Birmingham VA Loan Rates, Closing Costs & Stats

BIRMINGHAM-HOOVER, AL

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 126 lenders originated 1,385 VA loans during 2023. The total origination value was $427,825,000, with an average VA loan value of $308,899.

Birmingham VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Birmingham averaged 6.5% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

Birmingham's average VA mortgage closing costs are $5,678.

The average rate for the prior week (2024-05-17) was 6.73% and one month ago for the week of 2024-04-19, the average rate was 7.1%.

The average rate one year ago was 6.17%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.81%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 207 6.68% $5,502
UNITED WHOLESALE MORTGAGE, LLC 91 6.29% $7,635
QUICKEN LOANS, LLC 73 6.15% $9,776
NAVY FEDERAL CREDIT UNION 61 5.85% $4,713
DHI MORTGAGE COMPANY, LTD. 44 5.20% $6,330
FREEDOM MORTGAGE CORPORATION 43 6.60% $12,185
PENNYMAC LOAN SERVICES, LLC 42 5.64% $8,780
MOVEMENT MORTGAGE, LLC 33 6.50% $8,309
Renasant Bank 31 6.21% $9,534
LOANDEPOT.COM, LLC 31 6.30% $10,281
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 30 6.66% $6,997
GUILD MORTGAGE COMPANY 30 6.41% $9,757
USAA Federal Savings Bank 28 6.12% $9,195
FBC MORTGAGE, LLC 27 6.05% $10,986
Prosperity Home Mortgage, LLC 23 6.33% $7,609
NEW DAY FINANCIAL, LLC 22 7.51% $12,699
FirstBank 18 6.19% $8,297
Regions Bank 18 6.17% $8,598
The Federal Savings Bank 17 6.55% $12,725
Trustmark National Bank 14 6.39% $8,036
NEWREZ LLC 14 6.43% $10,967
MORTGAGE SOLUTIONS OF COLORADO, LLC 14 7.76% $2,824
SouthPoint Bank 13 6.53% $5,708
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 13 6.38% $9,191
UNION HOME MORTGAGE CORP. 12 6.85% $8,973
VILLAGE CAPITAL MORTGAGE 12 5.76% $7,515
Magnolia Bank 11 6.22% $17,504
First Federal Bank, A FSB 11 6.13% $9,421
VANDERBILT MORTGAGE AND FINANCE, INC. 10 6.20% $4,906
TJC Mortgage, Inc. 10 6.33% $8,025
FIRST COMMUNITY MORTGAGE, INC. 10 6.15% $11,477
Ameris Bank 9 6.36% $7,803
Mid-Continent Funding, Inc. 9 6.53% $5,216
Northpointe Bank 9 6.35% $5,936
Citizens Bank 9 6.28% $9,380
GUARANTEED RATE, INC. 8 6.45% $6,613
Plains Commerce Bank 8 6.06% $10,229
THE MORTGAGE FIRM, INC. 8 6.37% $5,223
Barrington Bank & Trust Company, N.A. 7 6.14% $5,662
Synovus Bank 7 6.41% $6,834
PENTAGON FEDERAL CREDIT UNION 7 5.86% $6,966
Mr. Cooper ( Nationstar Mortgage ) 7 6.16% $14,995
HOMESTAR FINANCIAL CORPORATION 6 6.29% $8,620
BROKER SOLUTIONS, INC. 6 6.39% $11,219
CANOPY MORTGAGE, LLC 6 6.87% $17,906
CARDINAL FINANCIAL 6 6.83% $16,916
STOCKTON MORTGAGE CORPORATION 6 7.19% $8,177
AMERISAVE MORTGAGE CORPORATION 6 6.00% $14,618
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.43% $11,094
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.40% $13,255
Princeton Mortgage Corporation 5 6.95% $8,308
Equity Prime Mortgage LLC 5 7.23% $7,546
The Loan Store, Inc. 5 7.15% $9,244
Bank of England 5 6.50% $13,426
GMFS LLC 5 6.43% $6,053
Wells Fargo Bank 4 6.28% $15,407
AMERICAN FINANCIAL NETWORK, INC. 4 7.19% $7,072
First Horizon Bank 4 6.19% $2,141
Flagstar Bank, FSB 4 6.66% $8,161
Hamilton Mortgage Corporation 4 6.75% $5,393
INSPIRE HOME LOANS INC. 4 5.78% $3,397
RELIANCE FIRST CAPITAL, LLC 4 6.59% $5,031
HOMEOWNERS FINANCIAL GROUP USA, LLC 3 6.96% $5,317
ACOPIA, LLC 3 7.04% $1,462
DAS Acquisition Company, LLC 3 6.08% $5,357
CROSSCOUNTRY MORTGAGE, LLC 3 5.67% $8,487
SOVEREIGN LENDING GROUP INCORPORATED 3 5.88% $8,114
CMG MORTGAGE, INC. 3 6.33% $9,118
HUNT MORTGAGE CORPORATION 3 6.75% $2,548
Truist 3 6.15% $8,271
BancorpSouth 3 6.29% $5,734
NBKC BANK 3 5.58% $7,884
Assurance Financial Group, L.L.C. 3 7.38% $5,854
Nations Lending Corporation 2 6.25% $7,127
CONTOUR MORTGAGE CORPORATION 2 5.50% $13,597
AMERICAN FINANCIAL RESOURCES, INC. 2 7.13% $3,265
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $7,256
EVERETT FINANCIAL, INC. 2 7.44% $5,751
LENOX FINANCIAL MORTGAGE CORPORATION 2 6.69% $12,978
JPMorgan Chase Bank 2 5.50% $8,537
LAKEVIEW LOAN SERVICING, LLC 2 5.88% $6,699
MILEND, INC. 2 7.06% $8,093
Armed Forces Bank 2 6.44% $9,253
PNC Bank 2 6.88% $5,687
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.00% $21,351
CORNERSTONE HOME LENDING, INC. 2 6.38% $7,269
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $12,171
Cornerstone First Mortgage, Inc 2 7.50% $5,099
REDSTONE Federal Credit Union 1 6.63% $2,573
DRAPER AND KRAMER MORTGAGE CORP. 1 6.75% $7,558
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.99% $11,291
ROYAL UNITED MORTGAGE LLC 1 6.75% $19,879
South State Bank 1 7.88% $3,059
SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $17,336
The Central Trust Bank 1 5.75% $2,105
CB&S Bank, Inc. 1 5.75% $1,446
THRIVE MORTGAGE, LLC 1 6.63% $18,447
Carrington Mortgage Services, LLC 1 6.13% $2,524
TOWNE MORTGAGE COMPANY 1 5.75% $4,166
AVADIAN 1 6.50% $3,809
LEADERONE FINANCIAL CORPORATION 1 6.63% $9,948
LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $9,793
Liberty Mortgage Corporation 1 6.75% $4,740
Ixonia Bank 1 6.75% $20,431
MORTGAGE ACCESS CORP. 1 7.13% $15,992
MORTGAGE INVESTORS GROUP, INC. 1 6.38% $600
INTERLINC MORTGAGE SERVICES, LLC 1 7.63% $2,125
HOMESPIRE MORTGAGE CORPORATION 1 6.75% $23,226
HOMESIDE FINANCIAL, LLC 1 6.13% $3,939
M&T Bank 1 6.75% $5,899
HomePromise Corporation 1 7.50% $11,835
NBH Bank 1 5.99% $4,504
GUARANTY HOME MORTGAGE CORPORATION 1 6.50% $3,075
North American Savings Bank, F.S.B. 1 5.75% $14,722
GUARANTEED RATE AFFINITY, LLC 1 6.20% $20,292
Old National Bank 1 5.50% $9,212
Paramount Residential Mortgage Group, Inc. 1 5.25% $7,723
First Western Trust Bank 1 6.75% $982
FIRST COLONY MORTGAGE CORPORATION 1 6.75% $6,464
Farmers Bank & Trust 1 5.13% $2,243
PLANET HOME LENDING, LLC 1 2.75% $2,262
PLAZA HOME MORTGAGE, INC. 1 5.38% $4,922
PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.99% $24,739
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $6,161
ENVOY MORTGAGE, LTD 1 6.25% $11,309
EMM LOANS LLC 1 6.25% $14,079

The top Birmingham VA lender as defined by loan originations is Mortgage Research Center, LLC, with 207 VA loans originated. Their average total fees are $5,502, which is $2,134 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Birmingham VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,824), NAVY FEDERAL CREDIT UNION ($4,713), VANDERBILT MORTGAGE AND FINANCE, INC. ($4,906), Mortgage Research Center, LLC ($5,502) and SouthPoint Bank ($5,708).

The lowest rate Birmingham VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.20%), PENNYMAC LOAN SERVICES, LLC (5.64%), VILLAGE CAPITAL MORTGAGE (5.76%), NAVY FEDERAL CREDIT UNION (5.85%) and FBC MORTGAGE, LLC (6.05%).


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 $206,425 (8.7%) $273,109 (8.5%) 0.77 4,315
2018-02-01 $211,950 (8.7%) $276,809 (7.1%) 0.77 4,210
2018-03-01 $224,800 (10.7%) $290,746 (8.1%) 0.79 4,125
2018-04-01 $233,255 (8.5%) $301,721 (8.7%) 0.79 4,207
2018-05-01 $238,950 (9.1%) $310,198 (8.8%) 0.80 4,314
2018-06-01 $236,900 (7.7%) $310,770 (8.5%) 0.79 4,412
2018-07-01 $239,700 (9.5%) $308,879 (8.9%) 0.80 4,548
2018-08-01 $239,000 (10.7%) $308,465 (10.0%) 0.80 4,619
2018-09-01 $229,970 (7.0%) $307,409 (11.2%) 0.77 4,561
2018-10-01 $226,500 (6.1%) $301,108 (8.1%) 0.77 4,538
2018-11-01 $229,555 (9.3%) $304,774 (11.3%) 0.78 4,376
2018-12-01 $229,900 (10.0%) $304,991 (12.5%) 0.79 4,077
2019-01-01 $232,083 (12.4%) $303,517 (11.1%) 0.80 3,797
2019-02-01 $242,450 (14.4%) $317,618 (14.7%) 0.82 3,722
2019-03-01 $252,814 (12.5%) $328,650 (13.0%) 0.83 3,703
2019-04-01 $258,900 (11.0%) $338,450 (12.2%) 0.82 3,728
2019-05-01 $265,000 (10.9%) $341,088 (10.0%) 0.83 3,743
2019-06-01 $267,000 (12.7%) $340,616 (9.6%) 0.83 3,958
2019-07-01 $269,450 (12.4%) $339,701 (10.0%) 0.84 4,093
2019-08-01 $268,564 (12.4%) $337,314 (9.4%) 0.85 4,094
2019-09-01 $266,559 (15.9%) $334,348 (8.8%) 0.85 4,057
2019-10-01 $264,950 (17.0%) $331,853 (10.2%) 0.85 4,004
2019-11-01 $259,900 (13.2%) $328,140 (7.7%) 0.85 3,810
2019-12-01 $253,947 (10.5%) $324,858 (6.5%) 0.85 3,505
2020-01-01 $254,950 (9.9%) $326,851 (7.7%) 0.85 3,225
2020-02-01 $259,900 (7.2%) $333,600 (5.0%) 0.85 3,181
2020-03-01 $268,919 (6.4%) $344,516 (4.8%) 0.84 3,110
2020-04-01 $265,375 (2.5%) $340,959 (0.7%) 0.83 3,178
2020-05-01 $270,000 (1.9%) $353,414 (3.6%) 0.82 3,111
2020-06-01 $279,670 (4.8%) $363,276 (6.7%) 0.82 2,925
2020-07-01 $279,900 (3.9%) $361,870 (6.5%) 0.81 2,777
2020-08-01 $275,840 (2.7%) $360,629 (6.9%) 0.79 2,633
2020-09-01 $273,744 (2.7%) $360,549 (7.8%) 0.78 2,537
2020-10-01 $265,000 (0.0%) $353,362 (6.5%) 0.76 2,567
2020-11-01 $260,150 (0.1%) $350,572 (6.8%) 0.76 2,462
2020-12-01 $261,650 (3.0%) $350,037 (7.8%) 0.78 2,263
2021-01-01 $262,650 (3.0%) $348,962 (6.8%) 0.78 2,057
2021-02-01 $265,701 (2.2%) $356,979 (7.0%) 0.77 1,717
2021-03-01 $270,150 (0.5%) $370,590 (7.6%) 0.77 1,647
2021-04-01 $279,725 (5.4%) $391,304 (14.8%) 0.76 1,558
2021-05-01 $279,900 (3.7%) $387,387 (9.6%) 0.74 1,449
2021-06-01 $276,975 (-1.0%) $375,476 (3.4%) 0.73 1,559
2021-07-01 $275,000 (-1.8%) $367,820 (1.6%) 0.73 1,831
2021-08-01 $277,233 (0.5%) $367,743 (2.0%) 0.74 1,943
2021-09-01 $275,000 (0.5%) $369,748 (2.6%) 0.73 1,883
2021-10-01 $284,900 (7.5%) $375,644 (6.3%) 0.76 1,812
2021-11-01 $279,900 (7.6%) $374,658 (6.9%) 0.75 1,669
2021-12-01 $274,063 (4.7%) $370,486 (5.8%) 0.74 1,552
2022-01-01 $265,000 (0.9%) $363,737 (4.2%) 0.72 1,407
2022-02-01 $262,400 (-1.2%) $368,930 (3.4%) 0.68 1,421
2022-03-01 $265,000 (-1.9%) $372,667 (0.6%) 0.66 1,413
2022-04-01 $275,000 (-1.7%) $387,443 (-1.0%) 0.66 1,494
2022-05-01 $290,883 (3.9%) $400,885 (3.5%) 0.67 1,619
2022-06-01 $299,000 (8.0%) $399,817 (6.5%) 0.67 1,941
2022-07-01 $299,500 (8.9%) $389,369 (5.9%) 0.67 2,389
2022-08-01 $286,544 (3.4%) $375,821 (2.2%) 0.66 2,483
2022-09-01 $281,573 (2.4%) $370,277 (0.1%) 0.66 2,462
2022-10-01 $279,900 (-1.8%) $369,304 (-1.7%) 0.66 2,650
2022-11-01 $276,477 (-1.2%) $361,809 (-3.4%) 0.66 2,774
2022-12-01 $274,800 (0.3%) $354,867 (-4.2%) 0.68 2,634
2023-01-01 $270,000 (1.9%) $353,101 (-2.9%) 0.67 2,457
2023-02-01 $270,638 (3.1%) $356,052 (-3.5%) 0.65 2,321
2023-03-01 $278,875 (5.2%) $364,387 (-2.2%) 0.66 2,306
2023-04-01 $285,000 (3.6%) $373,264 (-3.7%) 0.66 2,265
2023-05-01 $296,288 (1.9%) $385,616 (-3.8%) 0.67 2,284
2023-06-01 $299,950 (0.3%) $389,250 (-2.6%) 0.67 2,391
2023-07-01 $299,000 (-0.2%) $384,644 (-1.2%) 0.68 2,621
2023-08-01 $297,000 (3.7%) $382,795 (1.9%) 0.68 2,741
2023-09-01 $299,000 (6.2%) $374,753 (1.2%) 0.70 2,856
2023-10-01 $294,825 (5.3%) $375,899 (1.8%) 0.69 3,031
2023-11-01 $294,001 (6.3%) $376,633 (4.1%) 0.70 3,113
2023-12-01 $289,900 (5.5%) $376,201 (6.0%) 0.71 2,986
2024-01-01 $284,950 (5.5%) $370,068 (4.8%) 0.70 2,851
2024-02-01 $286,137 (5.7%) $368,796 (3.6%) 0.69 2,882
2024-03-01 $289,900 (4.0%) $375,261 (3.0%) 0.68 2,941
2024-04-01 $297,000 (4.2%) $380,021 (1.8%) 0.69 3,092
Birmingham's median listing price for 2024-04-01 was $297,000, a difference of $12,000 (4.2%) versus the prior year and $7,100 versus the prior month.

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

Birmingham's average listing price for 2024-04-01 was $380,021, a difference of $6,757 (1.8%) versus the prior year and $4,760 versus the prior month.

For the 2024-04-01 period, Birmingham had 3,092 MLS listings, a difference of 151 listings (5%) versus the prior month and 827 listings (37%) 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 1,920 sqft
2018-02-01 86 days 1,919 sqft
2018-03-01 62 days 1,879 sqft
2018-04-01 59 days 1,889 sqft
2018-05-01 54 days 1,916 sqft
2018-06-01 55 days 1,919 sqft
2018-07-01 59 days 1,947 sqft
2018-08-01 60 days 1,939 sqft
2018-09-01 63 days 1,903 sqft
2018-10-01 69 days 1,873 sqft
2018-11-01 72 days 1,879 sqft
2018-12-01 79 days 1,886 sqft
2019-01-01 85 days 1,890 sqft
2019-02-01 73 days 1,920 sqft
2019-03-01 62 days 1,956 sqft
2019-04-01 55 days 1,981 sqft
2019-05-01 51 days 1,989 sqft
2019-06-01 53 days 1,976 sqft
2019-07-01 54 days 1,979 sqft
2019-08-01 57 days 1,979 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 1,954 sqft
2020-01-01 81 days 2,009 sqft
2020-02-01 69 days 2,121 sqft
2020-03-01 59 days 2,154 sqft
2020-04-01 61 days 2,136 sqft
2020-05-01 63 days 2,138 sqft
2020-06-01 62 days 2,139 sqft
2020-07-01 57 days 2,159 sqft
2020-08-01 54 days 2,139 sqft
2020-09-01 54 days 2,124 sqft
2020-10-01 51 days 2,065 sqft
2020-11-01 55 days 2,035 sqft
2020-12-01 66 days 2,000 sqft
2021-01-01 66 days 1,976 sqft
2021-02-01 47 days 1,938 sqft
2021-03-01 42 days 1,964 sqft
2021-04-01 37 days 2,002 sqft
2021-05-01 40 days 2,008 sqft
2021-06-01 36 days 1,939 sqft
2021-07-01 33 days 1,917 sqft
2021-08-01 35 days 1,920 sqft
2021-09-01 41 days 1,907 sqft
2021-10-01 50 days 1,914 sqft
2021-11-01 57 days 1,895 sqft
2021-12-01 55 days 1,872 sqft
2022-01-01 64 days 1,814 sqft
2022-02-01 38 days 1,815 sqft
2022-03-01 32 days 1,807 sqft
2022-04-01 30 days 1,851 sqft
2022-05-01 31 days 1,843 sqft
2022-06-01 29 days 1,861 sqft
2022-07-01 30 days 1,874 sqft
2022-08-01 37 days 1,852 sqft
2022-09-01 45 days 1,843 sqft
2022-10-01 46 days 1,847 sqft
2022-11-01 52 days 1,837 sqft
2022-12-01 63 days 1,801 sqft
2023-01-01 68 days 1,794 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 1,869 sqft
2023-06-01 43 days 1,906 sqft
2023-07-01 44 days 1,912 sqft
2023-08-01 44 days 1,913 sqft
2023-09-01 49 days 1,900 sqft
2023-10-01 51 days 1,900 sqft
2023-11-01 53 days 1,876 sqft
2023-12-01 61 days 1,861 sqft
2024-01-01 71 days 1,821 sqft
2024-02-01 65 days 1,818 sqft
2024-03-01 50 days 1,828 sqft
2024-04-01 46 days 1,848 sqft
Birmingham's median listing age (time on market) for 2024-04-01 was 46 days. This is 1% longer than the same period one year ago.

Birmingham's median square footage for active listings during the 2024-04-01 period was 1,848 sqft. One year prior, the average listing was 1,820 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.