Martinsville FHA Loan Rates, Closing Costs & Stats

Martinsville, 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.

    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 6.39% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.66% and one month ago for the week of 2024-11-08, the average rate was 6.52%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.38%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Martinsville (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 $99,900 (6.7%) $147,002 (6.2%) 0.00 356
    2018-02-01 $107,400 (14.4%) $148,268 (7.1%) 0.00 349
    2018-03-01 $114,900 (21.3%) $154,349 (11.4%) 0.00 343
    2018-04-01 $110,000 (15.9%) $159,645 (14.3%) 0.00 341
    2018-05-01 $109,925 (15.8%) $157,852 (9.5%) 0.00 367
    2018-06-01 $109,900 (10.3%) $154,573 (5.9%) 0.00 373
    2018-07-01 $109,925 (6.4%) $158,293 (9.7%) 0.00 365
    2018-08-01 $113,759 (14.0%) $160,618 (17.1%) 0.00 361
    2018-09-01 $110,000 (6.4%) $159,099 (13.5%) 0.00 349
    2018-10-01 $109,950 (10.1%) $162,009 (13.8%) 0.00 341
    2018-11-01 $99,925 (-1.1%) $152,862 (5.4%) 0.00 325
    2018-12-01 $99,900 (0.0%) $152,579 (5.7%) 0.00 317
    2019-01-01 $99,900 (0.0%) $150,370 (2.3%) 0.00 272
    2019-02-01 $99,900 (-7.0%) $151,892 (2.4%) 0.00 290
    2019-03-01 $99,900 (-13.1%) $151,463 (-1.9%) 0.00 303
    2019-04-01 $99,900 (-9.2%) $151,918 (-4.8%) 0.00 302
    2019-05-01 $100,925 (-8.2%) $150,827 (-4.5%) 0.00 299
    2019-06-01 $109,950 (0.1%) $153,430 (-0.7%) 0.00 294
    2019-07-01 $109,950 (0.0%) $162,068 (2.4%) 0.00 281
    2019-08-01 $107,173 (-5.8%) $160,191 (-0.3%) 0.00 271
    2019-09-01 $103,082 (-6.3%) $157,474 (-1.0%) 0.00 253
    2019-10-01 $99,900 (-9.1%) $157,462 (-2.8%) 0.00 239
    2019-11-01 $109,900 (10.0%) $161,009 (5.3%) 0.00 229
    2019-12-01 $104,450 (4.6%) $159,842 (4.8%) 0.00 221
    2020-01-01 $109,925 (10.0%) $159,196 (5.9%) 0.00 206
    2020-02-01 $109,900 (10.0%) $154,466 (1.7%) 0.00 207
    2020-03-01 $106,450 (6.6%) $158,387 (4.6%) 0.00 209
    2020-04-01 $106,598 (6.7%) $161,366 (6.2%) 0.00 207
    2020-05-01 $99,900 (-1.0%) $162,281 (7.6%) 0.00 197
    2020-06-01 $111,385 (1.3%) $184,169 (20.0%) 0.00 174
    2020-07-01 $124,000 (12.8%) $199,996 (23.4%) 0.00 148
    2020-08-01 $129,900 (21.2%) $224,651 (40.2%) 0.00 137
    2020-09-01 $136,150 (32.1%) $236,473 (50.2%) 0.00 130
    2020-10-01 $124,900 (25.0%) $232,396 (47.6%) 0.00 122
    2020-11-01 $119,950 (9.1%) $222,769 (38.4%) 0.00 123
    2020-12-01 $123,175 (17.9%) $229,075 (43.3%) 0.00 116
    2021-01-01 $127,400 (15.9%) $243,201 (52.8%) 0.00 97
    2021-02-01 $116,175 (5.7%) $266,982 (72.8%) 0.00 71
    2021-03-01 $134,900 (26.7%) $247,938 (56.5%) 0.00 62
    2021-04-01 $129,900 (21.9%) $232,854 (44.3%) 0.00 75
    2021-05-01 $129,950 (30.1%) $250,252 (54.2%) 0.00 76
    2021-06-01 $149,225 (34.0%) $256,631 (39.4%) 0.00 90
    2021-07-01 $149,000 (20.2%) $280,616 (40.3%) 0.00 92
    2021-08-01 $129,900 (0.0%) $286,888 (27.7%) 0.00 103
    2021-09-01 $139,450 (2.4%) $315,819 (33.6%) 0.00 100
    2021-10-01 $137,400 (10.0%) $323,495 (39.2%) 0.00 86
    2021-11-01 $149,900 (25.0%) $341,768 (53.4%) 0.00 82
    2021-12-01 $159,900 (29.8%) $346,906 (51.4%) 0.00 77
    2022-01-01 $191,500 (50.3%) $363,253 (49.4%) 0.00 59
    2022-02-01 $208,500 (79.5%) $384,338 (44.0%) 0.00 53
    2022-03-01 $175,000 (29.7%) $344,833 (39.1%) 0.00 55
    2022-04-01 $199,900 (53.9%) $340,669 (46.3%) 0.00 58
    2022-05-01 $199,900 (53.8%) $302,323 (20.8%) 0.00 80
    2022-06-01 $189,900 (27.3%) $298,559 (16.3%) 0.00 79
    2022-07-01 $199,900 (34.2%) $309,981 (10.5%) 0.00 83
    2022-08-01 $188,725 (45.3%) $298,318 (4.0%) 0.00 99
    2022-09-01 $187,425 (34.4%) $301,607 (-4.5%) 0.00 102
    2022-10-01 $185,000 (34.6%) $305,118 (-5.7%) 0.00 94
    2022-11-01 $159,725 (6.6%) $297,320 (-13.0%) 0.00 89
    2022-12-01 $154,000 (-3.7%) $287,365 (-17.2%) 0.00 94
    2023-01-01 $149,225 (-22.1%) $301,682 (-17.0%) 0.00 73
    2023-02-01 $144,250 (-30.8%) $273,411 (-28.9%) 0.00 82
    2023-03-01 $152,400 (-12.9%) $266,710 (-22.7%) 0.00 81
    2023-04-01 $159,450 (-20.2%) $303,638 (-10.9%) 0.00 85
    2023-05-01 $173,250 (-13.3%) $317,009 (4.9%) 0.00 81
    2023-06-01 $183,375 (-3.4%) $365,999 (22.6%) 0.00 77
    2023-07-01 $177,400 (-11.3%) $364,704 (17.7%) 0.00 77
    2023-08-01 $199,200 (5.6%) $347,846 (16.6%) 0.00 101
    2023-09-01 $189,000 (0.8%) $336,253 (11.5%) 0.00 104
    2023-10-01 $189,900 (2.7%) $324,590 (6.4%) 0.00 112
    2023-11-01 $192,163 (20.3%) $331,214 (11.4%) 0.00 111
    2023-12-01 $215,000 (39.6%) $342,458 (19.2%) 0.00 111
    2024-01-01 $197,963 (32.7%) $338,546 (12.2%) 0.00 103
    2024-02-01 $183,974 (27.5%) $303,301 (10.9%) 0.00 103
    2024-03-01 $184,900 (21.3%) $294,216 (10.3%) 0.00 102
    2024-04-01 $195,505 (22.6%) $263,864 (-13.1%) 0.00 98
    2024-05-01 $189,425 (9.3%) $259,156 (-18.3%) 0.00 107
    2024-06-01 $199,900 (9.0%) $254,733 (-30.4%) 0.00 112
    2024-07-01 $193,650 (9.2%) $233,701 (-35.9%) 0.00 126
    2024-08-01 $189,900 (-4.7%) $223,982 (-35.6%) 0.00 130
    2024-09-01 $193,425 (2.3%) $240,399 (-28.5%) 0.00 133
    2024-10-01 $197,200 (3.8%) $236,406 (-27.2%) 0.00 125
    2024-11-01 $209,900 (9.2%) $244,386 (-26.2%) 0.00 124
    Martinsville's median listing price for 2024-11-01 was $209,900, a difference of $17,737 (9.2%) versus the prior year and $12,700 versus the prior month.

    Martinsville's median listing price comes in at 0% of the national average.

    Martinsville's average listing price for 2024-11-01 was $244,386, a difference of $-86,828 (-26.2%) versus the prior year and $7,980 versus the prior month.

    For the 2024-11-01 period, Martinsville had 124 MLS listings, a difference of -1 listings (-1%) versus the prior month and 13 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Martinsville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,710 sqft
    2018-02-01 0 days 1,676 sqft
    2018-03-01 0 days 1,729 sqft
    2018-04-01 0 days 1,675 sqft
    2018-05-01 0 days 1,634 sqft
    2018-06-01 0 days 1,630 sqft
    2018-07-01 0 days 1,729 sqft
    2018-08-01 0 days 1,794 sqft
    2018-09-01 0 days 1,780 sqft
    2018-10-01 0 days 1,783 sqft
    2018-11-01 0 days 1,680 sqft
    2018-12-01 0 days 1,651 sqft
    2019-01-01 0 days 1,634 sqft
    2019-02-01 0 days 1,650 sqft
    2019-03-01 0 days 1,630 sqft
    2019-04-01 0 days 1,620 sqft
    2019-05-01 0 days 1,622 sqft
    2019-06-01 0 days 1,650 sqft
    2019-07-01 0 days 1,647 sqft
    2019-08-01 0 days 1,632 sqft
    2019-09-01 0 days 1,634 sqft
    2019-10-01 0 days 1,635 sqft
    2019-11-01 0 days 1,713 sqft
    2019-12-01 0 days 1,705 sqft
    2020-01-01 0 days 1,711 sqft
    2020-02-01 0 days 1,732 sqft
    2020-03-01 0 days 1,725 sqft
    2020-04-01 0 days 1,724 sqft
    2020-05-01 0 days 1,650 sqft
    2020-06-01 0 days 1,703 sqft
    2020-07-01 0 days 1,795 sqft
    2020-08-01 0 days 1,723 sqft
    2020-09-01 0 days 1,731 sqft
    2020-10-01 0 days 1,550 sqft
    2020-11-01 0 days 1,453 sqft
    2020-12-01 0 days 1,416 sqft
    2021-01-01 0 days 1,499 sqft
    2021-02-01 0 days 1,446 sqft
    2021-03-01 0 days 1,580 sqft
    2021-04-01 0 days 1,420 sqft
    2021-05-01 0 days 1,523 sqft
    2021-06-01 0 days 1,597 sqft
    2021-07-01 0 days 1,524 sqft
    2021-08-01 0 days 1,538 sqft
    2021-09-01 0 days 1,464 sqft
    2021-10-01 0 days 1,376 sqft
    2021-11-01 0 days 1,583 sqft
    2021-12-01 0 days 1,647 sqft
    2022-01-01 0 days 1,833 sqft
    2022-02-01 0 days 1,668 sqft
    2022-03-01 0 days 1,589 sqft
    2022-04-01 0 days 1,680 sqft
    2022-05-01 0 days 1,685 sqft
    2022-06-01 0 days 1,646 sqft
    2022-07-01 0 days 1,776 sqft
    2022-08-01 0 days 1,722 sqft
    2022-09-01 0 days 1,726 sqft
    2022-10-01 0 days 1,769 sqft
    2022-11-01 0 days 1,568 sqft
    2022-12-01 0 days 1,354 sqft
    2023-01-01 0 days 1,379 sqft
    2023-02-01 0 days 1,383 sqft
    2023-03-01 0 days 1,476 sqft
    2023-04-01 0 days 1,512 sqft
    2023-05-01 0 days 1,733 sqft
    2023-06-01 0 days 1,846 sqft
    2023-07-01 0 days 1,644 sqft
    2023-08-01 0 days 1,698 sqft
    2023-09-01 0 days 1,621 sqft
    2023-10-01 0 days 1,635 sqft
    2023-11-01 0 days 1,737 sqft
    2023-12-01 0 days 1,719 sqft
    2024-01-01 0 days 1,683 sqft
    2024-02-01 0 days 1,647 sqft
    2024-03-01 0 days 1,659 sqft
    2024-04-01 0 days 1,583 sqft
    2024-05-01 0 days 1,575 sqft
    2024-06-01 0 days 1,573 sqft
    2024-07-01 0 days 1,567 sqft
    2024-08-01 0 days 1,440 sqft
    2024-09-01 0 days 1,612 sqft
    2024-10-01 0 days 1,600 sqft
    2024-11-01 0 days 1,588 sqft
    Martinsville's median listing age (time on market) for 2024-11-01 was 0 days.

    Martinsville's median square footage for active listings during the 2024-11-01 period was 1,588 sqft. One year prior, the average listing was 1,737 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).