Fairmont FHA Loan Rates, Closing Costs & Stats

Fairmont, 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.

    Fairmont's 29 lenders originated 139 FHA loans during 2023. The total origination value was $22,715,000, with an average FHA loan value of $163,417.

    Fairmont FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fairmont averaged 6.35% for the week of 2024-04-12, compared to the national average (all FHA variants) of 6.739% for the same period.

    Fairmont's average FHA mortgage closing costs are $6,568.

    The average rate for the prior week (2024-04-05) was 6.58% and one month ago for the week of 2024-03-08, the average rate was 6.41%.

    The average rate one year ago was 5.85%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.84%.

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

    Fairmont 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 Fairmont level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    LOANDEPOT.COM, LLC 26 6.07% $6,977
    The Huntington National Bank 22 5.94% $5,917
    QUICKEN LOANS, LLC 21 6.46% $8,535
    UNITED WHOLESALE MORTGAGE, LLC 9 6.45% $10,194
    First Federal Bank of the Midwest 6 5.58% $8,102
    WesBanco 5 5.98% $8,564
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.61% $6,887
    INTERCOASTAL MORTGAGE COMPANY 4 5.65% $6,106
    BROKER SOLUTIONS, INC. 4 7.31% $8,376
    Flagstar Bank, FSB 3 6.59% $6,832
    Sierra Pacific Mortgage Company, Inc. 3 7.13% $10,677
    GUARANTEED RATE, INC. 3 6.42% $8,322
    Mortgage Research Center, LLC 2 7.00% $2,069
    Carrington Mortgage Services, LLC 2 5.88% $9,108
    First National Bank of Pennsylvania 2 5.81% $10,366
    MOVEMENT MORTGAGE, LLC 2 5.38% $6,189
    SUN WEST MORTGAGE COMPANY, INC. 2 6.56% $12,829
    Nations Lending Corporation 1 7.13% $10,868
    Paramount Residential Mortgage Group, Inc. 1 6.25% $6,826
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $10,809
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $10,746
    MEMBER FIRST MORTGAGE, LLC 1 6.75% $6,537
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $8,399
    SIWELL, INC. 1 7.38% $6,944
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $8,045
    AMERISAVE MORTGAGE CORPORATION 1 7.13% $10,391
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,015
    Bank of England 1 6.50% $8,117
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $19,198

    The top Fairmont FHA lender as defined by loan originations is LOANDEPOT.COM, LLC, with 26 FHA loans originated. Their average total fees are $6,977, which is $1,060 higher than the next largest lender, The Huntington National Bank.

    The lowest fee Fairmont FHA lenders (with over 10 loans originated) are The Huntington National Bank ($5,917), LOANDEPOT.COM, LLC ($6,977), QUICKEN LOANS, LLC ($8,535), .

    The lowest rate Fairmont FHA lenders (with over 10 loans originated) are The Huntington National Bank (5.94%), LOANDEPOT.COM, LLC (6.07%), QUICKEN LOANS, LLC (6.46%), .

    Fairmont FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fairmont (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 $133,425 (2.0%) $152,172 (2.4%) 0.00 216
    2018-02-01 $138,300 (8.1%) $158,855 (8.5%) 0.00 173
    2018-03-01 $147,200 (9.6%) $161,728 (9.0%) 0.00 155
    2018-04-01 $150,950 (11.3%) $162,464 (9.6%) 0.00 148
    2018-05-01 $158,225 (13.1%) $167,132 (7.8%) 0.00 158
    2018-06-01 $154,000 (4.8%) $166,766 (4.3%) 0.00 189
    2018-07-01 $152,400 (4.5%) $168,830 (4.4%) 0.00 187
    2018-08-01 $143,725 (2.1%) $160,820 (1.4%) 0.00 187
    2018-09-01 $133,500 (-4.6%) $153,292 (-2.9%) 0.00 198
    2018-10-01 $128,400 (-7.6%) $146,972 (-5.1%) 0.00 196
    2018-11-01 $129,750 (-7.3%) $145,525 (-7.8%) 0.00 193
    2018-12-01 $129,900 (-6.6%) $147,742 (-6.1%) 0.00 190
    2019-01-01 $144,950 (8.6%) $156,310 (2.7%) 0.00 165
    2019-02-01 $147,425 (6.6%) $162,946 (2.6%) 0.00 157
    2019-03-01 $139,900 (-5.0%) $162,782 (0.7%) 0.00 153
    2019-04-01 $144,900 (-4.0%) $168,944 (4.0%) 0.00 149
    2019-05-01 $149,950 (-5.2%) $172,183 (3.0%) 0.00 137
    2019-06-01 $147,450 (-4.3%) $167,087 (0.2%) 0.00 145
    2019-07-01 $149,000 (-2.2%) $166,743 (-1.2%) 0.00 162
    2019-08-01 $146,518 (1.9%) $167,872 (4.4%) 0.00 160
    2019-09-01 $142,795 (7.0%) $167,698 (9.4%) 0.00 158
    2019-10-01 $139,900 (9.0%) $167,583 (14.0%) 0.00 157
    2019-11-01 $134,900 (4.0%) $157,808 (8.4%) 0.00 161
    2019-12-01 $138,250 (6.4%) $160,790 (8.8%) 0.00 156
    2020-01-01 $127,350 (-12.1%) $156,578 (0.2%) 0.00 135
    2020-02-01 $126,000 (-14.5%) $163,033 (0.1%) 0.00 134
    2020-03-01 $129,950 (-7.1%) $164,104 (0.8%) 0.00 122
    2020-04-01 $129,250 (-10.8%) $168,801 (-0.1%) 0.00 123
    2020-05-01 $141,700 (-5.5%) $179,663 (4.3%) 0.00 119
    2020-06-01 $137,225 (-6.9%) $173,455 (3.8%) 0.00 127
    2020-07-01 $148,450 (-0.4%) $175,172 (5.1%) 0.00 128
    2020-08-01 $147,450 (0.6%) $181,041 (7.8%) 0.00 112
    2020-09-01 $139,225 (-2.5%) $169,682 (1.2%) 0.00 118
    2020-10-01 $139,900 (0.0%) $168,757 (0.7%) 0.00 127
    2020-11-01 $140,950 (4.5%) $166,829 (5.7%) 0.00 123
    2020-12-01 $139,900 (1.2%) $164,367 (2.2%) 0.00 112
    2021-01-01 $139,900 (9.9%) $165,041 (5.4%) 0.00 104
    2021-02-01 $126,900 (0.7%) $154,088 (-5.5%) 0.00 85
    2021-03-01 $138,400 (6.5%) $155,784 (-5.1%) 0.00 78
    2021-04-01 $150,000 (16.1%) $168,528 (-0.2%) 0.00 69
    2021-05-01 $152,000 (7.3%) $166,991 (-7.1%) 0.00 83
    2021-06-01 $154,850 (12.8%) $176,405 (1.7%) 0.00 89
    2021-07-01 $172,450 (16.2%) $170,722 (-2.5%) 0.00 85
    2021-08-01 $169,900 (15.2%) $175,304 (-3.2%) 0.00 97
    2021-09-01 $169,725 (21.9%) $177,807 (4.8%) 0.00 101
    2021-10-01 $174,950 (25.1%) $182,468 (8.1%) 0.00 95
    2021-11-01 $154,025 (9.3%) $165,652 (-0.7%) 0.00 99
    2021-12-01 $148,700 (6.3%) $165,965 (1.0%) 0.00 93
    2022-01-01 $155,450 (11.1%) $168,770 (2.3%) 0.00 70
    2022-02-01 $156,875 (23.6%) $183,913 (19.4%) 0.00 64
    2022-03-01 $163,250 (18.0%) $191,405 (22.9%) 0.00 68
    2022-04-01 $147,000 (-2.0%) $194,087 (15.2%) 0.00 68
    2022-05-01 $149,925 (-1.4%) $191,557 (14.7%) 0.00 74
    2022-06-01 $157,475 (1.7%) $198,866 (12.7%) 0.00 86
    2022-07-01 $159,900 (-7.3%) $200,802 (17.6%) 0.00 104
    2022-08-01 $168,000 (-1.1%) $196,727 (12.2%) 0.00 110
    2022-09-01 $165,200 (-2.7%) $187,472 (5.4%) 0.00 117
    2022-10-01 $154,900 (-11.5%) $182,263 (-0.1%) 0.00 119
    2022-11-01 $168,325 (9.3%) $188,081 (13.5%) 0.00 119
    2022-12-01 $159,900 (7.5%) $187,693 (13.1%) 0.00 111
    2023-01-01 $145,650 (-6.3%) $194,716 (15.4%) 0.00 101
    2023-02-01 $141,150 (-10.0%) $189,154 (2.9%) 0.00 88
    2023-03-01 $165,875 (1.6%) $206,970 (8.1%) 0.00 71
    2023-04-01 $169,000 (15.0%) $212,068 (9.3%) 0.00 78
    2023-05-01 $204,950 (36.7%) $219,464 (14.6%) 0.00 87
    2023-06-01 $224,125 (42.3%) $225,737 (13.5%) 0.00 98
    2023-07-01 $212,500 (32.9%) $218,783 (9.0%) 0.00 99
    2023-08-01 $218,450 (30.0%) $218,251 (10.9%) 0.00 109
    2023-09-01 $209,900 (27.1%) $224,548 (19.8%) 0.00 103
    2023-10-01 $201,175 (29.9%) $230,207 (26.3%) 0.00 108
    2023-11-01 $199,269 (18.4%) $230,526 (22.6%) 0.00 120
    2023-12-01 $179,999 (12.6%) $218,310 (16.3%) 0.00 115
    2024-01-01 $175,000 (20.2%) $221,188 (13.6%) 0.00 92
    2024-02-01 $205,750 (45.8%) $223,339 (18.1%) 0.00 93
    2024-03-01 $217,450 (31.1%) $238,467 (15.2%) 0.00 81
    Fairmont's median listing price for 2024-03-01 was $217,450, a difference of $51,575 (31.1%) versus the prior year and $11,700 versus the prior month.

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

    Fairmont's average listing price for 2024-03-01 was $238,467, a difference of $31,497 (15.2%) versus the prior year and $15,128 versus the prior month.

    For the 2024-03-01 period, Fairmont had 81 MLS listings, a difference of -12 listings (-13%) versus the prior month and 10 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fairmont (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,611 sqft
    2018-02-01 0 days 1,630 sqft
    2018-03-01 0 days 1,619 sqft
    2018-04-01 0 days 1,596 sqft
    2018-05-01 0 days 1,638 sqft
    2018-06-01 0 days 1,627 sqft
    2018-07-01 0 days 1,627 sqft
    2018-08-01 0 days 1,620 sqft
    2018-09-01 0 days 1,604 sqft
    2018-10-01 0 days 1,619 sqft
    2018-11-01 0 days 1,620 sqft
    2018-12-01 0 days 1,620 sqft
    2019-01-01 0 days 1,637 sqft
    2019-02-01 0 days 1,645 sqft
    2019-03-01 0 days 1,645 sqft
    2019-04-01 0 days 1,664 sqft
    2019-05-01 0 days 1,700 sqft
    2019-06-01 0 days 1,696 sqft
    2019-07-01 0 days 1,698 sqft
    2019-08-01 0 days 1,658 sqft
    2019-09-01 0 days 1,638 sqft
    2019-10-01 0 days 1,621 sqft
    2019-11-01 0 days 1,576 sqft
    2019-12-01 0 days 1,555 sqft
    2020-01-01 0 days 1,506 sqft
    2020-02-01 0 days 1,523 sqft
    2020-03-01 0 days 1,529 sqft
    2020-04-01 0 days 1,544 sqft
    2020-05-01 0 days 1,676 sqft
    2020-06-01 0 days 1,610 sqft
    2020-07-01 0 days 1,646 sqft
    2020-08-01 0 days 1,666 sqft
    2020-09-01 0 days 1,709 sqft
    2020-10-01 0 days 1,703 sqft
    2020-11-01 0 days 1,639 sqft
    2020-12-01 0 days 1,673 sqft
    2021-01-01 0 days 1,680 sqft
    2021-02-01 0 days 1,639 sqft
    2021-03-01 0 days 1,667 sqft
    2021-04-01 0 days 1,691 sqft
    2021-05-01 0 days 1,696 sqft
    2021-06-01 0 days 1,568 sqft
    2021-07-01 0 days 1,567 sqft
    2021-08-01 0 days 1,568 sqft
    2021-09-01 0 days 1,608 sqft
    2021-10-01 0 days 1,737 sqft
    2021-11-01 0 days 1,670 sqft
    2021-12-01 0 days 1,666 sqft
    2022-01-01 0 days 1,704 sqft
    2022-02-01 0 days 1,669 sqft
    2022-03-01 0 days 1,695 sqft
    2022-04-01 0 days 1,683 sqft
    2022-05-01 0 days 1,679 sqft
    2022-06-01 0 days 1,660 sqft
    2022-07-01 0 days 1,676 sqft
    2022-08-01 0 days 1,669 sqft
    2022-09-01 0 days 1,636 sqft
    2022-10-01 0 days 1,672 sqft
    2022-11-01 0 days 1,694 sqft
    2022-12-01 0 days 1,567 sqft
    2023-01-01 0 days 1,627 sqft
    2023-02-01 0 days 1,568 sqft
    2023-03-01 0 days 1,654 sqft
    2023-04-01 0 days 1,631 sqft
    2023-05-01 0 days 1,676 sqft
    2023-06-01 0 days 1,679 sqft
    2023-07-01 0 days 1,676 sqft
    2023-08-01 0 days 1,749 sqft
    2023-09-01 0 days 1,714 sqft
    2023-10-01 0 days 1,676 sqft
    2023-11-01 0 days 1,690 sqft
    2023-12-01 0 days 1,700 sqft
    2024-01-01 0 days 1,684 sqft
    2024-02-01 0 days 1,647 sqft
    2024-03-01 0 days 1,700 sqft
    Fairmont's median listing age (time on market) for 2024-03-01 was 0 days.

    Fairmont's median square footage for active listings during the 2024-03-01 period was 1,700 sqft. One year prior, the average listing was 1,654 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).