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 94 lenders originated 464 FHA loans during 2022. The total origination value was $123,740,000, with an average FHA loan value of $266,681.

Winchester FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Winchester averaged 6.69% for the week of 2023-12-01, compared to the national average (all FHA variants) of 6.949% for the same period.

Winchester's average FHA mortgage closing costs are $8,183.

The average rate for the prior week (2023-11-24) was 6.7% and one month ago for the week of 2023-10-27, the average rate was 6.91%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.71%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
QUICKEN LOANS, LLC 45 4.44% $10,895
Integrity Home Mortgage Corp 30 4.85% $10,552
FINANCE OF AMERICA MORTGAGE LLC 28 4.85% $11,117
PENNYMAC LOAN SERVICES, LLC 19 4.40% $11,833
HOMESPIRE MORTGAGE CORPORATION 17 5.33% $11,993
LOANDEPOT.COM, LLC 16 4.94% $11,150
CBM Mortgage, Inc. 15 5.10% $8,778
UNITED WHOLESALE MORTGAGE, LLC 14 4.88% $10,388
PRIMELENDING, A PLAINSCAPITAL COMPANY 12 4.54% $11,079
Mr. Cooper ( Nationstar Mortgage ) 11 4.48% $13,503
MCLEAN MORTGAGE CORPORATION 10 4.85% $14,994
HOMESIDE FINANCIAL, LLC 8 5.36% $11,809
CALIBER HOME LOANS, INC. 7 4.57% $10,828
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 5.82% $11,653
EagleBank 7 4.55% $9,906
NFM, INC. 7 5.54% $12,571
CARDINAL FINANCIAL 6 4.15% $7,362
GUARANTEED RATE, INC. 5 4.65% $11,714
NVR Mortgage Finance, Inc. 5 5.08% $17,745
Atlantic Coast Mortgage, LLC 5 5.70% $10,051
RELIANCE FIRST CAPITAL, LLC 5 4.85% $13,187
FREEDOM MORTGAGE CORPORATION 5 4.40% $9,819
TIDEWATER MORTGAGE SERVICES, INC. 5 4.50% $9,299
BROKER SOLUTIONS, INC. 5 5.42% $9,828
MOVEMENT MORTGAGE, LLC 5 5.50% $11,344
AMERISAVE MORTGAGE CORPORATION 4 4.31% $10,744
GUILD MORTGAGE COMPANY 4 5.47% $12,679
SECURITYNATIONAL MORTGAGE COMPANY 4 4.56% $11,877
Alcova Mortgage LLC 4 5.00% $6,634
M&T Bank 4 4.56% $7,878
Carrington Mortgage Services, LLC 4 5.59% $9,202
EMBRACE HOME LOANS, INC. 4 4.28% $9,218
George Mason Mortgage, LLC 3 4.42% $13,051
PLAZA HOME MORTGAGE, INC. 3 5.08% $8,916
First Federal Bank 3 4.96% $13,020
INTERCOASTAL MORTGAGE COMPANY 3 4.79% $9,736
JAMS-01, INC. 3 4.42% $10,636
LAKEVIEW LOAN SERVICING, LLC 3 3.63% $9,411
Nations Lending Corporation 3 5.04% $9,300
NEWREZ LLC 3 5.42% $8,456
Sierra Pacific Mortgage Company, Inc. 3 4.33% $10,043
SWBC MORTGAGE CORPORATION 2 5.50% $10,480
GSF Mortgage Corporation 2 6.38% $19,891
Equity Prime Mortgage LLC 2 3.56% $8,788
UNION HOME MORTGAGE CORP. 2 6.63% $12,365
UNITED MORTGAGE CORP 2 4.75% $12,092
Sandy Spring Bank 2 5.38% $12,460
Vellum Mortgage, Inc. 2 5.13% $11,029
AMERICAN FINANCIAL RESOURCES, INC. 2 5.94% $10,210
HOME POINT FINANCIAL CORPORATION 2 4.94% $11,227
Prosperity Home Mortgage, LLC 2 6.00% $11,159
PLANET HOME LENDING, LLC 2 5.38% $8,110
FIDELITY DIRECT MORTGAGE, LLC 2 5.44% $13,163
Paramount Residential Mortgage Group, Inc. 2 6.25% $12,595
CONTOUR MORTGAGE CORPORATION 2 5.69% $11,806
DRAPER AND KRAMER MORTGAGE CORP. 2 4.63% $9,535
ZILLOW HOME LOANS, LLC 1 5.13% $8,145
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.25% $20,505
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 5.25% $21,373
Barrington Bank & Trust Company, N.A. 1 5.25% $10,041
BAY EQUITY LLC 1 4.99% $15,477
Capital Bank 1 4.75% $12,296
Century Mortgage Company DBA Century Lending Company 1 5.25% $18,068
CHURCHILL MORTGAGE CORPORATION 1 3.63% $8,882
Citizens Bank 1 6.75% $10,908
Congressional Bank 1 3.25% $10,810
EVERETT FINANCIAL, INC. 1 4.50% $7,057
First Option Mortgage, LLC 1 6.75% $15,624
Flagstar Bank, FSB 1 5.25% $7,995
HANCOCK MORTGAGE PARTNERS, LLC 1 3.50% $13,299
HOMEAMERICAN MORTGAGE CORPORATION 1 5.13% $7,362
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 4.88% $12,290
LIBERTY HOME MORTGAGE CORPORATION 1 5.25% $15,260
LOANLEADERS OF AMERICA, INC. 1 4.75% $15,468
MILLENNIUM FINANCIAL GROUP, INC. 1 5.63% $12,744
MLD MORTGAGE INC. 1 3.75% $10,228
MORTGAGE ACCESS CORP. 1 6.00% $6,274
Mortgage Research Center, LLC 1 4.99% $7,611
MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $8,853
PENTAGON FEDERAL CREDIT UNION 1 4.50% $5,880
PHH Mortgage Corporation 1 5.13% $13,567
Plains Commerce Bank 1 5.50% $9,475
RESIDENTIAL BANCORP 1 5.13% $11,515
RUOFF MORTGAGE COMPANY, INC. 1 4.25% $5,704
SOUTHPOINT FINANCIAL SERVICES, INC. 1 4.50% $15,899
Strong Home Mortgage, LLC 1 5.50% $11,199
SUN WEST MORTGAGE COMPANY, INC. 1 4.25% $12,621
The Federal Savings Bank 1 5.25% $13,697
The Freedom Bank of Virginia 1 5.13% $12,184
Towne Bank 1 5.75% $9,634
Truist 1 6.10% $9,133
US MORTGAGE CORPORATION 1 5.50% $21,774
VANDERBILT MORTGAGE AND FINANCE, INC. 1 7.50% $11,629
Wells Fargo Bank 1 5.88% $13,461

The top Winchester FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 45 FHA loans originated. Their average total fees are $10,895, which is $343 higher than the next largest lender, Integrity Home Mortgage Corp.

The lowest fee Winchester FHA lenders (with over 10 loans originated) are CBM Mortgage, Inc. ($8,778), UNITED WHOLESALE MORTGAGE, LLC ($10,388), Integrity Home Mortgage Corp ($10,552), QUICKEN LOANS, LLC ($10,895) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($11,079).

The lowest rate Winchester FHA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (4.40%), QUICKEN LOANS, LLC (4.44%), Mr. Cooper ( Nationstar Mortgage ) (4.48%), PRIMELENDING, A PLAINSCAPITAL COMPANY (4.54%) and MCLEAN MORTGAGE CORPORATION (4.85%).

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 $278,500 (4.3%) $311,248 (7.4%) 0.00 490
2018-02-01 $287,870 (6.6%) $317,767 (8.1%) 0.00 500
2018-03-01 $294,740 (5.3%) $320,369 (4.4%) 0.00 544
2018-04-01 $299,450 (7.0%) $327,055 (5.3%) 0.00 592
2018-05-01 $299,995 (1.7%) $331,492 (3.2%) 0.00 636
2018-06-01 $299,900 (0.6%) $325,766 (0.8%) 0.00 686
2018-07-01 $297,226 (2.9%) $322,083 (3.4%) 0.00 726
2018-08-01 $289,900 (0.3%) $316,984 (2.4%) 0.00 737
2018-09-01 $275,500 (-4.3%) $311,404 (-0.6%) 0.00 748
2018-10-01 $278,950 (-4.6%) $316,225 (1.3%) 0.00 725
2018-11-01 $285,771 (2.0%) $319,470 (1.7%) 0.00 722
2018-12-01 $287,684 (4.7%) $319,504 (4.4%) 0.00 657
2019-01-01 $289,575 (4.0%) $317,795 (2.1%) 0.00 560
2019-02-01 $296,198 (2.9%) $322,803 (1.6%) 0.00 563
2019-03-01 $298,653 (1.3%) $328,159 (2.4%) 0.00 594
2019-04-01 $297,198 (-0.8%) $331,554 (1.4%) 0.00 636
2019-05-01 $301,945 (0.7%) $342,899 (3.4%) 0.00 616
2019-06-01 $299,000 (-0.3%) $342,827 (5.2%) 0.00 638
2019-07-01 $299,995 (0.9%) $341,654 (6.1%) 0.00 637
2019-08-01 $299,911 (3.5%) $340,043 (7.3%) 0.00 648
2019-09-01 $299,792 (8.8%) $338,267 (8.6%) 0.00 665
2019-10-01 $299,861 (7.5%) $337,358 (6.7%) 0.00 672
2019-11-01 $296,495 (3.8%) $332,954 (4.2%) 0.00 623
2019-12-01 $297,225 (3.3%) $334,237 (4.6%) 0.00 565
2020-01-01 $293,245 (1.3%) $334,314 (5.2%) 0.00 520
2020-02-01 $297,995 (0.6%) $339,320 (5.1%) 0.00 492
2020-03-01 $301,218 (0.9%) $344,621 (5.0%) 0.00 499
2020-04-01 $301,448 (1.4%) $348,476 (5.1%) 0.00 503
2020-05-01 $317,990 (5.3%) $354,554 (3.4%) 0.00 497
2020-06-01 $329,495 (10.2%) $371,355 (8.3%) 0.00 431
2020-07-01 $314,993 (5.0%) $372,688 (9.1%) 0.00 367
2020-08-01 $334,990 (11.7%) $396,154 (16.5%) 0.00 301
2020-09-01 $329,713 (10.0%) $394,821 (16.7%) 0.00 257
2020-10-01 $299,900 (0.0%) $391,719 (16.1%) 0.00 245
2020-11-01 $299,900 (1.2%) $404,369 (21.5%) 0.00 232
2020-12-01 $308,675 (3.9%) $413,274 (23.7%) 0.00 198
2021-01-01 $329,900 (12.5%) $413,321 (23.6%) 0.00 167
2021-02-01 $334,450 (12.2%) $411,594 (21.3%) 0.00 138
2021-03-01 $369,450 (22.7%) $419,381 (21.7%) 0.00 159
2021-04-01 $374,900 (24.4%) $413,547 (18.7%) 0.00 195
2021-05-01 $389,900 (22.6%) $415,171 (17.1%) 0.00 205
2021-06-01 $389,900 (18.3%) $425,553 (14.6%) 0.00 238
2021-07-01 $379,900 (20.6%) $429,703 (15.3%) 0.00 267
2021-08-01 $392,000 (17.0%) $434,781 (9.8%) 0.00 273
2021-09-01 $366,975 (11.3%) $413,630 (4.8%) 0.00 290
2021-10-01 $359,900 (20.0%) $419,486 (7.1%) 0.00 271
2021-11-01 $356,000 (18.7%) $422,068 (4.4%) 0.00 248
2021-12-01 $377,450 (22.3%) $427,679 (3.5%) 0.00 217
2022-01-01 $402,450 (22.0%) $446,831 (8.1%) 0.00 148
2022-02-01 $395,873 (18.4%) $441,087 (7.2%) 0.00 137
2022-03-01 $377,945 (2.3%) $436,417 (4.1%) 0.00 159
2022-04-01 $389,950 (4.0%) $463,059 (12.0%) 0.00 174
2022-05-01 $427,750 (9.7%) $483,182 (16.4%) 0.00 217
2022-06-01 $434,425 (11.4%) $489,323 (15.0%) 0.00 262
2022-07-01 $425,000 (11.9%) $480,230 (11.8%) 0.00 305
2022-08-01 $407,450 (3.9%) $465,558 (7.1%) 0.00 328
2022-09-01 $403,725 (10.0%) $467,396 (13.0%) 0.00 333
2022-10-01 $399,900 (11.1%) $455,443 (8.6%) 0.00 334
2022-11-01 $389,900 (9.5%) $447,834 (6.1%) 0.00 324
2022-12-01 $399,900 (6.0%) $451,961 (5.7%) 0.00 292
2023-01-01 $417,000 (3.6%) $457,691 (2.4%) 0.00 268
2023-02-01 $424,998 (7.4%) $464,194 (5.2%) 0.00 245
2023-03-01 $419,945 (11.1%) $457,704 (4.9%) 0.00 238
2023-04-01 $419,990 (7.7%) $477,458 (3.1%) 0.00 234
2023-05-01 $437,245 (2.2%) $485,819 (0.6%) 0.00 243
2023-06-01 $444,995 (2.4%) $484,094 (-1.1%) 0.00 251
2023-07-01 $429,900 (1.2%) $462,181 (-3.8%) 0.00 265
2023-08-01 $419,498 (3.0%) $457,436 (-1.7%) 0.00 283
2023-09-01 $420,000 (4.0%) $466,238 (-0.3%) 0.00 298
2023-10-01 $411,979 (3.0%) $472,451 (3.7%) 0.00 321
2023-11-01 $409,400 (5.0%) $476,591 (6.4%) 0.00 316
Winchester's median listing price for 2023-11-01 was $409,400, a difference of $19,500 (5.0%) versus the prior year and $-2,579 versus the prior month.

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

Winchester's average listing price for 2023-11-01 was $476,591, a difference of $28,757 (6.4%) versus the prior year and $4,140 versus the prior month.

For the 2023-11-01 period, Winchester had 316 MLS listings, a difference of -5 listings (-2%) versus the prior month and -8 listings (-2%) 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 1,973 sqft
2018-02-01 0 days 2,007 sqft
2018-03-01 0 days 2,071 sqft
2018-04-01 0 days 2,049 sqft
2018-05-01 0 days 2,083 sqft
2018-06-01 0 days 2,148 sqft
2018-07-01 0 days 2,113 sqft
2018-08-01 0 days 2,130 sqft
2018-09-01 0 days 2,103 sqft
2018-10-01 0 days 2,123 sqft
2018-11-01 0 days 2,145 sqft
2018-12-01 0 days 2,108 sqft
2019-01-01 0 days 2,102 sqft
2019-02-01 0 days 2,122 sqft
2019-03-01 0 days 2,145 sqft
2019-04-01 0 days 2,129 sqft
2019-05-01 0 days 2,147 sqft
2019-06-01 0 days 2,104 sqft
2019-07-01 0 days 2,149 sqft
2019-08-01 0 days 2,147 sqft
2019-09-01 0 days 2,140 sqft
2019-10-01 0 days 2,136 sqft
2019-11-01 0 days 2,100 sqft
2019-12-01 0 days 2,101 sqft
2020-01-01 0 days 2,071 sqft
2020-02-01 0 days 2,100 sqft
2020-03-01 0 days 2,110 sqft
2020-04-01 0 days 2,100 sqft
2020-05-01 0 days 2,150 sqft
2020-06-01 0 days 2,146 sqft
2020-07-01 0 days 2,106 sqft
2020-08-01 0 days 2,104 sqft
2020-09-01 0 days 2,033 sqft
2020-10-01 0 days 1,984 sqft
2020-11-01 0 days 1,938 sqft
2020-12-01 0 days 1,915 sqft
2021-01-01 0 days 1,948 sqft
2021-02-01 0 days 1,859 sqft
2021-03-01 0 days 1,951 sqft
2021-04-01 0 days 1,968 sqft
2021-05-01 0 days 2,048 sqft
2021-06-01 0 days 1,998 sqft
2021-07-01 0 days 2,000 sqft
2021-08-01 0 days 2,010 sqft
2021-09-01 0 days 1,986 sqft
2021-10-01 0 days 1,922 sqft
2021-11-01 0 days 1,923 sqft
2021-12-01 0 days 1,916 sqft
2022-01-01 0 days 2,000 sqft
2022-02-01 0 days 2,023 sqft
2022-03-01 0 days 1,965 sqft
2022-04-01 0 days 2,052 sqft
2022-05-01 0 days 2,166 sqft
2022-06-01 0 days 2,213 sqft
2022-07-01 0 days 2,184 sqft
2022-08-01 0 days 2,176 sqft
2022-09-01 0 days 2,154 sqft
2022-10-01 0 days 2,052 sqft
2022-11-01 0 days 2,019 sqft
2022-12-01 0 days 2,037 sqft
2023-01-01 0 days 2,052 sqft
2023-02-01 0 days 2,011 sqft
2023-03-01 0 days 2,051 sqft
2023-04-01 0 days 2,052 sqft
2023-05-01 0 days 2,175 sqft
2023-06-01 0 days 2,217 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
Winchester's median listing age (time on market) for 2023-11-01 was 0 days.

Winchester's median square footage for active listings during the 2023-11-01 period was 2,012 sqft. One year prior, the average listing was 2,019 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).