Albany VA Loans

ALBANY, GA

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Albany's 65 lenders originated 571 VA loans during 2021. The total origination value was $122,865,000, with an average VA loan value of $215,175.

Albany VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Albany averaged 5.6% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.73% and one month ago for the week of 2022-04-08, the average rate was 5.06%.

The average rate one year ago was 3.27%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.31%.

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

Albany VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albany level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 88 2.97% $3,097
QUICKEN LOANS, LLC 53 2.48% $3,590
NAVY FEDERAL CREDIT UNION 47 2.52% $5,049
FREEDOM MORTGAGE CORPORATION 30 2.55% $2,374
BROKER SOLUTIONS, INC. 24 3.02% $5,563
PENNYMAC LOAN SERVICES, LLC 23 2.50% $4,490
NEW DAY FINANCIAL, LLC 18 2.74% $5,442
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 3.09% $4,485
USAA Federal Savings Bank 15 3.01% $3,873
UNITED WHOLESALE MORTGAGE, LLC 14 2.52% $5,658
LOANDEPOT.COM, LLC 12 2.84% $3,140
Ameris Bank 11 2.65% $6,707
VILLAGE CAPITAL & INVESTMENT LLC 11 2.11% $3,629
Renasant Bank 10 3.04% $3,043
Wells Fargo Bank 10 2.64% $2,998
Colony Bank 8 2.66% $2,969
Barrington Bank & Trust Company, N.A. 8 2.78% $2,054
Mr. Cooper ( Nationstar Mortgage ) 7 3.25% $2,965
LAKEVIEW LOAN SERVICING, LLC 6 2.37% $2,331
The Federal Savings Bank 5 2.55% $7,189
PENTAGON FEDERAL CREDIT UNION 4 2.28% $1,444
CLEARPATH LENDING 4 2.47% $3,057
CALIBER HOME LOANS, INC. 4 2.66% $4,407
Carrington Mortgage Services, LLC 3 3.42% $2,365
First Guaranty Mortgage Corporation 3 2.42% $2,776
Capital City Home Loans, LLC 3 2.79% $3,312
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.13% $2,947
HOMESTAR FINANCIAL CORPORATION 3 2.79% $4,332
InterContinental Capital Group, Inc 3 2.75% $3,543
AMERICAN FINANCIAL NETWORK, INC. 3 4.04% $5,133
AMERISAVE MORTGAGE CORPORATION 2 2.69% $3,278
TJC Mortgage, Inc. 2 2.50% $5,538
SOUTHPOINT FINANCIAL SERVICES, INC. 2 4.06% $4,202
Mid-Continent Funding, Inc. 2 2.81% $1,809
PLANET HOME LENDING, LLC 2 2.88% $1,789
Flagstar Bank, FSB 2 3.00% $1,509
NEWREZ LLC 2 2.69% $1,404
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.88% $450
Willamette Valley Bank 1 2.75% $2,501
AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.75% $2,746
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 3.13% $6,052
BNC National Bank 1 2.25% $2,163
CROSSCOUNTRY MORTGAGE, LLC 1 2.63% $1,726
DIRECT LENDERS, LLC 1 2.25% $1,520
FIRST HOME MORTGAGE CORPORATION 1 2.25% $3,443
GENEVA FINANCIAL, LLC 1 2.75% $1,306
GMFS LLC 1 2.63% $450
GUARANTEED RATE, INC. 1 3.13% $450
HOME POINT FINANCIAL CORPORATION 1 2.25% $1,040
JAMES B. NUTTER & COMPANY 1 2.75% $1,184
Lakeview Community Capital, LLC 1 2.50% $3,450
LENDUS, LLC 1 3.55% $2,624
MEMBER FIRST MORTGAGE, LLC 1 2.88% $2,049
MOVEMENT MORTGAGE, LLC 1 2.38% $6,947
NBKC BANK 1 2.75% $2,012
North American Savings Bank, F.S.B. 1 2.25% $1,778
NP, Inc. 1 2.75% $3,198
POLARIS HOME FUNDING CORP. 1 2.75% $6,717
Prime Choice Funding Inc. 1 2.38% $2,912
Princeton Mortgage Corporation 1 3.00% $4,027
RUOFF MORTGAGE COMPANY, INC. 1 3.38% $13,014
Truist Bank 1 2.63% $11,869
UNITED SECURITY FINANCIAL CORP 1 2.88% $2,312
U.S. Bank 1 2.38% $0
VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.88% $11,877

The top Albany VA lender as defined by loan originations is Mortgage Research Center, LLC, with 88 VA loans originated. Their average total fees are $3,097, which is $493 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Albany VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,374), Wells Fargo Bank ($2,998), Renasant Bank ($3,043), Mortgage Research Center, LLC ($3,097) and LOANDEPOT.COM, LLC ($3,140).

The lowest rate Albany VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.11%), QUICKEN LOANS, LLC (2.48%), PENNYMAC LOAN SERVICES, LLC (2.50%), UNITED WHOLESALE MORTGAGE, LLC (2.52%) and NAVY FEDERAL CREDIT UNION (2.52%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Albany (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 $119,900 (4.3%) $151,831 (11.4%) 0.44 616
2018-02-01 $119,900 (4.4%) $155,724 (14.6%) 0.43 614
2018-03-01 $124,900 (8.6%) $156,873 (9.9%) 0.43 641
2018-04-01 $129,900 (13.0%) $163,659 (10.3%) 0.44 631
2018-05-01 $129,950 (8.4%) $165,835 (5.5%) 0.43 627
2018-06-01 $129,900 (0.7%) $165,821 (2.9%) 0.43 639
2018-07-01 $122,500 (-4.0%) $157,737 (-1.2%) 0.41 654
2018-08-01 $128,670 (-1.0%) $158,817 (-3.2%) 0.43 627
2018-09-01 $127,000 (-2.2%) $157,505 (-4.2%) 0.42 645
2018-10-01 $127,450 (-1.9%) $157,057 (-3.3%) 0.43 636
2018-11-01 $124,900 (-3.6%) $155,562 (-0.8%) 0.42 628
2018-12-01 $119,000 (-4.7%) $150,768 (-1.2%) 0.41 587
2019-01-01 $117,900 (-1.7%) $149,682 (-1.4%) 0.41 513
2019-02-01 $117,733 (-1.8%) $149,574 (-4.0%) 0.39 502
2019-03-01 $117,000 (-6.3%) $148,620 (-5.3%) 0.38 512
2019-04-01 $115,000 (-11.5%) $147,650 (-9.8%) 0.36 534
2019-05-01 $115,900 (-10.8%) $148,486 (-10.5%) 0.36 542
2019-06-01 $115,000 (-11.5%) $147,397 (-11.1%) 0.35 568
2019-07-01 $122,450 (0.0%) $151,311 (-4.1%) 0.38 616
2019-08-01 $119,514 (-7.1%) $149,129 (-6.1%) 0.38 617
2019-09-01 $119,302 (-6.1%) $147,869 (-6.1%) 0.38 582
2019-10-01 $120,950 (-5.1%) $152,028 (-3.2%) 0.39 550
2019-11-01 $129,200 (3.4%) $157,859 (1.5%) 0.42 515
2019-12-01 $134,950 (13.4%) $160,951 (6.8%) 0.45 482
2020-01-01 $137,550 (16.7%) $161,461 (7.9%) 0.46 444
2020-02-01 $137,600 (16.9%) $161,633 (8.1%) 0.44 461
2020-03-01 $136,500 (16.7%) $161,880 (8.9%) 0.43 476
2020-04-01 $137,150 (19.3%) $163,517 (10.8%) 0.43 461
2020-05-01 $139,000 (19.9%) $165,188 (11.3%) 0.42 436
2020-06-01 $141,400 (23.0%) $171,467 (16.3%) 0.41 381
2020-07-01 $139,900 (14.3%) $172,023 (13.7%) 0.40 313
2020-08-01 $135,000 (13.0%) $168,997 (13.3%) 0.39 304
2020-09-01 $147,450 (23.6%) $180,698 (22.2%) 0.42 281
2020-10-01 $154,000 (27.3%) $185,452 (22.0%) 0.44 304
2020-11-01 $146,750 (13.6%) $181,978 (15.3%) 0.42 278
2020-12-01 $144,950 (7.4%) $183,530 (14.0%) 0.43 281
2021-01-01 $144,900 (5.3%) $182,576 (13.1%) 0.43 259
2021-02-01 $144,900 (5.3%) $177,710 (10.0%) 0.42 253
2021-03-01 $129,900 (-4.8%) $172,100 (6.3%) 0.36 237
2021-04-01 $123,500 (-10.0%) $165,474 (1.2%) 0.33 221
2021-05-01 $114,900 (-17.3%) $168,607 (2.1%) 0.30 204
2021-06-01 $134,900 (-4.6%) $170,385 (-0.6%) 0.35 206
2021-07-01 $144,750 (3.5%) $176,382 (2.5%) 0.38 220
2021-08-01 $132,400 (-1.9%) $167,631 (-0.8%) 0.35 232
2021-09-01 $146,250 (-0.8%) $174,369 (-3.5%) 0.38 261
2021-10-01 $139,900 (-9.2%) $171,574 (-7.5%) 0.37 225
2021-11-01 $139,900 (-4.7%) $171,026 (-6.0%) 0.37 232
2021-12-01 $122,250 (-15.7%) $154,535 (-15.8%) 0.33 232
2022-01-01 $116,000 (-19.9%) $159,160 (-12.8%) 0.31 187
2022-02-01 $131,000 (-9.6%) $194,588 (9.5%) 0.33 173
2022-03-01 $137,450 (5.8%) $188,695 (9.6%) 0.34 174
2022-04-01 $169,900 (37.6%) $204,705 (23.7%) 0.40 181
Albany's median listing price for 2022-04-01 was $169,900, a difference of $46,400 (37.6%) versus the prior year and $32,450 versus the prior month.

Albany's median listing price comes in at 40% of the national average.

Albany's average listing price for 2022-04-01 was $204,705, a difference of $39,231 (23.7%) versus the prior year and $16,010 versus the prior month.

For the 2022-04-01 period, Albany had 181 MLS listings, a difference of 7 listings (4%) versus the prior month and -40 listings (-18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Albany (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 106 days 1,827 sqft
2018-02-01 106 days 1,854 sqft
2018-03-01 97 days 1,862 sqft
2018-04-01 88 days 1,891 sqft
2018-05-01 88 days 1,885 sqft
2018-06-01 92 days 1,862 sqft
2018-07-01 86 days 1,813 sqft
2018-08-01 94 days 1,844 sqft
2018-09-01 92 days 1,850 sqft
2018-10-01 103 days 1,836 sqft
2018-11-01 123 days 1,830 sqft
2018-12-01 124 days 1,792 sqft
2019-01-01 129 days 1,800 sqft
2019-02-01 125 days 1,772 sqft
2019-03-01 97 days 1,742 sqft
2019-04-01 74 days 1,717 sqft
2019-05-01 74 days 1,737 sqft
2019-06-01 72 days 1,709 sqft
2019-07-01 68 days 1,711 sqft
2019-08-01 79 days 1,708 sqft
2019-09-01 87 days 1,713 sqft
2019-10-01 95 days 1,762 sqft
2019-11-01 105 days 1,794 sqft
2019-12-01 98 days 1,817 sqft
2020-01-01 103 days 1,825 sqft
2020-02-01 97 days 1,837 sqft
2020-03-01 67 days 1,822 sqft
2020-04-01 69 days 1,830 sqft
2020-05-01 80 days 1,841 sqft
2020-06-01 91 days 1,863 sqft
2020-07-01 86 days 1,866 sqft
2020-08-01 64 days 1,850 sqft
2020-09-01 64 days 1,950 sqft
2020-10-01 53 days 1,924 sqft
2020-11-01 55 days 1,926 sqft
2020-12-01 65 days 1,936 sqft
2021-01-01 78 days 1,938 sqft
2021-02-01 74 days 1,905 sqft
2021-03-01 47 days 1,747 sqft
2021-04-01 41 days 1,676 sqft
2021-05-01 51 days 1,655 sqft
2021-06-01 48 days 1,708 sqft
2021-07-01 42 days 1,713 sqft
2021-08-01 43 days 1,653 sqft
2021-09-01 43 days 1,707 sqft
2021-10-01 50 days 1,674 sqft
2021-11-01 45 days 1,675 sqft
2021-12-01 48 days 1,559 sqft
2022-01-01 51 days 1,595 sqft
2022-02-01 47 days 1,616 sqft
2022-03-01 56 days 1,636 sqft
2022-04-01 34 days 1,645 sqft
Albany's median listing age (time on market) for 2022-04-01 was 34 days. This is -17% shorter than the same period one year ago.

Albany's median square footage for active listings during the 2022-04-01 period was 1,645 sqft. One year prior, the average listing was 1,676 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.