Roanoke FHA Loans

ROANOKE, 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.

Roanoke's 116 lenders originated 1,595 FHA loans during 2021. The total origination value was $313,605,000, with an average FHA loan value of $196,618.

Roanoke FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Roanoke averaged 5.07% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

The average rate for the prior week (2022-05-13) was 5.38% and one month ago for the week of 2022-04-15, the average rate was 5.17%.

The average rate one year ago was 3.14%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.28%.

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

Roanoke 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 Roanoke level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 174 2.79% $5,547
Alcova Mortgage LLC 149 3.09% $4,471
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 120 3.23% $7,310
MOVEMENT MORTGAGE, LLC 106 3.25% $5,848
EMBRACE HOME LOANS, INC. 78 3.18% $6,618
Renasant Bank 62 2.84% $9,733
Integrity Home Mortgage Corp 57 3.08% $7,443
PENNYMAC LOAN SERVICES, LLC 56 3.02% $4,641
FREEDOM FIRST 51 2.66% $6,091
SWBC MORTGAGE CORPORATION 36 3.29% $4,705
FREEDOM MORTGAGE CORPORATION 36 2.88% $4,376
OVM FINANCIAL, INC. 34 3.08% $7,258
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 33 3.25% $8,533
LAKEVIEW LOAN SERVICING, LLC 31 3.13% $4,050
AMERICAN PACIFIC MORTGAGE CORPORATION 28 3.36% $7,277
Mr. Cooper ( Nationstar Mortgage ) 27 3.28% $4,016
GUARANTEED RATE, INC. 27 3.13% $7,166
INTERCOASTAL MORTGAGE COMPANY 20 2.99% $6,987
Atlantic Union Bank 20 3.30% $8,173
Citizens Bank 16 2.78% $8,808
UNITED WHOLESALE MORTGAGE, LLC 12 2.84% $7,003
Truist Bank 8 2.83% $5,834
AMERICAN FINANCIAL RESOURCES, INC. 8 3.02% $8,609
BROKER SOLUTIONS, INC. 8 3.17% $7,039
Carrington Mortgage Services, LLC 8 3.42% $6,283
Prosperity Home Mortgage, LLC 7 3.50% $5,633
Blue Ridge Bank 7 2.63% $5,465
LOANDEPOT.COM, LLC 7 3.12% $6,970
HOME POINT FINANCIAL CORPORATION 7 2.77% $8,248
First Guaranty Mortgage Corporation 6 3.00% $5,824
NEWREZ LLC 6 3.00% $4,586
CALIBER HOME LOANS, INC. 6 2.66% $5,695
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.17% $8,184
Lakeview Community Capital, LLC 5 3.02% $4,938
Nations Lending Corporation 5 3.48% $6,939
AmeriHome Mortgage Company, LLC 5 3.20% $3,501
First Savings Bank 5 3.13% $6,621
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 2.98% $5,108
AMERISAVE MORTGAGE CORPORATION 5 3.28% $6,852
AMERICAN FINANCIAL NETWORK, INC. 5 3.03% $11,596
First-Citizens Bank & Trust Company 4 2.50% $6,717
CROSSCOUNTRY MORTGAGE, LLC 4 3.03% $7,707
Mortgage Research Center, LLC 4 3.34% $4,103
NATION ONE MORTGAGE CORPORATION 4 3.38% $7,377
TOWNE MORTGAGE COMPANY 4 3.28% $7,052
The Federal Savings Bank 3 2.92% $5,957
American National Bank and Trust Company 3 2.50% $6,303
Ixonia Bank 3 3.29% $8,142
MASON MCDUFFIE MORTGAGE CORPORATION 3 3.25% $6,528
OCEANSIDE MORTGAGE COMPANY 3 3.00% $2,109
RELIANCE FIRST CAPITAL, LLC 3 3.21% $9,159
RESIDENTIAL MORTGAGE SERVICES, INC. 3 2.96% $7,100
VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.92% $8,107
Equity Prime Mortgage LLC 2 3.75% $7,859
Bank of England 2 3.38% $7,254
MIDLAND MORTGAGE CORPORATION 2 3.38% $7,951
Towne Bank 2 2.38% $6,728
HOMESIDE FINANCIAL, LLC 2 2.50% $8,767
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 2 2.88% $8,802
AMERICAN FINANCING CORPORATION 2 3.75% $7,744
SOUTHWEST STAGE FUNDING, LLC 2 3.06% $2,860
Flagstar Bank, FSB 2 2.75% $6,888
VILLAGE CAPITAL & INVESTMENT LLC 2 2.75% $5,834
SUN WEST MORTGAGE COMPANY, INC. 2 3.38% $3,862
NP, Inc. 2 3.19% $8,649
Virginia Credit Union, Inc. 2 3.00% $5,802
First Heritage Mortgage, LLC 2 2.69% $6,486
CHURCHILL MORTGAGE CORPORATION 1 2.25% $6,300
CELEBRITY HOME LOANS, LLC 1 3.25% $7,321
NASA Federal Credit Union 1 2.75% $7,946
CAPITAL CENTER, L.L.C. 1 2.75% $6,050
BNC National Bank 1 3.13% $7,103
NETWORK CAPITAL FUNDING CORPORATION 1 2.88% $5,711
BETTER MORTGAGE CORPORATION 1 2.38% $7,205
BAYSHORE MORTGAGE FUNDING, LLC 1 4.25% $6,521
PANORAMA MORTGAGE GROUP, LLC 1 2.88% $6,137
Barrington Bank & Trust Company, N.A. 1 2.75% $7,670
Plains Commerce Bank 1 2.63% $8,345
PLANET HOME LENDING, LLC 1 2.63% $4,877
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.13% $11,066
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.38% $7,149
Bank of America 1 2.63% $10,463
RANLIFE, INC. 1 2.25% $10,740
Wells Fargo Bank 1 3.00% $5,404
ARC HOME LLC 1 2.75% $8,975
RESIDENTIAL HOME FUNDING CORP. 1 2.75% $9,509
Wyndham Capital Mortgage, Inc. 1 3.88% $5,003
Residential Mortgage Solutions, Inc. 1 3.25% $11,858
SOUTHERN TRUST MORTGAGE, LLC 1 3.00% $5,581
SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.13% $10,226
SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $7,796
APEX HOME LOANS, INC. 1 3.00% $5,311
1ST SIGNATURE LENDING, LLC 1 3.63% $7,781
THRIVE MORTGAGE, LLC 1 4.38% $7,280
TIDEWATER MORTGAGE SERVICES, INC. 1 2.63% $5,794
TOTAL MORTGAGE SERVICES, LLC 1 3.13% $9,294
Amerifirst Financial, Inc. 1 3.63% $7,097
US MORTGAGE CORPORATION 1 3.13% $10,994
First Option Mortgage, LLC 1 3.88% $13,310
George Mason Mortgage, LLC 1 2.38% $6,706
FIRST HOME MORTGAGE CORPORATION 1 2.75% $9,499
GUARANTY HOME MORTGAGE CORPORATION 1 2.38% $5,660
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $5,257
Hometown Lenders, Inc. 1 2.88% $12,185
FirstBank 1 4.00% $6,382
Evolve Bank & Trust 1 4.13% $15,000
ZILLOW HOME LOANS, LLC 1 2.38% $8,674
Keystone Funding, Inc. 1 3.75% $7,824
EVERETT FINANCIAL, INC. 1 3.38% $5,074
ENVOY MORTGAGE, LTD 1 2.88% $6,034
Low VA Rates, LLC 1 2.50% $3,932
Manufacturers and Traders Trust Company 1 3.25% $4,878
MCLEAN MORTGAGE CORPORATION 1 2.75% $5,801
MILEND, INC. 1 2.99% $10,031
MORIA DEVELOPMENT, INC. 1 3.25% $6,115
CORNERSTONE HOME LENDING, INC. 1 3.75% $6,065

The top Roanoke FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 174 FHA loans originated. Their average total fees are $5,547, which is $1,077 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Roanoke FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($4,016), LAKEVIEW LOAN SERVICING, LLC ($4,050), FREEDOM MORTGAGE CORPORATION ($4,376), Alcova Mortgage LLC ($4,471) and PENNYMAC LOAN SERVICES, LLC ($4,641).

The lowest rate Roanoke FHA lenders (with over 10 loans originated) are FREEDOM FIRST (2.66%), Citizens Bank (2.78%), QUICKEN LOANS, LLC (2.79%), Renasant Bank (2.84%) and UNITED WHOLESALE MORTGAGE, LLC (2.84%).

Roanoke FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ROANOKE, VA BOTETOURT 2022 $420,680 $538,650 $651,050 $809,150
ROANOKE, VA CRAIG 2022 $420,680 $538,650 $651,050 $809,150
ROANOKE, VA FRANKLIN 2022 $420,680 $538,650 $651,050 $809,150
ROANOKE, VA ROANOKE 2022 $420,680 $538,650 $651,050 $809,150
ROANOKE, VA ROANOKE CITY 2022 $420,680 $538,650 $651,050 $809,150
ROANOKE, VA SALEM CITY 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Roanoke (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 $232,225 (12.5%) $314,305 (5.3%) 0.86 1,340
2018-02-01 $235,950 (14.0%) $314,819 (5.2%) 0.85 1,339
2018-03-01 $239,500 (9.7%) $312,484 (2.2%) 0.83 1,371
2018-04-01 $239,925 (6.7%) $321,901 (3.2%) 0.81 1,417
2018-05-01 $239,950 (5.6%) $322,532 (3.5%) 0.80 1,545
2018-06-01 $249,950 (8.8%) $335,522 (6.2%) 0.83 1,520
2018-07-01 $249,925 (8.7%) $338,449 (7.4%) 0.83 1,530
2018-08-01 $249,475 (8.2%) $336,164 (6.5%) 0.83 1,551
2018-09-01 $244,950 (6.5%) $337,656 (5.7%) 0.82 1,525
2018-10-01 $239,500 (4.2%) $329,350 (2.5%) 0.80 1,504
2018-11-01 $244,950 (7.3%) $334,916 (8.6%) 0.82 1,414
2018-12-01 $239,900 (4.3%) $332,398 (4.9%) 0.82 1,305
2019-01-01 $239,725 (3.2%) $332,914 (5.9%) 0.83 1,222
2019-02-01 $245,675 (4.1%) $339,706 (7.9%) 0.82 1,181
2019-03-01 $255,329 (6.6%) $345,756 (10.7%) 0.83 1,180
2019-04-01 $261,604 (9.0%) $348,254 (8.2%) 0.82 1,190
2019-05-01 $272,475 (13.6%) $355,032 (10.1%) 0.84 1,212
2019-06-01 $274,950 (10.0%) $352,039 (4.9%) 0.85 1,234
2019-07-01 $273,975 (9.6%) $354,425 (4.7%) 0.85 1,230
2019-08-01 $271,643 (8.9%) $355,266 (5.7%) 0.85 1,209
2019-09-01 $264,925 (8.2%) $356,097 (5.5%) 0.84 1,191
2019-10-01 $267,300 (11.6%) $356,914 (8.4%) 0.85 1,197
2019-11-01 $268,000 (9.4%) $361,421 (7.9%) 0.86 1,153
2019-12-01 $264,975 (10.5%) $354,961 (6.8%) 0.88 1,047
2020-01-01 $261,975 (9.3%) $353,399 (6.2%) 0.87 975
2020-02-01 $265,995 (8.3%) $370,185 (9.0%) 0.86 890
2020-03-01 $269,475 (5.5%) $374,889 (8.4%) 0.84 904
2020-04-01 $274,975 (5.1%) $374,356 (7.5%) 0.86 947
2020-05-01 $295,000 (8.3%) $395,754 (11.5%) 0.89 821
2020-06-01 $299,950 (9.1%) $394,160 (12.0%) 0.88 783
2020-07-01 $289,475 (5.7%) $388,087 (9.5%) 0.83 707
2020-08-01 $290,950 (7.1%) $392,396 (10.5%) 0.83 663
2020-09-01 $279,975 (5.7%) $392,989 (10.4%) 0.80 686
2020-10-01 $269,995 (1.0%) $384,344 (7.7%) 0.77 663
2020-11-01 $272,425 (1.7%) $393,267 (8.8%) 0.78 623
2020-12-01 $269,475 (1.7%) $380,982 (7.3%) 0.79 562
2021-01-01 $269,900 (3.0%) $377,344 (6.8%) 0.79 487
2021-02-01 $280,000 (5.3%) $408,129 (10.3%) 0.81 368
2021-03-01 $297,975 (10.6%) $418,750 (11.7%) 0.84 348
2021-04-01 $289,975 (5.5%) $412,391 (10.2%) 0.78 361
2021-05-01 $279,950 (-5.1%) $395,434 (-0.1%) 0.74 391
2021-06-01 $286,450 (-4.5%) $396,467 (0.6%) 0.74 442
2021-07-01 $284,975 (-1.6%) $388,012 (0.0%) 0.74 485
2021-08-01 $275,000 (-5.5%) $391,906 (-0.1%) 0.72 523
2021-09-01 $289,950 (3.6%) $392,318 (-0.2%) 0.76 478
2021-10-01 $290,000 (7.4%) $383,484 (-0.2%) 0.76 493
2021-11-01 $289,925 (6.4%) $384,783 (-2.2%) 0.76 440
2021-12-01 $299,900 (11.3%) $397,901 (4.4%) 0.80 358
2022-01-01 $299,990 (11.2%) $397,702 (5.4%) 0.80 296
2022-02-01 $318,975 (13.9%) $411,823 (0.9%) 0.81 264
2022-03-01 $311,450 (4.5%) $404,867 (-3.3%) 0.77 255
2022-04-01 $309,000 (6.6%) $413,600 (0.3%) 0.73 284
Roanoke's median listing price for 2022-04-01 was $309,000, a difference of $19,025 (6.6%) versus the prior year and $-2,450 versus the prior month.

Roanoke's median listing price comes in at 73% of the national average.

Roanoke's average listing price for 2022-04-01 was $413,600, a difference of $1,209 (0.3%) versus the prior year and $8,733 versus the prior month.

For the 2022-04-01 period, Roanoke had 284 MLS listings, a difference of 29 listings (11%) versus the prior month and -77 listings (-21%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Roanoke (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 95 days 2,010 sqft
2018-02-01 94 days 2,023 sqft
2018-03-01 78 days 2,063 sqft
2018-04-01 66 days 2,098 sqft
2018-05-01 59 days 2,105 sqft
2018-06-01 64 days 2,112 sqft
2018-07-01 73 days 2,111 sqft
2018-08-01 75 days 2,112 sqft
2018-09-01 77 days 2,112 sqft
2018-10-01 78 days 2,078 sqft
2018-11-01 84 days 2,065 sqft
2018-12-01 91 days 2,052 sqft
2019-01-01 101 days 2,040 sqft
2019-02-01 103 days 2,066 sqft
2019-03-01 98 days 2,115 sqft
2019-04-01 63 days 2,134 sqft
2019-05-01 61 days 2,146 sqft
2019-06-01 65 days 2,146 sqft
2019-07-01 71 days 2,133 sqft
2019-08-01 72 days 2,135 sqft
2019-09-01 71 days 2,135 sqft
2019-10-01 75 days 2,128 sqft
2019-11-01 81 days 2,131 sqft
2019-12-01 87 days 2,107 sqft
2020-01-01 97 days 2,062 sqft
2020-02-01 95 days 2,100 sqft
2020-03-01 61 days 2,131 sqft
2020-04-01 60 days 2,146 sqft
2020-05-01 74 days 2,204 sqft
2020-06-01 70 days 2,200 sqft
2020-07-01 64 days 2,157 sqft
2020-08-01 61 days 2,186 sqft
2020-09-01 54 days 2,206 sqft
2020-10-01 53 days 2,156 sqft
2020-11-01 56 days 2,176 sqft
2020-12-01 62 days 2,164 sqft
2021-01-01 71 days 2,131 sqft
2021-02-01 71 days 2,140 sqft
2021-03-01 51 days 2,070 sqft
2021-04-01 46 days 2,003 sqft
2021-05-01 42 days 1,987 sqft
2021-06-01 42 days 2,000 sqft
2021-07-01 44 days 1,998 sqft
2021-08-01 46 days 1,977 sqft
2021-09-01 54 days 1,998 sqft
2021-10-01 52 days 2,020 sqft
2021-11-01 52 days 1,993 sqft
2021-12-01 62 days 1,991 sqft
2022-01-01 74 days 2,000 sqft
2022-02-01 72 days 1,943 sqft
2022-03-01 48 days 1,898 sqft
2022-04-01 41 days 1,921 sqft
Roanoke's median listing age (time on market) for 2022-04-01 was 41 days. This is -10% shorter than the same period one year ago.

Roanoke's median square footage for active listings during the 2022-04-01 period was 1,921 sqft. One year prior, the average listing was 2,003 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).