Blacksburg FHA Loan Rates, Closing Costs & Stats

BLACKSBURG-CHRISTIANSBURG, 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.

    Blacksburg's 52 lenders originated 252 FHA loans during 2023. The total origination value was $52,340,000, with an average FHA loan value of $207,698.

    Blacksburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Blacksburg averaged 6.67% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Blacksburg's average FHA mortgage closing costs are $6,652.

    The average rate for the prior week (2024-11-01) was 6.24% and one month ago for the week of 2024-10-04, the average rate was 5.86%.

    The average rate one year ago was 7.31%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.11%.

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

    Blacksburg 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 Blacksburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 26 7.05% $9,603
    QUICKEN LOANS, LLC 23 6.26% $8,832
    Waterstone Mortgage Corporation 22 6.26% $9,412
    Alcova Mortgage LLC 20 6.70% $7,377
    FREEDOM FIRST 19 6.37% $7,839
    UNITED WHOLESALE MORTGAGE, LLC 17 6.66% $9,736
    First Heritage Mortgage, LLC 14 6.30% $10,034
    MOVEMENT MORTGAGE, LLC 10 6.94% $8,578
    Renasant Bank 9 6.69% $10,011
    Atlantic Union Bank 7 6.59% $9,394
    The Federal Savings Bank 5 6.55% $7,091
    Prosperity Home Mortgage, LLC 5 6.83% $8,951
    BROKER SOLUTIONS, INC. 4 7.03% $11,169
    LOANDEPOT.COM, LLC 4 6.31% $10,878
    Citizens Bank 4 6.25% $8,066
    PENNYMAC LOAN SERVICES, LLC 4 6.44% $11,704
    UNION HOME MORTGAGE CORP. 3 6.88% $10,657
    Wells Fargo Bank 2 6.25% $12,400
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.88% $10,257
    CARDINAL FINANCIAL 2 6.25% $11,718
    EMBRACE HOME LOANS, INC. 2 7.19% $12,751
    Flagstar Bank, FSB 2 6.74% $8,817
    Mortgage Research Center, LLC 2 6.69% $6,011
    SUN WEST MORTGAGE COMPANY, INC. 2 6.21% $5,275
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $5,820
    MICHIGAN MUTUAL, INC. 1 5.13% $13,900
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $12,111
    EMM LOANS LLC 1 5.63% $13,953
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $10,798
    M&T Bank 1 6.75% $7,388
    Nations Lending Corporation 1 6.25% $8,894
    NEW DAY FINANCIAL, LLC 1 7.50% $12,983
    Paramount Residential Mortgage Group, Inc. 1 7.25% $5,568
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $8,794
    PLUS RELOCATION MORTGAGE, LLC 1 6.75% $9,976
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.25% $7,420
    C & F Mortgage Corporation 1 6.75% $7,064
    Century Mortgage Company DBA Century Lending Company 1 7.38% $10,548
    Carrington Mortgage Services, LLC 1 6.50% $10,758
    STOCKTON MORTGAGE CORPORATION 1 6.50% $9,694
    A&D Mortgage LLC 1 6.88% $11,027
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.63% $23,799
    Towne First Mortgage, LLC 1 6.25% $15,316
    Towne Mortgage, LLC 1 6.63% $13,613
    Truist 1 7.25% $7,173
    BANKSOUTH MORTGAGE COMPANY, LLC 1 5.25% $7,354
    AMERISAVE MORTGAGE CORPORATION 1 5.38% $11,774
    U.S. Bank 1 7.25% $7,446
    US MORTGAGE CORPORATION 1 5.75% $14,744
    Virginia Credit Union, Inc. 1 7.00% $5,064
    GUARANTEED RATE, INC. 1 7.65% $8,422
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $10,382

    The top Blacksburg FHA lender as defined by loan originations is ATLANTIC BAY MORTGAGE GROUP, L.L.C., with 26 FHA loans originated. Their average total fees are $9,603, which is $772 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Blacksburg FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($7,377), FREEDOM FIRST ($7,839), MOVEMENT MORTGAGE, LLC ($8,578), QUICKEN LOANS, LLC ($8,832) and Waterstone Mortgage Corporation ($9,412).

    The lowest rate Blacksburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.26%), Waterstone Mortgage Corporation (6.26%), First Heritage Mortgage, LLC (6.30%), FREEDOM FIRST (6.37%) and UNITED WHOLESALE MORTGAGE, LLC (6.66%).

    Blacksburg FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BLACKSBURG-CHRISTIANSBURG, VA GILES 2022 $420,680 $538,650 $651,050 $809,150
    BLACKSBURG-CHRISTIANSBURG, VA MONTGOMERY 2022 $420,680 $538,650 $651,050 $809,150
    BLACKSBURG-CHRISTIANSBURG, VA PULASKI 2022 $420,680 $538,650 $651,050 $809,150
    BLACKSBURG-CHRISTIANSBURG, VA RADFORD CITY 2022 $420,680 $538,650 $651,050 $809,150
    BLACKSBURG-CHRISTIANSBURG, VA GILES 2023 $472,030 $604,400 $730,525 $907,900
    BLACKSBURG-CHRISTIANSBURG, VA MONTGOMERY 2023 $472,030 $604,400 $730,525 $907,900
    BLACKSBURG-CHRISTIANSBURG, VA PULASKI 2023 $472,030 $604,400 $730,525 $907,900
    BLACKSBURG-CHRISTIANSBURG, VA RADFORD CITY 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).