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 39 lenders originated 184 FHA loans during 2023. The total origination value was $39,200,000, with an average FHA loan value of $213,043.

Morgantown FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Morgantown averaged 6.33% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

Morgantown's average FHA mortgage closing costs are $7,390.

The average rate for the prior week (2024-05-17) was 6.73% and one month ago for the week of 2024-04-19, the average rate was 6.85%.

The average rate one year ago was 6.07%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.95%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
The Huntington National Bank 24 6.30% $8,239
QUICKEN LOANS, LLC 19 6.43% $10,397
UNITED WHOLESALE MORTGAGE, LLC 17 6.59% $10,966
Sierra Pacific Mortgage Company, Inc. 12 6.94% $11,766
NVR Mortgage Finance, Inc. 9 5.82% $9,485
INTERCOASTAL MORTGAGE COMPANY 9 5.53% $6,511
WesBanco 8 6.40% $7,538
LOANDEPOT.COM, LLC 8 6.39% $10,776
First Federal Bank of the Midwest 6 5.50% $7,684
PNC Bank 5 6.20% $8,681
First National Bank of Pennsylvania 5 6.68% $8,736
Flagstar Bank, FSB 4 6.45% $10,324
BROKER SOLUTIONS, INC. 4 7.06% $9,839
DAS Acquisition Company, LLC 4 6.78% $11,796
AMERISAVE MORTGAGE CORPORATION 3 6.42% $10,995
Mr. Cooper ( Nationstar Mortgage ) 3 6.25% $11,279
JPMorgan Chase Bank 2 6.69% $5,107
Citizens Bank 2 6.75% $7,636
Equity Prime Mortgage LLC 2 7.81% $13,992
SUN WEST MORTGAGE COMPANY, INC. 2 6.81% $16,469
Truist 2 6.25% $8,844
Gateway First Bank 2 7.00% $6,782
ZILLOW HOME LOANS, LLC 1 6.38% $23,005
AMERICAN FINANCING CORPORATION 1 7.13% $9,267
Bank of England 1 6.75% $11,792
BAY EQUITY LLC 1 7.63% $8,590
CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $9,054
FREEDOM MORTGAGE CORPORATION 1 6.25% $9,838
GUILD MORTGAGE COMPANY 1 4.88% $1,104
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $6,379
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $18,771
LIBERTY HOME MORTGAGE CORPORATION 1 6.63% $23,083
MICHIGAN MUTUAL, INC. 1 7.13% $12,025
MOVEMENT MORTGAGE, LLC 1 7.75% $12,781
NBKC BANK 1 7.13% $7,039
POLARIS HOME FUNDING CORP. 1 6.50% $12,119
Renasant Bank 1 7.25% $5,305
SIWELL, INC. 1 5.75% $11,445
AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $12,688

The top Morgantown FHA lender as defined by loan originations is The Huntington National Bank, with 24 FHA loans originated. Their average total fees are $8,239, which is $2,158 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Morgantown FHA lenders (with over 10 loans originated) are The Huntington National Bank ($8,239), QUICKEN LOANS, LLC ($10,397), UNITED WHOLESALE MORTGAGE, LLC ($10,966), Sierra Pacific Mortgage Company, Inc. ($11,766) and .

The lowest rate Morgantown FHA lenders (with over 10 loans originated) are The Huntington National Bank (6.30%), QUICKEN LOANS, LLC (6.43%), UNITED WHOLESALE MORTGAGE, LLC (6.59%), Sierra Pacific Mortgage Company, Inc. (6.94%) and .

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%) $289,171 (3.5%) 0.80 582
2018-02-01 $222,450 (3.8%) $299,553 (8.2%) 0.81 540
2018-03-01 $240,000 (11.7%) $315,622 (13.2%) 0.84 496
2018-04-01 $244,725 (8.8%) $317,418 (9.4%) 0.83 527
2018-05-01 $246,500 (7.2%) $314,328 (5.8%) 0.82 567
2018-06-01 $239,900 (4.5%) $305,747 (1.6%) 0.80 591
2018-07-01 $239,700 (4.3%) $298,521 (-2.6%) 0.80 614
2018-08-01 $237,000 (3.5%) $304,234 (0.6%) 0.79 616
2018-09-01 $241,500 (9.8%) $305,047 (1.0%) 0.81 634
2018-10-01 $241,825 (10.1%) $305,567 (4.3%) 0.82 627
2018-11-01 $241,250 (12.1%) $303,246 (4.9%) 0.82 596
2018-12-01 $239,900 (11.4%) $298,427 (3.0%) 0.83 549
2019-01-01 $244,425 (13.7%) $308,918 (6.8%) 0.84 497
2019-02-01 $240,450 (8.1%) $313,040 (4.5%) 0.81 493
2019-03-01 $251,285 (4.7%) $321,200 (1.8%) 0.82 490
2019-04-01 $263,236 (7.6%) $326,395 (2.8%) 0.84 496
2019-05-01 $266,700 (8.2%) $327,262 (4.1%) 0.83 548
2019-06-01 $259,900 (8.3%) $322,524 (5.5%) 0.81 573
2019-07-01 $260,724 (8.8%) $323,205 (8.3%) 0.82 592
2019-08-01 $265,355 (12.0%) $322,333 (6.0%) 0.84 601
2019-09-01 $262,286 (8.6%) $320,270 (5.0%) 0.84 615
2019-10-01 $259,950 (7.5%) $318,763 (4.3%) 0.84 623
2019-11-01 $255,000 (5.7%) $306,472 (1.1%) 0.84 589
2019-12-01 $252,350 (5.2%) $300,286 (0.6%) 0.84 557
2020-01-01 $257,000 (5.1%) $307,763 (-0.4%) 0.86 479
2020-02-01 $267,200 (11.1%) $321,663 (2.8%) 0.87 468
2020-03-01 $274,975 (9.4%) $346,618 (7.9%) 0.86 465
2020-04-01 $275,675 (4.7%) $346,054 (6.0%) 0.86 466
2020-05-01 $294,000 (10.2%) $355,478 (8.6%) 0.89 428
2020-06-01 $293,000 (12.7%) $363,530 (12.7%) 0.86 396
2020-07-01 $284,725 (9.2%) $359,978 (11.4%) 0.83 380
2020-08-01 $279,000 (5.1%) $364,541 (13.1%) 0.80 376
2020-09-01 $277,000 (5.6%) $369,635 (15.4%) 0.79 364
2020-10-01 $273,950 (5.4%) $364,458 (14.3%) 0.79 359
2020-11-01 $271,475 (6.5%) $353,273 (15.3%) 0.79 326
2020-12-01 $272,500 (8.0%) $354,430 (18.0%) 0.81 296
2021-01-01 $276,250 (7.5%) $347,731 (13.0%) 0.82 261
2021-02-01 $276,970 (3.7%) $337,124 (4.8%) 0.81 234
2021-03-01 $294,850 (7.2%) $369,605 (6.6%) 0.84 208
2021-04-01 $304,900 (10.6%) $385,071 (11.3%) 0.83 201
2021-05-01 $299,900 (2.0%) $396,293 (11.5%) 0.80 192
2021-06-01 $307,948 (5.1%) $407,585 (12.1%) 0.81 205
2021-07-01 $285,000 (0.1%) $386,960 (7.5%) 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 (-2.6%) 0.69 236
2021-10-01 $264,900 (-3.3%) $351,875 (-3.5%) 0.71 229
2021-11-01 $272,250 (0.3%) $355,283 (0.6%) 0.73 221
2021-12-01 $285,725 (4.9%) $356,760 (0.7%) 0.77 188
2022-01-01 $288,450 (4.4%) $347,000 (-0.2%) 0.78 137
2022-02-01 $286,000 (3.3%) $370,019 (9.8%) 0.74 123
2022-03-01 $299,900 (1.7%) $397,908 (7.7%) 0.75 136
2022-04-01 $299,950 (-1.6%) $406,376 (5.5%) 0.72 130
2022-05-01 $292,875 (-2.3%) $395,725 (-0.1%) 0.67 158
2022-06-01 $280,375 (-9.0%) $381,518 (-6.4%) 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
2023-11-01 $299,973 (7.1%) $401,324 (1.3%) 0.71 255
2023-12-01 $317,000 (7.8%) $410,177 (-0.4%) 0.77 229
2024-01-01 $325,000 (7.7%) $423,813 (-4.0%) 0.79 197
2024-02-01 $329,500 (10.1%) $422,913 (-6.1%) 0.79 183
2024-03-01 $330,000 (8.5%) $435,823 (-7.8%) 0.78 202
2024-04-01 $326,975 (3.8%) $439,049 (-12.9%) 0.76 234
Morgantown's median listing price for 2024-04-01 was $326,975, a difference of $11,975 (3.8%) versus the prior year and $-3,025 versus the prior month.

Morgantown's median listing price comes in at 76% of the national average.

Morgantown's average listing price for 2024-04-01 was $439,049, a difference of $-65,040 (-12.9%) versus the prior year and $3,226 versus the prior month.

For the 2024-04-01 period, Morgantown had 234 MLS listings, a difference of 32 listings (16%) versus the prior month and 62 listings (36%) 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 1,965 sqft
2018-02-01 121 days 1,958 sqft
2018-03-01 121 days 2,059 sqft
2018-04-01 80 days 2,044 sqft
2018-05-01 66 days 1,999 sqft
2018-06-01 67 days 1,983 sqft
2018-07-01 71 days 1,974 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 1,943 sqft
2018-12-01 103 days 1,900 sqft
2019-01-01 109 days 1,899 sqft
2019-02-01 114 days 1,897 sqft
2019-03-01 96 days 1,963 sqft
2019-04-01 69 days 2,012 sqft
2019-05-01 59 days 2,049 sqft
2019-06-01 70 days 2,019 sqft
2019-07-01 75 days 2,034 sqft
2019-08-01 81 days 2,040 sqft
2019-09-01 84 days 2,017 sqft
2019-10-01 87 days 1,998 sqft
2019-11-01 96 days 1,985 sqft
2019-12-01 111 days 1,941 sqft
2020-01-01 123 days 2,005 sqft
2020-02-01 117 days 2,076 sqft
2020-03-01 76 days 2,217 sqft
2020-04-01 74 days 2,189 sqft
2020-05-01 80 days 2,215 sqft
2020-06-01 84 days 2,248 sqft
2020-07-01 65 days 2,176 sqft
2020-08-01 58 days 2,155 sqft
2020-09-01 66 days 2,158 sqft
2020-10-01 74 days 2,100 sqft
2020-11-01 89 days 2,075 sqft
2020-12-01 87 days 1,942 sqft
2021-01-01 89 days 2,005 sqft
2021-02-01 84 days 1,975 sqft
2021-03-01 75 days 2,126 sqft
2021-04-01 60 days 2,100 sqft
2021-05-01 52 days 2,205 sqft
2021-06-01 52 days 2,121 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 1,872 sqft
2022-07-01 50 days 1,825 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 1,895 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 1,919 sqft
2023-06-01 50 days 1,915 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
2023-11-01 65 days 1,939 sqft
2023-12-01 73 days 1,940 sqft
2024-01-01 85 days 1,957 sqft
2024-02-01 85 days 1,938 sqft
2024-03-01 58 days 1,947 sqft
2024-04-01 45 days 1,954 sqft
Morgantown's median listing age (time on market) for 2024-04-01 was 45 days. This is -11% shorter than the same period one year ago.

Morgantown's median square footage for active listings during the 2024-04-01 period was 1,954 sqft. One year prior, the average listing was 1,940 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).