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 101 lenders originated 834 FHA loans during 2023. The total origination value was $187,330,000, with an average FHA loan value of $224,616.
Lynchburg FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Lynchburg
averaged
6.22%
for the week of 2024-12-13, compared to the national average (all FHA variants) of
6.277% for the same period.
Lynchburg's average FHA mortgage closing costs are $7,237.
The average rate for the prior week (2024-12-06) was
6.29% and
one month ago for the week of 2024-11-08, the
average rate was 6.45%.
The average rate one year ago was 7.06%.
For refis of the same type during the week of 2024-12-13, the average rate
was 6.97%.
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 QUICKEN LOANS, LLC, with
113 FHA loans originated. Their average total fees are
$9,951, which is $599
higher than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Lynchburg FHA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($6,559), MOVEMENT MORTGAGE, LLC ($9,353), QUICKEN LOANS, LLC ($9,951), EMBRACE HOME LOANS, INC. ($9,980) and Integrity Home Mortgage Corp ($10,098).
The lowest rate Lynchburg FHA lenders (with over 10 loans originated) are
UNITED WHOLESALE MORTGAGE, LLC (6.06%), QUICKEN LOANS, LLC (6.21%), CARDINAL FINANCIAL (6.39%), Atlantic Coast Mortgage, LLC (6.47%) and CALIBER HOME LOANS, INC. (6.57%).
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 (14.0%) | $283,114 (7.2%) | 0.81 | 990 |
2018-03-01 | $229,900 (15.0%) | $289,916 (6.3%) | 0.81 | 1,065 |
2018-04-01 | $232,700 (16.4%) | $293,423 (8.3%) | 0.79 | 1,119 |
2018-05-01 | $138,800 (-33.9%) | $214,187 (-22.6%) | 0.46 | 2,080 |
2018-06-01 | $139,900 (-33.2%) | $216,018 (-21.4%) | 0.47 | 2,164 |
2018-07-01 | $139,450 (-32.0%) | $214,095 (-22.6%) | 0.47 | 2,199 |
2018-08-01 | $136,250 (-35.1%) | $211,025 (-24.6%) | 0.46 | 2,190 |
2018-09-01 | $134,925 (-40.0%) | $208,440 (-27.9%) | 0.45 | 2,241 |
2018-10-01 | $132,125 (-39.9%) | $205,276 (-28.7%) | 0.45 | 2,219 |
2018-11-01 | $127,500 (-42.0%) | $200,669 (-29.4%) | 0.43 | 2,182 |
2018-12-01 | $119,950 (-45.5%) | $194,361 (-31.1%) | 0.41 | 2,078 |
2019-01-01 | $119,900 (-45.5%) | $192,948 (-32.3%) | 0.41 | 1,898 |
2019-02-01 | $115,225 (-48.1%) | $191,941 (-32.2%) | 0.39 | 1,859 |
2019-03-01 | $168,386 (-26.8%) | $236,713 (-18.4%) | 0.55 | 1,470 |
2019-04-01 | $239,913 (3.1%) | $296,802 (1.2%) | 0.76 | 980 |
2019-05-01 | $241,475 (74.0%) | $302,782 (41.4%) | 0.75 | 991 |
2019-06-01 | $239,900 (71.5%) | $306,485 (41.9%) | 0.75 | 989 |
2019-07-01 | $241,200 (73.0%) | $310,959 (45.2%) | 0.76 | 996 |
2019-08-01 | $241,973 (77.6%) | $319,339 (51.3%) | 0.77 | 1,006 |
2019-09-01 | $246,432 (82.6%) | $333,173 (59.8%) | 0.79 | 1,017 |
2019-10-01 | $244,405 (85.0%) | $337,067 (64.2%) | 0.79 | 1,025 |
2019-11-01 | $235,000 (84.3%) | $333,901 (66.4%) | 0.77 | 989 |
2019-12-01 | $230,750 (92.4%) | $302,138 (55.5%) | 0.77 | 903 |
2020-01-01 | $238,800 (99.2%) | $304,595 (57.9%) | 0.80 | 818 |
2020-02-01 | $249,500 (116.5%) | $312,072 (62.6%) | 0.82 | 770 |
2020-03-01 | $252,450 (49.9%) | $321,029 (35.6%) | 0.79 | 763 |
2020-04-01 | $253,400 (5.6%) | $325,967 (9.8%) | 0.79 | 781 |
2020-05-01 | $255,000 (5.6%) | $336,538 (11.2%) | 0.78 | 683 |
2020-06-01 | $266,150 (10.9%) | $350,179 (14.3%) | 0.78 | 620 |
2020-07-01 | $261,950 (8.6%) | $404,081 (30.0%) | 0.76 | 578 |
2020-08-01 | $259,900 (7.4%) | $407,743 (27.7%) | 0.74 | 553 |
2020-09-01 | $259,000 (5.1%) | $400,737 (20.3%) | 0.74 | 550 |
2020-10-01 | $249,000 (1.9%) | $406,716 (20.7%) | 0.71 | 556 |
2020-11-01 | $249,900 (6.3%) | $409,487 (22.6%) | 0.73 | 544 |
2020-12-01 | $244,913 (6.1%) | $421,895 (39.6%) | 0.73 | 495 |
2021-01-01 | $249,900 (4.7%) | $438,160 (43.9%) | 0.75 | 413 |
2021-02-01 | $256,150 (2.7%) | $474,912 (52.2%) | 0.75 | 338 |
2021-03-01 | $257,400 (2.0%) | $473,087 (47.4%) | 0.73 | 352 |
2021-04-01 | $277,325 (9.4%) | $507,128 (55.6%) | 0.75 | 332 |
2021-05-01 | $274,975 (7.8%) | $464,859 (38.1%) | 0.73 | 343 |
2021-06-01 | $288,650 (8.5%) | $469,332 (34.0%) | 0.76 | 367 |
2021-07-01 | $279,900 (6.9%) | $448,163 (10.9%) | 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 (12.4%) | 0.77 | 457 |
2021-10-01 | $289,900 (16.4%) | $447,457 (10.0%) | 0.77 | 445 |
2021-11-01 | $295,350 (18.2%) | $454,990 (11.1%) | 0.79 | 392 |
2021-12-01 | $289,900 (18.4%) | $402,412 (-4.6%) | 0.79 | 338 |
2022-01-01 | $284,900 (14.0%) | $355,839 (-18.8%) | 0.77 | 279 |
2022-02-01 | $297,000 (16.0%) | $363,157 (-23.5%) | 0.77 | 266 |
2022-03-01 | $322,450 (25.3%) | $387,313 (-18.1%) | 0.81 | 264 |
2022-04-01 | $324,988 (17.2%) | $387,493 (-23.6%) | 0.77 | 266 |
2022-05-01 | $329,675 (19.9%) | $395,404 (-14.9%) | 0.75 | 330 |
2022-06-01 | $334,575 (15.9%) | $396,615 (-15.5%) | 0.75 | 395 |
2022-07-01 | $330,000 (17.9%) | $411,383 (-8.2%) | 0.74 | 460 |
2022-08-01 | $334,450 (20.5%) | $412,731 (-6.1%) | 0.77 | 457 |
2022-09-01 | $317,450 (9.3%) | $401,510 (-10.9%) | 0.74 | 435 |
2022-10-01 | $329,900 (13.8%) | $409,964 (-8.4%) | 0.78 | 428 |
2022-11-01 | $336,975 (14.1%) | $418,160 (-8.1%) | 0.81 | 437 |
2022-12-01 | $329,000 (13.5%) | $401,317 (-0.3%) | 0.81 | 396 |
2023-01-01 | $323,500 (13.6%) | $399,877 (12.4%) | 0.80 | 369 |
2023-02-01 | $329,913 (11.1%) | $406,774 (12.0%) | 0.80 | 334 |
2023-03-01 | $339,450 (5.3%) | $418,526 (8.1%) | 0.80 | 348 |
2023-04-01 | $334,900 (3.1%) | $420,821 (8.6%) | 0.78 | 379 |
2023-05-01 | $329,500 (-0.1%) | $431,384 (9.1%) | 0.75 | 401 |
2023-06-01 | $348,650 (4.2%) | $457,478 (15.4%) | 0.78 | 419 |
2023-07-01 | $349,250 (5.8%) | $456,974 (11.1%) | 0.79 | 449 |
2023-08-01 | $349,350 (4.5%) | $462,692 (12.1%) | 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 |
2023-11-01 | $347,000 (3.0%) | $443,251 (6.0%) | 0.83 | 570 |
2023-12-01 | $339,900 (3.3%) | $441,167 (9.9%) | 0.83 | 538 |
2024-01-01 | $339,950 (5.1%) | $443,663 (11.0%) | 0.83 | 513 |
2024-02-01 | $334,475 (1.4%) | $430,428 (5.8%) | 0.81 | 512 |
2024-03-01 | $337,380 (-0.6%) | $439,389 (5.0%) | 0.79 | 518 |
2024-04-01 | $344,900 (3.0%) | $436,910 (3.8%) | 0.80 | 537 |
2024-05-01 | $354,900 (7.7%) | $449,539 (4.2%) | 0.80 | 622 |
2024-06-01 | $349,900 (0.4%) | $443,631 (-3.0%) | 0.79 | 686 |
2024-07-01 | $349,900 (0.2%) | $434,576 (-4.9%) | 0.80 | 708 |
2024-08-01 | $349,900 (0.2%) | $430,575 (-6.9%) | 0.81 | 693 |
2024-09-01 | $349,900 (5.3%) | $428,329 (-3.4%) | 0.82 | 715 |
2024-10-01 | $346,200 (2.0%) | $435,831 (-0.1%) | 0.81 | 690 |
2024-11-01 | $334,950 (-3.5%) | $426,768 (-3.7%) | 0.80 | 706 |
Lynchburg's median listing price comes in at 80% of the national average.
Lynchburg's average listing price for 2024-11-01 was $426,768, a difference of $-16,483 (-3.7%) versus the prior year and $-9,063 versus the prior month.
For the 2024-11-01 period, Lynchburg had 706 MLS listings, a difference of 16 listings (2%) versus the prior month and 136 listings (24%) 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 | 64 days | 1,990 sqft |
2018-04-01 | 56 days | 2,023 sqft |
2018-05-01 | 78 days | 2,049 sqft |
2018-06-01 | 82 days | 2,084 sqft |
2018-07-01 | 86 days | 2,051 sqft |
2018-08-01 | 86 days | 2,016 sqft |
2018-09-01 | 88 days | 2,005 sqft |
2018-10-01 | 89 days | 1,988 sqft |
2018-11-01 | 94 days | 1,947 sqft |
2018-12-01 | 110 days | 1,920 sqft |
2019-01-01 | 115 days | 1,953 sqft |
2019-02-01 | 116 days | 1,952 sqft |
2019-03-01 | 90 days | 1,992 sqft |
2019-04-01 | 55 days | 2,015 sqft |
2019-05-01 | 55 days | 2,001 sqft |
2019-06-01 | 57 days | 2,070 sqft |
2019-07-01 | 62 days | 2,109 sqft |
2019-08-01 | 64 days | 2,081 sqft |
2019-09-01 | 66 days | 2,052 sqft |
2019-10-01 | 67 days | 2,021 sqft |
2019-11-01 | 74 days | 1,984 sqft |
2019-12-01 | 82 days | 1,955 sqft |
2020-01-01 | 88 days | 1,959 sqft |
2020-02-01 | 75 days | 1,968 sqft |
2020-03-01 | 57 days | 1,984 sqft |
2020-04-01 | 59 days | 1,992 sqft |
2020-05-01 | 66 days | 2,001 sqft |
2020-06-01 | 64 days | 2,097 sqft |
2020-07-01 | 58 days | 2,095 sqft |
2020-08-01 | 52 days | 2,095 sqft |
2020-09-01 | 53 days | 2,042 sqft |
2020-10-01 | 51 days | 1,891 sqft |
2020-11-01 | 60 days | 1,909 sqft |
2020-12-01 | 65 days | 1,867 sqft |
2021-01-01 | 72 days | 1,850 sqft |
2021-02-01 | 69 days | 1,850 sqft |
2021-03-01 | 47 days | 1,841 sqft |
2021-04-01 | 43 days | 1,885 sqft |
2021-05-01 | 43 days | 1,872 sqft |
2021-06-01 | 41 days | 1,887 sqft |
2021-07-01 | 38 days | 1,880 sqft |
2021-08-01 | 42 days | 1,932 sqft |
2021-09-01 | 42 days | 1,896 sqft |
2021-10-01 | 46 days | 1,875 sqft |
2021-11-01 | 51 days | 1,873 sqft |
2021-12-01 | 58 days | 1,793 sqft |
2022-01-01 | 61 days | 1,730 sqft |
2022-02-01 | 46 days | 1,746 sqft |
2022-03-01 | 36 days | 1,870 sqft |
2022-04-01 | 37 days | 1,884 sqft |
2022-05-01 | 33 days | 1,913 sqft |
2022-06-01 | 33 days | 1,967 sqft |
2022-07-01 | 39 days | 1,962 sqft |
2022-08-01 | 49 days | 1,941 sqft |
2022-09-01 | 51 days | 1,852 sqft |
2022-10-01 | 51 days | 1,817 sqft |
2022-11-01 | 51 days | 1,871 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 | 1,763 sqft |
2023-06-01 | 47 days | 1,898 sqft |
2023-07-01 | 42 days | 1,857 sqft |
2023-08-01 | 41 days | 1,877 sqft |
2023-09-01 | 50 days | 1,895 sqft |
2023-10-01 | 46 days | 1,878 sqft |
2023-11-01 | 52 days | 1,865 sqft |
2023-12-01 | 60 days | 1,871 sqft |
2024-01-01 | 59 days | 1,832 sqft |
2024-02-01 | 50 days | 1,775 sqft |
2024-03-01 | 51 days | 1,784 sqft |
2024-04-01 | 47 days | 1,788 sqft |
2024-05-01 | 37 days | 1,853 sqft |
2024-06-01 | 40 days | 1,833 sqft |
2024-07-01 | 50 days | 1,840 sqft |
2024-08-01 | 52 days | 1,820 sqft |
2024-09-01 | 52 days | 1,800 sqft |
2024-10-01 | 54 days | 1,788 sqft |
2024-11-01 | 55 days | 1,725 sqft |
Lynchburg's median square footage for active listings during the 2024-11-01 period was 1,725 sqft. One year prior, the average listing was 1,865 sqft.