Martinsville FHA Loan Rates, Closing Costs & Stats

Martinsville, VA

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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.

    Martinsville's 51 lenders originated 206 FHA loans during 2024. The total origination value was $35,830,000, with an average FHA loan value of $173,932.

    Martinsville FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Martinsville averaged 6.79% for the week of 2025-07-18, compared to the national average (all FHA variants) of 6.527% for the same period.

    Martinsville's average FHA mortgage closing costs are $6,861.

    The average rate for the prior week (2025-07-11) was 6.59% and one month ago for the week of 2025-06-13, the average rate was 7.04%.

    The average rate one year ago was 6.91%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.43%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Martinsville 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 Martinsville level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    QUICKEN LOANS, LLC 32 6.34% $9,004
    Alcova Mortgage LLC 23 6.60% $5,474
    Blue Ridge Bank 17 6.43% $9,843
    UNITED WHOLESALE MORTGAGE, LLC 9 6.08% $11,143
    PENNYMAC LOAN SERVICES, LLC 8 6.02% $8,808
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 6 6.56% $8,043
    VILLAGE CAPITAL MORTGAGE 4 6.87% $4,173
    Atlantic Coast Mortgage, LLC 4 6.15% $8,316
    The Fidelity Bank 4 6.53% $5,830
    BROKER SOLUTIONS, INC. 4 6.78% $11,590
    Carrington Mortgage Services, LLC 3 6.25% $9,358
    MOVEMENT MORTGAGE, LLC 3 6.67% $7,546
    LOANDEPOT.COM, LLC 3 5.96% $12,583
    ZILLOW HOME LOANS, LLC 2 6.38% $14,999
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.00% $13,307
    AMERISAVE MORTGAGE CORPORATION 2 6.19% $8,711
    CARDINAL FINANCIAL 2 6.19% $6,888
    Equity Prime Mortgage LLC 2 6.56% $7,309
    First Federal Bank 2 6.63% $5,318
    FREEDOM MORTGAGE CORPORATION 2 6.25% $8,510
    GUARANTEED RATE, INC. 2 7.13% $8,816
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.00% $14,644
    NATION ONE MORTGAGE CORPORATION 2 6.50% $8,354
    NEWREZ LLC 2 6.69% $7,238
    PLANET HOME LENDING, LLC 2 5.87% $4,424
    SWBC MORTGAGE CORPORATION 2 6.63% $4,184
    UNION HOME MORTGAGE CORP. 2 6.81% $8,229
    Waterstone Mortgage Corporation 2 6.63% $6,948
    ENVOY MORTGAGE, LTD 1 6.63% $9,275
    Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $10,625
    Truist 1 7.00% $6,061
    AMERICAN FINANCIAL NETWORK, INC. 1 6.00% $10,951
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,941
    Citizens Bank 1 6.63% $4,813
    Pinnacle Bank 1 6.13% $6,099
    AmeriHome Mortgage Company, LLC 1 6.63% $7,765
    PNC Bank 1 6.75% $7,364
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $6,438
    CALCON MUTUAL MORTGAGE LLC 1 6.63% $9,663
    RELIANCE FIRST CAPITAL, LLC 1 6.13% $10,624
    Virginia Credit Union, Inc. 1 6.50% $3,858
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $5,842
    T2 FINANCIAL LLC 1 7.25% $8,469
    BAY EQUITY LLC 1 6.13% $6,663
    TOWNE MORTGAGE COMPANY 1 6.49% $5,978
    Ixonia Bank 1 7.13% $8,020
    Keystone Funding, Inc. 1 6.50% $8,529
    EVANSVILLE TEACHERS 1 6.50% $6,514
    LOANPAL, LLC 1 7.63% $7,310
    Loan Simple, Inc. 1 7.13% $16,375
    MORTGAGE INVESTORS GROUP, INC. 1 6.49% $8,356

    The top Martinsville FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 32 FHA loans originated. Their average total fees are $9,004, which is $3,530 higher than the next largest lender, Alcova Mortgage LLC.

    The lowest fee Martinsville FHA lenders (with over 10 loans originated) are Alcova Mortgage LLC ($5,474), QUICKEN LOANS, LLC ($9,004), Blue Ridge Bank ($9,843), .

    The lowest rate Martinsville FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.34%), Blue Ridge Bank (6.43%), Alcova Mortgage LLC (6.60%), .

    Martinsville FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MARTINSVILLE, VA HENRY 2022 $420,680 $538,650 $651,050 $809,150
    MARTINSVILLE, VA MARTINSVILLE CI 2022 $420,680 $538,650 $651,050 $809,150
    MARTINSVILLE, VA HENRY 2023 $472,030 $604,400 $730,525 $907,900
    MARTINSVILLE, VA MARTINSVILLE CI 2023 $472,030 $604,400 $730,525 $907,900

    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).