Harrisonburg FHA Loan Rates, Closing Costs & Stats

HARRISONBURG, 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.

Harrisonburg's 46 lenders originated 204 FHA loans during 2023. The total origination value was $53,600,000, with an average FHA loan value of $262,745.

Harrisonburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Harrisonburg averaged 6.77% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Harrisonburg's average FHA mortgage closing costs are $7,823.

The average rate for the prior week (2024-05-10) was 6.71% and one month ago for the week of 2024-04-12, the average rate was 6.78%.

The average rate one year ago was 6.13%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.91%.

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

Harrisonburg 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 Harrisonburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
NVR Mortgage Finance, Inc. 23 5.90% $13,976
Alcova Mortgage LLC 16 6.98% $8,645
QUICKEN LOANS, LLC 15 6.16% $9,187
Integrity Home Mortgage Corp 13 6.46% $11,530
F & M BANK CORP. 13 6.99% $9,098
UNITED WHOLESALE MORTGAGE, LLC 10 6.33% $14,105
Waterstone Mortgage Corporation 9 7.07% $12,035
CBM Mortgage, Inc. 8 6.77% $11,797
TIDEWATER MORTGAGE SERVICES, INC. 6 5.88% $9,587
MOVEMENT MORTGAGE, LLC 6 6.52% $10,594
PENNYMAC LOAN SERVICES, LLC 5 6.25% $16,808
Acre Mortgage and Financial Inc 4 7.19% $23,738
BROKER SOLUTIONS, INC. 4 6.91% $10,910
Century Mortgage Company DBA Century Lending Company 4 6.81% $12,546
HOMESPIRE MORTGAGE CORPORATION 4 6.78% $6,429
UNION HOME MORTGAGE CORP. 4 6.56% $10,845
CARDINAL FINANCIAL 3 6.58% $16,149
Prosperity Home Mortgage, LLC 3 6.12% $11,016
George Mason Mortgage, LLC 3 6.29% $13,257
NFM, INC. 3 6.63% $12,931
FREEDOM MORTGAGE CORPORATION 2 6.56% $12,535
AMERISAVE MORTGAGE CORPORATION 2 5.94% $14,177
MYCUMORTGAGE, LLC 2 6.88% $6,768
NEWREZ LLC 2 6.75% $10,864
CROSSCOUNTRY MORTGAGE, LLC 2 6.25% $12,753
Carrington Mortgage Services, LLC 2 5.69% $13,039
C & F Mortgage Corporation 2 6.75% $12,079
GSF Mortgage Corporation 2 6.63% $11,075
Atlantic Union Bank 1 7.13% $9,198
Atlantic Coast Mortgage, LLC 1 5.00% $9,886
Towne Bank 1 6.75% $7,723
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $9,773
Vellum Mortgage, Inc. 1 6.63% $11,532
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $12,912
First Heritage Mortgage, LLC 1 6.75% $8,081
GEO-CORP, INC. 1 6.75% $16,811
GUARANTEED RATE, INC. 1 6.25% $11,711
Virginia Credit Union, Inc. 1 5.63% $5,479
Citizens Bank 1 5.75% $14,219
INTERCOASTAL MORTGAGE COMPANY 1 6.25% $11,466
LAKEVIEW LOAN SERVICING, LLC 1 6.50% $11,759
LOANDEPOT.COM, LLC 1 4.99% $18,383
MILEND, INC. 1 6.25% $20,752
Mortgage Research Center, LLC 1 6.25% $5,065
Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $12,110
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,170

The top Harrisonburg FHA lender as defined by loan originations is NVR Mortgage Finance, Inc., with 23 FHA loans originated. Their average total fees are $13,976, which is $5,331 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Harrisonburg FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($8,645), F & M BANK CORP. ($9,098), QUICKEN LOANS, LLC ($9,187), Integrity Home Mortgage Corp ($11,530) and NVR Mortgage Finance, Inc. ($13,976).

The lowest rate Harrisonburg FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.90%), QUICKEN LOANS, LLC (6.16%), UNITED WHOLESALE MORTGAGE, LLC (6.33%), Integrity Home Mortgage Corp (6.46%) and Alcova Mortgage LLC (6.98%).

Harrisonburg FHA Loan Limits

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

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Harrisonburg (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 $246,300 (10.8%) $367,059 (24.4%) 0.00 318
2018-02-01 $249,650 (8.1%) $379,654 (21.1%) 0.00 313
2018-03-01 $258,786 (8.0%) $374,763 (11.7%) 0.00 332
2018-04-01 $268,528 (3.3%) $373,098 (7.2%) 0.00 358
2018-05-01 $265,000 (-1.8%) $367,611 (5.1%) 0.00 377
2018-06-01 $263,000 (-4.3%) $371,162 (4.3%) 0.00 386
2018-07-01 $257,325 (-6.4%) $348,753 (-2.0%) 0.00 376
2018-08-01 $262,750 (5.1%) $349,041 (1.2%) 0.00 386
2018-09-01 $259,900 (4.0%) $340,025 (-1.7%) 0.00 369
2018-10-01 $259,800 (5.5%) $344,604 (1.0%) 0.00 363
2018-11-01 $262,400 (6.9%) $355,133 (2.7%) 0.00 352
2018-12-01 $260,000 (8.6%) $360,531 (0.8%) 0.00 324
2019-01-01 $259,575 (5.4%) $364,788 (-0.6%) 0.00 303
2019-02-01 $251,975 (0.9%) $356,539 (-6.1%) 0.00 299
2019-03-01 $265,100 (2.4%) $364,388 (-2.8%) 0.00 292
2019-04-01 $279,900 (4.2%) $367,892 (-1.4%) 0.00 287
2019-05-01 $286,000 (7.9%) $378,317 (2.9%) 0.00 291
2019-06-01 $299,825 (14.0%) $457,646 (23.3%) 0.00 306
2019-07-01 $299,900 (16.6%) $459,508 (31.8%) 0.00 308
2019-08-01 $298,427 (13.6%) $465,376 (33.3%) 0.00 308
2019-09-01 $296,218 (14.0%) $468,885 (37.9%) 0.00 308
2019-10-01 $291,750 (12.3%) $420,041 (21.9%) 0.00 301
2019-11-01 $288,250 (9.9%) $365,847 (3.0%) 0.00 270
2019-12-01 $285,225 (9.7%) $366,814 (1.7%) 0.00 222
2020-01-01 $289,675 (11.6%) $372,556 (2.1%) 0.00 197
2020-02-01 $294,500 (16.9%) $379,569 (6.5%) 0.00 196
2020-03-01 $307,423 (16.0%) $397,633 (9.1%) 0.00 202
2020-04-01 $296,893 (6.1%) $384,622 (4.6%) 0.00 229
2020-05-01 $299,900 (4.9%) $379,075 (0.2%) 0.00 232
2020-06-01 $307,400 (2.5%) $387,353 (-15.4%) 0.00 228
2020-07-01 $316,000 (5.4%) $401,696 (-12.6%) 0.00 219
2020-08-01 $317,500 (6.4%) $413,992 (-11.0%) 0.00 197
2020-09-01 $321,200 (8.4%) $430,337 (-8.2%) 0.00 160
2020-10-01 $309,450 (6.1%) $429,734 (2.3%) 0.00 173
2020-11-01 $298,500 (3.6%) $425,869 (16.4%) 0.00 171
2020-12-01 $299,495 (5.0%) $408,716 (11.4%) 0.00 149
2021-01-01 $305,000 (5.3%) $420,021 (12.7%) 0.00 127
2021-02-01 $300,498 (2.0%) $441,419 (16.3%) 0.00 115
2021-03-01 $289,250 (-5.9%) $445,483 (12.0%) 0.00 121
2021-04-01 $299,558 (0.9%) $453,737 (18.0%) 0.00 121
2021-05-01 $299,000 (-0.3%) $458,969 (21.1%) 0.00 115
2021-06-01 $310,275 (0.9%) $472,349 (21.9%) 0.00 109
2021-07-01 $310,400 (-1.8%) $467,010 (16.3%) 0.00 146
2021-08-01 $305,175 (-3.9%) $444,066 (7.3%) 0.00 141
2021-09-01 $303,173 (-5.6%) $431,942 (0.4%) 0.00 151
2021-10-01 $314,950 (1.8%) $454,599 (5.8%) 0.00 137
2021-11-01 $331,748 (11.1%) $478,252 (12.3%) 0.00 114
2021-12-01 $328,000 (9.5%) $467,558 (14.4%) 0.00 101
2022-01-01 $345,000 (13.1%) $451,078 (7.4%) 0.00 109
2022-02-01 $346,500 (15.3%) $457,987 (3.8%) 0.00 107
2022-03-01 $346,500 (19.8%) $431,325 (-3.2%) 0.00 124
2022-04-01 $349,000 (16.5%) $434,398 (-4.3%) 0.00 140
2022-05-01 $328,743 (10.0%) $410,885 (-10.5%) 0.00 139
2022-06-01 $346,248 (11.6%) $409,271 (-13.4%) 0.00 161
2022-07-01 $339,900 (9.5%) $402,076 (-13.9%) 0.00 168
2022-08-01 $343,975 (12.7%) $421,129 (-5.2%) 0.00 173
2022-09-01 $347,750 (14.7%) $443,518 (2.7%) 0.00 148
2022-10-01 $332,000 (5.4%) $445,297 (-2.1%) 0.00 151
2022-11-01 $347,750 (4.8%) $435,887 (-8.9%) 0.00 145
2022-12-01 $336,995 (2.7%) $436,177 (-6.7%) 0.00 135
2023-01-01 $347,948 (0.9%) $438,329 (-2.8%) 0.00 129
2023-02-01 $349,900 (1.0%) $433,207 (-5.4%) 0.00 116
2023-03-01 $348,950 (0.7%) $433,627 (0.5%) 0.00 118
2023-04-01 $362,495 (3.9%) $450,295 (3.7%) 0.00 125
2023-05-01 $354,950 (8.0%) $446,274 (8.6%) 0.00 132
2023-06-01 $377,445 (9.0%) $451,962 (10.4%) 0.00 142
2023-07-01 $382,495 (12.5%) $451,473 (12.3%) 0.00 151
2023-08-01 $388,498 (12.9%) $469,120 (11.4%) 0.00 186
2023-09-01 $383,495 (10.3%) $479,384 (8.1%) 0.00 203
2023-10-01 $380,995 (14.8%) $481,296 (8.1%) 0.00 215
2023-11-01 $369,968 (6.4%) $466,798 (7.1%) 0.00 235
2023-12-01 $369,990 (9.8%) $471,382 (8.1%) 0.00 217
2024-01-01 $369,845 (6.3%) $450,359 (2.7%) 0.00 194
2024-02-01 $369,948 (5.7%) $447,400 (3.3%) 0.00 175
2024-03-01 $379,990 (8.9%) $461,965 (6.5%) 0.00 172
2024-04-01 $379,220 (4.6%) $475,805 (5.7%) 0.00 186
Harrisonburg's median listing price for 2024-04-01 was $379,220, a difference of $16,725 (4.6%) versus the prior year and $-770 versus the prior month.

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

Harrisonburg's average listing price for 2024-04-01 was $475,805, a difference of $25,510 (5.7%) versus the prior year and $13,840 versus the prior month.

For the 2024-04-01 period, Harrisonburg had 186 MLS listings, a difference of 14 listings (8%) versus the prior month and 61 listings (49%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Harrisonburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,921 sqft
2018-02-01 0 days 1,983 sqft
2018-03-01 0 days 2,000 sqft
2018-04-01 0 days 2,017 sqft
2018-05-01 0 days 1,997 sqft
2018-06-01 0 days 1,986 sqft
2018-07-01 0 days 1,979 sqft
2018-08-01 0 days 1,989 sqft
2018-09-01 0 days 2,009 sqft
2018-10-01 0 days 1,947 sqft
2018-11-01 0 days 2,029 sqft
2018-12-01 0 days 2,028 sqft
2019-01-01 0 days 2,018 sqft
2019-02-01 0 days 1,895 sqft
2019-03-01 0 days 1,982 sqft
2019-04-01 0 days 2,096 sqft
2019-05-01 0 days 2,147 sqft
2019-06-01 0 days 2,203 sqft
2019-07-01 0 days 2,191 sqft
2019-08-01 0 days 2,174 sqft
2019-09-01 0 days 2,146 sqft
2019-10-01 0 days 2,113 sqft
2019-11-01 0 days 2,100 sqft
2019-12-01 0 days 2,101 sqft
2020-01-01 0 days 2,070 sqft
2020-02-01 0 days 2,099 sqft
2020-03-01 0 days 2,154 sqft
2020-04-01 0 days 2,080 sqft
2020-05-01 0 days 2,099 sqft
2020-06-01 0 days 2,106 sqft
2020-07-01 0 days 2,080 sqft
2020-08-01 0 days 2,094 sqft
2020-09-01 0 days 2,090 sqft
2020-10-01 0 days 1,950 sqft
2020-11-01 0 days 1,866 sqft
2020-12-01 0 days 1,776 sqft
2021-01-01 0 days 1,800 sqft
2021-02-01 0 days 1,788 sqft
2021-03-01 0 days 1,781 sqft
2021-04-01 0 days 1,785 sqft
2021-05-01 0 days 1,839 sqft
2021-06-01 0 days 1,841 sqft
2021-07-01 0 days 1,845 sqft
2021-08-01 0 days 1,839 sqft
2021-09-01 0 days 1,822 sqft
2021-10-01 0 days 1,742 sqft
2021-11-01 0 days 1,837 sqft
2021-12-01 0 days 1,791 sqft
2022-01-01 0 days 1,841 sqft
2022-02-01 0 days 1,854 sqft
2022-03-01 0 days 1,854 sqft
2022-04-01 0 days 1,863 sqft
2022-05-01 0 days 1,680 sqft
2022-06-01 0 days 1,797 sqft
2022-07-01 0 days 1,797 sqft
2022-08-01 0 days 1,871 sqft
2022-09-01 0 days 1,893 sqft
2022-10-01 0 days 1,908 sqft
2022-11-01 0 days 1,900 sqft
2022-12-01 0 days 1,848 sqft
2023-01-01 0 days 1,869 sqft
2023-02-01 0 days 1,866 sqft
2023-03-01 0 days 1,806 sqft
2023-04-01 0 days 1,860 sqft
2023-05-01 0 days 1,813 sqft
2023-06-01 0 days 1,907 sqft
2023-07-01 0 days 1,933 sqft
2023-08-01 0 days 1,976 sqft
2023-09-01 0 days 1,947 sqft
2023-10-01 0 days 1,950 sqft
2023-11-01 0 days 1,921 sqft
2023-12-01 0 days 1,909 sqft
2024-01-01 0 days 1,887 sqft
2024-02-01 0 days 1,853 sqft
2024-03-01 0 days 1,828 sqft
2024-04-01 0 days 1,832 sqft
Harrisonburg's median listing age (time on market) for 2024-04-01 was 0 days.

Harrisonburg's median square footage for active listings during the 2024-04-01 period was 1,832 sqft. One year prior, the average listing was 1,860 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).