Harrisonburg FHA Loans
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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.