Charlottesville FHA Loan Rates, Closing Costs & Stats

CHARLOTTESVILLE, VA

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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.

    Charlottesville's 77 lenders originated 287 FHA loans during 2023. The total origination value was $80,815,000, with an average FHA loan value of $281,585.

    Charlottesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charlottesville averaged 6.2% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Charlottesville's average FHA mortgage closing costs are $9,127.

    The average rate for the prior week (2024-11-01) was 6.38% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.04%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.66%.

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

    Charlottesville 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 Charlottesville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 32 6.31% $12,202
    UNITED WHOLESALE MORTGAGE, LLC 22 6.17% $12,766
    NFM, INC. 12 6.82% $14,470
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 10 6.75% $11,049
    NVR Mortgage Finance, Inc. 9 6.11% $11,493
    First Heritage Mortgage, LLC 8 6.52% $13,416
    Waterstone Mortgage Corporation 7 6.13% $11,051
    MOVEMENT MORTGAGE, LLC 7 6.86% $11,566
    Atlantic Coast Mortgage, LLC 6 6.56% $12,896
    MILEND, INC. 5 6.55% $17,371
    Renasant Bank 5 6.55% $15,180
    CARDINAL FINANCIAL 5 6.25% $13,707
    C & F Mortgage Corporation 5 6.75% $14,044
    Member Options, LLC 5 6.33% $12,944
    Ixonia Bank 5 6.60% $12,604
    Prosperity Home Mortgage, LLC 5 6.55% $9,883
    GSF Mortgage Corporation 4 6.25% $12,516
    NEWREZ LLC 4 6.47% $12,649
    Alcova Mortgage LLC 4 7.59% $5,940
    Towne First Mortgage, LLC 4 6.44% $11,527
    LOANDEPOT.COM, LLC 4 6.15% $15,737
    PENNYMAC LOAN SERVICES, LLC 3 6.63% $10,791
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.25% $16,557
    FREEDOM MORTGAGE CORPORATION 3 6.46% $15,528
    Mr. Cooper ( Nationstar Mortgage ) 3 5.67% $18,444
    Atlantic Union Bank 2 6.88% $12,622
    Truist 2 6.50% $8,757
    Lakeview Community Capital, LLC 2 6.06% $14,023
    GUARANTEED RATE, INC. 2 6.31% $14,283
    AMERISAVE MORTGAGE CORPORATION 2 6.31% $22,444
    Virginia Credit Union, Inc. 2 6.31% $8,125
    PLAZA HOME MORTGAGE, INC. 2 6.50% $12,181
    BROKER SOLUTIONS, INC. 2 6.94% $13,400
    EMBRACE HOME LOANS, INC. 2 5.87% $12,115
    George Mason Mortgage, LLC 2 6.25% $7,847
    Integrity Home Mortgage Corp 2 7.31% $12,602
    ROSS MORTGAGE CORPORATION 2 7.00% $11,756
    GUILD MORTGAGE COMPANY 2 7.69% $7,707
    CBM Mortgage, Inc. 2 7.25% $10,622
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 6.00% $14,930
    SUN WEST MORTGAGE COMPANY, INC. 2 6.69% $14,296
    T2 FINANCIAL LLC 2 6.75% $10,070
    TOP FLITE FINANCIAL, INC. 1 7.50% $11,790
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $15,307
    American Mortgage & Equity Consultants, Inc. 1 7.00% $5,622
    BECKAM FUNDING CORP. 1 6.63% $18,830
    CALCON MUTUAL MORTGAGE LLC 1 7.50% $18,610
    Carrington Mortgage Services, LLC 1 6.13% $14,825
    C&F Select LLC 1 6.75% $10,859
    CONTOUR MORTGAGE CORPORATION 1 6.75% $9,358
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $8,133
    Equity Prime Mortgage LLC 1 5.88% $12,204
    EQUITY RESOURCES, INC. 1 5.75% $22,825
    F & M BANK CORP. 1 4.25% $18,385
    HOMESPIRE MORTGAGE CORPORATION 1 6.75% $11,299
    INTERCOASTAL MORTGAGE COMPANY 1 6.63% $12,561
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 1 7.25% $21,012
    LAKEVIEW LOAN SERVICING, LLC 1 6.99% $9,237
    LOANPAL, LLC 1 6.25% $18,534
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.75% $11,377
    MICHIGAN MUTUAL, INC. 1 4.50% $15,182
    Mortgage Research Center, LLC 1 5.99% $6,154
    NATIONS DIRECT MORTGAGE, LLC 1 6.25% $12,975
    NBKC BANK 1 5.88% $14,190
    NORWICH COMMERCIAL GROUP, INC. 1 6.75% $8,340
    PHH Mortgage Corporation 1 5.99% $14,449
    PLANET HOME LENDING, LLC 1 5.63% $5,562
    PNC Bank 1 6.75% $10,368
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.38% $26,611
    RELIANCE FIRST CAPITAL, LLC 1 6.63% $14,000
    Residential Mortgage Solutions, Inc. 1 6.13% $14,969
    RUOFF MORTGAGE COMPANY, INC. 1 5.88% $6,929
    SOUTHERN TRUST MORTGAGE, LLC 1 7.13% $11,737
    Towne Mortgage, LLC 1 7.38% $9,075
    UNION HOME MORTGAGE CORP. 1 7.13% $11,967
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.25% $14,302
    VILLAGE CAPITAL MORTGAGE 1 6.00% $14,146

    The top Charlottesville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 32 FHA loans originated. Their average total fees are $12,202, which is $565 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Charlottesville FHA lenders (with over 10 loans originated) are ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($11,049), QUICKEN LOANS, LLC ($12,202), UNITED WHOLESALE MORTGAGE, LLC ($12,766), NFM, INC. ($14,470) and .

    The lowest rate Charlottesville FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.17%), QUICKEN LOANS, LLC (6.31%), ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.75%), NFM, INC. (6.82%) and .

    Charlottesville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CHARLOTTESVILLE, VA ALBEMARLE 2022 $460,000 $588,850 $711,800 $884,600
    CHARLOTTESVILLE, VA FLUVANNA 2022 $460,000 $588,850 $711,800 $884,600
    CHARLOTTESVILLE, VA GREENE 2022 $460,000 $588,850 $711,800 $884,600
    CHARLOTTESVILLE, VA NELSON 2022 $460,000 $588,850 $711,800 $884,600
    CHARLOTTESVILLE, VA CHARLOTTESVILLE 2022 $460,000 $588,850 $711,800 $884,600
    CHARLOTTESVILLE, VA ALBEMARLE 2023 $507,150 $649,250 $784,800 $975,300
    CHARLOTTESVILLE, VA FLUVANNA 2023 $507,150 $649,250 $784,800 $975,300
    CHARLOTTESVILLE, VA GREENE 2023 $507,150 $649,250 $784,800 $975,300
    CHARLOTTESVILLE, VA NELSON 2023 $507,150 $649,250 $784,800 $975,300
    CHARLOTTESVILLE, VA CHARLOTTESVILLE 2023 $507,150 $649,250 $784,800 $975,300

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Charlottesville (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 $409,200 (5.0%) $578,450 (3.2%) 1.52 1,068
    2018-02-01 $399,945 (0.5%) $563,578 (-2.1%) 1.45 1,101
    2018-03-01 $399,900 (1.0%) $590,366 (-0.3%) 1.40 1,258
    2018-04-01 $399,900 (0.0%) $575,962 (-2.6%) 1.36 1,388
    2018-05-01 $399,900 (-2.4%) $572,488 (-3.7%) 1.34 1,473
    2018-06-01 $399,900 (-2.2%) $582,012 (-1.3%) 1.33 1,503
    2018-07-01 $399,900 (-2.4%) $572,696 (-2.2%) 1.34 1,485
    2018-08-01 $399,347 (-3.4%) $603,095 (4.8%) 1.34 1,460
    2018-09-01 $398,000 (-4.1%) $582,835 (0.6%) 1.34 1,490
    2018-10-01 $393,700 (-7.4%) $582,405 (-1.3%) 1.33 1,503
    2018-11-01 $399,000 (-4.9%) $585,685 (2.0%) 1.35 1,357
    2018-12-01 $389,700 (-5.0%) $549,319 (-4.7%) 1.34 1,187
    2019-01-01 $393,150 (-3.9%) $562,016 (-2.8%) 1.36 1,109
    2019-02-01 $403,450 (0.9%) $588,276 (4.4%) 1.36 1,140
    2019-03-01 $426,900 (6.8%) $610,035 (3.3%) 1.40 1,266
    2019-04-01 $434,713 (8.7%) $633,982 (10.1%) 1.38 1,395
    2019-05-01 $443,673 (11.0%) $637,302 (11.3%) 1.39 1,464
    2019-06-01 $429,900 (7.5%) $609,006 (4.6%) 1.34 1,466
    2019-07-01 $429,900 (7.5%) $615,246 (7.4%) 1.35 1,454
    2019-08-01 $429,723 (7.6%) $612,841 (1.6%) 1.36 1,438
    2019-09-01 $429,457 (7.9%) $607,101 (4.2%) 1.37 1,436
    2019-10-01 $429,405 (9.1%) $592,128 (1.7%) 1.39 1,427
    2019-11-01 $425,000 (6.5%) $584,417 (-0.2%) 1.39 1,299
    2019-12-01 $424,950 (9.1%) $588,754 (7.2%) 1.42 1,121
    2020-01-01 $439,975 (11.9%) $617,976 (10.0%) 1.47 1,023
    2020-02-01 $449,000 (11.3%) $635,712 (8.1%) 1.47 1,045
    2020-03-01 $452,047 (5.9%) $634,215 (4.0%) 1.42 1,107
    2020-04-01 $454,440 (4.5%) $639,735 (0.9%) 1.42 1,115
    2020-05-01 $467,900 (5.5%) $646,925 (1.5%) 1.42 1,118
    2020-06-01 $476,925 (10.9%) $663,621 (9.0%) 1.41 1,016
    2020-07-01 $481,350 (12.0%) $670,189 (8.9%) 1.40 953
    2020-08-01 $479,900 (11.7%) $697,131 (13.8%) 1.38 855
    2020-09-01 $494,450 (15.1%) $720,472 (18.7%) 1.42 781
    2020-10-01 $490,000 (14.1%) $722,449 (22.0%) 1.40 739
    2020-11-01 $490,700 (15.5%) $828,535 (41.8%) 1.43 675
    2020-12-01 $486,950 (14.6%) $830,720 (41.1%) 1.45 573
    2021-01-01 $488,900 (11.1%) $870,102 (40.8%) 1.46 503
    2021-02-01 $516,549 (15.0%) $922,898 (45.2%) 1.50 423
    2021-03-01 $499,425 (10.5%) $904,344 (42.6%) 1.42 454
    2021-04-01 $492,125 (8.3%) $896,678 (40.2%) 1.33 440
    2021-05-01 $478,000 (2.2%) $878,177 (35.8%) 1.27 472
    2021-06-01 $487,695 (2.3%) $793,274 (19.5%) 1.28 471
    2021-07-01 $464,990 (-3.4%) $745,394 (11.2%) 1.23 491
    2021-08-01 $459,950 (-4.2%) $752,198 (7.9%) 1.23 487
    2021-09-01 $482,423 (-2.4%) $768,755 (6.7%) 1.29 491
    2021-10-01 $499,000 (1.8%) $846,243 (17.1%) 1.33 447
    2021-11-01 $510,525 (4.0%) $904,703 (9.2%) 1.36 375
    2021-12-01 $499,950 (2.7%) $881,793 (6.2%) 1.35 330
    2022-01-01 $544,329 (11.3%) $985,848 (13.3%) 1.47 268
    2022-02-01 $553,725 (7.2%) $980,091 (6.2%) 1.44 261
    2022-03-01 $515,779 (3.3%) $867,811 (-4.0%) 1.29 306
    2022-04-01 $509,900 (3.6%) $858,498 (-4.3%) 1.22 342
    2022-05-01 $509,210 (6.5%) $869,875 (-1.0%) 1.16 444
    2022-06-01 $519,728 (6.6%) $900,578 (13.5%) 1.16 485
    2022-07-01 $507,691 (9.2%) $924,316 (24.0%) 1.14 532
    2022-08-01 $499,935 (8.7%) $886,019 (17.8%) 1.16 507
    2022-09-01 $498,875 (3.4%) $874,690 (13.8%) 1.17 517
    2022-10-01 $499,900 (0.2%) $893,372 (5.6%) 1.18 552
    2022-11-01 $499,495 (-2.2%) $874,769 (-3.3%) 1.20 553
    2022-12-01 $524,900 (5.0%) $883,168 (0.2%) 1.30 509
    2023-01-01 $542,400 (-0.4%) $908,840 (-7.8%) 1.34 462
    2023-02-01 $569,850 (2.9%) $956,763 (-2.4%) 1.38 451
    2023-03-01 $584,900 (13.4%) $941,523 (8.5%) 1.38 471
    2023-04-01 $567,450 (11.3%) $898,399 (4.7%) 1.32 525
    2023-05-01 $562,000 (10.4%) $877,460 (0.9%) 1.27 519
    2023-06-01 $569,194 (9.5%) $897,792 (-0.3%) 1.28 514
    2023-07-01 $574,900 (13.2%) $885,060 (-4.3%) 1.31 500
    2023-08-01 $571,975 (14.4%) $886,459 (0.1%) 1.31 494
    2023-09-01 $550,000 (10.3%) $882,464 (0.9%) 1.28 508
    2023-10-01 $550,000 (10.0%) $876,953 (-1.8%) 1.29 540
    2023-11-01 $562,043 (12.5%) $857,212 (-2.0%) 1.34 542
    2023-12-01 $559,990 (6.7%) $834,702 (-5.5%) 1.37 478
    2024-01-01 $566,304 (4.4%) $827,949 (-8.9%) 1.38 436
    2024-02-01 $562,400 (-1.3%) $866,679 (-9.4%) 1.35 438
    2024-03-01 $594,925 (1.7%) $932,244 (-1.0%) 1.40 454
    2024-04-01 $587,042 (3.5%) $934,480 (4.0%) 1.37 489
    2024-05-01 $626,225 (11.4%) $1,036,376 (18.1%) 1.42 520
    2024-06-01 $599,700 (5.4%) $1,009,893 (12.5%) 1.35 555
    2024-07-01 $597,450 (3.9%) $993,859 (12.3%) 1.37 547
    2024-08-01 $599,000 (4.7%) $987,966 (11.5%) 1.39 559
    2024-09-01 $572,000 (4.0%) $973,987 (10.4%) 1.35 584
    2024-10-01 $554,500 (0.8%) $918,380 (4.7%) 1.30 617
    Charlottesville's median listing price for 2024-10-01 was $554,500, a difference of $4,500 (0.8%) versus the prior year and $-17,500 versus the prior month.

    Charlottesville's median listing price comes in at 130% of the national average.

    Charlottesville's average listing price for 2024-10-01 was $918,380, a difference of $41,427 (4.7%) versus the prior year and $-55,607 versus the prior month.

    For the 2024-10-01 period, Charlottesville had 617 MLS listings, a difference of 33 listings (6%) versus the prior month and 77 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Charlottesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 106 days 2,387 sqft
    2018-02-01 83 days 2,358 sqft
    2018-03-01 53 days 2,368 sqft
    2018-04-01 51 days 2,370 sqft
    2018-05-01 55 days 2,388 sqft
    2018-06-01 65 days 2,375 sqft
    2018-07-01 80 days 2,372 sqft
    2018-08-01 87 days 2,365 sqft
    2018-09-01 90 days 2,347 sqft
    2018-10-01 92 days 2,361 sqft
    2018-11-01 95 days 2,364 sqft
    2018-12-01 105 days 2,294 sqft
    2019-01-01 111 days 2,309 sqft
    2019-02-01 103 days 2,359 sqft
    2019-03-01 75 days 2,397 sqft
    2019-04-01 53 days 2,407 sqft
    2019-05-01 58 days 2,441 sqft
    2019-06-01 71 days 2,401 sqft
    2019-07-01 77 days 2,412 sqft
    2019-08-01 80 days 2,419 sqft
    2019-09-01 80 days 2,427 sqft
    2019-10-01 81 days 2,432 sqft
    2019-11-01 86 days 2,392 sqft
    2019-12-01 99 days 2,336 sqft
    2020-01-01 107 days 2,347 sqft
    2020-02-01 98 days 2,408 sqft
    2020-03-01 61 days 2,445 sqft
    2020-04-01 61 days 2,438 sqft
    2020-05-01 72 days 2,480 sqft
    2020-06-01 85 days 2,519 sqft
    2020-07-01 87 days 2,494 sqft
    2020-08-01 73 days 2,500 sqft
    2020-09-01 70 days 2,464 sqft
    2020-10-01 66 days 2,415 sqft
    2020-11-01 67 days 2,404 sqft
    2020-12-01 85 days 2,402 sqft
    2021-01-01 94 days 2,315 sqft
    2021-02-01 77 days 2,328 sqft
    2021-03-01 49 days 2,288 sqft
    2021-04-01 44 days 2,304 sqft
    2021-05-01 41 days 2,315 sqft
    2021-06-01 48 days 2,320 sqft
    2021-07-01 45 days 2,263 sqft
    2021-08-01 50 days 2,248 sqft
    2021-09-01 51 days 2,276 sqft
    2021-10-01 62 days 2,281 sqft
    2021-11-01 64 days 2,255 sqft
    2021-12-01 68 days 2,286 sqft
    2022-01-01 80 days 2,310 sqft
    2022-02-01 52 days 2,274 sqft
    2022-03-01 34 days 2,182 sqft
    2022-04-01 32 days 2,162 sqft
    2022-05-01 34 days 2,221 sqft
    2022-06-01 39 days 2,253 sqft
    2022-07-01 45 days 2,239 sqft
    2022-08-01 52 days 2,205 sqft
    2022-09-01 51 days 2,213 sqft
    2022-10-01 46 days 2,207 sqft
    2022-11-01 53 days 2,198 sqft
    2022-12-01 64 days 2,220 sqft
    2023-01-01 82 days 2,242 sqft
    2023-02-01 80 days 2,265 sqft
    2023-03-01 50 days 2,278 sqft
    2023-04-01 44 days 2,230 sqft
    2023-05-01 51 days 2,255 sqft
    2023-06-01 56 days 2,250 sqft
    2023-07-01 57 days 2,247 sqft
    2023-08-01 48 days 2,250 sqft
    2023-09-01 52 days 2,259 sqft
    2023-10-01 51 days 2,241 sqft
    2023-11-01 59 days 2,233 sqft
    2023-12-01 72 days 2,249 sqft
    2024-01-01 81 days 2,234 sqft
    2024-02-01 51 days 2,220 sqft
    2024-03-01 43 days 2,265 sqft
    2024-04-01 41 days 2,242 sqft
    2024-05-01 41 days 2,298 sqft
    2024-06-01 46 days 2,303 sqft
    2024-07-01 50 days 2,300 sqft
    2024-08-01 55 days 2,306 sqft
    2024-09-01 56 days 2,270 sqft
    2024-10-01 46 days 2,266 sqft
    Charlottesville's median listing age (time on market) for 2024-10-01 was 46 days. This is -9% shorter than the same period one year ago.

    Charlottesville's median square footage for active listings during the 2024-10-01 period was 2,266 sqft. One year prior, the average listing was 2,241 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).