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 49 lenders originated 621 FHA loans during 2023. The total origination value was $97,835,000, with an average FHA loan value of $157,544.

    Charleston FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charleston averaged 6.24% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Charleston's average FHA mortgage closing costs are $5,936.

    The average rate for the prior week (2025-02-07) was 6.65% and one month ago for the week of 2025-01-10, the average rate was 6.41%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2025-02-14, the average rate was 7.44%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    LOANDEPOT.COM, LLC 94 6.32% $7,440
    QUICKEN LOANS, LLC 79 6.27% $7,362
    PRIMELENDING, A PLAINSCAPITAL COMPANY 65 6.07% $6,460
    Victorian Finance, LLC 53 6.55% $6,559
    Gateway First Bank 51 6.72% $6,775
    MOVEMENT MORTGAGE, LLC 34 6.48% $7,696
    CROSSCOUNTRY MORTGAGE, LLC 21 7.23% $7,949
    The Huntington National Bank 19 6.32% $5,625
    WesBanco 17 5.81% $7,121
    SUCCESS MORTGAGE PARTNERS, INC. 14 7.23% $8,161
    BROKER SOLUTIONS, INC. 14 6.84% $8,582
    AMERISAVE MORTGAGE CORPORATION 11 6.10% $12,978
    GUARANTEED RATE, INC. 10 7.09% $9,923
    HOMESPIRE MORTGAGE CORPORATION 9 6.46% $7,233
    UNITED WHOLESALE MORTGAGE, LLC 6 7.21% $8,151
    POLARIS HOME FUNDING CORP. 6 6.58% $11,640
    Mortgage Research Center, LLC 6 6.94% $4,188
    Truist 5 6.58% $6,606
    UNION HOME MORTGAGE CORP. 5 7.40% $7,644
    United Bank 5 6.15% $6,988
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.63% $7,583
    U.S. Bank 4 6.47% $6,715
    T2 FINANCIAL LLC 4 7.31% $8,206
    Equity Prime Mortgage LLC 4 7.28% $5,793
    JPMorgan Chase Bank 3 6.75% $7,482
    ZILLOW HOME LOANS, LLC 2 6.81% $12,080
    Mr. Cooper ( Nationstar Mortgage ) 2 6.25% $13,795
    Bank of England 2 6.19% $6,985
    Fifth Third Bank 2 7.31% $4,807
    Carrington Mortgage Services, LLC 2 6.75% $8,882
    DAS Acquisition Company, LLC 2 6.87% $8,812
    Peoples Bank 1 6.63% $11,064
    AMERICAN FINANCING CORPORATION 1 6.25% $7,943
    Barrington Bank & Trust Company, N.A. 1 6.25% $7,675
    Flagstar Bank, FSB 1 6.25% $20,534
    FREEDOM MORTGAGE CORPORATION 1 7.25% $15,551
    GUILD MORTGAGE COMPANY 1 6.00% $7,126
    INTERCOASTAL MORTGAGE COMPANY 1 5.83% $6,193
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,052
    LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $9,834
    MORIA DEVELOPMENT, INC. 1 5.63% $15,666
    M&T Bank 1 6.50% $10,410
    Nations Lending Corporation 1 7.25% $25,244
    PENNYMAC LOAN SERVICES, LLC 1 7.13% $6,303
    Alcova Mortgage LLC 1 6.75% $6,449
    PNC Bank 1 6.88% $3,988
    ROYAL UNITED MORTGAGE LLC 1 7.75% $6,176
    US MORTGAGE CORPORATION 1 7.75% $7,667
    Wells Fargo Bank 1 7.50% $6,585

    The top Charleston FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 94 FHA loans originated. Their average total fees are $7,440, which is $77 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Charleston FHA lenders (with over 10 loans originated) are The Huntington National Bank ($5,625), PRIMELENDING, A PLAINSCAPITAL COMPANY ($6,460), Victorian Finance, LLC ($6,559), Gateway First Bank ($6,775) and WesBanco ($7,121).

    The lowest rate Charleston FHA lenders (with over 10 loans originated) are WesBanco (5.81%), PRIMELENDING, A PLAINSCAPITAL COMPANY (6.07%), AMERISAVE MORTGAGE CORPORATION (6.10%), QUICKEN LOANS, LLC (6.27%) and The Huntington National Bank (6.32%).

    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

    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 $136,250 (-1.5%) $213,938 (-0.2%) 0.51 1,039
    2018-02-01 $138,800 (-0.8%) $217,388 (-1.6%) 0.51 1,027
    2018-03-01 $139,900 (0.2%) $221,839 (-0.5%) 0.49 1,031
    2018-04-01 $145,000 (2.8%) $229,603 (0.9%) 0.49 1,062
    2018-05-01 $141,975 (1.5%) $225,352 (0.0%) 0.48 1,113
    2018-06-01 $142,950 (-1.4%) $225,923 (1.3%) 0.48 1,160
    2018-07-01 $145,000 (-1.5%) $227,877 (2.6%) 0.48 1,200
    2018-08-01 $145,000 (-2.3%) $229,173 (3.1%) 0.49 1,214
    2018-09-01 $145,000 (-1.2%) $231,174 (5.1%) 0.49 1,239
    2018-10-01 $145,000 (0.0%) $233,491 (7.6%) 0.51 1,182
    2018-11-01 $144,950 (3.5%) $238,165 (10.5%) 0.51 1,142
    2018-12-01 $143,450 (2.5%) $235,565 (8.7%) 0.50 1,076
    2019-01-01 $146,950 (7.9%) $236,849 (10.7%) 0.51 1,013
    2019-02-01 $149,000 (7.4%) $241,737 (11.2%) 0.50 1,009
    2019-03-01 $149,429 (6.8%) $242,187 (9.2%) 0.49 1,004
    2019-04-01 $149,929 (3.4%) $243,910 (6.2%) 0.48 995
    2019-05-01 $149,900 (5.6%) $247,123 (9.7%) 0.47 1,042
    2019-06-01 $149,900 (4.9%) $245,824 (8.8%) 0.47 1,100
    2019-07-01 $149,450 (3.1%) $235,900 (3.5%) 0.47 1,126
    2019-08-01 $147,245 (1.6%) $228,653 (-0.2%) 0.47 1,116
    2019-09-01 $148,739 (2.6%) $228,452 (-1.2%) 0.48 1,095
    2019-10-01 $149,900 (3.4%) $228,318 (-2.2%) 0.48 1,080
    2019-11-01 $149,000 (2.8%) $225,435 (-5.3%) 0.49 1,059
    2019-12-01 $148,600 (3.6%) $229,266 (-2.7%) 0.49 1,011
    2020-01-01 $146,625 (-0.2%) $234,548 (-1.0%) 0.48 953
    2020-02-01 $149,000 (0.0%) $236,439 (-2.2%) 0.47 906
    2020-03-01 $151,950 (1.7%) $244,815 (1.1%) 0.47 878
    2020-04-01 $158,225 (5.5%) $247,686 (1.6%) 0.49 827
    2020-05-01 $165,000 (10.1%) $262,282 (6.1%) 0.49 738
    2020-06-01 $162,848 (8.6%) $262,424 (6.8%) 0.47 722
    2020-07-01 $161,200 (7.9%) $266,504 (13.0%) 0.46 711
    2020-08-01 $164,900 (12.0%) $268,816 (17.6%) 0.46 686
    2020-09-01 $159,675 (7.4%) $267,023 (16.9%) 0.46 663
    2020-10-01 $159,950 (6.7%) $266,457 (16.7%) 0.46 653
    2020-11-01 $154,500 (3.7%) $254,991 (13.1%) 0.45 526
    2020-12-01 $149,500 (0.6%) $238,932 (4.2%) 0.45 494
    2021-01-01 $142,500 (-2.8%) $237,861 (1.4%) 0.43 446
    2021-02-01 $139,000 (-6.7%) $232,091 (-1.8%) 0.40 405
    2021-03-01 $136,875 (-9.9%) $232,610 (-5.0%) 0.39 364
    2021-04-01 $135,000 (-14.7%) $253,769 (2.5%) 0.37 321
    2021-05-01 $139,900 (-15.2%) $253,908 (-3.2%) 0.37 340
    2021-06-01 $139,900 (-14.1%) $224,801 (-14.3%) 0.38 348
    2021-07-01 $144,500 (-10.4%) $214,249 (-19.6%) 0.40 349
    2021-08-01 $139,600 (-15.3%) $206,532 (-23.2%) 0.37 377
    2021-09-01 $143,194 (-10.3%) $204,812 (-23.3%) 0.40 394
    2021-10-01 $139,950 (-12.5%) $197,510 (-25.9%) 0.38 441
    2021-11-01 $141,500 (-8.4%) $202,730 (-20.5%) 0.38 398
    2021-12-01 $149,450 (0.0%) $201,800 (-15.5%) 0.41 383
    2022-01-01 $139,950 (-1.8%) $200,081 (-15.9%) 0.39 345
    2022-02-01 $148,900 (7.1%) $226,643 (-2.4%) 0.39 302
    2022-03-01 $142,250 (3.9%) $231,366 (-0.5%) 0.36 269
    2022-04-01 $145,000 (7.4%) $235,925 (-7.0%) 0.35 255
    2022-05-01 $151,250 (8.1%) $234,489 (-7.7%) 0.35 276
    2022-06-01 $150,180 (7.4%) $218,174 (-3.0%) 0.33 314
    2022-07-01 $153,250 (6.1%) $220,549 (2.9%) 0.34 350
    2022-08-01 $140,750 (0.8%) $206,820 (0.1%) 0.33 351
    2022-09-01 $148,000 (3.4%) $205,364 (0.3%) 0.35 343
    2022-10-01 $145,000 (3.6%) $201,940 (2.2%) 0.35 364
    2022-11-01 $140,500 (-0.7%) $198,578 (-2.1%) 0.35 359
    2022-12-01 $139,000 (-7.0%) $195,450 (-3.2%) 0.35 348
    2023-01-01 $141,696 (1.3%) $191,806 (-4.1%) 0.36 320
    2023-02-01 $142,500 (-4.3%) $208,328 (-8.1%) 0.35 280
    2023-03-01 $149,950 (5.4%) $232,249 (0.4%) 0.36 277
    2023-04-01 $149,900 (3.4%) $231,601 (-1.8%) 0.35 244
    2023-05-01 $169,000 (11.7%) $239,268 (2.0%) 0.38 257
    2023-06-01 $169,325 (12.8%) $243,196 (11.5%) 0.38 272
    2023-07-01 $166,495 (8.6%) $241,109 (9.3%) 0.39 288
    2023-08-01 $152,475 (8.3%) $227,913 (10.2%) 0.37 301
    2023-09-01 $164,900 (11.4%) $218,360 (6.3%) 0.40 301
    2023-10-01 $152,450 (5.1%) $203,860 (1.0%) 0.37 316
    2023-11-01 $142,875 (1.7%) $204,067 (2.8%) 0.35 307
    2023-12-01 $152,450 (9.7%) $216,797 (10.9%) 0.39 295
    2024-01-01 $157,750 (11.3%) $213,508 (11.3%) 0.41 265
    2024-02-01 $148,025 (3.9%) $211,953 (1.7%) 0.37 279
    2024-03-01 $155,000 (3.4%) $235,671 (1.5%) 0.39 273
    2024-04-01 $152,450 (1.7%) $230,535 (-0.5%) 0.36 277
    2024-05-01 $148,675 (-12.0%) $226,901 (-5.2%) 0.35 288
    2024-06-01 $162,000 (-4.3%) $238,361 (-2.0%) 0.38 305
    2024-07-01 $161,375 (-3.1%) $238,811 (-1.0%) 0.38 338
    2024-08-01 $164,200 (7.7%) $232,360 (2.0%) 0.40 349
    2024-09-01 $167,100 (1.3%) $222,017 (1.7%) 0.42 363
    2024-10-01 $172,450 (13.1%) $225,034 (10.4%) 0.42 377
    2024-11-01 $175,000 (22.5%) $227,487 (11.5%) 0.44 372
    2024-12-01 $175,000 (14.8%) $231,873 (7.0%) 0.45 369
    2025-01-01 $162,450 (3.0%) $217,841 (2.0%) 0.00 344
    Charleston's median listing price for 2025-01-01 was $162,450, a difference of $4,700 (3.0%) versus the prior year and $-12,550 versus the prior month.

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

    Charleston's average listing price for 2025-01-01 was $217,841, a difference of $4,333 (2.0%) versus the prior year and $-14,032 versus the prior month.

    For the 2025-01-01 period, Charleston had 344 MLS listings, a difference of -25 listings (-7%) versus the prior month and 79 listings (30%) 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
    2018-01-01 100 days 1,812 sqft
    2018-02-01 102 days 1,822 sqft
    2018-03-01 92 days 1,850 sqft
    2018-04-01 77 days 1,880 sqft
    2018-05-01 72 days 1,846 sqft
    2018-06-01 73 days 1,850 sqft
    2018-07-01 79 days 1,862 sqft
    2018-08-01 84 days 1,894 sqft
    2018-09-01 85 days 1,842 sqft
    2018-10-01 87 days 1,859 sqft
    2018-11-01 88 days 1,877 sqft
    2018-12-01 95 days 1,820 sqft
    2019-01-01 102 days 1,824 sqft
    2019-02-01 102 days 1,882 sqft
    2019-03-01 92 days 1,885 sqft
    2019-04-01 80 days 1,879 sqft
    2019-05-01 74 days 1,848 sqft
    2019-06-01 74 days 1,851 sqft
    2019-07-01 77 days 1,874 sqft
    2019-08-01 82 days 1,874 sqft
    2019-09-01 84 days 1,883 sqft
    2019-10-01 86 days 1,889 sqft
    2019-11-01 88 days 1,848 sqft
    2019-12-01 95 days 1,847 sqft
    2020-01-01 102 days 1,845 sqft
    2020-02-01 101 days 1,825 sqft
    2020-03-01 84 days 1,902 sqft
    2020-04-01 81 days 1,924 sqft
    2020-05-01 88 days 1,950 sqft
    2020-06-01 95 days 1,941 sqft
    2020-07-01 79 days 1,917 sqft
    2020-08-01 73 days 1,906 sqft
    2020-09-01 72 days 1,874 sqft
    2020-10-01 75 days 1,864 sqft
    2020-11-01 75 days 1,833 sqft
    2020-12-01 77 days 1,815 sqft
    2021-01-01 80 days 1,810 sqft
    2021-02-01 74 days 1,728 sqft
    2021-03-01 61 days 1,740 sqft
    2021-04-01 61 days 1,657 sqft
    2021-05-01 45 days 1,682 sqft
    2021-06-01 50 days 1,657 sqft
    2021-07-01 53 days 1,688 sqft
    2021-08-01 51 days 1,679 sqft
    2021-09-01 49 days 1,703 sqft
    2021-10-01 47 days 1,673 sqft
    2021-11-01 59 days 1,662 sqft
    2021-12-01 70 days 1,673 sqft
    2022-01-01 73 days 1,647 sqft
    2022-02-01 75 days 1,707 sqft
    2022-03-01 61 days 1,706 sqft
    2022-04-01 52 days 1,666 sqft
    2022-05-01 45 days 1,692 sqft
    2022-06-01 47 days 1,667 sqft
    2022-07-01 48 days 1,720 sqft
    2022-08-01 51 days 1,706 sqft
    2022-09-01 51 days 1,621 sqft
    2022-10-01 45 days 1,633 sqft
    2022-11-01 49 days 1,619 sqft
    2022-12-01 60 days 1,600 sqft
    2023-01-01 74 days 1,606 sqft
    2023-02-01 74 days 1,610 sqft
    2023-03-01 60 days 1,680 sqft
    2023-04-01 50 days 1,755 sqft
    2023-05-01 43 days 1,815 sqft
    2023-06-01 41 days 1,820 sqft
    2023-07-01 44 days 1,950 sqft
    2023-08-01 43 days 1,712 sqft
    2023-09-01 50 days 1,750 sqft
    2023-10-01 52 days 1,673 sqft
    2023-11-01 60 days 1,649 sqft
    2023-12-01 64 days 1,692 sqft
    2024-01-01 66 days 1,669 sqft
    2024-02-01 60 days 1,566 sqft
    2024-03-01 47 days 1,646 sqft
    2024-04-01 45 days 1,566 sqft
    2024-05-01 42 days 1,541 sqft
    2024-06-01 43 days 1,639 sqft
    2024-07-01 46 days 1,678 sqft
    2024-08-01 46 days 1,693 sqft
    2024-09-01 51 days 1,639 sqft
    2024-10-01 54 days 1,736 sqft
    2024-11-01 59 days 1,739 sqft
    2024-12-01 64 days 1,745 sqft
    2025-01-01 0 days 1,682 sqft
    Charleston's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Charleston's median square footage for active listings during the 2025-01-01 period was 1,682 sqft. One year prior, the average listing was 1,669 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).