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 56 lenders originated 280 FHA loans during 2023. The total origination value was $47,640,000, with an average FHA loan value of $170,143.

    Danville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Danville averaged 0.22% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Danville's average FHA mortgage closing costs are $6,351.

    The average rate for the prior week (2024-11-08) was 6.53% and one month ago for the week of 2024-10-11, the average rate was 6.33%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.1%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Alcova Mortgage LLC 40 6.80% $4,993
    QUICKEN LOANS, LLC 33 6.35% $8,680
    MOVEMENT MORTGAGE, LLC 27 6.60% $8,229
    UNITED WHOLESALE MORTGAGE, LLC 11 6.73% $11,011
    Bank of England 11 6.31% $7,624
    LOANDEPOT.COM, LLC 8 6.32% $10,197
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 7 6.64% $10,363
    CARDINAL FINANCIAL 7 6.63% $8,169
    Blue Ridge Bank 6 6.73% $8,433
    American National Bank and Trust Company 5 6.80% $7,388
    AMERISAVE MORTGAGE CORPORATION 5 6.53% $11,660
    Truist 4 6.36% $6,434
    Mortgage Research Center, LLC 4 7.31% $3,839
    Virginia Credit Union, Inc. 4 6.59% $6,405
    NEWREZ LLC 3 6.88% $8,687
    Mr. Cooper ( Nationstar Mortgage ) 3 5.50% $12,287
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 7.00% $10,644
    THRIVE MORTGAGE, LLC 3 7.00% $11,724
    RELIANCE FIRST CAPITAL, LLC 3 6.83% $7,666
    CROSSCOUNTRY MORTGAGE, LLC 3 7.08% $9,164
    EMBRACE HOME LOANS, INC. 3 6.83% $8,071
    Lakeview Community Capital, LLC 2 6.63% $10,037
    Atlantic Coast Mortgage, LLC 2 6.62% $8,841
    Atlantic Union Bank 2 6.44% $7,467
    Barrington Bank & Trust Company, N.A. 2 6.19% $7,098
    BROKER SOLUTIONS, INC. 2 6.69% $10,226
    First-Citizens Bank & Trust Company 2 6.38% $7,643
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.38% $11,358
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.75% $10,369
    OCMBC, INC. 2 7.75% $10,092
    Plains Commerce Bank 2 6.44% $8,965
    MICHIGAN MUTUAL, INC. 1 5.00% $16,813
    MILEND, INC. 1 6.13% $13,099
    HOMESIDE FINANCIAL, LLC 1 6.25% $9,989
    GSF Mortgage Corporation 1 6.13% $6,083
    First Heritage Mortgage, LLC 1 6.13% $7,272
    M&T Bank 1 5.75% $10,160
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $4,310
    NATION ONE MORTGAGE CORPORATION 1 6.63% $11,409
    FIDELITY DIRECT MORTGAGE, LLC 1 7.00% $7,458
    NFM, INC. 1 6.88% $6,705
    Wells Fargo Bank 1 6.63% $7,261
    PENNYMAC LOAN SERVICES, LLC 1 4.75% $8,498
    PHH Mortgage Corporation 1 6.50% $6,762
    ZILLOW HOME LOANS, LLC 1 7.63% $10,740
    PLAZA HOME MORTGAGE, INC. 1 5.25% $5,695
    EMM LOANS LLC 1 5.75% $6,575
    Century Mortgage Company DBA Century Lending Company 1 6.63% $15,274
    SWBC MORTGAGE CORPORATION 1 6.25% $4,440
    Carrington Mortgage Services, LLC 1 7.13% $6,490
    CALIBER HOME LOANS, INC. 1 6.75% $8,738
    UNION HOME MORTGAGE CORP. 1 6.25% $9,939
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $8,119
    INTERCOASTAL MORTGAGE COMPANY 1 7.63% $10,889
    LIBERTY HOME MORTGAGE CORPORATION 1 7.63% $19,755
    Integrity Home Mortgage Corp 1 7.75% $7,670

    The top Danville FHA lender as defined by loan originations is Alcova Mortgage LLC, with 40 FHA loans originated. Their average total fees are $4,993, which is $3,688 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Danville FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($4,993), Bank of England ($7,624), MOVEMENT MORTGAGE, LLC ($8,229), QUICKEN LOANS, LLC ($8,680) and UNITED WHOLESALE MORTGAGE, LLC ($11,011).

    The lowest rate Danville FHA lenders (with over 10 loans originated) are Bank of England (6.31%), QUICKEN LOANS, LLC (6.35%), MOVEMENT MORTGAGE, LLC (6.60%), UNITED WHOLESALE MORTGAGE, LLC (6.73%) and Alcova Mortgage LLC (6.80%).

    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%) $158,515 (2.8%) 0.00 441
    2018-02-01 $112,500 (6.7%) $157,869 (4.1%) 0.00 421
    2018-03-01 $114,900 (4.6%) $158,247 (3.7%) 0.00 405
    2018-04-01 $119,900 (4.4%) $163,533 (6.1%) 0.00 418
    2018-05-01 $101,900 (-18.4%) $148,564 (-7.5%) 0.00 531
    2018-06-01 $104,988 (-16.0%) $151,128 (-7.6%) 0.00 555
    2018-07-01 $109,900 (-12.4%) $155,730 (-4.3%) 0.00 553
    2018-08-01 $100,450 (-18.9%) $154,472 (-4.1%) 0.00 552
    2018-09-01 $106,000 (-11.6%) $156,539 (-1.7%) 0.00 550
    2018-10-01 $109,450 (-5.6%) $155,112 (-0.6%) 0.00 531
    2018-11-01 $108,250 (-9.7%) $154,682 (-3.7%) 0.00 516
    2018-12-01 $107,500 (-6.4%) $154,261 (-2.4%) 0.00 490
    2019-01-01 $109,900 (-4.4%) $156,272 (-1.4%) 0.00 470
    2019-02-01 $107,950 (-4.0%) $154,783 (-2.0%) 0.00 450
    2019-03-01 $113,550 (-1.2%) $163,998 (3.6%) 0.00 414
    2019-04-01 $124,925 (4.2%) $176,026 (7.6%) 0.00 383
    2019-05-01 $125,000 (22.7%) $179,339 (20.7%) 0.00 380
    2019-06-01 $129,945 (23.8%) $186,067 (23.1%) 0.00 383
    2019-07-01 $134,950 (22.8%) $189,755 (21.9%) 0.00 386
    2019-08-01 $133,727 (33.1%) $190,535 (23.4%) 0.00 383
    2019-09-01 $128,818 (21.5%) $191,608 (22.4%) 0.00 379
    2019-10-01 $125,675 (14.8%) $189,586 (22.2%) 0.00 365
    2019-11-01 $129,000 (19.2%) $189,042 (22.2%) 0.00 357
    2019-12-01 $117,450 (9.3%) $179,179 (16.2%) 0.00 371
    2020-01-01 $119,000 (8.3%) $180,166 (15.3%) 0.00 330
    2020-02-01 $122,500 (13.5%) $179,291 (15.8%) 0.00 326
    2020-03-01 $119,000 (4.8%) $174,759 (6.6%) 0.00 311
    2020-04-01 $115,000 (-7.9%) $171,238 (-2.7%) 0.00 302
    2020-05-01 $127,600 (2.1%) $183,442 (2.3%) 0.00 264
    2020-06-01 $125,375 (-3.5%) $182,338 (-2.0%) 0.00 251
    2020-07-01 $125,450 (-7.0%) $186,622 (-1.7%) 0.00 226
    2020-08-01 $125,900 (-5.9%) $190,033 (-0.3%) 0.00 204
    2020-09-01 $139,075 (8.0%) $201,202 (5.0%) 0.00 181
    2020-10-01 $129,900 (3.4%) $204,421 (7.8%) 0.00 170
    2020-11-01 $148,675 (15.3%) $225,547 (19.3%) 0.00 146
    2020-12-01 $155,750 (32.6%) $226,540 (26.4%) 0.00 136
    2021-01-01 $164,900 (38.6%) $237,535 (31.8%) 0.00 110
    2021-02-01 $157,400 (28.5%) $237,852 (32.7%) 0.00 96
    2021-03-01 $147,175 (23.7%) $233,310 (33.5%) 0.00 88
    2021-04-01 $165,225 (43.7%) $285,378 (66.7%) 0.00 86
    2021-05-01 $179,900 (41.0%) $290,514 (58.4%) 0.00 85
    2021-06-01 $170,675 (36.1%) $294,148 (61.3%) 0.00 93
    2021-07-01 $164,900 (31.5%) $284,762 (52.6%) 0.00 103
    2021-08-01 $167,175 (32.8%) $284,219 (49.6%) 0.00 104
    2021-09-01 $185,000 (33.0%) $290,461 (44.4%) 0.00 112
    2021-10-01 $169,900 (30.8%) $263,055 (28.7%) 0.00 92
    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 (12.4%) $268,306 (12.8%) 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 (20.7%) 0.00 105
    2022-08-01 $224,900 (34.5%) $326,411 (14.8%) 0.00 104
    2022-09-01 $239,000 (29.2%) $334,482 (15.2%) 0.00 101
    2022-10-01 $229,900 (35.3%) $320,247 (21.7%) 0.00 96
    2022-11-01 $196,175 (18.2%) $299,216 (18.8%) 0.00 100
    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 (-4.7%) $267,319 (-18.1%) 0.00 106
    2023-09-01 $227,450 (-4.8%) $386,878 (15.7%) 0.00 137
    2023-10-01 $230,000 (0.0%) $364,120 (13.7%) 0.00 159
    2023-11-01 $210,000 (7.1%) $247,440 (-17.3%) 0.00 175
    2023-12-01 $199,950 (-12.1%) $242,725 (-8.7%) 0.00 182
    2024-01-01 $195,875 (3.5%) $233,037 (-2.3%) 0.00 185
    2024-02-01 $192,225 (-0.9%) $228,302 (-1.5%) 0.00 160
    2024-03-01 $172,500 (-10.8%) $227,580 (-1.0%) 0.00 162
    2024-04-01 $190,112 (1.4%) $263,321 (-0.6%) 0.00 161
    2024-05-01 $215,950 (8.0%) $261,169 (-8.0%) 0.00 156
    2024-06-01 $220,000 (-12.7%) $259,541 (-50.9%) 0.00 171
    2024-07-01 $232,200 (-1.2%) $315,536 (9.5%) 0.00 201
    2024-08-01 $239,000 (11.5%) $348,074 (30.2%) 0.00 199
    2024-09-01 $239,900 (5.5%) $309,728 (-19.9%) 0.00 205
    2024-10-01 $249,225 (8.4%) $316,890 (-13.0%) 0.00 208
    Danville's median listing price for 2024-10-01 was $249,225, a difference of $19,225 (8.4%) versus the prior year and $9,325 versus the prior month.

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

    Danville's average listing price for 2024-10-01 was $316,890, a difference of $-47,230 (-13.0%) versus the prior year and $7,162 versus the prior month.

    For the 2024-10-01 period, Danville had 208 MLS listings, a difference of 3 listings (1%) versus the prior month and 49 listings (31%) 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 1,782 sqft
    2018-02-01 0 days 1,768 sqft
    2018-03-01 0 days 1,786 sqft
    2018-04-01 0 days 1,800 sqft
    2018-05-01 0 days 1,791 sqft
    2018-06-01 0 days 1,783 sqft
    2018-07-01 0 days 1,801 sqft
    2018-08-01 0 days 1,793 sqft
    2018-09-01 0 days 1,788 sqft
    2018-10-01 0 days 1,802 sqft
    2018-11-01 0 days 1,782 sqft
    2018-12-01 0 days 1,796 sqft
    2019-01-01 0 days 1,798 sqft
    2019-02-01 0 days 1,791 sqft
    2019-03-01 0 days 1,737 sqft
    2019-04-01 0 days 1,721 sqft
    2019-05-01 0 days 1,779 sqft
    2019-06-01 0 days 1,795 sqft
    2019-07-01 0 days 1,814 sqft
    2019-08-01 0 days 1,837 sqft
    2019-09-01 0 days 1,826 sqft
    2019-10-01 0 days 1,818 sqft
    2019-11-01 0 days 1,800 sqft
    2019-12-01 0 days 1,734 sqft
    2020-01-01 0 days 1,740 sqft
    2020-02-01 0 days 1,784 sqft
    2020-03-01 0 days 1,734 sqft
    2020-04-01 0 days 1,690 sqft
    2020-05-01 0 days 1,796 sqft
    2020-06-01 0 days 1,787 sqft
    2020-07-01 0 days 1,774 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 1,901 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 1,844 sqft
    2021-09-01 0 days 1,902 sqft
    2021-10-01 0 days 1,811 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 1,854 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 1,930 sqft
    2022-09-01 0 days 1,920 sqft
    2022-10-01 0 days 1,902 sqft
    2022-11-01 0 days 1,869 sqft
    2022-12-01 0 days 1,954 sqft
    2023-01-01 0 days 1,882 sqft
    2023-02-01 0 days 1,660 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 1,783 sqft
    2023-09-01 0 days 1,702 sqft
    2023-10-01 0 days 1,751 sqft
    2023-11-01 0 days 1,735 sqft
    2023-12-01 0 days 1,691 sqft
    2024-01-01 0 days 1,605 sqft
    2024-02-01 0 days 1,601 sqft
    2024-03-01 0 days 1,583 sqft
    2024-04-01 0 days 1,574 sqft
    2024-05-01 0 days 1,551 sqft
    2024-06-01 0 days 1,586 sqft
    2024-07-01 0 days 1,602 sqft
    2024-08-01 0 days 1,622 sqft
    2024-09-01 0 days 1,688 sqft
    2024-10-01 0 days 1,658 sqft
    Danville's median listing age (time on market) for 2024-10-01 was 0 days.

    Danville's median square footage for active listings during the 2024-10-01 period was 1,658 sqft. One year prior, the average listing was 1,751 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).