Martinsville FHA Loan Rates, Closing Costs & Stats

Martinsville, VA

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Martinsville's 40 lenders originated 166 FHA loans during 2023. The total origination value was $26,460,000, with an average FHA loan value of $159,398.

    Martinsville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Martinsville averaged 6.73% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Martinsville's average FHA mortgage closing costs are $6,537.

    The average rate for the prior week (2024-11-01) was 6.31% and one month ago for the week of 2024-10-04, the average rate was 5.93%.

    The average rate one year ago was 7.47%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Martinsville 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 Martinsville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 28 6.57% $7,906
    Alcova Mortgage LLC 28 7.08% $4,795
    Blue Ridge Bank 25 6.27% $7,797
    UNITED WHOLESALE MORTGAGE, LLC 7 6.05% $12,385
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.56% $12,451
    MOVEMENT MORTGAGE, LLC 4 7.00% $8,599
    Waterstone Mortgage Corporation 3 7.13% $8,406
    Atlantic Coast Mortgage, LLC 3 7.17% $9,137
    BROKER SOLUTIONS, INC. 3 7.04% $9,695
    PENNYMAC LOAN SERVICES, LLC 3 6.00% $7,046
    The Fidelity Bank 2 6.38% $7,691
    Carrington Mortgage Services, LLC 2 6.88% $9,468
    Plains Commerce Bank 2 5.63% $8,725
    CARDINAL FINANCIAL 2 6.75% $13,722
    CROSSCOUNTRY MORTGAGE, LLC 2 6.00% $8,168
    LOANDEPOT.COM, LLC 2 5.88% $8,116
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.06% $7,774
    Northpointe Bank 1 6.63% $10,135
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $8,337
    ROYAL UNITED MORTGAGE LLC 1 7.13% $8,607
    UNION HOME MORTGAGE CORP. 1 7.63% $6,635
    U.S. Bank 1 6.75% $4,612
    Virginia Credit Union, Inc. 1 5.50% $3,741
    Wells Fargo Bank 1 6.25% $7,541
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $9,027
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.75% $8,839
    Barrington Bank & Trust Company, N.A. 1 6.75% $4,841
    C & F Mortgage Corporation 1 7.13% $8,913
    CONTOUR MORTGAGE CORPORATION 1 7.13% $12,174
    First Horizon Bank 1 6.25% $6,933
    Flagstar Bank, FSB 1 6.25% $6,610
    FREEDOM MORTGAGE CORPORATION 1 6.75% $9,644
    GUILD MORTGAGE COMPANY 1 7.38% $9,140
    HOMESIDE FINANCIAL, LLC 1 6.75% $9,460
    Hometown Equity Mortgage, LLC 1 7.00% $8,958
    Lakeview Community Capital, LLC 1 5.75% $13,681
    LOANPAL, LLC 1 6.13% $3,315
    Mortgage Research Center, LLC 1 7.63% $5,467
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $8,751
    NATION ONE MORTGAGE CORPORATION 1 6.38% $9,359

    The top Martinsville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 28 FHA loans originated. Their average total fees are $7,906, which is $3,111 higher than the next largest lender, Alcova Mortgage LLC.

    The lowest fee Martinsville FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($4,795), Blue Ridge Bank ($7,797), QUICKEN LOANS, LLC ($7,906), .

    The lowest rate Martinsville FHA lenders (with over 10 loans originated) are Blue Ridge Bank (6.27%), QUICKEN LOANS, LLC (6.57%), Alcova Mortgage LLC (7.08%), .

    Martinsville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MARTINSVILLE, VA HENRY 2022 $420,680 $538,650 $651,050 $809,150
    MARTINSVILLE, VA MARTINSVILLE CI 2022 $420,680 $538,650 $651,050 $809,150
    MARTINSVILLE, VA HENRY 2023 $472,030 $604,400 $730,525 $907,900
    MARTINSVILLE, VA MARTINSVILLE CI 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).