Winchester FHA Loans

WINCHESTER, VA-WV

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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.

    Winchester's 99 lenders originated 750 FHA loans during 2021. The total origination value was $178,050,000, with an average FHA loan value of $237,400.

    Winchester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Winchester averaged 5.38% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.38% and one month ago for the week of 2022-04-15, the average rate was 4.87%.

    The average rate one year ago was 3.34%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.23%.

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

    Winchester FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Winchester level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 84 2.69% $7,347
    Integrity Home Mortgage Corp 52 3.11% $8,751
    FINANCE OF AMERICA MORTGAGE LLC 35 2.98% $8,917
    PENNYMAC LOAN SERVICES, LLC 34 3.03% $5,353
    MCLEAN MORTGAGE CORPORATION 24 2.80% $10,028
    Mr. Cooper ( Nationstar Mortgage ) 22 3.17% $5,098
    HOMESPIRE MORTGAGE CORPORATION 21 3.22% $8,339
    FREEDOM MORTGAGE CORPORATION 20 2.83% $4,954
    CBM Mortgage, Inc. 20 3.09% $8,378
    PRIMELENDING, A PLAINSCAPITAL COMPANY 19 3.17% $9,360
    HOMESIDE FINANCIAL, LLC 19 3.33% $8,785
    LAKEVIEW LOAN SERVICING, LLC 17 2.92% $4,771
    Carrington Mortgage Services, LLC 16 3.80% $8,747
    LOANDEPOT.COM, LLC 14 2.97% $7,968
    UNITED WHOLESALE MORTGAGE, LLC 14 2.83% $8,032
    George Mason Mortgage, LLC 11 2.96% $9,549
    EMBRACE HOME LOANS, INC. 11 2.86% $8,237
    MOVEMENT MORTGAGE, LLC 10 3.26% $6,755
    CALIBER HOME LOANS, INC. 10 2.80% $7,156
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 3.45% $8,418
    AMERICAN FINANCIAL NETWORK, INC. 8 3.36% $12,377
    INTERCOASTAL MORTGAGE COMPANY 8 2.98% $8,370
    AMERISAVE MORTGAGE CORPORATION 8 2.64% $9,825
    NFM, INC. 7 3.43% $9,267
    RESIDENTIAL MORTGAGE SERVICES, INC. 7 3.29% $7,322
    EagleBank 7 2.56% $8,381
    NEWREZ LLC 6 2.83% $5,140
    AmeriHome Mortgage Company, LLC 6 2.79% $5,544
    TIDEWATER MORTGAGE SERVICES, INC. 6 3.33% $7,997
    Lakeview Community Capital, LLC 5 2.75% $5,194
    CROSSCOUNTRY MORTGAGE, LLC 5 3.28% $10,105
    Atlantic Coast Mortgage, LLC 5 2.65% $9,084
    Alcova Mortgage LLC 5 2.85% $7,415
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 2.90% $5,860
    HOME POINT FINANCIAL CORPORATION 5 2.87% $8,401
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.88% $8,493
    SECURITYNATIONAL MORTGAGE COMPANY 4 2.81% $9,133
    First Heritage Mortgage, LLC 4 3.00% $8,655
    VILLAGE CAPITAL & INVESTMENT LLC 4 2.53% $3,419
    Sierra Pacific Mortgage Company, Inc. 4 3.19% $8,239
    Vellum Mortgage, Inc. 3 3.54% $10,172
    BROKER SOLUTIONS, INC. 3 3.63% $7,466
    Manufacturers and Traders Trust Company 3 2.83% $8,377
    SWBC MORTGAGE CORPORATION 3 3.46% $6,179
    OCMBC, INC. 2 3.06% $6,394
    NETWORK CAPITAL FUNDING CORPORATION 2 2.63% $13,015
    Towne Bank 2 2.75% $8,076
    UNION HOME MORTGAGE CORP. 2 2.50% $13,274
    Atlantic Union Bank 2 3.00% $10,287
    CONTOUR MORTGAGE CORPORATION 2 3.50% $8,570
    Ameris Bank 2 2.81% $9,627
    First Guaranty Mortgage Corporation 2 3.00% $5,685
    Plains Commerce Bank 2 2.63% $10,353
    MILLENNIUM FINANCIAL GROUP, INC. 2 3.50% $7,970
    First Federal Bank 2 2.88% $11,032
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 4.00% $12,002
    Wyndham Capital Mortgage, Inc. 1 3.00% $5,525
    AMERICAN FINANCIAL RESOURCES, INC. 1 3.63% $5,320
    AMERICAN FINANCING CORPORATION 1 2.25% $6,313
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.25% $7,561
    ARC HOME LLC 1 2.75% $6,929
    Barrington Bank & Trust Company, N.A. 1 3.25% $7,164
    BAY CAPITAL MORTGAGE CORPORATION 1 2.63% $6,168
    C & F Mortgage Corporation 1 3.38% $6,192
    Colonial Savings, F.A. 1 2.88% $6,873
    DRAPER AND KRAMER MORTGAGE CORP. 1 3.38% $8,454
    First-Citizens Bank & Trust Company 1 2.38% $9,726
    Flagstar Bank, FSB 1 2.72% $8,794
    F & M BANK CORP. 1 2.88% $7,682
    Gateway First Bank 1 3.88% $4,159
    GENEVA FINANCIAL, LLC 1 2.75% $6,273
    GUARANTEED RATE AFFINITY, LLC 1 2.63% $8,814
    HOMEAMERICAN MORTGAGE CORPORATION 1 3.50% $5,805
    JAMS-01, INC. 1 2.38% $6,965
    Magnolia Bank 1 2.75% $11,463
    MID AMERICA MORTGAGE, INC. 1 4.25% $12,092
    MIDLAND MORTGAGE CORPORATION 1 3.75% $9,616
    MISSION MORTGAGE LLC 1 3.13% $8,733
    MLD MORTGAGE INC. 1 2.25% $12,519
    MORIA DEVELOPMENT, INC. 1 3.88% $9,199
    NATIONWIDE MORTGAGE BANKERS, INC. 1 3.25% $12,460
    North American Savings Bank, F.S.B. 1 2.25% $7,904
    NVR Mortgage Finance, Inc. 1 2.99% $10,527
    OCEANSIDE MORTGAGE COMPANY 1 2.75% $2,949
    OVM FINANCIAL, INC. 1 3.25% $10,114
    Paramount Residential Mortgage Group, Inc. 1 3.25% $8,583
    PHH Mortgage Corporation 1 3.13% $2,788
    PLANET HOME LENDING, LLC 1 3.13% $9,968
    Reliant Bank 1 2.50% $8,613
    Renasant Bank 1 2.50% $6,464
    Strong Home Mortgage, LLC 1 3.25% $4,686
    SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $8,829
    The Federal Savings Bank 1 3.00% $10,353
    TJC Mortgage, Inc. 1 3.13% $8,387
    United Fidelity Funding Corp. 1 2.75% $8,236
    Victorian Finance, LLC 1 4.50% $5,539
    Waterstone Mortgage Corporation 1 2.63% $12,105
    Wells Fargo Bank 1 3.00% $2,347
    ABSOLUTE HOME MORTGAGE CORPORATION 1 2.50% $6,962

    The top Winchester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 84 FHA loans originated. Their average total fees are $7,347, which is $1,404 lower than the next largest lender, Integrity Home Mortgage Corp.

    The lowest fee Winchester FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($4,771), FREEDOM MORTGAGE CORPORATION ($4,954), Mr. Cooper ( Nationstar Mortgage ) ($5,098), PENNYMAC LOAN SERVICES, LLC ($5,353) and MOVEMENT MORTGAGE, LLC ($6,755).

    The lowest rate Winchester FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.69%), MCLEAN MORTGAGE CORPORATION (2.80%), CALIBER HOME LOANS, INC. (2.80%), FREEDOM MORTGAGE CORPORATION (2.83%) and UNITED WHOLESALE MORTGAGE, LLC (2.83%).

    Winchester FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    WINCHESTER, VA-WV FREDERICK 2022 $420,680 $538,650 $651,050 $809,150
    WINCHESTER, VA-WV WINCHESTER CITY 2022 $420,680 $538,650 $651,050 $809,150
    WINCHESTER, VA-WV HAMPSHIRE 2022 $420,680 $538,650 $651,050 $809,150

    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).