Winchester FHA Loans

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 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).