Danville FHA Loan Rates, Closing Costs & Stats

Danville, VA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 71 lenders originated 313 FHA loans during 2024. The total origination value was $61,105,000, with an average FHA loan value of $195,224.

    Danville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Danville averaged 7.11% for the week of 2025-05-23, compared to the national average (all FHA variants) of 6.612% for the same period.

    Danville's average FHA mortgage closing costs are $6,700.

    The average rate for the prior week (2025-05-16) was 7.04% and one month ago for the week of 2025-04-18, the average rate was 6.76%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2025-05-23, the average rate was 6.73%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Alcova Mortgage LLC 53 6.57% $5,918
    QUICKEN LOANS, LLC 49 6.36% $9,336
    MOVEMENT MORTGAGE, LLC 18 6.78% $9,384
    UNITED WHOLESALE MORTGAGE, LLC 16 6.25% $10,636
    Bank of England 12 6.32% $7,427
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 11 6.60% $10,561
    CARDINAL FINANCIAL 8 6.48% $11,033
    First-Citizens Bank & Trust Company 7 5.96% $8,036
    LOANDEPOT.COM, LLC 6 6.62% $11,596
    FREEDOM MORTGAGE CORPORATION 5 6.33% $10,766
    Flagstar Bank, FSB 4 6.25% $9,330
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 7.13% $9,523
    PENNYMAC LOAN SERVICES, LLC 3 5.91% $7,496
    Carrington Mortgage Services, LLC 3 6.42% $7,944
    Atlantic Coast Mortgage, LLC 3 6.63% $8,385
    Atlantic Union Bank 3 6.25% $6,461
    HOMESIDE FINANCIAL, LLC 3 6.33% $17,277
    Blue Ridge Bank 3 6.70% $6,608
    AMERICAN FINANCIAL RESOURCES, INC. 3 5.63% $16,563
    ROYAL UNITED MORTGAGE LLC 2 7.13% $6,048
    FREEDOM FIRST 2 6.25% $7,884
    Integrity Home Mortgage Corp 2 6.88% $6,356
    RELIANCE FIRST CAPITAL, LLC 2 6.44% $10,936
    NFM, INC. 2 7.19% $8,662
    LOANPAL, LLC 2 6.56% $8,570
    Mortgage Research Center, LLC 2 7.13% $5,700
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $12,653
    PLANET HOME LENDING, LLC 1 6.88% $3,490
    PREMIA MORTGAGE, LLC 1 5.75% $12,010
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $8,579
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $11,229
    Regions Bank 1 6.25% $11,908
    RUOFF MORTGAGE COMPANY, INC. 1 5.75% $8,004
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.13% $2,858
    SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $15,062
    T2 FINANCIAL LLC 1 7.25% $10,932
    TIDEWATER MORTGAGE SERVICES, INC. 1 6.63% $9,352
    TOP FLITE FINANCIAL, INC. 1 6.88% $10,888
    TOWNE MORTGAGE COMPANY 1 5.99% $7,954
    UNION HOME MORTGAGE CORP. 1 6.75% $6,046
    Vellum Mortgage, Inc. 1 6.88% $13,074
    Virginia Credit Union, Inc. 1 6.50% $7,513
    Waterstone Mortgage Corporation 1 5.38% $3,842
    ABSOLUTE HOME MORTGAGE CORPORATION 1 6.00% $11,927
    ZILLOW HOME LOANS, LLC 1 6.75% $10,640
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.00% $9,131
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $11,229
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $7,056
    AXIA FINANCIAL, LLC 1 7.25% $10,530
    BROKER SOLUTIONS, INC. 1 7.25% $6,223
    CAPITAL CENTER, L.L.C. 1 6.50% $9,632
    City Lending Inc. 1 8.25% $8,488
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.13% $7,460
    EMBRACE HOME LOANS, INC. 1 6.75% $6,976
    Equity Prime Mortgage LLC 1 5.88% $12,595
    FIDELITY DIRECT MORTGAGE, LLC 1 7.25% $7,109
    First Federal Bank 1 7.13% $11,824
    F & M BANK CORP. 1 7.75% $6,174
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $7,383
    JPMorgan Chase Bank 1 6.25% $3,629
    Lakeview Community Capital, LLC 1 7.25% $7,587
    Leaders Credit Union 1 6.75% $4,160
    MILEND, INC. 1 6.63% $9,831
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.13% $7,392
    NATION ONE MORTGAGE CORPORATION 1 7.00% $7,342
    NEW DAY FINANCIAL, LLC 1 7.50% $7,301
    NEWREZ LLC 1 6.25% $4,528
    OCEANSIDE MORTGAGE COMPANY 1 6.25% $2,873
    Paramount Residential Mortgage Group, Inc. 1 7.13% $11,429
    PHH Mortgage Corporation 1 6.13% $8,624
    Plains Commerce Bank 1 7.75% $10,649

    The top Danville FHA lender as defined by loan originations is Alcova Mortgage LLC, with 53 FHA loans originated. Their average total fees are $5,918, which is $3,418 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Danville FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($5,918), Bank of England ($7,427), QUICKEN LOANS, LLC ($9,336), MOVEMENT MORTGAGE, LLC ($9,384) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($10,561).

    The lowest rate Danville FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.25%), Bank of England (6.32%), QUICKEN LOANS, LLC (6.36%), Alcova Mortgage LLC (6.57%) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.60%).

    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%) $158,791 (3.0%) 0.00 442
    2018-02-01 $113,000 (7.2%) $158,152 (4.3%) 0.00 422
    2018-03-01 $114,900 (4.6%) $158,549 (3.9%) 0.00 406
    2018-04-01 $119,900 (4.4%) $163,801 (6.3%) 0.00 419
    2018-05-01 $101,950 (-18.4%) $148,804 (-7.3%) 0.00 532
    2018-06-01 $105,000 (-16.0%) $151,359 (-7.4%) 0.00 556
    2018-07-01 $109,900 (-12.4%) $155,730 (-4.3%) 0.00 553
    2018-08-01 $100,425 (-18.9%) $154,001 (-4.4%) 0.00 552
    2018-09-01 $105,000 (-12.4%) $155,608 (-2.2%) 0.00 548
    2018-10-01 $109,450 (-5.6%) $154,993 (-0.7%) 0.00 531
    2018-11-01 $108,250 (-9.7%) $154,682 (-3.9%) 0.00 516
    2018-12-01 $107,500 (-6.4%) $154,261 (-2.6%) 0.00 490
    2019-01-01 $109,900 (-4.4%) $156,272 (-1.6%) 0.00 470
    2019-02-01 $107,950 (-4.5%) $154,783 (-2.1%) 0.00 450
    2019-03-01 $113,550 (-1.2%) $163,998 (3.4%) 0.00 414
    2019-04-01 $124,950 (4.2%) $176,283 (7.6%) 0.00 383
    2019-05-01 $125,000 (22.6%) $179,339 (20.5%) 0.00 380
    2019-06-01 $129,945 (23.8%) $186,067 (22.9%) 0.00 383
    2019-07-01 $134,950 (22.8%) $189,755 (21.9%) 0.00 386
    2019-08-01 $133,727 (33.2%) $190,535 (23.7%) 0.00 383
    2019-09-01 $128,818 (22.7%) $191,608 (23.1%) 0.00 379
    2019-10-01 $125,675 (14.8%) $189,586 (22.3%) 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 (-8.0%) $171,238 (-2.9%) 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%) $186,504 (-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%) $201,105 (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 (52.7%) 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 $198,500 (-0.7%) $283,374 (-6.3%) 0.00 74
    2023-06-01 $252,000 (4.5%) $531,343 (63.2%) 0.00 95
    2023-07-01 $232,450 (4.7%) $288,065 (-16.2%) 0.00 104
    2023-08-01 $206,225 (-8.3%) $267,029 (-18.2%) 0.00 104
    2023-09-01 $225,000 (-5.9%) $387,664 (15.9%) 0.00 137
    2023-10-01 $229,975 (0.0%) $364,357 (13.8%) 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 (8.8%) $258,087 (-8.9%) 0.00 156
    2024-06-01 $220,000 (-12.7%) $257,867 (-51.5%) 0.00 171
    2024-07-01 $232,200 (-0.1%) $315,536 (9.5%) 0.00 201
    2024-08-01 $239,000 (15.9%) $348,074 (30.4%) 0.00 199
    2024-09-01 $239,900 (6.6%) $309,728 (-20.1%) 0.00 205
    2024-10-01 $249,225 (8.4%) $316,890 (-13.0%) 0.00 208
    2024-11-01 $239,900 (14.2%) $306,835 (24.0%) 0.00 213
    2024-12-01 $226,125 (13.1%) $290,849 (19.8%) 0.00 205
    2025-01-01 $214,475 (9.5%) $261,794 (12.3%) 0.00 196
    2025-02-01 $207,475 (7.9%) $256,618 (12.4%) 0.00 201
    2025-03-01 $229,900 (33.3%) $258,402 (13.5%) 0.00 190
    2025-04-01 $232,425 (22.3%) $278,739 (5.9%) 0.00 216
    Danville's median listing price for 2025-04-01 was $232,425, a difference of $42,313 (22.3%) versus the prior year and $2,525 versus the prior month.

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

    Danville's average listing price for 2025-04-01 was $278,739, a difference of $15,418 (5.9%) versus the prior year and $20,337 versus the prior month.

    For the 2025-04-01 period, Danville had 216 MLS listings, a difference of 26 listings (14%) versus the prior month and 55 listings (34%) 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 1,789 sqft
    2018-06-01 0 days 1,778 sqft
    2018-07-01 0 days 1,798 sqft
    2018-08-01 0 days 1,792 sqft
    2018-09-01 0 days 1,786 sqft
    2018-10-01 0 days 1,802 sqft
    2018-11-01 0 days 1,781 sqft
    2018-12-01 0 days 1,792 sqft
    2019-01-01 0 days 1,794 sqft
    2019-02-01 0 days 1,790 sqft
    2019-03-01 0 days 1,735 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 1,816 sqft
    2019-08-01 0 days 1,832 sqft
    2019-09-01 0 days 1,824 sqft
    2019-10-01 0 days 1,819 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 1,783 sqft
    2020-03-01 0 days 1,733 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 1,801 sqft
    2020-10-01 0 days 1,860 sqft
    2020-11-01 0 days 1,969 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 1,853 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 1,930 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 1,950 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 1,671 sqft
    2023-06-01 0 days 1,634 sqft
    2023-07-01 0 days 1,703 sqft
    2023-08-01 0 days 1,796 sqft
    2023-09-01 0 days 1,702 sqft
    2023-10-01 0 days 1,749 sqft
    2023-11-01 0 days 1,715 sqft
    2023-12-01 0 days 1,674 sqft
    2024-01-01 0 days 1,587 sqft
    2024-02-01 0 days 1,590 sqft
    2024-03-01 0 days 1,573 sqft
    2024-04-01 0 days 1,567 sqft
    2024-05-01 0 days 1,549 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 1,690 sqft
    2024-10-01 0 days 1,658 sqft
    2024-11-01 0 days 1,634 sqft
    2024-12-01 0 days 1,559 sqft
    2025-01-01 0 days 1,518 sqft
    2025-02-01 0 days 1,517 sqft
    2025-03-01 0 days 1,528 sqft
    2025-04-01 0 days 1,556 sqft
    Danville's median listing age (time on market) for 2025-04-01 was 0 days.

    Danville's median square footage for active listings during the 2025-04-01 period was 1,556 sqft. One year prior, the average listing was 1,567 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).