Winchester FHA Loan Rates, Closing Costs & Stats

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 86 lenders originated 444 FHA loans during 2023. The total origination value was $134,730,000, with an average FHA loan value of $303,446.

    Winchester FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Winchester averaged 6.86% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Winchester's average FHA mortgage closing costs are $8,826.

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.32%.

    The average rate one year ago was 6.35%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.21%.

    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/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Winchester level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 40 6.30% $12,946
    Integrity Home Mortgage Corp 32 6.59% $14,391
    UNITED WHOLESALE MORTGAGE, LLC 29 6.31% $13,548
    NVR Mortgage Finance, Inc. 18 5.96% $16,321
    HOMESPIRE MORTGAGE CORPORATION 17 6.92% $10,499
    INTERCOASTAL MORTGAGE COMPANY 15 6.00% $11,766
    MOVEMENT MORTGAGE, LLC 15 6.45% $11,955
    DHI MORTGAGE COMPANY, LTD. 13 5.54% $11,686
    Atlantic Coast Mortgage, LLC 12 6.10% $12,181
    LOANDEPOT.COM, LLC 11 6.34% $11,949
    TIDEWATER MORTGAGE SERVICES, INC. 11 6.72% $11,463
    GSF Mortgage Corporation 9 6.25% $15,747
    FREEDOM MORTGAGE CORPORATION 7 7.00% $17,139
    Prosperity Home Mortgage, LLC 7 6.12% $11,234
    PENNYMAC LOAN SERVICES, LLC 7 5.93% $16,677
    EAGLE HOME MORTGAGE, LLC 7 6.00% $13,625
    EMBRACE HOME LOANS, INC. 7 6.66% $14,059
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.59% $12,726
    Alcova Mortgage LLC 6 6.77% $10,455
    MILEND, INC. 6 6.75% $13,607
    CBM Mortgage, Inc. 6 6.65% $13,285
    MILLENNIUM FINANCIAL GROUP, INC. 5 6.95% $7,439
    NFM, INC. 5 6.73% $15,448
    Carrington Mortgage Services, LLC 5 6.70% $11,239
    SWBC MORTGAGE CORPORATION 5 6.33% $9,148
    Vellum Mortgage, Inc. 5 6.80% $14,165
    The Federal Savings Bank 4 6.44% $16,148
    GUILD MORTGAGE COMPANY 4 6.81% $11,594
    VILLAGE CAPITAL MORTGAGE 3 6.54% $16,393
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.83% $13,360
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 7.21% $17,766
    BROKER SOLUTIONS, INC. 3 7.08% $7,533
    CROSSCOUNTRY MORTGAGE, LLC 3 7.42% $12,045
    George Mason Mortgage, LLC 3 6.50% $10,654
    GUARANTEED RATE AFFINITY, LLC 3 6.25% $16,729
    HOMEAMERICAN MORTGAGE CORPORATION 3 6.25% $11,242
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.42% $14,074
    NEWREZ LLC 3 6.25% $15,286
    PLANET HOME LENDING, LLC 3 5.25% $13,937
    UNION HOME MORTGAGE CORP. 3 7.50% $11,826
    ENVOY MORTGAGE, LTD 2 5.75% $14,357
    AMERICAN FINANCIAL NETWORK, INC. 2 7.44% $18,453
    LOANPAL, LLC 2 5.68% $17,672
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.75% $15,795
    Flagstar Bank, FSB 2 6.19% $14,053
    Presidential Bank, FSB 2 6.25% $10,248
    MORTGAGE ACCESS CORP. 2 6.69% $17,166
    FIDELITY DIRECT MORTGAGE, LLC 2 7.31% $11,808
    Truist 2 6.13% $10,448
    OCMBC, INC. 2 7.75% $11,522
    CMG MORTGAGE, INC. 2 5.75% $11,663
    GEO-CORP, INC. 2 7.44% $16,555
    LAKEVIEW LOAN SERVICING, LLC 2 6.75% $13,758
    NORWICH COMMERCIAL GROUP, INC. 1 6.75% $4,742
    DAS Acquisition Company, LLC 1 6.75% $16,495
    Plains Commerce Bank 1 5.75% $14,563
    PLAZA HOME MORTGAGE, INC. 1 6.75% $19,336
    POLARIS HOME FUNDING CORP. 1 7.00% $15,621
    PREMIA MORTGAGE, LLC 1 6.50% $13,263
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.83% $7,227
    C & F Mortgage Corporation 1 6.25% $11,299
    Century Mortgage Company DBA Century Lending Company 1 7.13% $20,828
    Sandy Spring Bank 1 6.63% $10,394
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $17,362
    Sierra Pacific Mortgage Company, Inc. 1 6.63% $9,293
    CARDINAL FINANCIAL 1 6.25% $10,625
    Blue Ridge Bank 1 6.75% $13,576
    The Freedom Bank of Virginia 1 6.88% $8,517
    THE MORTGAGE LINK, INC. 1 7.00% $13,293
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $10,499
    Towne Bank 1 6.75% $10,770
    HOMESIDE FINANCIAL, LLC 1 6.63% $9,841
    GUARANTEED RATE, INC. 1 6.25% $18,544
    JMAC LENDING, INC. 1 6.13% $17,287
    LEADERONE FINANCIAL CORPORATION 1 6.63% $15,814
    MICHIGAN MUTUAL, INC. 1 7.13% $6,979
    Equity Prime Mortgage LLC 1 5.88% $11,600
    MLD MORTGAGE INC. 1 5.75% $12,825
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $11,127
    Mr. Cooper ( Nationstar Mortgage ) 1 6.13% $15,836
    M&T Bank 1 6.13% $6,872
    ACADEMY MORTGAGE CORPORATION 1 6.25% $7,568
    NATIONS DIRECT MORTGAGE, LLC 1 5.75% $12,881
    Nations Lending Corporation 1 6.75% $7,334
    NATIONWIDE MORTGAGE BANKERS, INC. 1 7.25% $17,311
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.25% $16,225

    The top Winchester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 40 FHA loans originated. Their average total fees are $12,946, which is $1,445 lower than the next largest lender, Integrity Home Mortgage Corp.

    The lowest fee Winchester FHA lenders (with over 10 loans originated) are HOMESPIRE MORTGAGE CORPORATION ($10,499), TIDEWATER MORTGAGE SERVICES, INC. ($11,463), DHI MORTGAGE COMPANY, LTD. ($11,686), INTERCOASTAL MORTGAGE COMPANY ($11,766) and LOANDEPOT.COM, LLC ($11,949).

    The lowest rate Winchester FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.54%), NVR Mortgage Finance, Inc. (5.96%), INTERCOASTAL MORTGAGE COMPANY (6.00%), Atlantic Coast Mortgage, LLC (6.10%) and QUICKEN LOANS, LLC (6.30%).

    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
    WINCHESTER, VA-WV FREDERICK 2023 $472,030 $604,400 $730,525 $907,900
    WINCHESTER, VA-WV WINCHESTER CITY 2023 $472,030 $604,400 $730,525 $907,900
    WINCHESTER, VA-WV HAMPSHIRE 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Winchester (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 $280,218 (5.0%) $311,159 (7.5%) 0.00 494
    2018-02-01 $289,448 (6.4%) $317,631 (8.3%) 0.00 504
    2018-03-01 $294,990 (5.2%) $320,228 (4.6%) 0.00 548
    2018-04-01 $299,900 (7.1%) $326,879 (5.4%) 0.00 596
    2018-05-01 $299,990 (2.4%) $331,302 (3.3%) 0.00 640
    2018-06-01 $299,900 (0.6%) $325,909 (0.9%) 0.00 690
    2018-07-01 $298,740 (3.6%) $322,237 (3.7%) 0.00 729
    2018-08-01 $290,000 (0.3%) $317,153 (2.6%) 0.00 740
    2018-09-01 $279,700 (-2.9%) $311,605 (-0.4%) 0.00 752
    2018-10-01 $279,900 (-4.4%) $316,398 (1.5%) 0.00 729
    2018-11-01 $287,636 (2.2%) $319,605 (1.8%) 0.00 726
    2018-12-01 $289,900 (5.4%) $320,005 (4.6%) 0.00 662
    2019-01-01 $289,923 (3.5%) $318,370 (2.3%) 0.00 565
    2019-02-01 $297,995 (3.0%) $323,354 (1.8%) 0.00 568
    2019-03-01 $299,514 (1.5%) $328,648 (2.6%) 0.00 598
    2019-04-01 $299,064 (-0.3%) $331,937 (1.6%) 0.00 640
    2019-05-01 $303,493 (1.2%) $343,242 (3.6%) 0.00 620
    2019-06-01 $299,250 (-0.2%) $343,168 (5.3%) 0.00 643
    2019-07-01 $302,350 (1.2%) $341,564 (6.0%) 0.00 642
    2019-08-01 $299,997 (3.5%) $340,118 (7.2%) 0.00 653
    2019-09-01 $299,993 (7.3%) $338,583 (8.7%) 0.00 670
    2019-10-01 $302,245 (8.0%) $337,836 (6.8%) 0.00 677
    2019-11-01 $299,000 (4.0%) $333,984 (4.5%) 0.00 627
    2019-12-01 $299,450 (3.3%) $334,620 (4.6%) 0.00 569
    2020-01-01 $294,950 (1.7%) $334,750 (5.1%) 0.00 523
    2020-02-01 $299,875 (0.6%) $339,990 (5.1%) 0.00 496
    2020-03-01 $302,995 (1.2%) $345,403 (5.1%) 0.00 501
    2020-04-01 $304,493 (1.8%) $349,261 (5.2%) 0.00 505
    2020-05-01 $317,990 (4.8%) $355,288 (3.5%) 0.00 500
    2020-06-01 $327,230 (9.4%) $369,339 (7.6%) 0.00 436
    2020-07-01 $315,498 (4.4%) $370,334 (8.4%) 0.00 375
    2020-08-01 $330,990 (10.3%) $393,074 (15.6%) 0.00 308
    2020-09-01 $328,748 (9.6%) $392,646 (16.0%) 0.00 262
    2020-10-01 $299,900 (-0.8%) $387,350 (14.7%) 0.00 252
    2020-11-01 $299,950 (0.3%) $400,040 (19.8%) 0.00 240
    2020-12-01 $309,925 (3.5%) $408,988 (22.2%) 0.00 206
    2021-01-01 $329,900 (11.9%) $408,074 (21.9%) 0.00 171
    2021-02-01 $333,450 (11.2%) $407,939 (20.0%) 0.00 142
    2021-03-01 $369,450 (21.9%) $415,517 (20.3%) 0.00 162
    2021-04-01 $372,863 (22.5%) $410,481 (17.5%) 0.00 198
    2021-05-01 $389,900 (22.6%) $414,388 (16.6%) 0.00 207
    2021-06-01 $389,900 (19.2%) $428,108 (15.9%) 0.00 241
    2021-07-01 $379,450 (20.3%) $432,572 (16.8%) 0.00 269
    2021-08-01 $392,000 (18.4%) $438,497 (11.6%) 0.00 275
    2021-09-01 $366,975 (11.6%) $417,215 (6.3%) 0.00 292
    2021-10-01 $359,900 (20.0%) $423,297 (9.3%) 0.00 273
    2021-11-01 $359,250 (19.8%) $426,499 (6.6%) 0.00 251
    2021-12-01 $377,450 (21.8%) $433,730 (6.1%) 0.00 220
    2022-01-01 $410,000 (24.3%) $457,143 (12.0%) 0.00 150
    2022-02-01 $398,850 (19.6%) $451,578 (10.7%) 0.00 138
    2022-03-01 $378,448 (2.4%) $436,417 (5.0%) 0.00 159
    2022-04-01 $387,450 (3.9%) $462,263 (12.6%) 0.00 174
    2022-05-01 $427,573 (9.7%) $482,796 (16.5%) 0.00 218
    2022-06-01 $434,200 (11.4%) $488,117 (14.0%) 0.00 264
    2022-07-01 $425,000 (12.0%) $479,620 (10.9%) 0.00 309
    2022-08-01 $407,473 (4.0%) $465,045 (6.1%) 0.00 334
    2022-09-01 $411,250 (12.1%) $467,185 (12.0%) 0.00 339
    2022-10-01 $409,000 (13.6%) $456,304 (7.8%) 0.00 341
    2022-11-01 $392,475 (9.3%) $448,246 (5.1%) 0.00 326
    2022-12-01 $404,450 (7.2%) $452,426 (4.3%) 0.00 293
    2023-01-01 $419,000 (2.2%) $457,666 (0.1%) 0.00 271
    2023-02-01 $426,225 (6.9%) $464,379 (2.8%) 0.00 248
    2023-03-01 $419,945 (11.0%) $456,887 (4.7%) 0.00 239
    2023-04-01 $422,495 (9.1%) $476,908 (3.2%) 0.00 231
    2023-05-01 $438,030 (2.5%) $486,063 (0.7%) 0.00 242
    2023-06-01 $444,995 (2.5%) $483,306 (-1.0%) 0.00 250
    2023-07-01 $429,900 (1.2%) $461,991 (-3.7%) 0.00 265
    2023-08-01 $419,498 (3.0%) $457,436 (-1.6%) 0.00 283
    2023-09-01 $420,000 (2.1%) $466,238 (-0.2%) 0.00 298
    2023-10-01 $411,979 (0.7%) $472,451 (3.5%) 0.00 321
    2023-11-01 $409,400 (4.3%) $476,591 (6.3%) 0.00 316
    2023-12-01 $419,900 (3.8%) $484,186 (7.0%) 0.00 258
    2024-01-01 $428,225 (2.2%) $488,604 (6.8%) 0.00 230
    2024-02-01 $436,950 (2.5%) $531,831 (14.5%) 0.00 185
    2024-03-01 $450,000 (7.2%) $544,019 (19.1%) 0.00 218
    Winchester's median listing price for 2024-03-01 was $450,000, a difference of $30,055 (7.2%) versus the prior year and $13,050 versus the prior month.

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

    Winchester's average listing price for 2024-03-01 was $544,019, a difference of $87,132 (19.1%) versus the prior year and $12,188 versus the prior month.

    For the 2024-03-01 period, Winchester had 218 MLS listings, a difference of 33 listings (18%) versus the prior month and -21 listings (-9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Winchester (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,969 sqft
    2018-02-01 0 days 2,002 sqft
    2018-03-01 0 days 2,060 sqft
    2018-04-01 0 days 2,048 sqft
    2018-05-01 0 days 2,077 sqft
    2018-06-01 0 days 2,140 sqft
    2018-07-01 0 days 2,113 sqft
    2018-08-01 0 days 2,125 sqft
    2018-09-01 0 days 2,100 sqft
    2018-10-01 0 days 2,116 sqft
    2018-11-01 0 days 2,144 sqft
    2018-12-01 0 days 2,103 sqft
    2019-01-01 0 days 2,096 sqft
    2019-02-01 0 days 2,108 sqft
    2019-03-01 0 days 2,138 sqft
    2019-04-01 0 days 2,119 sqft
    2019-05-01 0 days 2,141 sqft
    2019-06-01 0 days 2,100 sqft
    2019-07-01 0 days 2,135 sqft
    2019-08-01 0 days 2,144 sqft
    2019-09-01 0 days 2,135 sqft
    2019-10-01 0 days 2,129 sqft
    2019-11-01 0 days 2,100 sqft
    2019-12-01 0 days 2,090 sqft
    2020-01-01 0 days 2,060 sqft
    2020-02-01 0 days 2,098 sqft
    2020-03-01 0 days 2,109 sqft
    2020-04-01 0 days 2,098 sqft
    2020-05-01 0 days 2,149 sqft
    2020-06-01 0 days 2,126 sqft
    2020-07-01 0 days 2,091 sqft
    2020-08-01 0 days 2,081 sqft
    2020-09-01 0 days 2,008 sqft
    2020-10-01 0 days 1,932 sqft
    2020-11-01 0 days 1,903 sqft
    2020-12-01 0 days 1,883 sqft
    2021-01-01 0 days 1,884 sqft
    2021-02-01 0 days 1,850 sqft
    2021-03-01 0 days 1,937 sqft
    2021-04-01 0 days 1,952 sqft
    2021-05-01 0 days 2,016 sqft
    2021-06-01 0 days 1,986 sqft
    2021-07-01 0 days 1,997 sqft
    2021-08-01 0 days 2,008 sqft
    2021-09-01 0 days 1,985 sqft
    2021-10-01 0 days 1,922 sqft
    2021-11-01 0 days 1,924 sqft
    2021-12-01 0 days 1,928 sqft
    2022-01-01 0 days 2,052 sqft
    2022-02-01 0 days 2,034 sqft
    2022-03-01 0 days 1,965 sqft
    2022-04-01 0 days 2,050 sqft
    2022-05-01 0 days 2,165 sqft
    2022-06-01 0 days 2,212 sqft
    2022-07-01 0 days 2,176 sqft
    2022-08-01 0 days 2,168 sqft
    2022-09-01 0 days 2,155 sqft
    2022-10-01 0 days 2,052 sqft
    2022-11-01 0 days 2,022 sqft
    2022-12-01 0 days 2,042 sqft
    2023-01-01 0 days 2,052 sqft
    2023-02-01 0 days 2,029 sqft
    2023-03-01 0 days 2,052 sqft
    2023-04-01 0 days 2,043 sqft
    2023-05-01 0 days 2,174 sqft
    2023-06-01 0 days 2,214 sqft
    2023-07-01 0 days 2,100 sqft
    2023-08-01 0 days 2,055 sqft
    2023-09-01 0 days 2,052 sqft
    2023-10-01 0 days 1,991 sqft
    2023-11-01 0 days 2,012 sqft
    2023-12-01 0 days 2,031 sqft
    2024-01-01 0 days 2,002 sqft
    2024-02-01 0 days 2,007 sqft
    2024-03-01 0 days 2,064 sqft
    Winchester's median listing age (time on market) for 2024-03-01 was 0 days.

    Winchester's median square footage for active listings during the 2024-03-01 period was 2,064 sqft. One year prior, the average listing was 2,052 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).