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 66 lenders originated 445 FHA loans during 2021. The total origination value was $79,175,000, with an average FHA loan value of $177,921.

    Blacksburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Blacksburg averaged 6.44% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

    Blacksburg's average FHA mortgage closing costs are $5,933.

    The average rate for the prior week (2023-03-10) was 6.49% and one month ago for the week of 2023-02-10, the average rate was 6.1%.

    The average rate one year ago was 3.99%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.4%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    QUICKEN LOANS, LLC 43 2.77% $6,469
    EMBRACE HOME LOANS, INC. 32 3.44% $5,929
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 31 3.20% $7,092
    Alcova Mortgage LLC 30 3.25% $4,673
    MOVEMENT MORTGAGE, LLC 26 3.33% $5,299
    First Heritage Mortgage, LLC 21 3.13% $6,802
    Mr. Cooper ( Nationstar Mortgage ) 16 3.54% $3,383
    FREEDOM MORTGAGE CORPORATION 14 2.84% $3,922
    PENNYMAC LOAN SERVICES, LLC 14 3.20% $3,771
    Prosperity Home Mortgage, LLC 13 3.24% $6,360
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.17% $8,266
    CALIBER HOME LOANS, INC. 9 2.68% $5,961
    LAKEVIEW LOAN SERVICING, LLC 7 2.96% $4,205
    Atlantic Union Bank 7 3.16% $6,378
    The Federal Savings Bank 6 2.92% $7,768
    UNITED WHOLESALE MORTGAGE, LLC 6 2.58% $6,746
    OVM FINANCIAL, INC. 6 3.63% $8,805
    Renasant Bank 6 2.91% $6,631
    FREEDOM FIRST 5 2.73% $6,182
    Carrington Mortgage Services, LLC 5 3.60% $7,651
    AMERISAVE MORTGAGE CORPORATION 4 3.13% $8,368
    TOWNE MORTGAGE COMPANY 4 3.19% $5,961
    VILLAGE CAPITAL MORTGAGE 3 2.83% $2,086
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 2.96% $8,412
    Nations Lending Corporation 3 3.17% $7,979
    Truist 3 3.14% $4,835
    Virginia Credit Union, Inc. 3 2.75% $4,260
    MID AMERICA MORTGAGE, INC. 2 3.06% $1,575
    RESIDENTIAL HOME FUNDING CORP. 2 3.00% $8,489
    First-Citizens Bank & Trust Company 2 3.00% $8,118
    AMERICAN FINANCIAL NETWORK, INC. 2 2.88% $11,610
    First Guaranty Mortgage Corporation 2 3.50% $7,838
    A Mortgage Boutique, LLC 2 2.50% $7,989
    GUARANTEED RATE, INC. 2 2.88% $7,228
    BROKER SOLUTIONS, INC. 2 3.74% $9,697
    Mortgage Research Center, LLC 2 3.06% $5,881
    Lakeview Community Capital, LLC 2 3.18% $3,595
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.81% $6,034
    SIRVA MORTGAGE, INC. 1 3.38% $6,884
    ALLIED MORTGAGE GROUP, INC. 1 3.25% $6,944
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.38% $6,721
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $6,872
    AmeriHome Mortgage Company, LLC 1 2.63% $4,240
    BAYSHORE MORTGAGE FUNDING, LLC 1 2.88% $12,054
    BELEM SERVICING LLC 1 2.88% $6,634
    BETTER MORTGAGE CORPORATION 1 2.88% $7,744
    Blue Ridge Bank 1 2.88% $6,493
    CBM Mortgage, Inc. 1 3.63% $7,655
    CHURCHILL MORTGAGE CORPORATION 1 3.50% $5,255
    Citizens Bank 1 3.00% $3,622
    FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $8,246
    First Savings Bank 1 2.25% $8,258
    GSF Mortgage Corporation 1 3.75% $12,326
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $5,802
    HOMESIDE FINANCIAL, LLC 1 3.13% $9,991
    Integrity Home Mortgage Corp 1 3.13% $7,014
    NEWREZ LLC 1 2.75% $3,393
    OCEANSIDE MORTGAGE COMPANY 1 2.25% $2,688
    OPEN MORTGAGE, LLC 1 3.25% $6,657
    PLANET HOME LENDING, LLC 1 2.75% $3,614
    Presidential Bank, FSB 1 3.75% $5,273
    RELIANCE FIRST CAPITAL, LLC 1 3.38% $6,629
    RUOFF MORTGAGE COMPANY, INC. 1 3.38% $5,647
    Acre Mortgage and Financial Inc 1 4.25% $12,352
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.38% $6,081
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.13% $6,081

    The top Blacksburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 43 FHA loans originated. Their average total fees are $6,469, which is $539 higher than the next largest lender, EMBRACE HOME LOANS, INC..

    The lowest fee Blacksburg FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,383), PENNYMAC LOAN SERVICES, LLC ($3,771), FREEDOM MORTGAGE CORPORATION ($3,922), Alcova Mortgage LLC ($4,673) and MOVEMENT MORTGAGE, LLC ($5,299).

    The lowest rate Blacksburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.77%), FREEDOM MORTGAGE CORPORATION (2.84%), First Heritage Mortgage, LLC (3.13%), PENNYMAC LOAN SERVICES, LLC (3.20%) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. (3.20%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Blacksburg (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 $230,687 (42.8%) $346,065 (57.3%) 0.86 393
    2018-02-01 $221,413 (31.1%) $278,195 (20.5%) 0.80 408
    2018-03-01 $224,900 (20.7%) $277,334 (14.6%) 0.79 441
    2018-04-01 $229,225 (15.2%) $283,519 (10.6%) 0.78 441
    2018-05-01 $225,000 (13.1%) $277,544 (7.9%) 0.75 490
    2018-06-01 $215,900 (7.4%) $278,724 (7.5%) 0.72 513
    2018-07-01 $209,900 (5.2%) $269,496 (4.6%) 0.70 551
    2018-08-01 $211,000 (6.0%) $272,680 (5.0%) 0.71 542
    2018-09-01 $210,000 (2.7%) $273,740 (6.3%) 0.70 527
    2018-10-01 $211,875 (1.0%) $264,367 (1.6%) 0.72 508
    2018-11-01 $216,650 (-1.1%) $273,929 (2.9%) 0.73 472
    2018-12-01 $217,900 (-3.6%) $282,137 (1.0%) 0.75 421
    2019-01-01 $214,994 (-6.8%) $293,502 (-15.2%) 0.74 392
    2019-02-01 $229,900 (3.8%) $301,522 (8.4%) 0.78 377
    2019-03-01 $234,229 (4.2%) $307,792 (11.0%) 0.77 386
    2019-04-01 $239,950 (4.7%) $315,052 (11.1%) 0.76 397
    2019-05-01 $236,825 (5.3%) $310,550 (11.9%) 0.74 422
    2019-06-01 $239,000 (10.7%) $322,285 (15.6%) 0.75 411
    2019-07-01 $249,950 (19.1%) $344,481 (27.8%) 0.78 413
    2019-08-01 $244,482 (15.9%) $338,570 (24.2%) 0.77 409
    2019-09-01 $236,280 (12.5%) $331,411 (21.1%) 0.76 399
    2019-10-01 $229,450 (8.3%) $320,595 (21.3%) 0.74 386
    2019-11-01 $227,000 (4.8%) $312,838 (14.2%) 0.74 360
    2019-12-01 $214,900 (-1.4%) $317,806 (12.6%) 0.72 315
    2020-01-01 $204,838 (-4.7%) $307,666 (4.8%) 0.68 301
    2020-02-01 $205,000 (-10.8%) $315,367 (4.6%) 0.67 293
    2020-03-01 $234,238 (0.0%) $316,728 (2.9%) 0.73 308
    2020-04-01 $237,975 (-0.8%) $321,511 (2.1%) 0.75 306
    2020-05-01 $253,900 (7.2%) $338,708 (9.1%) 0.77 259
    2020-06-01 $267,850 (12.1%) $346,021 (7.4%) 0.79 273
    2020-07-01 $269,075 (7.7%) $349,756 (1.5%) 0.78 252
    2020-08-01 $259,945 (6.3%) $348,552 (3.0%) 0.74 242
    2020-09-01 $241,950 (2.4%) $340,893 (2.9%) 0.69 239
    2020-10-01 $239,900 (4.6%) $332,872 (3.8%) 0.69 234
    2020-11-01 $234,563 (3.3%) $323,706 (3.5%) 0.68 229
    2020-12-01 $228,450 (6.3%) $319,228 (0.5%) 0.68 205
    2021-01-01 $244,750 (19.5%) $323,869 (5.3%) 0.73 167
    2021-02-01 $252,350 (23.1%) $339,681 (7.7%) 0.73 151
    2021-03-01 $272,400 (16.3%) $360,571 (13.8%) 0.77 133
    2021-04-01 $287,950 (21.0%) $407,221 (26.7%) 0.78 142
    2021-05-01 $296,900 (16.9%) $398,535 (17.7%) 0.78 152
    2021-06-01 $296,725 (10.8%) $390,176 (12.8%) 0.78 186
    2021-07-01 $289,900 (7.7%) $405,940 (16.1%) 0.76 208
    2021-08-01 $285,150 (9.7%) $387,677 (11.2%) 0.76 198
    2021-09-01 $276,000 (14.1%) $383,540 (12.5%) 0.74 199
    2021-10-01 $259,900 (8.3%) $360,854 (8.4%) 0.69 178
    2021-11-01 $249,900 (6.5%) $368,147 (13.7%) 0.67 142
    2021-12-01 $249,900 (9.4%) $377,967 (18.4%) 0.68 124
    2022-01-01 $262,950 (7.4%) $419,181 (29.4%) 0.71 109
    2022-02-01 $267,700 (6.1%) $405,739 (19.5%) 0.70 129
    2022-03-01 $294,900 (8.3%) $435,784 (20.9%) 0.74 122
    2022-04-01 $307,200 (6.7%) $441,260 (8.4%) 0.73 154
    2022-05-01 $348,675 (17.4%) $447,739 (12.4%) 0.80 196
    2022-06-01 $349,725 (17.9%) $441,520 (13.2%) 0.78 236
    2022-07-01 $359,000 (23.8%) $429,377 (5.8%) 0.81 254
    2022-08-01 $327,375 (14.8%) $416,029 (7.3%) 0.75 238
    2022-09-01 $289,000 (4.7%) $391,662 (2.1%) 0.67 230
    2022-10-01 $315,000 (21.2%) $406,117 (12.5%) 0.74 223
    2022-11-01 $323,620 (29.5%) $412,406 (12.0%) 0.78 209
    2022-12-01 $325,000 (30.1%) $430,258 (13.8%) 0.80 178
    2023-01-01 $344,950 (31.2%) $449,874 (7.3%) 0.85 157
    2023-02-01 $346,975 (29.6%) $452,823 (11.6%) 0.84 172
    Blacksburg's median listing price for 2023-02-01 was $346,975, a difference of $79,275 (29.6%) versus the prior year and $2,025 versus the prior month.

    Blacksburg's median listing price comes in at 84% of the national average.

    Blacksburg's average listing price for 2023-02-01 was $452,823, a difference of $47,084 (11.6%) versus the prior year and $2,949 versus the prior month.

    For the 2023-02-01 period, Blacksburg had 172 MLS listings, a difference of 15 listings (10%) versus the prior month and 43 listings (33%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Blacksburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 98 days 1,942 sqft
    2018-02-01 93 days 1,872 sqft
    2018-03-01 66 days 1,860 sqft
    2018-04-01 61 days 1,908 sqft
    2018-05-01 53 days 1,866 sqft
    2018-06-01 53 days 1,850 sqft
    2018-07-01 67 days 1,809 sqft
    2018-08-01 70 days 1,849 sqft
    2018-09-01 82 days 1,850 sqft
    2018-10-01 95 days 1,822 sqft
    2018-11-01 104 days 1,836 sqft
    2018-12-01 113 days 1,807 sqft
    2019-01-01 117 days 1,835 sqft
    2019-02-01 117 days 1,850 sqft
    2019-03-01 85 days 1,850 sqft
    2019-04-01 53 days 1,914 sqft
    2019-05-01 53 days 1,874 sqft
    2019-06-01 64 days 1,916 sqft
    2019-07-01 76 days 1,976 sqft
    2019-08-01 82 days 1,961 sqft
    2019-09-01 86 days 1,938 sqft
    2019-10-01 93 days 1,912 sqft
    2019-11-01 102 days 1,836 sqft
    2019-12-01 112 days 1,769 sqft
    2020-01-01 112 days 1,713 sqft
    2020-02-01 105 days 1,730 sqft
    2020-03-01 91 days 1,804 sqft
    2020-04-01 81 days 1,865 sqft
    2020-05-01 98 days 1,875 sqft
    2020-06-01 89 days 1,960 sqft
    2020-07-01 86 days 1,981 sqft
    2020-08-01 84 days 1,956 sqft
    2020-09-01 80 days 1,919 sqft
    2020-10-01 80 days 1,820 sqft
    2020-11-01 76 days 1,822 sqft
    2020-12-01 80 days 1,745 sqft
    2021-01-01 93 days 1,728 sqft
    2021-02-01 107 days 1,796 sqft
    2021-03-01 72 days 1,976 sqft
    2021-04-01 41 days 2,048 sqft
    2021-05-01 44 days 1,875 sqft
    2021-06-01 44 days 1,880 sqft
    2021-07-01 50 days 1,903 sqft
    2021-08-01 52 days 1,798 sqft
    2021-09-01 59 days 1,775 sqft
    2021-10-01 69 days 1,755 sqft
    2021-11-01 84 days 1,724 sqft
    2021-12-01 99 days 1,712 sqft
    2022-01-01 73 days 1,749 sqft
    2022-02-01 42 days 1,672 sqft
    2022-03-01 45 days 1,769 sqft
    2022-04-01 41 days 1,818 sqft
    2022-05-01 36 days 1,985 sqft
    2022-06-01 36 days 2,058 sqft
    2022-07-01 46 days 2,025 sqft
    2022-08-01 51 days 1,970 sqft
    2022-09-01 54 days 1,896 sqft
    2022-10-01 63 days 1,932 sqft
    2022-11-01 58 days 1,943 sqft
    2022-12-01 68 days 1,900 sqft
    2023-01-01 74 days 1,988 sqft
    2023-02-01 56 days 1,944 sqft
    Blacksburg's median listing age (time on market) for 2023-02-01 was 56 days. This is 34% longer than the same period one year ago.

    Blacksburg's median square footage for active listings during the 2023-02-01 period was 1,944 sqft. One year prior, the average listing was 1,672 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).