Harrisonburg FHA Loan Rates, Closing Costs & Stats

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 62 lenders originated 312 FHA loans during 2022. The total origination value was $114,630,000, with an average FHA loan value of $367,404.

    Harrisonburg FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Harrisonburg averaged -0.34% for the week of 2023-11-24, compared to the national average (all FHA variants) of 0% for the same period.

    Harrisonburg's average FHA mortgage closing costs are $7,285.

    The average rate for the prior week (2023-11-17) was 6.65% and one month ago for the week of 2023-10-20, the average rate was 6.76%.

    The average rate one year ago was 6.09%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.31%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Integrity Home Mortgage Corp 36 4.96% $9,727
    NVR Mortgage Finance, Inc. 29 4.09% $12,323
    QUICKEN LOANS, LLC 23 4.89% $9,779
    F & M BANK CORP. 21 4.83% $8,004
    MOVEMENT MORTGAGE, LLC 17 4.93% $8,817
    MYCUMORTGAGE, LLC 15 4.40% $6,811
    CBM Mortgage, Inc. 14 5.31% $9,508
    PRIMARY RESIDENTIAL MORTGAGE, INC. 13 4.97% $11,345
    TIDEWATER MORTGAGE SERVICES, INC. 12 5.54% $9,537
    HOMESPIRE MORTGAGE CORPORATION 8 6.36% $12,436
    UNION HOME MORTGAGE CORP. 7 4.93% $11,027
    C & F Mortgage Corporation 7 5.39% $7,582
    UNITED WHOLESALE MORTGAGE, LLC 6 4.54% $11,066
    Mr. Cooper ( Nationstar Mortgage ) 5 4.73% $9,670
    NATIONS RELIABLE LENDING, LLC 5 3.08% $8,004
    LOANDEPOT.COM, LLC 4 4.90% $8,949
    Alcova Mortgage LLC 4 5.34% $5,247
    RELIANCE FIRST CAPITAL, LLC 3 3.92% $13,924
    FINANCE OF AMERICA MORTGAGE LLC 3 4.92% $9,557
    Member Options, LLC 3 5.33% $7,599
    George Mason Mortgage, LLC 3 4.62% $9,586
    Atlantic Coast Mortgage, LLC 3 5.46% $10,547
    Acre Mortgage and Financial Inc 2 6.38% $19,090
    Prosperity Home Mortgage, LLC 2 5.31% $7,013
    VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.56% $13,956
    Bank of England 2 4.19% $7,659
    PENNYMAC LOAN SERVICES, LLC 2 4.25% $7,530
    Carrington Mortgage Services, LLC 2 4.63% $8,082
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.25% $12,095
    AMERISAVE MORTGAGE CORPORATION 2 4.19% $9,923
    CROSSCOUNTRY MORTGAGE, LLC 2 4.81% $15,046
    LAKEVIEW LOAN SERVICING, LLC 2 3.50% $3,591
    Blue Ridge Bank 2 5.25% $11,950
    SOVEREIGN LENDING GROUP INCORPORATED 2 5.00% $10,887
    FREEDOM MORTGAGE CORPORATION 2 3.62% $7,416
    Wyndham Capital Mortgage, Inc. 1 6.75% $10,541
    ARC HOME LLC 1 5.50% $11,365
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 4.50% $9,080
    BROKER SOLUTIONS, INC. 1 5.13% $6,904
    CALIBER HOME LOANS, INC. 1 4.75% $8,698
    CARDINAL FINANCIAL 1 6.75% $9,717
    Century Mortgage Company DBA Century Lending Company 1 5.75% $10,018
    Citizens Bank 1 5.00% $13,675
    CMG MORTGAGE, INC. 1 4.63% $9,164
    Evolve Bank & Trust 1 5.25% $13,356
    FIRST HERITAGE FINANCIAL, LLC 1 4.75% $5,856
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.25% $10,365
    HOME POINT FINANCIAL CORPORATION 1 5.49% $10,740
    HOMESIDE FINANCIAL, LLC 1 4.38% $9,497
    LOANLEADERS OF AMERICA, INC. 1 5.63% $17,302
    MCLEAN MORTGAGE CORPORATION 1 6.00% $8,686
    Mortgage Research Center, LLC 1 5.88% $5,402
    M&T Bank 1 6.25% $8,728
    NBKC BANK 1 4.50% $6,098
    NEWREZ LLC 1 3.75% $7,195
    Paramount Bank 1 5.75% $7,430
    PLANET HOME LENDING, LLC 1 3.75% $9,485
    RANLIFE, INC. 1 5.13% $9,914
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $16,877
    Truist 1 5.13% $9,401
    VILLAGE CAPITAL MORTGAGE 1 3.25% $3,515
    1ST PREFERENCE MORTGAGE CORP. 1 3.75% $5,202

    The top Harrisonburg FHA lender as defined by loan originations is Integrity Home Mortgage Corp, with 36 FHA loans originated. Their average total fees are $9,727, which is $2,596 lower than the next largest lender, NVR Mortgage Finance, Inc..

    The lowest fee Harrisonburg FHA lenders (with over 10 loans originated) are MYCUMORTGAGE, LLC ($6,811), F & M BANK CORP. ($8,004), MOVEMENT MORTGAGE, LLC ($8,817), CBM Mortgage, Inc. ($9,508) and TIDEWATER MORTGAGE SERVICES, INC. ($9,537).

    The lowest rate Harrisonburg FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (4.09%), MYCUMORTGAGE, LLC (4.40%), F & M BANK CORP. (4.83%), QUICKEN LOANS, LLC (4.89%) and MOVEMENT MORTGAGE, LLC (4.93%).

    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 $320,975 (8.4%) $429,634 (-8.4%) 0.00 160
    2020-10-01 $307,450 (5.4%) $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 (0.5%) 0.00 151
    2021-10-01 $314,950 (2.4%) $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 $348,000 (4.9%) $436,543 (-8.7%) 0.00 146
    2022-12-01 $339,000 (3.4%) $437,556 (-6.4%) 0.00 136
    2023-01-01 $348,450 (1.0%) $439,764 (-2.5%) 0.00 130
    2023-02-01 $349,900 (1.0%) $434,814 (-5.1%) 0.00 117
    2023-03-01 $348,950 (0.7%) $433,019 (0.4%) 0.00 119
    2023-04-01 $362,495 (3.9%) $449,558 (3.5%) 0.00 125
    2023-05-01 $357,495 (8.8%) $447,570 (8.9%) 0.00 130
    2023-06-01 $377,448 (9.0%) $454,399 (11.0%) 0.00 140
    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
    Harrisonburg's median listing price for 2023-10-01 was $380,995, a difference of $48,995 (14.8%) versus the prior year and $-2,500 versus the prior month.

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

    Harrisonburg's average listing price for 2023-10-01 was $481,296, a difference of $35,999 (8.1%) versus the prior year and $1,912 versus the prior month.

    For the 2023-10-01 period, Harrisonburg had 215 MLS listings, a difference of 12 listings (6%) versus the prior month and 64 listings (42%) 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 2,067 sqft
    2020-10-01 0 days 1,896 sqft
    2020-11-01 0 days 1,850 sqft
    2020-12-01 0 days 1,769 sqft
    2021-01-01 0 days 1,795 sqft
    2021-02-01 0 days 1,772 sqft
    2021-03-01 0 days 1,759 sqft
    2021-04-01 0 days 1,770 sqft
    2021-05-01 0 days 1,831 sqft
    2021-06-01 0 days 1,841 sqft
    2021-07-01 0 days 1,841 sqft
    2021-08-01 0 days 1,834 sqft
    2021-09-01 0 days 1,816 sqft
    2021-10-01 0 days 1,738 sqft
    2021-11-01 0 days 1,835 sqft
    2021-12-01 0 days 1,771 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 1,860 sqft
    2022-05-01 0 days 1,680 sqft
    2022-06-01 0 days 1,795 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 1,908 sqft
    2022-12-01 0 days 1,848 sqft
    2023-01-01 0 days 1,870 sqft
    2023-02-01 0 days 1,866 sqft
    2023-03-01 0 days 1,796 sqft
    2023-04-01 0 days 1,854 sqft
    2023-05-01 0 days 1,816 sqft
    2023-06-01 0 days 1,968 sqft
    2023-07-01 0 days 1,947 sqft
    2023-08-01 0 days 1,994 sqft
    2023-09-01 0 days 1,947 sqft
    2023-10-01 0 days 1,950 sqft
    Harrisonburg's median listing age (time on market) for 2023-10-01 was 0 days.

    Harrisonburg's median square footage for active listings during the 2023-10-01 period was 1,950 sqft. One year prior, the average listing was 1,908 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).