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 79 lenders originated 374 FHA loans during 2022. The total origination value was $126,950,000, with an average FHA loan value of $339,439.

    Charlottesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charlottesville averaged 5.7% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

    Charlottesville's average FHA mortgage closing costs are $8,686.

    The average rate for the prior week (2023-03-10) was 6.24% and one month ago for the week of 2023-02-10, the average rate was 5.45%.

    The average rate one year ago was 3.94%.

    For refis of the same type during the week of 2023-03-17, the average rate was 4.73%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 32 4.62% $11,054
    Atlantic Coast Mortgage, LLC 19 5.01% $11,094
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 5.20% $11,544
    NFM, INC. 15 4.95% $10,922
    Member Options, LLC 14 5.11% $9,274
    NVR Mortgage Finance, Inc. 13 4.25% $13,833
    UNITED WHOLESALE MORTGAGE, LLC 12 4.89% $12,173
    FINANCE OF AMERICA MORTGAGE LLC 11 4.83% $10,336
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 4.55% $14,521
    Ixonia Bank 8 5.48% $12,586
    LOANDEPOT.COM, LLC 8 4.58% $13,365
    CROSSCOUNTRY MORTGAGE, LLC 7 5.55% $14,431
    Waterstone Mortgage Corporation 7 4.57% $8,954
    Prosperity Home Mortgage, LLC 7 4.78% $10,345
    PENNYMAC LOAN SERVICES, LLC 7 3.70% $11,077
    Mr. Cooper ( Nationstar Mortgage ) 7 4.59% $13,438
    FREEDOM MORTGAGE CORPORATION 7 4.32% $9,763
    First Heritage Mortgage, LLC 6 4.85% $12,894
    LAKEVIEW LOAN SERVICING, LLC 6 3.81% $8,565
    EMBRACE HOME LOANS, INC. 6 5.29% $10,077
    CBM Mortgage, Inc. 5 4.63% $8,627
    MOVEMENT MORTGAGE, LLC 5 5.58% $12,205
    Towne First Mortgage, LLC 5 5.58% $10,857
    Virginia Credit Union, Inc. 5 4.45% $8,521
    AMERISAVE MORTGAGE CORPORATION 4 4.56% $10,513
    INTERCOASTAL MORTGAGE COMPANY 3 4.88% $11,469
    Towne Mortgage, LLC 3 5.46% $10,129
    RELIANCE FIRST CAPITAL, LLC 3 4.67% $12,167
    C & F Mortgage Corporation 3 4.25% $6,876
    F & M BANK CORP. 3 4.71% $9,740
    CAPITAL CENTER, L.L.C. 3 5.13% $6,239
    NEWREZ LLC 3 4.88% $7,495
    George Mason Mortgage, LLC 3 5.21% $11,948
    Alcova Mortgage LLC 2 5.31% $5,435
    Carrington Mortgage Services, LLC 2 5.19% $7,658
    GUILD MORTGAGE COMPANY 2 5.13% $9,921
    CALIBER HOME LOANS, INC. 2 5.50% $8,953
    MCLEAN MORTGAGE CORPORATION 2 5.50% $6,852
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.06% $13,105
    Atlantic Union Bank 2 3.94% $9,240
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.44% $9,663
    APEX HOME LOANS, INC. 2 4.56% $8,181
    Paramount Residential Mortgage Group, Inc. 2 4.63% $12,058
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.81% $12,201
    ROSS MORTGAGE CORPORATION 2 6.38% $14,548
    SECURITYNATIONAL MORTGAGE COMPANY 2 4.75% $11,179
    TIDEWATER MORTGAGE SERVICES, INC. 2 6.44% $12,560
    EVERETT FINANCIAL, INC. 2 4.31% $7,851
    AMERICAN FINANCIAL RESOURCES, INC. 2 4.31% $10,660
    The Federal Savings Bank 1 6.38% $16,928
    GSF Mortgage Corporation 1 5.63% $10,524
    Citizens Bank 1 5.75% $14,418
    FREEDOM FIRST 1 3.25% $7,086
    Christensen Financial, Inc. 1 4.25% $5,572
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.50% $19,707
    Peoples Bank 1 3.63% $8,952
    Plains Commerce Bank 1 3.00% $8,481
    PLANET HOME LENDING, LLC 1 4.25% $8,959
    Acre Mortgage and Financial Inc 1 7.13% $17,452
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $8,176
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 5.75% $18,703
    AMERICAN FINANCING CORPORATION 1 5.13% $6,231
    First Guaranty Mortgage Corporation 1 3.75% $3,797
    RESIDENTIAL BANCORP. 1 4.75% $10,909
    Truist 1 4.75% $10,314
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.88% $4,814
    HOME POINT FINANCIAL CORPORATION 1 4.63% $12,515
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $18,704
    Integrity Home Mortgage Corp 1 5.00% $10,010
    GUARANTEED RATE, INC. 1 4.75% $15,906
    CANOPY MORTGAGE, LLC 1 5.75% $15,318
    JPMorgan Chase Bank 1 5.13% $9,264
    Lakeview Community Capital, LLC 1 5.75% $8,273
    Shamrock Home Loans, Inc. 1 7.13% $17,825
    Barrington Bank & Trust Company, N.A. 1 3.63% $7,471
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 2.25% $21,665
    Bank of America 1 5.63% $10,266
    Strong Home Mortgage, LLC 1 6.25% $6,636
    SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $11,593

    The top Charlottesville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 32 FHA loans originated. Their average total fees are $11,054, which is $39 lower than the next largest lender, Atlantic Coast Mortgage, LLC.

    The lowest fee Charlottesville FHA lenders (with over 10 loans originated) are Member Options, LLC ($9,274), FINANCE OF AMERICA MORTGAGE LLC ($10,336), NFM, INC. ($10,922), QUICKEN LOANS, LLC ($11,054) and Atlantic Coast Mortgage, LLC ($11,094).

    The lowest rate Charlottesville FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (4.25%), QUICKEN LOANS, LLC (4.62%), FINANCE OF AMERICA MORTGAGE LLC (4.83%), UNITED WHOLESALE MORTGAGE, LLC (4.89%) and NFM, INC. (4.95%).

    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 $409,450 (5.0%) $578,648 (3.1%) 1.52 1,066
    2018-02-01 $399,950 (0.5%) $563,959 (-2.2%) 1.45 1,099
    2018-03-01 $399,900 (1.0%) $590,366 (-0.4%) 1.40 1,257
    2018-04-01 $399,900 (0.0%) $576,064 (-2.6%) 1.36 1,386
    2018-05-01 $399,900 (-2.4%) $572,569 (-3.7%) 1.34 1,475
    2018-06-01 $399,900 (-2.2%) $582,080 (-1.3%) 1.33 1,505
    2018-07-01 $399,900 (-2.4%) $572,776 (-2.2%) 1.33 1,487
    2018-08-01 $399,444 (-3.6%) $603,130 (4.7%) 1.34 1,462
    2018-09-01 $399,000 (-4.7%) $583,040 (0.5%) 1.34 1,490
    2018-10-01 $394,295 (-7.5%) $582,864 (-1.2%) 1.33 1,502
    2018-11-01 $399,000 (-4.9%) $586,234 (2.0%) 1.35 1,356
    2018-12-01 $389,900 (-5.4%) $549,973 (-4.7%) 1.34 1,187
    2019-01-01 $394,975 (-3.5%) $562,494 (-2.8%) 1.36 1,109
    2019-02-01 $403,900 (1.0%) $588,743 (4.4%) 1.36 1,140
    2019-03-01 $428,729 (7.2%) $610,386 (3.4%) 1.40 1,265
    2019-04-01 $434,900 (8.8%) $634,169 (10.1%) 1.38 1,394
    2019-05-01 $443,445 (10.9%) $637,025 (11.3%) 1.39 1,465
    2019-06-01 $429,900 (7.5%) $608,590 (4.6%) 1.34 1,466
    2019-07-01 $429,900 (7.5%) $615,195 (7.4%) 1.35 1,453
    2019-08-01 $429,655 (7.6%) $612,516 (1.6%) 1.36 1,437
    2019-09-01 $429,286 (7.6%) $606,364 (4.0%) 1.37 1,434
    2019-10-01 $429,166 (8.8%) $591,560 (1.5%) 1.38 1,425
    2019-11-01 $425,000 (6.5%) $584,160 (-0.4%) 1.39 1,299
    2019-12-01 $424,950 (9.0%) $588,712 (7.0%) 1.42 1,121
    2020-01-01 $439,500 (11.3%) $617,976 (9.9%) 1.47 1,022
    2020-02-01 $449,000 (11.2%) $635,712 (8.0%) 1.46 1,044
    2020-03-01 $452,144 (5.5%) $634,490 (4.0%) 1.42 1,105
    2020-04-01 $454,747 (4.6%) $640,023 (0.9%) 1.42 1,113
    2020-05-01 $468,450 (5.6%) $647,206 (1.6%) 1.42 1,116
    2020-06-01 $476,950 (10.9%) $663,953 (9.1%) 1.40 1,014
    2020-07-01 $481,650 (12.0%) $670,536 (9.0%) 1.40 951
    2020-08-01 $479,900 (11.7%) $697,540 (13.9%) 1.38 853
    2020-09-01 $494,450 (15.2%) $720,472 (18.8%) 1.41 780
    2020-10-01 $489,900 (14.2%) $722,023 (22.1%) 1.40 737
    2020-11-01 $490,698 (15.5%) $827,922 (41.7%) 1.43 674
    2020-12-01 $486,313 (14.4%) $830,244 (41.0%) 1.44 573
    2021-01-01 $488,900 (11.2%) $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%) $903,774 (42.4%) 1.42 454
    2021-04-01 $492,125 (8.2%) $896,915 (40.1%) 1.33 440
    2021-05-01 $481,495 (2.8%) $879,332 (35.9%) 1.27 473
    2021-06-01 $487,695 (2.3%) $793,274 (19.5%) 1.28 471
    2021-07-01 $462,900 (-3.9%) $745,394 (11.2%) 1.22 494
    2021-08-01 $458,950 (-4.4%) $750,348 (7.6%) 1.22 489
    2021-09-01 $479,200 (-3.1%) $766,844 (6.4%) 1.28 493
    2021-10-01 $498,500 (1.8%) $843,486 (16.8%) 1.33 450
    2021-11-01 $508,150 (3.6%) $901,134 (8.8%) 1.36 378
    2021-12-01 $499,499 (2.7%) $878,152 (5.8%) 1.35 333
    2022-01-01 $535,000 (9.4%) $985,848 (13.3%) 1.45 268
    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%) 1.21 342
    2022-05-01 $509,210 (5.8%) $869,875 (-1.1%) 1.16 444
    2022-06-01 $519,980 (6.6%) $900,542 (13.5%) 1.16 484
    2022-07-01 $508,374 (9.8%) $925,130 (24.1%) 1.14 532
    2022-08-01 $499,925 (8.9%) $887,560 (18.3%) 1.15 507
    2022-09-01 $499,125 (4.2%) $875,269 (14.1%) 1.16 517
    2022-10-01 $499,900 (0.3%) $896,219 (6.3%) 1.18 552
    2022-11-01 $499,495 (-1.7%) $874,769 (-2.9%) 1.20 553
    2022-12-01 $524,900 (5.1%) $885,631 (0.9%) 1.30 509
    2023-01-01 $542,445 (1.4%) $908,840 (-7.8%) 1.34 462
    2023-02-01 $569,900 (2.9%) $958,294 (-2.2%) 1.37 451
    Charlottesville's median listing price for 2023-02-01 was $569,900, a difference of $16,175 (2.9%) versus the prior year and $27,455 versus the prior month.

    Charlottesville's median listing price comes in at 137% of the national average.

    Charlottesville's average listing price for 2023-02-01 was $958,294, a difference of $-21,797 (-2.2%) versus the prior year and $49,454 versus the prior month.

    For the 2023-02-01 period, Charlottesville had 451 MLS listings, a difference of -11 listings (-2%) versus the prior month and 190 listings (73%) 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
    2018-01-01 121 days 2,388 sqft
    2018-02-01 103 days 2,359 sqft
    2018-03-01 65 days 2,368 sqft
    2018-04-01 59 days 2,371 sqft
    2018-05-01 64 days 2,389 sqft
    2018-06-01 74 days 2,376 sqft
    2018-07-01 89 days 2,374 sqft
    2018-08-01 96 days 2,369 sqft
    2018-09-01 103 days 2,350 sqft
    2018-10-01 109 days 2,364 sqft
    2018-11-01 112 days 2,366 sqft
    2018-12-01 121 days 2,297 sqft
    2019-01-01 125 days 2,310 sqft
    2019-02-01 122 days 2,359 sqft
    2019-03-01 89 days 2,397 sqft
    2019-04-01 60 days 2,408 sqft
    2019-05-01 64 days 2,440 sqft
    2019-06-01 79 days 2,400 sqft
    2019-07-01 85 days 2,412 sqft
    2019-08-01 89 days 2,419 sqft
    2019-09-01 91 days 2,427 sqft
    2019-10-01 93 days 2,432 sqft
    2019-11-01 101 days 2,392 sqft
    2019-12-01 113 days 2,336 sqft
    2020-01-01 120 days 2,344 sqft
    2020-02-01 116 days 2,406 sqft
    2020-03-01 72 days 2,445 sqft
    2020-04-01 74 days 2,438 sqft
    2020-05-01 82 days 2,480 sqft
    2020-06-01 98 days 2,519 sqft
    2020-07-01 109 days 2,492 sqft
    2020-08-01 94 days 2,500 sqft
    2020-09-01 86 days 2,453 sqft
    2020-10-01 79 days 2,414 sqft
    2020-11-01 79 days 2,402 sqft
    2020-12-01 96 days 2,401 sqft
    2021-01-01 109 days 2,309 sqft
    2021-02-01 99 days 2,325 sqft
    2021-03-01 59 days 2,288 sqft
    2021-04-01 51 days 2,303 sqft
    2021-05-01 46 days 2,327 sqft
    2021-06-01 53 days 2,320 sqft
    2021-07-01 50 days 2,264 sqft
    2021-08-01 52 days 2,248 sqft
    2021-09-01 54 days 2,276 sqft
    2021-10-01 65 days 2,282 sqft
    2021-11-01 68 days 2,265 sqft
    2021-12-01 70 days 2,292 sqft
    2022-01-01 83 days 2,310 sqft
    2022-02-01 63 days 2,274 sqft
    2022-03-01 35 days 2,182 sqft
    2022-04-01 33 days 2,162 sqft
    2022-05-01 37 days 2,221 sqft
    2022-06-01 40 days 2,249 sqft
    2022-07-01 47 days 2,240 sqft
    2022-08-01 56 days 2,204 sqft
    2022-09-01 54 days 2,213 sqft
    2022-10-01 49 days 2,207 sqft
    2022-11-01 56 days 2,198 sqft
    2022-12-01 67 days 2,218 sqft
    2023-01-01 87 days 2,242 sqft
    2023-02-01 87 days 2,267 sqft
    Charlottesville's median listing age (time on market) for 2023-02-01 was 87 days. This is 38% longer than the same period one year ago.

    Charlottesville's median square footage for active listings during the 2023-02-01 period was 2,267 sqft. One year prior, the average listing was 2,274 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).