Morgantown FHA Loans

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 44 lenders originated 294 FHA loans during 2021. The total origination value was $53,860,000, with an average FHA loan value of $183,197.

Morgantown FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Morgantown averaged 5.3% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.13% and one month ago for the week of 2022-04-08, the average rate was 4.8%.

The average rate one year ago was 2.91%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.04%.

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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Morgantown level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 47 2.81% $6,784
The Huntington National Bank 25 3.15% $6,145
HOME POINT FINANCIAL CORPORATION 25 3.00% $8,171
First Federal Bank of the Midwest 20 2.92% $7,901
INTERCOASTAL MORTGAGE COMPANY 19 3.09% $6,172
WesBanco Bank, Inc. 14 2.82% $5,975
UNION HOME MORTGAGE CORP. 8 3.08% $8,352
Sierra Pacific Mortgage Company, Inc. 8 3.44% $7,486
PNC Bank 8 2.92% $6,685
Flagstar Bank, FSB 7 2.90% $5,313
PRIMELENDING, A PLAINSCAPITAL COMPANY 6 3.56% $9,021
AMERICAN FINANCIAL NETWORK, INC. 6 2.88% $8,595
BROKER SOLUTIONS, INC. 5 3.47% $7,682
FREEDOM MORTGAGE CORPORATION 5 2.90% $5,366
LAKEVIEW LOAN SERVICING, LLC 5 3.04% $4,695
LOANDEPOT.COM, LLC 5 3.16% $8,559
Nations Lending Corporation 5 3.35% $10,607
MOVEMENT MORTGAGE, LLC 4 3.28% $7,032
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.13% $10,794
NVR Mortgage Finance, Inc. 3 3.08% $8,582
Gateway First Bank 2 3.50% $5,072
MILLENNIUM FINANCIAL GROUP, INC. 2 3.00% $5,530
Mortgage Research Center, LLC 2 2.75% $6,039
EMBRACE HOME LOANS, INC. 2 2.88% $7,505
Carrington Mortgage Services, LLC 2 3.88% $8,224
United Bank 2 3.00% $6,127
VILLAGE CAPITAL & INVESTMENT LLC 1 2.75% $2,491
OCEANSIDE MORTGAGE COMPANY 1 2.88% $2,422
PLANET HOME LENDING, LLC 1 2.63% $7,274
GUARANTEED RATE AFFINITY, LLC 1 2.50% $7,951
George Mason Mortgage, LLC 1 2.99% $9,000
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.00% $7,652
Alcova Mortgage LLC 1 2.88% $2,111
SOUTHERN TRUST MORTGAGE, LLC 1 2.88% $6,412
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $11,726
BETTER MORTGAGE CORPORATION 1 3.13% $5,770
TIAA, FSB 1 2.63% $7,168
Truist Bank 1 3.25% $6,028
Barrington Bank & Trust Company, N.A. 1 3.49% $4,323
JPMorgan Chase Bank 1 2.99% $3,810
U.S. Bank 1 2.63% $5,890
Manufacturers and Traders Trust Company 1 3.25% $6,761
AMERISAVE MORTGAGE CORPORATION 1 2.75% $9,241
NFM, INC. 1 3.38% $7,685

The top Morgantown FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 47 FHA loans originated. Their average total fees are $6,784, which is $638 higher than the next largest lender, The Huntington National Bank.

The lowest fee Morgantown FHA lenders (with over 10 loans originated) are WesBanco Bank, Inc. ($5,975), The Huntington National Bank ($6,145), INTERCOASTAL MORTGAGE COMPANY ($6,172), QUICKEN LOANS, LLC ($6,784) and First Federal Bank of the Midwest ($7,901).

The lowest rate Morgantown FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.81%), WesBanco Bank, Inc. (2.82%), First Federal Bank of the Midwest (2.92%), HOME POINT FINANCIAL CORPORATION (3.00%) and INTERCOASTAL MORTGAGE COMPANY (3.09%).

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

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 $214,925 (0.0%) $285,427 (3.3%) 0.79 618
2018-02-01 $220,000 (3.0%) $295,484 (8.2%) 0.79 565
2018-03-01 $237,400 (10.6%) $312,024 (13.2%) 0.82 517
2018-04-01 $241,450 (7.3%) $313,676 (8.6%) 0.81 544
2018-05-01 $239,250 (4.1%) $308,290 (4.3%) 0.80 588
2018-06-01 $229,900 (0.4%) $299,655 (0.4%) 0.77 611
2018-07-01 $229,450 (0.2%) $292,395 (-3.5%) 0.77 641
2018-08-01 $232,350 (1.5%) $298,323 (-0.6%) 0.78 643
2018-09-01 $239,000 (8.6%) $299,440 (0.1%) 0.80 663
2018-10-01 $239,700 (10.0%) $300,741 (3.4%) 0.80 649
2018-11-01 $240,400 (11.8%) $301,003 (5.0%) 0.81 613
2018-12-01 $239,900 (11.6%) $296,841 (3.4%) 0.82 560
2019-01-01 $244,950 (14.0%) $308,052 (7.9%) 0.84 502
2019-02-01 $244,900 (11.3%) $314,056 (6.3%) 0.82 498
2019-03-01 $253,514 (6.8%) $322,293 (3.3%) 0.83 491
2019-04-01 $263,514 (9.1%) $326,448 (4.1%) 0.83 502
2019-05-01 $266,150 (11.2%) $325,827 (5.7%) 0.82 550
2019-06-01 $259,900 (13.1%) $319,890 (6.8%) 0.80 590
2019-07-01 $262,900 (14.6%) $320,949 (9.8%) 0.82 613
2019-08-01 $267,286 (15.0%) $322,904 (8.2%) 0.84 636
2019-09-01 $265,000 (10.9%) $323,800 (8.1%) 0.84 666
2019-10-01 $259,950 (8.5%) $315,216 (4.8%) 0.83 658
2019-11-01 $255,000 (6.1%) $303,944 (1.0%) 0.82 610
2019-12-01 $252,300 (5.2%) $298,838 (0.7%) 0.84 582
2020-01-01 $256,850 (4.9%) $304,675 (-1.1%) 0.86 498
2020-02-01 $265,000 (8.2%) $319,335 (1.7%) 0.86 480
2020-03-01 $275,000 (8.5%) $343,624 (6.6%) 0.86 477
2020-04-01 $276,000 (4.7%) $345,593 (5.9%) 0.86 476
2020-05-01 $289,900 (8.9%) $353,099 (8.4%) 0.88 439
2020-06-01 $289,900 (11.5%) $360,493 (12.7%) 0.85 401
2020-07-01 $280,000 (6.5%) $357,716 (11.5%) 0.80 385
2020-08-01 $275,000 (2.9%) $364,220 (12.8%) 0.79 379
2020-09-01 $275,500 (4.0%) $366,827 (13.3%) 0.79 366
2020-10-01 $269,900 (3.8%) $362,933 (15.1%) 0.77 365
2020-11-01 $267,950 (5.1%) $349,832 (15.1%) 0.77 332
2020-12-01 $269,500 (6.8%) $351,746 (17.7%) 0.79 303
2021-01-01 $274,500 (6.9%) $346,015 (13.6%) 0.81 261
2021-02-01 $274,500 (3.6%) $334,726 (4.8%) 0.79 238
2021-03-01 $294,700 (7.2%) $368,781 (7.3%) 0.83 209
2021-04-01 $302,825 (9.7%) $383,343 (10.9%) 0.81 201
2021-05-01 $299,000 (3.1%) $399,057 (13.0%) 0.79 192
2021-06-01 $305,950 (5.5%) $414,256 (14.9%) 0.79 203
2021-07-01 $292,250 (4.4%) $393,774 (10.1%) 0.76 221
2021-08-01 $275,000 (0.0%) $379,148 (4.1%) 0.72 223
2021-09-01 $259,900 (-5.7%) $360,703 (-1.7%) 0.68 238
2021-10-01 $264,900 (-1.9%) $353,049 (-2.7%) 0.70 232
2021-11-01 $270,000 (0.8%) $354,586 (1.4%) 0.71 221
2021-12-01 $284,000 (5.4%) $355,857 (1.2%) 0.76 187
2022-01-01 $279,900 (2.0%) $343,352 (-0.8%) 0.75 141
2022-02-01 $285,000 (3.8%) $365,382 (9.2%) 0.73 124
2022-03-01 $299,450 (1.6%) $394,565 (7.0%) 0.74 133
2022-04-01 $299,900 (-1.0%) $404,015 (5.4%) 0.71 132
Morgantown's median listing price for 2022-04-01 was $299,900, a difference of $-2,925 (-1.0%) versus the prior year and $450 versus the prior month.

Morgantown's median listing price comes in at 71% of the national average.

Morgantown's average listing price for 2022-04-01 was $404,015, a difference of $20,672 (5.4%) versus the prior year and $9,450 versus the prior month.

For the 2022-04-01 period, Morgantown had 132 MLS listings, a difference of -1 listings (-1%) versus the prior month and -69 listings (-34%) 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
2018-01-01 132 days 1,940 sqft
2018-02-01 135 days 1,924 sqft
2018-03-01 141 days 2,016 sqft
2018-04-01 106 days 2,027 sqft
2018-05-01 77 days 1,980 sqft
2018-06-01 79 days 1,976 sqft
2018-07-01 80 days 1,965 sqft
2018-08-01 87 days 1,973 sqft
2018-09-01 92 days 1,970 sqft
2018-10-01 94 days 1,981 sqft
2018-11-01 99 days 1,943 sqft
2018-12-01 109 days 1,898 sqft
2019-01-01 119 days 1,898 sqft
2019-02-01 120 days 1,898 sqft
2019-03-01 122 days 1,963 sqft
2019-04-01 78 days 2,001 sqft
2019-05-01 65 days 2,035 sqft
2019-06-01 72 days 2,016 sqft
2019-07-01 80 days 2,045 sqft
2019-08-01 91 days 2,054 sqft
2019-09-01 92 days 2,028 sqft
2019-10-01 102 days 2,006 sqft
2019-11-01 109 days 1,985 sqft
2019-12-01 130 days 1,952 sqft
2020-01-01 133 days 2,019 sqft
2020-02-01 141 days 2,082 sqft
2020-03-01 104 days 2,230 sqft
2020-04-01 89 days 2,194 sqft
2020-05-01 94 days 2,206 sqft
2020-06-01 99 days 2,248 sqft
2020-07-01 85 days 2,170 sqft
2020-08-01 67 days 2,127 sqft
2020-09-01 75 days 2,152 sqft
2020-10-01 84 days 2,100 sqft
2020-11-01 94 days 2,074 sqft
2020-12-01 107 days 1,951 sqft
2021-01-01 103 days 2,005 sqft
2021-02-01 100 days 1,975 sqft
2021-03-01 98 days 2,142 sqft
2021-04-01 79 days 2,119 sqft
2021-05-01 63 days 2,216 sqft
2021-06-01 61 days 2,179 sqft
2021-07-01 57 days 2,002 sqft
2021-08-01 59 days 1,965 sqft
2021-09-01 66 days 1,865 sqft
2021-10-01 69 days 1,883 sqft
2021-11-01 75 days 1,894 sqft
2021-12-01 82 days 1,836 sqft
2022-01-01 87 days 1,821 sqft
2022-02-01 92 days 1,888 sqft
2022-03-01 63 days 1,935 sqft
2022-04-01 53 days 1,897 sqft
Morgantown's median listing age (time on market) for 2022-04-01 was 53 days. This is -32% shorter than the same period one year ago.

Morgantown's median square footage for active listings during the 2022-04-01 period was 1,897 sqft. One year prior, the average listing was 2,119 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).