2025 HUD guidelines · Based on local median home value · Pre-rendered committed figures
FHA MIP does not cancel like conventional PMI. For FHA loans with less than 10% down in King and Queen County, the annual MIP of approximately $125/month persists for the life of the loan. Borrowers must refinance into a conventional loan once they reach 20% equity — or put 10%+ down at origination — to eliminate MIP.
FHA eligible in King and Queen County · Estimated loan of $273,242 is within the local FHA limit of $707,250.
Safe Rate Local
Estimate your true cost of homeownership in King and Queen County with localized property taxes, insurance, and utility data.
← Back to King and Queen County HubGet a live quote priced specifically for King and Queen County using Safe Rate's engine.
Loan balance and total interest paid over 30 years.
An FHA buyer in King and Queen County, VA borrowing $273,242 (with 3.5% down on a median $283,152 home) pays an upfront mortgage insurance premium (MIP) of $4,782 — equal to 1.75% of the base loan amount. This upfront MIP is typically financed into the loan balance rather than paid at closing, increasing the total loan amount to approximately $278,024.
For a typical FHA loan in King and Queen County, VA with a base loan amount of $273,242, the annual MIP rate is 0.55% — adding approximately $125/month to the required payment. This monthly MIP is separate from principal, interest, property taxes, and homeowners insurance.
Unlike conventional PMI — which automatically cancels at 80% LTV under the Homeowners Protection Act — FHA annual MIP on loans with less than 10% down does not fall off. For FHA buyers in King and Queen County, VA putting 3.5% down, this means ongoing monthly MIP payments of approximately $125/month for the life of the loan. To eliminate MIP, borrowers must refinance into a conventional loan once they reach 20% equity, or put 10%+ down at origination (MIP then cancels after 11 years).
The 2025 FHA loan limit for King and Queen County, VA is $707,250 for a 1-unit property. A typical buyer purchasing the median-priced home here (approximately $283,152) with 3.5% down would have a base loan amount of approximately $273,242, which falls within the local FHA limit — making FHA financing an accessible option for eligible buyers.
Beyond principal and interest, FHA buyers in King and Queen County, VA with a median $283,152 home can expect approximately $1,212/yr in property taxes, $1,173/yr for homeowners insurance, $2,400/yr in energy utilities, and $125/mo in FHA mortgage insurance (MIP). Together, these non-P&I costs add approximately $524/month to the required payment in King and Queen County, VA.