Morgantown FHA Loan Rates, Closing Costs & Stats
MORGANTOWN, WV
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.
Morgantown's 45 lenders originated 216 FHA loans during 2022. The total origination value was $45,470,000, with an average FHA loan value of $210,509.
Morgantown FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Morgantown
averaged
-0.61%
for the week of 2023-11-24, compared to the national average (all FHA variants) of
0% for the same period.
Morgantown's average FHA mortgage closing costs are $7,023.
The average rate for the prior week (2023-11-17) was
6.28% and
one month ago for the week of 2023-10-20, the
average rate was 6.79%.
The average rate one year ago was 5.72%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.65%.
Morgantown 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 Morgantown level.
The top Morgantown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
30 FHA loans originated. Their average total fees are
$8,380, which is $613
lower than the next largest lender,
First Federal Bank of the Midwest.
The lowest fee Morgantown FHA lenders (with over 10 loans originated) are
The Huntington National Bank ($7,545), WesBanco ($7,771), LOANDEPOT.COM, LLC ($7,869), QUICKEN LOANS, LLC ($8,380) and First Federal Bank of the Midwest ($8,993).
The lowest rate Morgantown FHA lenders (with over 10 loans originated) are
HOME POINT FINANCIAL CORPORATION (4.17%), First Federal Bank of the Midwest (4.49%), The Huntington National Bank (4.62%), QUICKEN LOANS, LLC (4.63%) and LOANDEPOT.COM, LLC (4.89%).
Morgantown FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
MORGANTOWN, WV | MONONGALIA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MORGANTOWN, WV | PRESTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
MORGANTOWN, WV | MONONGALIA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
MORGANTOWN, WV | PRESTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Morgantown (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $215,000 (0.0%) | $289,356 (3.6%) | 0.80 | 582 |
2018-02-01 | $222,450 (3.8%) | $299,736 (8.3%) | 0.81 | 539 |
2018-03-01 | $240,240 (11.8%) | $316,078 (13.4%) | 0.84 | 495 |
2018-04-01 | $245,575 (9.1%) | $317,849 (9.4%) | 0.83 | 526 |
2018-05-01 | $247,500 (7.7%) | $314,730 (6.0%) | 0.83 | 566 |
2018-06-01 | $239,900 (4.5%) | $306,116 (1.7%) | 0.80 | 590 |
2018-07-01 | $239,800 (4.3%) | $298,868 (-2.6%) | 0.80 | 613 |
2018-08-01 | $237,500 (3.7%) | $304,978 (0.7%) | 0.80 | 614 |
2018-09-01 | $244,500 (11.1%) | $305,778 (1.1%) | 0.82 | 632 |
2018-10-01 | $242,325 (10.3%) | $306,309 (4.5%) | 0.82 | 625 |
2018-11-01 | $241,750 (12.2%) | $304,023 (5.1%) | 0.82 | 594 |
2018-12-01 | $239,900 (11.1%) | $299,231 (3.2%) | 0.83 | 547 |
2019-01-01 | $244,925 (13.9%) | $309,860 (7.1%) | 0.85 | 495 |
2019-02-01 | $241,724 (8.7%) | $314,026 (4.8%) | 0.82 | 491 |
2019-03-01 | $252,428 (5.1%) | $322,204 (1.9%) | 0.83 | 488 |
2019-04-01 | $263,379 (7.3%) | $327,419 (3.0%) | 0.84 | 495 |
2019-05-01 | $266,850 (7.8%) | $327,505 (4.1%) | 0.83 | 545 |
2019-06-01 | $259,900 (8.3%) | $322,757 (5.4%) | 0.81 | 569 |
2019-07-01 | $263,175 (9.8%) | $323,945 (8.4%) | 0.82 | 590 |
2019-08-01 | $266,095 (12.0%) | $323,030 (5.9%) | 0.84 | 600 |
2019-09-01 | $262,638 (7.4%) | $320,799 (4.9%) | 0.84 | 613 |
2019-10-01 | $259,975 (7.3%) | $319,163 (4.2%) | 0.84 | 622 |
2019-11-01 | $255,000 (5.5%) | $306,882 (0.9%) | 0.84 | 588 |
2019-12-01 | $252,425 (5.2%) | $300,646 (0.5%) | 0.84 | 557 |
2020-01-01 | $257,000 (4.9%) | $307,798 (-0.7%) | 0.86 | 479 |
2020-02-01 | $265,400 (9.8%) | $321,098 (2.3%) | 0.87 | 469 |
2020-03-01 | $274,950 (8.9%) | $346,346 (7.5%) | 0.86 | 466 |
2020-04-01 | $275,000 (4.4%) | $345,895 (5.6%) | 0.86 | 466 |
2020-05-01 | $292,999 (9.8%) | $354,850 (8.4%) | 0.89 | 428 |
2020-06-01 | $289,950 (11.6%) | $362,832 (12.4%) | 0.85 | 396 |
2020-07-01 | $284,500 (8.1%) | $359,246 (10.9%) | 0.82 | 380 |
2020-08-01 | $279,000 (4.9%) | $364,535 (12.9%) | 0.80 | 377 |
2020-09-01 | $277,000 (5.5%) | $368,743 (15.0%) | 0.79 | 365 |
2020-10-01 | $273,000 (5.0%) | $363,576 (13.9%) | 0.78 | 360 |
2020-11-01 | $271,198 (6.4%) | $352,331 (14.8%) | 0.79 | 327 |
2020-12-01 | $272,500 (8.0%) | $353,388 (17.5%) | 0.81 | 297 |
2021-01-01 | $275,000 (7.0%) | $347,731 (13.0%) | 0.82 | 261 |
2021-02-01 | $275,973 (4.0%) | $336,549 (4.8%) | 0.80 | 234 |
2021-03-01 | $294,850 (7.2%) | $369,605 (6.7%) | 0.84 | 208 |
2021-04-01 | $305,700 (11.2%) | $386,037 (11.6%) | 0.83 | 200 |
2021-05-01 | $301,800 (3.0%) | $397,271 (12.0%) | 0.80 | 191 |
2021-06-01 | $308,450 (6.4%) | $408,522 (12.6%) | 0.81 | 204 |
2021-07-01 | $285,000 (0.2%) | $386,960 (7.7%) | 0.75 | 227 |
2021-08-01 | $275,000 (-1.4%) | $379,581 (4.1%) | 0.73 | 222 |
2021-09-01 | $259,900 (-6.2%) | $359,874 (-2.4%) | 0.69 | 236 |
2021-10-01 | $264,900 (-3.0%) | $351,875 (-3.2%) | 0.71 | 229 |
2021-11-01 | $272,250 (0.4%) | $355,283 (0.8%) | 0.73 | 221 |
2021-12-01 | $285,725 (4.9%) | $356,760 (1.0%) | 0.77 | 188 |
2022-01-01 | $288,450 (4.9%) | $347,000 (-0.2%) | 0.78 | 137 |
2022-02-01 | $286,000 (3.6%) | $370,019 (9.9%) | 0.74 | 123 |
2022-03-01 | $299,900 (1.7%) | $397,908 (7.7%) | 0.75 | 136 |
2022-04-01 | $299,950 (-1.9%) | $406,376 (5.3%) | 0.72 | 130 |
2022-05-01 | $292,875 (-3.0%) | $395,725 (-0.4%) | 0.67 | 158 |
2022-06-01 | $280,375 (-9.1%) | $381,518 (-6.6%) | 0.62 | 176 |
2022-07-01 | $280,000 (-1.8%) | $383,635 (-0.9%) | 0.63 | 189 |
2022-08-01 | $277,225 (0.8%) | $355,441 (-6.4%) | 0.64 | 211 |
2022-09-01 | $274,725 (5.7%) | $353,700 (-1.7%) | 0.64 | 218 |
2022-10-01 | $280,000 (5.7%) | $380,759 (8.2%) | 0.66 | 217 |
2022-11-01 | $280,000 (2.9%) | $396,276 (11.5%) | 0.67 | 213 |
2022-12-01 | $294,000 (2.9%) | $411,661 (15.4%) | 0.73 | 194 |
2023-01-01 | $301,900 (4.7%) | $441,633 (27.3%) | 0.75 | 180 |
2023-02-01 | $299,215 (4.6%) | $450,322 (21.7%) | 0.72 | 165 |
2023-03-01 | $304,245 (1.5%) | $472,467 (18.7%) | 0.72 | 158 |
2023-04-01 | $315,000 (5.0%) | $504,089 (24.0%) | 0.73 | 172 |
2023-05-01 | $310,495 (6.0%) | $475,609 (20.2%) | 0.70 | 200 |
2023-06-01 | $322,998 (15.2%) | $474,564 (24.4%) | 0.73 | 209 |
2023-07-01 | $320,995 (14.6%) | $468,837 (22.2%) | 0.73 | 207 |
2023-08-01 | $304,718 (9.9%) | $450,058 (26.6%) | 0.70 | 228 |
2023-09-01 | $315,000 (14.7%) | $435,332 (23.1%) | 0.73 | 252 |
2023-10-01 | $303,495 (8.4%) | $413,832 (8.7%) | 0.71 | 257 |
Morgantown's median listing price comes in at 71% of the national average.
Morgantown's average listing price for 2023-10-01 was $413,832, a difference of $33,073 (8.7%) versus the prior year and $-21,500 versus the prior month.
For the 2023-10-01 period, Morgantown had 257 MLS listings, a difference of 5 listings (2%) versus the prior month and 40 listings (18%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Morgantown (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 118 days | 1,966 sqft |
2018-02-01 | 121 days | 1,959 sqft |
2018-03-01 | 121 days | 2,062 sqft |
2018-04-01 | 81 days | 2,047 sqft |
2018-05-01 | 66 days | 2,002 sqft |
2018-06-01 | 67 days | 1,985 sqft |
2018-07-01 | 71 days | 1,976 sqft |
2018-08-01 | 78 days | 1,976 sqft |
2018-09-01 | 87 days | 1,976 sqft |
2018-10-01 | 86 days | 2,001 sqft |
2018-11-01 | 91 days | 1,945 sqft |
2018-12-01 | 103 days | 1,900 sqft |
2019-01-01 | 108 days | 1,899 sqft |
2019-02-01 | 114 days | 1,897 sqft |
2019-03-01 | 95 days | 1,963 sqft |
2019-04-01 | 68 days | 2,011 sqft |
2019-05-01 | 60 days | 2,046 sqft |
2019-06-01 | 71 days | 2,016 sqft |
2019-07-01 | 75 days | 2,032 sqft |
2019-08-01 | 81 days | 2,040 sqft |
2019-09-01 | 84 days | 2,018 sqft |
2019-10-01 | 87 days | 1,999 sqft |
2019-11-01 | 96 days | 1,985 sqft |
2019-12-01 | 111 days | 1,944 sqft |
2020-01-01 | 122 days | 2,005 sqft |
2020-02-01 | 116 days | 2,074 sqft |
2020-03-01 | 76 days | 2,216 sqft |
2020-04-01 | 74 days | 2,182 sqft |
2020-05-01 | 80 days | 2,207 sqft |
2020-06-01 | 84 days | 2,234 sqft |
2020-07-01 | 65 days | 2,159 sqft |
2020-08-01 | 59 days | 2,152 sqft |
2020-09-01 | 66 days | 2,152 sqft |
2020-10-01 | 74 days | 2,088 sqft |
2020-11-01 | 90 days | 2,072 sqft |
2020-12-01 | 87 days | 1,938 sqft |
2021-01-01 | 89 days | 2,005 sqft |
2021-02-01 | 84 days | 1,972 sqft |
2021-03-01 | 75 days | 2,126 sqft |
2021-04-01 | 61 days | 2,107 sqft |
2021-05-01 | 53 days | 2,211 sqft |
2021-06-01 | 51 days | 2,140 sqft |
2021-07-01 | 50 days | 1,982 sqft |
2021-08-01 | 52 days | 1,945 sqft |
2021-09-01 | 57 days | 1,863 sqft |
2021-10-01 | 57 days | 1,875 sqft |
2021-11-01 | 66 days | 1,875 sqft |
2021-12-01 | 73 days | 1,821 sqft |
2022-01-01 | 80 days | 1,821 sqft |
2022-02-01 | 78 days | 1,856 sqft |
2022-03-01 | 50 days | 1,932 sqft |
2022-04-01 | 45 days | 1,892 sqft |
2022-05-01 | 47 days | 1,921 sqft |
2022-06-01 | 46 days | 1,865 sqft |
2022-07-01 | 50 days | 1,823 sqft |
2022-08-01 | 52 days | 1,781 sqft |
2022-09-01 | 53 days | 1,818 sqft |
2022-10-01 | 65 days | 1,856 sqft |
2022-11-01 | 66 days | 1,874 sqft |
2022-12-01 | 78 days | 1,899 sqft |
2023-01-01 | 79 days | 1,888 sqft |
2023-02-01 | 87 days | 1,885 sqft |
2023-03-01 | 77 days | 1,860 sqft |
2023-04-01 | 50 days | 1,940 sqft |
2023-05-01 | 46 days | 1,928 sqft |
2023-06-01 | 50 days | 1,918 sqft |
2023-07-01 | 52 days | 1,940 sqft |
2023-08-01 | 55 days | 1,948 sqft |
2023-09-01 | 54 days | 1,940 sqft |
2023-10-01 | 60 days | 1,927 sqft |
Morgantown's median square footage for active listings during the 2023-10-01 period was 1,927 sqft. One year prior, the average listing was 1,856 sqft.