Roanoke FHA Loan Rates, Closing Costs & Stats

ROANOKE, VA

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    • 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 108 lenders originated 933 FHA loans during 2022. The total origination value was $185,975,000, with an average FHA loan value of $199,330.

    Roanoke FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Roanoke averaged 6.4% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

    Roanoke's average FHA mortgage closing costs are $6,401.

    The average rate for the prior week (2023-05-19) was 5.97% and one month ago for the week of 2023-04-21, the average rate was 6.32%.

    The average rate one year ago was 5.03%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.42%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 103 4.57% $8,910
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 95 5.22% $8,727
    Alcova Mortgage LLC 74 5.07% $5,464
    MOVEMENT MORTGAGE, LLC 65 5.04% $8,009
    EMBRACE HOME LOANS, INC. 44 4.71% $7,432
    FREEDOM FIRST 35 4.51% $6,221
    Citizens Bank 27 4.77% $8,987
    UNION HOME MORTGAGE CORP. 26 5.61% $8,610
    AMERICAN PACIFIC MORTGAGE CORPORATION 24 5.26% $9,258
    Atlantic Union Bank 19 5.13% $8,565
    SWBC MORTGAGE CORPORATION 18 4.75% $6,063
    LOANDEPOT.COM, LLC 15 4.44% $10,168
    PENNYMAC LOAN SERVICES, LLC 13 4.19% $9,066
    CARDINAL FINANCIAL 13 4.71% $10,024
    AMERISAVE MORTGAGE CORPORATION 12 4.88% $13,610
    INTERCOASTAL MORTGAGE COMPANY 12 4.75% $8,034
    Mr. Cooper ( Nationstar Mortgage ) 11 4.74% $10,972
    Truist 11 5.15% $6,621
    UNITED WHOLESALE MORTGAGE, LLC 11 4.54% $9,859
    BROKER SOLUTIONS, INC. 10 5.45% $8,869
    MEMBER ADVANTAGE MORTGAGE, LLC 10 5.13% $7,942
    FREEDOM MORTGAGE CORPORATION 9 5.41% $9,820
    Renasant Bank 7 4.54% $10,403
    Carrington Mortgage Services, LLC 7 5.59% $11,552
    Prosperity Home Mortgage, LLC 7 5.18% $8,469
    NEWREZ LLC 6 4.23% $8,299
    TOWNE MORTGAGE COMPANY 6 4.83% $7,071
    GUARANTEED RATE, INC. 6 5.58% $10,444
    AMERICAN FINANCIAL RESOURCES, INC. 6 3.79% $10,740
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.20% $9,898
    MUTUAL OF OMAHA MORTGAGE, INC. 5 4.70% $8,875
    Flagstar Bank, FSB 5 5.40% $9,104
    NATION ONE MORTGAGE CORPORATION 5 5.75% $10,273
    OVM FINANCIAL, INC. 5 4.58% $9,822
    Victorian Finance, LLC 5 5.45% $6,601
    CALIBER HOME LOANS, INC. 4 4.65% $9,870
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 5.19% $8,336
    LAKEVIEW LOAN SERVICING, LLC 4 3.63% $7,467
    EMM LOANS LLC 4 6.66% $10,952
    VANDERBILT MORTGAGE AND FINANCE, INC. 4 4.72% $12,586
    Blue Ridge Bank 4 5.19% $8,768
    Pinnacle Bank 4 5.22% $6,611
    GUARANTY HOME MORTGAGE CORPORATION 4 6.81% $10,097
    Mortgage Research Center, LLC 4 5.69% $6,502
    HOME POINT FINANCIAL CORPORATION 3 4.75% $9,985
    CMG MORTGAGE, INC. 3 4.67% $13,433
    NFM, INC. 3 5.79% $9,534
    GUILD MORTGAGE COMPANY 3 5.50% $12,239
    First Guaranty Mortgage Corporation 3 3.25% $6,557
    HOMESIDE FINANCIAL, LLC 3 4.96% $8,811
    TIDEWATER MORTGAGE SERVICES, INC. 3 4.92% $11,649
    First Heritage Mortgage, LLC 3 4.88% $11,752
    Gateway First Bank 3 5.17% $7,167
    Magnolia Bank 3 4.83% $9,132
    CROSSCOUNTRY MORTGAGE, LLC 3 5.17% $11,288
    Lakeview Community Capital, LLC 2 4.75% $4,908
    George Mason Mortgage, LLC 2 6.31% $11,032
    Barrington Bank & Trust Company, N.A. 2 5.44% $5,915
    F & M BANK CORP. 2 4.75% $14,760
    MCLEAN MORTGAGE CORPORATION 2 5.19% $7,618
    CBM Mortgage, Inc. 2 4.31% $6,854
    RELIANCE FIRST CAPITAL, LLC 2 5.19% $12,246
    MLD MORTGAGE INC. 2 5.56% $6,536
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.81% $11,640
    The Freedom Bank of Virginia 2 5.00% $5,631
    GEO-CORP, INC. 2 6.81% $10,061
    AMERICAN FINANCING CORPORATION 2 3.88% $6,008
    NATIONS DIRECT MORTGAGE, LLC 2 5.06% $15,917
    VILLAGE CAPITAL MORTGAGE 2 4.44% $6,777
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.69% $7,751
    NETWORK CAPITAL FUNDING CORPORATION 2 5.06% $15,803
    Virginia Credit Union, Inc. 1 3.88% $6,221
    FIRST SAVINGS MORTGAGE CORPORATION 1 6.13% $10,600
    Equity Prime Mortgage LLC 1 3.25% $12,287
    GSF Mortgage Corporation 1 4.63% $15,649
    CRESCENT MORTGAGE COMPANY 1 2.88% $5,289
    Ixonia Bank 1 5.25% $5,443
    JPMorgan Chase Bank 1 5.75% $6,465
    LIBERTY HOME MORTGAGE CORPORATION 1 5.75% $6,456
    LOANPAL, LLC 1 4.00% $9,143
    MASON MCDUFFIE MORTGAGE CORPORATION 1 5.25% $9,933
    MID AMERICA MORTGAGE, INC. 1 5.50% $8,079
    MORIA DEVELOPMENT, INC. 1 5.25% $6,148
    CAPITAL CENTER, L.L.C. 1 3.63% $2,900
    M&T Bank 1 3.25% $9,070
    BNC National Bank 1 4.50% $8,818
    MY MORTGAGE, INC. 1 4.25% $9,581
    Waterstone Mortgage Corporation 1 7.13% $7,349
    Nations Lending Corporation 1 5.75% $14,428
    OCEANSIDE MORTGAGE COMPANY 1 2.88% $1,968
    Wells Fargo Bank 1 5.50% $9,514
    PLANET HOME LENDING, LLC 1 4.25% $10,712
    Princeton Mortgage Corporation 1 4.99% $15,334
    Bank of America 1 3.38% $7,352
    Atlantic Coast Mortgage, LLC 1 5.00% $7,888
    RANLIFE, INC. 1 3.50% $6,207
    Regions Bank 1 5.13% $8,529
    Arvest Bank 1 6.50% $6,480
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.38% $4,813
    ROYAL UNITED MORTGAGE LLC 1 5.75% $8,914
    Shamrock Home Loans, Inc. 1 7.13% $11,025
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 5.75% $15,488
    SOUTHWEST STAGE FUNDING, LLC 1 3.75% $2,922
    The Huntington National Bank 1 3.75% $8,784
    ARC HOME LLC 1 6.63% $8,826
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 5.75% $11,938
    American National Bank and Trust Company 1 4.25% $6,517
    ZILLOW HOME LOANS, LLC 1 6.75% $12,158

    The top Roanoke FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 103 FHA loans originated. Their average total fees are $8,910, which is $183 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 Alcova Mortgage LLC ($5,464), SWBC MORTGAGE CORPORATION ($6,063), FREEDOM FIRST ($6,221), Truist ($6,621) and EMBRACE HOME LOANS, INC. ($7,432).

    The lowest rate Roanoke FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.19%), LOANDEPOT.COM, LLC (4.44%), FREEDOM FIRST (4.51%), UNITED WHOLESALE MORTGAGE, LLC (4.54%) and QUICKEN LOANS, LLC (4.57%).

    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%) $335,660 (5.7%) 0.89 1,372
    2018-02-01 $248,963 (13.2%) $336,857 (5.1%) 0.91 1,371
    2018-03-01 $249,000 (10.4%) $339,332 (4.0%) 0.87 1,423
    2018-04-01 $252,487 (7.5%) $349,775 (4.4%) 0.86 1,479
    2018-05-01 $254,925 (6.5%) $355,508 (5.8%) 0.85 1,602
    2018-06-01 $263,750 (7.7%) $368,236 (9.1%) 0.88 1,583
    2018-07-01 $261,150 (7.5%) $367,783 (8.3%) 0.87 1,601
    2018-08-01 $259,950 (8.3%) $363,744 (7.3%) 0.87 1,618
    2018-09-01 $254,950 (4.9%) $364,784 (5.7%) 0.86 1,588
    2018-10-01 $249,838 (4.1%) $355,054 (2.6%) 0.85 1,575
    2018-11-01 $254,950 (9.1%) $361,398 (8.3%) 0.86 1,490
    2018-12-01 $249,700 (4.1%) $357,558 (4.1%) 0.86 1,378
    2019-01-01 $252,063 (5.1%) $354,795 (5.7%) 0.87 1,275
    2019-02-01 $256,975 (3.2%) $361,362 (7.3%) 0.87 1,234
    2019-03-01 $264,500 (6.2%) $363,259 (7.1%) 0.88 1,224
    2019-04-01 $272,500 (7.9%) $371,509 (6.2%) 0.87 1,249
    2019-05-01 $288,450 (13.2%) $374,640 (5.4%) 0.90 1,274
    2019-06-01 $288,000 (9.2%) $370,014 (0.5%) 0.90 1,309
    2019-07-01 $282,425 (8.2%) $371,720 (1.1%) 0.88 1,293
    2019-08-01 $284,950 (9.6%) $379,711 (4.4%) 0.89 1,269
    2019-09-01 $284,325 (11.5%) $390,857 (7.2%) 0.90 1,163
    2019-10-01 $274,975 (10.1%) $374,963 (5.6%) 0.89 1,218
    2019-11-01 $279,000 (9.4%) $385,472 (6.7%) 0.91 1,202
    2019-12-01 $275,925 (10.5%) $381,466 (6.7%) 0.92 1,085
    2020-01-01 $269,925 (7.1%) $379,724 (7.0%) 0.90 1,014
    2020-02-01 $276,750 (7.7%) $391,763 (8.4%) 0.91 937
    2020-03-01 $275,950 (4.3%) $390,150 (7.4%) 0.87 953
    2020-04-01 $279,950 (2.7%) $387,847 (4.4%) 0.88 986
    2020-05-01 $295,000 (2.3%) $408,262 (9.0%) 0.90 865
    2020-06-01 $307,438 (6.8%) $419,941 (13.5%) 0.91 826
    2020-07-01 $298,822 (5.8%) $412,203 (10.9%) 0.87 736
    2020-08-01 $299,700 (5.2%) $417,516 (10.0%) 0.86 680
    2020-09-01 $286,000 (0.6%) $416,344 (6.5%) 0.82 695
    2020-10-01 $274,950 (0.0%) $403,698 (7.7%) 0.79 674
    2020-11-01 $272,473 (-2.3%) $411,912 (6.9%) 0.80 628
    2020-12-01 $268,055 (-2.9%) $400,957 (5.1%) 0.80 568
    2021-01-01 $273,700 (1.4%) $398,276 (4.9%) 0.82 485
    2021-02-01 $287,488 (3.9%) $422,989 (8.0%) 0.84 372
    2021-03-01 $296,088 (7.3%) $429,357 (10.1%) 0.84 354
    2021-04-01 $292,713 (4.6%) $419,213 (8.1%) 0.79 357
    2021-05-01 $282,950 (-4.1%) $399,920 (-2.0%) 0.75 389
    2021-06-01 $290,238 (-5.6%) $404,853 (-3.6%) 0.76 451
    2021-07-01 $289,950 (-3.0%) $391,519 (-5.0%) 0.77 494
    2021-08-01 $280,725 (-6.3%) $395,314 (-5.3%) 0.75 518
    2021-09-01 $289,950 (1.4%) $397,421 (-4.6%) 0.77 474
    2021-10-01 $292,950 (6.6%) $406,482 (0.7%) 0.78 498
    2021-11-01 $289,975 (6.4%) $410,571 (-0.3%) 0.78 447
    2021-12-01 $303,099 (13.1%) $428,614 (6.9%) 0.82 364
    2022-01-01 $317,950 (16.2%) $440,248 (10.5%) 0.86 298
    2022-02-01 $327,200 (13.8%) $461,309 (9.1%) 0.85 266
    2022-03-01 $325,065 (9.8%) $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 $342,975 (18.2%) $499,277 (23.3%) 0.76 416
    2022-07-01 $349,000 (20.4%) $486,450 (24.3%) 0.79 451
    2022-08-01 $326,200 (16.2%) $465,701 (17.8%) 0.75 418
    2022-09-01 $340,713 (17.5%) $470,118 (18.3%) 0.80 419
    2022-10-01 $337,925 (15.4%) $446,658 (9.9%) 0.80 452
    2022-11-01 $331,225 (14.2%) $448,959 (9.4%) 0.80 458
    2022-12-01 $339,950 (12.2%) $451,579 (5.4%) 0.84 429
    2023-01-01 $346,600 (9.0%) $476,800 (8.3%) 0.86 423
    2023-02-01 $349,950 (7.0%) $499,166 (8.2%) 0.84 362
    2023-03-01 $368,950 (13.5%) $513,623 (13.2%) 0.87 340
    2023-04-01 $377,475 (21.8%) $529,149 (19.1%) 0.88 343
    Roanoke's median listing price for 2023-04-01 was $377,475, a difference of $67,575 (21.8%) versus the prior year and $8,525 versus the prior month.

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

    Roanoke's average listing price for 2023-04-01 was $529,149, a difference of $84,821 (19.1%) versus the prior year and $15,526 versus the prior month.

    For the 2023-04-01 period, Roanoke had 343 MLS listings, a difference of 3 listings (1%) versus the prior month and 58 listings (20%) 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
    2018-01-01 100 days 2,060 sqft
    2018-02-01 97 days 2,063 sqft
    2018-03-01 78 days 2,110 sqft
    2018-04-01 66 days 2,136 sqft
    2018-05-01 62 days 2,153 sqft
    2018-06-01 68 days 2,158 sqft
    2018-07-01 77 days 2,150 sqft
    2018-08-01 80 days 2,155 sqft
    2018-09-01 81 days 2,156 sqft
    2018-10-01 82 days 2,119 sqft
    2018-11-01 87 days 2,125 sqft
    2018-12-01 95 days 2,094 sqft
    2019-01-01 103 days 2,085 sqft
    2019-02-01 107 days 2,114 sqft
    2019-03-01 85 days 2,112 sqft
    2019-04-01 66 days 2,165 sqft
    2019-05-01 64 days 2,176 sqft
    2019-06-01 69 days 2,168 sqft
    2019-07-01 74 days 2,156 sqft
    2019-08-01 85 days 2,194 sqft
    2019-09-01 87 days 2,187 sqft
    2019-10-01 81 days 2,126 sqft
    2019-11-01 83 days 2,142 sqft
    2019-12-01 90 days 2,116 sqft
    2020-01-01 99 days 2,062 sqft
    2020-02-01 96 days 2,118 sqft
    2020-03-01 65 days 2,132 sqft
    2020-04-01 65 days 2,144 sqft
    2020-05-01 78 days 2,200 sqft
    2020-06-01 71 days 2,193 sqft
    2020-07-01 65 days 2,160 sqft
    2020-08-01 64 days 2,200 sqft
    2020-09-01 58 days 2,198 sqft
    2020-10-01 58 days 2,152 sqft
    2020-11-01 62 days 2,175 sqft
    2020-12-01 70 days 2,160 sqft
    2021-01-01 71 days 2,131 sqft
    2021-02-01 68 days 2,148 sqft
    2021-03-01 53 days 2,092 sqft
    2021-04-01 45 days 2,005 sqft
    2021-05-01 41 days 2,007 sqft
    2021-06-01 40 days 2,026 sqft
    2021-07-01 44 days 2,006 sqft
    2021-08-01 45 days 1,977 sqft
    2021-09-01 53 days 1,999 sqft
    2021-10-01 51 days 2,017 sqft
    2021-11-01 66 days 2,004 sqft
    2021-12-01 64 days 2,013 sqft
    2022-01-01 88 days 2,032 sqft
    2022-02-01 76 days 2,008 sqft
    2022-03-01 45 days 1,942 sqft
    2022-04-01 39 days 1,934 sqft
    2022-05-01 35 days 2,021 sqft
    2022-06-01 36 days 2,058 sqft
    2022-07-01 42 days 2,036 sqft
    2022-08-01 44 days 1,947 sqft
    2022-09-01 47 days 1,975 sqft
    2022-10-01 43 days 2,007 sqft
    2022-11-01 46 days 1,969 sqft
    2022-12-01 56 days 1,960 sqft
    2023-01-01 61 days 2,006 sqft
    2023-02-01 65 days 2,007 sqft
    2023-03-01 53 days 2,044 sqft
    2023-04-01 46 days 2,117 sqft
    Roanoke's median listing age (time on market) for 2023-04-01 was 46 days. This is 17% longer than the same period one year ago.

    Roanoke's median square footage for active listings during the 2023-04-01 period was 2,117 sqft. One year prior, the average listing was 1,934 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).