Staunton FHA Loan Rates, Closing Costs & Stats

STAUNTON, 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.

    Staunton's 83 lenders originated 669 FHA loans during 2021. The total origination value was $165,475,000, with an average FHA loan value of $247,347.

    Staunton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Staunton averaged 6.31% for the week of 2023-03-17, compared to the national average (all FHA variants) of 6.45% for the same period.

    Staunton's average FHA mortgage closing costs are $6,189.

    The average rate for the prior week (2023-03-10) was 6.65% and one month ago for the week of 2023-02-10, the average rate was 6.16%.

    The average rate one year ago was 4.35%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.19%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Staunton 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 Staunton level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    C & F Mortgage Corporation 105 3.09% $6,525
    Alcova Mortgage LLC 62 3.29% $5,494
    QUICKEN LOANS, LLC 54 2.72% $6,492
    Integrity Home Mortgage Corp 33 3.19% $7,466
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 26 3.21% $7,250
    MOVEMENT MORTGAGE, LLC 25 3.20% $7,009
    CBM Mortgage, Inc. 22 3.15% $7,785
    Waterstone Mortgage Corporation 22 3.34% $7,207
    F & M BANK CORP. 22 3.34% $7,432
    MYCUMORTGAGE, LLC 19 3.09% $5,543
    LAKEVIEW LOAN SERVICING, LLC 18 2.97% $4,577
    Prosperity Home Mortgage, LLC 14 2.96% $7,037
    PENNYMAC LOAN SERVICES, LLC 13 2.97% $5,279
    FREEDOM MORTGAGE CORPORATION 12 2.77% $4,890
    Mr. Cooper ( Nationstar Mortgage ) 11 3.13% $3,511
    George Mason Mortgage, LLC 11 3.07% $8,124
    CALIBER HOME LOANS, INC. 7 2.89% $4,949
    AmeriHome Mortgage Company, LLC 6 3.04% $4,108
    UNITED WHOLESALE MORTGAGE, LLC 6 2.62% $7,429
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 3.56% $8,168
    BROKER SOLUTIONS, INC. 4 3.09% $7,777
    First Guaranty Mortgage Corporation 4 3.38% $5,361
    Ixonia Bank 3 3.04% $10,645
    NFM, INC. 3 3.46% $9,075
    NEWREZ LLC 3 2.96% $3,603
    NATIONS RELIABLE LENDING, LLC 3 3.08% $7,634
    FINANCE OF AMERICA MORTGAGE LLC 3 3.17% $7,492
    Truist 3 3.21% $5,870
    Carrington Mortgage Services, LLC 3 3.46% $6,180
    LOANDEPOT.COM, LLC 3 2.91% $6,887
    PLANET HOME LENDING, LLC 2 2.75% $3,835
    EMBRACE HOME LOANS, INC. 2 2.99% $9,479
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.06% $6,279
    Plains Commerce Bank 2 2.63% $7,418
    Paramount Residential Mortgage Group, Inc. 2 3.63% $8,803
    Atlantic Coast Mortgage, LLC 2 3.19% $8,729
    CROSSCOUNTRY MORTGAGE, LLC 2 3.19% $8,259
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.44% $8,975
    Florida Capital Bank 2 2.88% $7,467
    AMERISAVE MORTGAGE CORPORATION 2 3.00% $10,976
    VILLAGE CAPITAL MORTGAGE 2 2.94% $2,420
    LOANPAL, LLC 2 2.50% $8,519
    ZILLOW HOME LOANS, LLC 1 3.00% $8,811
    Advance Financial Group, LLC 1 2.88% $6,886
    AMERICAN FINANCIAL NETWORK, INC. 1 3.25% $6,473
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,059
    AMERICAN FINANCING CORPORATION 1 2.38% $6,005
    Atlantic Union Bank 1 3.50% $6,770
    Bank of America 1 3.25% $7,943
    Bank of England 1 2.75% $9,350
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.50% $7,111
    Blue Ridge Bank 1 3.63% $7,063
    Christensen Financial, Inc. 1 3.75% $7,080
    DAS Acquisition Company, LLC 1 3.13% $7,427
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 2.38% $8,748
    First Heritage Mortgage, LLC 1 3.00% $6,460
    FIRST HOME MORTGAGE CORPORATION 1 2.50% $9,092
    Flagstar Bank, FSB 1 3.25% $10,878
    Fulton Bank 1 3.38% $5,957
    Gateway First Bank 1 3.38% $6,346
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.75% $4,396
    HOME POINT FINANCIAL CORPORATION 1 2.88% $5,686
    HOMESIDE FINANCIAL, LLC 1 3.13% $6,523
    HOMESPIRE MORTGAGE CORPORATION 1 3.75% $11,617
    Lakeview Community Capital, LLC 1 3.13% $4,812
    Low VA Rates, LLC 1 2.88% $3,512
    Member Options, LLC 1 3.00% $6,284
    MID AMERICA MORTGAGE, INC. 1 2.75% $2,254
    Mortgage Research Center, LLC 1 3.13% $6,942
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $11,145
    OCEANSIDE MORTGAGE COMPANY 1 3.75% $2,026
    OVM FINANCIAL, INC. 1 2.88% $8,370
    Pinnacle Bank 1 2.88% $6,814
    Presidential Bank, FSB 1 2.25% $5,179
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.75% $5,819
    RELIANCE FIRST CAPITAL, LLC 1 3.50% $8,580
    RESIDENTIAL BANCORP. 1 2.75% $10,921
    ROSS MORTGAGE CORPORATION 1 3.25% $12,830
    Summit Mortgage Corporation 1 2.75% $7,050
    TIDEWATER MORTGAGE SERVICES, INC. 1 3.25% $11,349
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 4.25% $6,950
    Wells Fargo Bank 1 4.00% $2,972
    ACADEMY MORTGAGE CORPORATION 1 3.88% $7,891

    The top Staunton FHA lender as defined by loan originations is C & F Mortgage Corporation, with 105 FHA loans originated. Their average total fees are $6,525, which is $1,031 higher than the next largest lender, Alcova Mortgage LLC.

    The lowest fee Staunton FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($3,511), LAKEVIEW LOAN SERVICING, LLC ($4,577), FREEDOM MORTGAGE CORPORATION ($4,890), PENNYMAC LOAN SERVICES, LLC ($5,279) and Alcova Mortgage LLC ($5,494).

    The lowest rate Staunton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.72%), FREEDOM MORTGAGE CORPORATION (2.77%), Prosperity Home Mortgage, LLC (2.96%), PENNYMAC LOAN SERVICES, LLC (2.97%) and LAKEVIEW LOAN SERVICING, LLC (2.97%).

    Staunton FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    STAUNTON, VA AUGUSTA 2022 $420,680 $538,650 $651,050 $809,150
    STAUNTON, VA STAUNTON CITY 2022 $420,680 $538,650 $651,050 $809,150
    STAUNTON, VA WAYNESBORO CITY 2022 $420,680 $538,650 $651,050 $809,150

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Staunton (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 $232,475 (7.2%) $296,224 (11.0%) 0.00 479
    2018-02-01 $232,200 (5.8%) $301,821 (11.7%) 0.00 459
    2018-03-01 $234,900 (5.6%) $307,715 (14.2%) 0.00 445
    2018-04-01 $234,200 (1.9%) $308,882 (11.2%) 0.00 448
    2018-05-01 $239,900 (2.0%) $311,726 (11.1%) 0.00 477
    2018-06-01 $239,925 (2.1%) $321,078 (13.5%) 0.00 488
    2018-07-01 $247,875 (5.5%) $333,512 (17.1%) 0.00 469
    2018-08-01 $249,900 (6.4%) $332,118 (18.2%) 0.00 478
    2018-09-01 $249,900 (8.7%) $331,902 (18.0%) 0.00 475
    2018-10-01 $250,000 (6.4%) $334,172 (14.7%) 0.00 454
    2018-11-01 $249,900 (6.3%) $334,868 (15.2%) 0.00 422
    2018-12-01 $240,000 (2.6%) $326,895 (13.4%) 0.00 397
    2019-01-01 $243,750 (4.9%) $330,815 (11.7%) 0.00 377
    2019-02-01 $247,000 (6.4%) $329,196 (9.1%) 0.00 351
    2019-03-01 $262,814 (11.9%) $345,627 (12.3%) 0.00 354
    2019-04-01 $282,900 (20.8%) $354,823 (14.9%) 0.00 384
    2019-05-01 $293,550 (22.4%) $351,209 (12.7%) 0.00 408
    2019-06-01 $274,900 (14.6%) $339,166 (5.6%) 0.00 438
    2019-07-01 $262,371 (5.9%) $334,150 (0.2%) 0.00 437
    2019-08-01 $263,645 (5.5%) $326,113 (-1.8%) 0.00 437
    2019-09-01 $266,489 (6.6%) $321,579 (-3.1%) 0.00 433
    2019-10-01 $266,532 (6.6%) $317,873 (-4.9%) 0.00 416
    2019-11-01 $269,900 (8.0%) $312,125 (-6.8%) 0.00 378
    2019-12-01 $271,798 (13.3%) $321,164 (-1.8%) 0.00 363
    2020-01-01 $280,700 (15.2%) $329,241 (-0.5%) 0.00 321
    2020-02-01 $281,450 (14.0%) $336,011 (2.1%) 0.00 299
    2020-03-01 $285,000 (8.4%) $339,831 (-1.7%) 0.00 291
    2020-04-01 $288,250 (1.9%) $348,870 (-1.7%) 0.00 295
    2020-05-01 $289,000 (-1.6%) $354,602 (1.0%) 0.00 266
    2020-06-01 $309,900 (12.7%) $359,219 (5.9%) 0.00 226
    2020-07-01 $317,225 (20.9%) $365,516 (9.4%) 0.00 222
    2020-08-01 $301,850 (14.5%) $367,630 (12.7%) 0.00 199
    2020-09-01 $304,475 (14.3%) $372,896 (16.0%) 0.00 218
    2020-10-01 $294,500 (10.5%) $358,326 (12.7%) 0.00 215
    2020-11-01 $289,950 (7.4%) $355,605 (13.9%) 0.00 206
    2020-12-01 $286,150 (5.3%) $356,282 (10.9%) 0.00 180
    2021-01-01 $289,000 (3.0%) $350,903 (6.6%) 0.00 174
    2021-02-01 $283,974 (0.9%) $358,430 (6.7%) 0.00 142
    2021-03-01 $287,100 (0.7%) $356,095 (4.8%) 0.00 124
    2021-04-01 $287,100 (-0.4%) $363,303 (4.1%) 0.00 116
    2021-05-01 $277,000 (-4.2%) $371,909 (4.9%) 0.00 127
    2021-06-01 $327,225 (5.6%) $410,031 (14.1%) 0.00 128
    2021-07-01 $314,900 (-0.7%) $493,700 (35.1%) 0.00 164
    2021-08-01 $286,200 (-5.2%) $483,006 (31.4%) 0.00 177
    2021-09-01 $289,900 (-4.8%) $495,257 (32.8%) 0.00 179
    2021-10-01 $299,950 (1.9%) $503,608 (40.5%) 0.00 190
    2021-11-01 $299,450 (3.3%) $500,731 (40.8%) 0.00 180
    2021-12-01 $299,925 (4.8%) $524,783 (47.3%) 0.00 161
    2022-01-01 $309,900 (7.2%) $551,355 (57.1%) 0.00 137
    2022-02-01 $322,450 (13.6%) $601,092 (67.7%) 0.00 121
    2022-03-01 $328,412 (14.4%) $560,949 (57.5%) 0.00 120
    2022-04-01 $319,000 (11.1%) $525,574 (44.7%) 0.00 138
    2022-05-01 $336,150 (21.4%) $445,503 (19.8%) 0.00 152
    2022-06-01 $349,950 (6.9%) $466,429 (13.8%) 0.00 180
    2022-07-01 $349,450 (11.0%) $477,829 (-3.2%) 0.00 183
    2022-08-01 $359,225 (25.5%) $478,887 (-0.9%) 0.00 175
    2022-09-01 $364,200 (25.6%) $452,869 (-8.6%) 0.00 181
    2022-10-01 $367,800 (22.6%) $456,395 (-9.4%) 0.00 196
    2022-11-01 $369,500 (23.4%) $453,764 (-9.4%) 0.00 200
    2022-12-01 $368,400 (22.8%) $452,705 (-13.7%) 0.00 198
    2023-01-01 $368,625 (19.0%) $432,368 (-21.6%) 0.00 182
    2023-02-01 $363,175 (12.6%) $423,778 (-29.5%) 0.00 158
    Staunton's median listing price for 2023-02-01 was $363,175, a difference of $40,725 (12.6%) versus the prior year and $-5,450 versus the prior month.

    Staunton's median listing price comes in at 0% of the national average.

    Staunton's average listing price for 2023-02-01 was $423,778, a difference of $-177,314 (-29.5%) versus the prior year and $-8,590 versus the prior month.

    For the 2023-02-01 period, Staunton had 158 MLS listings, a difference of -24 listings (-13%) versus the prior month and 37 listings (31%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Staunton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,998 sqft
    2018-02-01 0 days 1,998 sqft
    2018-03-01 0 days 2,011 sqft
    2018-04-01 0 days 2,000 sqft
    2018-05-01 0 days 2,007 sqft
    2018-06-01 0 days 2,014 sqft
    2018-07-01 0 days 2,028 sqft
    2018-08-01 0 days 2,098 sqft
    2018-09-01 0 days 2,138 sqft
    2018-10-01 0 days 2,119 sqft
    2018-11-01 0 days 2,093 sqft
    2018-12-01 0 days 2,000 sqft
    2019-01-01 0 days 2,000 sqft
    2019-02-01 0 days 1,975 sqft
    2019-03-01 0 days 2,015 sqft
    2019-04-01 0 days 2,102 sqft
    2019-05-01 0 days 2,174 sqft
    2019-06-01 0 days 2,101 sqft
    2019-07-01 0 days 2,058 sqft
    2019-08-01 0 days 2,014 sqft
    2019-09-01 0 days 2,006 sqft
    2019-10-01 0 days 2,000 sqft
    2019-11-01 0 days 2,000 sqft
    2019-12-01 0 days 2,000 sqft
    2020-01-01 0 days 2,000 sqft
    2020-02-01 0 days 2,073 sqft
    2020-03-01 0 days 2,041 sqft
    2020-04-01 0 days 2,082 sqft
    2020-05-01 0 days 2,102 sqft
    2020-06-01 0 days 2,147 sqft
    2020-07-01 0 days 2,200 sqft
    2020-08-01 0 days 2,109 sqft
    2020-09-01 0 days 2,062 sqft
    2020-10-01 0 days 2,038 sqft
    2020-11-01 0 days 2,048 sqft
    2020-12-01 0 days 2,019 sqft
    2021-01-01 0 days 1,920 sqft
    2021-02-01 0 days 1,936 sqft
    2021-03-01 0 days 1,950 sqft
    2021-04-01 0 days 1,936 sqft
    2021-05-01 0 days 2,002 sqft
    2021-06-01 0 days 2,038 sqft
    2021-07-01 0 days 2,018 sqft
    2021-08-01 0 days 1,863 sqft
    2021-09-01 0 days 1,868 sqft
    2021-10-01 0 days 2,000 sqft
    2021-11-01 0 days 1,910 sqft
    2021-12-01 0 days 1,878 sqft
    2022-01-01 0 days 1,857 sqft
    2022-02-01 0 days 1,923 sqft
    2022-03-01 0 days 1,910 sqft
    2022-04-01 0 days 1,775 sqft
    2022-05-01 0 days 1,938 sqft
    2022-06-01 0 days 1,962 sqft
    2022-07-01 0 days 1,984 sqft
    2022-08-01 0 days 1,983 sqft
    2022-09-01 0 days 1,984 sqft
    2022-10-01 0 days 1,975 sqft
    2022-11-01 0 days 1,993 sqft
    2022-12-01 0 days 2,004 sqft
    2023-01-01 0 days 1,970 sqft
    2023-02-01 0 days 1,934 sqft
    Staunton's median listing age (time on market) for 2023-02-01 was 0 days.

    Staunton's median square footage for active listings during the 2023-02-01 period was 1,934 sqft. One year prior, the average listing was 1,923 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).