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%.

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).