Roanoke FHA Loan Rates, Closing Costs & Stats

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 93 lenders originated 794 FHA loans during 2023. The total origination value was $220,960,000, with an average FHA loan value of $278,287.

Roanoke FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Roanoke averaged 6.83% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Roanoke's average FHA mortgage closing costs are $6,778.

The average rate for the prior week (2024-05-10) was 6.97% and one month ago for the week of 2024-04-12, the average rate was 6.93%.

The average rate one year ago was 6.39%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.24%.

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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Roanoke level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
QUICKEN LOANS, LLC 92 6.21% $9,706
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 84 6.83% $9,494
Alcova Mortgage LLC 51 7.11% $6,269
UNION HOME MORTGAGE CORP. 42 6.63% $10,245
UNITED WHOLESALE MORTGAGE, LLC 35 6.50% $11,842
MOVEMENT MORTGAGE, LLC 33 6.79% $8,829
FREEDOM FIRST 20 6.44% $7,208
EMBRACE HOME LOANS, INC. 17 6.79% $10,444
CARDINAL FINANCIAL 17 6.68% $12,926
Atlantic Union Bank 17 6.59% $9,423
GUILD MORTGAGE COMPANY 15 6.95% $12,328
SWBC MORTGAGE CORPORATION 15 7.02% $5,052
LOANDEPOT.COM, LLC 13 6.05% $12,127
FREEDOM MORTGAGE CORPORATION 13 6.93% $12,199
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 12 6.63% $12,721
Citizens Bank 12 6.60% $9,718
BROKER SOLUTIONS, INC. 10 6.55% $10,739
PENNYMAC LOAN SERVICES, LLC 10 6.15% $9,710
Mr. Cooper ( Nationstar Mortgage ) 10 6.36% $12,856
Truist 10 6.51% $6,890
GUARANTEED RATE, INC. 9 6.58% $9,799
Renasant Bank 9 6.69% $10,675
CROSSCOUNTRY MORTGAGE, LLC 9 6.78% $11,808
AMERISAVE MORTGAGE CORPORATION 8 6.31% $12,280
Waterstone Mortgage Corporation 8 6.39% $10,280
ARC HOME LLC 8 6.98% $7,569
NATION ONE MORTGAGE CORPORATION 7 6.57% $10,017
Prosperity Home Mortgage, LLC 7 6.45% $7,323
NEWREZ LLC 6 6.46% $11,109
TOWNE MORTGAGE COMPANY 6 6.73% $9,691
LAKEVIEW LOAN SERVICING, LLC 6 5.71% $11,686
AMERICAN FINANCING CORPORATION 5 5.95% $10,143
MUTUAL OF OMAHA MORTGAGE, INC. 5 6.55% $14,912
First Heritage Mortgage, LLC 3 6.96% $11,080
AMERICAN FINANCIAL NETWORK, INC. 3 6.08% $16,417
Blue Ridge Bank 3 6.83% $10,512
Carrington Mortgage Services, LLC 3 6.67% $11,253
First Federal Bank 3 6.75% $9,832
MASON MCDUFFIE MORTGAGE CORPORATION 3 6.42% $10,377
MILEND, INC. 3 6.29% $13,098
OCMBC, INC. 3 7.25% $11,570
Pinnacle Bank 3 6.29% $7,611
VILLAGE CAPITAL MORTGAGE 3 7.33% $8,987
Paramount Residential Mortgage Group, Inc. 2 6.25% $10,053
Virginia Credit Union, Inc. 2 5.69% $5,807
Princeton Mortgage Corporation 2 5.87% $6,680
CMG MORTGAGE, INC. 2 7.44% $12,311
AMERICAN FINANCIAL RESOURCES, INC. 2 6.25% $9,700
Victorian Finance, LLC 2 6.63% $7,974
SUN WEST MORTGAGE COMPANY, INC. 2 6.93% $8,267
Atlantic Coast Mortgage, LLC 2 6.25% $10,093
RANLIFE, INC. 2 5.81% $11,189
RELIANCE FIRST CAPITAL, LLC 2 7.00% $10,010
FIRST COLONY MORTGAGE CORPORATION 2 6.38% $19,112
NATIONS DIRECT MORTGAGE, LLC 1 6.63% $11,459
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.13% $17,576
NBKC BANK 1 6.00% $7,650
CALIBER HOME LOANS, INC. 1 6.75% $14,870
ALLIED MORTGAGE GROUP, INC. 1 6.25% $12,902
Barrington Bank & Trust Company, N.A. 1 6.75% $9,930
PHH Mortgage Corporation 1 7.13% $7,571
Wells Fargo Bank 1 5.50% $8,100
Plains Commerce Bank 1 6.88% $9,859
PLANET HOME LENDING, LLC 1 5.50% $11,160
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $18,199
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $14,028
Bank of England 1 7.63% $4,972
First-Citizens Bank & Trust Company 1 5.75% $9,445
ROYAL UNITED MORTGAGE LLC 1 6.88% $9,289
RUOFF MORTGAGE COMPANY, INC. 1 6.25% $11,801
SOUTHERN TRUST MORTGAGE, LLC 1 7.38% $12,033
AmeriHome Mortgage Company, LLC 1 5.75% $10,453
TD Bank 1 6.88% $8,034
The Federal Savings Bank 1 5.25% $6,065
TOP FLITE FINANCIAL, INC. 1 7.25% $10,165
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $10,271
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 6.75% $8,262
American National Bank and Trust Company 1 6.63% $8,922
Flagstar Bank, FSB 1 6.47% $10,060
FIRST SAVINGS MORTGAGE CORPORATION 1 6.88% $11,892
FIRST HOME MORTGAGE CORPORATION 1 6.75% $14,349
GSF Mortgage Corporation 1 6.13% $10,418
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $16,092
HOMESIDE FINANCIAL, LLC 1 7.13% $12,010
INTELLILOAN, INC. 1 6.38% $9,221
EVERETT FINANCIAL, INC. 1 7.13% $8,647
EMM LOANS LLC 1 6.25% $12,005
ZILLOW HOME LOANS, LLC 1 7.63% $9,538
MID AMERICA MORTGAGE, INC. 1 7.75% $9,571
Mortgage Research Center, LLC 1 6.75% $5,023
CHURCHILL MORTGAGE CORPORATION 1 5.63% $5,828
C & F Mortgage Corporation 1 7.25% $9,885
CBM Mortgage, Inc. 1 7.25% $7,050

The top Roanoke FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 92 FHA loans originated. Their average total fees are $9,706, which is $212 higher than the next largest lender, ATLANTIC BAY MORTGAGE GROUP, L.L.C..

The lowest fee Roanoke FHA lenders (with over 10 loans originated) are SWBC MORTGAGE CORPORATION ($5,052), Alcova Mortgage LLC ($6,269), Truist ($6,890), FREEDOM FIRST ($7,208) and MOVEMENT MORTGAGE, LLC ($8,829).

The lowest rate Roanoke FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (6.05%), PENNYMAC LOAN SERVICES, LLC (6.15%), QUICKEN LOANS, LLC (6.21%), Mr. Cooper ( Nationstar Mortgage ) (6.36%) and FREEDOM FIRST (6.44%).

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
ROANOKE, VA BOTETOURT 2023 $472,030 $604,400 $730,525 $907,900
ROANOKE, VA CRAIG 2023 $472,030 $604,400 $730,525 $907,900
ROANOKE, VA FRANKLIN 2023 $472,030 $604,400 $730,525 $907,900
ROANOKE, VA ROANOKE 2023 $472,030 $604,400 $730,525 $907,900
ROANOKE, VA ROANOKE CITY 2023 $472,030 $604,400 $730,525 $907,900
ROANOKE, VA SALEM CITY 2023 $472,030 $604,400 $730,525 $907,900

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 $239,925 (9.3%) $335,605 (5.6%) 0.89 1,372
2018-02-01 $248,975 (13.2%) $336,803 (5.2%) 0.90 1,372
2018-03-01 $249,250 (10.6%) $339,295 (4.0%) 0.87 1,424
2018-04-01 $252,500 (7.5%) $349,732 (4.5%) 0.86 1,480
2018-05-01 $254,950 (6.5%) $356,192 (6.0%) 0.85 1,600
2018-06-01 $264,925 (8.1%) $369,179 (9.4%) 0.88 1,582
2018-07-01 $261,850 (6.9%) $368,607 (8.5%) 0.87 1,600
2018-08-01 $259,950 (8.3%) $364,518 (7.6%) 0.87 1,617
2018-09-01 $254,950 (4.1%) $365,562 (5.9%) 0.86 1,587
2018-10-01 $249,897 (4.1%) $355,775 (2.8%) 0.85 1,575
2018-11-01 $254,950 (8.8%) $361,690 (8.3%) 0.86 1,491
2018-12-01 $249,500 (4.0%) $358,083 (4.2%) 0.86 1,377
2019-01-01 $252,725 (5.3%) $355,382 (5.9%) 0.87 1,274
2019-02-01 $256,975 (3.2%) $361,532 (7.3%) 0.87 1,234
2019-03-01 $266,414 (6.9%) $368,835 (8.7%) 0.87 1,239
2019-04-01 $273,927 (8.5%) $372,204 (6.4%) 0.87 1,254
2019-05-01 $288,313 (13.1%) $374,477 (5.1%) 0.90 1,274
2019-06-01 $285,950 (7.9%) $369,963 (0.2%) 0.89 1,309
2019-07-01 $281,175 (7.4%) $371,894 (0.9%) 0.88 1,292
2019-08-01 $278,564 (7.2%) $373,794 (2.5%) 0.88 1,263
2019-09-01 $276,559 (8.5%) $378,719 (3.6%) 0.89 1,247
2019-10-01 $275,223 (10.1%) $380,950 (7.1%) 0.89 1,237
2019-11-01 $279,000 (9.4%) $385,687 (6.6%) 0.91 1,204
2019-12-01 $275,925 (10.6%) $381,701 (6.6%) 0.92 1,087
2020-01-01 $269,925 (6.8%) $379,981 (6.9%) 0.90 1,016
2020-02-01 $276,825 (7.7%) $392,209 (8.5%) 0.91 938
2020-03-01 $275,950 (3.6%) $390,496 (5.9%) 0.87 954
2020-04-01 $279,950 (2.2%) $388,271 (4.3%) 0.88 987
2020-05-01 $295,000 (2.3%) $408,741 (9.2%) 0.90 866
2020-06-01 $307,461 (7.5%) $420,394 (13.6%) 0.91 827
2020-07-01 $299,182 (6.4%) $412,659 (11.0%) 0.87 737
2020-08-01 $299,700 (7.6%) $417,516 (11.7%) 0.86 680
2020-09-01 $286,475 (3.6%) $416,273 (9.9%) 0.82 696
2020-10-01 $274,950 (-0.1%) $403,565 (5.9%) 0.79 675
2020-11-01 $272,473 (-2.3%) $411,754 (6.8%) 0.80 628
2020-12-01 $267,746 (-3.0%) $400,875 (5.0%) 0.80 567
2021-01-01 $272,500 (1.0%) $398,263 (4.8%) 0.81 484
2021-02-01 $287,613 (3.9%) $423,177 (7.9%) 0.84 371
2021-03-01 $294,950 (6.9%) $429,201 (9.9%) 0.84 354
2021-04-01 $292,713 (4.6%) $419,213 (8.0%) 0.79 357
2021-05-01 $282,950 (-4.1%) $399,920 (-2.2%) 0.75 389
2021-06-01 $289,475 (-5.9%) $403,790 (-4.0%) 0.76 450
2021-07-01 $289,925 (-3.1%) $389,350 (-5.7%) 0.77 493
2021-08-01 $279,475 (-6.8%) $395,072 (-5.4%) 0.75 517
2021-09-01 $289,950 (1.2%) $397,248 (-4.6%) 0.77 473
2021-10-01 $292,950 (6.6%) $406,326 (0.7%) 0.78 496
2021-11-01 $289,961 (6.4%) $410,712 (-0.3%) 0.78 446
2021-12-01 $302,475 (13.0%) $428,808 (7.0%) 0.82 363
2022-01-01 $317,950 (16.7%) $439,475 (10.4%) 0.86 299
2022-02-01 $326,700 (13.6%) $460,856 (8.9%) 0.85 267
2022-03-01 $325,065 (10.2%) $453,828 (5.7%) 0.81 259
2022-04-01 $309,900 (5.9%) $444,328 (6.0%) 0.74 285
2022-05-01 $349,475 (23.5%) $483,209 (20.8%) 0.80 338
2022-06-01 $343,975 (18.8%) $499,277 (23.7%) 0.77 416
2022-07-01 $349,450 (20.5%) $486,365 (24.9%) 0.79 452
2022-08-01 $326,200 (16.7%) $465,622 (17.9%) 0.75 419
2022-09-01 $341,463 (17.8%) $470,078 (18.3%) 0.80 419
2022-10-01 $337,925 (15.4%) $446,700 (9.9%) 0.80 451
2022-11-01 $329,975 (13.8%) $450,571 (9.7%) 0.79 457
2022-12-01 $339,950 (12.4%) $453,026 (5.7%) 0.84 429
2023-01-01 $347,250 (9.2%) $478,288 (8.8%) 0.86 423
2023-02-01 $349,950 (7.1%) $499,237 (8.3%) 0.84 362
2023-03-01 $368,950 (13.5%) $513,623 (13.2%) 0.87 340
2023-04-01 $377,475 (21.8%) $528,828 (19.0%) 0.88 344
2023-05-01 $383,925 (9.9%) $541,173 (12.0%) 0.87 337
2023-06-01 $375,725 (9.2%) $542,377 (8.6%) 0.84 384
2023-07-01 $379,000 (8.5%) $550,288 (13.1%) 0.86 427
2023-08-01 $374,925 (14.9%) $536,813 (15.3%) 0.86 445
2023-09-01 $365,000 (6.9%) $518,796 (10.4%) 0.85 485
2023-10-01 $353,725 (4.7%) $498,625 (11.6%) 0.83 552
2023-11-01 $347,950 (5.5%) $490,207 (8.8%) 0.83 552
2023-12-01 $349,900 (2.9%) $479,931 (5.9%) 0.85 513
2024-01-01 $340,873 (-1.8%) $462,292 (-3.3%) 0.83 487
2024-02-01 $342,499 (-2.1%) $466,583 (-6.5%) 0.82 441
2024-03-01 $350,000 (-5.1%) $483,897 (-5.8%) 0.82 436
2024-04-01 $361,113 (-4.3%) $496,527 (-6.1%) 0.84 454
Roanoke's median listing price for 2024-04-01 was $361,113, a difference of $-16,362 (-4.3%) versus the prior year and $11,113 versus the prior month.

Roanoke's median listing price comes in at 84% of the national average.

Roanoke's average listing price for 2024-04-01 was $496,527, a difference of $-32,301 (-6.1%) versus the prior year and $12,630 versus the prior month.

For the 2024-04-01 period, Roanoke had 454 MLS listings, a difference of 18 listings (4%) versus the prior month and 110 listings (32%) 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 91 days 2,060 sqft
2018-02-01 84 days 2,062 sqft
2018-03-01 66 days 2,110 sqft
2018-04-01 58 days 2,136 sqft
2018-05-01 53 days 2,153 sqft
2018-06-01 60 days 2,160 sqft
2018-07-01 70 days 2,151 sqft
2018-08-01 72 days 2,156 sqft
2018-09-01 72 days 2,156 sqft
2018-10-01 74 days 2,119 sqft
2018-11-01 79 days 2,127 sqft
2018-12-01 82 days 2,100 sqft
2019-01-01 93 days 2,089 sqft
2019-02-01 95 days 2,121 sqft
2019-03-01 79 days 2,149 sqft
2019-04-01 57 days 2,166 sqft
2019-05-01 55 days 2,175 sqft
2019-06-01 61 days 2,168 sqft
2019-07-01 67 days 2,157 sqft
2019-08-01 70 days 2,154 sqft
2019-09-01 71 days 2,141 sqft
2019-10-01 72 days 2,131 sqft
2019-11-01 73 days 2,142 sqft
2019-12-01 80 days 2,116 sqft
2020-01-01 89 days 2,066 sqft
2020-02-01 82 days 2,121 sqft
2020-03-01 54 days 2,133 sqft
2020-04-01 57 days 2,144 sqft
2020-05-01 71 days 2,200 sqft
2020-06-01 62 days 2,196 sqft
2020-07-01 58 days 2,161 sqft
2020-08-01 57 days 2,200 sqft
2020-09-01 54 days 2,198 sqft
2020-10-01 55 days 2,150 sqft
2020-11-01 60 days 2,175 sqft
2020-12-01 66 days 2,160 sqft
2021-01-01 67 days 2,131 sqft
2021-02-01 64 days 2,147 sqft
2021-03-01 47 days 2,092 sqft
2021-04-01 42 days 2,005 sqft
2021-05-01 40 days 2,007 sqft
2021-06-01 40 days 2,026 sqft
2021-07-01 43 days 2,005 sqft
2021-08-01 45 days 1,977 sqft
2021-09-01 52 days 2,002 sqft
2021-10-01 49 days 2,019 sqft
2021-11-01 64 days 2,006 sqft
2021-12-01 61 days 2,014 sqft
2022-01-01 84 days 2,031 sqft
2022-02-01 64 days 2,005 sqft
2022-03-01 38 days 1,942 sqft
2022-04-01 35 days 1,934 sqft
2022-05-01 32 days 2,021 sqft
2022-06-01 34 days 2,056 sqft
2022-07-01 40 days 2,031 sqft
2022-08-01 42 days 1,947 sqft
2022-09-01 46 days 1,977 sqft
2022-10-01 40 days 2,008 sqft
2022-11-01 44 days 1,977 sqft
2022-12-01 54 days 1,960 sqft
2023-01-01 60 days 2,006 sqft
2023-02-01 63 days 2,008 sqft
2023-03-01 50 days 2,044 sqft
2023-04-01 44 days 2,117 sqft
2023-05-01 43 days 2,113 sqft
2023-06-01 42 days 2,100 sqft
2023-07-01 43 days 2,094 sqft
2023-08-01 45 days 2,082 sqft
2023-09-01 43 days 1,980 sqft
2023-10-01 45 days 1,979 sqft
2023-11-01 50 days 1,980 sqft
2023-12-01 59 days 1,939 sqft
2024-01-01 63 days 1,914 sqft
2024-02-01 61 days 1,906 sqft
2024-03-01 46 days 1,908 sqft
2024-04-01 39 days 1,943 sqft
Roanoke's median listing age (time on market) for 2024-04-01 was 39 days. This is -13% shorter than the same period one year ago.

Roanoke's median square footage for active listings during the 2024-04-01 period was 1,943 sqft. One year prior, the average listing was 2,117 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).