Virginia Credit Union Mortgage Rates, Fees & Info

Richmond, VA

LEI: 5493009LKZIV63KY6458

Tax ID: 54-0578719

5 stars - out of 5 stars, based on 70 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Virginia Credit Union is a small credit union specializing in Cash Out Refi, Home Purchase, and Refi loans. Virginia Credit Union has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Richmond, Washington, Virginia Beach, Charlottesville, and Lynchburg among others. Virginia Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Virginia Credit Union is typically an average fee lendor.


Originations

4,958

Origination Dollar Volume (All Markets)

$1,010,180,000
Show all (10) awards

Relative Rate

Virginia Credit Union 's average 30 year fixed rate mortgage of loans were 3.09%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.06%.

Relative Fees

Virginia Credit Union 's average total fees for a 30 year fixed rate mortgage are $3,574.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
RICHMOND, VA (FHA|USDA|VA) 3,804 $773,660,000 $203,381 $3,270 3.25%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 372 $75,650,000 $203,360 $3,433 3.43%
Outside of Metro Areas 434 $74,470,000 $171,590 $3,205 3.12%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 117 $32,995,000 $282,009 $3,104 3.17%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 80 $20,610,000 $257,625 $3,558 3.04%
LYNCHBURG, VA (FHA|USDA|VA) 38 $14,430,000 $379,737 $2,615 3.34%
ROANOKE, VA (FHA|USDA|VA) 22 $4,430,000 $201,364 $3,418 2.91%
STAUNTON, VA (FHA|USDA|VA) 25 $3,955,000 $158,200 $2,584 2.95%
HARRISONBURG, VA (FHA|USDA|VA) 20 $3,060,000 $153,000 $2,930 2.83%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 11 $1,845,000 $167,727 $3,048 3.48%
WINCHESTER, VA-WV (FHA|USDA|VA) 9 $1,825,000 $202,778 $3,185 2.69%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 11 $1,585,000 $144,091 $3,030 2.85%
Danville, VA (FHA|USDA|VA) 8 $820,000 $102,500 $3,189 3.16%
Bluefield, WV-VA (FHA|USDA|VA) 4 $530,000 $132,500 $3,206 4.03%
Martinsville, VA (FHA|USDA|VA) 2 $210,000 $105,000 $3,283 2.69%
Big Stone Gap, VA (FHA|USDA|VA) 1 $105,000 $105,000 $2,327 2.25%

Virginia Credit Union 's top markets include Richmond, Washington, Virginia Beach, Charlottesville, and Lynchburg among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,536 $908,120,000 $200,203 $2,875 3.28%
FHA 335 $76,975,000 $229,776 $6,457 2.91%
VA 77 $23,185,000 $301,104 $6,381 2.58%
USDA 10 $1,900,000 $190,000 $4,252 2.68%

For the 2021 period, Virginia Credit Union 's most frequently originated loan type of loans were Conventional, with 4,536 originations. Their 2nd most popular type is FHA, with 335 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 1,477 $266,315,000 $180,308 $3,086 3.20%
Home Purchase 1,434 $392,530,000 $273,731 $3,951 2.97%
Refi 1,310 $275,500,000 $210,305 $2,712 2.81%
Home Improvement 581 $67,525,000 $116,222 $0 4.47%
Other 156 $8,310,000 $53,269 $0 5.24%

For the 2021, Virginia Credit Union 's most frequently cited loan purpose of loans were Cash Out Refi, with 1,477 originations. The 2nd most popular reason of loans were Home Purchase, with 1,434 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,655 $614,705,000 $231,527 $3,574 3.09%
10 Year 1,015 $162,315,000 $159,916 $2,366 3.92%
15 Year 833 $142,585,000 $171,170 $2,616 2.72%
20 Year 400 $73,190,000 $182,975 $2,816 3.47%
Other 30 $16,310,000 $543,667 $2,493 3.21%
5 Year 25 $1,075,000 $43,000 $0 5.46%

For the 2021, Virginia Credit Union 's most frequently cited loan length of loans were 30 Year, with 2,655 originations. The 2nd most popular length of loans were 10 Year, with 1,015 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,417 $522,195,000 $216,051
$1k-2k 936 $193,390,000 $206,613
$2k-3k 264 $61,810,000 $234,129
$3k-4k 152 $39,350,000 $258,882
$5k+ 25 $7,865,000 $314,600

$3,574 of loans were Virginia Credit Union 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,417 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,822 $394,240,000 $216,378
2.5-3% 1,691 $387,215,000 $228,986
<2.5% 912 $173,620,000 $190,373
4-5% 334 $45,440,000 $136,048
5-6% 98 $4,730,000 $48,265
6-7% 61 $3,055,000 $50,082
7-8% 30 $1,510,000 $50,333
Over 8% 10 $370,000 $37,000

During 2021, Virginia Credit Union 's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 3-4%, with 1,822 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,733 $466,765,000 $269,339 $3,774 2.96%
$100k-200k 1,711 $257,485,000 $150,488 $2,797 3.02%
$100,000 or less 1,223 $63,335,000 $51,787 $1,840 4.00%
$400k-600k 218 $102,770,000 $471,422 $4,642 2.91%
$600k-1MM 43 $30,955,000 $719,884 $6,512 3.44%
$1MM+ 30 $88,870,000 $2,962,333 $6,504 3.77%

2021 saw Virginia Credit Union place emphasis on $200k-400k loans with 1,733 originations, totaling $466,765,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,330 $210,160,000 $158,015 $3,181 3.18%
$100k-150k 1,114 $227,060,000 $203,824 $3,363 3.32%
$75k-100k 981 $180,845,000 $184,348 $3,277 3.29%
$50k or less 744 $96,540,000 $129,758 $3,080 3.06%
$150k-250k 578 $144,800,000 $250,519 $3,567 3.35%
$250k+ 96 $35,790,000 $372,813 $3,659 3.17%

Virginia Credit Union lent most frequently to those with incomes in the $50k-75k range, with 1,330 originations. The second most popular income band? $100k-150k, with 1,114 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,234 $234,870,000 $190,332 $2,897 3.11%
30-36% 933 $174,025,000 $186,522 $3,148 3.20%
<20% 531 $97,135,000 $182,928 $2,754 2.91%
44% 199 $37,575,000 $188,819 $4,065 3.50%
40% 196 $35,460,000 $180,918 $3,731 3.38%
36% 183 $33,315,000 $182,049 $3,005 3.38%
42% 166 $28,840,000 $173,735 $3,536 3.43%
43% 165 $31,945,000 $193,606 $3,949 3.23%
37% 162 $32,080,000 $198,025 $3,449 3.26%
41% 160 $29,410,000 $183,813 $3,518 3.39%
39% 155 $29,785,000 $192,161 $3,238 3.26%
38% 153 $31,055,000 $202,974 $3,614 3.22%
49% 140 $19,530,000 $139,500 $3,780 3.89%
45% 119 $20,135,000 $169,202 $3,324 3.34%
48% 111 $18,385,000 $165,631 $3,859 3.69%
47% 102 $18,140,000 $177,843 $3,708 3.47%
46% 99 $17,305,000 $174,798 $3,486 3.47%
50-60% 80 $15,960,000 $199,500 $6,964 3.08%
>60% 2 $60,000 $30,000 $150 3.56%

Virginia Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,234 originations. The next most common DTI ratio? 30-36%, with 933 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,092 $576,700,000 $186,514 $3,160 3.27%
Black 980 $165,520,000 $168,898 $3,530 3.26%
Not provided 594 $114,350,000 $192,508 $3,310 3.05%
Not applicable 64 $103,050,000 $1,610,156 $0 3.91%
Asian 165 $40,255,000 $243,970 $3,262 2.95%
American Indian 41 $7,425,000 $181,098 $3,770 3.29%
Native Hawaiian 9 $1,575,000 $175,000 $3,448 3.25%
Asian Indian 6 $480,000 $80,000 $0 4.08%
Filipino 3 $335,000 $111,667 $0 4.83%
Chinese 1 $185,000 $185,000 $0 3.75%
Other Asian 2 $180,000 $90,000 $0 3.75%
Vietnamese 1 $125,000 $125,000 $0 3.75%

Approval Rates

Total approvals of all applications
77.92%

Virginia Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
79.54%

Virginia Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 4,958 $1,010,180,000 $203,747

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,958 $1,010,180,000 $203,747

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 466 $51,200,000 $109,871 $2,438 3.52%
40-60% 805 $148,915,000 $184,988 $2,554 2.80%
60-80% 1,641 $411,195,000 $250,576 $3,066 3.05%
80-100% 1,217 $328,275,000 $269,741 $4,308 2.96%
Over 100% 45 $37,005,000 $822,333 $14,227 3.64%
Under 20% 784 $33,590,000 $42,844 $517 4.37%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
VIRGINIA HOUSING DEVELOPMENT AUTHORITY Conventional home mortgage Struggling to pay mortgage 1 33.3%
VIRGINIA HOUSING DEVELOPMENT AUTHORITY FHA mortgage Trouble during payment process 2 66.7%