Staunton FHA Loan Rates, Closing Costs & Stats

STAUNTON, 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.

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).