Charlottesville FHA Loans

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 100 lenders originated 595 FHA loans during 2021. The total origination value was $245,015,000, with an average FHA loan value of $411,790.

Charlottesville FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Charlottesville averaged 5.1% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.03% and one month ago for the week of 2022-04-08, the average rate was 4.99%.

The average rate one year ago was 2.8%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.22%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Charlottesville level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 63 2.76% $6,395
PENNYMAC LOAN SERVICES, LLC 35 2.83% $6,086
Waterstone Mortgage Corporation 27 2.68% $9,205
LAKEVIEW LOAN SERVICING, LLC 23 2.88% $5,395
FINANCE OF AMERICA MORTGAGE LLC 22 3.32% $8,261
FREEDOM MORTGAGE CORPORATION 21 2.74% $5,721
UNITED WHOLESALE MORTGAGE, LLC 21 2.62% $8,472
Atlantic Coast Mortgage, LLC 19 2.97% $8,806
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 13 3.22% $8,433
NEWREZ LLC 11 2.91% $6,445
NFM, INC. 11 3.25% $9,992
MOVEMENT MORTGAGE, LLC 10 3.11% $8,132
Towne First Mortgage, LLC 9 2.86% $8,838
C & F Mortgage Corporation 9 3.11% $8,065
First Heritage Mortgage, LLC 9 2.76% $9,512
CROSSCOUNTRY MORTGAGE, LLC 8 3.25% $9,426
CBM Mortgage, Inc. 7 3.14% $7,656
HOME POINT FINANCIAL CORPORATION 7 2.71% $10,092
AMERICAN FINANCIAL RESOURCES, INC. 7 3.27% $8,250
Ixonia Bank 6 3.00% $11,032
Mr. Cooper ( Nationstar Mortgage ) 6 3.10% $3,815
Carrington Mortgage Services, LLC 5 3.18% $6,966
NVR Mortgage Finance, Inc. 5 3.07% $9,600
First Guaranty Mortgage Corporation 5 3.00% $6,906
CALIBER HOME LOANS, INC. 5 2.45% $6,960
LOANDEPOT.COM, LLC 5 3.67% $10,596
Alcova Mortgage LLC 5 3.55% $6,438
AMERISAVE MORTGAGE CORPORATION 4 2.84% $7,784
Lakeview Community Capital, LLC 4 2.75% $5,736
Nations Lending Corporation 4 3.16% $10,447
AmeriHome Mortgage Company, LLC 4 2.88% $5,103
AMERICAN FINANCIAL NETWORK, INC. 4 2.84% $15,535
Prosperity Home Mortgage, LLC 4 3.28% $7,701
ROSS MORTGAGE CORPORATION 3 3.04% $9,066
GUARANTEED RATE, INC. 3 2.83% $8,536
Blue Ridge Bank 3 3.46% $8,149
TIDEWATER MORTGAGE SERVICES, INC. 3 3.17% $9,992
Presidential Bank, FSB 3 2.96% $6,345
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.66% $7,724
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.88% $10,422
Virginia Credit Union, Inc. 3 3.71% $7,434
Christensen Financial, Inc. 3 3.25% $8,717
Barrington Bank & Trust Company, N.A. 2 2.94% $9,740
OVM FINANCIAL, INC. 2 3.44% $9,805
CAPITAL CENTER, L.L.C. 2 2.81% $8,051
Ameris Bank 2 3.00% $8,253
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.94% $10,648
Towne Mortgage, LLC 2 2.88% $9,578
George Mason Mortgage, LLC 2 2.69% $6,128
F & M BANK CORP. 2 3.19% $8,504
Paramount Residential Mortgage Group, Inc. 2 3.19% $6,975
FIRST COMMUNITY MORTGAGE, INC. 2 3.13% $8,976
The Federal Savings Bank 2 2.88% $17,263
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.25% $9,067
ZILLOW HOME LOANS, LLC 1 2.88% $7,615
AMERICAN FINANCING CORPORATION 1 3.50% $17,178
APEX HOME LOANS, INC. 1 2.88% $7,789
Bank of England 1 3.50% $10,301
BROKER SOLUTIONS, INC. 1 3.13% $10,782
CONTOUR MORTGAGE CORPORATION 1 3.25% $12,120
EMBRACE HOME LOANS, INC. 1 3.75% $7,753
ENVOY MORTGAGE, LTD 1 3.50% $8,249
FIDELITY DIRECT MORTGAGE, LLC 1 3.00% $8,356
FirstBank 1 2.38% $7,040
First Federal Bank 1 3.38% $7,664
Fulton Bank 1 2.50% $8,766
GUARANTY HOME MORTGAGE CORPORATION 1 3.13% $7,699
GUILD MORTGAGE COMPANY 1 3.75% $6,462
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 3.25% $10,609
HOMESIDE FINANCIAL, LLC 1 3.25% $7,484
HOMESPIRE MORTGAGE CORPORATION 1 2.25% $9,992
Hometown Lenders, Inc. 1 2.63% $11,565
Integrity Home Mortgage Corp 1 3.00% $9,729
INTELLILOAN, INC. 1 2.63% $12,319
JAMES B. NUTTER & COMPANY 1 2.88% $2,059
JPMorgan Chase Bank 1 3.49% $0
Keystone Funding, Inc. 1 3.25% $9,442
LIBERTY HOME MORTGAGE CORPORATION 1 2.63% $7,049
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.75% $8,140
MCLEAN MORTGAGE CORPORATION 1 3.00% $5,498
Member Options, LLC 1 3.25% $6,027
MID AMERICA MORTGAGE, INC. 1 2.75% $1,027
MYCUMORTGAGE, LLC 1 3.13% $8,988
NATIONS DIRECT MORTGAGE, LLC 1 3.75% $4,917
NETWORK CAPITAL FUNDING CORPORATION 1 2.63% $5,617
PHH Mortgage Corporation 1 3.38% $7,869
Plains Commerce Bank 1 2.88% $9,063
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.75% $9,190
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.99% $7,954
RELIANCE FIRST CAPITAL, LLC 1 2.25% $17,560
RESIDENTIAL MORTGAGE SERVICES, INC. 1 3.25% $5,898
RUOFF MORTGAGE COMPANY, INC. 1 3.00% $6,568
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $9,108
Tidewater Home Funding, LLC 1 3.63% $2,560
TOWNE MORTGAGE COMPANY 1 2.88% $6,679
Truist Bank 1 2.88% $13,295
United Fidelity Funding Corp. 1 3.75% $9,512
US MORTGAGE CORPORATION 1 3.13% $25,517
VILLAGE CAPITAL & INVESTMENT LLC 1 2.75% $3,732
York Traditions Bank 1 3.25% $10,051

The top Charlottesville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 63 FHA loans originated. Their average total fees are $6,395, which is $310 higher than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

The lowest fee Charlottesville FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,395), FREEDOM MORTGAGE CORPORATION ($5,721), PENNYMAC LOAN SERVICES, LLC ($6,086), QUICKEN LOANS, LLC ($6,395) and NEWREZ LLC ($6,445).

The lowest rate Charlottesville FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.62%), Waterstone Mortgage Corporation (2.68%), FREEDOM MORTGAGE CORPORATION (2.74%), QUICKEN LOANS, LLC (2.76%) and PENNYMAC LOAN SERVICES, LLC (2.83%).

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

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 $386,500 (1.1%) $578,823 (2.7%) 1.42 1,257
2018-02-01 $387,450 (-0.6%) $572,887 (-0.5%) 1.40 1,293
2018-03-01 $389,000 (-0.2%) $601,258 (1.0%) 1.35 1,464
2018-04-01 $389,900 (-1.3%) $581,823 (-2.2%) 1.31 1,603
2018-05-01 $392,500 (-1.7%) $576,611 (-4.0%) 1.31 1,689
2018-06-01 $389,000 (-2.6%) $579,774 (-2.3%) 1.30 1,723
2018-07-01 $385,000 (-3.5%) $571,126 (-2.6%) 1.28 1,694
2018-08-01 $382,500 (-3.9%) $606,401 (7.9%) 1.28 1,667
2018-09-01 $384,900 (-2.8%) $640,833 (13.3%) 1.29 1,690
2018-10-01 $384,925 (-3.5%) $591,106 (1.8%) 1.29 1,704
2018-11-01 $389,000 (-2.0%) $592,151 (2.7%) 1.30 1,552
2018-12-01 $379,000 (-1.6%) $548,215 (-3.6%) 1.30 1,363
2019-01-01 $382,950 (-0.9%) $568,030 (-1.9%) 1.32 1,267
2019-02-01 $397,450 (2.6%) $599,263 (4.6%) 1.33 1,292
2019-03-01 $414,900 (6.7%) $622,915 (3.6%) 1.35 1,409
2019-04-01 $429,900 (10.3%) $644,044 (10.7%) 1.35 1,539
2019-05-01 $434,450 (10.7%) $657,549 (14.0%) 1.34 1,624
2019-06-01 $424,900 (9.2%) $623,320 (7.5%) 1.31 1,624
2019-07-01 $418,121 (8.6%) $620,539 (8.7%) 1.30 1,618
2019-08-01 $417,995 (9.3%) $618,775 (2.0%) 1.32 1,601
2019-09-01 $418,874 (8.8%) $609,941 (-4.8%) 1.33 1,580
2019-10-01 $426,698 (10.9%) $601,618 (1.8%) 1.36 1,584
2019-11-01 $425,000 (9.3%) $597,187 (0.9%) 1.37 1,448
2019-12-01 $424,900 (12.1%) $608,554 (11.0%) 1.42 1,262
2020-01-01 $439,945 (14.9%) $623,318 (9.7%) 1.47 1,164
2020-02-01 $449,000 (13.0%) $647,662 (8.1%) 1.45 1,192
2020-03-01 $459,945 (10.9%) $649,434 (4.3%) 1.44 1,264
2020-04-01 $461,495 (7.4%) $657,420 (2.1%) 1.44 1,278
2020-05-01 $475,000 (9.3%) $672,121 (2.2%) 1.44 1,257
2020-06-01 $487,400 (14.7%) $686,173 (10.1%) 1.42 1,142
2020-07-01 $499,250 (19.4%) $704,126 (13.5%) 1.43 1,074
2020-08-01 $489,900 (17.2%) $726,194 (17.4%) 1.40 977
2020-09-01 $512,500 (22.4%) $764,632 (25.4%) 1.46 867
2020-10-01 $509,900 (19.5%) $761,488 (26.6%) 1.46 815
2020-11-01 $494,950 (16.5%) $845,430 (41.6%) 1.42 758
2020-12-01 $489,450 (15.2%) $843,717 (38.6%) 1.44 639
2021-01-01 $489,900 (11.4%) $869,276 (39.5%) 1.44 551
2021-02-01 $522,500 (16.4%) $920,103 (42.1%) 1.50 454
2021-03-01 $499,900 (8.7%) $899,005 (38.4%) 1.40 488
2021-04-01 $492,450 (6.7%) $918,336 (39.7%) 1.32 474
2021-05-01 $474,900 (0.0%) $864,233 (28.6%) 1.25 503
2021-06-01 $472,450 (-3.1%) $798,917 (16.4%) 1.23 515
2021-07-01 $452,839 (-9.3%) $720,594 (2.3%) 1.18 536
2021-08-01 $449,950 (-8.2%) $728,740 (0.4%) 1.18 538
2021-09-01 $461,995 (-9.9%) $741,516 (-3.0%) 1.22 550
2021-10-01 $482,500 (-5.4%) $838,375 (10.1%) 1.27 492
2021-11-01 $492,500 (-0.5%) $875,159 (3.5%) 1.30 428
2021-12-01 $485,405 (-0.8%) $864,497 (2.5%) 1.29 377
2022-01-01 $509,900 (4.1%) $982,342 (13.0%) 1.36 300
2022-02-01 $540,323 (3.4%) $985,229 (7.1%) 1.38 285
2022-03-01 $514,450 (2.9%) $893,932 (-0.6%) 1.27 323
2022-04-01 $499,500 (1.4%) $884,377 (-3.7%) 1.18 372
Charlottesville's median listing price for 2022-04-01 was $499,500, a difference of $7,050 (1.4%) versus the prior year and $-14,950 versus the prior month.

Charlottesville's median listing price comes in at 118% of the national average.

Charlottesville's average listing price for 2022-04-01 was $884,377, a difference of $-33,959 (-3.7%) versus the prior year and $-9,555 versus the prior month.

For the 2022-04-01 period, Charlottesville had 372 MLS listings, a difference of 49 listings (15%) versus the prior month and -102 listings (-22%) 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
2018-01-01 118 days 2,323 sqft
2018-02-01 105 days 2,321 sqft
2018-03-01 68 days 2,348 sqft
2018-04-01 62 days 2,343 sqft
2018-05-01 67 days 2,363 sqft
2018-06-01 77 days 2,352 sqft
2018-07-01 92 days 2,350 sqft
2018-08-01 96 days 2,343 sqft
2018-09-01 103 days 2,344 sqft
2018-10-01 109 days 2,370 sqft
2018-11-01 113 days 2,363 sqft
2018-12-01 124 days 2,290 sqft
2019-01-01 128 days 2,304 sqft
2019-02-01 129 days 2,358 sqft
2019-03-01 81 days 2,401 sqft
2019-04-01 63 days 2,416 sqft
2019-05-01 67 days 2,445 sqft
2019-06-01 79 days 2,400 sqft
2019-07-01 88 days 2,408 sqft
2019-08-01 94 days 2,438 sqft
2019-09-01 95 days 2,446 sqft
2019-10-01 92 days 2,462 sqft
2019-11-01 94 days 2,417 sqft
2019-12-01 105 days 2,393 sqft
2020-01-01 119 days 2,425 sqft
2020-02-01 115 days 2,453 sqft
2020-03-01 68 days 2,491 sqft
2020-04-01 69 days 2,463 sqft
2020-05-01 80 days 2,539 sqft
2020-06-01 93 days 2,616 sqft
2020-07-01 101 days 2,606 sqft
2020-08-01 86 days 2,588 sqft
2020-09-01 78 days 2,599 sqft
2020-10-01 73 days 2,500 sqft
2020-11-01 72 days 2,411 sqft
2020-12-01 86 days 2,434 sqft
2021-01-01 95 days 2,325 sqft
2021-02-01 85 days 2,402 sqft
2021-03-01 51 days 2,305 sqft
2021-04-01 47 days 2,323 sqft
2021-05-01 47 days 2,320 sqft
2021-06-01 49 days 2,362 sqft
2021-07-01 48 days 2,281 sqft
2021-08-01 48 days 2,250 sqft
2021-09-01 51 days 2,273 sqft
2021-10-01 58 days 2,256 sqft
2021-11-01 59 days 2,245 sqft
2021-12-01 68 days 2,222 sqft
2022-01-01 84 days 2,265 sqft
2022-02-01 70 days 2,235 sqft
2022-03-01 39 days 2,159 sqft
2022-04-01 36 days 2,158 sqft
Charlottesville's median listing age (time on market) for 2022-04-01 was 36 days. This is -23% shorter than the same period one year ago.

Charlottesville's median square footage for active listings during the 2022-04-01 period was 2,158 sqft. One year prior, the average listing was 2,323 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).