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 53 lenders originated 268 FHA loans during 2024. The total origination value was $62,320,000, with an average FHA loan value of $232,537.

    Blacksburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Blacksburg averaged 0.19% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Blacksburg's average FHA mortgage closing costs are $7,100.

    The average rate for the prior week (2025-06-13) was 6.87% and one month ago for the week of 2025-05-16, the average rate was 6.93%.

    The average rate one year ago was 6.98%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.52%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Alcova Mortgage LLC 29 6.55% $7,498
    QUICKEN LOANS, LLC 23 6.09% $12,226
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 20 6.81% $9,204
    UNITED WHOLESALE MORTGAGE, LLC 18 6.22% $11,683
    MOVEMENT MORTGAGE, LLC 17 7.02% $11,203
    Waterstone Mortgage Corporation 17 6.51% $12,530
    First Heritage Mortgage, LLC 13 6.33% $9,951
    Prosperity Home Mortgage, LLC 13 6.32% $10,881
    FREEDOM FIRST 11 6.26% $7,930
    PENNYMAC LOAN SERVICES, LLC 5 5.85% $12,164
    CARDINAL FINANCIAL 5 6.50% $15,082
    TOWNE MORTGAGE COMPANY 5 7.08% $6,517
    Mr. Cooper ( Nationstar Mortgage ) 4 6.38% $11,642
    UNION HOME MORTGAGE CORP. 4 6.03% $9,926
    FREEDOM MORTGAGE CORPORATION 4 6.91% $10,383
    BROKER SOLUTIONS, INC. 3 6.96% $12,652
    Renasant Bank 3 6.00% $10,081
    First Federal Bank 3 7.04% $8,504
    Atlantic Union Bank 3 6.54% $11,950
    LOANDEPOT.COM, LLC 2 7.31% $8,637
    AMERICAN FINANCIAL NETWORK, INC. 2 6.75% $13,298
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.75% $18,363
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.75% $17,201
    AMERISAVE MORTGAGE CORPORATION 2 6.50% $9,312
    Carrington Mortgage Services, LLC 2 6.25% $9,034
    CROSSCOUNTRY MORTGAGE, LLC 2 6.56% $13,236
    EMBRACE HOME LOANS, INC. 2 6.88% $7,891
    Sierra Pacific Mortgage Company, Inc. 2 6.69% $11,271
    SUN WEST MORTGAGE COMPANY, INC. 2 6.00% $7,859
    SWBC MORTGAGE CORPORATION 2 6.56% $3,260
    The Federal Savings Bank 2 6.69% $7,178
    Virginia Credit Union, Inc. 2 6.69% $7,401
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $8,619
    Nations Lending Corporation 1 6.63% $10,484
    NEW DAY FINANCIAL, LLC 1 7.50% $6,598
    Old National Bank 1 6.25% $7,931
    First-Citizens Bank & Trust Company 1 6.13% $7,667
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $14,474
    FirstBank 1 6.63% $11,001
    FBC MORTGAGE, LLC 1 5.63% $11,360
    EMM LOANS LLC 1 6.25% $8,836
    Bank of America 1 7.00% $5,127
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.25% $12,850
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.63% $4,051
    ZILLOW HOME LOANS, LLC 1 6.25% $15,045
    AmeriHome Mortgage Company, LLC 1 6.88% $5,079
    CMG MORTGAGE, INC. 1 7.00% $10,938
    Truist 1 5.75% $8,778
    LOANPAL, LLC 1 5.63% $6,476
    MORTGAGE INVESTORS GROUP, INC. 1 6.25% $7,259
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $12,745
    INTELLILOAN, INC. 1 6.25% $5,069
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $3,759

    The top Blacksburg FHA lender as defined by loan originations is Alcova Mortgage LLC, with 29 FHA loans originated. Their average total fees are $7,498, which is $4,727 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Blacksburg FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($7,498), FREEDOM FIRST ($7,930), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($9,204), First Heritage Mortgage, LLC ($9,951) and Prosperity Home Mortgage, LLC ($10,881).

    The lowest rate Blacksburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.09%), UNITED WHOLESALE MORTGAGE, LLC (6.22%), FREEDOM FIRST (6.26%), Prosperity Home Mortgage, LLC (6.32%) and First Heritage Mortgage, LLC (6.33%).

    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).