Blacksburg FHA Loan Rates, Closing Costs & Stats
BLACKSBURG-CHRISTIANSBURG, VA
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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.