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%.

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).