Charleston FHA Loans

CHARLESTON, WV

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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.

    Charleston's 54 lenders originated 942 FHA loans during 2021. The total origination value was $127,470,000, with an average FHA loan value of $135,318.

    Charleston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charleston averaged 5.48% 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 5.61% and one month ago for the week of 2022-04-08, the average rate was 4.77%.

    The average rate one year ago was 3.28%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.3%.

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

    Charleston 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 Charleston level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 135 2.83% $5,221
    Gateway First Bank 128 3.46% $4,065
    LOANDEPOT.COM, LLC 93 3.64% $6,659
    Victorian Finance, LLC 78 3.00% $5,835
    PRIMELENDING, A PLAINSCAPITAL COMPANY 78 3.50% $6,134
    CROSSCOUNTRY MORTGAGE, LLC 54 3.45% $7,083
    MOVEMENT MORTGAGE, LLC 50 3.29% $5,839
    The Huntington National Bank 47 3.12% $5,145
    LAKEVIEW LOAN SERVICING, LLC 18 3.11% $3,975
    Carrington Mortgage Services, LLC 16 3.81% $5,396
    FREEDOM MORTGAGE CORPORATION 13 3.10% $3,055
    VILLAGE CAPITAL & INVESTMENT LLC 12 3.23% $2,010
    HOMESPIRE MORTGAGE CORPORATION 8 3.06% $8,330
    WesBanco Bank, Inc. 8 2.91% $6,279
    Mr. Cooper ( Nationstar Mortgage ) 7 3.43% $3,288
    LIBERTY HOME MORTGAGE CORPORATION 6 3.21% $7,679
    UNION HOME MORTGAGE CORP. 5 3.08% $4,785
    BROKER SOLUTIONS, INC. 4 3.41% $6,041
    First Guaranty Mortgage Corporation 4 3.28% $5,140
    JPMorgan Chase Bank 4 3.56% $5,205
    PLANET HOME LENDING, LLC 4 3.06% $4,405
    DAS Acquisition Company, LLC 3 3.25% $4,459
    CHURCHILL MORTGAGE CORPORATION 3 3.08% $4,385
    CALIBER HOME LOANS, INC. 3 2.91% $7,051
    INTERCOASTAL MORTGAGE COMPANY 3 3.08% $7,724
    POLARIS HOME FUNDING CORP. 3 3.54% $6,125
    Barrington Bank & Trust Company, N.A. 2 4.50% $5,374
    Hometown Lenders, Inc. 2 3.94% $5,656
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.44% $8,747
    Bank of England 2 3.44% $8,815
    Equity Prime Mortgage LLC 2 3.19% $5,435
    AMERISAVE MORTGAGE CORPORATION 2 2.88% $9,172
    AMERICAN FINANCIAL RESOURCES, INC. 2 3.25% $5,990
    Renasant Bank 2 2.75% $7,810
    Mortgage Research Center, LLC 2 3.19% $4,320
    Truist Bank 2 3.01% $4,740
    UNITED WHOLESALE MORTGAGE, LLC 1 2.94% $4,233
    First Federal Bank 1 2.88% $5,070
    Goldwater Bank, N.A. 1 3.63% $10,907
    FIRST COMMUNITY MORTGAGE, INC. 1 3.00% $5,747
    HOME POINT FINANCIAL CORPORATION 1 2.75% $7,457
    EMBRACE HOME LOANS, INC. 1 3.75% $7,878
    CRESCENT MORTGAGE COMPANY 1 2.63% $8,372
    Manufacturers and Traders Trust Company 1 3.75% $7,078
    MICHIGAN MUTUAL, INC. 1 3.50% $7,967
    MORTGAGE ACCESS CORP. 1 2.75% $5,670
    Colonial Savings, F.A. 1 2.88% $5,471
    MYCUMORTGAGE, LLC 1 3.50% $7,851
    Nations Lending Corporation 1 3.63% $8,350
    NEWREZ LLC 1 2.99% $3,694
    AMERICAN FINANCING CORPORATION 1 2.50% $6,113
    SIWELL, INC. 1 3.88% $6,377
    STOCKTON MORTGAGE CORPORATION 1 3.75% $5,064
    Blue Ridge Bank 1 3.50% $12,171

    The top Charleston FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 135 FHA loans originated. Their average total fees are $5,221, which is $1,156 higher than the next largest lender, Gateway First Bank.

    The lowest fee Charleston FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,010), FREEDOM MORTGAGE CORPORATION ($3,055), LAKEVIEW LOAN SERVICING, LLC ($3,975), Gateway First Bank ($4,065) and The Huntington National Bank ($5,145).

    The lowest rate Charleston FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.83%), Victorian Finance, LLC (3.00%), FREEDOM MORTGAGE CORPORATION (3.10%), LAKEVIEW LOAN SERVICING, LLC (3.11%) and The Huntington National Bank (3.12%).

    Charleston FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHARLESTON, WV BOONE 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV CLAY 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV JACKSON 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV KANAWHA 2022 $420,680 $538,650 $651,050 $809,150
    CHARLESTON, WV LINCOLN 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Charleston (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 $138,000 (-1.4%) $214,840 (1.2%) 0.51 1,066
    2018-02-01 $139,450 (-0.3%) $217,244 (-0.8%) 0.50 1,057
    2018-03-01 $140,000 (0.1%) $222,654 (0.9%) 0.48 1,049
    2018-04-01 $148,461 (3.1%) $230,494 (1.3%) 0.50 1,087
    2018-05-01 $145,250 (2.7%) $227,299 (0.7%) 0.48 1,133
    2018-06-01 $147,000 (1.0%) $227,796 (1.5%) 0.49 1,176
    2018-07-01 $148,969 (-0.6%) $229,690 (2.4%) 0.50 1,217
    2018-08-01 $149,000 (-0.6%) $230,761 (3.3%) 0.50 1,239
    2018-09-01 $148,500 (-0.9%) $232,995 (4.9%) 0.50 1,262
    2018-10-01 $148,500 (-0.6%) $236,375 (7.9%) 0.50 1,201
    2018-11-01 $148,750 (2.6%) $240,566 (11.0%) 0.50 1,158
    2018-12-01 $145,000 (0.0%) $237,877 (9.0%) 0.50 1,099
    2019-01-01 $149,200 (8.1%) $238,489 (11.0%) 0.51 1,027
    2019-02-01 $149,900 (7.5%) $243,142 (11.9%) 0.50 1,025
    2019-03-01 $149,943 (7.1%) $242,977 (9.1%) 0.49 1,025
    2019-04-01 $149,993 (1.0%) $243,023 (5.4%) 0.47 1,014
    2019-05-01 $149,950 (3.2%) $246,308 (8.4%) 0.46 1,056
    2019-06-01 $150,000 (2.0%) $246,659 (8.3%) 0.46 1,114
    2019-07-01 $149,450 (0.3%) $234,762 (2.2%) 0.46 1,153
    2019-08-01 $149,100 (0.1%) $226,957 (-1.7%) 0.47 1,159
    2019-09-01 $149,800 (0.9%) $225,472 (-3.2%) 0.48 1,145
    2019-10-01 $149,900 (0.9%) $228,586 (-3.3%) 0.48 1,112
    2019-11-01 $149,900 (0.8%) $226,347 (-5.9%) 0.48 1,075
    2019-12-01 $149,000 (2.8%) $232,816 (-2.1%) 0.50 1,029
    2020-01-01 $146,950 (-1.5%) $238,046 (-0.2%) 0.49 971
    2020-02-01 $147,500 (-1.6%) $238,144 (-2.1%) 0.48 931
    2020-03-01 $149,950 (0.0%) $243,833 (0.4%) 0.47 897
    2020-04-01 $156,250 (4.2%) $247,189 (1.7%) 0.49 841
    2020-05-01 $162,000 (8.0%) $262,168 (6.4%) 0.49 754
    2020-06-01 $161,200 (7.5%) $261,856 (6.2%) 0.47 741
    2020-07-01 $159,900 (7.0%) $265,733 (13.2%) 0.46 726
    2020-08-01 $160,695 (7.8%) $274,329 (20.9%) 0.46 693
    2020-09-01 $160,298 (7.0%) $273,446 (21.3%) 0.46 674
    2020-10-01 $160,725 (7.2%) $273,093 (19.5%) 0.46 667
    2020-11-01 $157,900 (5.3%) $262,711 (16.1%) 0.45 530
    2020-12-01 $149,900 (0.6%) $246,535 (5.9%) 0.44 497
    2021-01-01 $145,000 (-1.3%) $241,026 (1.3%) 0.43 451
    2021-02-01 $139,000 (-5.8%) $235,161 (-1.3%) 0.40 410
    2021-03-01 $137,000 (-8.6%) $236,644 (-3.0%) 0.38 368
    2021-04-01 $137,000 (-12.3%) $260,460 (5.4%) 0.37 317
    2021-05-01 $139,900 (-13.6%) $262,616 (0.2%) 0.37 332
    2021-06-01 $140,000 (-13.2%) $233,526 (-10.8%) 0.36 341
    2021-07-01 $146,000 (-8.7%) $222,194 (-16.4%) 0.38 341
    2021-08-01 $139,900 (-12.9%) $209,952 (-23.5%) 0.37 370
    2021-09-01 $147,000 (-8.3%) $206,401 (-24.5%) 0.39 392
    2021-10-01 $144,000 (-10.4%) $201,384 (-26.3%) 0.38 439
    2021-11-01 $143,950 (-8.8%) $206,520 (-21.4%) 0.38 399
    2021-12-01 $149,500 (-0.3%) $203,201 (-17.6%) 0.40 382
    2022-01-01 $142,900 (-1.5%) $203,384 (-15.6%) 0.38 339
    2022-02-01 $148,900 (7.1%) $229,279 (-2.5%) 0.38 300
    2022-03-01 $142,500 (4.0%) $235,446 (-0.5%) 0.35 262
    2022-04-01 $144,000 (5.1%) $236,681 (-9.1%) 0.34 253
    Charleston's median listing price for 2022-04-01 was $144,000, a difference of $7,000 (5.1%) versus the prior year and $1,500 versus the prior month.

    Charleston's median listing price comes in at 34% of the national average.

    Charleston's average listing price for 2022-04-01 was $236,681, a difference of $-23,779 (-9.1%) versus the prior year and $1,235 versus the prior month.

    For the 2022-04-01 period, Charleston had 253 MLS listings, a difference of -9 listings (-3%) versus the prior month and -64 listings (-20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 105 days 1,814 sqft
    2018-02-01 107 days 1,827 sqft
    2018-03-01 101 days 1,848 sqft
    2018-04-01 80 days 1,888 sqft
    2018-05-01 75 days 1,854 sqft
    2018-06-01 78 days 1,870 sqft
    2018-07-01 84 days 1,870 sqft
    2018-08-01 89 days 1,900 sqft
    2018-09-01 92 days 1,854 sqft
    2018-10-01 93 days 1,862 sqft
    2018-11-01 97 days 1,888 sqft
    2018-12-01 102 days 1,845 sqft
    2019-01-01 108 days 1,839 sqft
    2019-02-01 107 days 1,893 sqft
    2019-03-01 100 days 1,895 sqft
    2019-04-01 86 days 1,889 sqft
    2019-05-01 79 days 1,851 sqft
    2019-06-01 77 days 1,863 sqft
    2019-07-01 79 days 1,867 sqft
    2019-08-01 84 days 1,853 sqft
    2019-09-01 90 days 1,849 sqft
    2019-10-01 92 days 1,862 sqft
    2019-11-01 93 days 1,855 sqft
    2019-12-01 99 days 1,850 sqft
    2020-01-01 107 days 1,842 sqft
    2020-02-01 105 days 1,828 sqft
    2020-03-01 95 days 1,892 sqft
    2020-04-01 87 days 1,912 sqft
    2020-05-01 94 days 1,930 sqft
    2020-06-01 102 days 1,924 sqft
    2020-07-01 93 days 1,902 sqft
    2020-08-01 81 days 1,906 sqft
    2020-09-01 80 days 1,891 sqft
    2020-10-01 80 days 1,868 sqft
    2020-11-01 78 days 1,810 sqft
    2020-12-01 79 days 1,792 sqft
    2021-01-01 86 days 1,810 sqft
    2021-02-01 81 days 1,740 sqft
    2021-03-01 69 days 1,717 sqft
    2021-04-01 70 days 1,652 sqft
    2021-05-01 51 days 1,690 sqft
    2021-06-01 52 days 1,644 sqft
    2021-07-01 56 days 1,687 sqft
    2021-08-01 51 days 1,674 sqft
    2021-09-01 50 days 1,699 sqft
    2021-10-01 49 days 1,668 sqft
    2021-11-01 58 days 1,654 sqft
    2021-12-01 64 days 1,666 sqft
    2022-01-01 73 days 1,650 sqft
    2022-02-01 81 days 1,715 sqft
    2022-03-01 71 days 1,719 sqft
    2022-04-01 55 days 1,664 sqft
    Charleston's median listing age (time on market) for 2022-04-01 was 55 days. This is -21% shorter than the same period one year ago.

    Charleston's median square footage for active listings during the 2022-04-01 period was 1,664 sqft. One year prior, the average listing was 1,652 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).