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 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 6.36% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

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

    The average rate for the prior week (2023-05-19) was 6.03% and one month ago for the week of 2023-04-21, the average rate was 5.77%.

    The average rate one year ago was 5.09%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.38%.

    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 $277,500 (4.0%) $310,842 (7.2%) 0.00 489
    2018-02-01 $286,993 (6.3%) $317,377 (8.0%) 0.00 499
    2018-03-01 $294,490 (5.2%) $320,021 (4.3%) 0.00 543
    2018-04-01 $299,450 (7.0%) $326,736 (5.2%) 0.00 591
    2018-05-01 $299,993 (1.7%) $331,345 (3.2%) 0.00 636
    2018-06-01 $299,900 (0.8%) $325,766 (0.9%) 0.00 686
    2018-07-01 $297,226 (3.0%) $322,083 (3.5%) 0.00 726
    2018-08-01 $289,900 (0.4%) $316,984 (2.5%) 0.00 737
    2018-09-01 $275,500 (-4.3%) $311,404 (-0.5%) 0.00 748
    2018-10-01 $278,950 (-4.4%) $316,225 (1.4%) 0.00 725
    2018-11-01 $285,771 (2.1%) $319,470 (1.8%) 0.00 722
    2018-12-01 $287,684 (4.7%) $319,504 (4.5%) 0.00 657
    2019-01-01 $289,575 (4.4%) $317,795 (2.2%) 0.00 560
    2019-02-01 $296,198 (3.2%) $322,803 (1.7%) 0.00 563
    2019-03-01 $294,700 (0.1%) $326,485 (2.0%) 0.00 605
    2019-04-01 $295,995 (-1.2%) $331,554 (1.5%) 0.00 636
    2019-05-01 $301,945 (0.7%) $342,899 (3.5%) 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 $299,995 (3.5%) $339,906 (7.2%) 0.00 655
    2019-09-01 $309,950 (12.5%) $341,988 (9.8%) 0.00 630
    2019-10-01 $299,950 (7.5%) $337,526 (6.7%) 0.00 671
    2019-11-01 $297,990 (4.3%) $333,360 (4.4%) 0.00 622
    2019-12-01 $298,198 (3.7%) $334,653 (4.7%) 0.00 564
    2020-01-01 $293,490 (1.4%) $334,789 (5.4%) 0.00 519
    2020-02-01 $298,000 (0.6%) $339,806 (5.3%) 0.00 491
    2020-03-01 $301,990 (2.5%) $345,115 (5.7%) 0.00 498
    2020-04-01 $301,723 (1.9%) $348,988 (5.3%) 0.00 502
    2020-05-01 $317,990 (5.3%) $355,058 (3.6%) 0.00 496
    2020-06-01 $328,796 (10.0%) $370,893 (8.2%) 0.00 430
    2020-07-01 $314,970 (5.0%) $372,155 (8.9%) 0.00 366
    2020-08-01 $334,990 (11.7%) $395,566 (16.4%) 0.00 301
    2020-09-01 $329,713 (6.4%) $394,821 (15.5%) 0.00 257
    2020-10-01 $299,900 (0.0%) $391,719 (16.1%) 0.00 245
    2020-11-01 $299,900 (0.6%) $404,369 (21.3%) 0.00 232
    2020-12-01 $308,675 (3.5%) $413,274 (23.5%) 0.00 198
    2021-01-01 $328,000 (11.8%) $413,321 (23.5%) 0.00 167
    2021-02-01 $334,450 (12.2%) $411,594 (21.1%) 0.00 138
    2021-03-01 $369,450 (22.3%) $419,381 (21.5%) 0.00 159
    2021-04-01 $374,900 (24.3%) $413,547 (18.5%) 0.00 195
    2021-05-01 $389,900 (22.6%) $415,171 (16.9%) 0.00 205
    2021-06-01 $389,900 (18.6%) $425,553 (14.7%) 0.00 238
    2021-07-01 $379,900 (20.6%) $429,703 (15.5%) 0.00 267
    2021-08-01 $392,000 (17.0%) $434,781 (9.9%) 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%) $427,282 (3.4%) 0.00 217
    2022-01-01 $402,450 (22.7%) $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 $387,450 (3.4%) $462,779 (11.9%) 0.00 174
    2022-05-01 $427,750 (9.7%) $483,182 (16.4%) 0.00 217
    2022-06-01 $432,450 (10.9%) $488,748 (14.9%) 0.00 262
    2022-07-01 $425,000 (11.9%) $480,200 (11.8%) 0.00 306
    2022-08-01 $407,450 (3.9%) $465,100 (7.0%) 0.00 329
    2022-09-01 $405,237 (10.4%) $467,480 (13.0%) 0.00 334
    2022-10-01 $399,900 (11.1%) $456,046 (8.7%) 0.00 336
    2022-11-01 $389,900 (9.5%) $447,703 (6.1%) 0.00 324
    2022-12-01 $399,900 (6.0%) $451,961 (5.8%) 0.00 292
    2023-01-01 $419,000 (4.1%) $457,216 (2.3%) 0.00 270
    2023-02-01 $425,000 (7.4%) $463,311 (5.0%) 0.00 248
    2023-03-01 $419,950 (11.1%) $458,094 (5.0%) 0.00 239
    2023-04-01 $420,870 (8.6%) $477,892 (3.3%) 0.00 234
    Winchester's median listing price for 2023-04-01 was $420,870, a difference of $33,420 (8.6%) versus the prior year and $920 versus the prior month.

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

    Winchester's average listing price for 2023-04-01 was $477,892, a difference of $15,113 (3.3%) versus the prior year and $19,798 versus the prior month.

    For the 2023-04-01 period, Winchester had 234 MLS listings, a difference of -5 listings (-2%) versus the prior month and 60 listings (34%) 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 2,006 sqft
    2018-03-01 0 days 2,071 sqft
    2018-04-01 0 days 2,049 sqft
    2018-05-01 0 days 2,078 sqft
    2018-06-01 0 days 2,148 sqft
    2018-07-01 0 days 2,113 sqft
    2018-08-01 0 days 2,134 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 2,123 sqft
    2019-03-01 0 days 2,096 sqft
    2019-04-01 0 days 2,108 sqft
    2019-05-01 0 days 2,147 sqft
    2019-06-01 0 days 2,104 sqft
    2019-07-01 0 days 2,150 sqft
    2019-08-01 0 days 2,152 sqft
    2019-09-01 0 days 2,182 sqft
    2019-10-01 0 days 2,140 sqft
    2019-11-01 0 days 2,100 sqft
    2019-12-01 0 days 2,103 sqft
    2020-01-01 0 days 2,072 sqft
    2020-02-01 0 days 2,100 sqft
    2020-03-01 0 days 2,114 sqft
    2020-04-01 0 days 2,100 sqft
    2020-05-01 0 days 2,150 sqft
    2020-06-01 0 days 2,145 sqft
    2020-07-01 0 days 2,105 sqft
    2020-08-01 0 days 2,104 sqft
    2020-09-01 0 days 2,038 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 1,914 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 2,203 sqft
    2022-07-01 0 days 2,178 sqft
    2022-08-01 0 days 2,171 sqft
    2022-09-01 0 days 2,156 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 2,050 sqft
    2023-02-01 0 days 2,024 sqft
    2023-03-01 0 days 2,052 sqft
    2023-04-01 0 days 2,052 sqft
    Winchester's median listing age (time on market) for 2023-04-01 was 0 days.

    Winchester's median square footage for active listings during the 2023-04-01 period was 2,052 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).