Charleston FHA Loans

CHARLESTON, WV

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).