Charleston FHA Loan Rates, Closing Costs & Stats

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 63 lenders originated 645 FHA loans during 2024. The total origination value was $103,595,000, with an average FHA loan value of $160,612.

    Charleston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charleston averaged 0.02% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Charleston's average FHA mortgage closing costs are $6,163.

    The average rate for the prior week (2025-06-13) was 6.7% and one month ago for the week of 2025-05-16, the average rate was 6.76%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.13%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Charleston level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    LOANDEPOT.COM, LLC 81 6.17% $6,906
    QUICKEN LOANS, LLC 71 6.55% $7,854
    Gateway First Bank 65 6.52% $7,522
    PRIMELENDING, A PLAINSCAPITAL COMPANY 42 6.15% $5,972
    MOVEMENT MORTGAGE, LLC 39 6.28% $7,531
    WesBanco 30 6.02% $6,496
    Victorian Finance, LLC 26 6.31% $7,583
    GUARANTEED RATE, INC. 24 6.90% $8,445
    SUCCESS MORTGAGE PARTNERS, INC. 24 7.04% $8,610
    CROSSCOUNTRY MORTGAGE, LLC 22 6.84% $9,174
    UNITED WHOLESALE MORTGAGE, LLC 19 6.67% $8,831
    HOMESPIRE MORTGAGE CORPORATION 15 6.35% $8,535
    The Huntington National Bank 15 6.53% $6,681
    Mortgage Research Center, LLC 9 6.99% $4,790
    Carrington Mortgage Services, LLC 7 6.23% $9,416
    BROKER SOLUTIONS, INC. 7 7.27% $8,839
    UNION HOME MORTGAGE CORP. 6 7.15% $10,683
    STOCKTON MORTGAGE CORPORATION 6 6.22% $6,374
    AMERISAVE MORTGAGE CORPORATION 6 6.31% $11,188
    Fifth Third Bank 5 6.48% $8,832
    PLANET HOME LENDING, LLC 5 5.65% $4,243
    Truist 5 6.55% $6,403
    Equity Prime Mortgage LLC 5 6.75% $8,223
    Peoples Bank 4 6.13% $8,038
    FREEDOM MORTGAGE CORPORATION 4 6.78% $7,105
    PENNYMAC LOAN SERVICES, LLC 3 6.00% $10,790
    JPMorgan Chase Bank 3 7.13% $2,226
    POLARIS HOME FUNDING CORP. 2 6.50% $8,143
    NEWREZ LLC 2 6.44% $8,506
    TOWNE MORTGAGE COMPANY 2 7.00% $8,301
    Barrington Bank & Trust Company, N.A. 2 6.75% $6,473
    ZILLOW HOME LOANS, LLC 1 7.63% $5,479
    MYCUMORTGAGE, LLC 1 7.63% $6,308
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $7,380
    AMERICAN FINANCING CORPORATION 1 6.13% $8,956
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.13% $6,591
    AmeriHome Mortgage Company, LLC 1 6.63% $4,994
    Armed Forces Bank 1 7.25% $4,829
    Atlantic Coast Mortgage, LLC 1 7.13% $8,087
    Atlantic Union Bank 1 6.75% $6,213
    BETTER MORTGAGE CORPORATION 1 6.13% $6,821
    CALCON MUTUAL MORTGAGE LLC 1 6.25% $9,684
    Century Mortgage Company DBA Century Lending Company 1 6.13% $11,500
    DAS Acquisition Company, LLC 1 6.63% $12,667
    First Federal Bank of the Midwest 1 6.13% $10,277
    GoPrime Mortgage, Inc. 1 6.49% $6,538
    GUILD MORTGAGE COMPANY 1 7.75% $13,136
    INTERCOASTAL MORTGAGE COMPANY 1 5.33% $7,339
    Ixonia Bank 1 6.63% $6,980
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $5,450
    Magnolia Bank 1 6.25% $8,592
    MILLENNIUM FINANCIAL GROUP, INC. 1 6.13% $6,167
    MORTGAGE ACCESS CORP. 1 6.13% $7,195
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $6,341
    M&T Bank 1 6.75% $9,972
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $4,829
    Nations Lending Corporation 1 6.25% $27,048
    PHH Mortgage Corporation 1 6.49% $11,993
    SUMMIT FUNDING, INC. 1 6.25% $8,890
    THE MORTGAGE LINK, INC. 1 6.75% $9,710
    United Bank 1 5.88% $6,337
    U.S. Bank 1 6.50% $6,084
    VILLAGE CAPITAL MORTGAGE 1 6.99% $4,196

    The top Charleston FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 81 FHA loans originated. Their average total fees are $6,906, which is $948 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Charleston FHA lenders (with over 10 loans originated) are PRIMELENDING, A PLAINSCAPITAL COMPANY ($5,972), WesBanco ($6,496), The Huntington National Bank ($6,681), LOANDEPOT.COM, LLC ($6,906) and Gateway First Bank ($7,522).

    The lowest rate Charleston FHA lenders (with over 10 loans originated) are WesBanco (6.02%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.15%), LOANDEPOT.COM, LLC (6.17%), MOVEMENT MORTGAGE, LLC (6.28%) and Victorian Finance, LLC (6.31%).

    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
    CHARLESTON, WV BOONE 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV CLAY 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV JACKSON 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV KANAWHA 2023 $472,030 $604,400 $730,525 $907,900
    CHARLESTON, WV LINCOLN 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).