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 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 6.16% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.53% and one month ago for the week of 2024-10-04, the average rate was 5.75%.

    The average rate one year ago was 7.19%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.69%.

    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

    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).