Morgantown FHA Loan Rates, Closing Costs & Stats

MORGANTOWN, WV

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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%.

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

    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.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 30 4.63% $8,380
    First Federal Bank of the Midwest 19 4.49% $8,993
    The Huntington National Bank 17 4.62% $7,545
    LOANDEPOT.COM, LLC 14 4.89% $7,869
    WesBanco 12 4.94% $7,771
    HOME POINT FINANCIAL CORPORATION 10 4.17% $9,624
    PNC Bank 8 4.14% $6,286
    AMERISAVE MORTGAGE CORPORATION 8 4.86% $10,119
    UNITED WHOLESALE MORTGAGE, LLC 8 5.45% $8,393
    Sierra Pacific Mortgage Company, Inc. 7 5.84% $12,620
    INTERCOASTAL MORTGAGE COMPANY 7 5.66% $7,415
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 4.85% $8,348
    Flagstar Bank, FSB 6 4.81% $6,341
    UNION HOME MORTGAGE CORP. 5 4.83% $10,255
    FREEDOM MORTGAGE CORPORATION 4 3.13% $5,548
    Truist 3 5.08% $7,556
    Mr. Cooper ( Nationstar Mortgage ) 2 5.06% $10,254
    Mortgage Research Center, LLC 2 6.63% $8,518
    DAS Acquisition Company, LLC 2 5.63% $7,825
    NFM, INC. 2 4.81% $8,028
    BETTER MORTGAGE CORPORATION 2 4.69% $11,179
    SIWELL, INC. 2 5.13% $12,242
    SUN WEST MORTGAGE COMPANY, INC. 2 4.84% $12,846
    HOMESPIRE MORTGAGE CORPORATION 2 4.94% $10,756
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $9,107
    PLANET HOME LENDING, LLC 1 3.75% $2,335
    EVERETT FINANCIAL, INC. 1 5.63% $6,037
    Equity Prime Mortgage LLC 1 4.50% $7,145
    EMBRACE HOME LOANS, INC. 1 4.25% $10,247
    Quontic Bank 1 5.13% $9,817
    SIRVA MORTGAGE, INC. 1 6.25% $14,793
    T2 FINANCIAL LLC 1 4.50% $5,499
    CHURCHILL MORTGAGE CORPORATION 1 4.38% $6,671
    CARDINAL FINANCIAL 1 5.75% $11,130
    BROKER SOLUTIONS, INC. 1 5.13% $11,002
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.50% $10,732
    Victorian Finance, LLC 1 5.13% $6,416
    Bank of England 1 3.63% $15,439
    GUILD MORTGAGE COMPANY 1 4.88% $7,681
    LAKEVIEW LOAN SERVICING, LLC 1 4.75% $9,241
    LIBERTY HOME MORTGAGE CORPORATION 1 5.50% $13,243
    First Guaranty Mortgage Corporation 1 2.75% $10,932
    M&T Bank 1 5.25% $6,084
    NVR Mortgage Finance, Inc. 1 3.88% $8,515
    Paramount Residential Mortgage Group, Inc. 1 6.75% $10,708

    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. Louis
    Date 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 for 2023-10-01 was $303,495, a difference of $23,495 (8.4%) versus the prior year and $-11,505 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2023-10-01 was 60 days. This is -7% shorter than the same period one year ago.

    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.

    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).