Charlottesville FHA Loan Rates, Closing Costs & Stats

CHARLOTTESVILLE, VA

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 6.47% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.75% and one month ago for the week of 2024-05-03, the average rate was 6.55%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.83%.

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
Charlottesville's median listing price for 2024-05-01 was $626,225, a difference of $64,225 (11.4%) versus the prior year and $39,183 versus the prior month.

Charlottesville's median listing price comes in at 142% of the national average.

Charlottesville's average listing price for 2024-05-01 was $1,036,376, a difference of $158,916 (18.1%) versus the prior year and $101,896 versus the prior month.

For the 2024-05-01 period, Charlottesville had 520 MLS listings, a difference of 31 listings (6%) versus the prior month and 1 listings (0%) 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 2,232 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
Charlottesville's median listing age (time on market) for 2024-05-01 was 41 days. This is -20% shorter than the same period one year ago.

Charlottesville's median square footage for active listings during the 2024-05-01 period was 2,298 sqft. One year prior, the average listing was 2,255 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).