Danville FHA Loan Rates, Closing Costs & Stats

Danville, 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.

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).