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 66 lenders originated 364 FHA loans during 2023. The total origination value was $87,340,000, with an average FHA loan value of $239,945.

    Staunton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Staunton averaged 6.54% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Staunton's average FHA mortgage closing costs are $7,161.

    The average rate for the prior week (2024-11-01) was 6.41% and one month ago for the week of 2024-10-04, the average rate was 5.73%.

    The average rate one year ago was 7.38%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.92%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Alcova Mortgage LLC 41 7.28% $7,280
    C & F Mortgage Corporation 28 7.07% $8,313
    QUICKEN LOANS, LLC 22 6.42% $10,809
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 17 6.95% $10,042
    Waterstone Mortgage Corporation 17 6.63% $9,595
    UNITED WHOLESALE MORTGAGE, LLC 16 6.43% $12,145
    UNION HOME MORTGAGE CORP. 14 7.17% $11,334
    NVR Mortgage Finance, Inc. 14 6.06% $11,194
    CMG MORTGAGE, INC. 9 6.25% $12,444
    Prosperity Home Mortgage, LLC 9 6.47% $11,437
    Integrity Home Mortgage Corp 9 7.19% $11,491
    CBM Mortgage, Inc. 8 6.95% $9,902
    MOVEMENT MORTGAGE, LLC 8 6.50% $10,275
    NFM, INC. 8 7.08% $11,145
    LOANDEPOT.COM, LLC 6 5.58% $12,596
    AMERISAVE MORTGAGE CORPORATION 6 6.42% $13,552
    FREEDOM MORTGAGE CORPORATION 6 7.17% $11,392
    Atlantic Coast Mortgage, LLC 5 6.82% $9,372
    First Heritage Mortgage, LLC 5 6.63% $10,964
    TIDEWATER MORTGAGE SERVICES, INC. 5 6.85% $9,583
    MYCUMORTGAGE, LLC 5 6.80% $9,392
    Carrington Mortgage Services, LLC 4 6.25% $13,256
    ZILLOW HOME LOANS, LLC 4 6.34% $10,861
    F & M BANK CORP. 4 7.09% $9,678
    Ixonia Bank 4 6.72% $10,883
    Member Options, LLC 3 6.58% $10,207
    NEWREZ LLC 3 6.38% $9,734
    Mr. Cooper ( Nationstar Mortgage ) 3 6.42% $15,261
    BROKER SOLUTIONS, INC. 3 7.00% $15,092
    EMBRACE HOME LOANS, INC. 3 6.25% $14,089
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.08% $14,237
    PENNYMAC LOAN SERVICES, LLC 2 5.88% $13,334
    AMERICAN FINANCIAL NETWORK, INC. 2 7.50% $11,905
    DHI MORTGAGE COMPANY, LTD. 2 5.18% $10,466
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.94% $13,190
    LOANLEADERS OF AMERICA, INC. 2 6.69% $14,568
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.75% $11,388
    Nations Lending Corporation 2 6.38% $16,554
    RELIANCE FIRST CAPITAL, LLC 2 6.88% $10,861
    Wells Fargo Bank 2 6.31% $9,140
    LOANPAL, LLC 1 5.88% $13,637
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $9,520
    INTERCOASTAL MORTGAGE COMPANY 1 6.88% $8,671
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $9,463
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.25% $3,987
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $17,242
    First-Citizens Bank & Trust Company 1 6.25% $6,340
    Equity Prime Mortgage LLC 1 8.25% $13,795
    OPEN MORTGAGE, LLC 1 7.38% $18,592
    Acre Mortgage and Financial Inc 1 7.50% $24,308
    CROSSCOUNTRY MORTGAGE, LLC 1 6.63% $15,850
    Cornerstone First Mortgage, Inc 1 7.00% $15,622
    ALLIED MORTGAGE GROUP, INC. 1 6.63% $8,747
    ROSS MORTGAGE CORPORATION 1 7.75% $13,196
    ROYAL UNITED MORTGAGE LLC 1 5.13% $16,199
    SOUTHERN TRUST MORTGAGE, LLC 1 6.00% $10,138
    CARDINAL FINANCIAL 1 6.25% $12,659
    TOP FLITE FINANCIAL, INC. 1 7.25% $10,061
    TOWNE MORTGAGE COMPANY 1 7.25% $7,635
    CAPITAL CENTER, L.L.C. 1 6.25% $13,947
    Atlantic Union Bank 1 6.25% $8,889
    VILLAGE CAPITAL MORTGAGE 1 6.88% $2,424
    MILEND, INC. 1 6.50% $19,905
    Mortgage Research Center, LLC 1 6.63% $4,836
    Virginia Credit Union, Inc. 1 5.75% $7,553
    MID AMERICA MORTGAGE, INC. 1 6.63% $13,392

    The top Staunton FHA lender as defined by loan originations is Alcova Mortgage LLC, with 41 FHA loans originated. Their average total fees are $7,280, which is $1,033 lower than the next largest lender, C & F Mortgage Corporation.

    The lowest fee Staunton FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($7,280), C & F Mortgage Corporation ($8,313), Waterstone Mortgage Corporation ($9,595), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($10,042) and QUICKEN LOANS, LLC ($10,809).

    The lowest rate Staunton FHA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (6.06%), QUICKEN LOANS, LLC (6.42%), UNITED WHOLESALE MORTGAGE, LLC (6.43%), Waterstone Mortgage Corporation (6.63%) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.95%).

    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
    STAUNTON, VA AUGUSTA 2023 $472,030 $604,400 $730,525 $907,900
    STAUNTON, VA STAUNTON CITY 2023 $472,030 $604,400 $730,525 $907,900
    STAUNTON, VA WAYNESBORO CITY 2023 $472,030 $604,400 $730,525 $907,900

    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).