Danville FHA Loan Rates, Closing Costs & Stats

Danville, 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.

    Danville's 67 lenders originated 288 FHA loans during 2022. The total origination value was $44,610,000, with an average FHA loan value of $154,896.

    Danville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Danville averaged -0.12% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Danville's average FHA mortgage closing costs are $5,996.

    The average rate for the prior week (2023-11-17) was 6.68% and one month ago for the week of 2023-10-20, the average rate was 7.28%.

    The average rate one year ago was 6.21%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1%.

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

    Danville 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 Danville level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 42 4.67% $7,286
    Alcova Mortgage LLC 41 5.14% $5,479
    MOVEMENT MORTGAGE, LLC 39 5.05% $7,448
    Paramount Residential Mortgage Group, Inc. 17 5.10% $9,044
    Bank of England 7 5.39% $5,166
    LOANDEPOT.COM, LLC 7 4.53% $7,904
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 7 5.59% $8,476
    AMERICAN FINANCIAL RESOURCES, INC. 6 5.50% $8,005
    CARDINAL FINANCIAL 5 4.72% $6,838
    EMBRACE HOME LOANS, INC. 4 5.16% $6,349
    Carrington Mortgage Services, LLC 4 5.56% $7,839
    M&T Bank 3 4.04% $6,918
    Truist 3 4.25% $5,329
    TIDEWATER MORTGAGE SERVICES, INC. 3 5.29% $11,406
    AMERISAVE MORTGAGE CORPORATION 3 5.33% $7,844
    THRIVE MORTGAGE, LLC 3 6.67% $10,295
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 5.33% $10,488
    BROKER SOLUTIONS, INC. 3 5.24% $7,781
    Mr. Cooper ( Nationstar Mortgage ) 3 5.67% $10,363
    Mortgage Research Center, LLC 2 5.13% $4,760
    FREEDOM MORTGAGE CORPORATION 2 5.63% $8,712
    NEWREZ LLC 2 4.75% $9,352
    PENNYMAC LOAN SERVICES, LLC 2 2.78% $3,963
    RELIANCE FIRST CAPITAL, LLC 2 4.56% $7,687
    CROSSCOUNTRY MORTGAGE, LLC 2 5.00% $8,569
    LOANPAL, LLC 2 5.68% $10,169
    UNION HOME MORTGAGE CORP. 2 5.25% $5,623
    UNITED WHOLESALE MORTGAGE, LLC 2 4.63% $8,842
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.69% $5,790
    Plains Commerce Bank 1 4.63% $18,762
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.50% $19,261
    Prosperity Home Mortgage, LLC 1 5.62% $6,127
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 5.25% $3,396
    SOUTHWEST STAGE FUNDING, LLC 1 6.50% $2,979
    SUMMIT FUNDING, INC. 1 3.75% $7,444
    SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $8,198
    The Fidelity Bank 1 5.63% $7,803
    VILLAGE CAPITAL MORTGAGE 1 4.38% $6,637
    Waterstone Mortgage Corporation 1 5.13% $5,018
    AMERICAN FINANCING CORPORATION 1 4.75% $8,668
    American National Bank and Trust Company 1 3.38% $4,215
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $10,563
    AMERIFIRST FINANCIAL CORPORATION 1 4.25% $6,374
    ANGEL OAK HOME LOANS LLC 1 5.25% $4,786
    APEX HOME LOANS, INC. 1 5.13% $6,770
    Atlantic Coast Mortgage, LLC 1 4.00% $6,575
    Atlantic Union Bank 1 6.63% $9,741
    Blue Ridge Bank 1 2.63% $4,257
    CALIBER HOME LOANS, INC. 1 5.75% $17,092
    Capital Bank 1 5.12% $8,521
    Colonial Savings, F.A. 1 3.50% $8,143
    Congressional Bank 1 5.25% $11,849
    Equity Prime Mortgage LLC 1 4.38% $5,011
    FAY SERVICING, LLC 1 5.63% $6,857
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $7,556
    Hometown Lenders, Inc. 1 5.25% $10,113
    INTERCOASTAL MORTGAGE COMPANY 1 5.63% $6,448
    JPMorgan Chase Bank 1 5.25% $3,980
    Lakeview Community Capital, LLC 1 4.40% $4,790
    LAKEVIEW LOAN SERVICING, LLC 1 2.99% $5,301
    LIBERTY HOME MORTGAGE CORPORATION 1 5.63% $10,435
    MIDLAND MORTGAGE CORPORATION 1 3.88% $5,498
    MLD MORTGAGE INC. 1 4.00% $5,121
    NATION ONE MORTGAGE CORPORATION 1 6.13% $9,237
    Nations Lending Corporation 1 6.00% $7,832
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.25% $8,349
    OVM FINANCIAL, INC. 1 4.13% $7,285

    The top Danville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 42 FHA loans originated. Their average total fees are $7,286, which is $1,808 higher than the next largest lender, Alcova Mortgage LLC.

    The lowest fee Danville FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($5,479), QUICKEN LOANS, LLC ($7,286), MOVEMENT MORTGAGE, LLC ($7,448), Paramount Residential Mortgage Group, Inc. ($9,044) and .

    The lowest rate Danville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.67%), MOVEMENT MORTGAGE, LLC (5.05%), Paramount Residential Mortgage Group, Inc. (5.10%), Alcova Mortgage LLC (5.14%) and .

    Danville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    DANVILLE, VA PITTSYLVANIA 2022 $420,680 $538,650 $651,050 $809,150
    DANVILLE, VA DANVILLE CITY 2022 $420,680 $538,650 $651,050 $809,150
    DANVILLE, VA PITTSYLVANIA 2023 $472,030 $604,400 $730,525 $907,900
    DANVILLE, VA DANVILLE CITY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Danville (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 $115,000 (12.2%) $158,639 (2.9%) 0.00 442
    2018-02-01 $113,000 (7.2%) $157,997 (4.2%) 0.00 422
    2018-03-01 $114,900 (4.6%) $158,383 (3.7%) 0.00 406
    2018-04-01 $119,900 (4.4%) $163,797 (6.0%) 0.00 419
    2018-05-01 $102,675 (-17.8%) $149,077 (-7.4%) 0.00 532
    2018-06-01 $105,450 (-15.6%) $151,533 (-7.6%) 0.00 557
    2018-07-01 $109,900 (-12.7%) $156,007 (-4.7%) 0.00 553
    2018-08-01 $100,950 (-18.6%) $154,691 (-4.2%) 0.00 552
    2018-09-01 $107,000 (-10.8%) $156,703 (-1.8%) 0.00 549
    2018-10-01 $109,900 (-5.2%) $155,376 (-0.6%) 0.00 530
    2018-11-01 $109,313 (-8.8%) $155,166 (-3.7%) 0.00 515
    2018-12-01 $109,000 (-5.1%) $154,651 (-2.3%) 0.00 489
    2019-01-01 $109,925 (-4.4%) $156,643 (-1.3%) 0.00 470
    2019-02-01 $108,700 (-3.8%) $155,287 (-1.7%) 0.00 449
    2019-03-01 $115,571 (0.6%) $164,547 (3.9%) 0.00 413
    2019-04-01 $127,000 (5.9%) $176,707 (7.9%) 0.00 381
    2019-05-01 $127,000 (23.7%) $179,778 (20.6%) 0.00 378
    2019-06-01 $130,995 (24.2%) $186,531 (23.1%) 0.00 381
    2019-07-01 $135,950 (23.7%) $190,234 (21.9%) 0.00 384
    2019-08-01 $135,232 (34.0%) $190,970 (23.5%) 0.00 382
    2019-09-01 $129,730 (21.2%) $191,978 (22.5%) 0.00 377
    2019-10-01 $125,675 (14.4%) $189,783 (22.1%) 0.00 364
    2019-11-01 $129,450 (18.4%) $189,339 (22.0%) 0.00 356
    2019-12-01 $117,450 (7.8%) $179,428 (16.0%) 0.00 370
    2020-01-01 $119,225 (8.5%) $180,438 (15.2%) 0.00 329
    2020-02-01 $124,450 (14.5%) $179,808 (15.8%) 0.00 324
    2020-03-01 $119,450 (3.4%) $175,276 (6.5%) 0.00 309
    2020-04-01 $116,000 (-8.7%) $171,748 (-2.8%) 0.00 300
    2020-05-01 $128,000 (0.8%) $184,120 (2.4%) 0.00 262
    2020-06-01 $125,750 (-4.0%) $182,673 (-2.1%) 0.00 250
    2020-07-01 $125,450 (-7.7%) $186,504 (-2.0%) 0.00 226
    2020-08-01 $125,900 (-6.9%) $190,033 (-0.5%) 0.00 204
    2020-09-01 $139,075 (7.2%) $201,105 (4.8%) 0.00 181
    2020-10-01 $129,900 (3.4%) $204,421 (7.7%) 0.00 170
    2020-11-01 $148,675 (14.9%) $225,547 (19.1%) 0.00 146
    2020-12-01 $155,750 (32.6%) $226,540 (26.3%) 0.00 136
    2021-01-01 $164,900 (38.3%) $237,535 (31.6%) 0.00 110
    2021-02-01 $156,675 (25.9%) $237,422 (32.0%) 0.00 97
    2021-03-01 $147,175 (23.2%) $233,310 (33.1%) 0.00 88
    2021-04-01 $165,225 (42.4%) $285,378 (66.2%) 0.00 86
    2021-05-01 $179,900 (40.6%) $290,514 (57.8%) 0.00 85
    2021-06-01 $170,675 (35.7%) $294,148 (61.0%) 0.00 93
    2021-07-01 $164,900 (31.5%) $283,998 (52.3%) 0.00 103
    2021-08-01 $164,900 (31.0%) $281,878 (48.3%) 0.00 103
    2021-09-01 $185,000 (33.0%) $288,759 (43.6%) 0.00 111
    2021-10-01 $167,450 (28.9%) $260,719 (27.5%) 0.00 91
    2021-11-01 $166,000 (11.7%) $251,914 (11.7%) 0.00 97
    2021-12-01 $162,450 (4.3%) $255,539 (12.8%) 0.00 91
    2022-01-01 $194,950 (18.2%) $269,047 (13.3%) 0.00 72
    2022-02-01 $176,950 (12.9%) $268,306 (13.0%) 0.00 72
    2022-03-01 $198,950 (35.2%) $271,285 (16.3%) 0.00 88
    2022-04-01 $215,000 (30.1%) $319,143 (11.8%) 0.00 83
    2022-05-01 $199,900 (11.1%) $302,446 (4.1%) 0.00 90
    2022-06-01 $241,150 (41.3%) $325,645 (10.7%) 0.00 98
    2022-07-01 $222,000 (34.6%) $343,782 (21.1%) 0.00 105
    2022-08-01 $222,200 (34.8%) $325,252 (15.4%) 0.00 105
    2022-09-01 $237,975 (28.6%) $331,892 (14.9%) 0.00 102
    2022-10-01 $227,400 (35.8%) $317,530 (21.8%) 0.00 97
    2022-11-01 $195,225 (17.6%) $296,956 (17.9%) 0.00 101
    2022-12-01 $227,500 (40.0%) $265,887 (4.1%) 0.00 87
    2023-01-01 $189,225 (-2.9%) $238,392 (-11.4%) 0.00 95
    2023-02-01 $194,000 (9.6%) $231,701 (-13.6%) 0.00 91
    2023-03-01 $193,450 (-2.8%) $229,861 (-15.3%) 0.00 91
    2023-04-01 $187,450 (-12.8%) $264,778 (-17.0%) 0.00 83
    2023-05-01 $200,000 (0.1%) $283,863 (-6.1%) 0.00 75
    2023-06-01 $252,000 (4.5%) $528,891 (62.4%) 0.00 97
    2023-07-01 $235,000 (5.9%) $288,302 (-16.1%) 0.00 106
    2023-08-01 $214,450 (-3.5%) $267,319 (-17.8%) 0.00 106
    2023-09-01 $227,450 (-4.4%) $386,878 (16.6%) 0.00 137
    2023-10-01 $230,000 (1.1%) $364,120 (14.7%) 0.00 159
    Danville's median listing price for 2023-10-01 was $230,000, a difference of $2,600 (1.1%) versus the prior year and $2,550 versus the prior month.

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

    Danville's average listing price for 2023-10-01 was $364,120, a difference of $46,590 (14.7%) versus the prior year and $-22,758 versus the prior month.

    For the 2023-10-01 period, Danville had 159 MLS listings, a difference of 22 listings (16%) versus the prior month and 62 listings (64%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Danville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,781 sqft
    2018-02-01 0 days 1,765 sqft
    2018-03-01 0 days 1,784 sqft
    2018-04-01 0 days 1,800 sqft
    2018-05-01 0 days 1,792 sqft
    2018-06-01 0 days 1,786 sqft
    2018-07-01 0 days 1,804 sqft
    2018-08-01 0 days 1,796 sqft
    2018-09-01 0 days 1,800 sqft
    2018-10-01 0 days 1,812 sqft
    2018-11-01 0 days 1,785 sqft
    2018-12-01 0 days 1,802 sqft
    2019-01-01 0 days 1,800 sqft
    2019-02-01 0 days 1,795 sqft
    2019-03-01 0 days 1,748 sqft
    2019-04-01 0 days 1,724 sqft
    2019-05-01 0 days 1,785 sqft
    2019-06-01 0 days 1,796 sqft
    2019-07-01 0 days 1,824 sqft
    2019-08-01 0 days 1,838 sqft
    2019-09-01 0 days 1,828 sqft
    2019-10-01 0 days 1,821 sqft
    2019-11-01 0 days 1,803 sqft
    2019-12-01 0 days 1,734 sqft
    2020-01-01 0 days 1,741 sqft
    2020-02-01 0 days 1,787 sqft
    2020-03-01 0 days 1,734 sqft
    2020-04-01 0 days 1,692 sqft
    2020-05-01 0 days 1,802 sqft
    2020-06-01 0 days 1,790 sqft
    2020-07-01 0 days 1,776 sqft
    2020-08-01 0 days 1,803 sqft
    2020-09-01 0 days 1,806 sqft
    2020-10-01 0 days 1,894 sqft
    2020-11-01 0 days 1,971 sqft
    2020-12-01 0 days 1,971 sqft
    2021-01-01 0 days 1,954 sqft
    2021-02-01 0 days 1,874 sqft
    2021-03-01 0 days 1,803 sqft
    2021-04-01 0 days 1,843 sqft
    2021-05-01 0 days 1,868 sqft
    2021-06-01 0 days 1,876 sqft
    2021-07-01 0 days 1,826 sqft
    2021-08-01 0 days 1,852 sqft
    2021-09-01 0 days 1,902 sqft
    2021-10-01 0 days 1,813 sqft
    2021-11-01 0 days 1,793 sqft
    2021-12-01 0 days 1,690 sqft
    2022-01-01 0 days 1,734 sqft
    2022-02-01 0 days 1,712 sqft
    2022-03-01 0 days 1,853 sqft
    2022-04-01 0 days 2,019 sqft
    2022-05-01 0 days 1,896 sqft
    2022-06-01 0 days 2,015 sqft
    2022-07-01 0 days 1,891 sqft
    2022-08-01 0 days 1,926 sqft
    2022-09-01 0 days 1,916 sqft
    2022-10-01 0 days 1,902 sqft
    2022-11-01 0 days 1,870 sqft
    2022-12-01 0 days 1,954 sqft
    2023-01-01 0 days 1,882 sqft
    2023-02-01 0 days 1,664 sqft
    2023-03-01 0 days 1,603 sqft
    2023-04-01 0 days 1,622 sqft
    2023-05-01 0 days 1,670 sqft
    2023-06-01 0 days 1,619 sqft
    2023-07-01 0 days 1,701 sqft
    2023-08-01 0 days 1,762 sqft
    2023-09-01 0 days 1,701 sqft
    2023-10-01 0 days 1,751 sqft
    Danville's median listing age (time on market) for 2023-10-01 was 0 days.

    Danville's median square footage for active listings during the 2023-10-01 period was 1,751 sqft. One year prior, the average listing was 1,902 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).