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 6.68% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.77% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.26%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.68%.

    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 $137,125 (-1.5%) $214,526 (0.5%) 0.51 1,174
    2018-02-01 $139,450 (-0.3%) $217,269 (-1.4%) 0.51 1,160
    2018-03-01 $139,900 (0.2%) $221,052 (-0.2%) 0.49 1,166
    2018-04-01 $145,000 (2.1%) $229,143 (1.5%) 0.49 1,190
    2018-05-01 $142,450 (-1.6%) $225,609 (1.1%) 0.48 1,249
    2018-06-01 $144,900 (-1.1%) $225,933 (1.9%) 0.48 1,288
    2018-07-01 $145,000 (-2.7%) $228,096 (3.0%) 0.48 1,329
    2018-08-01 $145,000 (-3.0%) $228,677 (3.5%) 0.49 1,345
    2018-09-01 $146,500 (-1.3%) $231,103 (5.3%) 0.49 1,368
    2018-10-01 $149,800 (3.3%) $231,948 (6.8%) 0.51 1,308
    2018-11-01 $149,450 (4.7%) $235,903 (9.6%) 0.51 1,267
    2018-12-01 $145,000 (0.7%) $234,197 (8.0%) 0.50 1,201
    2019-01-01 $147,125 (7.3%) $234,698 (9.4%) 0.51 1,127
    2019-02-01 $149,000 (6.9%) $238,787 (9.9%) 0.50 1,122
    2019-03-01 $149,386 (6.8%) $238,653 (8.0%) 0.49 1,116
    2019-04-01 $149,836 (3.3%) $239,382 (4.5%) 0.48 1,110
    2019-05-01 $149,900 (5.2%) $242,577 (7.5%) 0.47 1,153
    2019-06-01 $149,900 (3.5%) $240,976 (6.7%) 0.47 1,216
    2019-07-01 $149,000 (2.8%) $231,413 (1.5%) 0.47 1,246
    2019-08-01 $146,882 (1.3%) $224,720 (-1.7%) 0.47 1,251
    2019-09-01 $148,580 (1.4%) $224,438 (-2.9%) 0.48 1,237
    2019-10-01 $149,900 (0.1%) $224,444 (-3.2%) 0.48 1,227
    2019-11-01 $149,000 (-0.3%) $221,567 (-6.1%) 0.49 1,197
    2019-12-01 $147,750 (1.9%) $224,408 (-4.2%) 0.49 1,147
    2020-01-01 $144,975 (-1.5%) $228,547 (-2.6%) 0.48 1,088
    2020-02-01 $145,000 (-2.7%) $227,886 (-4.6%) 0.47 1,042
    2020-03-01 $149,950 (0.4%) $236,608 (-0.9%) 0.47 1,007
    2020-04-01 $156,225 (4.3%) $240,727 (0.6%) 0.49 934
    2020-05-01 $160,000 (6.7%) $252,309 (4.0%) 0.49 830
    2020-06-01 $161,200 (7.5%) $252,155 (4.6%) 0.47 817
    2020-07-01 $159,900 (7.3%) $255,733 (10.5%) 0.46 804
    2020-08-01 $160,348 (9.2%) $259,978 (15.7%) 0.46 769
    2020-09-01 $159,900 (7.6%) $257,560 (14.8%) 0.46 761
    2020-10-01 $160,000 (6.7%) $259,205 (15.5%) 0.46 749
    2020-11-01 $154,850 (3.9%) $248,140 (12.0%) 0.45 604
    2020-12-01 $149,700 (1.3%) $233,723 (4.2%) 0.45 565
    2021-01-01 $144,500 (-0.3%) $233,079 (2.0%) 0.43 508
    2021-02-01 $139,000 (-4.1%) $228,881 (0.4%) 0.40 462
    2021-03-01 $137,450 (-8.3%) $230,110 (-2.8%) 0.39 416
    2021-04-01 $137,000 (-12.3%) $248,130 (3.1%) 0.37 369
    2021-05-01 $139,900 (-12.6%) $248,851 (-1.4%) 0.37 388
    2021-06-01 $145,000 (-10.1%) $224,925 (-10.8%) 0.38 394
    2021-07-01 $149,900 (-6.3%) $218,567 (-14.5%) 0.40 394
    2021-08-01 $139,925 (-12.7%) $208,128 (-19.9%) 0.37 420
    2021-09-01 $148,475 (-7.2%) $206,386 (-19.9%) 0.40 441
    2021-10-01 $144,250 (-9.8%) $198,489 (-23.4%) 0.38 482
    2021-11-01 $143,700 (-7.2%) $202,766 (-18.3%) 0.38 437
    2021-12-01 $149,950 (0.2%) $200,695 (-14.1%) 0.41 420
    2022-01-01 $144,000 (-0.4%) $199,630 (-14.4%) 0.39 385
    2022-02-01 $148,500 (6.8%) $222,136 (-3.0%) 0.39 332
    2022-03-01 $143,975 (4.8%) $225,133 (-2.2%) 0.36 296
    2022-04-01 $147,500 (7.7%) $228,983 (-7.7%) 0.35 286
    2022-05-01 $152,680 (9.1%) $229,882 (-7.6%) 0.35 306
    2022-06-01 $150,000 (3.5%) $214,329 (-4.7%) 0.33 348
    2022-07-01 $149,900 (0.0%) $218,086 (-0.2%) 0.34 386
    2022-08-01 $144,750 (3.5%) $203,258 (-2.3%) 0.33 395
    2022-09-01 $149,900 (1.0%) $205,444 (-0.5%) 0.35 387
    2022-10-01 $149,700 (3.8%) $205,685 (3.6%) 0.35 398
    2022-11-01 $145,000 (0.9%) $201,312 (-0.7%) 0.35 396
    2022-12-01 $139,950 (-6.7%) $196,205 (-2.2%) 0.35 389
    2023-01-01 $144,938 (0.7%) $197,266 (-1.2%) 0.36 363
    2023-02-01 $145,000 (-2.4%) $213,498 (-3.9%) 0.35 320
    2023-03-01 $152,090 (5.6%) $239,369 (6.3%) 0.36 312
    2023-04-01 $150,000 (1.7%) $238,705 (4.3%) 0.35 272
    2023-05-01 $166,948 (9.3%) $243,073 (5.7%) 0.38 284
    2023-06-01 $169,875 (13.3%) $252,856 (18.0%) 0.38 302
    2023-07-01 $169,900 (13.3%) $248,209 (13.8%) 0.39 325
    2023-08-01 $159,950 (10.5%) $237,452 (16.8%) 0.37 338
    2023-09-01 $173,863 (16.0%) $227,925 (10.9%) 0.40 338
    2023-10-01 $158,500 (5.9%) $210,258 (2.2%) 0.37 352
    2023-11-01 $146,125 (0.8%) $208,739 (3.7%) 0.35 343
    2023-12-01 $159,900 (14.3%) $222,339 (13.3%) 0.39 331
    2024-01-01 $165,950 (14.5%) $220,036 (11.5%) 0.41 302
    2024-02-01 $152,475 (5.2%) $217,068 (1.7%) 0.37 313
    2024-03-01 $164,973 (8.5%) $241,931 (1.1%) 0.39 304
    Charleston's median listing price for 2024-03-01 was $164,973, a difference of $12,883 (8.5%) versus the prior year and $12,498 versus the prior month.

    Charleston's median listing price comes in at 39% of the national average.

    Charleston's average listing price for 2024-03-01 was $241,931, a difference of $2,562 (1.1%) versus the prior year and $24,863 versus the prior month.

    For the 2024-03-01 period, Charleston had 304 MLS listings, a difference of -9 listings (-3%) versus the prior month and -8 listings (-3%) 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 1,800 sqft
    2018-02-01 102 days 1,804 sqft
    2018-03-01 92 days 1,824 sqft
    2018-04-01 77 days 1,846 sqft
    2018-05-01 72 days 1,832 sqft
    2018-06-01 73 days 1,839 sqft
    2018-07-01 79 days 1,851 sqft
    2018-08-01 84 days 1,875 sqft
    2018-09-01 85 days 1,838 sqft
    2018-10-01 87 days 1,868 sqft
    2018-11-01 88 days 1,893 sqft
    2018-12-01 95 days 1,854 sqft
    2019-01-01 102 days 1,861 sqft
    2019-02-01 102 days 1,897 sqft
    2019-03-01 92 days 1,892 sqft
    2019-04-01 80 days 1,871 sqft
    2019-05-01 74 days 1,840 sqft
    2019-06-01 74 days 1,847 sqft
    2019-07-01 77 days 1,853 sqft
    2019-08-01 82 days 1,848 sqft
    2019-09-01 84 days 1,853 sqft
    2019-10-01 86 days 1,856 sqft
    2019-11-01 88 days 1,836 sqft
    2019-12-01 95 days 1,837 sqft
    2020-01-01 102 days 1,836 sqft
    2020-02-01 101 days 1,809 sqft
    2020-03-01 84 days 1,887 sqft
    2020-04-01 81 days 1,915 sqft
    2020-05-01 88 days 1,944 sqft
    2020-06-01 95 days 1,930 sqft
    2020-07-01 79 days 1,904 sqft
    2020-08-01 73 days 1,901 sqft
    2020-09-01 72 days 1,869 sqft
    2020-10-01 75 days 1,863 sqft
    2020-11-01 75 days 1,826 sqft
    2020-12-01 77 days 1,823 sqft
    2021-01-01 80 days 1,805 sqft
    2021-02-01 74 days 1,709 sqft
    2021-03-01 61 days 1,708 sqft
    2021-04-01 61 days 1,681 sqft
    2021-05-01 45 days 1,680 sqft
    2021-06-01 50 days 1,688 sqft
    2021-07-01 53 days 1,734 sqft
    2021-08-01 51 days 1,691 sqft
    2021-09-01 49 days 1,723 sqft
    2021-10-01 47 days 1,684 sqft
    2021-11-01 59 days 1,656 sqft
    2021-12-01 70 days 1,681 sqft
    2022-01-01 73 days 1,653 sqft
    2022-02-01 75 days 1,684 sqft
    2022-03-01 61 days 1,664 sqft
    2022-04-01 52 days 1,650 sqft
    2022-05-01 45 days 1,700 sqft
    2022-06-01 47 days 1,679 sqft
    2022-07-01 48 days 1,706 sqft
    2022-08-01 51 days 1,708 sqft
    2022-09-01 51 days 1,645 sqft
    2022-10-01 45 days 1,642 sqft
    2022-11-01 49 days 1,641 sqft
    2022-12-01 60 days 1,615 sqft
    2023-01-01 74 days 1,637 sqft
    2023-02-01 74 days 1,644 sqft
    2023-03-01 60 days 1,686 sqft
    2023-04-01 50 days 1,751 sqft
    2023-05-01 43 days 1,800 sqft
    2023-06-01 41 days 1,793 sqft
    2023-07-01 44 days 1,879 sqft
    2023-08-01 43 days 1,755 sqft
    2023-09-01 50 days 1,772 sqft
    2023-10-01 52 days 1,716 sqft
    2023-11-01 60 days 1,674 sqft
    2023-12-01 64 days 1,716 sqft
    2024-01-01 66 days 1,716 sqft
    2024-02-01 60 days 1,602 sqft
    2024-03-01 47 days 1,708 sqft
    Charleston's median listing age (time on market) for 2024-03-01 was 47 days. This is -21% shorter than the same period one year ago.

    Charleston's median square footage for active listings during the 2024-03-01 period was 1,708 sqft. One year prior, the average listing was 1,686 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).