Weirton FHA Loan Rates, Closing Costs & Stats

WEIRTON-STEUBENVILLE, WV-OH

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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.

    Weirton's 54 lenders originated 310 FHA loans during 2023. The total origination value was $43,270,000, with an average FHA loan value of $139,581.

    Weirton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Weirton averaged 6.31% for the week of 2024-10-25, compared to the national average (all FHA variants) of 6.253% for the same period.

    Weirton's average FHA mortgage closing costs are $5,781.

    The average rate for the prior week (2024-10-18) was 5.9% and one month ago for the week of 2024-09-20, the average rate was 5.82%.

    The average rate one year ago was 7.16%.

    For refis of the same type during the week of 2024-10-25, the average rate was 6.53%.

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

    Weirton 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 Weirton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    POLARIS HOME FUNDING CORP. 66 6.71% $7,883
    QUICKEN LOANS, LLC 36 6.57% $7,441
    WesBanco 19 5.83% $6,102
    CROSSCOUNTRY MORTGAGE, LLC 17 6.81% $9,034
    LOANDEPOT.COM, LLC 14 5.94% $6,110
    U.S. Bank 14 6.79% $6,051
    The Huntington National Bank 14 6.95% $7,218
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 7.29% $7,328
    Flagstar Bank, FSB 10 6.96% $8,195
    AMERISAVE MORTGAGE CORPORATION 5 6.05% $9,868
    Ixonia Bank 4 7.25% $6,777
    BROKER SOLUTIONS, INC. 4 6.81% $9,982
    DEVELOPER'S MORTGAGE COMPANY 4 7.19% $4,971
    Gateway First Bank 3 7.38% $6,252
    LEADERONE FINANCIAL CORPORATION 3 6.88% $6,963
    MID AMERICA MORTGAGE, INC. 3 6.17% $7,442
    UNITED WHOLESALE MORTGAGE, LLC 3 6.83% $7,610
    FREEDOM MORTGAGE CORPORATION 2 7.25% $10,757
    Bank of England 2 6.50% $9,105
    NFM, INC. 2 7.56% $8,749
    SUN WEST MORTGAGE COMPANY, INC. 2 6.94% $8,262
    JPMorgan Chase Bank 2 6.38% $5,594
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.25% $3,743
    UNION HOME MORTGAGE CORP. 2 7.31% $8,453
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $7,048
    Waterstone Mortgage Corporation 2 7.88% $7,459
    United Bank 1 5.99% $4,621
    Victorian Finance, LLC 1 7.00% $5,841
    Mortgage Research Center, LLC 1 7.13% $4,259
    AMCAP MORTGAGE, LTD. 1 7.13% $6,834
    AMERICAN FINANCIAL NETWORK, INC. 1 7.50% $10,511
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.63% $9,020
    ARC HOME LLC 1 6.13% $7,953
    Barrington Bank & Trust Company, N.A. 1 6.75% $4,924
    CARDINAL FINANCIAL 1 5.99% $8,859
    Carrington Mortgage Services, LLC 1 6.13% $4,148
    DAS Acquisition Company, LLC 1 7.63% $6,692
    Equity Prime Mortgage LLC 1 7.75% $9,949
    First National Bank of Pennsylvania 1 5.63% $6,271
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 6.88% $4,913
    INTERCOASTAL MORTGAGE COMPANY 1 6.75% $6,197
    ALLIED MORTGAGE GROUP, INC. 1 6.50% $9,946
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $9,125
    NEW DAY FINANCIAL, LLC 1 7.99% $3,507
    NEWREZ LLC 1 6.63% $8,672
    Paramount Residential Mortgage Group, Inc. 1 7.63% $6,620
    Prosperity Home Mortgage, LLC 1 6.12% $9,539
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $5,272
    ROYAL UNITED MORTGAGE LLC 1 6.63% $10,002
    RUOFF MORTGAGE COMPANY, INC. 1 6.00% $5,612
    Simmons Bank 1 5.75% $6,544
    The Federal Savings Bank 1 5.75% $11,406
    TOP FLITE FINANCIAL, INC. 1 6.75% $12,195
    Truist 1 6.50% $7,462

    The top Weirton FHA lender as defined by loan originations is POLARIS HOME FUNDING CORP., with 66 FHA loans originated. Their average total fees are $7,883, which is $441 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Weirton FHA lenders (with over 10 loans originated) are U.S. Bank ($6,051), WesBanco ($6,102), LOANDEPOT.COM, LLC ($6,110), The Huntington National Bank ($7,218) and MORTGAGE SOLUTIONS OF COLORADO, LLC ($7,328).

    The lowest rate Weirton FHA lenders (with over 10 loans originated) are WesBanco (5.83%), LOANDEPOT.COM, LLC (5.94%), QUICKEN LOANS, LLC (6.57%), POLARIS HOME FUNDING CORP. (6.71%) and U.S. Bank (6.79%).

    Weirton FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WEIRTON-STEUBENVILLE, WV-OH JEFFERSON 2022 $420,680 $538,650 $651,050 $809,150
    WEIRTON-STEUBENVILLE, WV-OH BROOKE 2022 $420,680 $538,650 $651,050 $809,150
    WEIRTON-STEUBENVILLE, WV-OH HANCOCK 2022 $420,680 $538,650 $651,050 $809,150
    WEIRTON-STEUBENVILLE, WV-OH JEFFERSON 2023 $472,030 $604,400 $730,525 $907,900
    WEIRTON-STEUBENVILLE, WV-OH BROOKE 2023 $472,030 $604,400 $730,525 $907,900
    WEIRTON-STEUBENVILLE, WV-OH HANCOCK 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).