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 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 6.63% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Lynchburg's average FHA mortgage closing costs are $7,237.

    The average rate for the prior week (2024-07-12) was 6.69% and one month ago for the week of 2024-06-14, the average rate was 6.54%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.18%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 113 6.21% $9,951
    MOVEMENT MORTGAGE, LLC 71 6.72% $9,353
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 70 6.87% $10,151
    Alcova Mortgage LLC 38 7.04% $6,559
    NATION ONE MORTGAGE CORPORATION 35 6.66% $10,947
    UNITED WHOLESALE MORTGAGE, LLC 34 6.06% $10,363
    EMBRACE HOME LOANS, INC. 25 6.65% $9,980
    CARDINAL FINANCIAL 23 6.39% $10,695
    Atlantic Coast Mortgage, LLC 23 6.47% $11,385
    THRIVE MORTGAGE, LLC 22 7.02% $10,943
    Integrity Home Mortgage Corp 15 6.88% $10,098
    LOANDEPOT.COM, LLC 14 6.78% $10,350
    CALIBER HOME LOANS, INC. 14 6.57% $10,185
    FREEDOM MORTGAGE CORPORATION 14 6.96% $11,138
    Renasant Bank 11 6.75% $10,383
    Mr. Cooper ( Nationstar Mortgage ) 9 5.96% $13,765
    NVR Mortgage Finance, Inc. 9 6.04% $10,389
    Century Mortgage Company DBA Century Lending Company 8 6.53% $11,383
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.56% $8,890
    PENNYMAC LOAN SERVICES, LLC 8 6.08% $8,948
    UNION HOME MORTGAGE CORP. 7 7.13% $9,717
    American Mortgage & Equity Consultants, Inc. 7 6.98% $11,055
    NEWREZ LLC 7 6.73% $12,276
    Carrington Mortgage Services, LLC 6 6.13% $14,862
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.54% $10,810
    CROSSCOUNTRY MORTGAGE, LLC 6 6.68% $11,398
    AMERICAN FINANCIAL RESOURCES, INC. 6 6.04% $12,455
    SWBC MORTGAGE CORPORATION 6 7.06% $5,263
    EMM LOANS LLC 5 6.65% $9,211
    AMERISAVE MORTGAGE CORPORATION 5 6.30% $9,633
    GUILD MORTGAGE COMPANY 5 6.95% $7,507
    LOANPAL, LLC 5 6.25% $10,468
    Waterstone Mortgage Corporation 4 6.88% $8,515
    Truist 4 6.46% $7,830
    VANDERBILT MORTGAGE AND FINANCE, INC. 4 6.06% $12,433
    Lakeview Community Capital, LLC 4 6.00% $10,527
    Prosperity Home Mortgage, LLC 4 6.25% $7,309
    FREEDOM FIRST 4 6.78% $7,131
    NFM, INC. 4 7.25% $7,311
    Plains Commerce Bank 4 5.63% $14,952
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.63% $11,728
    CMG MORTGAGE, INC. 4 6.69% $14,310
    BROKER SOLUTIONS, INC. 3 7.04% $11,308
    Atlantic Union Bank 3 6.54% $9,764
    LAKEVIEW LOAN SERVICING, LLC 3 6.04% $13,126
    First Heritage Mortgage, LLC 3 6.88% $7,659
    ZILLOW HOME LOANS, LLC 3 6.04% $7,455
    GUARANTEED RATE, INC. 3 6.37% $8,364
    TOP FLITE FINANCIAL, INC. 2 7.50% $12,051
    Citizens Bank 2 6.69% $10,293
    FIDELITY DIRECT MORTGAGE, LLC 2 6.81% $12,286
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 7.00% $14,156
    FIRST COMMUNITY MORTGAGE, INC. 2 6.38% $11,345
    HOMESIDE FINANCIAL, LLC 2 6.94% $8,823
    HOMESPIRE MORTGAGE CORPORATION 2 6.50% $7,422
    MILEND, INC. 2 5.81% $11,953
    Mortgage Research Center, LLC 2 7.13% $8,704
    American National Bank and Trust Company 2 7.00% $8,338
    PLANET HOME LENDING, LLC 2 6.19% $10,873
    RELIANCE FIRST CAPITAL, LLC 2 6.25% $10,804
    SUN WEST MORTGAGE COMPANY, INC. 2 7.25% $7,253
    AMERICAN FINANCIAL NETWORK, INC. 2 7.25% $9,770
    Virginia Credit Union, Inc. 2 6.38% $4,421
    Wells Fargo Bank 2 6.56% $8,016
    Assurance Financial Group, L.L.C. 2 7.94% $8,638
    NEW DAY FINANCIAL, LLC 1 7.75% $10,895
    Legends Bank 1 6.63% $10,945
    Ixonia Bank 1 7.25% $14,451
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.50% $13,723
    OCMBC, INC. 1 7.25% $6,246
    GUARANTY HOME MORTGAGE CORPORATION 1 6.63% $11,496
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $8,241
    PHH Mortgage Corporation 1 5.88% $14,817
    GENEVA FINANCIAL, LLC 1 7.75% $11,826
    Wyndham Capital Mortgage, Inc. 1 6.25% $13,252
    PLAZA HOME MORTGAGE, INC. 1 6.75% $6,673
    Presidential Bank, FSB 1 5.75% $13,840
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $15,020
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $10,855
    Flagstar Bank, FSB 1 6.50% $12,026
    AMERICAN FINANCING CORPORATION 1 6.63% $14,768
    RANLIFE, INC. 1 6.38% $7,678
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $11,167
    FIRST COLONY MORTGAGE CORPORATION 1 7.63% $15,519
    SeaTrust Mortgage Company 1 7.75% $8,839
    Blue Ridge Bank 1 7.13% $7,900
    Equity Prime Mortgage LLC 1 8.25% $12,717
    The Federal Savings Bank 1 5.13% $13,713
    DHI MORTGAGE COMPANY, LTD. 1 5.63% $17,141
    TIDEWATER MORTGAGE SERVICES, INC. 1 6.50% $22,636
    BECKAM FUNDING CORP. 1 7.75% $15,401
    TOWNE MORTGAGE COMPANY 1 6.99% $11,942
    C&F Select LLC 1 6.75% $8,833
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $15,760
    CBM Mortgage, Inc. 1 7.13% $8,289
    MIDLAND MORTGAGE CORPORATION 1 6.75% $8,356
    M&T Bank 1 6.63% $10,751
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.00% $9,438
    LOANLEADERS OF AMERICA, INC. 1 6.50% $12,773
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $18,870
    NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $13,757

    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

    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).