Elkins FHA Loan Rates, Closing Costs & Stats

Elkins, WV

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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.

    Elkins's 11 lenders originated 35 FHA loans during 2023. The total origination value was $20,985,000, with an average FHA loan value of $599,571.

    Elkins FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Elkins averaged 6.63% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Elkins's average FHA mortgage closing costs are $5,979.

    The average rate for the prior week (2024-04-05) was 6.66% and one month ago for the week of 2024-03-08, the average rate was 6.7%.

    The average rate one year ago was 6.23%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.64%.

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

    Elkins 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 Elkins level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 8 5.63% $5,746
    QUICKEN LOANS, LLC 7 6.21% $8,147
    The Huntington National Bank 4 6.59% $7,127
    UNITED WHOLESALE MORTGAGE, LLC 3 6.76% $7,109
    Mortgage Research Center, LLC 1 7.13% $7,305
    LOANDEPOT.COM, LLC 1 5.88% $8,418
    NFM, INC. 1 7.63% $7,325
    Paramount Residential Mortgage Group, Inc. 1 7.25% $6,244
    LIBERTY HOME MORTGAGE CORPORATION 1 6.25% $15,539
    CROSSCOUNTRY MORTGAGE, LLC 1 7.19% $12,499
    BROKER SOLUTIONS, INC. 1 6.75% $6,667

    The top Elkins FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with 8 FHA loans originated. Their average total fees are $5,746, which is $2,401 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Elkins FHA lenders (with over 10 loans originated) are .

    The lowest rate Elkins FHA lenders (with over 10 loans originated) are .

    Elkins FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Elkins (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 $134,925 (-17.5%) $172,143 (-6.3%) 0.00 129
    2018-02-01 $135,450 (-17.0%) $173,362 (-4.0%) 0.00 122
    2018-03-01 $149,500 (-7.6%) $185,205 (1.2%) 0.00 115
    2018-04-01 $159,725 (-0.8%) $192,337 (8.8%) 0.00 121
    2018-05-01 $159,000 (-1.3%) $188,200 (8.9%) 0.00 128
    2018-06-01 $149,950 (-4.7%) $186,614 (11.7%) 0.00 134
    2018-07-01 $160,000 (7.4%) $195,744 (17.5%) 0.00 135
    2018-08-01 $165,975 (12.9%) $199,607 (16.0%) 0.00 133
    2018-09-01 $174,999 (18.6%) $203,814 (18.3%) 0.00 127
    2018-10-01 $179,000 (19.8%) $201,110 (16.7%) 0.00 123
    2018-11-01 $173,650 (21.0%) $196,671 (13.1%) 0.00 118
    2018-12-01 $179,000 (28.8%) $200,288 (15.0%) 0.00 112
    2019-01-01 $179,675 (33.2%) $204,485 (18.8%) 0.00 106
    2019-02-01 $180,975 (33.6%) $208,085 (20.0%) 0.00 104
    2019-03-01 $175,357 (17.3%) $204,152 (10.2%) 0.00 106
    2019-04-01 $170,582 (6.8%) $202,425 (5.3%) 0.00 107
    2019-05-01 $174,300 (9.6%) $203,098 (7.9%) 0.00 110
    2019-06-01 $169,900 (13.3%) $197,069 (5.6%) 0.00 113
    2019-07-01 $164,300 (2.7%) $193,009 (-1.4%) 0.00 116
    2019-08-01 $167,882 (1.2%) $197,598 (-1.0%) 0.00 115
    2019-09-01 $166,655 (-4.8%) $194,703 (-4.5%) 0.00 114
    2019-10-01 $165,836 (-7.4%) $192,773 (-4.2%) 0.00 110
    2019-11-01 $152,500 (-12.2%) $196,175 (-0.3%) 0.00 101
    2019-12-01 $151,250 (-15.5%) $197,058 (-1.6%) 0.00 84
    2020-01-01 $152,500 (-15.1%) $197,439 (-3.5%) 0.00 77
    2020-02-01 $169,000 (-6.6%) $198,229 (-4.7%) 0.00 85
    2020-03-01 $169,225 (-3.5%) $203,058 (-0.5%) 0.00 95
    2020-04-01 $172,400 (1.1%) $205,755 (1.7%) 0.00 90
    2020-05-01 $179,900 (3.2%) $220,050 (8.4%) 0.00 87
    2020-06-01 $189,000 (11.2%) $219,533 (11.4%) 0.00 91
    2020-07-01 $184,450 (12.3%) $219,049 (13.5%) 0.00 91
    2020-08-01 $189,950 (13.2%) $224,272 (13.5%) 0.00 71
    2020-09-01 $176,450 (5.9%) $205,045 (5.3%) 0.00 65
    2020-10-01 $167,350 (0.9%) $206,371 (7.1%) 0.00 72
    2020-11-01 $174,900 (14.7%) $214,231 (9.2%) 0.00 65
    2020-12-01 $184,450 (22.0%) $220,254 (11.8%) 0.00 63
    2021-01-01 $189,900 (24.5%) $230,709 (16.9%) 0.00 55
    2021-02-01 $210,450 (24.5%) $239,711 (20.9%) 0.00 45
    2021-03-01 $192,200 (13.6%) $217,027 (6.9%) 0.00 41
    2021-04-01 $183,975 (6.7%) $199,335 (-3.1%) 0.00 42
    2021-05-01 $174,900 (-2.8%) $189,733 (-13.8%) 0.00 37
    2021-06-01 $168,450 (-10.9%) $195,624 (-10.9%) 0.00 37
    2021-07-01 $185,950 (0.8%) $206,136 (-5.9%) 0.00 51
    2021-08-01 $175,200 (-7.8%) $204,855 (-8.7%) 0.00 51
    2021-09-01 $177,875 (0.8%) $218,260 (6.4%) 0.00 52
    2021-10-01 $177,450 (6.0%) $214,105 (3.8%) 0.00 50
    2021-11-01 $183,500 (4.9%) $221,731 (3.5%) 0.00 48
    2021-12-01 $160,700 (-12.9%) $189,059 (-14.2%) 0.00 37
    2022-01-01 $169,000 (-11.0%) $191,057 (-17.2%) 0.00 34
    2022-02-01 $166,725 (-20.8%) $200,276 (-16.5%) 0.00 32
    2022-03-01 $172,225 (-10.4%) $204,863 (-5.6%) 0.00 22
    2022-04-01 $205,000 (11.4%) $224,042 (12.4%) 0.00 22
    2022-05-01 $200,525 (14.7%) $225,641 (18.9%) 0.00 29
    2022-06-01 $238,850 (41.8%) $270,211 (38.1%) 0.00 29
    2022-07-01 $219,900 (18.3%) $265,747 (28.9%) 0.00 28
    2022-08-01 $225,725 (28.8%) $294,457 (43.7%) 0.00 32
    2022-09-01 $207,500 (16.7%) $285,955 (31.0%) 0.00 35
    2022-10-01 $205,000 (15.5%) $259,423 (21.2%) 0.00 35
    2022-11-01 $199,950 (9.0%) $249,391 (12.5%) 0.00 38
    2022-12-01 $199,950 (24.4%) $257,220 (36.1%) 0.00 33
    2023-01-01 $192,475 (13.9%) $249,528 (30.6%) 0.00 28
    2023-02-01 $209,925 (25.9%) $238,904 (19.3%) 0.00 29
    2023-03-01 $191,675 (11.3%) $226,040 (10.3%) 0.00 30
    2023-04-01 $199,999 (-2.4%) $237,300 (5.9%) 0.00 18
    2023-05-01 $211,250 (5.4%) $249,647 (10.6%) 0.00 24
    2023-06-01 $241,375 (1.1%) $311,863 (15.4%) 0.00 25
    2023-07-01 $247,200 (12.4%) $331,152 (24.6%) 0.00 27
    2023-08-01 $224,450 (-0.6%) $296,451 (0.7%) 0.00 33
    2023-09-01 $219,500 (5.8%) $290,922 (1.7%) 0.00 34
    2023-10-01 $239,500 (16.8%) $278,300 (7.3%) 0.00 44
    2023-11-01 $224,900 (12.5%) $278,163 (11.5%) 0.00 44
    2023-12-01 $239,999 (20.0%) $298,190 (15.9%) 0.00 38
    2024-01-01 $219,900 (14.3%) $261,339 (4.7%) 0.00 39
    2024-02-01 $218,900 (4.3%) $273,190 (14.4%) 0.00 33
    2024-03-01 $215,900 (12.6%) $275,744 (22.0%) 0.00 35
    Elkins's median listing price for 2024-03-01 was $215,900, a difference of $24,225 (12.6%) versus the prior year and $-3,000 versus the prior month.

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

    Elkins's average listing price for 2024-03-01 was $275,744, a difference of $49,704 (22.0%) versus the prior year and $2,554 versus the prior month.

    For the 2024-03-01 period, Elkins had 35 MLS listings, a difference of 2 listings (6%) versus the prior month and 5 listings (17%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Elkins (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,814 sqft
    2018-02-01 0 days 1,825 sqft
    2018-03-01 0 days 1,907 sqft
    2018-04-01 0 days 1,982 sqft
    2018-05-01 0 days 1,876 sqft
    2018-06-01 0 days 1,850 sqft
    2018-07-01 0 days 1,900 sqft
    2018-08-01 0 days 1,930 sqft
    2018-09-01 0 days 1,998 sqft
    2018-10-01 0 days 1,993 sqft
    2018-11-01 0 days 1,845 sqft
    2018-12-01 0 days 1,842 sqft
    2019-01-01 0 days 1,838 sqft
    2019-02-01 0 days 1,884 sqft
    2019-03-01 0 days 1,902 sqft
    2019-04-01 0 days 1,810 sqft
    2019-05-01 0 days 1,894 sqft
    2019-06-01 0 days 1,900 sqft
    2019-07-01 0 days 1,897 sqft
    2019-08-01 0 days 1,884 sqft
    2019-09-01 0 days 1,877 sqft
    2019-10-01 0 days 1,873 sqft
    2019-11-01 0 days 1,872 sqft
    2019-12-01 0 days 1,962 sqft
    2020-01-01 0 days 1,944 sqft
    2020-02-01 0 days 1,941 sqft
    2020-03-01 0 days 1,879 sqft
    2020-04-01 0 days 1,991 sqft
    2020-05-01 0 days 1,990 sqft
    2020-06-01 0 days 1,826 sqft
    2020-07-01 0 days 1,797 sqft
    2020-08-01 0 days 1,924 sqft
    2020-09-01 0 days 1,767 sqft
    2020-10-01 0 days 1,842 sqft
    2020-11-01 0 days 1,906 sqft
    2020-12-01 0 days 1,757 sqft
    2021-01-01 0 days 1,776 sqft
    2021-02-01 0 days 1,901 sqft
    2021-03-01 0 days 1,663 sqft
    2021-04-01 0 days 1,649 sqft
    2021-05-01 0 days 1,650 sqft
    2021-06-01 0 days 1,648 sqft
    2021-07-01 0 days 1,862 sqft
    2021-08-01 0 days 1,654 sqft
    2021-09-01 0 days 1,612 sqft
    2021-10-01 0 days 1,605 sqft
    2021-11-01 0 days 1,598 sqft
    2021-12-01 0 days 1,523 sqft
    2022-01-01 0 days 1,800 sqft
    2022-02-01 0 days 1,625 sqft
    2022-03-01 0 days 1,566 sqft
    2022-04-01 0 days 1,604 sqft
    2022-05-01 0 days 1,658 sqft
    2022-06-01 0 days 1,739 sqft
    2022-07-01 0 days 1,903 sqft
    2022-08-01 0 days 1,957 sqft
    2022-09-01 0 days 1,814 sqft
    2022-10-01 0 days 1,773 sqft
    2022-11-01 0 days 1,728 sqft
    2022-12-01 0 days 1,749 sqft
    2023-01-01 0 days 1,712 sqft
    2023-02-01 0 days 1,739 sqft
    2023-03-01 0 days 1,828 sqft
    2023-04-01 0 days 1,769 sqft
    2023-05-01 0 days 1,972 sqft
    2023-06-01 0 days 1,936 sqft
    2023-07-01 0 days 1,845 sqft
    2023-08-01 0 days 1,700 sqft
    2023-09-01 0 days 2,055 sqft
    2023-10-01 0 days 1,949 sqft
    2023-11-01 0 days 1,817 sqft
    2023-12-01 0 days 1,848 sqft
    2024-01-01 0 days 1,840 sqft
    2024-02-01 0 days 1,774 sqft
    2024-03-01 0 days 1,716 sqft
    Elkins's median listing age (time on market) for 2024-03-01 was 0 days.

    Elkins's median square footage for active listings during the 2024-03-01 period was 1,716 sqft. One year prior, the average listing was 1,828 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).