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 1,013 FHA loans during 2024. The total origination value was $242,505,000, with an average FHA loan value of $239,393.

    Roanoke FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Roanoke averaged 0.09% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Roanoke's average FHA mortgage closing costs are $7,251.

    The average rate for the prior week (2025-06-13) was 7.07% and one month ago for the week of 2025-05-16, the average rate was 6.84%.

    The average rate one year ago was 7.09%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.08%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 108 6.36% $11,020
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 92 6.67% $10,479
    Alcova Mortgage LLC 62 6.67% $7,154
    UNITED WHOLESALE MORTGAGE, LLC 55 6.11% $13,228
    UNION HOME MORTGAGE CORP. 41 6.56% $10,964
    FREEDOM FIRST 28 6.25% $8,538
    SWBC MORTGAGE CORPORATION 24 6.88% $6,739
    Atlantic Union Bank 23 6.59% $8,938
    MOVEMENT MORTGAGE, LLC 22 6.77% $9,162
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 6.76% $11,374
    CARDINAL FINANCIAL 19 6.75% $14,951
    GUARANTEED RATE, INC. 18 6.59% $9,256
    FREEDOM MORTGAGE CORPORATION 18 6.38% $10,889
    BROKER SOLUTIONS, INC. 14 6.62% $12,963
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 13 6.77% $10,889
    Mr. Cooper ( Nationstar Mortgage ) 13 6.47% $11,893
    NATION ONE MORTGAGE CORPORATION 13 6.82% $11,342
    CROSSCOUNTRY MORTGAGE, LLC 13 6.73% $12,801
    Flagstar Bank, FSB 12 6.23% $10,039
    GUILD MORTGAGE COMPANY 12 6.34% $11,277
    Prosperity Home Mortgage, LLC 12 6.45% $11,103
    VILLAGE CAPITAL MORTGAGE 12 6.50% $7,790
    NEWREZ LLC 10 6.46% $10,875
    HOMESIDE FINANCIAL, LLC 9 6.63% $13,767
    PENNYMAC LOAN SERVICES, LLC 9 6.08% $9,396
    LOANDEPOT.COM, LLC 9 6.30% $12,810
    Integrity Home Mortgage Corp 8 6.41% $10,330
    AMERISAVE MORTGAGE CORPORATION 7 6.04% $13,477
    LAKEVIEW LOAN SERVICING, LLC 7 6.50% $11,346
    Truist 7 6.43% $7,500
    EMBRACE HOME LOANS, INC. 7 6.82% $8,826
    AMERICAN FINANCIAL NETWORK, INC. 6 6.52% $13,411
    LOANPAL, LLC 6 5.73% $12,010
    FIRST COMMUNITY MORTGAGE, INC. 6 6.35% $9,889
    Waterstone Mortgage Corporation 6 6.94% $9,878
    Pinnacle Bank 6 6.19% $9,392
    ARC HOME LLC 6 7.13% $11,801
    Blue Ridge Bank 5 6.50% $11,615
    Equity Prime Mortgage LLC 5 6.83% $11,978
    Carrington Mortgage Services, LLC 5 6.13% $14,284
    SUN WEST MORTGAGE COMPANY, INC. 5 6.15% $12,694
    Atlantic Coast Mortgage, LLC 5 6.62% $10,889
    RELIANCE FIRST CAPITAL, LLC 4 6.56% $17,296
    Plains Commerce Bank 4 6.13% $18,015
    Renasant Bank 4 6.50% $10,107
    Wells Fargo Bank 4 6.13% $11,250
    AMERICAN FINANCIAL RESOURCES, INC. 4 6.06% $13,203
    Lakeview Community Capital, LLC 3 6.99% $7,212
    ZILLOW HOME LOANS, LLC 3 6.58% $10,560
    FIRST COLONY MORTGAGE CORPORATION 3 6.21% $15,282
    PLANET HOME LENDING, LLC 3 6.33% $6,690
    ROYAL UNITED MORTGAGE LLC 3 6.58% $11,431
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.17% $11,924
    CMG MORTGAGE, INC. 3 6.12% $13,443
    First-Citizens Bank & Trust Company 3 6.17% $8,322
    City Lending Inc. 3 7.50% $13,513
    MILEND, INC. 2 6.69% $11,494
    EMM LOANS LLC 2 6.38% $14,796
    PLAZA HOME MORTGAGE, INC. 2 7.19% $8,891
    AmeriHome Mortgage Company, LLC 2 6.63% $6,702
    NFM, INC. 2 7.50% $9,740
    MEMBER ADVANTAGE MORTGAGE, LLC 2 6.63% $6,096
    First Heritage Mortgage, LLC 2 6.50% $10,352
    INTELLILOAN, INC. 2 5.75% $7,221
    Keystone Funding, Inc. 2 6.94% $12,653
    TOWNE MORTGAGE COMPANY 2 6.75% $10,253
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 6.06% $16,161
    CAPITAL CENTER, L.L.C. 2 6.63% $4,164
    AMERICAN FINANCING CORPORATION 2 5.75% $15,019
    CityWorth Mortgage LLC 2 6.75% $12,203
    The Freedom Bank of Virginia 1 7.25% $7,076
    Assurance Financial Group, L.L.C. 1 7.00% $7,023
    BAYSHORE MORTGAGE FUNDING, LLC 1 6.13% $10,757
    BETTER MORTGAGE CORPORATION 1 5.25% $11,987
    C & F Mortgage Corporation 1 6.13% $9,014
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $15,278
    Citizens Bank 1 6.75% $9,885
    East Coast Capital Corp. 1 7.13% $20,520
    EVERETT FINANCIAL, INC. 1 6.25% $10,275
    First Community Bank 1 5.75% $10,248
    First Federal Bank 1 6.25% $8,309
    FIRST HOME MORTGAGE CORPORATION 1 6.13% $13,620
    FIRST SAVINGS MORTGAGE CORPORATION 1 6.50% $7,698
    Hometown Equity Mortgage, LLC 1 5.75% $14,043
    JPMorgan Chase Bank 1 6.25% $7,258
    Loan Simple, Inc. 1 7.13% $9,129
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.75% $6,406
    MID AMERICA MORTGAGE, INC. 1 7.25% $6,301
    Mid-Continent Funding, Inc. 1 6.13% $8,388
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $10,106
    M&T Bank 1 7.75% $8,036
    NATIONS DIRECT MORTGAGE, LLC 1 6.75% $14,774
    NBKC BANK 1 6.13% $7,282
    NEW DAY FINANCIAL, LLC 1 7.75% $4,698
    OCEANSIDE MORTGAGE COMPANY 1 5.63% $6,328
    OCMBC, INC. 1 7.63% $18,549
    Paramount Residential Mortgage Group, Inc. 1 6.75% $16,062
    PREMIA MORTGAGE, LLC 1 6.53% $10,648
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $10,661
    RANLIFE, INC. 1 6.25% $15,947
    SOUTHERN TRUST MORTGAGE, LLC 1 6.88% $12,016
    South State Bank 1 6.00% $11,548
    The Federal Savings Bank 1 5.63% $9,543
    THE MORTGAGE FIRM, INC. 1 6.63% $8,887
    TOP FLITE FINANCIAL, INC. 1 6.63% $14,194
    TOTAL MORTGAGE SERVICES, LLC 1 7.63% $9,587
    Virginia Credit Union, Inc. 1 6.50% $6,276
    Wolfe Financial, Inc 1 6.63% $9,342

    The top Roanoke FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 108 FHA loans originated. Their average total fees are $11,020, which is $541 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 ($6,739), Alcova Mortgage LLC ($7,154), VILLAGE CAPITAL MORTGAGE ($7,790), FREEDOM FIRST ($8,538) and Atlantic Union Bank ($8,938).

    The lowest rate Roanoke FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.11%), Flagstar Bank, FSB (6.23%), FREEDOM FIRST (6.25%), GUILD MORTGAGE COMPANY (6.34%) and QUICKEN LOANS, LLC (6.36%).

    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

    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).