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 80 lenders originated 441 FHA loans during 2022. The total origination value was $96,725,000, with an average FHA loan value of $219,331.

Staunton FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Staunton averaged 6.6% for the week of 2023-12-08, compared to the national average (all FHA variants) of 6.819% for the same period.

Staunton's average FHA mortgage closing costs are $6,655.

The average rate for the prior week (2023-12-01) was 6.61% and one month ago for the week of 2023-11-03, the average rate was 6.84%.

The average rate one year ago was 6.02%.

For refis of the same type during the week of 2023-12-08, the average rate was 5.68%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
C & F Mortgage Corporation 61 4.85% $7,503
Alcova Mortgage LLC 56 5.10% $6,401
QUICKEN LOANS, LLC 36 4.36% $10,114
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 23 5.52% $9,127
Waterstone Mortgage Corporation 22 5.01% $9,107
UNION HOME MORTGAGE CORP. 14 5.65% $9,023
NFM, INC. 13 5.62% $10,887
MYCUMORTGAGE, LLC 13 5.61% $6,954
Integrity Home Mortgage Corp 10 4.54% $9,049
CBM Mortgage, Inc. 9 5.00% $9,741
FREEDOM MORTGAGE CORPORATION 8 5.45% $11,138
LOANDEPOT.COM, LLC 8 4.29% $12,969
MOVEMENT MORTGAGE, LLC 7 4.59% $7,063
AMERISAVE MORTGAGE CORPORATION 6 4.23% $11,014
PENNYMAC LOAN SERVICES, LLC 6 4.50% $9,413
F & M BANK CORP. 5 4.63% $9,030
BROKER SOLUTIONS, INC. 5 5.20% $11,020
UNITED WHOLESALE MORTGAGE, LLC 5 5.29% $8,473
TIDEWATER MORTGAGE SERVICES, INC. 4 5.81% $7,123
LAKEVIEW LOAN SERVICING, LLC 4 4.09% $6,757
CALIBER HOME LOANS, INC. 4 4.84% $7,157
Truist 4 3.99% $7,996
CMG MORTGAGE, INC. 4 5.19% $8,687
Prosperity Home Mortgage, LLC 4 5.25% $7,525
Mr. Cooper ( Nationstar Mortgage ) 4 4.75% $12,452
George Mason Mortgage, LLC 4 4.34% $10,688
Mortgage Research Center, LLC 3 4.83% $6,805
CARDINAL FINANCIAL 3 5.04% $11,588
Ixonia Bank 3 5.38% $14,426
CROSSCOUNTRY MORTGAGE, LLC 3 5.21% $11,936
MILEND, INC. 3 5.00% $13,032
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 4.00% $8,569
Barrington Bank & Trust Company, N.A. 2 5.50% $9,309
Blue Ridge Bank 2 5.63% $10,299
Carrington Mortgage Services, LLC 2 5.31% $10,812
EVERETT FINANCIAL, INC. 2 5.63% $5,856
GUILD MORTGAGE COMPANY 2 6.31% $7,179
Lakeview Community Capital, LLC 2 4.75% $6,556
Member Options, LLC 2 4.19% $10,415
Nations Lending Corporation 2 5.75% $14,312
Paramount Residential Mortgage Group, Inc. 2 3.75% $7,241
PLANET HOME LENDING, LLC 2 3.06% $5,764
Strong Home Mortgage, LLC 2 5.00% $7,946
Wells Fargo Bank 2 4.69% $2,581
HOME POINT FINANCIAL CORPORATION 1 4.13% $18,831
Flagstar Bank, FSB 1 5.63% $9,864
FINANCE OF AMERICA MORTGAGE LLC 1 5.63% $8,735
M&T Bank 1 2.50% $8,785
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.88% $7,073
NATION ONE MORTGAGE CORPORATION 1 3.63% $9,022
VILLAGE CAPITAL MORTGAGE 1 3.75% $3,927
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $16,625
NEWREZ LLC 1 5.75% $6,230
Equity Prime Mortgage LLC 1 6.50% $17,102
OVM FINANCIAL, INC. 1 4.88% $10,602
Virginia Credit Union, Inc. 1 5.88% $5,658
EMM LOANS LLC 1 4.63% $8,776
Peoples Bank 1 4.88% $9,579
ALLIED MORTGAGE GROUP, INC. 1 2.50% $14,042
EMBRACE HOME LOANS, INC. 1 2.99% $7,754
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 4.50% $6,763
CityWorth Mortgage LLC 1 4.25% $7,879
RELIANCE FIRST CAPITAL, LLC 1 3.00% $8,518
Renasant Bank 1 2.99% $9,185
RESIDENTIAL BANCORP 1 2.99% $6,548
ROSS MORTGAGE CORPORATION 1 5.13% $13,801
STOCKTON MORTGAGE CORPORATION 1 5.25% $8,784
ZILLOW HOME LOANS, LLC 1 3.63% $6,648
SUCCESS MORTGAGE PARTNERS, INC. 1 3.63% $9,425
Citizens Bank 1 5.25% $5,582
Towne Bank 1 5.63% $7,957
TOWNE MORTGAGE COMPANY 1 4.38% $6,464
Century Mortgage Company DBA Century Lending Company 1 5.75% $11,414
AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $8,710
INTERCOASTAL MORTGAGE COMPANY 1 5.88% $12,236
LOANPAL, LLC 1 3.75% $14,136
Low VA Rates, LLC 1 3.75% $6,215
AMERICAN ADVISORS GROUP 1 2.88% $7,826
HOMESIDE FINANCIAL, LLC 1 4.75% $10,554
MORIA DEVELOPMENT, INC. 1 3.88% $9,070

The top Staunton FHA lender as defined by loan originations is C & F Mortgage Corporation, with 61 FHA loans originated. Their average total fees are $7,503, which is $1,102 higher than the next largest lender, Alcova Mortgage LLC.

The lowest fee Staunton FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($6,401), MYCUMORTGAGE, LLC ($6,954), C & F Mortgage Corporation ($7,503), UNION HOME MORTGAGE CORP. ($9,023) and Integrity Home Mortgage Corp ($9,049).

The lowest rate Staunton FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (4.36%), Integrity Home Mortgage Corp (4.54%), C & F Mortgage Corporation (4.85%), Waterstone Mortgage Corporation (5.01%) and Alcova Mortgage LLC (5.10%).

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 $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 $283,700 (21.1%) $354,979 (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 (1.6%) $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 $359,000 (25.4%) $477,422 (-1.2%) 0.00 175
2022-09-01 $364,200 (25.6%) $452,869 (-8.6%) 0.00 181
2022-10-01 $367,800 (22.6%) $455,772 (-9.5%) 0.00 196
2022-11-01 $369,225 (23.3%) $453,475 (-9.4%) 0.00 200
2022-12-01 $367,800 (22.6%) $451,801 (-13.9%) 0.00 197
2023-01-01 $367,650 (18.6%) $431,294 (-21.8%) 0.00 181
2023-02-01 $362,950 (12.6%) $422,514 (-29.7%) 0.00 157
2023-03-01 $367,000 (11.8%) $436,802 (-22.1%) 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 (2.3%) 0.00 169
2023-07-01 $364,900 (4.4%) $444,580 (-7.0%) 0.00 187
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 (-6.6%) $410,857 (-9.4%) 0.00 242
Staunton's median listing price for 2023-11-01 was $344,900, a difference of $-24,325 (-6.6%) versus the prior year and $-4,550 versus the prior month.

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

Staunton's average listing price for 2023-11-01 was $410,857, a difference of $-42,618 (-9.4%) versus the prior year and $-4,484 versus the prior month.

For the 2023-11-01 period, Staunton had 242 MLS listings, a difference of 3 listings (1%) versus the prior month and 42 listings (21%) 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 2,104 sqft
2019-05-01 0 days 2,174 sqft
2019-06-01 0 days 2,101 sqft
2019-07-01 0 days 2,059 sqft
2019-08-01 0 days 2,016 sqft
2019-09-01 0 days 2,007 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 1,977 sqft
2022-09-01 0 days 1,984 sqft
2022-10-01 0 days 1,975 sqft
2022-11-01 0 days 1,992 sqft
2022-12-01 0 days 1,994 sqft
2023-01-01 0 days 1,969 sqft
2023-02-01 0 days 1,925 sqft
2023-03-01 0 days 1,952 sqft
2023-04-01 0 days 1,958 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
Staunton's median listing age (time on market) for 2023-11-01 was 0 days.

Staunton's median square footage for active listings during the 2023-11-01 period was 1,847 sqft. One year prior, the average listing was 1,992 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).