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 106 lenders originated 1,314 FHA loans during 2021. The total origination value was $278,200,000, with an average FHA loan value of $211,720.

Lynchburg FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Lynchburg averaged 6.55% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Lynchburg's average FHA mortgage closing costs are $6,370.

The average rate for the prior week (2022-11-25) was 6.17% and one month ago for the week of 2022-10-28, the average rate was 6.71%.

The average rate one year ago was 3.44%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.28%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
EMBRACE HOME LOANS, INC. 144 3.07% $6,619
MOVEMENT MORTGAGE, LLC 139 3.08% $6,468
QUICKEN LOANS, LLC 118 2.72% $6,038
NATION ONE MORTGAGE CORPORATION 69 3.24% $7,592
FREEDOM MORTGAGE CORPORATION 55 2.82% $4,391
APEX HOME LOANS, INC. 51 2.95% $6,672
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 45 3.23% $7,260
LAKEVIEW LOAN SERVICING, LLC 38 3.12% $3,860
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 33 2.91% $8,376
ROUNDPOINT MORTGAGE SERVICING CORPORATION 27 3.29% $4,917
Mr. Cooper ( Nationstar Mortgage ) 26 3.33% $4,033
UNITED WHOLESALE MORTGAGE, LLC 24 2.61% $6,639
Integrity Home Mortgage Corp 22 3.18% $7,268
Alcova Mortgage LLC 22 3.15% $5,017
PENNYMAC LOAN SERVICES, LLC 20 2.99% $4,994
Renasant Bank 18 2.91% $7,773
Prosperity Home Mortgage, LLC 16 3.15% $6,475
CALIBER HOME LOANS, INC. 12 2.63% $5,170
OVM FINANCIAL, INC. 12 3.08% $7,717
AMERICAN FINANCIAL RESOURCES, INC. 11 3.28% $8,368
MCLEAN MORTGAGE CORPORATION 11 3.08% $6,343
AMERISAVE MORTGAGE CORPORATION 11 3.02% $7,161
TIDEWATER MORTGAGE SERVICES, INC. 9 3.29% $8,935
SWBC MORTGAGE CORPORATION 8 3.28% $5,905
Assurance Financial Group, L.L.C. 8 2.95% $8,127
LOANDEPOT.COM, LLC 8 3.09% $7,683
Atlantic Union Bank 7 3.36% $7,673
BROKER SOLUTIONS, INC. 7 2.77% $8,434
HOMEBRIDGE FINANCIAL SERVICES, INC. 7 2.52% $4,574
VANDERBILT MORTGAGE AND FINANCE, INC. 6 3.69% $8,550
Truist 5 2.90% $6,902
Carrington Mortgage Services, LLC 5 3.33% $4,680
C & F Mortgage Corporation 5 3.63% $6,458
NEWREZ LLC 5 2.90% $6,139
Waterstone Mortgage Corporation 5 3.00% $7,598
Lakeview Community Capital, LLC 5 3.19% $3,290
Citizens Bank 4 2.69% $9,113
Mortgage Research Center, LLC 4 3.19% $3,495
AMERICAN PACIFIC MORTGAGE CORPORATION 4 3.31% $8,240
FREEDOM FIRST 4 2.44% $5,874
First Guaranty Mortgage Corporation 4 3.31% $4,119
INTERCOASTAL MORTGAGE COMPANY 3 3.13% $7,328
Paramount Residential Mortgage Group, Inc. 3 3.13% $9,622
PLANET HOME LENDING, LLC 3 2.79% $4,785
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.71% $8,860
GUARANTY HOME MORTGAGE CORPORATION 3 2.71% $11,619
STEARNS LENDING, LLC 3 2.25% $7,846
HOME POINT FINANCIAL CORPORATION 3 2.67% $7,175
HOMESIDE FINANCIAL, LLC 3 3.25% $8,203
THRIVE MORTGAGE, LLC 3 3.38% $8,198
AMERICAN FINANCIAL NETWORK, INC. 3 2.46% $8,530
Blue Ridge Bank 3 2.67% $7,429
MUTUAL OF OMAHA MORTGAGE, INC. 3 3.42% $7,427
VILLAGE CAPITAL MORTGAGE 2 2.88% $2,333
OCEANSIDE MORTGAGE COMPANY 2 2.94% $3,196
MORIA DEVELOPMENT, INC. 2 3.00% $11,687
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.43% $5,565
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.88% $5,254
AmeriHome Mortgage Company, LLC 2 3.13% $3,222
CBM Mortgage, Inc. 2 3.13% $6,008
CROSSCOUNTRY MORTGAGE, LLC 2 3.56% $6,443
American National Bank and Trust Company 2 2.63% $8,413
MICHIGAN MUTUAL, INC. 2 3.13% $9,491
SOUTHERN TRUST MORTGAGE, LLC 2 3.25% $6,794
SOUTHWEST STAGE FUNDING, LLC 2 3.25% $5,593
NFM, INC. 2 3.44% $9,782
F & M BANK CORP. 2 3.88% $6,782
Barrington Bank & Trust Company, N.A. 2 3.25% $11,267
Nations Lending Corporation 1 3.25% $11,526
ENVOY MORTGAGE, LTD 1 2.50% $9,516
FAMILY FIRST FUNDING LLC 1 3.38% $7,560
First-Citizens Bank & Trust Company 1 2.38% $6,971
First Federal Bank 1 2.75% $17,553
First Savings Bank 1 3.63% $9,048
Flagstar Bank, FSB 1 2.54% $3,423
George Mason Mortgage, LLC 1 2.99% $9,752
GUARANTEED RATE, INC. 1 3.75% $10,006
ZILLOW HOME LOANS, LLC 1 2.88% $7,526
Hometown Equity Mortgage, LLC 1 4.25% $5,251
Chickasaw Community Bank 1 2.88% $6,332
KELLER MORTGAGE, LLC 1 3.13% $7,513
LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $7,249
LOANPAL, LLC 1 2.75% $9,407
MID AMERICA MORTGAGE, INC. 1 3.38% $1,920
MIDLAND MORTGAGE CORPORATION 1 3.50% $7,058
MILEND, INC. 1 2.88% $10,376
CAPITAL CENTER, L.L.C. 1 2.88% $2,616
BETTER MORTGAGE CORPORATION 1 2.25% $11,970
Commerce Home Mortgage, Inc. 1 2.75% $7,124
North American Savings Bank, F.S.B. 1 3.13% $5,055
Northpointe Bank 1 4.25% $9,864
BAYSHORE MORTGAGE FUNDING, LLC 1 2.88% $4,142
PLAZA HOME MORTGAGE, INC. 1 2.25% $8,118
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.75% $17,046
RELIANCE FIRST CAPITAL, LLC 1 2.63% $7,542
ROYAL UNITED MORTGAGE LLC 1 2.38% $10,507
Sierra Pacific Mortgage Company, Inc. 1 3.00% $8,954
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $6,073
AMERICAN FINANCING CORPORATION 1 3.88% $11,453
The Federal Savings Bank 1 2.75% $12,770
Tidewater Home Funding, LLC 1 3.88% $8,950
Towne Bank 1 3.13% $6,336
TOWNE MORTGAGE COMPANY 1 2.49% $10,367
United Fidelity Funding Corp. 1 3.25% $7,242
ALLIED MORTGAGE GROUP, INC. 1 3.25% $6,042
Virginia Credit Union, Inc. 1 3.50% $5,866

The top Lynchburg FHA lender as defined by loan originations is EMBRACE HOME LOANS, INC., with 144 FHA loans originated. Their average total fees are $6,619, which is $152 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Lynchburg FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($3,860), Mr. Cooper ( Nationstar Mortgage ) ($4,033), FREEDOM MORTGAGE CORPORATION ($4,391), ROUNDPOINT MORTGAGE SERVICING CORPORATION ($4,917) and PENNYMAC LOAN SERVICES, LLC ($4,994).

The lowest rate Lynchburg FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (2.61%), CALIBER HOME LOANS, INC. (2.63%), QUICKEN LOANS, LLC (2.72%), FREEDOM MORTGAGE CORPORATION (2.82%) and Renasant Bank (2.91%).

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

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%) $289,916 (6.3%) 0.81 1,065
2018-04-01 $232,700 (16.4%) $293,423 (8.3%) 0.79 1,119
2018-05-01 $135,450 (-35.5%) $212,946 (-23.1%) 0.45 2,094
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%) $210,348 (-24.8%) 0.45 2,206
2018-09-01 $134,865 (-40.0%) $207,913 (-28.0%) 0.45 2,258
2018-10-01 $129,950 (-40.9%) $204,450 (-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 $239,900 (3.1%) $296,903 (1.2%) 0.76 981
2019-05-01 $241,475 (78.3%) $302,943 (42.3%) 0.75 993
2019-06-01 $239,900 (74.0%) $306,643 (42.7%) 0.75 992
2019-07-01 $241,200 (75.8%) $311,118 (46.1%) 0.76 1,000
2019-08-01 $241,973 (79.4%) $319,351 (51.8%) 0.77 1,009
2019-09-01 $246,432 (82.7%) $332,964 (60.2%) 0.79 1,021
2019-10-01 $244,405 (88.1%) $336,966 (64.8%) 0.79 1,028
2019-11-01 $235,000 (88.0%) $333,921 (67.2%) 0.77 993
2019-12-01 $229,988 (91.8%) $302,293 (56.1%) 0.77 907
2020-01-01 $237,725 (99.6%) $304,754 (58.5%) 0.79 822
2020-02-01 $249,250 (121.7%) $312,345 (63.5%) 0.81 773
2020-03-01 $251,175 (50.3%) $321,188 (36.1%) 0.79 766
2020-04-01 $252,925 (5.4%) $326,187 (9.9%) 0.79 784
2020-05-01 $255,000 (5.6%) $336,732 (11.2%) 0.78 686
2020-06-01 $265,175 (10.5%) $350,328 (14.3%) 0.78 623
2020-07-01 $261,700 (8.5%) $403,668 (29.8%) 0.76 580
2020-08-01 $259,900 (7.4%) $406,967 (27.4%) 0.74 555
2020-09-01 $259,000 (5.1%) $399,971 (20.1%) 0.74 552
2020-10-01 $248,450 (1.7%) $405,929 (20.5%) 0.71 558
2020-11-01 $249,900 (6.3%) $408,678 (22.4%) 0.73 545
2020-12-01 $244,900 (6.5%) $421,025 (39.3%) 0.73 495
2021-01-01 $249,900 (5.1%) $437,358 (43.5%) 0.75 413
2021-02-01 $252,425 (1.3%) $473,681 (51.7%) 0.73 340
2021-03-01 $254,700 (1.4%) $471,682 (46.9%) 0.72 354
2021-04-01 $276,750 (9.4%) $505,359 (54.9%) 0.75 334
2021-05-01 $274,950 (7.8%) $463,408 (37.6%) 0.73 345
2021-06-01 $284,900 (7.4%) $466,690 (33.2%) 0.75 368
2021-07-01 $279,900 (7.0%) $444,700 (10.2%) 0.74 434
2021-08-01 $277,450 (6.8%) $438,407 (7.7%) 0.74 449
2021-09-01 $289,900 (11.9%) $449,339 (12.3%) 0.77 458
2021-10-01 $289,900 (16.7%) $446,410 (10.0%) 0.77 446
2021-11-01 $292,475 (17.0%) $453,920 (11.1%) 0.78 393
2021-12-01 $289,450 (18.2%) $401,371 (-4.7%) 0.78 339
2022-01-01 $282,250 (13.0%) $354,560 (-18.9%) 0.76 280
2022-02-01 $294,975 (16.9%) $361,863 (-23.6%) 0.77 268
2022-03-01 $322,175 (26.5%) $385,869 (-18.2%) 0.81 266
2022-04-01 $324,738 (17.3%) $386,088 (-23.6%) 0.78 268
2022-05-01 $328,450 (19.5%) $394,284 (-14.9%) 0.75 332
2022-06-01 $334,450 (17.4%) $395,610 (-15.2%) 0.74 397
2022-07-01 $329,900 (17.9%) $410,427 (-7.7%) 0.75 462
2022-08-01 $333,675 (20.3%) $411,371 (-6.2%) 0.77 460
2022-09-01 $315,900 (9.0%) $400,567 (-10.9%) 0.74 437
2022-10-01 $329,900 (13.8%) $408,919 (-8.4%) 0.78 430
2022-11-01 $336,425 (15.0%) $417,058 (-8.1%) 0.81 438
Lynchburg's median listing price for 2022-11-01 was $336,425, a difference of $43,950 (15.0%) versus the prior year and $6,525 versus the prior month.

Lynchburg's median listing price comes in at 81% of the national average.

Lynchburg's average listing price for 2022-11-01 was $417,058, a difference of $-36,862 (-8.1%) versus the prior year and $8,139 versus the prior month.

For the 2022-11-01 period, Lynchburg had 438 MLS listings, a difference of 8 listings (2%) versus the prior month and 45 listings (11%) 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
2018-01-01 102 days 1,972 sqft
2018-02-01 98 days 1,976 sqft
2018-03-01 72 days 1,990 sqft
2018-04-01 61 days 2,022 sqft
2018-05-01 100 days 2,052 sqft
2018-06-01 110 days 2,092 sqft
2018-07-01 112 days 2,060 sqft
2018-08-01 109 days 2,018 sqft
2018-09-01 113 days 2,016 sqft
2018-10-01 117 days 1,990 sqft
2018-11-01 122 days 1,953 sqft
2018-12-01 136 days 1,936 sqft
2019-01-01 142 days 1,955 sqft
2019-02-01 149 days 1,957 sqft
2019-03-01 114 days 1,998 sqft
2019-04-01 61 days 2,016 sqft
2019-05-01 61 days 2,003 sqft
2019-06-01 64 days 2,071 sqft
2019-07-01 67 days 2,110 sqft
2019-08-01 69 days 2,080 sqft
2019-09-01 71 days 2,050 sqft
2019-10-01 73 days 2,019 sqft
2019-11-01 81 days 1,984 sqft
2019-12-01 89 days 1,957 sqft
2020-01-01 94 days 1,959 sqft
2020-02-01 86 days 1,964 sqft
2020-03-01 63 days 1,983 sqft
2020-04-01 61 days 1,991 sqft
2020-05-01 71 days 2,001 sqft
2020-06-01 71 days 2,094 sqft
2020-07-01 65 days 2,093 sqft
2020-08-01 56 days 2,084 sqft
2020-09-01 56 days 2,035 sqft
2020-10-01 56 days 1,891 sqft
2020-11-01 64 days 1,909 sqft
2020-12-01 69 days 1,866 sqft
2021-01-01 75 days 1,848 sqft
2021-02-01 78 days 1,848 sqft
2021-03-01 51 days 1,839 sqft
2021-04-01 44 days 1,885 sqft
2021-05-01 44 days 1,872 sqft
2021-06-01 42 days 1,883 sqft
2021-07-01 40 days 1,880 sqft
2021-08-01 43 days 1,934 sqft
2021-09-01 45 days 1,901 sqft
2021-10-01 48 days 1,886 sqft
2021-11-01 53 days 1,878 sqft
2021-12-01 60 days 1,795 sqft
2022-01-01 64 days 1,730 sqft
2022-02-01 48 days 1,752 sqft
2022-03-01 39 days 1,870 sqft
2022-04-01 38 days 1,888 sqft
2022-05-01 35 days 1,913 sqft
2022-06-01 34 days 1,965 sqft
2022-07-01 39 days 1,952 sqft
2022-08-01 50 days 1,935 sqft
2022-09-01 53 days 1,852 sqft
2022-10-01 53 days 1,820 sqft
2022-11-01 53 days 1,871 sqft
Lynchburg's median listing age (time on market) for 2022-11-01 was 53 days. This is 0% longer than the same period one year ago.

Lynchburg's median square footage for active listings during the 2022-11-01 period was 1,871 sqft. One year prior, the average listing was 1,878 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).