Roanoke FHA Loans

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 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%.

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 174 2.79% $5,547
    Alcova Mortgage LLC 149 3.09% $4,471
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 120 3.23% $7,310
    MOVEMENT MORTGAGE, LLC 106 3.25% $5,848
    EMBRACE HOME LOANS, INC. 78 3.18% $6,618
    Renasant Bank 62 2.84% $9,733
    Integrity Home Mortgage Corp 57 3.08% $7,443
    PENNYMAC LOAN SERVICES, LLC 56 3.02% $4,641
    FREEDOM FIRST 51 2.66% $6,091
    SWBC MORTGAGE CORPORATION 36 3.29% $4,705
    FREEDOM MORTGAGE CORPORATION 36 2.88% $4,376
    OVM FINANCIAL, INC. 34 3.08% $7,258
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 33 3.25% $8,533
    LAKEVIEW LOAN SERVICING, LLC 31 3.13% $4,050
    AMERICAN PACIFIC MORTGAGE CORPORATION 28 3.36% $7,277
    Mr. Cooper ( Nationstar Mortgage ) 27 3.28% $4,016
    GUARANTEED RATE, INC. 27 3.13% $7,166
    INTERCOASTAL MORTGAGE COMPANY 20 2.99% $6,987
    Atlantic Union Bank 20 3.30% $8,173
    Citizens Bank 16 2.78% $8,808
    UNITED WHOLESALE MORTGAGE, LLC 12 2.84% $7,003
    Truist Bank 8 2.83% $5,834
    AMERICAN FINANCIAL RESOURCES, INC. 8 3.02% $8,609
    BROKER SOLUTIONS, INC. 8 3.17% $7,039
    Carrington Mortgage Services, LLC 8 3.42% $6,283
    Prosperity Home Mortgage, LLC 7 3.50% $5,633
    Blue Ridge Bank 7 2.63% $5,465
    LOANDEPOT.COM, LLC 7 3.12% $6,970
    HOME POINT FINANCIAL CORPORATION 7 2.77% $8,248
    First Guaranty Mortgage Corporation 6 3.00% $5,824
    NEWREZ LLC 6 3.00% $4,586
    CALIBER HOME LOANS, INC. 6 2.66% $5,695
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 3.17% $8,184
    Lakeview Community Capital, LLC 5 3.02% $4,938
    Nations Lending Corporation 5 3.48% $6,939
    AmeriHome Mortgage Company, LLC 5 3.20% $3,501
    First Savings Bank 5 3.13% $6,621
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 2.98% $5,108
    AMERISAVE MORTGAGE CORPORATION 5 3.28% $6,852
    AMERICAN FINANCIAL NETWORK, INC. 5 3.03% $11,596
    First-Citizens Bank & Trust Company 4 2.50% $6,717
    CROSSCOUNTRY MORTGAGE, LLC 4 3.03% $7,707
    Mortgage Research Center, LLC 4 3.34% $4,103
    NATION ONE MORTGAGE CORPORATION 4 3.38% $7,377
    TOWNE MORTGAGE COMPANY 4 3.28% $7,052
    The Federal Savings Bank 3 2.92% $5,957
    American National Bank and Trust Company 3 2.50% $6,303
    Ixonia Bank 3 3.29% $8,142
    MASON MCDUFFIE MORTGAGE CORPORATION 3 3.25% $6,528
    OCEANSIDE MORTGAGE COMPANY 3 3.00% $2,109
    RELIANCE FIRST CAPITAL, LLC 3 3.21% $9,159
    RESIDENTIAL MORTGAGE SERVICES, INC. 3 2.96% $7,100
    VANDERBILT MORTGAGE AND FINANCE, INC. 3 3.92% $8,107
    Equity Prime Mortgage LLC 2 3.75% $7,859
    Bank of England 2 3.38% $7,254
    MIDLAND MORTGAGE CORPORATION 2 3.38% $7,951
    Towne Bank 2 2.38% $6,728
    HOMESIDE FINANCIAL, LLC 2 2.50% $8,767
    AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 2 2.88% $8,802
    AMERICAN FINANCING CORPORATION 2 3.75% $7,744
    SOUTHWEST STAGE FUNDING, LLC 2 3.06% $2,860
    Flagstar Bank, FSB 2 2.75% $6,888
    VILLAGE CAPITAL & INVESTMENT LLC 2 2.75% $5,834
    SUN WEST MORTGAGE COMPANY, INC. 2 3.38% $3,862
    NP, Inc. 2 3.19% $8,649
    Virginia Credit Union, Inc. 2 3.00% $5,802
    First Heritage Mortgage, LLC 2 2.69% $6,486
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $6,300
    CELEBRITY HOME LOANS, LLC 1 3.25% $7,321
    NASA Federal Credit Union 1 2.75% $7,946
    CAPITAL CENTER, L.L.C. 1 2.75% $6,050
    BNC National Bank 1 3.13% $7,103
    NETWORK CAPITAL FUNDING CORPORATION 1 2.88% $5,711
    BETTER MORTGAGE CORPORATION 1 2.38% $7,205
    BAYSHORE MORTGAGE FUNDING, LLC 1 4.25% $6,521
    PANORAMA MORTGAGE GROUP, LLC 1 2.88% $6,137
    Barrington Bank & Trust Company, N.A. 1 2.75% $7,670
    Plains Commerce Bank 1 2.63% $8,345
    PLANET HOME LENDING, LLC 1 2.63% $4,877
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.13% $11,066
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.38% $7,149
    Bank of America 1 2.63% $10,463
    RANLIFE, INC. 1 2.25% $10,740
    Wells Fargo Bank 1 3.00% $5,404
    ARC HOME LLC 1 2.75% $8,975
    RESIDENTIAL HOME FUNDING CORP. 1 2.75% $9,509
    Wyndham Capital Mortgage, Inc. 1 3.88% $5,003
    Residential Mortgage Solutions, Inc. 1 3.25% $11,858
    SOUTHERN TRUST MORTGAGE, LLC 1 3.00% $5,581
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 3.13% $10,226
    SOVEREIGN LENDING GROUP INCORPORATED 1 2.88% $7,796
    APEX HOME LOANS, INC. 1 3.00% $5,311
    1ST SIGNATURE LENDING, LLC 1 3.63% $7,781
    THRIVE MORTGAGE, LLC 1 4.38% $7,280
    TIDEWATER MORTGAGE SERVICES, INC. 1 2.63% $5,794
    TOTAL MORTGAGE SERVICES, LLC 1 3.13% $9,294
    Amerifirst Financial, Inc. 1 3.63% $7,097
    US MORTGAGE CORPORATION 1 3.13% $10,994
    First Option Mortgage, LLC 1 3.88% $13,310
    George Mason Mortgage, LLC 1 2.38% $6,706
    FIRST HOME MORTGAGE CORPORATION 1 2.75% $9,499
    GUARANTY HOME MORTGAGE CORPORATION 1 2.38% $5,660
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $5,257
    Hometown Lenders, Inc. 1 2.88% $12,185
    FirstBank 1 4.00% $6,382
    Evolve Bank & Trust 1 4.13% $15,000
    ZILLOW HOME LOANS, LLC 1 2.38% $8,674
    Keystone Funding, Inc. 1 3.75% $7,824
    EVERETT FINANCIAL, INC. 1 3.38% $5,074
    ENVOY MORTGAGE, LTD 1 2.88% $6,034
    Low VA Rates, LLC 1 2.50% $3,932
    Manufacturers and Traders Trust Company 1 3.25% $4,878
    MCLEAN MORTGAGE CORPORATION 1 2.75% $5,801
    MILEND, INC. 1 2.99% $10,031
    MORIA DEVELOPMENT, INC. 1 3.25% $6,115
    CORNERSTONE HOME LENDING, INC. 1 3.75% $6,065

    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. Louis
    Date 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 for 2022-04-01 was $309,000, a difference of $19,025 (6.6%) versus the prior year and $-2,450 versus the prior month.

    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. Louis
    Date 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 listing age (time on market) for 2022-04-01 was 41 days. This is -10% shorter than the same period one year ago.

    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.

    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).