Winchester FHA Loan Rates, Closing Costs & Stats

WINCHESTER, VA-WV

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 6.65% for the week of 2024-05-24, compared to the national average (all FHA variants) of 6.746% for the same period.

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

The average rate for the prior week (2024-05-17) was 6.55% and one month ago for the week of 2024-04-19, the average rate was 6.87%.

The average rate one year ago was 6.49%.

For refis of the same type during the week of 2024-05-24, the average rate was 7.1%.

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
2024-04-01 $450,000 (6.5%) $556,963 (16.8%) 0.00 258
Winchester's median listing price for 2024-04-01 was $450,000, a difference of $27,505 (6.5%) versus the prior year and $0 versus the prior month.

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

Winchester's average listing price for 2024-04-01 was $556,963, a difference of $80,055 (16.8%) versus the prior year and $12,944 versus the prior month.

For the 2024-04-01 period, Winchester had 258 MLS listings, a difference of 40 listings (18%) versus the prior month and 27 listings (12%) 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
2024-04-01 0 days 2,107 sqft
Winchester's median listing age (time on market) for 2024-04-01 was 0 days.

Winchester's median square footage for active listings during the 2024-04-01 period was 2,107 sqft. One year prior, the average listing was 2,043 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).