Harrisonburg FHA Loans

HARRISONBURG, 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.

    Harrisonburg's 70 lenders originated 433 FHA loans during 2021. The total origination value was $93,255,000, with an average FHA loan value of $215,370.

    Harrisonburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Harrisonburg averaged 5.11% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.24% and one month ago for the week of 2022-04-08, the average rate was 4.91%.

    The average rate one year ago was 3.21%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.2%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Harrisonburg level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 41 2.76% $6,255
    F & M BANK CORP. 41 3.17% $6,904
    Integrity Home Mortgage Corp 34 3.04% $7,778
    MYCUMORTGAGE, LLC 28 3.16% $6,200
    MOVEMENT MORTGAGE, LLC 28 3.08% $6,356
    NATIONS RELIABLE LENDING, LLC 23 3.04% $8,230
    C & F Mortgage Corporation 17 3.00% $6,678
    PRIMARY RESIDENTIAL MORTGAGE, INC. 12 3.14% $8,861
    NVR Mortgage Finance, Inc. 12 2.89% $9,942
    FREEDOM MORTGAGE CORPORATION 11 2.80% $4,929
    CBM Mortgage, Inc. 10 3.11% $7,806
    PENNYMAC LOAN SERVICES, LLC 10 3.15% $4,459
    CALIBER HOME LOANS, INC. 9 2.74% $4,706
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.55% $5,846
    CROSSCOUNTRY MORTGAGE, LLC 7 3.18% $9,155
    LAKEVIEW LOAN SERVICING, LLC 7 2.80% $4,854
    Alcova Mortgage LLC 6 2.92% $4,385
    UNITED WHOLESALE MORTGAGE, LLC 6 2.58% $9,147
    NEWREZ LLC 5 2.87% $4,357
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.10% $8,992
    George Mason Mortgage, LLC 4 3.19% $7,438
    NFM, INC. 4 3.63% $6,349
    Mr. Cooper ( Nationstar Mortgage ) 4 3.22% $5,359
    Carrington Mortgage Services, LLC 3 2.92% $6,614
    BROKER SOLUTIONS, INC. 3 2.92% $7,669
    AmeriHome Mortgage Company, LLC 3 3.08% $3,728
    Lakeview Community Capital, LLC 3 2.92% $4,373
    HOMESIDE FINANCIAL, LLC 3 3.17% $7,832
    CAPITAL CENTER, L.L.C. 2 2.81% $3,796
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.63% $10,925
    Atlantic Union Bank 2 3.00% $9,076
    GUARANTEED RATE, INC. 2 2.94% $8,027
    ALLIED MORTGAGE GROUP, INC. 2 2.69% $7,683
    EMBRACE HOME LOANS, INC. 2 2.63% $9,934
    FIRST HOME MORTGAGE CORPORATION 2 3.81% $8,536
    OCEANSIDE MORTGAGE COMPANY 2 3.24% $2,437
    STEARNS LENDING, LLC 2 3.25% $7,197
    Summit Mortgage Corporation 2 2.69% $8,774
    Citizens Bank 2 2.75% $5,861
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $10,444
    RANLIFE, INC. 1 2.88% $8,601
    RESIDENTIAL BANCORP. 1 2.88% $5,780
    SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $0
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.50% $8,327
    The Federal Savings Bank 1 2.25% $14,317
    Tidewater Home Funding, LLC 1 3.25% $4,070
    Truist Bank 1 2.50% $5,421
    UNION HOME MORTGAGE CORP. 1 2.75% $7,717
    Waterstone Mortgage Corporation 1 2.88% $10,959
    SUN WEST MORTGAGE COMPANY, INC. 1 3.38% $5,039
    DRAPER AND KRAMER MORTGAGE CORP. 1 2.38% $6,808
    Equity Prime Mortgage LLC 1 4.25% $9,167
    FINANCE OF AMERICA MORTGAGE LLC 1 3.25% $7,994
    Flagstar Bank, FSB 1 2.87% $3,692
    GUILD MORTGAGE COMPANY 1 2.63% $8,976
    Blue Ridge Bank 1 2.75% $9,063
    HOMESPIRE MORTGAGE CORPORATION 1 3.25% $8,197
    Hometown Lenders, Inc. 1 2.38% $9,586
    INTERCOASTAL MORTGAGE COMPANY 1 3.13% $8,762
    Atlantic Coast Mortgage, LLC 1 3.00% $7,846
    Manufacturers and Traders Trust Company 1 3.00% $7,030
    Mortgage Research Center, LLC 1 2.99% $11,507
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.63% $10,426
    AMERISAVE MORTGAGE CORPORATION 1 3.13% $8,665
    NATION ONE MORTGAGE CORPORATION 1 2.75% $5,924
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.13% $5,273
    Paramount Residential Mortgage Group, Inc. 1 4.25% $8,468
    AMERICAN FINANCING CORPORATION 1 3.75% $5,296
    PLANET HOME LENDING, LLC 1 2.38% $6,829
    AMERICAN FINANCIAL NETWORK, INC. 1 3.25% $11,835

    The top Harrisonburg FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 41 FHA loans originated. Their average total fees are $6,255, which is $649 lower than the next largest lender, F & M BANK CORP..

    The lowest fee Harrisonburg FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC ($4,459), FREEDOM MORTGAGE CORPORATION ($4,929), MYCUMORTGAGE, LLC ($6,200), QUICKEN LOANS, LLC ($6,255) and MOVEMENT MORTGAGE, LLC ($6,356).

    The lowest rate Harrisonburg FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.76%), FREEDOM MORTGAGE CORPORATION (2.80%), NVR Mortgage Finance, Inc. (2.89%), C & F Mortgage Corporation (3.00%) and NATIONS RELIABLE LENDING, LLC (3.04%).

    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

    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 $249,400 (8.7%) $363,190 (21.1%) 0.00 351
    2018-02-01 $255,329 (9.8%) $379,064 (18.6%) 0.00 345
    2018-03-01 $268,111 (11.7%) $375,124 (10.4%) 0.00 366
    2018-04-01 $269,900 (2.7%) $372,418 (5.9%) 0.00 394
    2018-05-01 $269,000 (-2.2%) $369,306 (4.6%) 0.00 420
    2018-06-01 $269,000 (-2.2%) $373,724 (3.8%) 0.00 431
    2018-07-01 $264,250 (-3.9%) $355,244 (-1.0%) 0.00 421
    2018-08-01 $264,950 (5.6%) $353,752 (3.2%) 0.00 426
    2018-09-01 $264,900 (6.0%) $346,713 (0.9%) 0.00 403
    2018-10-01 $259,900 (5.0%) $348,954 (2.4%) 0.00 395
    2018-11-01 $266,200 (7.6%) $365,099 (6.1%) 0.00 382
    2018-12-01 $267,500 (9.2%) $376,103 (5.5%) 0.00 356
    2019-01-01 $265,000 (6.3%) $375,012 (3.3%) 0.00 335
    2019-02-01 $259,250 (1.5%) $368,148 (-2.9%) 0.00 330
    2019-03-01 $275,357 (2.7%) $381,520 (1.7%) 0.00 324
    2019-04-01 $291,200 (7.9%) $387,638 (4.1%) 0.00 319
    2019-05-01 $299,375 (11.3%) $398,004 (7.8%) 0.00 329
    2019-06-01 $309,000 (14.9%) $411,530 (10.1%) 0.00 342
    2019-07-01 $312,000 (18.1%) $420,890 (18.5%) 0.00 342
    2019-08-01 $319,000 (20.4%) $426,772 (20.6%) 0.00 336
    2019-09-01 $319,000 (20.4%) $431,333 (24.4%) 0.00 334
    2019-10-01 $294,900 (13.5%) $407,918 (16.9%) 0.00 335
    2019-11-01 $289,900 (8.9%) $385,422 (5.6%) 0.00 307
    2019-12-01 $289,900 (8.4%) $392,822 (4.5%) 0.00 255
    2020-01-01 $292,450 (10.4%) $397,170 (5.9%) 0.00 224
    2020-02-01 $298,000 (15.0%) $405,687 (10.2%) 0.00 225
    2020-03-01 $317,000 (15.1%) $417,368 (9.4%) 0.00 227
    2020-04-01 $299,450 (2.8%) $399,875 (3.2%) 0.00 470
    2020-05-01 $314,900 (5.2%) $390,400 (-1.9%) 0.00 475
    2020-06-01 $318,000 (2.9%) $403,424 (-2.0%) 0.00 468
    2020-07-01 $322,970 (3.5%) $425,141 (1.0%) 0.00 444
    2020-08-01 $319,900 (0.3%) $431,748 (1.2%) 0.00 406
    2020-09-01 $337,250 (5.7%) $450,232 (4.4%) 0.00 322
    2020-10-01 $309,900 (5.1%) $456,756 (12.0%) 0.00 339
    2020-11-01 $310,123 (7.0%) $456,862 (18.5%) 0.00 341
    2020-12-01 $299,950 (3.5%) $445,151 (13.3%) 0.00 289
    2021-01-01 $309,950 (6.0%) $448,922 (13.0%) 0.00 247
    2021-02-01 $307,750 (3.3%) $470,022 (15.9%) 0.00 230
    2021-03-01 $293,650 (-7.4%) $465,530 (11.5%) 0.00 240
    2021-04-01 $309,000 (3.2%) $477,369 (19.4%) 0.00 243
    2021-05-01 $299,950 (-4.8%) $480,446 (23.1%) 0.00 229
    2021-06-01 $316,450 (-0.5%) $501,477 (24.3%) 0.00 219
    2021-07-01 $316,450 (-2.0%) $488,554 (14.9%) 0.00 275
    2021-08-01 $312,650 (-2.3%) $466,835 (8.1%) 0.00 279
    2021-09-01 $310,400 (-8.0%) $453,070 (0.6%) 0.00 305
    2021-10-01 $317,900 (2.6%) $458,846 (0.5%) 0.00 275
    2021-11-01 $341,950 (10.3%) $474,906 (4.0%) 0.00 225
    2021-12-01 $346,500 (15.5%) $475,457 (6.8%) 0.00 197
    2022-01-01 $348,000 (12.3%) $457,655 (2.0%) 0.00 208
    2022-02-01 $356,250 (15.8%) $474,240 (0.9%) 0.00 212
    2022-03-01 $349,950 (19.2%) $446,301 (-4.1%) 0.00 237
    2022-04-01 $349,990 (13.3%) $444,318 (-6.9%) 0.00 264
    Harrisonburg's median listing price for 2022-04-01 was $349,990, a difference of $40,990 (13.3%) versus the prior year and $40 versus the prior month.

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

    Harrisonburg's average listing price for 2022-04-01 was $444,318, a difference of $-33,051 (-6.9%) versus the prior year and $-1,983 versus the prior month.

    For the 2022-04-01 period, Harrisonburg had 264 MLS listings, a difference of 27 listings (11%) versus the prior month and 21 listings (9%) 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 1,965 sqft
    2018-02-01 0 days 1,995 sqft
    2018-03-01 0 days 2,031 sqft
    2018-04-01 0 days 2,038 sqft
    2018-05-01 0 days 2,013 sqft
    2018-06-01 0 days 2,080 sqft
    2018-07-01 0 days 2,021 sqft
    2018-08-01 0 days 2,031 sqft
    2018-09-01 0 days 2,057 sqft
    2018-10-01 0 days 2,016 sqft
    2018-11-01 0 days 2,076 sqft
    2018-12-01 0 days 2,060 sqft
    2019-01-01 0 days 2,065 sqft
    2019-02-01 0 days 2,015 sqft
    2019-03-01 0 days 2,067 sqft
    2019-04-01 0 days 2,157 sqft
    2019-05-01 0 days 2,250 sqft
    2019-06-01 0 days 2,263 sqft
    2019-07-01 0 days 2,244 sqft
    2019-08-01 0 days 2,244 sqft
    2019-09-01 0 days 2,242 sqft
    2019-10-01 0 days 2,150 sqft
    2019-11-01 0 days 2,128 sqft
    2019-12-01 0 days 2,136 sqft
    2020-01-01 0 days 2,112 sqft
    2020-02-01 0 days 2,168 sqft
    2020-03-01 0 days 2,326 sqft
    2020-04-01 0 days 2,125 sqft
    2020-05-01 0 days 2,120 sqft
    2020-06-01 0 days 2,125 sqft
    2020-07-01 0 days 2,129 sqft
    2020-08-01 0 days 2,138 sqft
    2020-09-01 0 days 2,163 sqft
    2020-10-01 0 days 2,032 sqft
    2020-11-01 0 days 1,938 sqft
    2020-12-01 0 days 1,788 sqft
    2021-01-01 0 days 1,800 sqft
    2021-02-01 0 days 1,798 sqft
    2021-03-01 0 days 1,791 sqft
    2021-04-01 0 days 1,813 sqft
    2021-05-01 0 days 1,841 sqft
    2021-06-01 0 days 1,872 sqft
    2021-07-01 0 days 1,883 sqft
    2021-08-01 0 days 1,852 sqft
    2021-09-01 0 days 1,833 sqft
    2021-10-01 0 days 1,794 sqft
    2021-11-01 0 days 1,841 sqft
    2021-12-01 0 days 1,836 sqft
    2022-01-01 0 days 1,841 sqft
    2022-02-01 0 days 1,885 sqft
    2022-03-01 0 days 1,883 sqft
    2022-04-01 0 days 1,903 sqft
    Harrisonburg's median listing age (time on market) for 2022-04-01 was 0 days.

    Harrisonburg's median square footage for active listings during the 2022-04-01 period was 1,903 sqft. One year prior, the average listing was 1,813 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).