Wheeling FHA Loan Rates, Closing Costs & Stats

WHEELING, 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.

    Wheeling's 48 lenders originated 264 FHA loans during 2023. The total origination value was $39,090,000, with an average FHA loan value of $148,068.

    Wheeling FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Wheeling averaged -0.07% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Wheeling's average FHA mortgage closing costs are $6,308.

    The average rate for the prior week (2024-11-08) was 6.44% and one month ago for the week of 2024-10-11, the average rate was 6.04%.

    The average rate one year ago was 7.39%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

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

    Wheeling 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 Wheeling level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 38 6.36% $7,778
    WesBanco 25 6.14% $5,750
    UNION HOME MORTGAGE CORP. 18 6.75% $7,550
    MORTGAGE SOLUTIONS OF COLORADO, LLC 16 7.05% $8,472
    DAS Acquisition Company, LLC 15 7.24% $7,507
    MID AMERICA MORTGAGE, INC. 13 6.51% $8,304
    The Huntington National Bank 9 6.38% $7,167
    DEVELOPER'S MORTGAGE COMPANY 8 6.94% $5,168
    CROSSCOUNTRY MORTGAGE, LLC 7 6.89% $9,001
    Carrington Mortgage Services, LLC 6 6.04% $8,361
    DRAPER AND KRAMER MORTGAGE CORP. 6 7.13% $11,231
    BROKER SOLUTIONS, INC. 5 6.75% $9,038
    U.S. Bank 5 7.00% $6,581
    UNITED WHOLESALE MORTGAGE, LLC 5 6.05% $11,752
    Gateway First Bank 5 6.83% $5,436
    LOANDEPOT.COM, LLC 5 6.62% $9,455
    Mr. Cooper ( Nationstar Mortgage ) 4 6.38% $9,817
    JPMorgan Chase Bank 3 6.92% $6,124
    RAPID MORTGAGE COMPANY 3 7.00% $10,267
    POLARIS HOME FUNDING CORP. 3 6.63% $5,340
    AMERISAVE MORTGAGE CORPORATION 3 6.04% $7,930
    Mortgage Research Center, LLC 3 6.38% $3,440
    CARDINAL FINANCIAL 3 6.29% $9,526
    FREEDOM MORTGAGE CORPORATION 3 7.25% $10,232
    Truist 3 6.33% $9,368
    First Federal Bank of the Midwest 2 6.13% $8,187
    Nations Lending Corporation 2 6.50% $9,093
    Northpointe Bank 2 5.56% $9,273
    PENNYMAC LOAN SERVICES, LLC 2 6.56% $9,465
    PNC Bank 2 7.44% $5,564
    RELIANCE FIRST CAPITAL, LLC 2 6.75% $8,024
    SUN WEST MORTGAGE COMPANY, INC. 2 6.44% $21,269
    NEWREZ LLC 1 7.25% $7,707
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $6,807
    LAKEVIEW LOAN SERVICING, LLC 1 6.75% $9,419
    J. VIRGIL, INC. 1 7.63% $6,473
    ENDEAVOR CAPITAL, LLC. 1 6.25% $9,387
    Republic State Mortgage Co. 1 7.63% $3,943
    ROYAL UNITED MORTGAGE LLC 1 7.63% $8,243
    RUOFF MORTGAGE COMPANY, INC. 1 6.25% $2,347
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $9,529
    Ixonia Bank 1 7.13% $7,935
    TOWNE MORTGAGE COMPANY 1 6.50% $4,763
    NFM, INC. 1 7.63% $13,896
    GENEVA FINANCIAL, LLC 1 6.50% $11,270
    AMERICAN FINANCIAL NETWORK, INC. 1 7.75% $10,874
    PENTAGON FEDERAL CREDIT UNION 1 6.13% $8,655
    EVERETT FINANCIAL, INC. 1 7.63% $7,503

    The top Wheeling FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 38 FHA loans originated. Their average total fees are $7,778, which is $2,028 higher than the next largest lender, WesBanco.

    The lowest fee Wheeling FHA lenders (with over 10 loans originated) are WesBanco ($5,750), DAS Acquisition Company, LLC ($7,507), UNION HOME MORTGAGE CORP. ($7,550), QUICKEN LOANS, LLC ($7,778) and MID AMERICA MORTGAGE, INC. ($8,304).

    The lowest rate Wheeling FHA lenders (with over 10 loans originated) are WesBanco (6.14%), QUICKEN LOANS, LLC (6.36%), MID AMERICA MORTGAGE, INC. (6.51%), UNION HOME MORTGAGE CORP. (6.75%) and MORTGAGE SOLUTIONS OF COLORADO, LLC (7.05%).

    Wheeling FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WHEELING, WV-OH BELMONT 2022 $420,680 $538,650 $651,050 $809,150
    WHEELING, WV-OH MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
    WHEELING, WV-OH OHIO 2022 $420,680 $538,650 $651,050 $809,150
    WHEELING, WV-OH BELMONT 2023 $472,030 $604,400 $730,525 $907,900
    WHEELING, WV-OH MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
    WHEELING, WV-OH OHIO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Wheeling (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 $125,000 (0.8%) $181,103 (15.8%) 0.46 337
    2018-02-01 $124,425 (2.6%) $180,391 (16.6%) 0.45 323
    2018-03-01 $130,000 (8.4%) $188,335 (22.0%) 0.46 327
    2018-04-01 $135,000 (8.0%) $198,839 (26.3%) 0.46 337
    2018-05-01 $137,450 (7.5%) $205,245 (26.3%) 0.46 330
    2018-06-01 $139,450 (8.1%) $204,242 (19.2%) 0.47 349
    2018-07-01 $134,950 (7.1%) $198,475 (18.1%) 0.45 379
    2018-08-01 $134,175 (7.1%) $205,483 (21.9%) 0.45 373
    2018-09-01 $129,999 (2.8%) $201,080 (14.1%) 0.44 367
    2018-10-01 $136,000 (7.8%) $196,472 (9.8%) 0.46 359
    2018-11-01 $139,925 (12.0%) $199,598 (12.3%) 0.47 346
    2018-12-01 $139,900 (11.9%) $196,283 (6.3%) 0.48 331
    2019-01-01 $144,375 (15.5%) $202,719 (11.9%) 0.50 302
    2019-02-01 $139,900 (12.4%) $197,366 (9.4%) 0.47 277
    2019-03-01 $133,514 (2.7%) $196,891 (4.5%) 0.44 262
    2019-04-01 $128,064 (-5.1%) $202,328 (1.8%) 0.41 266
    2019-05-01 $126,750 (-7.8%) $202,570 (-1.3%) 0.40 292
    2019-06-01 $129,900 (-6.9%) $194,191 (-4.9%) 0.41 316
    2019-07-01 $129,900 (-3.7%) $190,152 (-4.2%) 0.41 325
    2019-08-01 $124,895 (-6.9%) $183,985 (-10.5%) 0.40 353
    2019-09-01 $122,114 (-6.1%) $182,098 (-9.4%) 0.39 374
    2019-10-01 $120,259 (-11.6%) $179,067 (-8.9%) 0.39 392
    2019-11-01 $114,900 (-17.9%) $170,009 (-14.8%) 0.38 395
    2019-12-01 $111,525 (-20.3%) $163,773 (-16.6%) 0.37 376
    2020-01-01 $111,525 (-22.8%) $161,261 (-20.5%) 0.37 369
    2020-02-01 $114,900 (-17.9%) $166,208 (-15.8%) 0.38 346
    2020-03-01 $125,000 (-6.4%) $175,455 (-10.9%) 0.39 334
    2020-04-01 $129,450 (1.1%) $178,551 (-11.8%) 0.41 332
    2020-05-01 $137,850 (8.8%) $195,548 (-3.5%) 0.42 331
    2020-06-01 $139,700 (7.5%) $202,918 (4.5%) 0.41 325
    2020-07-01 $149,900 (15.4%) $206,632 (8.7%) 0.43 318
    2020-08-01 $129,900 (4.0%) $188,153 (2.3%) 0.37 308
    2020-09-01 $130,200 (6.6%) $189,124 (3.9%) 0.37 315
    2020-10-01 $134,250 (11.6%) $188,979 (5.5%) 0.38 323
    2020-11-01 $129,950 (13.1%) $190,041 (11.8%) 0.38 349
    2020-12-01 $127,675 (14.5%) $183,363 (12.0%) 0.38 328
    2021-01-01 $125,000 (12.1%) $177,032 (9.8%) 0.37 270
    2021-02-01 $127,000 (10.5%) $180,011 (8.3%) 0.37 247
    2021-03-01 $125,800 (0.6%) $177,903 (1.4%) 0.36 239
    2021-04-01 $125,825 (-2.8%) $174,799 (-2.1%) 0.34 222
    2021-05-01 $138,250 (0.3%) $179,419 (-8.3%) 0.37 244
    2021-06-01 $149,750 (7.2%) $203,783 (0.4%) 0.39 242
    2021-07-01 $149,450 (-0.3%) $206,563 (0.0%) 0.39 274
    2021-08-01 $149,925 (15.4%) $205,119 (9.0%) 0.40 272
    2021-09-01 $147,450 (13.3%) $199,691 (5.6%) 0.39 265
    2021-10-01 $157,200 (17.1%) $206,626 (9.3%) 0.42 263
    2021-11-01 $147,375 (13.4%) $201,211 (5.9%) 0.39 258
    2021-12-01 $145,000 (13.6%) $198,436 (8.2%) 0.39 258
    2022-01-01 $139,950 (12.0%) $204,015 (15.2%) 0.38 201
    2022-02-01 $134,675 (6.0%) $198,937 (10.5%) 0.35 186
    2022-03-01 $131,975 (4.9%) $200,862 (12.9%) 0.33 199
    2022-04-01 $152,500 (21.2%) $233,044 (33.3%) 0.36 179
    2022-05-01 $146,225 (5.8%) $225,937 (25.9%) 0.33 198
    2022-06-01 $154,500 (3.2%) $213,081 (4.6%) 0.34 225
    2022-07-01 $159,700 (6.9%) $219,607 (6.3%) 0.36 243
    2022-08-01 $164,975 (10.0%) $228,170 (11.2%) 0.38 260
    2022-09-01 $165,875 (12.5%) $230,518 (15.4%) 0.39 268
    2022-10-01 $157,950 (0.5%) $213,905 (3.5%) 0.37 271
    2022-11-01 $162,750 (10.4%) $212,909 (5.8%) 0.39 267
    2022-12-01 $159,750 (10.2%) $214,259 (8.0%) 0.39 235
    2023-01-01 $160,000 (14.3%) $197,028 (-3.4%) 0.40 211
    2023-02-01 $161,000 (19.6%) $212,395 (6.8%) 0.39 204
    2023-03-01 $157,475 (19.3%) $211,802 (5.5%) 0.37 193
    2023-04-01 $155,000 (1.6%) $215,563 (-7.5%) 0.36 214
    2023-05-01 $152,500 (4.3%) $212,212 (-6.1%) 0.35 212
    2023-06-01 $157,075 (1.7%) $227,603 (6.8%) 0.35 218
    2023-07-01 $159,000 (-0.4%) $218,352 (-0.6%) 0.36 226
    2023-08-01 $156,225 (-5.3%) $212,846 (-6.7%) 0.36 218
    2023-09-01 $160,000 (-3.5%) $226,307 (-1.8%) 0.37 221
    2023-10-01 $161,000 (1.9%) $222,114 (3.8%) 0.38 242
    2023-11-01 $159,500 (-2.0%) $217,707 (2.3%) 0.38 262
    2023-12-01 $159,000 (-0.5%) $224,810 (4.9%) 0.39 243
    2024-01-01 $149,500 (-6.6%) $216,059 (9.7%) 0.37 228
    2024-02-01 $149,000 (-7.5%) $218,122 (2.7%) 0.36 229
    2024-03-01 $160,000 (1.6%) $228,799 (8.0%) 0.38 247
    2024-04-01 $165,625 (6.9%) $226,368 (5.0%) 0.39 242
    2024-05-01 $171,975 (12.8%) $224,587 (5.8%) 0.39 235
    2024-06-01 $177,000 (12.7%) $225,004 (-1.1%) 0.40 268
    2024-07-01 $167,000 (5.0%) $217,057 (-0.6%) 0.38 271
    2024-08-01 $161,000 (3.1%) $207,380 (-2.6%) 0.37 304
    2024-09-01 $173,650 (8.5%) $198,731 (-12.2%) 0.41 327
    2024-10-01 $173,675 (7.9%) $197,942 (-10.9%) 0.41 354
    Wheeling's median listing price for 2024-10-01 was $173,675, a difference of $12,675 (7.9%) versus the prior year and $25 versus the prior month.

    Wheeling's median listing price comes in at 41% of the national average.

    Wheeling's average listing price for 2024-10-01 was $197,942, a difference of $-24,172 (-10.9%) versus the prior year and $-789 versus the prior month.

    For the 2024-10-01 period, Wheeling had 354 MLS listings, a difference of 27 listings (8%) versus the prior month and 112 listings (46%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Wheeling (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 114 days 1,487 sqft
    2018-02-01 118 days 1,510 sqft
    2018-03-01 102 days 1,520 sqft
    2018-04-01 67 days 1,510 sqft
    2018-05-01 63 days 1,529 sqft
    2018-06-01 69 days 1,554 sqft
    2018-07-01 68 days 1,612 sqft
    2018-08-01 71 days 1,682 sqft
    2018-09-01 75 days 1,700 sqft
    2018-10-01 79 days 1,724 sqft
    2018-11-01 81 days 1,729 sqft
    2018-12-01 86 days 1,727 sqft
    2019-01-01 105 days 1,731 sqft
    2019-02-01 107 days 1,730 sqft
    2019-03-01 84 days 1,733 sqft
    2019-04-01 61 days 1,729 sqft
    2019-05-01 55 days 1,539 sqft
    2019-06-01 59 days 1,591 sqft
    2019-07-01 65 days 1,669 sqft
    2019-08-01 70 days 1,638 sqft
    2019-09-01 68 days 1,608 sqft
    2019-10-01 67 days 1,584 sqft
    2019-11-01 75 days 1,611 sqft
    2019-12-01 84 days 1,572 sqft
    2020-01-01 94 days 1,558 sqft
    2020-02-01 110 days 1,549 sqft
    2020-03-01 98 days 1,604 sqft
    2020-04-01 93 days 1,608 sqft
    2020-05-01 81 days 1,610 sqft
    2020-06-01 84 days 1,652 sqft
    2020-07-01 73 days 1,732 sqft
    2020-08-01 61 days 1,700 sqft
    2020-09-01 60 days 1,678 sqft
    2020-10-01 60 days 1,692 sqft
    2020-11-01 58 days 1,673 sqft
    2020-12-01 71 days 1,634 sqft
    2021-01-01 88 days 1,618 sqft
    2021-02-01 102 days 1,663 sqft
    2021-03-01 81 days 1,667 sqft
    2021-04-01 61 days 1,707 sqft
    2021-05-01 52 days 1,715 sqft
    2021-06-01 51 days 1,714 sqft
    2021-07-01 52 days 1,659 sqft
    2021-08-01 53 days 1,645 sqft
    2021-09-01 59 days 1,588 sqft
    2021-10-01 60 days 1,582 sqft
    2021-11-01 60 days 1,555 sqft
    2021-12-01 64 days 1,553 sqft
    2022-01-01 82 days 1,551 sqft
    2022-02-01 94 days 1,556 sqft
    2022-03-01 74 days 1,594 sqft
    2022-04-01 53 days 1,665 sqft
    2022-05-01 52 days 1,636 sqft
    2022-06-01 47 days 1,712 sqft
    2022-07-01 54 days 1,725 sqft
    2022-08-01 57 days 1,682 sqft
    2022-09-01 54 days 1,700 sqft
    2022-10-01 61 days 1,672 sqft
    2022-11-01 68 days 1,600 sqft
    2022-12-01 82 days 1,589 sqft
    2023-01-01 79 days 1,526 sqft
    2023-02-01 85 days 1,568 sqft
    2023-03-01 56 days 1,574 sqft
    2023-04-01 47 days 1,600 sqft
    2023-05-01 55 days 1,580 sqft
    2023-06-01 56 days 1,644 sqft
    2023-07-01 50 days 1,528 sqft
    2023-08-01 62 days 1,525 sqft
    2023-09-01 53 days 1,595 sqft
    2023-10-01 50 days 1,616 sqft
    2023-11-01 57 days 1,591 sqft
    2023-12-01 68 days 1,588 sqft
    2024-01-01 79 days 1,546 sqft
    2024-02-01 72 days 1,552 sqft
    2024-03-01 52 days 1,599 sqft
    2024-04-01 57 days 1,628 sqft
    2024-05-01 60 days 1,628 sqft
    2024-06-01 54 days 1,631 sqft
    2024-07-01 55 days 1,613 sqft
    2024-08-01 54 days 1,590 sqft
    2024-09-01 53 days 1,577 sqft
    2024-10-01 61 days 1,603 sqft
    Wheeling's median listing age (time on market) for 2024-10-01 was 61 days. This is 22% longer than the same period one year ago.

    Wheeling's median square footage for active listings during the 2024-10-01 period was 1,603 sqft. One year prior, the average listing was 1,616 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).