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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.