Blacksburg FHA Loans

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 5.15% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.49% and one month ago for the week of 2022-04-08, the average rate was 4.65%.

    The average rate one year ago was 3.06%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.91%.

    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 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. Total Fees
    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 & INVESTMENT LLC 3 2.83% $2,086
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 2.96% $8,412
    Nations Lending Corporation 3 3.17% $7,979
    Truist Bank 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

    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).