Lynchburg FHA Loan Rates, Closing Costs & Stats
LYNCHBURG, 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.
Lynchburg's 99 lenders originated 820 FHA loans during 2022. The total origination value was $162,730,000, with an average FHA loan value of $198,451.
Lynchburg FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Lynchburg
averaged
-0.58%
for the week of 2023-11-24, compared to the national average (all FHA variants) of
0% for the same period.
Lynchburg's average FHA mortgage closing costs are $6,748.
The average rate for the prior week (2023-11-17) was
6.71% and
one month ago for the week of 2023-10-20, the
average rate was 6.92%.
The average rate one year ago was 6.14%.
For refis of the same type during the week of 2023-11-24, the average rate
was -0.91%.
Lynchburg 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 Lynchburg level.
The top Lynchburg FHA lender as defined by loan originations is MOVEMENT MORTGAGE, LLC, with
86 FHA loans originated. Their average total fees are
$8,199, which is $120
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Lynchburg FHA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($5,306), ROUNDPOINT MORTGAGE SERVICING CORPORATION ($6,413), Alcova Mortgage LLC ($6,553), Citizens Bank ($7,075) and APEX HOME LOANS, INC. ($7,111).
The lowest rate Lynchburg FHA lenders (with over 10 loans originated) are
AMERICAN FINANCIAL RESOURCES, INC. (4.00%), LAKEVIEW LOAN SERVICING, LLC (4.03%), APEX HOME LOANS, INC. (4.26%), UNITED WHOLESALE MORTGAGE, LLC (4.30%) and Renasant Bank (4.33%).
Lynchburg FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
LYNCHBURG, VA | AMHERST | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LYNCHBURG, VA | APPOMATTOX | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LYNCHBURG, VA | BEDFORD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LYNCHBURG, VA | CAMPBELL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LYNCHBURG, VA | LYNCHBURG CITY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
LYNCHBURG, VA | AMHERST | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
LYNCHBURG, VA | APPOMATTOX | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
LYNCHBURG, VA | BEDFORD | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
LYNCHBURG, VA | CAMPBELL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
LYNCHBURG, VA | LYNCHBURG CITY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Lynchburg (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 | $219,900 (15.8%) | $285,047 (10.3%) | 0.82 | 996 |
2018-02-01 | $221,950 (13.9%) | $283,114 (7.2%) | 0.81 | 990 |
2018-03-01 | $229,900 (15.0%) | $289,980 (6.3%) | 0.81 | 1,064 |
2018-04-01 | $232,950 (16.5%) | $293,485 (8.3%) | 0.79 | 1,118 |
2018-05-01 | $135,450 (-35.5%) | $213,020 (-23.0%) | 0.45 | 2,092 |
2018-06-01 | $137,900 (-34.2%) | $214,915 (-21.8%) | 0.46 | 2,179 |
2018-07-01 | $137,225 (-33.0%) | $212,978 (-23.0%) | 0.46 | 2,215 |
2018-08-01 | $134,900 (-35.8%) | $210,350 (-24.8%) | 0.45 | 2,207 |
2018-09-01 | $134,883 (-40.0%) | $207,917 (-28.0%) | 0.45 | 2,259 |
2018-10-01 | $129,950 (-40.9%) | $204,453 (-29.0%) | 0.44 | 2,240 |
2018-11-01 | $125,000 (-43.2%) | $199,731 (-29.7%) | 0.42 | 2,206 |
2018-12-01 | $119,900 (-45.5%) | $193,661 (-31.3%) | 0.41 | 2,097 |
2019-01-01 | $119,124 (-45.8%) | $192,284 (-32.5%) | 0.41 | 1,915 |
2019-02-01 | $112,450 (-49.3%) | $191,025 (-32.5%) | 0.38 | 1,878 |
2019-03-01 | $167,136 (-27.3%) | $235,988 (-18.6%) | 0.55 | 1,481 |
2019-04-01 | $239,913 (3.0%) | $296,903 (1.2%) | 0.76 | 981 |
2019-05-01 | $241,475 (78.3%) | $302,943 (42.2%) | 0.75 | 993 |
2019-06-01 | $239,900 (74.0%) | $306,638 (42.7%) | 0.75 | 991 |
2019-07-01 | $241,200 (75.8%) | $311,116 (46.1%) | 0.76 | 998 |
2019-08-01 | $241,973 (79.4%) | $319,417 (51.9%) | 0.77 | 1,007 |
2019-09-01 | $246,432 (82.7%) | $333,129 (60.2%) | 0.79 | 1,019 |
2019-10-01 | $244,405 (88.1%) | $337,182 (64.9%) | 0.79 | 1,026 |
2019-11-01 | $235,000 (88.0%) | $334,357 (67.4%) | 0.77 | 990 |
2019-12-01 | $230,750 (92.5%) | $302,603 (56.3%) | 0.77 | 904 |
2020-01-01 | $238,800 (100.5%) | $305,099 (58.7%) | 0.80 | 820 |
2020-02-01 | $249,500 (121.9%) | $312,731 (63.7%) | 0.82 | 771 |
2020-03-01 | $252,450 (51.0%) | $321,585 (36.3%) | 0.79 | 764 |
2020-04-01 | $253,925 (5.8%) | $326,605 (10.0%) | 0.80 | 782 |
2020-05-01 | $255,000 (5.6%) | $337,205 (11.3%) | 0.78 | 684 |
2020-06-01 | $266,150 (10.9%) | $350,866 (14.4%) | 0.78 | 621 |
2020-07-01 | $261,950 (8.6%) | $404,291 (30.0%) | 0.76 | 579 |
2020-08-01 | $259,900 (7.4%) | $407,743 (27.7%) | 0.74 | 553 |
2020-09-01 | $259,000 (5.1%) | $400,536 (20.2%) | 0.74 | 551 |
2020-10-01 | $249,450 (2.1%) | $406,541 (20.6%) | 0.71 | 557 |
2020-11-01 | $249,900 (6.3%) | $409,298 (22.4%) | 0.73 | 544 |
2020-12-01 | $244,900 (6.1%) | $421,923 (39.4%) | 0.73 | 493 |
2021-01-01 | $249,900 (4.7%) | $438,230 (43.6%) | 0.75 | 412 |
2021-02-01 | $253,450 (1.6%) | $475,270 (52.0%) | 0.74 | 338 |
2021-03-01 | $257,400 (2.0%) | $472,960 (47.1%) | 0.73 | 352 |
2021-04-01 | $277,325 (9.2%) | $507,128 (55.3%) | 0.75 | 332 |
2021-05-01 | $274,950 (7.8%) | $464,859 (37.9%) | 0.73 | 343 |
2021-06-01 | $287,400 (8.0%) | $468,050 (33.4%) | 0.76 | 366 |
2021-07-01 | $279,900 (6.9%) | $445,862 (10.3%) | 0.74 | 434 |
2021-08-01 | $277,675 (6.8%) | $439,546 (7.8%) | 0.74 | 448 |
2021-09-01 | $290,550 (12.2%) | $450,514 (12.5%) | 0.77 | 457 |
2021-10-01 | $289,900 (16.2%) | $447,683 (10.1%) | 0.77 | 445 |
2021-11-01 | $293,750 (17.6%) | $455,259 (11.2%) | 0.79 | 391 |
2021-12-01 | $289,900 (18.4%) | $402,527 (-4.6%) | 0.79 | 337 |
2022-01-01 | $284,900 (14.0%) | $355,839 (-18.8%) | 0.77 | 279 |
2022-02-01 | $297,000 (17.2%) | $363,157 (-23.6%) | 0.77 | 266 |
2022-03-01 | $322,425 (25.3%) | $387,139 (-18.2%) | 0.81 | 263 |
2022-04-01 | $322,250 (16.2%) | $385,730 (-23.9%) | 0.77 | 261 |
2022-05-01 | $327,450 (19.1%) | $394,110 (-15.2%) | 0.75 | 325 |
2022-06-01 | $332,200 (15.6%) | $395,473 (-15.5%) | 0.74 | 390 |
2022-07-01 | $329,900 (17.9%) | $411,205 (-7.8%) | 0.74 | 461 |
2022-08-01 | $334,450 (20.5%) | $412,288 (-6.2%) | 0.77 | 459 |
2022-09-01 | $317,500 (9.3%) | $401,469 (-10.9%) | 0.74 | 435 |
2022-10-01 | $329,900 (13.8%) | $409,913 (-8.4%) | 0.78 | 428 |
2022-11-01 | $336,975 (14.7%) | $418,283 (-8.1%) | 0.81 | 435 |
2022-12-01 | $329,000 (13.5%) | $401,261 (-0.3%) | 0.81 | 396 |
2023-01-01 | $324,625 (13.9%) | $398,902 (12.1%) | 0.80 | 370 |
2023-02-01 | $329,913 (11.1%) | $406,740 (12.0%) | 0.80 | 334 |
2023-03-01 | $339,450 (5.3%) | $418,526 (8.1%) | 0.80 | 347 |
2023-04-01 | $334,900 (3.9%) | $420,821 (9.1%) | 0.78 | 378 |
2023-05-01 | $329,500 (0.6%) | $431,384 (9.5%) | 0.75 | 401 |
2023-06-01 | $348,650 (5.0%) | $457,478 (15.7%) | 0.78 | 419 |
2023-07-01 | $349,250 (5.9%) | $456,974 (11.1%) | 0.79 | 449 |
2023-08-01 | $349,350 (4.5%) | $462,692 (12.2%) | 0.80 | 514 |
2023-09-01 | $332,450 (4.7%) | $443,546 (10.5%) | 0.77 | 506 |
2023-10-01 | $339,450 (2.9%) | $436,305 (6.4%) | 0.80 | 552 |
Lynchburg's median listing price comes in at 80% of the national average.
Lynchburg's average listing price for 2023-10-01 was $436,305, a difference of $26,392 (6.4%) versus the prior year and $-7,241 versus the prior month.
For the 2023-10-01 period, Lynchburg had 552 MLS listings, a difference of 46 listings (9%) versus the prior month and 124 listings (29%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Lynchburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 93 days | 1,973 sqft |
2018-02-01 | 86 days | 1,976 sqft |
2018-03-01 | 65 days | 1,992 sqft |
2018-04-01 | 56 days | 2,023 sqft |
2018-05-01 | 78 days | 2,052 sqft |
2018-06-01 | 82 days | 2,091 sqft |
2018-07-01 | 86 days | 2,054 sqft |
2018-08-01 | 86 days | 2,017 sqft |
2018-09-01 | 88 days | 2,010 sqft |
2018-10-01 | 89 days | 1,990 sqft |
2018-11-01 | 94 days | 1,951 sqft |
2018-12-01 | 110 days | 1,930 sqft |
2019-01-01 | 115 days | 1,956 sqft |
2019-02-01 | 116 days | 1,960 sqft |
2019-03-01 | 90 days | 1,998 sqft |
2019-04-01 | 55 days | 2,016 sqft |
2019-05-01 | 55 days | 2,002 sqft |
2019-06-01 | 57 days | 2,072 sqft |
2019-07-01 | 62 days | 2,109 sqft |
2019-08-01 | 64 days | 2,082 sqft |
2019-09-01 | 66 days | 2,054 sqft |
2019-10-01 | 67 days | 2,024 sqft |
2019-11-01 | 74 days | 1,988 sqft |
2019-12-01 | 82 days | 1,958 sqft |
2020-01-01 | 88 days | 1,959 sqft |
2020-02-01 | 76 days | 1,971 sqft |
2020-03-01 | 57 days | 1,986 sqft |
2020-04-01 | 59 days | 1,992 sqft |
2020-05-01 | 66 days | 2,010 sqft |
2020-06-01 | 64 days | 2,097 sqft |
2020-07-01 | 58 days | 2,094 sqft |
2020-08-01 | 52 days | 2,088 sqft |
2020-09-01 | 53 days | 2,035 sqft |
2020-10-01 | 52 days | 1,890 sqft |
2020-11-01 | 60 days | 1,907 sqft |
2020-12-01 | 65 days | 1,861 sqft |
2021-01-01 | 72 days | 1,844 sqft |
2021-02-01 | 69 days | 1,850 sqft |
2021-03-01 | 47 days | 1,842 sqft |
2021-04-01 | 43 days | 1,888 sqft |
2021-05-01 | 43 days | 1,875 sqft |
2021-06-01 | 41 days | 1,892 sqft |
2021-07-01 | 38 days | 1,880 sqft |
2021-08-01 | 42 days | 1,932 sqft |
2021-09-01 | 42 days | 1,899 sqft |
2021-10-01 | 46 days | 1,881 sqft |
2021-11-01 | 51 days | 1,878 sqft |
2021-12-01 | 58 days | 1,795 sqft |
2022-01-01 | 61 days | 1,747 sqft |
2022-02-01 | 46 days | 1,752 sqft |
2022-03-01 | 37 days | 1,862 sqft |
2022-04-01 | 37 days | 1,850 sqft |
2022-05-01 | 33 days | 1,895 sqft |
2022-06-01 | 32 days | 1,948 sqft |
2022-07-01 | 38 days | 1,950 sqft |
2022-08-01 | 49 days | 1,930 sqft |
2022-09-01 | 51 days | 1,852 sqft |
2022-10-01 | 51 days | 1,817 sqft |
2022-11-01 | 51 days | 1,872 sqft |
2022-12-01 | 61 days | 1,800 sqft |
2023-01-01 | 61 days | 1,792 sqft |
2023-02-01 | 44 days | 1,733 sqft |
2023-03-01 | 44 days | 1,817 sqft |
2023-04-01 | 38 days | 1,800 sqft |
2023-05-01 | 40 days | 1,764 sqft |
2023-06-01 | 47 days | 1,898 sqft |
2023-07-01 | 42 days | 1,870 sqft |
2023-08-01 | 41 days | 1,874 sqft |
2023-09-01 | 50 days | 1,895 sqft |
2023-10-01 | 46 days | 1,881 sqft |
Lynchburg's median square footage for active listings during the 2023-10-01 period was 1,881 sqft. One year prior, the average listing was 1,817 sqft.