Bluefield FHA Loan Rates, Closing Costs & Stats

Bluefield, WV-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.

    Bluefield's 27 lenders originated 201 FHA loans during 2023. The total origination value was $29,105,000, with an average FHA loan value of $144,801.

    Bluefield FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Bluefield averaged 6.73% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Bluefield's average FHA mortgage closing costs are $6,385.

    The average rate for the prior week (2024-11-01) was 6.41% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.27%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.43%.

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

    Bluefield 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 Bluefield level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Atlantic Union Bank 56 6.85% $8,699
    QUICKEN LOANS, LLC 34 6.42% $6,759
    MOVEMENT MORTGAGE, LLC 25 6.69% $8,336
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 6.93% $8,760
    CARDINAL FINANCIAL 9 6.32% $7,263
    FREEDOM MORTGAGE CORPORATION 6 7.02% $8,413
    BROKER SOLUTIONS, INC. 5 7.00% $8,424
    LOANDEPOT.COM, LLC 5 6.72% $7,399
    Blue Ridge Bank 4 6.31% $6,166
    Alcova Mortgage LLC 3 6.66% $2,286
    AMERISAVE MORTGAGE CORPORATION 3 6.25% $11,533
    UNION HOME MORTGAGE CORP. 2 7.63% $7,285
    Renasant Bank 2 6.93% $4,917
    Truist 2 6.00% $6,609
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 7.75% $5,728
    M&T Bank 1 5.75% $4,978
    AMERICAN FINANCING CORPORATION 1 6.50% $7,963
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.13% $8,770
    SUCCESS MORTGAGE PARTNERS, INC. 1 7.13% $11,507
    UNITED WHOLESALE MORTGAGE, LLC 1 5.13% $22,228
    U.S. Bank 1 6.75% $7,426
    Victorian Finance, LLC 1 6.75% $4,882
    Virginia Credit Union, Inc. 1 5.50% $3,934
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $6,798
    ZILLOW HOME LOANS, LLC 1 7.63% $8,733
    JPMorgan Chase Bank 1 5.75% $2,178
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $7,978

    The top Bluefield FHA lender as defined by loan originations is Atlantic Union Bank, with 56 FHA loans originated. Their average total fees are $8,699, which is $1,940 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Bluefield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($6,759), MOVEMENT MORTGAGE, LLC ($8,336), Atlantic Union Bank ($8,699), PRIMELENDING, A PLAINSCAPITAL COMPANY ($8,760) and .

    The lowest rate Bluefield FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.42%), MOVEMENT MORTGAGE, LLC (6.69%), Atlantic Union Bank (6.85%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.93%) and .

    Bluefield FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    BLUEFIELD, WV-VA BLAND 2022 $420,680 $538,650 $651,050 $809,150
    BLUEFIELD, WV-VA TAZEWELL 2022 $420,680 $538,650 $651,050 $809,150
    BLUEFIELD, WV-VA MERCER 2022 $420,680 $538,650 $651,050 $809,150
    BLUEFIELD, WV-VA BLAND 2023 $472,030 $604,400 $730,525 $907,900
    BLUEFIELD, WV-VA TAZEWELL 2023 $472,030 $604,400 $730,525 $907,900
    BLUEFIELD, WV-VA MERCER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Bluefield (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 $125,450 (0.4%) $172,533 (2.4%) 0.00 527
    2018-02-01 $125,000 (0.0%) $175,334 (3.6%) 0.00 520
    2018-03-01 $119,900 (-5.3%) $175,080 (-1.1%) 0.00 520
    2018-04-01 $126,450 (-2.0%) $178,841 (2.5%) 0.00 505
    2018-05-01 $126,450 (1.2%) $179,328 (5.8%) 0.00 533
    2018-06-01 $125,000 (0.2%) $182,949 (7.1%) 0.00 557
    2018-07-01 $126,175 (1.0%) $183,293 (6.1%) 0.00 580
    2018-08-01 $129,900 (4.0%) $183,318 (6.9%) 0.00 590
    2018-09-01 $139,900 (11.9%) $191,656 (10.4%) 0.00 586
    2018-10-01 $134,925 (8.0%) $188,518 (8.1%) 0.00 587
    2018-11-01 $136,750 (9.4%) $190,871 (9.5%) 0.00 543
    2018-12-01 $134,700 (7.8%) $192,393 (11.5%) 0.00 517
    2019-01-01 $129,950 (3.6%) $189,182 (9.7%) 0.00 482
    2019-02-01 $129,900 (3.9%) $186,294 (6.3%) 0.00 464
    2019-03-01 $132,064 (10.2%) $173,460 (-0.9%) 0.00 483
    2019-04-01 $132,614 (4.9%) $171,027 (-4.4%) 0.00 507
    2019-05-01 $129,974 (2.8%) $170,116 (-5.1%) 0.00 527
    2019-06-01 $130,000 (4.0%) $172,622 (-5.6%) 0.00 552
    2019-07-01 $132,250 (4.8%) $171,308 (-6.5%) 0.00 582
    2019-08-01 $135,591 (4.4%) $173,401 (-5.4%) 0.00 578
    2019-09-01 $137,227 (-1.9%) $176,392 (-8.0%) 0.00 559
    2019-10-01 $138,318 (2.5%) $178,387 (-5.4%) 0.00 540
    2019-11-01 $135,000 (-1.3%) $184,580 (-3.3%) 0.00 505
    2019-12-01 $131,225 (-2.6%) $183,743 (-4.5%) 0.00 461
    2020-01-01 $129,900 (0.0%) $182,112 (-3.7%) 0.00 438
    2020-02-01 $130,000 (0.1%) $185,507 (-0.4%) 0.00 437
    2020-03-01 $134,725 (2.0%) $190,798 (10.0%) 0.00 419
    2020-04-01 $135,000 (1.8%) $196,505 (14.9%) 0.00 403
    2020-05-01 $135,900 (4.6%) $201,865 (18.7%) 0.00 365
    2020-06-01 $139,925 (7.6%) $201,086 (16.5%) 0.00 348
    2020-07-01 $137,925 (4.3%) $209,607 (22.4%) 0.00 327
    2020-08-01 $145,000 (6.9%) $232,560 (34.1%) 0.00 299
    2020-09-01 $149,900 (9.2%) $241,094 (36.7%) 0.00 293
    2020-10-01 $152,250 (10.1%) $243,856 (36.7%) 0.00 306
    2020-11-01 $149,900 (11.0%) $229,978 (24.6%) 0.00 303
    2020-12-01 $148,250 (13.0%) $214,580 (16.8%) 0.00 285
    2021-01-01 $149,900 (15.4%) $220,386 (21.0%) 0.00 260
    2021-02-01 $152,225 (17.1%) $219,133 (18.1%) 0.00 235
    2021-03-01 $152,450 (13.2%) $220,941 (15.8%) 0.00 213
    2021-04-01 $157,450 (16.6%) $231,492 (17.8%) 0.00 201
    2021-05-01 $142,900 (5.2%) $240,173 (19.0%) 0.00 203
    2021-06-01 $139,450 (-0.3%) $246,183 (22.4%) 0.00 185
    2021-07-01 $139,900 (1.4%) $245,197 (17.0%) 0.00 194
    2021-08-01 $139,675 (-3.7%) $241,208 (3.7%) 0.00 195
    2021-09-01 $139,000 (-7.3%) $238,502 (-1.1%) 0.00 190
    2021-10-01 $134,950 (-11.4%) $222,296 (-8.8%) 0.00 188
    2021-11-01 $139,900 (-6.7%) $232,497 (1.1%) 0.00 173
    2021-12-01 $139,900 (-5.6%) $235,655 (9.8%) 0.00 158
    2022-01-01 $139,950 (-6.6%) $234,570 (6.4%) 0.00 143
    2022-02-01 $148,750 (-2.3%) $247,907 (13.1%) 0.00 128
    2022-03-01 $149,200 (-2.1%) $255,896 (15.8%) 0.00 112
    2022-04-01 $149,900 (-4.8%) $267,162 (15.4%) 0.00 116
    2022-05-01 $153,450 (7.4%) $260,756 (8.6%) 0.00 133
    2022-06-01 $151,950 (9.0%) $257,260 (4.5%) 0.00 140
    2022-07-01 $149,450 (6.8%) $258,847 (5.6%) 0.00 160
    2022-08-01 $154,925 (10.9%) $256,924 (6.5%) 0.00 167
    2022-09-01 $164,000 (18.0%) $263,894 (10.7%) 0.00 165
    2022-10-01 $169,450 (25.6%) $262,105 (17.9%) 0.00 161
    2022-11-01 $159,000 (13.7%) $244,564 (5.2%) 0.00 158
    2022-12-01 $169,000 (20.8%) $269,742 (14.5%) 0.00 162
    2023-01-01 $168,000 (20.0%) $273,081 (16.4%) 0.00 141
    2023-02-01 $179,000 (20.3%) $276,835 (11.7%) 0.00 126
    2023-03-01 $151,175 (1.3%) $264,578 (3.4%) 0.00 117
    2023-04-01 $171,000 (14.1%) $266,135 (-0.4%) 0.00 110
    2023-05-01 $188,450 (22.8%) $293,399 (12.5%) 0.00 99
    2023-06-01 $182,200 (19.9%) $286,497 (11.4%) 0.00 119
    2023-07-01 $179,000 (19.8%) $288,664 (11.5%) 0.00 156
    2023-08-01 $179,700 (16.0%) $307,661 (19.8%) 0.00 180
    2023-09-01 $179,900 (9.7%) $336,461 (27.5%) 0.00 180
    2023-10-01 $176,450 (4.1%) $348,363 (32.9%) 0.00 182
    2023-11-01 $179,900 (13.1%) $312,002 (27.6%) 0.00 177
    2023-12-01 $193,750 (14.6%) $324,466 (20.3%) 0.00 167
    2024-01-01 $182,250 (8.5%) $280,543 (2.7%) 0.00 173
    2024-02-01 $187,200 (4.6%) $273,738 (-1.1%) 0.00 161
    2024-03-01 $196,500 (30.0%) $293,897 (11.1%) 0.00 161
    2024-04-01 $196,225 (14.8%) $303,884 (14.2%) 0.00 166
    2024-05-01 $193,750 (2.8%) $309,581 (5.5%) 0.00 157
    2024-06-01 $192,500 (5.7%) $331,906 (15.9%) 0.00 169
    2024-07-01 $199,900 (11.7%) $335,678 (16.3%) 0.00 185
    2024-08-01 $175,000 (-2.6%) $322,176 (4.7%) 0.00 207
    2024-09-01 $179,450 (-0.3%) $307,975 (-8.5%) 0.00 201
    2024-10-01 $178,900 (1.4%) $288,553 (-17.2%) 0.00 206
    Bluefield's median listing price for 2024-10-01 was $178,900, a difference of $2,450 (1.4%) versus the prior year and $-550 versus the prior month.

    Bluefield's median listing price comes in at 0% of the national average.

    Bluefield's average listing price for 2024-10-01 was $288,553, a difference of $-59,810 (-17.2%) versus the prior year and $-19,422 versus the prior month.

    For the 2024-10-01 period, Bluefield had 206 MLS listings, a difference of 5 listings (2%) versus the prior month and 24 listings (13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Bluefield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,654 sqft
    2018-02-01 0 days 1,647 sqft
    2018-03-01 0 days 1,648 sqft
    2018-04-01 0 days 1,657 sqft
    2018-05-01 0 days 1,665 sqft
    2018-06-01 0 days 1,680 sqft
    2018-07-01 0 days 1,677 sqft
    2018-08-01 0 days 1,680 sqft
    2018-09-01 0 days 1,727 sqft
    2018-10-01 0 days 1,697 sqft
    2018-11-01 0 days 1,680 sqft
    2018-12-01 0 days 1,656 sqft
    2019-01-01 0 days 1,655 sqft
    2019-02-01 0 days 1,673 sqft
    2019-03-01 0 days 1,658 sqft
    2019-04-01 0 days 1,653 sqft
    2019-05-01 0 days 1,663 sqft
    2019-06-01 0 days 1,668 sqft
    2019-07-01 0 days 1,686 sqft
    2019-08-01 0 days 1,700 sqft
    2019-09-01 0 days 1,700 sqft
    2019-10-01 0 days 1,700 sqft
    2019-11-01 0 days 1,687 sqft
    2019-12-01 0 days 1,639 sqft
    2020-01-01 0 days 1,658 sqft
    2020-02-01 0 days 1,670 sqft
    2020-03-01 0 days 1,692 sqft
    2020-04-01 0 days 1,702 sqft
    2020-05-01 0 days 1,749 sqft
    2020-06-01 0 days 1,745 sqft
    2020-07-01 0 days 1,740 sqft
    2020-08-01 0 days 1,788 sqft
    2020-09-01 0 days 1,820 sqft
    2020-10-01 0 days 1,805 sqft
    2020-11-01 0 days 1,768 sqft
    2020-12-01 0 days 1,791 sqft
    2021-01-01 0 days 1,816 sqft
    2021-02-01 0 days 1,813 sqft
    2021-03-01 0 days 1,853 sqft
    2021-04-01 0 days 1,837 sqft
    2021-05-01 0 days 1,800 sqft
    2021-06-01 0 days 1,712 sqft
    2021-07-01 0 days 1,728 sqft
    2021-08-01 0 days 1,721 sqft
    2021-09-01 0 days 1,755 sqft
    2021-10-01 0 days 1,598 sqft
    2021-11-01 0 days 1,744 sqft
    2021-12-01 0 days 1,720 sqft
    2022-01-01 0 days 1,648 sqft
    2022-02-01 0 days 1,744 sqft
    2022-03-01 0 days 1,814 sqft
    2022-04-01 0 days 1,779 sqft
    2022-05-01 0 days 1,801 sqft
    2022-06-01 0 days 1,761 sqft
    2022-07-01 0 days 1,716 sqft
    2022-08-01 0 days 1,771 sqft
    2022-09-01 0 days 1,761 sqft
    2022-10-01 0 days 1,824 sqft
    2022-11-01 0 days 1,796 sqft
    2022-12-01 0 days 1,873 sqft
    2023-01-01 0 days 1,822 sqft
    2023-02-01 0 days 1,880 sqft
    2023-03-01 0 days 1,716 sqft
    2023-04-01 0 days 1,751 sqft
    2023-05-01 0 days 2,005 sqft
    2023-06-01 0 days 2,010 sqft
    2023-07-01 0 days 1,910 sqft
    2023-08-01 0 days 1,954 sqft
    2023-09-01 0 days 1,947 sqft
    2023-10-01 0 days 1,870 sqft
    2023-11-01 0 days 1,872 sqft
    2023-12-01 0 days 1,900 sqft
    2024-01-01 0 days 1,774 sqft
    2024-02-01 0 days 1,783 sqft
    2024-03-01 0 days 1,875 sqft
    2024-04-01 0 days 1,917 sqft
    2024-05-01 0 days 2,008 sqft
    2024-06-01 0 days 1,875 sqft
    2024-07-01 0 days 1,851 sqft
    2024-08-01 0 days 1,743 sqft
    2024-09-01 0 days 1,766 sqft
    2024-10-01 0 days 1,660 sqft
    Bluefield's median listing age (time on market) for 2024-10-01 was 0 days.

    Bluefield's median square footage for active listings during the 2024-10-01 period was 1,660 sqft. One year prior, the average listing was 1,870 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).