Richmond FHA Loan Rates, Closing Costs & Stats

RICHMOND, VA

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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.

    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).