Morgantown FHA Loan Rates, Closing Costs & Stats

MORGANTOWN, WV

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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.

    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 6.31% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.29% and one month ago for the week of 2024-10-04, the average rate was 5.51%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.33%.

    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
    2024-05-01 $363,125 (17.0%) $463,909 (-2.5%) 0.82 237
    2024-06-01 $363,500 (12.5%) $461,953 (-2.7%) 0.82 260
    2024-07-01 $339,250 (5.7%) $444,387 (-5.2%) 0.78 252
    2024-08-01 $325,000 (6.7%) $427,157 (-5.1%) 0.76 243
    2024-09-01 $311,738 (-1.0%) $411,039 (-5.6%) 0.73 253
    2024-10-01 $317,809 (4.7%) $414,794 (0.2%) 0.75 265
    Morgantown's median listing price for 2024-10-01 was $317,809, a difference of $14,314 (4.7%) versus the prior year and $6,071 versus the prior month.

    Morgantown's median listing price comes in at 75% of the national average.

    Morgantown's average listing price for 2024-10-01 was $414,794, a difference of $962 (0.2%) versus the prior year and $3,755 versus the prior month.

    For the 2024-10-01 period, Morgantown had 265 MLS listings, a difference of 12 listings (5%) versus the prior month and 8 listings (3%) 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
    2024-05-01 43 days 2,158 sqft
    2024-06-01 44 days 2,130 sqft
    2024-07-01 60 days 2,042 sqft
    2024-08-01 66 days 1,987 sqft
    2024-09-01 63 days 1,827 sqft
    2024-10-01 61 days 1,839 sqft
    Morgantown's median listing age (time on market) for 2024-10-01 was 61 days. This is 1% longer than the same period one year ago.

    Morgantown's median square footage for active listings during the 2024-10-01 period was 1,839 sqft. One year prior, the average listing was 1,927 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).