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 78 lenders originated 351 FHA loans during 2024. The total origination value was $110,535,000, with an average FHA loan value of $314,915.

    Charlottesville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Charlottesville averaged 6.6% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Charlottesville's average FHA mortgage closing costs are $9,634.

    The average rate for the prior week (2025-03-28) was 6.4% and one month ago for the week of 2025-02-28, the average rate was 6.38%.

    The average rate one year ago was 6.8%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.33%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 53 6.23% $13,410
    UNITED WHOLESALE MORTGAGE, LLC 19 6.20% $14,673
    First Heritage Mortgage, LLC 13 5.92% $13,420
    FREEDOM MORTGAGE CORPORATION 12 6.13% $15,300
    NVR Mortgage Finance, Inc. 12 6.30% $17,929
    Ixonia Bank 10 6.81% $12,891
    Waterstone Mortgage Corporation 10 6.53% $13,263
    Prosperity Home Mortgage, LLC 9 6.64% $11,402
    CMG MORTGAGE, INC. 9 6.24% $12,344
    PENNYMAC LOAN SERVICES, LLC 8 5.84% $10,632
    Towne First Mortgage, LLC 7 6.57% $11,879
    GSF Mortgage Corporation 6 6.52% $14,122
    Atlantic Coast Mortgage, LLC 6 6.48% $13,556
    NFM, INC. 6 6.85% $14,558
    Mr. Cooper ( Nationstar Mortgage ) 6 6.06% $9,531
    Fulton Bank 5 6.23% $9,210
    CROSSCOUNTRY MORTGAGE, LLC 5 6.55% $15,789
    NEWREZ LLC 4 6.47% $14,157
    BROKER SOLUTIONS, INC. 4 6.47% $18,542
    MOVEMENT MORTGAGE, LLC 4 6.22% $11,117
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.22% $20,350
    LOANPAL, LLC 4 5.47% $16,453
    Virginia Credit Union, Inc. 3 6.38% $8,583
    FIRST COMMUNITY MORTGAGE, INC. 3 6.58% $21,540
    F & M BANK CORP. 3 6.83% $11,309
    ROSS MORTGAGE CORPORATION 3 6.54% $17,425
    TIDEWATER MORTGAGE SERVICES, INC. 3 6.13% $15,870
    United Bank 3 6.50% $10,249
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.63% $12,720
    Carrington Mortgage Services, LLC 3 6.46% $14,901
    Integrity Home Mortgage Corp 2 6.06% $20,769
    Strong Home Mortgage, LLC 2 5.69% $10,931
    C & F Mortgage Corporation 2 7.50% $8,076
    RUOFF MORTGAGE COMPANY, INC. 2 5.44% $9,551
    Alcova Mortgage LLC 2 7.19% $7,932
    PLANET HOME LENDING, LLC 2 6.12% $7,686
    EMBRACE HOME LOANS, INC. 2 6.50% $12,039
    LOANDEPOT.COM, LLC 2 6.63% $8,625
    Flagstar Bank, FSB 2 6.63% $13,719
    City Lending Inc. 2 7.38% $14,717
    GUILD MORTGAGE COMPANY 2 6.38% $8,915
    AMERICAN FINANCIAL NETWORK, INC. 2 6.00% $15,839
    The Federal Savings Bank 2 6.38% $16,506
    WesBanco 1 6.50% $11,998
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $9,036
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.63% $12,721
    AmeriHome Mortgage Company, LLC 1 6.63% $10,144
    CAPITAL CENTER, L.L.C. 1 5.75% $5,706
    CARDINAL FINANCIAL 1 6.50% $12,488
    Cornerstone First Mortgage, Inc 1 5.88% $11,927
    Equity Prime Mortgage LLC 1 5.50% $13,088
    EVERETT FINANCIAL, INC. 1 7.13% $29,146
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $10,833
    FIDELITY DIRECT MORTGAGE, LLC 1 6.75% $11,569
    Fifth Third Bank 1 7.00% $5,941
    FIRST HOME MORTGAGE CORPORATION 1 7.13% $8,055
    GEO-CORP, INC. 1 8.25% $18,390
    HOMESIDE FINANCIAL, LLC 1 6.75% $14,491
    INTERCOASTAL MORTGAGE COMPANY 1 6.50% $9,441
    JPMorgan Chase Bank 1 5.75% $8,993
    Loan Simple, Inc. 1 5.99% $22,580
    MID-ISLAND MORTGAGE CORP. 1 6.25% $10,136
    MILEND, INC. 1 6.25% $18,730
    MORIA DEVELOPMENT, INC. 1 6.25% $11,094
    Mortgage Research Center, LLC 1 7.25% $5,244
    NATION ONE MORTGAGE CORPORATION 1 7.50% $13,583
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $12,026
    NEW DAY FINANCIAL, LLC 1 7.49% $7,918
    OCMBC, INC. 1 5.63% $20,454
    PHH Mortgage Corporation 1 5.99% $12,868
    Plains Commerce Bank 1 5.75% $14,291
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $10,439
    SOUTHWEST STAGE FUNDING, LLC 1 5.75% $7,262
    T2 FINANCIAL LLC 1 5.75% $10,434
    TOP FLITE FINANCIAL, INC. 1 6.63% $25,784
    UNION HOME MORTGAGE CORP. 1 5.63% $11,928
    U.S. Bank 1 5.63% $12,822
    Uwharrie Bank 1 6.50% $9,000

    The top Charlottesville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 53 FHA loans originated. Their average total fees are $13,410, which is $1,263 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Charlottesville FHA lenders (with over 10 loans originated) are Ixonia Bank ($12,891), Waterstone Mortgage Corporation ($13,263), QUICKEN LOANS, LLC ($13,410), First Heritage Mortgage, LLC ($13,420) and UNITED WHOLESALE MORTGAGE, LLC ($14,673).

    The lowest rate Charlottesville FHA lenders (with over 10 loans originated) are First Heritage Mortgage, LLC (5.92%), FREEDOM MORTGAGE CORPORATION (6.13%), UNITED WHOLESALE MORTGAGE, LLC (6.20%), QUICKEN LOANS, LLC (6.23%) and NVR Mortgage Finance, Inc. (6.30%).

    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 $409,945 (5.1%) $580,123 (3.7%) 1.52 1,062
    2018-02-01 $401,220 (1.0%) $565,367 (-1.8%) 1.46 1,094
    2018-03-01 $399,900 (1.1%) $591,964 (0.1%) 1.40 1,250
    2018-04-01 $399,945 (0.0%) $576,749 (-2.6%) 1.36 1,383
    2018-05-01 $399,968 (-2.7%) $573,755 (-3.7%) 1.34 1,463
    2018-06-01 $399,900 (-2.5%) $583,215 (-1.3%) 1.33 1,493
    2018-07-01 $399,900 (-2.5%) $573,599 (-2.3%) 1.34 1,477
    2018-08-01 $399,700 (-4.3%) $604,269 (4.7%) 1.34 1,453
    2018-09-01 $399,000 (-4.8%) $584,376 (0.5%) 1.34 1,482
    2018-10-01 $394,950 (-7.5%) $583,849 (-1.3%) 1.34 1,495
    2018-11-01 $399,431 (-5.3%) $587,304 (2.0%) 1.35 1,350
    2018-12-01 $391,200 (-5.5%) $551,086 (-4.8%) 1.35 1,180
    2019-01-01 $396,681 (-3.2%) $564,092 (-2.8%) 1.37 1,102
    2019-02-01 $404,698 (0.9%) $590,215 (4.4%) 1.37 1,134
    2019-03-01 $429,114 (7.3%) $612,097 (3.4%) 1.40 1,259
    2019-04-01 $434,738 (8.7%) $634,855 (10.1%) 1.38 1,389
    2019-05-01 $443,445 (10.9%) $638,119 (11.2%) 1.39 1,458
    2019-06-01 $429,900 (7.5%) $609,562 (4.5%) 1.34 1,457
    2019-07-01 $429,900 (7.5%) $616,102 (7.4%) 1.35 1,447
    2019-08-01 $429,723 (7.5%) $613,386 (1.5%) 1.36 1,432
    2019-09-01 $429,457 (7.6%) $607,297 (3.9%) 1.37 1,429
    2019-10-01 $429,405 (8.7%) $592,377 (1.5%) 1.39 1,420
    2019-11-01 $425,198 (6.5%) $584,925 (-0.4%) 1.39 1,296
    2019-12-01 $424,950 (8.6%) $589,355 (6.9%) 1.42 1,118
    2020-01-01 $439,725 (10.9%) $617,128 (9.4%) 1.47 1,019
    2020-02-01 $449,000 (11.0%) $636,193 (7.8%) 1.47 1,038
    2020-03-01 $452,144 (5.4%) $635,275 (3.8%) 1.42 1,096
    2020-04-01 $454,923 (4.6%) $640,726 (0.9%) 1.43 1,105
    2020-05-01 $467,900 (5.5%) $647,763 (1.5%) 1.42 1,108
    2020-06-01 $474,950 (10.5%) $662,521 (8.7%) 1.40 1,012
    2020-07-01 $479,895 (11.6%) $670,089 (8.8%) 1.39 947
    2020-08-01 $479,600 (11.6%) $697,784 (13.8%) 1.37 847
    2020-09-01 $493,700 (15.0%) $720,442 (18.6%) 1.41 774
    2020-10-01 $489,900 (14.1%) $721,761 (21.8%) 1.40 731
    2020-11-01 $487,250 (14.6%) $826,784 (41.4%) 1.42 670
    2020-12-01 $481,900 (13.4%) $828,957 (40.7%) 1.43 570
    2021-01-01 $479,000 (8.9%) $868,807 (40.8%) 1.43 499
    2021-02-01 $516,549 (15.0%) $922,898 (45.1%) 1.50 423
    2021-03-01 $499,425 (10.5%) $904,255 (42.3%) 1.42 454
    2021-04-01 $492,000 (8.2%) $896,981 (40.0%) 1.33 439
    2021-05-01 $481,495 (2.9%) $881,078 (36.0%) 1.28 471
    2021-06-01 $490,623 (3.3%) $795,574 (20.1%) 1.29 468
    2021-07-01 $464,990 (-3.1%) $746,752 (11.4%) 1.23 488
    2021-08-01 $461,224 (-3.8%) $755,748 (8.3%) 1.23 479
    2021-09-01 $482,470 (-2.3%) $772,102 (7.2%) 1.29 485
    2021-10-01 $499,000 (1.9%) $846,637 (17.3%) 1.33 446
    2021-11-01 $512,425 (5.2%) $907,508 (9.8%) 1.37 374
    2021-12-01 $499,950 (3.8%) $881,794 (6.4%) 1.35 330
    2022-01-01 $544,267 (13.6%) $987,173 (13.6%) 1.47 267
    2022-02-01 $556,200 (7.7%) $981,053 (6.3%) 1.45 261
    2022-03-01 $514,950 (3.1%) $869,759 (-3.8%) 1.29 304
    2022-04-01 $509,900 (3.6%) $860,557 (-4.1%) 1.22 341
    2022-05-01 $509,212 (5.8%) $869,923 (-1.3%) 1.16 444
    2022-06-01 $520,205 (6.0%) $900,348 (13.2%) 1.16 485
    2022-07-01 $513,110 (10.4%) $926,967 (24.1%) 1.16 528
    2022-08-01 $499,948 (8.4%) $887,764 (17.5%) 1.16 506
    2022-09-01 $499,000 (3.4%) $875,741 (13.4%) 1.17 515
    2022-10-01 $499,900 (0.2%) $893,274 (5.5%) 1.18 551
    2022-11-01 $499,495 (-2.5%) $876,098 (-3.5%) 1.20 551
    2022-12-01 $524,900 (5.0%) $876,549 (-0.6%) 1.30 506
    2023-01-01 $542,400 (-0.3%) $901,031 (-8.7%) 1.34 461
    2023-02-01 $569,850 (2.5%) $949,862 (-3.2%) 1.38 449
    2023-03-01 $584,900 (13.6%) $933,633 (7.3%) 1.38 469
    2023-04-01 $565,000 (10.8%) $891,364 (3.6%) 1.31 523
    2023-05-01 $562,941 (10.6%) $874,511 (0.5%) 1.28 518
    2023-06-01 $570,938 (9.8%) $895,319 (-0.6%) 1.28 513
    2023-07-01 $574,950 (12.1%) $884,973 (-4.5%) 1.31 499
    2023-08-01 $573,650 (14.7%) $887,936 (0.0%) 1.32 493
    2023-09-01 $553,488 (10.9%) $885,305 (1.1%) 1.29 505
    2023-10-01 $550,000 (10.0%) $878,354 (-1.7%) 1.29 538
    2023-11-01 $562,043 (12.5%) $857,641 (-2.1%) 1.34 542
    2023-12-01 $562,495 (7.2%) $837,113 (-4.5%) 1.37 476
    2024-01-01 $565,590 (4.3%) $828,981 (-8.0%) 1.38 435
    2024-02-01 $561,275 (-1.5%) $867,277 (-8.7%) 1.35 437
    2024-03-01 $594,925 (1.7%) $933,462 (0.0%) 1.40 452
    2024-04-01 $587,399 (4.0%) $936,640 (5.1%) 1.37 487
    2024-05-01 $613,725 (9.0%) $1,003,099 (14.7%) 1.40 517
    2024-06-01 $594,950 (4.2%) $981,828 (9.7%) 1.35 554
    2024-07-01 $598,200 (4.0%) $993,867 (12.3%) 1.37 546
    2024-08-01 $599,000 (4.4%) $990,292 (11.5%) 1.39 556
    2024-09-01 $567,500 (2.5%) $975,248 (10.2%) 1.34 582
    2024-10-01 $554,500 (0.8%) $918,841 (4.6%) 1.30 615
    2024-11-01 $550,000 (-2.1%) $913,115 (6.5%) 1.32 589
    2024-12-01 $532,950 (-5.3%) $914,734 (9.3%) 1.32 470
    2025-01-01 $547,750 (-3.2%) $965,538 (16.5%) 1.37 427
    2025-02-01 $545,742 (-2.8%) $974,315 (12.3%) 1.32 444
    2025-03-01 $552,500 (-7.1%) $902,189 (-3.4%) 0.00 529
    Charlottesville's median listing price for 2025-03-01 was $552,500, a difference of $-42,425 (-7.1%) versus the prior year and $6,758 versus the prior month.

    Charlottesville's median listing price comes in at 0% of the national average.

    Charlottesville's average listing price for 2025-03-01 was $902,189, a difference of $-31,273 (-3.4%) versus the prior year and $-72,126 versus the prior month.

    For the 2025-03-01 period, Charlottesville had 529 MLS listings, a difference of 85 listings (19%) versus the prior month and 77 listings (17%) 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
    2018-01-01 107 days 2,394 sqft
    2018-02-01 83 days 2,366 sqft
    2018-03-01 53 days 2,372 sqft
    2018-04-01 51 days 2,371 sqft
    2018-05-01 55 days 2,390 sqft
    2018-06-01 65 days 2,378 sqft
    2018-07-01 80 days 2,380 sqft
    2018-08-01 87 days 2,366 sqft
    2018-09-01 90 days 2,350 sqft
    2018-10-01 92 days 2,368 sqft
    2018-11-01 96 days 2,374 sqft
    2018-12-01 105 days 2,299 sqft
    2019-01-01 111 days 2,314 sqft
    2019-02-01 104 days 2,360 sqft
    2019-03-01 74 days 2,397 sqft
    2019-04-01 52 days 2,407 sqft
    2019-05-01 57 days 2,439 sqft
    2019-06-01 71 days 2,403 sqft
    2019-07-01 77 days 2,413 sqft
    2019-08-01 80 days 2,421 sqft
    2019-09-01 80 days 2,429 sqft
    2019-10-01 81 days 2,433 sqft
    2019-11-01 86 days 2,392 sqft
    2019-12-01 99 days 2,338 sqft
    2020-01-01 107 days 2,344 sqft
    2020-02-01 98 days 2,410 sqft
    2020-03-01 61 days 2,448 sqft
    2020-04-01 61 days 2,439 sqft
    2020-05-01 72 days 2,483 sqft
    2020-06-01 83 days 2,519 sqft
    2020-07-01 87 days 2,495 sqft
    2020-08-01 72 days 2,500 sqft
    2020-09-01 70 days 2,451 sqft
    2020-10-01 66 days 2,415 sqft
    2020-11-01 66 days 2,402 sqft
    2020-12-01 84 days 2,400 sqft
    2021-01-01 94 days 2,309 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 2,327 sqft
    2021-06-01 48 days 2,323 sqft
    2021-07-01 45 days 2,263 sqft
    2021-08-01 50 days 2,248 sqft
    2021-09-01 51 days 2,275 sqft
    2021-10-01 61 days 2,282 sqft
    2021-11-01 64 days 2,255 sqft
    2021-12-01 68 days 2,291 sqft
    2022-01-01 80 days 2,305 sqft
    2022-02-01 52 days 2,274 sqft
    2022-03-01 34 days 2,179 sqft
    2022-04-01 32 days 2,160 sqft
    2022-05-01 34 days 2,220 sqft
    2022-06-01 39 days 2,252 sqft
    2022-07-01 46 days 2,236 sqft
    2022-08-01 53 days 2,201 sqft
    2022-09-01 50 days 2,211 sqft
    2022-10-01 46 days 2,207 sqft
    2022-11-01 53 days 2,199 sqft
    2022-12-01 65 days 2,220 sqft
    2023-01-01 83 days 2,240 sqft
    2023-02-01 81 days 2,262 sqft
    2023-03-01 49 days 2,275 sqft
    2023-04-01 44 days 2,227 sqft
    2023-05-01 50 days 2,255 sqft
    2023-06-01 56 days 2,252 sqft
    2023-07-01 57 days 2,247 sqft
    2023-08-01 48 days 2,251 sqft
    2023-09-01 53 days 2,263 sqft
    2023-10-01 51 days 2,246 sqft
    2023-11-01 59 days 2,234 sqft
    2023-12-01 73 days 2,255 sqft
    2024-01-01 81 days 2,233 sqft
    2024-02-01 51 days 2,218 sqft
    2024-03-01 43 days 2,265 sqft
    2024-04-01 41 days 2,243 sqft
    2024-05-01 42 days 2,298 sqft
    2024-06-01 48 days 2,300 sqft
    2024-07-01 50 days 2,299 sqft
    2024-08-01 56 days 2,306 sqft
    2024-09-01 55 days 2,266 sqft
    2024-10-01 46 days 2,262 sqft
    2024-11-01 53 days 2,221 sqft
    2024-12-01 64 days 2,154 sqft
    2025-01-01 66 days 2,128 sqft
    2025-02-01 54 days 2,133 sqft
    2025-03-01 0 days 2,145 sqft
    Charlottesville's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Charlottesville's median square footage for active listings during the 2025-03-01 period was 2,145 sqft. One year prior, the average listing was 2,265 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).