Lynchburg FHA Loan Rates, Closing Costs & Stats

LYNCHBURG, 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.

    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%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    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.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    MOVEMENT MORTGAGE, LLC 86 4.97% $8,199
    QUICKEN LOANS, LLC 79 4.46% $8,079
    EMBRACE HOME LOANS, INC. 76 4.86% $8,098
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 46 5.25% $8,879
    NATION ONE MORTGAGE CORPORATION 43 5.17% $10,307
    THRIVE MORTGAGE, LLC 28 5.59% $8,746
    Alcova Mortgage LLC 27 5.73% $6,553
    CARDINAL FINANCIAL 19 4.79% $8,829
    UNITED WHOLESALE MORTGAGE, LLC 18 4.30% $8,216
    Integrity Home Mortgage Corp 15 5.52% $9,445
    FREEDOM MORTGAGE CORPORATION 15 5.24% $8,594
    Citizens Bank 15 4.98% $7,075
    AMERICAN FINANCIAL RESOURCES, INC. 14 4.00% $10,179
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 12 4.36% $6,413
    APEX HOME LOANS, INC. 12 4.26% $7,111
    LOANDEPOT.COM, LLC 12 5.36% $8,439
    LAKEVIEW LOAN SERVICING, LLC 11 4.03% $5,306
    Renasant Bank 10 4.33% $9,113
    CALIBER HOME LOANS, INC. 10 4.91% $8,185
    VANDERBILT MORTGAGE AND FINANCE, INC. 9 5.57% $12,363
    MCLEAN MORTGAGE CORPORATION 8 5.37% $7,444
    Nations Lending Corporation 7 5.32% $10,836
    Flagstar Bank, FSB 7 4.50% $8,402
    HOME POINT FINANCIAL CORPORATION 7 4.82% $8,914
    PENNYMAC LOAN SERVICES, LLC 7 4.50% $11,521
    OVM FINANCIAL, INC. 7 5.07% $7,898
    Atlantic Union Bank 6 5.90% $8,500
    AMERISAVE MORTGAGE CORPORATION 6 4.63% $11,795
    Assurance Financial Group, L.L.C. 6 4.83% $9,838
    BROKER SOLUTIONS, INC. 6 5.98% $9,931
    Paramount Residential Mortgage Group, Inc. 6 5.29% $8,950
    Prosperity Home Mortgage, LLC 6 4.85% $7,153
    UNION HOME MORTGAGE CORP. 6 5.29% $9,661
    EMM LOANS LLC 5 5.53% $8,849
    NFM, INC. 5 5.30% $6,959
    Mr. Cooper ( Nationstar Mortgage ) 5 4.70% $11,095
    Carrington Mortgage Services, LLC 5 5.08% $10,896
    AMERICAN FINANCING CORPORATION 4 4.38% $8,534
    Blue Ridge Bank 4 4.87% $8,219
    Truist 4 4.95% $5,270
    NEWREZ LLC 4 4.65% $7,749
    Mortgage Research Center, LLC 3 6.12% $6,433
    PLANET HOME LENDING, LLC 3 4.71% $10,335
    Waterstone Mortgage Corporation 3 4.83% $9,998
    GUARANTEED RATE, INC. 3 5.96% $9,401
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.94% $8,516
    TIDEWATER MORTGAGE SERVICES, INC. 2 4.25% $10,100
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.06% $7,094
    NVR Mortgage Finance, Inc. 2 5.00% $13,167
    VILLAGE CAPITAL MORTGAGE 2 3.88% $10,621
    Lakeview Community Capital, LLC 2 3.75% $6,058
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.75% $8,775
    Peoples Bank 2 5.00% $11,393
    HOMESIDE FINANCIAL, LLC 2 5.94% $11,452
    PLAZA HOME MORTGAGE, INC. 2 5.88% $6,963
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 5.44% $7,362
    C & F Mortgage Corporation 2 5.75% $10,909
    Wells Fargo Bank 2 4.63% $4,830
    Atlantic Coast Mortgage, LLC 2 6.19% $7,164
    RELIANCE FIRST CAPITAL, LLC 2 4.50% $12,292
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 4.87% $10,026
    SUN WEST MORTGAGE COMPANY, INC. 2 5.62% $9,077
    MUTUAL OF OMAHA MORTGAGE, INC. 2 4.06% $7,907
    F & M BANK CORP. 1 5.88% $6,361
    UNITED MORTGAGE CORP 1 4.25% $9,654
    ALLIED MORTGAGE GROUP, INC. 1 6.13% $8,526
    VILLAGE BANK MORTGAGE CORPORATION 1 4.38% $6,300
    FIDELITY DIRECT MORTGAGE, LLC 1 2.75% $11,253
    First Guaranty Mortgage Corporation 1 4.63% $9,120
    ZILLOW HOME LOANS, LLC 1 5.00% $9,026
    Equity Prime Mortgage LLC 1 7.50% $20,104
    George Mason Mortgage, LLC 1 4.49% $10,297
    GoPrime Mortgage, Inc. 1 5.25% $7,918
    GSF Mortgage Corporation 1 4.13% $9,464
    HOMESPIRE MORTGAGE CORPORATION 1 7.13% $13,182
    Hometown Lenders, Inc. 1 5.12% $9,773
    CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $6,726
    Ixonia Bank 1 6.75% $17,651
    JPMorgan Chase Bank 1 4.99% $5,050
    Kwik Mortgage Corporation 1 3.75% $9,150
    Commerce Home Mortgage, Inc. 1 4.63% $7,222
    CMG MORTGAGE, INC. 1 5.50% $10,613
    Magnolia Bank 1 4.38% $7,800
    CityWorth Mortgage LLC 1 5.63% $10,855
    MID AMERICA MORTGAGE, INC. 1 7.25% $24,600
    MILEND, INC. 1 5.25% $13,428
    MORIA DEVELOPMENT, INC. 1 5.63% $9,894
    M&T Bank 1 6.25% $7,636
    NETWORK CAPITAL FUNDING CORPORATION 1 5.13% $10,168
    Bank of England 1 6.63% $11,041
    Bank of America 1 3.25% $2,194
    PHH Mortgage Corporation 1 4.00% $11,938
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.99% $9,186
    Princeton Mortgage Corporation 1 4.38% $5,098
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.13% $9,255
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.75% $8,791
    The Central Trust Bank 1 5.63% $12,399
    The Federal Savings Bank 1 5.50% $6,937
    TOTAL MORTGAGE SERVICES, LLC 1 3.88% $19,466

    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. Louis
    Date 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 for 2023-10-01 was $339,450, a difference of $9,550 (2.9%) versus the prior year and $7,000 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2023-10-01 was 46 days. This is -10% shorter than the same period one year ago.

    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.

    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).