Virginia Credit Union Mortgage Rates, Fees & Info

Richmond, VA

LEI: 5493009LKZIV63KY6458

Tax ID: 54-0578719

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Virginia Credit Union is a smaller credit union specializing in Home Purchase, Cash Out Refi, 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 by origination volume include: Richmond, Washington, Virginia Beach, Charlottesville, and Roanoke among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Virginia Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Virginia Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.27% 4/19/24
    30 Year Conventional Purchase 6.55% 4/19/24
    30 Year Conventional Refi 6.45% 4/19/24
    30 Year Cash-out Refi 6.85% 4/19/24
    30 Year FHA Purchase 7.19% 4/19/24
    30 Year FHA Refi 7.13% 4/19/24
    30 Year VA Purchase 6.04% 4/19/24
    30 Year USDA Purchase 6.38% 4/19/24
    15 Year Conventional Purchase 6.13% 4/19/24
    15 Year Conventional Refi 6.06% 4/19/24
    15 Year Cash-out Refi 6.06% 4/19/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Virginia Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Virginia Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    3,553

    Origination Dollar Volume (All Markets)

    $574,815,000
    Show all (15) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    RICHMOND, VA (FHA|USDA|VA) 2,764 $464,390,000 $168,014 $3,325 4.73%
    Outside of Metro Areas 316 $37,100,000 $117,405 $3,055 4.65%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 209 $35,175,000 $168,301 $4,252 4.89%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 79 $13,455,000 $170,316 $3,243 4.63%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 55 $7,195,000 $130,818 $3,908 4.73%
    ROANOKE, VA (FHA|USDA|VA) 21 $3,615,000 $172,143 $3,622 4.80%
    LYNCHBURG, VA (FHA|USDA|VA) 19 $3,155,000 $166,053 $3,199 4.40%
    HARRISONBURG, VA (FHA|USDA|VA) 15 $2,645,000 $176,333 $3,872 4.65%
    STAUNTON, VA (FHA|USDA|VA) 22 $2,490,000 $113,182 $3,039 4.40%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 9 $1,425,000 $158,333 $3,454 4.07%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 15 $1,415,000 $94,333 $3,007 5.10%
    WINCHESTER, VA-WV (FHA|USDA|VA) 6 $960,000 $160,000 $4,621 4.17%
    Danville, VA (FHA|USDA|VA) 8 $710,000 $88,750 $3,856 5.11%
    Martinsville, VA (FHA|USDA|VA) 6 $510,000 $85,000 $3,355 3.77%
    Bluefield, WV-VA (FHA|USDA|VA) 6 $380,000 $63,333 $2,683 4.60%
    Big Stone Gap, VA (FHA|USDA|VA) 3 $195,000 $65,000 $1,973 4.08%
    Virginia Credit Union's top markets include Richmond, Washington, Virginia Beach, Charlottesville, and Roanoke among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Virginia Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    ABNB Federal Credit Union
    Similarity Rank: 75
    DUPONT COMMUNITY
    Similarity Rank: 117
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 160
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 165
    Call Federal Credit Union
    Similarity Rank: 372
    MEMBER ONE
    Similarity Rank: 500
    FREEDOM FIRST
    Similarity Rank: 504
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 517
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 530
    NYMEO FEDERAL CREDIT UNION
    Similarity Rank: 697

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,497 $456,685,000 $182,893 $2,842 4.49%
    HELOC 675 $42,545,000 $63,030 n/a 6.06%
    FHA 295 $55,835,000 $189,271 $5,775 3.90%
    VA 67 $16,575,000 $247,388 $6,444 3.86%
    USDA 19 $3,175,000 $167,105 $3,861 3.81%

    For 2019, Virginia Credit Union's most frequently originated type of loan was Conventional, with 2,497 originations. Their 2nd most popular type was HELOC, with 675 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,222 $235,890,000 $193,036 $3,660 4.16%
    Cash Out Refi 983 $142,315,000 $144,776 $3,154 4.62%
    Refi 563 $160,995,000 $285,959 $2,903 3.81%
    Home Improvement 556 $25,990,000 $46,745 $6,070 6.23%
    Other 228 $9,570,000 $41,974 $0 6.76%
    NA 1 $55,000 $55,000 $0 5.50%

    For 2019, Virginia Credit Union's most frequently cited loan purpose was Home Purchase, with 1,222 originations. The 2nd most popular reason was Cash Out Refi, with 983 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,713 $325,905,000 $190,254 $3,554 4.11%
    10 Year 1,099 $151,525,000 $137,875 $2,537 5.72%
    15 Year 439 $65,235,000 $148,599 $2,688 4.13%
    20 Year 229 $28,235,000 $123,297 $3,024 5.49%
    5 Year 61 $2,655,000 $43,525 $0 5.42%
    Other 8 $810,000 $101,250 $1,694 4.69%
    1 Year 4 $450,000 $112,500 $0 6.50%

    For 2019, Virginia Credit Union's most frequently cited loan duration was 30 Year, with 1,713 originations. The 2nd most popular length was 10 Year, with 1,099 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,426 $251,170,000 $176,136
    $1k-2k 538 $105,810,000 $196,673
    $2k-3k 129 $29,015,000 $224,922
    $3k-4k 47 $11,685,000 $248,617
    $5k+ 19 $5,695,000 $299,737
    $4k-5k 17 $4,685,000 $275,588

    Virginia Credit Union's average total fees were $3,554, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,426 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,268 $265,390,000 $209,298
    4-5% 1,046 $215,950,000 $206,453
    5-6% 662 $51,780,000 $78,218
    6-7% 297 $14,615,000 $49,209
    7-8% 99 $4,155,000 $41,970
    2.5-3% 90 $18,860,000 $209,556
    Over 8% 85 $3,135,000 $36,882
    <2.5% 5 $865,000 $173,000

    During 2019, Virginia Credit Union's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 1,268 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,402 $64,220,000 $45,806 $1,705 5.72%
    $100k-200k 1,117 $166,055,000 $148,662 $3,189 4.16%
    $200k-400k 902 $238,530,000 $264,446 $4,070 3.98%
    $400k-600k 78 $36,360,000 $466,154 $5,184 4.10%
    $600k-1MM 42 $30,870,000 $735,000 $9,133 4.07%
    $1MM+ 12 $38,780,000 $3,231,667 $0 4.43%

    2019 saw Virginia Credit Union place emphasis on $100,000 or less loans with 1,402 originations, totaling $64,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 959 $126,475,000 $131,882 $3,266 4.61%
    $100k-150k 733 $120,005,000 $163,718 $3,827 4.95%
    $50k or less 650 $69,520,000 $106,954 $3,004 4.35%
    $75k-100k 640 $90,050,000 $140,703 $3,348 4.91%
    $150k-250k 316 $53,580,000 $169,557 $3,863 5.05%
    $250k+ 49 $9,785,000 $199,694 $3,596 5.00%

    Virginia Credit Union lent most frequently to those with incomes in the $50k-75k range, with 959 originations. The second most popular income band? $100k-150k, with 733 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 727 $100,845,000 $138,714 $2,869 4.50%
    30-36% 670 $94,470,000 $141,000 $2,905 4.58%
    <20% 242 $29,790,000 $123,099 $2,779 4.48%
    41% 149 $23,285,000 $156,275 $3,521 4.75%
    43% 138 $19,730,000 $142,971 $3,412 4.97%
    42% 131 $18,215,000 $139,046 $3,351 4.88%
    40% 129 $22,495,000 $174,380 $3,879 4.60%
    39% 129 $20,365,000 $157,868 $3,955 4.68%
    49% 125 $14,585,000 $116,680 $4,065 5.23%
    37% 125 $17,435,000 $139,480 $3,390 4.62%
    36% 120 $17,080,000 $142,333 $3,616 4.93%
    44% 116 $17,650,000 $152,155 $3,753 4.73%
    38% 109 $14,005,000 $128,486 $3,132 4.96%
    46% 109 $12,465,000 $114,358 $4,401 5.58%
    47% 96 $14,240,000 $148,333 $4,121 5.11%
    45% 90 $10,790,000 $119,889 $3,932 5.36%
    48% 81 $11,115,000 $137,222 $4,491 5.47%
    50-60% 81 $14,735,000 $181,914 $6,150 4.40%
    >60% 3 $1,155,000 $385,000 $8,761 3.92%

    Virginia Credit Union lent most frequently to those with DTI ratios of 20-30%, with 727 originations. The next most common DTI ratio? 30-36%, with 670 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,300 $323,720,000 $140,748 $3,350 4.80%
    Not applicable 182 $100,270,000 $550,934 $0 4.58%
    Black 623 $78,385,000 $125,819 $3,457 4.74%
    Not provided 342 $53,410,000 $156,170 $3,200 4.38%
    Asian 74 $15,210,000 $205,541 $3,512 4.10%
    American Indian 16 $2,060,000 $128,750 $3,736 4.48%
    Native Hawaiian or Islander 5 $1,005,000 $201,000 $3,216 4.60%
    Asian Indian 6 $580,000 $96,667 $0 6.00%
    Filipino 2 $90,000 $45,000 $0 6.00%
    Other Asian 2 $70,000 $35,000 $0 5.88%
    Chinese 1 $15,000 $15,000 $0 7.00%

    Approval Rates

    Total approvals of all applications
    75.78%

    Virginia Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.31%

    Virginia Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,553 $574,815,000 $161,783

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 13 $30,435,000 $2,341,154
    Single Family (1-4 Units):Manufactured 10 $850,000 $85,000
    Single Family (1-4 Units):Site-Built 3,530 $543,530,000 $153,975

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 406 $33,140,000 $81,626 $2,406 5.52%
    40-60% 320 $49,390,000 $154,344 $2,619 4.08%
    60-80% 751 $160,915,000 $214,268 $3,095 4.02%
    80-100% 1,038 $221,330,000 $213,227 $4,149 4.05%
    Over 100% 128 $78,900,000 $616,406 $9,666 4.51%
    Under 20% 909 $31,065,000 $34,175 $432 5.98%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Conventional home mortgage Struggling to pay mortgage 1 50.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Other type of mortgage Trouble during payment process 1 50.0%