Richmond FHA Loan Rates, Closing Costs & Stats

RICHMOND, VA

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.

Richmond's 211 lenders originated 8,680 FHA loans during 2021. The total origination value was $2,173,330,000, with an average FHA loan value of $250,384.

Richmond FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Richmond averaged -0.22% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

Richmond's average FHA mortgage closing costs are $7,354.

The average rate for the prior week (2022-11-18) was 6.21% and one month ago for the week of 2022-10-21, the average rate was 6.81%.

The average rate one year ago was 3.09%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.51%.

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

Richmond 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 Richmond level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 768 2.69% $6,797
MOVEMENT MORTGAGE, LLC 473 3.18% $7,436
C & F Mortgage Corporation 332 3.04% $8,184
PENNYMAC LOAN SERVICES, LLC 326 2.98% $5,648
FREEDOM MORTGAGE CORPORATION 322 2.79% $6,093
Virginia Credit Union, Inc. 276 2.90% $6,444
Alcova Mortgage LLC 255 3.10% $6,728
SOUTHERN TRUST MORTGAGE, LLC 254 3.15% $7,721
George Mason Mortgage, LLC 232 3.02% $8,838
CALIBER HOME LOANS, INC. 224 2.87% $7,466
VILLAGE BANK MORTGAGE CORPORATION 208 2.99% $6,581
LAKEVIEW LOAN SERVICING, LLC 183 2.90% $5,371
NVR Mortgage Finance, Inc. 173 2.94% $11,275
NFM, INC. 171 3.21% $9,830
Mr. Cooper ( Nationstar Mortgage ) 165 3.23% $4,725
UNITED WHOLESALE MORTGAGE, LLC 163 2.73% $9,054
Prosperity Home Mortgage, LLC 134 3.19% $8,139
CAPITAL CENTER, L.L.C. 97 2.79% $5,077
Presidential Bank, FSB 96 3.11% $7,724
TIDEWATER MORTGAGE SERVICES, INC. 94 3.20% $7,792
GUILD MORTGAGE COMPANY 93 3.33% $7,935
Lakeview Community Capital, LLC 93 2.97% $4,846
Towne Bank 87 2.82% $8,669
LOANDEPOT.COM, LLC 86 3.10% $9,107
CROSSCOUNTRY MORTGAGE, LLC 83 3.12% $10,317
Carrington Mortgage Services, LLC 81 3.34% $8,445
Towne First Mortgage, LLC 78 2.76% $8,721
PRIMELENDING, A PLAINSCAPITAL COMPANY 71 3.24% $8,330
AMERICAN FINANCIAL NETWORK, INC. 67 3.17% $13,387
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 61 3.15% $8,604
HOMEBRIDGE FINANCIAL SERVICES, INC. 60 2.72% $6,242
Integrity Home Mortgage Corp 60 3.11% $9,193
MCLEAN MORTGAGE CORPORATION 57 2.94% $7,659
OVM FINANCIAL, INC. 54 3.28% $8,771
Paramount Residential Mortgage Group, Inc. 53 3.49% $10,276
BROKER SOLUTIONS, INC. 51 3.28% $8,565
NEWREZ LLC 47 2.94% $5,874
Sierra Pacific Mortgage Company, Inc. 42 3.17% $8,510
DHI MORTGAGE COMPANY, LTD. 42 2.71% $10,430
AMERISAVE MORTGAGE CORPORATION 38 2.91% $9,022
HOME POINT FINANCIAL CORPORATION 37 2.79% $8,212
Christensen Financial, Inc. 36 3.03% $8,622
Tidewater Home Funding, LLC 35 2.88% $8,846
Hometown Equity Mortgage, LLC 34 3.97% $12,233
EMBRACE HOME LOANS, INC. 32 3.07% $8,118
SWBC MORTGAGE CORPORATION 32 3.17% $7,557
AmeriHome Mortgage Company, LLC 31 2.83% $5,110
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 31 2.89% $8,274
C&F Select LLC 28 3.05% $8,109
MID AMERICA MORTGAGE, INC. 27 3.23% $4,186
First Heritage Mortgage, LLC 27 3.05% $8,792
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 26 3.21% $8,357
First Guaranty Mortgage Corporation 23 3.14% $7,064
PLANET HOME LENDING, LLC 23 2.86% $5,938
Bank of America 22 2.69% $5,425
Ameris Bank 22 2.94% $7,529
Fulton Bank 21 3.02% $8,016
HOMESPIRE MORTGAGE CORPORATION 21 3.17% $9,418
VILLAGE CAPITAL MORTGAGE 20 2.82% $3,498
HOMESIDE FINANCIAL, LLC 20 3.16% $8,421
Flagstar Bank, FSB 20 2.96% $8,894
MASON MCDUFFIE MORTGAGE CORPORATION 19 3.05% $7,604
Blue Ridge Bank 18 2.97% $6,934
Truist 18 2.89% $9,181
Home Mortgage Alliance Corp 17 3.07% $10,044
Equity Prime Mortgage LLC 16 3.39% $7,831
SUN WEST MORTGAGE COMPANY, INC. 16 3.00% $5,752
FIRST HOME MORTGAGE CORPORATION 15 2.94% $8,446
DRAPER AND KRAMER MORTGAGE CORP. 15 3.10% $7,791
STEARNS LENDING, LLC 14 2.71% $8,613
VANDERBILT MORTGAGE AND FINANCE, INC. 14 3.13% $9,476
Plains Commerce Bank 13 2.81% $9,105
PLAZA HOME MORTGAGE, INC. 13 3.18% $9,105
Atlantic Union Bank 12 3.02% $6,961
MYCUMORTGAGE, LLC 12 3.02% $7,623
OCEANSIDE MORTGAGE COMPANY 12 2.89% $2,866
INTERLINC MORTGAGE SERVICES, LLC 11 3.49% $7,702
Nations Lending Corporation 11 3.23% $11,272
FINANCE OF AMERICA MORTGAGE LLC 10 3.19% $8,229
M&T Bank 10 3.16% $8,030
NATIONS DIRECT MORTGAGE, LLC 10 3.34% $9,110
Commerce Home Mortgage, Inc. 10 3.13% $10,978
Citizens Bank 10 2.70% $7,753
Assurance Financial Group, L.L.C. 9 2.85% $8,167
LOANPAL, LLC 9 2.60% $8,820
Waterstone Mortgage Corporation 9 3.25% $9,488
MUTUAL OF OMAHA MORTGAGE, INC. 9 3.03% $10,661
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 3.28% $8,046
RELIANCE FIRST CAPITAL, LLC 9 2.86% $10,559
ZILLOW HOME LOANS, LLC 8 2.80% $8,240
Hometown Lenders, Inc. 8 3.31% $9,616
Mortgage Research Center, LLC 8 3.08% $7,687
SUCCESS MORTGAGE PARTNERS, INC. 8 3.23% $9,264
The Federal Savings Bank 8 2.91% $8,378
Northpointe Bank 7 3.07% $8,324
GENEVA FINANCIAL, LLC 7 3.16% $8,510
Atlantic Coast Mortgage, LLC 7 3.30% $9,030
Chickasaw Community Bank 7 2.77% $7,775
Ixonia Bank 6 3.35% $8,738
ROUNDPOINT MORTGAGE SERVICING CORPORATION 6 3.46% $7,894
Renasant Bank 6 2.75% $8,242
MEMBER ADVANTAGE MORTGAGE, LLC 6 3.17% $6,801
AMERICAN FINANCING CORPORATION 6 2.81% $8,078
INTERCOASTAL MORTGAGE COMPANY 6 2.85% $10,762
Towne Mortgage, LLC 6 2.85% $8,631
MLD MORTGAGE INC. 6 3.19% $8,859
First Federal Bank 5 2.78% $7,474
GUARANTEED RATE, INC. 5 2.98% $6,600
ALLIED MORTGAGE GROUP, INC. 5 3.03% $13,069
Wells Fargo Bank 4 2.84% $10,426
First Home Bank 4 2.91% $7,929
MILEND, INC. 4 3.03% $11,529
MORIA DEVELOPMENT, INC. 4 3.44% $9,699
EMM LOANS LLC 4 2.81% $7,999
PHH Mortgage Corporation 4 2.94% $8,168
RANLIFE, INC. 4 3.19% $9,773
SOVEREIGN LENDING GROUP INCORPORATED 4 2.84% $10,992
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 4 2.84% $9,323
TOWNE MORTGAGE COMPANY 4 2.88% $7,643
AMERICAN FINANCIAL RESOURCES, INC. 4 2.91% $8,106
CRESCENT MORTGAGE COMPANY 3 2.96% $8,194
ISERVE RESIDENTIAL LENDING, LLC 3 3.00% $9,503
SECURITYNATIONAL MORTGAGE COMPANY 3 3.46% $9,822
GoPrime Mortgage, Inc. 3 2.71% $7,120
U.S. Bank 3 2.92% $7,081
NewTowne Mortgage, LLC 3 2.63% $6,785
MICHIGAN MUTUAL, INC. 3 3.46% $6,170
UNION HOME MORTGAGE CORP. 3 3.08% $10,684
CERTAINTY HOME LOANS, LLC 2 3.19% $5,525
Bank of England 2 4.00% $12,186
CELEBRITY HOME LOANS, LLC 2 2.81% $12,523
CBM Mortgage, Inc. 2 3.13% $5,797
Fifth Third Bank 2 2.69% $7,010
EVERETT FINANCIAL, INC. 2 3.50% $5,771
GUARANTY HOME MORTGAGE CORPORATION 2 2.63% $8,007
North American Savings Bank, F.S.B. 2 2.75% $5,837
INTELLILOAN, INC. 2 2.88% $7,845
MIDLAND MORTGAGE CORPORATION 2 3.38% $7,718
Peoples Bank 2 3.69% $12,443
Residential Mortgage Solutions, Inc. 2 3.00% $8,326
ROSS MORTGAGE CORPORATION 2 3.25% $9,057
Sandy Spring Bank 2 2.81% $9,699
First Savings Bank 2 3.06% $14,381
CMG MORTGAGE, INC. 2 2.75% $9,771
LEADERONE FINANCIAL CORPORATION 2 3.50% $11,844
CHURCHILL MORTGAGE CORPORATION 2 3.00% $7,983
CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 3.06% $9,811
SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.81% $13,564
PREMIA MORTGAGE, LLC 2 3.06% $6,973
HAMILTON HOME LOANS, INC. 2 3.81% $9,996
Barrington Bank & Trust Company, N.A. 2 3.69% $7,626
OCMBC, INC. 2 2.84% $10,624
FBC MORTGAGE, LLC 2 3.13% $12,908
Wyndham Capital Mortgage, Inc. 2 2.88% $6,246
SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 1 3.63% $9,488
BETTER MORTGAGE CORPORATION 1 2.88% $6,411
Baylands Family Credit Union 1 4.00% $10,525
South State Bank 1 2.75% $7,559
STOCKTON MORTGAGE CORPORATION 1 3.25% $4,430
Strong Home Mortgage, LLC 1 2.75% $6,751
SUMMIT FUNDING, INC. 1 2.75% $7,346
Summit Mortgage Corporation 1 2.25% $8,383
ABSOLUTE HOME MORTGAGE CORPORATION 1 2.63% $6,352
APEX HOME LOANS, INC. 1 3.00% $8,613
American Security Mortgage Corp. 1 2.75% $6,944
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $11,105
HOMESTAR FINANCIAL CORPORATION 1 3.38% $4,931
GSF Mortgage Corporation 1 3.00% $12,163
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.25% $6,745
INLAND BANK & TRUST 1 3.63% $7,678
LENDUS, LLC 1 2.50% $8,512
LOANLEADERS OF AMERICA, INC. 1 3.00% $11,810
Gateway First Bank 1 2.75% $5,664
Magnolia Bank 1 2.75% $6,789
MANN FINANCIAL INC. 1 3.88% $8,450
First Option Mortgage, LLC 1 3.25% $7,031
Mid-Continent Funding, Inc. 1 3.25% $6,710
US MORTGAGE CORPORATION 1 3.25% $15,019
AMERICAN ADVISORS GROUP 1 2.88% $8,936
LAND HOME FINANCIAL SERVICES, INC. 1 2.38% $5,081
GUARANTEED RATE AFFINITY, LLC 1 2.75% $7,516
MORTGAGE ACCESS CORP. 1 3.25% $10,877
WesBanco Bank, Inc. 1 3.25% $11,005
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.25% $9,085
FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $13,748
FIDELITY DIRECT MORTGAGE, LLC 1 2.75% $12,386
FAY SERVICING, LLC 1 3.13% $9,186
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.50% $6,055
ENVOY MORTGAGE, LTD 1 2.75% $12,189
Alerus Financial 1 2.63% $6,704
NJ LENDERS CORP. 1 2.99% $5,613
NP, Inc. 1 3.50% $7,016
Credence Funding Corporation 1 2.25% $6,379
PANORAMA MORTGAGE GROUP, LLC 1 4.13% $9,211
Paramount Bank 1 2.38% $15,322
CONTOUR MORTGAGE CORPORATION 1 3.25% $10,147
PARKSIDE LENDING, LLC 1 2.88% $4,932
Colonial Savings, F.A. 1 2.50% $4,752
PENTAGON FEDERAL CREDIT UNION 1 2.25% $8,537
Acre Mortgage and Financial Inc 1 3.38% $9,138
CityWorth Mortgage LLC 1 3.63% $7,672
KELLER MORTGAGE, LLC 1 2.38% $10,035
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $3,304
Prime Choice Funding Inc. 1 3.00% $3,056
ACADEMY MORTGAGE CORPORATION 1 4.38% $10,044
Regions Bank 1 2.75% $7,701
BNC National Bank 1 2.75% $7,523
JPMorgan Chase Bank 1 2.75% $6,778
RESIDENTIAL BANCORP. 1 2.25% $8,570
RESIDENTIAL HOME FUNDING CORP. 1 3.25% $12,069
JOHNSON MORTGAGE COMPANY, L.L.C. 1 3.38% $4,995

The top Richmond FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 768 FHA loans originated. Their average total fees are $6,797, which is $639 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Richmond FHA lenders (with over 10 loans originated) are OCEANSIDE MORTGAGE COMPANY ($2,866), VILLAGE CAPITAL MORTGAGE ($3,498), MID AMERICA MORTGAGE, INC. ($4,186), Mr. Cooper ( Nationstar Mortgage ) ($4,725) and Lakeview Community Capital, LLC ($4,846).

The lowest rate Richmond FHA lenders (with over 10 loans originated) are Bank of America (2.69%), QUICKEN LOANS, LLC (2.69%), Citizens Bank (2.70%), STEARNS LENDING, LLC (2.71%) and DHI MORTGAGE COMPANY, LTD. (2.71%).

Richmond FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
RICHMOND, VA AMELIA 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA CHARLES CITY 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA CHESTERFIELD 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA DINWIDDIE 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA GOOCHLAND 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA HANOVER 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA HENRICO 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA KING AND QUEEN 2020 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA KING WILLIAM 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA NEW KENT 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA POWHATAN 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA PRINCE GEORGE 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA SUSSEX 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA COLONIAL HEIGHT 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA HOPEWELL CITY 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA PETERSBURG CITY 2009 $535,900 $686,050 $829,250 $1,030,600
RICHMOND, VA RICHMOND CITY 2009 $535,900 $686,050 $829,250 $1,030,600

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Richmond (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 $289,975 (8.2%) $344,001 (7.1%) 1.08 3,185
2018-02-01 $299,948 (8.2%) $354,282 (6.1%) 1.09 3,156
2018-03-01 $314,078 (8.3%) $365,619 (5.6%) 1.10 3,257
2018-04-01 $321,413 (8.2%) $374,815 (7.6%) 1.09 3,414
2018-05-01 $324,975 (8.3%) $381,940 (7.3%) 1.09 3,670
2018-06-01 $319,970 (6.7%) $379,288 (7.2%) 1.07 3,948
2018-07-01 $323,215 (8.1%) $379,150 (8.3%) 1.08 4,083
2018-08-01 $314,285 (7.5%) $371,157 (7.6%) 1.05 4,226
2018-09-01 $309,000 (4.5%) $367,049 (5.0%) 1.04 4,286
2018-10-01 $303,983 (2.7%) $360,416 (2.7%) 1.03 4,337
2018-11-01 $307,475 (4.2%) $364,209 (3.8%) 1.04 4,236
2018-12-01 $309,950 (6.9%) $363,549 (4.7%) 1.07 3,828
2019-01-01 $309,625 (6.8%) $358,981 (4.4%) 1.07 3,425
2019-02-01 $319,000 (6.4%) $369,110 (4.2%) 1.08 3,365
2019-03-01 $327,114 (4.2%) $376,240 (2.9%) 1.07 3,467
2019-04-01 $334,500 (4.1%) $384,025 (2.5%) 1.06 3,605
2019-05-01 $337,000 (3.7%) $390,340 (2.2%) 1.05 3,804
2019-06-01 $334,950 (4.7%) $389,278 (2.6%) 1.05 3,899
2019-07-01 $331,425 (2.5%) $385,392 (1.7%) 1.04 4,012
2019-08-01 $325,077 (3.4%) $378,653 (2.0%) 1.03 4,096
2019-09-01 $322,193 (4.3%) $377,062 (2.7%) 1.03 4,145
2019-10-01 $319,938 (5.3%) $374,952 (4.0%) 1.03 4,208
2019-11-01 $315,000 (2.5%) $371,081 (1.9%) 1.03 3,983
2019-12-01 $320,730 (3.5%) $373,045 (2.6%) 1.07 3,491
2020-01-01 $324,515 (4.8%) $372,854 (3.9%) 1.08 3,092
2020-02-01 $330,000 (3.5%) $387,609 (5.0%) 1.08 2,927
2020-03-01 $345,183 (5.5%) $405,193 (7.7%) 1.08 3,046
2020-04-01 $349,108 (4.4%) $403,929 (5.2%) 1.09 3,241
2020-05-01 $354,950 (5.3%) $413,001 (5.8%) 1.08 3,113
2020-06-01 $358,300 (7.0%) $418,546 (7.5%) 1.05 2,771
2020-07-01 $357,610 (7.9%) $419,530 (8.9%) 1.04 2,556
2020-08-01 $358,970 (10.4%) $422,740 (11.6%) 1.03 2,351
2020-09-01 $355,440 (10.3%) $421,677 (11.8%) 1.02 2,283
2020-10-01 $359,950 (12.5%) $426,546 (13.8%) 1.03 2,221
2020-11-01 $360,875 (14.6%) $426,825 (15.0%) 1.05 2,111
2020-12-01 $363,450 (13.3%) $427,785 (14.7%) 1.08 1,884
2021-01-01 $365,245 (12.6%) $427,724 (14.7%) 1.09 1,616
2021-02-01 $368,475 (11.7%) $432,392 (11.6%) 1.07 1,442
2021-03-01 $368,695 (6.8%) $436,412 (7.7%) 1.05 1,440
2021-04-01 $364,750 (4.5%) $430,945 (6.7%) 0.99 1,462
2021-05-01 $351,990 (-0.8%) $424,372 (2.8%) 0.93 1,553
2021-06-01 $350,000 (-2.3%) $424,144 (1.3%) 0.92 1,680
2021-07-01 $348,800 (-2.5%) $417,641 (-0.5%) 0.92 1,814
2021-08-01 $349,925 (-2.5%) $419,379 (-0.8%) 0.93 1,858
2021-09-01 $349,700 (-1.6%) $419,999 (-0.4%) 0.93 1,832
2021-10-01 $349,970 (-2.8%) $418,010 (-2.0%) 0.93 1,724
2021-11-01 $349,950 (-3.0%) $420,557 (-1.5%) 0.93 1,595
2021-12-01 $352,778 (-2.9%) $423,069 (-1.1%) 0.96 1,289
2022-01-01 $365,000 (-0.1%) $438,614 (2.6%) 0.99 1,062
2022-02-01 $365,078 (-0.9%) $441,496 (2.1%) 0.95 961
2022-03-01 $355,210 (-3.7%) $435,168 (-0.3%) 0.89 1,000
2022-04-01 $369,950 (1.4%) $447,777 (3.9%) 0.88 1,110
2022-05-01 $379,450 (7.8%) $457,972 (7.9%) 0.87 1,271
2022-06-01 $389,987 (11.4%) $465,904 (9.9%) 0.87 1,536
2022-07-01 $389,000 (11.5%) $456,593 (9.3%) 0.88 1,802
2022-08-01 $385,000 (10.0%) $461,559 (10.1%) 0.89 1,815
2022-09-01 $379,750 (8.6%) $456,403 (8.7%) 0.89 1,869
2022-10-01 $379,675 (8.5%) $457,671 (9.5%) 0.89 1,940
Richmond's median listing price for 2022-10-01 was $379,675, a difference of $29,705 (8.5%) versus the prior year and $-75 versus the prior month.

Richmond's median listing price comes in at 89% of the national average.

Richmond's average listing price for 2022-10-01 was $457,671, a difference of $39,661 (9.5%) versus the prior year and $1,268 versus the prior month.

For the 2022-10-01 period, Richmond had 1,940 MLS listings, a difference of 71 listings (4%) versus the prior month and 216 listings (13%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Richmond (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 71 days 2,178 sqft
2018-02-01 59 days 2,211 sqft
2018-03-01 48 days 2,254 sqft
2018-04-01 47 days 2,291 sqft
2018-05-01 45 days 2,342 sqft
2018-06-01 46 days 2,320 sqft
2018-07-01 51 days 2,301 sqft
2018-08-01 52 days 2,246 sqft
2018-09-01 54 days 2,224 sqft
2018-10-01 58 days 2,192 sqft
2018-11-01 56 days 2,200 sqft
2018-12-01 65 days 2,200 sqft
2019-01-01 69 days 2,182 sqft
2019-02-01 61 days 2,207 sqft
2019-03-01 48 days 2,242 sqft
2019-04-01 44 days 2,269 sqft
2019-05-01 45 days 2,290 sqft
2019-06-01 49 days 2,283 sqft
2019-07-01 51 days 2,263 sqft
2019-08-01 51 days 2,233 sqft
2019-09-01 52 days 2,216 sqft
2019-10-01 51 days 2,201 sqft
2019-11-01 55 days 2,182 sqft
2019-12-01 67 days 2,187 sqft
2020-01-01 71 days 2,193 sqft
2020-02-01 59 days 2,205 sqft
2020-03-01 43 days 2,258 sqft
2020-04-01 47 days 2,272 sqft
2020-05-01 57 days 2,285 sqft
2020-06-01 64 days 2,285 sqft
2020-07-01 59 days 2,249 sqft
2020-08-01 65 days 2,240 sqft
2020-09-01 58 days 2,204 sqft
2020-10-01 58 days 2,200 sqft
2020-11-01 62 days 2,178 sqft
2020-12-01 59 days 2,168 sqft
2021-01-01 57 days 2,118 sqft
2021-02-01 52 days 2,084 sqft
2021-03-01 45 days 2,072 sqft
2021-04-01 45 days 2,079 sqft
2021-05-01 45 days 2,039 sqft
2021-06-01 46 days 2,026 sqft
2021-07-01 43 days 1,976 sqft
2021-08-01 45 days 2,007 sqft
2021-09-01 50 days 1,950 sqft
2021-10-01 57 days 1,960 sqft
2021-11-01 65 days 1,940 sqft
2021-12-01 55 days 1,948 sqft
2022-01-01 83 days 1,982 sqft
2022-02-01 41 days 1,970 sqft
2022-03-01 34 days 1,893 sqft
2022-04-01 35 days 1,924 sqft
2022-05-01 33 days 1,980 sqft
2022-06-01 33 days 2,010 sqft
2022-07-01 37 days 1,992 sqft
2022-08-01 40 days 1,986 sqft
2022-09-01 44 days 1,957 sqft
2022-10-01 43 days 1,960 sqft
Richmond's median listing age (time on market) for 2022-10-01 was 43 days. This is -25% shorter than the same period one year ago.

Richmond's median square footage for active listings during the 2022-10-01 period was 1,960 sqft. One year prior, the average listing was 1,960 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).