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%.
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.
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 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 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.
