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 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 6.82% for the week of 2024-06-14, compared to the national average (all FHA variants) of 6.712% for the same period.

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

The average rate for the prior week (2024-06-07) was 6.61% and one month ago for the week of 2024-05-10, the average rate was 6.8%.

The average rate one year ago was 6.45%.

For refis of the same type during the week of 2024-06-14, the average rate was 7.11%.

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

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 $230,450 (7.5%) $296,335 (11.4%) 0.00 478
2018-02-01 $231,050 (5.5%) $301,950 (12.1%) 0.00 458
2018-03-01 $234,900 (6.3%) $307,715 (14.5%) 0.00 445
2018-04-01 $233,950 (1.8%) $308,724 (11.4%) 0.00 447
2018-05-01 $239,900 (2.1%) $311,654 (11.3%) 0.00 476
2018-06-01 $239,900 (2.1%) $321,024 (13.7%) 0.00 487
2018-07-01 $247,500 (5.4%) $333,481 (17.3%) 0.00 468
2018-08-01 $249,900 (6.4%) $332,085 (18.1%) 0.00 477
2018-09-01 $249,900 (8.7%) $331,836 (17.8%) 0.00 473
2018-10-01 $250,000 (6.4%) $334,131 (14.6%) 0.00 452
2018-11-01 $249,900 (6.3%) $334,827 (15.0%) 0.00 420
2018-12-01 $240,000 (3.0%) $326,868 (13.4%) 0.00 396
2019-01-01 $242,500 (5.2%) $330,794 (11.6%) 0.00 376
2019-02-01 $247,000 (6.9%) $329,170 (9.0%) 0.00 350
2019-03-01 $261,764 (11.4%) $345,644 (12.3%) 0.00 353
2019-04-01 $282,475 (20.7%) $355,020 (15.0%) 0.00 383
2019-05-01 $292,400 (21.9%) $351,225 (12.7%) 0.00 408
2019-06-01 $274,000 (14.2%) $336,731 (4.9%) 0.00 436
2019-07-01 $260,684 (5.3%) $331,977 (-0.5%) 0.00 435
2019-08-01 $261,705 (4.7%) $324,285 (-2.4%) 0.00 435
2019-09-01 $264,261 (5.8%) $319,782 (-3.6%) 0.00 431
2019-10-01 $265,313 (6.1%) $316,049 (-5.4%) 0.00 414
2019-11-01 $269,900 (8.0%) $311,077 (-7.1%) 0.00 377
2019-12-01 $271,195 (13.0%) $319,662 (-2.2%) 0.00 362
2020-01-01 $280,700 (15.8%) $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 (8.9%) $337,233 (-2.4%) 0.00 290
2020-04-01 $287,250 (1.7%) $345,415 (-2.7%) 0.00 293
2020-05-01 $288,250 (-1.4%) $351,996 (0.2%) 0.00 264
2020-06-01 $311,175 (13.6%) $359,446 (6.8%) 0.00 225
2020-07-01 $317,450 (21.8%) $365,774 (10.2%) 0.00 221
2020-08-01 $303,800 (16.1%) $367,905 (13.5%) 0.00 199
2020-09-01 $304,475 (15.2%) $372,896 (16.6%) 0.00 218
2020-10-01 $294,500 (11.0%) $358,326 (13.4%) 0.00 215
2020-11-01 $289,950 (7.4%) $355,605 (14.3%) 0.00 206
2020-12-01 $286,150 (5.5%) $356,282 (11.5%) 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 (5.6%) 0.00 124
2021-04-01 $287,100 (-0.1%) $362,708 (5.0%) 0.00 116
2021-05-01 $277,000 (-3.9%) $378,156 (7.4%) 0.00 128
2021-06-01 $327,225 (5.2%) $410,031 (14.1%) 0.00 128
2021-07-01 $314,900 (-0.8%) $493,700 (35.0%) 0.00 164
2021-08-01 $283,098 (-6.8%) $482,454 (31.1%) 0.00 176
2021-09-01 $288,675 (-5.2%) $495,019 (32.8%) 0.00 178
2021-10-01 $299,950 (1.9%) $502,176 (40.1%) 0.00 190
2021-11-01 $299,450 (3.3%) $500,731 (40.8%) 0.00 180
2021-12-01 $300,475 (5.0%) $526,536 (47.8%) 0.00 160
2022-01-01 $309,900 (7.2%) $547,730 (56.1%) 0.00 136
2022-02-01 $321,495 (13.2%) $600,267 (67.5%) 0.00 121
2022-03-01 $328,424 (14.4%) $562,213 (57.9%) 0.00 120
2022-04-01 $319,000 (11.1%) $525,574 (44.9%) 0.00 138
2022-05-01 $336,150 (21.4%) $445,503 (17.8%) 0.00 151
2022-06-01 $349,950 (6.9%) $463,751 (13.1%) 0.00 180
2022-07-01 $349,450 (11.0%) $477,829 (-3.2%) 0.00 183
2022-08-01 $359,000 (26.8%) $477,422 (-1.0%) 0.00 175
2022-09-01 $364,200 (26.2%) $452,869 (-8.5%) 0.00 181
2022-10-01 $367,800 (22.6%) $455,772 (-9.2%) 0.00 196
2022-11-01 $369,700 (23.5%) $453,595 (-9.4%) 0.00 200
2022-12-01 $368,400 (22.6%) $452,705 (-14.0%) 0.00 198
2023-01-01 $368,625 (19.0%) $432,368 (-21.1%) 0.00 182
2023-02-01 $363,175 (13.0%) $423,778 (-29.4%) 0.00 158
2023-03-01 $367,000 (11.8%) $436,802 (-22.3%) 0.00 161
2023-04-01 $369,850 (15.9%) $450,917 (-14.2%) 0.00 142
2023-05-01 $374,950 (11.5%) $459,354 (3.1%) 0.00 159
2023-06-01 $374,950 (7.1%) $477,205 (2.9%) 0.00 169
2023-07-01 $364,900 (4.4%) $442,783 (-7.3%) 0.00 186
2023-08-01 $364,900 (1.6%) $434,062 (-9.1%) 0.00 207
2023-09-01 $364,900 (0.2%) $431,559 (-4.7%) 0.00 212
2023-10-01 $349,450 (-5.0%) $415,341 (-8.9%) 0.00 239
2023-11-01 $344,900 (-6.7%) $410,857 (-9.4%) 0.00 242
2023-12-01 $350,000 (-5.0%) $397,833 (-12.1%) 0.00 216
2024-01-01 $359,988 (-2.3%) $418,910 (-3.1%) 0.00 188
2024-02-01 $363,450 (0.1%) $420,573 (-0.8%) 0.00 186
2024-03-01 $375,000 (2.2%) $453,364 (3.8%) 0.00 173
2024-04-01 $384,450 (4.0%) $471,624 (4.6%) 0.00 192
2024-05-01 $404,950 (8.0%) $505,993 (10.2%) 0.00 207
Staunton's median listing price for 2024-05-01 was $404,950, a difference of $30,000 (8.0%) versus the prior year and $20,500 versus the prior month.

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

Staunton's average listing price for 2024-05-01 was $505,993, a difference of $46,639 (10.2%) versus the prior year and $34,369 versus the prior month.

For the 2024-05-01 period, Staunton had 207 MLS listings, a difference of 15 listings (8%) versus the prior month and 48 listings (30%) 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 1,997 sqft
2018-02-01 0 days 1,997 sqft
2018-03-01 0 days 2,013 sqft
2018-04-01 0 days 1,999 sqft
2018-05-01 0 days 2,003 sqft
2018-06-01 0 days 2,010 sqft
2018-07-01 0 days 2,028 sqft
2018-08-01 0 days 2,095 sqft
2018-09-01 0 days 2,126 sqft
2018-10-01 0 days 2,115 sqft
2018-11-01 0 days 2,086 sqft
2018-12-01 0 days 2,000 sqft
2019-01-01 0 days 2,000 sqft
2019-02-01 0 days 1,968 sqft
2019-03-01 0 days 2,014 sqft
2019-04-01 0 days 2,103 sqft
2019-05-01 0 days 2,173 sqft
2019-06-01 0 days 2,100 sqft
2019-07-01 0 days 2,053 sqft
2019-08-01 0 days 2,013 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 2,078 sqft
2020-03-01 0 days 2,043 sqft
2020-04-01 0 days 2,085 sqft
2020-05-01 0 days 2,104 sqft
2020-06-01 0 days 2,152 sqft
2020-07-01 0 days 2,200 sqft
2020-08-01 0 days 2,112 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 1,925 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 2,008 sqft
2021-06-01 0 days 2,038 sqft
2021-07-01 0 days 2,018 sqft
2021-08-01 0 days 1,860 sqft
2021-09-01 0 days 1,865 sqft
2021-10-01 0 days 1,999 sqft
2021-11-01 0 days 1,910 sqft
2021-12-01 0 days 1,885 sqft
2022-01-01 0 days 1,854 sqft
2022-02-01 0 days 1,910 sqft
2022-03-01 0 days 1,911 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 1,977 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
2023-03-01 0 days 1,952 sqft
2023-04-01 0 days 1,962 sqft
2023-05-01 0 days 1,966 sqft
2023-06-01 0 days 1,987 sqft
2023-07-01 0 days 1,925 sqft
2023-08-01 0 days 1,960 sqft
2023-09-01 0 days 1,890 sqft
2023-10-01 0 days 1,854 sqft
2023-11-01 0 days 1,847 sqft
2023-12-01 0 days 1,842 sqft
2024-01-01 0 days 1,866 sqft
2024-02-01 0 days 1,898 sqft
2024-03-01 0 days 1,950 sqft
2024-04-01 0 days 1,948 sqft
2024-05-01 0 days 2,000 sqft
Staunton's median listing age (time on market) for 2024-05-01 was 0 days.

Staunton's median square footage for active listings during the 2024-05-01 period was 2,000 sqft. One year prior, the average listing was 1,966 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).