Richmond FHA Loans

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 5.34% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.17% and one month ago for the week of 2022-04-08, the average rate was 5.04%.

The average rate one year ago was 3.05%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.95%.

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 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. Total Fees
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
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 31 2.89% $8,274
AmeriHome Mortgage Company, LLC 31 2.83% $5,110
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
PLANET HOME LENDING, LLC 23 2.86% $5,938
First Guaranty Mortgage Corporation 23 3.14% $7,064
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
Flagstar Bank, FSB 20 2.96% $8,894
HOMESIDE FINANCIAL, LLC 20 3.16% $8,421
VILLAGE CAPITAL & INVESTMENT LLC 20 2.82% $3,498
MASON MCDUFFIE MORTGAGE CORPORATION 19 3.05% $7,604
Truist Bank 18 2.89% $9,181
Blue Ridge Bank 18 2.97% $6,934
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
DRAPER AND KRAMER MORTGAGE CORP. 15 3.10% $7,791
FIRST HOME MORTGAGE CORPORATION 15 2.94% $8,446
VANDERBILT MORTGAGE AND FINANCE, INC. 14 3.13% $9,476
STEARNS LENDING, LLC 14 2.71% $8,613
PLAZA HOME MORTGAGE, INC. 13 3.18% $9,105
Plains Commerce Bank 13 2.81% $9,105
OCEANSIDE MORTGAGE COMPANY 12 2.89% $2,866
MYCUMORTGAGE, LLC 12 3.02% $7,623
Atlantic Union Bank 12 3.02% $6,961
Nations Lending Corporation 11 3.23% $11,272
INTERLINC MORTGAGE SERVICES, LLC 11 3.49% $7,702
NATIONS DIRECT MORTGAGE, LLC 10 3.34% $9,110
Commerce Home Mortgage, Inc. 10 3.13% $10,978
FINANCE OF AMERICA MORTGAGE LLC 10 3.19% $8,229
Citizens Bank 10 2.70% $7,753
Manufacturers and Traders Trust Company 10 3.16% $8,030
MUTUAL OF OMAHA MORTGAGE, INC. 9 3.03% $10,661
Assurance Financial Group, L.L.C. 9 2.85% $8,167
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 3.28% $8,046
LOANPAL, LLC 9 2.60% $8,820
RELIANCE FIRST CAPITAL, LLC 9 2.86% $10,559
Waterstone Mortgage Corporation 9 3.25% $9,488
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
Chickasaw Community Bank 7 2.77% $7,775
Atlantic Coast Mortgage, LLC 7 3.30% $9,030
Northpointe Bank 7 3.07% $8,324
GENEVA FINANCIAL, LLC 7 3.16% $8,510
INTERCOASTAL MORTGAGE COMPANY 6 2.85% $10,762
MLD MORTGAGE INC. 6 3.19% $8,859
ROUNDPOINT MORTGAGE SERVICING CORPORATION 6 3.46% $7,894
Ixonia Bank 6 3.35% $8,738
AMERICAN FINANCING CORPORATION 6 2.81% $8,078
Renasant Bank 6 2.75% $8,242
Towne Mortgage, LLC 6 2.85% $8,631
MEMBER ADVANTAGE MORTGAGE, LLC 6 3.17% $6,801
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
PHH Mortgage Corporation 4 2.94% $8,168
EMM LOANS LLC 4 2.81% $7,999
AMERICAN FINANCIAL RESOURCES, INC. 4 2.91% $8,106
TOWNE MORTGAGE COMPANY 4 2.88% $7,643
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 4 2.84% $9,323
SOVEREIGN LENDING GROUP INCORPORATED 4 2.84% $10,992
First Home Bank 4 2.91% $7,929
RANLIFE, INC. 4 3.19% $9,773
Wells Fargo Bank 4 2.84% $10,426
MILEND, INC. 4 3.03% $11,529
MORIA DEVELOPMENT, INC. 4 3.44% $9,699
NewTowne Mortgage, LLC 3 2.63% $6,785
ISERVE RESIDENTIAL LENDING, LLC 3 3.00% $9,503
CRESCENT MORTGAGE COMPANY 3 2.96% $8,194
SECURITYNATIONAL MORTGAGE COMPANY 3 3.46% $9,822
GoPrime Mortgage, Inc. 3 2.71% $7,120
U.S. Bank 3 2.92% $7,081
UNION HOME MORTGAGE CORP. 3 3.08% $10,684
MICHIGAN MUTUAL, INC. 3 3.46% $6,170
MIDLAND MORTGAGE CORPORATION 2 3.38% $7,718
INTELLILOAN, INC. 2 2.88% $7,845
LEADERONE FINANCIAL CORPORATION 2 3.50% $11,844
First Savings Bank 2 3.06% $14,381
Fifth Third Bank 2 2.69% $7,010
FBC MORTGAGE, LLC 2 3.13% $12,908
EVERETT FINANCIAL, INC. 2 3.50% $5,771
North American Savings Bank, F.S.B. 2 2.75% $5,837
CREDIT UNION MORTGAGE ASSOCIATION, INC. 2 3.06% $9,811
OCMBC, INC. 2 2.84% $10,624
Peoples Bank 2 3.69% $12,443
CMG MORTGAGE, INC. 2 2.75% $9,771
CHURCHILL MORTGAGE CORPORATION 2 3.00% $7,983
PREMIA MORTGAGE, LLC 2 3.06% $6,973
CERTAINTY HOME LOANS, LLC 2 3.19% $5,525
CELEBRITY HOME LOANS, LLC 2 2.81% $12,523
CBM Mortgage, Inc. 2 3.13% $5,797
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
SOUTHPOINT FINANCIAL SERVICES, INC. 2 2.81% $13,564
Barrington Bank & Trust Company, N.A. 2 3.69% $7,626
Wyndham Capital Mortgage, Inc. 2 2.88% $6,246
Bank of England 2 4.00% $12,186
HAMILTON HOME LOANS, INC. 2 3.81% $9,996
GUARANTY HOME MORTGAGE CORPORATION 2 2.63% $8,007
KELLER MORTGAGE, LLC 1 2.38% $10,035
CityWorth Mortgage LLC 1 3.63% $7,672
JPMorgan Chase Bank 1 2.75% $6,778
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 3.25% $6,745
MORTGAGE ACCESS CORP. 1 3.25% $10,877
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $3,304
Prime Choice Funding Inc. 1 3.00% $3,056
JOHNSON MORTGAGE COMPANY, L.L.C. 1 3.38% $4,995
GSF Mortgage Corporation 1 3.00% $12,163
US MORTGAGE CORPORATION 1 3.25% $15,019
Mid-Continent Funding, Inc. 1 3.25% $6,710
Regions Bank 1 2.75% $7,701
BNC National Bank 1 2.75% $7,523
First Option Mortgage, LLC 1 3.25% $7,031
RESIDENTIAL BANCORP. 1 2.25% $8,570
RESIDENTIAL HOME FUNDING CORP. 1 3.25% $12,069
AMERICAN ADVISORS GROUP 1 2.88% $8,936
GUARANTEED RATE AFFINITY, LLC 1 2.75% $7,516
MANN FINANCIAL INC. 1 3.88% $8,450
Alerus Financial 1 2.63% $6,704
Magnolia Bank 1 2.75% $6,789
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
Acre Mortgage and Financial Inc 1 3.38% $9,138
South State Bank 1 2.75% $7,559
Gateway First Bank 1 2.75% $5,664
ACADEMY MORTGAGE CORPORATION 1 4.38% $10,044
STOCKTON MORTGAGE CORPORATION 1 3.25% $4,430
Strong Home Mortgage, LLC 1 2.75% $6,751
HOMESTAR FINANCIAL CORPORATION 1 3.38% $4,931
SUMMIT FUNDING, INC. 1 2.75% $7,346
Summit Mortgage Corporation 1 2.25% $8,383
INLAND BANK & TRUST 1 3.63% $7,678
LOANLEADERS OF AMERICA, INC. 1 3.00% $11,810
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
ENVOY MORTGAGE, LTD 1 2.75% $12,189
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.50% $6,055
FAY SERVICING, LLC 1 3.13% $9,186
NJ LENDERS CORP. 1 2.99% $5,613
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.25% $11,105
FIDELITY DIRECT MORTGAGE, LLC 1 2.75% $12,386
NP, Inc. 1 3.50% $7,016
FIRST COMMUNITY MORTGAGE, INC. 1 2.88% $13,748
LENDUS, LLC 1 2.50% $8,512
LAND HOME FINANCIAL SERVICES, INC. 1 2.38% $5,081
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
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 3.25% $9,085
WesBanco Bank, Inc. 1 3.25% $11,005

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 & INVESTMENT LLC ($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 $290,000 (9.4%) $349,031 (8.4%) 1.07 3,377
2018-02-01 $299,700 (8.9%) $356,823 (7.0%) 1.08 3,338
2018-03-01 $310,000 (7.3%) $371,320 (7.9%) 1.07 3,433
2018-04-01 $319,950 (8.9%) $381,058 (9.6%) 1.07 3,579
2018-05-01 $321,375 (7.2%) $385,580 (8.8%) 1.07 3,885
2018-06-01 $319,370 (6.7%) $384,189 (9.1%) 1.06 4,181
2018-07-01 $319,995 (8.5%) $383,484 (8.9%) 1.07 4,274
2018-08-01 $314,175 (8.3%) $374,311 (7.9%) 1.05 4,453
2018-09-01 $307,610 (4.3%) $370,331 (5.8%) 1.03 4,513
2018-10-01 $300,000 (2.6%) $365,473 (4.0%) 1.00 4,579
2018-11-01 $308,000 (4.6%) $369,801 (5.2%) 1.03 4,493
2018-12-01 $309,500 (6.8%) $364,652 (4.2%) 1.06 4,086
2019-01-01 $309,450 (6.7%) $361,663 (3.6%) 1.07 3,674
2019-02-01 $316,725 (5.7%) $369,848 (3.7%) 1.06 3,605
2019-03-01 $324,066 (4.5%) $376,673 (1.4%) 1.06 3,705
2019-04-01 $332,725 (4.0%) $383,734 (0.7%) 1.05 3,838
2019-05-01 $333,900 (3.9%) $390,394 (1.3%) 1.03 4,026
2019-06-01 $333,990 (4.6%) $389,336 (1.3%) 1.03 4,119
2019-07-01 $332,450 (3.9%) $386,128 (0.7%) 1.03 4,241
2019-08-01 $324,885 (3.4%) $377,754 (0.9%) 1.02 4,252
2019-09-01 $319,900 (4.0%) $374,186 (1.0%) 1.02 4,244
2019-10-01 $319,475 (6.5%) $374,590 (2.5%) 1.02 4,484
2019-11-01 $315,000 (2.3%) $370,721 (0.3%) 1.02 4,229
2019-12-01 $319,950 (3.4%) $373,658 (2.5%) 1.07 3,682
2020-01-01 $321,975 (4.1%) $373,619 (3.3%) 1.07 3,273
2020-02-01 $329,000 (3.9%) $384,041 (3.8%) 1.06 3,113
2020-03-01 $341,404 (5.4%) $402,024 (6.7%) 1.07 3,215
2020-04-01 $345,000 (3.7%) $401,865 (4.7%) 1.07 3,439
2020-05-01 $350,000 (4.8%) $412,255 (5.6%) 1.06 3,317
2020-06-01 $358,975 (7.5%) $421,266 (8.2%) 1.05 2,939
2020-07-01 $360,425 (8.4%) $423,177 (9.6%) 1.03 2,670
2020-08-01 $367,780 (13.2%) $437,131 (15.7%) 1.05 2,427
2020-09-01 $367,475 (14.9%) $436,376 (16.6%) 1.05 2,385
2020-10-01 $375,000 (17.4%) $443,281 (18.3%) 1.07 2,325
2020-11-01 $377,000 (19.7%) $445,850 (20.3%) 1.08 2,208
2020-12-01 $364,150 (13.8%) $430,313 (15.2%) 1.07 1,991
2021-01-01 $365,000 (13.4%) $431,514 (15.5%) 1.07 1,699
2021-02-01 $368,945 (12.1%) $437,943 (14.0%) 1.06 1,525
2021-03-01 $372,531 (9.1%) $450,898 (12.2%) 1.04 1,505
2021-04-01 $364,000 (5.5%) $438,988 (9.2%) 0.98 1,529
2021-05-01 $350,000 (0.0%) $432,793 (5.0%) 0.92 1,603
2021-06-01 $350,000 (-2.5%) $434,802 (3.2%) 0.91 1,749
2021-07-01 $348,570 (-3.3%) $427,607 (1.1%) 0.91 1,859
2021-08-01 $349,950 (-4.9%) $429,739 (-1.7%) 0.92 1,946
2021-09-01 $349,950 (-4.8%) $428,722 (-1.8%) 0.92 1,932
2021-10-01 $350,000 (-6.7%) $423,946 (-4.4%) 0.92 1,816
2021-11-01 $352,500 (-6.5%) $427,922 (-4.0%) 0.93 1,679
2021-12-01 $357,950 (-1.7%) $432,089 (0.4%) 0.95 1,356
2022-01-01 $374,715 (2.7%) $447,321 (3.7%) 1.00 1,086
2022-02-01 $372,450 (1.0%) $451,161 (3.0%) 0.95 1,017
2022-03-01 $359,900 (-3.4%) $444,228 (-1.5%) 0.89 1,037
2022-04-01 $375,000 (3.0%) $459,959 (4.8%) 0.88 1,156
Richmond's median listing price for 2022-04-01 was $375,000, a difference of $11,000 (3.0%) versus the prior year and $15,100 versus the prior month.

Richmond's median listing price comes in at 88% of the national average.

Richmond's average listing price for 2022-04-01 was $459,959, a difference of $20,971 (4.8%) versus the prior year and $15,731 versus the prior month.

For the 2022-04-01 period, Richmond had 1,156 MLS listings, a difference of 119 listings (11%) versus the prior month and -373 listings (-24%) 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 72 days 2,171 sqft
2018-02-01 60 days 2,206 sqft
2018-03-01 48 days 2,254 sqft
2018-04-01 49 days 2,292 sqft
2018-05-01 46 days 2,330 sqft
2018-06-01 48 days 2,306 sqft
2018-07-01 51 days 2,310 sqft
2018-08-01 52 days 2,254 sqft
2018-09-01 56 days 2,228 sqft
2018-10-01 58 days 2,198 sqft
2018-11-01 57 days 2,212 sqft
2018-12-01 65 days 2,201 sqft
2019-01-01 71 days 2,194 sqft
2019-02-01 64 days 2,206 sqft
2019-03-01 49 days 2,235 sqft
2019-04-01 44 days 2,269 sqft
2019-05-01 46 days 2,289 sqft
2019-06-01 49 days 2,286 sqft
2019-07-01 51 days 2,280 sqft
2019-08-01 51 days 2,239 sqft
2019-09-01 56 days 2,210 sqft
2019-10-01 53 days 2,198 sqft
2019-11-01 56 days 2,179 sqft
2019-12-01 67 days 2,177 sqft
2020-01-01 71 days 2,182 sqft
2020-02-01 59 days 2,192 sqft
2020-03-01 44 days 2,247 sqft
2020-04-01 44 days 2,254 sqft
2020-05-01 53 days 2,274 sqft
2020-06-01 56 days 2,291 sqft
2020-07-01 51 days 2,250 sqft
2020-08-01 49 days 2,267 sqft
2020-09-01 44 days 2,216 sqft
2020-10-01 42 days 2,230 sqft
2020-11-01 48 days 2,216 sqft
2020-12-01 55 days 2,130 sqft
2021-01-01 55 days 2,100 sqft
2021-02-01 49 days 2,078 sqft
2021-03-01 45 days 2,076 sqft
2021-04-01 39 days 2,074 sqft
2021-05-01 38 days 2,031 sqft
2021-06-01 37 days 2,024 sqft
2021-07-01 38 days 1,985 sqft
2021-08-01 38 days 1,998 sqft
2021-09-01 42 days 1,947 sqft
2021-10-01 43 days 1,965 sqft
2021-11-01 45 days 1,957 sqft
2021-12-01 50 days 1,963 sqft
2022-01-01 56 days 2,004 sqft
2022-02-01 42 days 1,977 sqft
2022-03-01 34 days 1,905 sqft
2022-04-01 35 days 1,946 sqft
Richmond's median listing age (time on market) for 2022-04-01 was 35 days. This is -10% shorter than the same period one year ago.

Richmond's median square footage for active listings during the 2022-04-01 period was 1,946 sqft. One year prior, the average listing was 2,074 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).