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
6.29%
for the week of 2024-10-11, compared to the national average (all FHA variants) of
6.1% for the same period.
Roanoke's average FHA mortgage closing costs are $6,778.
The average rate for the prior week (2024-10-04) was
6.21% and
one month ago for the week of 2024-09-06, the
average rate was 6.14%.
The average rate one year ago was 7.36%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.49%.
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.
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. LouisDate | 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 |
2024-05-01 | $379,350 (-1.2%) | $511,250 (-5.5%) | 0.86 | 505 |
2024-06-01 | $379,950 (1.1%) | $525,486 (-3.1%) | 0.85 | 550 |
2024-07-01 | $368,450 (-2.8%) | $501,561 (-8.9%) | 0.84 | 578 |
2024-08-01 | $374,950 (0.0%) | $503,998 (-6.1%) | 0.87 | 619 |
2024-09-01 | $369,975 (1.4%) | $497,737 (-4.1%) | 0.87 | 683 |
Roanoke's median listing price comes in at 87% of the national average.
Roanoke's average listing price for 2024-09-01 was $497,737, a difference of $-21,059 (-4.1%) versus the prior year and $-6,261 versus the prior month.
For the 2024-09-01 period, Roanoke had 683 MLS listings, a difference of 64 listings (10%) versus the prior month and 198 listings (41%) 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 | 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 |
2024-05-01 | 33 days | 1,975 sqft |
2024-06-01 | 40 days | 1,998 sqft |
2024-07-01 | 51 days | 1,991 sqft |
2024-08-01 | 51 days | 2,021 sqft |
2024-09-01 | 45 days | 2,046 sqft |
Roanoke's median square footage for active listings during the 2024-09-01 period was 2,046 sqft. One year prior, the average listing was 1,980 sqft.