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
6.23%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Harrisonburg's average FHA mortgage closing costs are $7,823.
The average rate for the prior week (2024-10-04) was
5.65% and
one month ago for the week of 2024-09-06, the
average rate was 6.18%.
The average rate one year ago was 7.4%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.36%.
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.
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. LouisDate | 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 |
2024-05-01 | $373,625 (5.3%) | $476,046 (6.7%) | 0.00 | 185 |
2024-06-01 | $374,900 (-0.7%) | $480,360 (6.3%) | 0.00 | 175 |
2024-07-01 | $397,750 (4.0%) | $485,656 (7.6%) | 0.00 | 161 |
2024-08-01 | $395,000 (1.7%) | $482,532 (2.9%) | 0.00 | 176 |
2024-09-01 | $391,000 (2.0%) | $481,425 (0.4%) | 0.00 | 176 |
Harrisonburg's median listing price comes in at 0% of the national average.
Harrisonburg's average listing price for 2024-09-01 was $481,425, a difference of $2,041 (0.4%) versus the prior year and $-1,107 versus the prior month.
For the 2024-09-01 period, Harrisonburg had 176 MLS listings, a difference of 0 listings (0%) versus the prior month and -27 listings (-13%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Harrisonburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-05-01 | 0 days | 1,804 sqft |
2024-06-01 | 0 days | 1,792 sqft |
2024-07-01 | 0 days | 1,890 sqft |
2024-08-01 | 0 days | 1,886 sqft |
2024-09-01 | 0 days | 1,940 sqft |
Harrisonburg's median square footage for active listings during the 2024-09-01 period was 1,940 sqft. One year prior, the average listing was 1,947 sqft.