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
5.89%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Morgantown's average FHA mortgage closing costs are $7,390.
The average rate for the prior week (2024-10-04) was
5.61% and
one month ago for the week of 2024-09-06, the
average rate was 6.04%.
The average rate one year ago was 6.86%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.3%.
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 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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $215,000 (0.0%) | $289,171 (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 |
Morgantown's median listing price comes in at 73% of the national average.
Morgantown's average listing price for 2024-09-01 was $411,039, a difference of $-24,293 (-5.6%) versus the prior year and $-16,118 versus the prior month.
For the 2024-09-01 period, Morgantown had 253 MLS listings, a difference of 10 listings (4%) versus the prior month and 1 listings (0%) 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 | 1,965 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 |
Morgantown's median square footage for active listings during the 2024-09-01 period was 1,827 sqft. One year prior, the average listing was 1,940 sqft.