Birmingham VA Loan Rates, Closing Costs & Stats

BIRMINGHAM-HOOVER, AL

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    • 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 not 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.

    Birmingham's 145 lenders originated 1,985 VA loans during 2022. The total origination value was $592,185,000, with an average VA loan value of $298,330.

    Birmingham VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Birmingham averaged -0.07% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Birmingham's average VA mortgage closing costs are $5,417.

    The average rate for the prior week (2023-11-17) was 7.08% and one month ago for the week of 2023-10-20, the average rate was 7.41%.

    The average rate one year ago was 6.32%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.07%.

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

    Birmingham VA Loan Lenders by Rates & Fees

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

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 258 5.15% $5,867
    QUICKEN LOANS, LLC 144 4.19% $9,591
    UNITED WHOLESALE MORTGAGE, LLC 101 4.40% $8,808
    FREEDOM MORTGAGE CORPORATION 70 4.38% $9,619
    NAVY FEDERAL CREDIT UNION 69 4.20% $5,749
    PENNYMAC LOAN SERVICES, LLC 67 3.35% $7,031
    LOANDEPOT.COM, LLC 62 4.07% $8,719
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 62 4.73% $6,844
    NEW DAY FINANCIAL, LLC 59 5.07% $9,382
    MOVEMENT MORTGAGE, LLC 55 4.95% $4,613
    USAA Federal Savings Bank 46 4.59% $8,248
    DHI MORTGAGE COMPANY, LTD. 40 3.74% $8,690
    GUILD MORTGAGE COMPANY 35 5.25% $9,414
    HOME POINT FINANCIAL CORPORATION 35 4.49% $7,377
    Regions Bank 33 4.50% $7,388
    FirstBank 26 4.62% $7,225
    SouthPoint Bank 26 4.80% $6,949
    Prosperity Home Mortgage, LLC 25 4.76% $8,550
    Hometown Lenders, Inc. 24 4.95% $9,967
    Mr. Cooper ( Nationstar Mortgage ) 23 4.76% $10,335
    CALIBER HOME LOANS, INC. 22 4.92% $6,801
    The Federal Savings Bank 22 4.64% $14,662
    TJC Mortgage, Inc. 20 4.54% $10,035
    FBC MORTGAGE, LLC 19 4.89% $8,700
    Barrington Bank & Trust Company, N.A. 19 4.65% $6,614
    Renasant Bank 19 4.72% $6,274
    CLEARPATH LENDING 17 3.81% $10,157
    Trustmark National Bank 16 4.77% $9,136
    Northpointe Bank 14 5.05% $6,052
    AMERISAVE MORTGAGE CORPORATION 13 4.11% $10,444
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 5.28% $8,942
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 5.51% $5,577
    LEADERONE FINANCIAL CORPORATION 11 5.10% $11,300
    First Federal Bank, A FSB 11 5.43% $10,098
    INTERLINC MORTGAGE SERVICES, LLC 11 4.16% $3,625
    Bank of England 11 4.77% $8,820
    LAKEVIEW LOAN SERVICING, LLC 10 4.05% $4,881
    NEWREZ LLC 10 5.21% $7,897
    BROKER SOLUTIONS, INC. 10 4.62% $7,133
    VILLAGE CAPITAL MORTGAGE 10 4.30% $6,539
    GMFS LLC 10 4.09% $7,052
    Citizens Bank 10 4.75% $8,468
    Ameris Bank 9 4.38% $7,648
    Flagstar Bank, FSB 8 4.36% $11,921
    Assurance Financial Group, L.L.C. 8 4.84% $7,065
    Plains Commerce Bank 8 4.75% $10,122
    CARDINAL FINANCIAL 8 4.19% $5,805
    AMERICAN FINANCING CORPORATION 7 4.12% $6,024
    Carrington Mortgage Services, LLC 7 4.52% $6,169
    VANDERBILT MORTGAGE AND FINANCE, INC. 7 4.66% $3,129
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.82% $12,018
    Low VA Rates, LLC 7 3.95% $13,640
    Equity Prime Mortgage LLC 6 5.10% $7,982
    GUARANTEED RATE, INC. 6 5.15% $8,470
    UNION HOME MORTGAGE CORP. 6 5.40% $8,915
    SOUTHWEST FUNDING, LP 6 5.15% $13,994
    Wells Fargo Bank 6 4.69% $3,850
    THE MORTGAGE FIRM, INC. 6 5.37% $8,269
    HOMEOWNERS FINANCIAL GROUP USA, LLC 6 4.81% $9,674
    CROSSCOUNTRY MORTGAGE, LLC 6 5.45% $11,720
    SUCCESS MORTGAGE PARTNERS, INC. 5 4.98% $10,216
    BancorpSouth 5 5.00% $7,724
    Hamilton Mortgage Corporation 5 4.38% $7,290
    Nations Lending Corporation 5 5.95% $11,320
    HUNT MORTGAGE CORPORATION 5 5.13% $7,598
    PLANET HOME LENDING, LLC 5 3.75% $7,243
    Synovus Bank 4 4.94% $10,194
    Armed Forces Bank 4 5.19% $8,720
    Magnolia Bank 4 4.38% $13,099
    PENTAGON FEDERAL CREDIT UNION 4 2.88% $10,385
    Mid-Continent Funding, Inc. 4 4.41% $5,781
    MUTUAL OF OMAHA MORTGAGE, INC. 4 4.63% $9,623
    EVERETT FINANCIAL, INC. 4 6.44% $2,647
    CMG MORTGAGE, INC. 4 4.75% $4,979
    Sunflower Bank 4 5.41% $13,733
    Goldwater Bank, N.A. 4 6.13% $9,280
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.34% $15,042
    Amerifirst Financial, Inc. 3 4.00% $10,755
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.83% $17,263
    North American Savings Bank, F.S.B. 3 3.63% $3,057
    Truist 3 4.31% $8,090
    CORNERSTONE HOME LENDING, INC. 3 5.92% $4,873
    CONTOUR MORTGAGE CORPORATION 3 4.50% $14,651
    SUN WEST MORTGAGE COMPANY, INC. 3 3.96% $4,298
    PLAZA HOME MORTGAGE, INC. 3 5.13% $6,513
    Texana Bank 3 3.96% $9,654
    AVADIAN 3 3.04% $9,322
    AMERIFIRST FINANCIAL CORPORATION 3 4.71% $9,917
    MORTGAGE INVESTORS GROUP, INC. 3 4.88% $11,270
    FIRST COMMUNITY MORTGAGE, INC. 3 4.38% $5,093
    MILEND, INC. 3 6.46% $13,161
    ZILLOW HOME LOANS, LLC 2 3.13% $2,846
    AMERICAN MORTGAGE SERVICE COMPANY 2 5.06% $9,101
    Austin Capital Bank SSB 2 4.44% $4,051
    CERTAINTY HOME LOANS, LLC 2 6.00% $5,701
    EMBRACE HOME LOANS, INC. 2 3.00% $9,412
    Gateway First Bank 2 4.69% $6,569
    GUARANTEED RATE AFFINITY, LLC 2 3.76% $965
    GUARANTY HOME MORTGAGE CORPORATION 2 4.94% $3,461
    NBKC BANK 2 3.88% $14,262
    Paramount Residential Mortgage Group, Inc. 2 4.50% $7,125
    PREMIA MORTGAGE, LLC 2 4.63% $2,286
    South State Bank 2 4.88% $3,098
    SOVEREIGN LENDING GROUP INCORPORATED 2 5.25% $6,568
    NP, Inc. 1 2.25% $2,511
    PANORAMA MORTGAGE GROUP, LLC 1 4.63% $6,677
    BAY EQUITY LLC 1 5.25% $5,076
    MIDLAND MORTGAGE CORPORATION 1 5.25% $8,612
    Meridian Bank Corporation 1 2.99% $31,424
    LOANLEADERS OF AMERICA, INC. 1 3.75% $17,167
    LENOX FINANCIAL MORTGAGE CORPORATION 1 3.75% $19,467
    Ixonia Bank 1 7.25% $12,543
    PNC Bank 1 6.63% $8,684
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $12,212
    INSPIRE HOME LOANS INC. 1 4.50% $7,589
    Progress Bank and Trust 1 3.13% $16,645
    HOMESPIRE MORTGAGE CORPORATION 1 2.75% $9,795
    HOMESIDE FINANCIAL, LLC 1 3.25% $9,373
    GSF Mortgage Corporation 1 5.13% $4,486
    RELIANCE FIRST CAPITAL, LLC 1 5.00% $6,392
    First United Bank and Trust Company 1 5.63% $24,434
    S1L, Inc. 1 4.63% $7,681
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.25% $3,540
    First Internet Bank of Indiana 1 5.38% $7,495
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $3,543
    First Horizon Bank 1 6.63% $11,500
    AMCAP MORTGAGE, LTD. 1 4.25% $26,038
    First Guaranty Mortgage Corporation 1 5.13% $4,215
    First Federal Bank of Kansas City 1 2.25% $8,099
    First Federal Bank 1 4.13% $10,391
    Consumer First Mortgage, Inc. 1 4.63% $2,784
    Community First National Bank 1 3.13% $11,279
    CIS Financial Services, Inc. 1 4.38% $36,813
    CHURCHILL MORTGAGE CORPORATION 1 5.13% $5,084
    Century Mortgage Company DBA Century Lending Company 1 4.25% $4,971
    Centennial Bank 1 5.00% $17,052
    CB&S Bank, Inc. 1 3.63% $4,981
    Capital Bank 1 2.63% $2,905
    BNC National Bank 1 5.50% $12,581
    UNIVERSITY LENDING GROUP, LLC 1 3.63% $2,887
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.63% $10,234
    NETWORK CAPITAL FUNDING CORPORATION 1 5.63% $7,143
    NATIONS DIRECT MORTGAGE, LLC 1 2.88% $11,077
    M&T Bank 1 5.25% $4,514
    MORTGAGE ACCESS CORP. 1 3.75% $1,655

    The top Birmingham VA lender as defined by loan originations is Mortgage Research Center, LLC, with 258 VA loans originated. Their average total fees are $5,867, which is $3,725 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Birmingham VA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC ($3,625), MOVEMENT MORTGAGE, LLC ($4,613), LAKEVIEW LOAN SERVICING, LLC ($4,881), MORTGAGE SOLUTIONS OF COLORADO, LLC ($5,577) and NAVY FEDERAL CREDIT UNION ($5,749).

    The lowest rate Birmingham VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.35%), DHI MORTGAGE COMPANY, LTD. (3.74%), CLEARPATH LENDING (3.81%), LAKEVIEW LOAN SERVICING, LLC (4.05%) and LOANDEPOT.COM, LLC (4.07%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Birmingham (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 $206,500 (8.7%) $273,129 (8.4%) 0.77 4,316
    2018-02-01 $211,950 (8.6%) $276,829 (7.0%) 0.77 4,211
    2018-03-01 $224,833 (9.9%) $290,770 (8.1%) 0.79 4,127
    2018-04-01 $233,255 (8.5%) $301,728 (8.7%) 0.79 4,209
    2018-05-01 $238,950 (9.0%) $310,201 (8.8%) 0.80 4,316
    2018-06-01 $236,900 (7.7%) $310,773 (8.4%) 0.79 4,413
    2018-07-01 $239,700 (9.0%) $308,905 (8.9%) 0.80 4,548
    2018-08-01 $239,000 (10.7%) $308,466 (10.0%) 0.80 4,619
    2018-09-01 $229,990 (7.0%) $307,440 (11.2%) 0.77 4,560
    2018-10-01 $226,574 (5.9%) $301,115 (8.1%) 0.77 4,540
    2018-11-01 $229,355 (9.2%) $304,510 (11.2%) 0.78 4,382
    2018-12-01 $229,900 (9.8%) $304,695 (12.4%) 0.79 4,087
    2019-01-01 $231,160 (11.9%) $303,237 (11.0%) 0.80 3,806
    2019-02-01 $242,450 (14.4%) $317,444 (14.7%) 0.82 3,728
    2019-03-01 $252,478 (12.3%) $328,445 (13.0%) 0.83 3,707
    2019-04-01 $258,508 (10.8%) $338,235 (12.1%) 0.82 3,732
    2019-05-01 $264,950 (10.9%) $340,924 (9.9%) 0.83 3,746
    2019-06-01 $266,635 (12.6%) $340,369 (9.5%) 0.83 3,963
    2019-07-01 $269,450 (12.4%) $339,666 (10.0%) 0.84 4,091
    2019-08-01 $268,564 (12.4%) $337,302 (9.4%) 0.85 4,090
    2019-09-01 $266,559 (15.9%) $334,380 (8.8%) 0.85 4,051
    2019-10-01 $264,950 (16.9%) $331,883 (10.2%) 0.86 3,996
    2019-11-01 $259,900 (13.3%) $328,114 (7.8%) 0.85 3,802
    2019-12-01 $253,888 (10.4%) $324,725 (6.6%) 0.85 3,500
    2020-01-01 $254,925 (10.3%) $326,635 (7.7%) 0.85 3,222
    2020-02-01 $259,900 (7.2%) $333,178 (5.0%) 0.85 3,189
    2020-03-01 $267,563 (6.0%) $343,784 (4.7%) 0.84 3,118
    2020-04-01 $265,000 (2.5%) $340,372 (0.6%) 0.83 3,183
    2020-05-01 $269,995 (1.9%) $352,843 (3.5%) 0.82 3,116
    2020-06-01 $279,375 (4.8%) $362,653 (6.6%) 0.82 2,930
    2020-07-01 $279,700 (3.8%) $361,435 (6.4%) 0.81 2,779
    2020-08-01 $275,000 (2.4%) $360,164 (6.8%) 0.79 2,635
    2020-09-01 $273,594 (2.6%) $360,198 (7.7%) 0.78 2,542
    2020-10-01 $265,000 (0.0%) $353,019 (6.4%) 0.76 2,573
    2020-11-01 $260,000 (0.0%) $350,078 (6.7%) 0.76 2,474
    2020-12-01 $260,741 (2.7%) $349,667 (7.7%) 0.78 2,270
    2021-01-01 $260,650 (2.3%) $348,621 (6.7%) 0.78 2,064
    2021-02-01 $264,043 (1.6%) $356,570 (7.0%) 0.77 1,722
    2021-03-01 $269,889 (0.9%) $370,331 (7.7%) 0.77 1,653
    2021-04-01 $279,950 (5.6%) $391,023 (14.9%) 0.76 1,563
    2021-05-01 $279,900 (3.7%) $387,256 (9.8%) 0.74 1,453
    2021-06-01 $277,225 (-0.8%) $375,410 (3.5%) 0.73 1,564
    2021-07-01 $275,000 (-1.7%) $367,919 (1.8%) 0.73 1,836
    2021-08-01 $277,450 (0.9%) $367,787 (2.1%) 0.74 1,949
    2021-09-01 $275,250 (0.6%) $369,809 (2.7%) 0.73 1,889
    2021-10-01 $285,000 (7.6%) $375,782 (6.5%) 0.76 1,825
    2021-11-01 $279,900 (7.7%) $374,789 (7.1%) 0.75 1,679
    2021-12-01 $274,950 (5.5%) $370,689 (6.0%) 0.75 1,559
    2022-01-01 $265,000 (1.7%) $363,737 (4.3%) 0.72 1,415
    2022-02-01 $262,400 (-0.6%) $368,930 (3.5%) 0.68 1,421
    2022-03-01 $265,000 (-1.8%) $372,653 (0.6%) 0.66 1,414
    2022-04-01 $278,750 (-0.4%) $387,302 (-1.0%) 0.66 1,498
    2022-05-01 $292,390 (4.5%) $400,702 (3.5%) 0.67 1,626
    2022-06-01 $299,000 (7.9%) $399,715 (6.5%) 0.67 1,947
    2022-07-01 $299,500 (8.9%) $389,321 (5.8%) 0.67 2,387
    2022-08-01 $285,560 (2.9%) $375,776 (2.2%) 0.66 2,481
    2022-09-01 $281,785 (2.4%) $370,296 (0.1%) 0.66 2,458
    2022-10-01 $279,900 (-1.8%) $369,222 (-1.8%) 0.66 2,648
    2022-11-01 $275,625 (-1.5%) $361,698 (-3.5%) 0.66 2,771
    2022-12-01 $274,450 (-0.2%) $354,724 (-4.3%) 0.68 2,633
    2023-01-01 $270,000 (1.9%) $353,062 (-2.9%) 0.67 2,455
    2023-02-01 $270,550 (3.1%) $356,015 (-3.5%) 0.65 2,320
    2023-03-01 $278,875 (5.2%) $364,396 (-2.2%) 0.66 2,305
    2023-04-01 $285,000 (2.2%) $373,253 (-3.6%) 0.66 2,264
    2023-05-01 $296,938 (1.6%) $385,845 (-3.7%) 0.67 2,286
    2023-06-01 $300,346 (0.5%) $389,292 (-2.6%) 0.67 2,390
    2023-07-01 $299,000 (-0.2%) $384,644 (-1.2%) 0.68 2,621
    2023-08-01 $297,000 (4.0%) $382,795 (1.9%) 0.68 2,741
    2023-09-01 $299,000 (6.1%) $374,753 (1.2%) 0.70 2,856
    2023-10-01 $294,825 (5.3%) $375,899 (1.8%) 0.69 3,031
    Birmingham's median listing price for 2023-10-01 was $294,825, a difference of $14,925 (5.3%) versus the prior year and $-4,175 versus the prior month.

    Birmingham's median listing price comes in at 69% of the national average.

    Birmingham's average listing price for 2023-10-01 was $375,899, a difference of $6,677 (1.8%) versus the prior year and $1,146 versus the prior month.

    For the 2023-10-01 period, Birmingham had 3,031 MLS listings, a difference of 175 listings (6%) versus the prior month and 383 listings (14%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Birmingham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 93 days 1,911 sqft
    2018-02-01 86 days 1,909 sqft
    2018-03-01 62 days 1,880 sqft
    2018-04-01 59 days 1,889 sqft
    2018-05-01 54 days 1,915 sqft
    2018-06-01 55 days 1,919 sqft
    2018-07-01 59 days 1,947 sqft
    2018-08-01 60 days 1,940 sqft
    2018-09-01 63 days 1,903 sqft
    2018-10-01 69 days 1,874 sqft
    2018-11-01 72 days 1,878 sqft
    2018-12-01 78 days 1,883 sqft
    2019-01-01 84 days 1,887 sqft
    2019-02-01 74 days 1,917 sqft
    2019-03-01 62 days 1,951 sqft
    2019-04-01 54 days 1,978 sqft
    2019-05-01 51 days 1,986 sqft
    2019-06-01 53 days 1,974 sqft
    2019-07-01 55 days 1,978 sqft
    2019-08-01 57 days 1,977 sqft
    2019-09-01 62 days 1,968 sqft
    2019-10-01 66 days 1,961 sqft
    2019-11-01 72 days 1,973 sqft
    2019-12-01 80 days 1,953 sqft
    2020-01-01 81 days 2,008 sqft
    2020-02-01 69 days 2,120 sqft
    2020-03-01 59 days 2,150 sqft
    2020-04-01 61 days 2,133 sqft
    2020-05-01 64 days 2,131 sqft
    2020-06-01 62 days 2,135 sqft
    2020-07-01 57 days 2,158 sqft
    2020-08-01 54 days 2,138 sqft
    2020-09-01 54 days 2,122 sqft
    2020-10-01 51 days 2,064 sqft
    2020-11-01 55 days 2,034 sqft
    2020-12-01 66 days 1,999 sqft
    2021-01-01 67 days 1,974 sqft
    2021-02-01 47 days 1,937 sqft
    2021-03-01 41 days 1,964 sqft
    2021-04-01 36 days 2,002 sqft
    2021-05-01 40 days 2,008 sqft
    2021-06-01 36 days 1,941 sqft
    2021-07-01 33 days 1,919 sqft
    2021-08-01 35 days 1,922 sqft
    2021-09-01 41 days 1,907 sqft
    2021-10-01 50 days 1,927 sqft
    2021-11-01 58 days 1,904 sqft
    2021-12-01 56 days 1,880 sqft
    2022-01-01 64 days 1,818 sqft
    2022-02-01 38 days 1,816 sqft
    2022-03-01 32 days 1,809 sqft
    2022-04-01 30 days 1,854 sqft
    2022-05-01 31 days 1,849 sqft
    2022-06-01 29 days 1,863 sqft
    2022-07-01 30 days 1,874 sqft
    2022-08-01 37 days 1,851 sqft
    2022-09-01 45 days 1,843 sqft
    2022-10-01 46 days 1,847 sqft
    2022-11-01 51 days 1,836 sqft
    2022-12-01 62 days 1,801 sqft
    2023-01-01 68 days 1,793 sqft
    2023-02-01 63 days 1,800 sqft
    2023-03-01 51 days 1,808 sqft
    2023-04-01 45 days 1,820 sqft
    2023-05-01 43 days 1,871 sqft
    2023-06-01 43 days 1,906 sqft
    2023-07-01 44 days 1,912 sqft
    2023-08-01 44 days 1,914 sqft
    2023-09-01 49 days 1,900 sqft
    2023-10-01 51 days 1,900 sqft
    Birmingham's median listing age (time on market) for 2023-10-01 was 51 days. This is 11% longer than the same period one year ago.

    Birmingham's median square footage for active listings during the 2023-10-01 period was 1,900 sqft. One year prior, the average listing was 1,847 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.