRY MORTGAGE, LLC (7.23%), .

    Big Stone Gap FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BIG STONE GAP, VA WISE 2022 $420,680 $538,650 $651,050 $809,150
    BIG STONE GAP, VA NORTON CITY 2022 $420,680 $538,650 $651,050 $809,150
    BIG STONE GAP, VA WISE 2023 $472,030 $604,400 $730,525 $907,900
    BIG STONE GAP, VA NORTON CITY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Big Stone Gap (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 $101,654 (-1.2%) $131,160 (5.2%) 0.00 208
    2018-02-01 $104,999 (6.3%) $131,655 (9.0%) 0.00 211
    2018-03-01 $99,725 (5.7%) $127,920 (8.7%) 0.00 213
    2018-04-01 $99,500 (2.7%) $126,600 (3.8%) 0.00 205
    2018-05-01 $99,167 (3.0%) $122,149 (-0.4%) 0.00 217
    2018-06-01 $94,333 (-4.4%) $118,066 (-6.5%) 0.00 229
    2018-07-01 $94,111 (-4.9%) $118,223 (-4.2%) 0.00 251
    2018-08-01 $92,500 (-5.8%) $119,485 (-3.0%) 0.00 268
    2018-09-01 $89,639 (-10.3%) $115,349 (-8.0%) 0.00 267
    2018-10-01 $87,708 (-12.2%) $114,343 (-8.1%) 0.00 269
    2018-11-01 $87,500 (-12.1%) $113,657 (-9.2%) 0.00 257
    2018-12-01 $88,998 (-11.9%) $115,419 (-10.4%) 0.00 240
    2019-01-01 $90,250 (-11.2%) $116,871 (-10.9%) 0.00 240
    2019-02-01 $92,500 (-11.9%) $120,011 (-8.8%) 0.00 229
    2019-03-01 $93,476 (-6.3%) $125,881 (-1.6%) 0.00 215
    2019-04-01 $94,666 (-4.9%) $129,083 (2.0%) 0.00 211
    2019-05-01 $96,938 (-2.3%) $134,296 (9.9%) 0.00 212
    2019-06-01 $101,300 (7.4%) $137,010 (16.1%) 0.00 213
    2019-07-01 $102,150 (8.5%) $136,374 (15.4%) 0.00 212
    2019-08-01 $103,413 (11.8%) $136,332 (14.1%) 0.00 211
    2019-09-01 $102,617 (14.5%) $137,103 (18.9%) 0.00 209
    2019-10-01 $102,086 (16.4%) $137,113 (19.9%) 0.00 204
    2019-11-01 $104,000 (18.9%) $134,316 (18.2%) 0.00 205
    2019-12-01 $98,750 (11.0%) $132,272 (14.6%) 0.00 208
    2020-01-01 $97,950 (8.5%) $133,212 (14.0%) 0.00 201
    2020-02-01 $95,900 (3.7%) $135,468 (12.9%) 0.00 191
    2020-03-01 $98,450 (5.3%) $141,423 (12.4%) 0.00 165
    2020-04-01 $100,800 (6.5%) $151,197 (17.1%) 0.00 159
    2020-05-01 $104,900 (8.2%) $150,466 (12.0%) 0.00 151
    2020-06-01 $111,000 (9.6%) $152,283 (11.2%) 0.00 152
    2020-07-01 $120,667 (18.1%) $159,238 (16.8%) 0.00 143
    2020-08-01 $119,777 (15.8%) $157,724 (15.7%) 0.00 115
    2020-09-01 $121,000 (17.9%) $160,035 (16.7%) 0.00 115
    2020-10-01 $129,000 (26.4%) $168,256 (22.7%) 0.00 102
    2020-11-01 $135,000 (29.8%) $176,615 (31.5%) 0.00 106
    2020-12-01 $133,950 (35.7%) $170,980 (29.3%) 0.00 108
    2021-01-01 $129,000 (31.7%) $167,613 (25.8%) 0.00 103
    2021-02-01 $109,500 (14.2%) $165,347 (22.1%) 0.00 92
    2021-03-01 $127,283 (29.3%) $173,346 (22.6%) 0.00 84
    2021-04-01 $124,333 (23.4%) $172,624 (14.2%) 0.00 79
    2021-05-01 $125,000 (19.2%) $176,866 (17.6%) 0.00 72
    2021-06-01 $136,225 (22.7%) $184,110 (20.9%) 0.00 81
    2021-07-01 $152,500 (26.4%) $190,803 (19.8%) 0.00 76
    2021-08-01 $147,450 (23.1%) $184,193 (16.8%) 0.00 84
    2021-09-01 $144,000 (19.0%) $182,518 (14.1%) 0.00 89
    2021-10-01 $130,000 (0.8%) $175,499 (4.3%) 0.00 81
    2021-11-01 $145,000 (7.4%) $174,922 (-1.0%) 0.00 74
    2021-12-01 $143,500 (7.1%) $176,470 (3.2%) 0.00 70
    2022-01-01 $140,777 (9.1%) $176,716 (5.4%) 0.00 67
    2022-02-01 $137,475 (25.6%) $168,597 (2.0%) 0.00 69
    2022-03-01 $140,777 (10.6%) $170,032 (-1.9%) 0.00 63
    2022-04-01 $139,900 (12.5%) $168,263 (-2.5%) 0.00 65
    2022-05-01 $137,000 (9.6%) $157,908 (-10.7%) 0.00 63
    2022-06-01 $149,000 (9.4%) $167,298 (-9.1%) 0.00 66
    2022-07-01 $164,217 (7.7%) $185,900 (-2.6%) 0.00 65
    2022-08-01 $169,875 (15.2%) $196,819 (6.9%) 0.00 70
    2022-09-01 $171,717 (19.3%) $196,244 (7.5%) 0.00 78
    2022-10-01 $149,900 (15.3%) $186,063 (6.0%) 0.00 70
    2022-11-01 $149,150 (2.9%) $179,597 (2.7%) 0.00 67
    2022-12-01 $139,900 (-2.5%) $168,355 (-4.6%) 0.00 60
    2023-01-01 $142,475 (1.2%) $173,064 (-2.1%) 0.00 57
    2023-02-01 $139,950 (1.8%) $172,971 (2.6%) 0.00 55
    2023-03-01 $142,925 (1.5%) $169,183 (-0.5%) 0.00 58
    2023-04-01 $154,500 (10.4%) $198,611 (18.0%) 0.00 66
    2023-05-01 $133,250 (-2.7%) $188,962 (19.7%) 0.00 57
    2023-06-01 $144,000 (-3.4%) $197,293 (17.9%) 0.00 56
    2023-07-01 $169,500 (3.2%) $185,675 (-0.1%) 0.00 62
    2023-08-01 $148,450 (-12.6%) $188,346 (-4.3%) 0.00 66
    2023-09-01 $135,000 (-21.4%) $187,012 (-4.7%) 0.00 69
    2023-10-01 $129,000 (-13.9%) $154,367 (-17.0%) 0.00 66
    2023-11-01 $129,000 (-13.5%) $155,847 (-13.2%) 0.00 64
    2023-12-01 $124,900 (-10.7%) $157,151 (-6.7%) 0.00 64
    2024-01-01 $125,892 (-11.6%) $159,042 (-8.1%) 0.00 59
    2024-02-01 $124,000 (-11.4%) $170,035 (-1.7%) 0.00 50
    2024-03-01 $164,000 (14.8%) $244,970 (44.8%) 0.00 48
    Big Stone Gap's median listing price for 2024-03-01 was $164,000, a difference of $21,075 (14.8%) versus the prior year and $40,000 versus the prior month.

    Big Stone Gap's median listing price comes in at 0% of the national average.

    Big Stone Gap's average listing price for 2024-03-01 was $244,970, a difference of $75,787 (44.8%) versus the prior year and $74,935 versus the prior month.

    For the 2024-03-01 period, Big Stone Gap had 48 MLS listings, a difference of -2 listings (-4%) versus the prior month and -10 listings (-17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Big Stone Gap (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,718 sqft
    2018-02-01 0 days 1,726 sqft
    2018-03-01 0 days 1,706 sqft
    2018-04-01 0 days 1,703 sqft
    2018-05-01 0 days 1,703 sqft
    2018-06-01 0 days 1,702 sqft
    2018-07-01 0 days 1,699 sqft
    2018-08-01 0 days 1,675 sqft
    2018-09-01 0 days 1,680 sqft
    2018-10-01 0 days 1,688 sqft
    2018-11-01 0 days 1,678 sqft
    2018-12-01 0 days 1,716 sqft
    2019-01-01 0 days 1,675 sqft
    2019-02-01 0 days 1,681 sqft
    2019-03-01 0 days 1,705 sqft
    2019-04-01 0 days 1,727 sqft
    2019-05-01 0 days 1,734 sqft
    2019-06-01 0 days 1,773 sqft
    2019-07-01 0 days 1,815 sqft
    2019-08-01 0 days 1,766 sqft
    2019-09-01 0 days 1,700 sqft
    2019-10-01 0 days 1,640 sqft
    2019-11-01 0 days 1,664 sqft
    2019-12-01 0 days 1,674 sqft
    2020-01-01 0 days 1,657 sqft
    2020-02-01 0 days 1,641 sqft
    2020-03-01 0 days 1,649 sqft
    2020-04-01 0 days 1,676 sqft
    2020-05-01 0 days 1,672 sqft
    2020-06-01 0 days 1,668 sqft
    2020-07-01 0 days 1,656 sqft
    2020-08-01 0 days 1,620 sqft
    2020-09-01 0 days 1,633 sqft
    2020-10-01 0 days 1,620 sqft
    2020-11-01 0 days 1,712 sqft
    2020-12-01 0 days 1,664 sqft
    2021-01-01 0 days 1,646 sqft
    2021-02-01 0 days 1,663 sqft
    2021-03-01 0 days 1,762 sqft
    2021-04-01 0 days 1,734 sqft
    2021-05-01 0 days 1,715 sqft
    2021-06-01 0 days 1,689 sqft
    2021-07-01 0 days 1,728 sqft
    2021-08-01 0 days 1,673 sqft
    2021-09-01 0 days 1,635 sqft
    2021-10-01 0 days 1,622 sqft
    2021-11-01 0 days 1,583 sqft
    2021-12-01 0 days 1,581 sqft
    2022-01-01 0 days 1,580 sqft
    2022-02-01 0 days 1,544 sqft
    2022-03-01 0 days 1,541 sqft
    2022-04-01 0 days 1,490 sqft
    2022-05-01 0 days 1,553 sqft
    2022-06-01 0 days 1,638 sqft
    2022-07-01 0 days 1,748 sqft
    2022-08-01 0 days 1,764 sqft
    2022-09-01 0 days 1,800 sqft
    2022-10-01 0 days 1,657 sqft
    2022-11-01 0 days 1,623 sqft
    2022-12-01 0 days 1,778 sqft
    2023-01-01 0 days 1,706 sqft
    2023-02-01 0 days 1,685 sqft
    2023-03-01 0 days 1,674 sqft
    2023-04-01 0 days 1,736 sqft
    2023-05-01 0 days 1,730 sqft
    2023-06-01 0 days 1,789 sqft
    2023-07-01 0 days 1,751 sqft
    2023-08-01 0 days 1,665 sqft
    2023-09-01 0 days 1,626 sqft
    2023-10-01 0 days 1,595 sqft
    2023-11-01 0 days 1,560 sqft
    2023-12-01 0 days 1,529 sqft
    2024-01-01 0 days 1,559 sqft
    2024-02-01 0 days 1,472 sqft
    2024-03-01 0 days 1,647 sqft
    Big Stone Gap's median listing age (time on market) for 2024-03-01 was 0 days.

    Big Stone Gap's median square footage for active listings during the 2024-03-01 period was 1,647 sqft. One year prior, the average listing was 1,674 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).