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 192 lenders originated 4,491 FHA loans during 2024. The total origination value was $1,414,965,000, with an average FHA loan value of $315,067.

Richmond FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Richmond averaged 0.24% for the week of 2025-07-04, compared to the national average (all FHA variants) of 0% for the same period.

Richmond's average FHA mortgage closing costs are $8,819.

The average rate for the prior week (2025-06-27) was 6.43% and one month ago for the week of 2025-05-30, the average rate was 6.6%.

The average rate one year ago was 6.73%.

For refis of the same type during the week of 2025-07-04, the average rate was 0.04%.

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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
QUICKEN LOANS, LLC 346 6.21% $12,716
UNITED WHOLESALE MORTGAGE, LLC 308 6.05% $14,640
NVR Mortgage Finance, Inc. 206 6.19% $12,221
MOVEMENT MORTGAGE, LLC 202 6.43% $13,402
FREEDOM MORTGAGE CORPORATION 187 6.34% $13,397
C & F Mortgage Corporation 149 6.47% $11,768
Virginia Credit Union, Inc. 124 6.37% $9,499
Alcova Mortgage LLC 120 6.51% $8,980
First Heritage Mortgage, LLC 103 6.12% $13,455
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 88 6.53% $13,098
PENNYMAC LOAN SERVICES, LLC 84 5.96% $11,991
NFM, INC. 78 6.66% $14,869
United Bank 77 6.27% $11,736
Presidential Bank, FSB 72 6.57% $11,113
CAPITAL CENTER, L.L.C. 72 6.20% $6,610
AMERICAN FINANCIAL NETWORK, INC. 71 6.36% $13,275
LOANDEPOT.COM, LLC 69 6.29% $14,374
SOUTHERN TRUST MORTGAGE, LLC 67 6.69% $14,274
NEWREZ LLC 59 6.38% $12,548
DHI MORTGAGE COMPANY, LTD. 59 5.02% $13,574
Prosperity Home Mortgage, LLC 58 6.16% $12,950
GUILD MORTGAGE COMPANY 57 6.55% $12,176
TIDEWATER MORTGAGE SERVICES, INC. 56 5.98% $14,702
Mr. Cooper ( Nationstar Mortgage ) 50 6.52% $15,662
VILLAGE BANK MORTGAGE CORPORATION 44 6.38% $8,104
BROKER SOLUTIONS, INC. 41 6.88% $13,174
MUTUAL OF OMAHA MORTGAGE, INC. 35 6.47% $16,962
Integrity Home Mortgage Corp 33 6.54% $13,128
Towne First Mortgage, LLC 33 6.34% $13,369
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 32 6.56% $11,326
Carrington Mortgage Services, LLC 32 6.20% $14,033
Truist 31 6.18% $14,233
Nations Lending Corporation 30 6.20% $11,661
Atlantic Coast Mortgage, LLC 30 6.41% $11,789
SUN WEST MORTGAGE COMPANY, INC. 28 5.83% $15,911
City Lending Inc. 27 7.05% $16,425
VILLAGE CAPITAL MORTGAGE 27 6.44% $10,419
CMG MORTGAGE, INC. 27 6.39% $12,367
EAGLE HOME MORTGAGE, LLC 25 5.37% $16,321
CROSSCOUNTRY MORTGAGE, LLC 23 6.36% $13,169
AMERISAVE MORTGAGE CORPORATION 23 6.28% $14,791
SWBC MORTGAGE CORPORATION 21 6.41% $9,399
LOANPAL, LLC 21 5.70% $11,908
Towne Bank 20 6.19% $14,622
Flagstar Bank, FSB 20 6.03% $12,111
PRIMELENDING, A PLAINSCAPITAL COMPANY 19 6.59% $12,153
MILEND, INC. 18 6.16% $15,207
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 18 6.57% $13,167
PLANET HOME LENDING, LLC 16 6.34% $9,791
FIRST HOME MORTGAGE CORPORATION 16 6.65% $12,542
Atlantic Union Bank 15 6.21% $12,030
RELIANCE FIRST CAPITAL, LLC 15 6.48% $12,175
C&F Select LLC 14 6.63% $14,007
Equity Prime Mortgage LLC 14 6.72% $13,453
Lakeview Community Capital, LLC 13 6.42% $9,548
AMERICAN FINANCIAL RESOURCES, INC. 13 6.21% $16,953
CALCON MUTUAL MORTGAGE LLC 12 6.16% $14,695
PLAZA HOME MORTGAGE, INC. 12 6.73% $16,873
LAKEVIEW LOAN SERVICING, LLC 12 6.29% $9,005
HOMESIDE FINANCIAL, LLC 12 6.30% $15,600
The Federal Savings Bank 11 6.74% $14,959
Plains Commerce Bank 11 6.59% $14,860
Ameris Bank 11 6.74% $11,148
U.S. Bank 11 6.27% $13,917
TOWNE MORTGAGE COMPANY 11 6.62% $12,512
MID AMERICA MORTGAGE, INC. 10 6.83% $17,552
AFFORDABLE MORTGAGE ADVISORS, LLC. 9 6.63% $11,351
Fulton Bank 9 6.33% $11,101
Waterstone Mortgage Corporation 8 6.30% $12,219
GENEVA FINANCIAL, LLC 8 7.42% $12,594
M&T Bank 8 6.41% $10,143
Home Mortgage Alliance Corp 8 6.67% $11,660
AmeriHome Mortgage Company, LLC 8 6.41% $7,735
Mortgage Research Center, LLC 7 6.45% $7,174
CARDINAL FINANCIAL 7 6.54% $13,391
Century Mortgage Company DBA Century Lending Company 7 6.20% $12,420
DAS Acquisition Company, LLC 7 7.04% $14,620
South State Bank 7 5.89% $11,522
EMBRACE HOME LOANS, INC. 6 6.44% $13,347
PANORAMA MORTGAGE GROUP, LLC 6 6.90% $15,608
Loan Simple, Inc. 6 7.10% $14,143
Wells Fargo Bank 6 6.88% $9,113
MEMBER ADVANTAGE MORTGAGE, LLC 6 6.23% $9,254
UNION HOME MORTGAGE CORP. 5 6.23% $13,274
First Federal Bank 5 6.10% $11,139
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.95% $13,220
FIRST COMMUNITY MORTGAGE, INC. 5 6.62% $12,338
PHH Mortgage Corporation 5 6.25% $11,509
Paramount Residential Mortgage Group, Inc. 5 6.50% $15,482
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.45% $6,900
Tidewater Home Funding, LLC 5 6.28% $10,649
AMERICAN FINANCING CORPORATION 5 5.93% $13,939
HOMESPIRE MORTGAGE CORPORATION 5 6.63% $11,291
MASON MCDUFFIE MORTGAGE CORPORATION 5 6.50% $11,502
ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.84% $16,692
T2 FINANCIAL LLC 4 6.69% $13,221
ALLIED MORTGAGE GROUP, INC. 4 6.34% $10,620
FIRST SAVINGS MORTGAGE CORPORATION 4 6.03% $14,080
MLD MORTGAGE INC. 4 5.94% $14,478
US MORTGAGE CORPORATION 4 6.31% $10,964
GUARANTEED RATE, INC. 4 6.50% $12,520
JPMorgan Chase Bank 4 5.97% $8,032
SeaTrust Mortgage Company 4 6.13% $13,820
ZILLOW HOME LOANS, LLC 4 6.09% $11,974
TOP FLITE FINANCIAL, INC. 4 6.34% $19,957
OCMBC, INC. 4 6.53% $14,929
INTERCOASTAL MORTGAGE COMPANY 4 6.03% $11,026
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.96% $11,589
GEO-CORP, INC. 3 7.50% $18,078
SUMMIT FUNDING, INC. 3 6.33% $12,145
FIDELITY DIRECT MORTGAGE, LLC 3 6.63% $15,812
Encompass Lending Group, LP 3 7.21% $13,655
SUCCESS MORTGAGE PARTNERS, INC. 3 5.79% $14,922
LEGEND LENDING CORPORATION 3 6.46% $18,893
Towne Mortgage, LLC 3 6.13% $15,561
Cornerstone First Mortgage, Inc 3 6.38% $22,137
Strong Home Mortgage, LLC 3 6.04% $10,616
ROSS MORTGAGE CORPORATION 3 6.63% $12,430
V.I.P. MORTGAGE, INC. 3 6.08% $12,447
BAY EQUITY LLC 3 7.00% $11,776
Princeton Mortgage Corporation 3 6.54% $14,329
MYCUMORTGAGE, LLC 3 7.21% $8,475
RANLIFE, INC. 3 5.33% $15,359
ROYAL UNITED MORTGAGE LLC 3 6.38% $11,448
RESIDENTIAL BANCORP 3 6.12% $12,430
GSF Mortgage Corporation 3 5.92% $15,876
LANGLEY 2 6.69% $9,050
Advance Financial Group, LLC 2 6.25% $7,084
American Mortgage & Equity Consultants, Inc. 2 6.69% $18,516
Barrington Bank & Trust Company, N.A. 2 6.25% $19,553
Chickasaw Community Bank 2 6.31% $13,120
Citizens Bank 2 6.19% $10,908
DATA MORTGAGE, INC. 2 6.88% $10,515
EMM LOANS LLC 2 6.25% $12,297
EQUITY RESOURCES, INC. 2 6.38% $12,704
FIRST ALLIANCE HOME MORTGAGE, LLC 2 5.69% $18,707
First National Bank of Pennsylvania 2 6.00% $12,209
HOMEAMERICAN MORTGAGE CORPORATION 2 5.37% $10,766
JMAC LENDING, INC. 2 5.94% $17,136
LOANLEADERS OF AMERICA, INC. 2 5.94% $12,144
Magnolia Bank 2 6.12% $12,304
Northpointe Bank 2 5.94% $7,525
PREMIA MORTGAGE, LLC 2 6.00% $10,432
RUOFF MORTGAGE COMPANY, INC. 2 5.94% $10,024
Sierra Pacific Mortgage Company, Inc. 2 6.19% $13,938
The Freedom Bank of Virginia 2 6.19% $11,600
OCEANSIDE MORTGAGE COMPANY 1 5.99% $9,182
NETWORK CAPITAL FUNDING CORPORATION 1 7.13% $8,547
Armed Forces Bank 1 6.13% $9,219
S1L, Inc. 1 6.25% $8,620
NATION ONE MORTGAGE CORPORATION 1 6.25% $11,830
American Security Mortgage Corp. 1 6.25% $9,633
SIRVA MORTGAGE, INC. 1 7.25% $7,279
MY MORTGAGE, INC. 1 5.75% $5,399
SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $5,070
MORIA DEVELOPMENT, INC. 1 6.88% $6,970
Meridian Bank Corporation 1 6.13% $16,298
Acre Mortgage and Financial Inc 1 7.00% $10,561
JAMS-01, INC. 1 6.25% $10,145
ISERVE RESIDENTIAL LENDING, LLC 1 8.25% $10,360
INTELLILOAN, INC. 1 5.75% $5,771
Hometown Equity Mortgage, LLC 1 5.63% $9,407
Texana Bank 1 5.50% $16,144
The Dart Bank 1 6.25% $11,161
GoPrime Mortgage, Inc. 1 6.25% $10,343
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $13,957
The Huntington National Bank 1 7.00% $13,223
FREEDOM FIRST 1 6.00% $13,172
FIRST COLONY MORTGAGE CORPORATION 1 5.75% $10,190
TJC Mortgage, Inc. 1 7.13% $16,073
FBC MORTGAGE, LLC 1 5.88% $9,699
EVERETT FINANCIAL, INC. 1 6.25% $21,365
EVANSVILLE TEACHERS 1 6.63% $10,822
Dollar Bank, Federal Savings Bank 1 6.75% $13,889
DIRECT MORTGAGE LOANS, LLC 1 6.88% $16,468
Towne Mortgage of the Carolinas, LLC 1 5.75% $11,204
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.13% $9,414
Commerce Home Mortgage, Inc. 1 6.63% $9,482
CityWorth Mortgage LLC 1 6.50% $18,856
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.63% $13,065
CHURCHILL MORTGAGE CORPORATION 1 6.25% $10,377
Capital Bank 1 7.13% $9,989
VANDERBILT MORTGAGE AND FINANCE, INC. 1 5.63% $13,860
VAN DYK MORTGAGE CORPORATION 1 6.25% $2,635
Vellum Mortgage, Inc. 1 6.50% $12,991
Blue Ridge Bank 1 6.13% $13,092
BETTER MORTGAGE CORPORATION 1 5.63% $10,089
BECKAM FUNDING CORP. 1 7.25% $27,739
Bank of America 1 6.25% $14,182
PNC Bank 1 6.25% $7,065
PENTAGON FEDERAL CREDIT UNION 1 5.25% $11,061
ONY GLO, INC. 1 6.13% $13,800

The top Richmond FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 346 FHA loans originated. Their average total fees are $12,716, which is $1,924 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Richmond FHA lenders (with over 10 loans originated) are CAPITAL CENTER, L.L.C. ($6,610), VILLAGE BANK MORTGAGE CORPORATION ($8,104), Alcova Mortgage LLC ($8,980), LAKEVIEW LOAN SERVICING, LLC ($9,005) and SWBC MORTGAGE CORPORATION ($9,399).

The lowest rate Richmond FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.02%), EAGLE HOME MORTGAGE, LLC (5.37%), LOANPAL, LLC (5.70%), SUN WEST MORTGAGE COMPANY, INC. (5.83%) and PENNYMAC LOAN SERVICES, LLC (5.96%).

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
RICHMOND, VA AMELIA 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA CHARLES CITY 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA CHESTERFIELD 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA DINWIDDIE 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA GOOCHLAND 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA HANOVER 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA HENRICO 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA KING AND QUEEN 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA KING WILLIAM 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA NEW KENT 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA POWHATAN 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA PRINCE GEORGE 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA SUSSEX 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA COLONIAL HEIGHT 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA HOPEWELL CITY 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA PETERSBURG CITY 2023 $546,250 $699,300 $845,300 $1,050,500
RICHMOND, VA RICHMOND CITY 2023 $546,250 $699,300 $845,300 $1,050,500

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).