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 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 6.14% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

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

The average rate for the prior week (2023-05-19) was 6.16% and one month ago for the week of 2023-04-21, the average rate was 6.09%.

The average rate one year ago was 4.86%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.24%.

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 Bank 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 $250,000 (11.2%) $330,368 (13.6%) 0.83 3,700
2019-04-01 $258,508 (10.8%) $338,347 (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 $269,900 (12.9%) $337,071 (9.3%) 0.85 4,117
2019-09-01 $267,450 (16.3%) $338,049 (10.0%) 0.84 3,691
2019-10-01 $263,563 (16.3%) $331,291 (10.0%) 0.85 3,990
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 (7.0%) $343,784 (4.1%) 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 (1.9%) $360,164 (6.9%) 0.79 2,635
2020-09-01 $273,594 (2.3%) $360,198 (6.6%) 0.78 2,542
2020-10-01 $265,000 (0.6%) $353,019 (6.6%) 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 $260,100 (2.0%) $348,621 (6.7%) 0.78 2,064
2021-02-01 $263,850 (1.5%) $356,677 (7.1%) 0.77 1,722
2021-03-01 $269,845 (0.9%) $370,331 (7.7%) 0.77 1,653
2021-04-01 $279,950 (5.6%) $391,124 (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%) $367,875 (2.1%) 0.74 1,949
2021-09-01 $275,000 (0.5%) $369,839 (2.7%) 0.73 1,889
2021-10-01 $285,000 (7.6%) $375,901 (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%) $370,698 (6.0%) 0.74 1,559
2022-01-01 $265,000 (1.9%) $363,737 (4.3%) 0.72 1,415
2022-02-01 $262,400 (-0.6%) $368,880 (3.4%) 0.68 1,421
2022-03-01 $265,000 (-1.8%) $372,629 (0.6%) 0.66 1,414
2022-04-01 $278,750 (-0.4%) $387,560 (-0.9%) 0.66 1,498
2022-05-01 $291,798 (4.3%) $400,723 (3.5%) 0.67 1,627
2022-06-01 $299,000 (7.9%) $399,772 (6.5%) 0.67 1,949
2022-07-01 $299,800 (9.0%) $389,365 (5.8%) 0.68 2,389
2022-08-01 $286,363 (3.2%) $375,639 (2.1%) 0.66 2,489
2022-09-01 $282,450 (2.7%) $370,191 (0.1%) 0.66 2,466
2022-10-01 $279,900 (-1.8%) $369,081 (-1.8%) 0.66 2,657
2022-11-01 $276,995 (-1.0%) $361,622 (-3.5%) 0.67 2,779
2022-12-01 $274,050 (-0.3%) $354,625 (-4.3%) 0.68 2,642
2023-01-01 $270,163 (2.0%) $353,124 (-2.9%) 0.67 2,463
2023-02-01 $271,650 (3.5%) $355,916 (-3.5%) 0.66 2,328
2023-03-01 $278,900 (5.3%) $364,528 (-2.2%) 0.66 2,309
2023-04-01 $285,000 (2.2%) $373,428 (-3.7%) 0.66 2,264
Birmingham's median listing price for 2023-04-01 was $285,000, a difference of $6,250 (2.2%) versus the prior year and $6,100 versus the prior month.

Birmingham's median listing price comes in at 66% of the national average.

Birmingham's average listing price for 2023-04-01 was $373,428, a difference of $-14,132 (-3.7%) versus the prior year and $8,900 versus the prior month.

For the 2023-04-01 period, Birmingham had 2,264 MLS listings, a difference of -45 listings (-2%) versus the prior month and 766 listings (51%) 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
2018-01-01 102 days 1,910 sqft
2018-02-01 96 days 1,910 sqft
2018-03-01 71 days 1,880 sqft
2018-04-01 66 days 1,889 sqft
2018-05-01 60 days 1,915 sqft
2018-06-01 60 days 1,919 sqft
2018-07-01 65 days 1,947 sqft
2018-08-01 66 days 1,940 sqft
2018-09-01 69 days 1,903 sqft
2018-10-01 74 days 1,874 sqft
2018-11-01 79 days 1,878 sqft
2018-12-01 86 days 1,883 sqft
2019-01-01 93 days 1,888 sqft
2019-02-01 83 days 1,918 sqft
2019-03-01 64 days 1,957 sqft
2019-04-01 60 days 1,978 sqft
2019-05-01 54 days 1,987 sqft
2019-06-01 57 days 1,975 sqft
2019-07-01 58 days 1,978 sqft
2019-08-01 67 days 2,000 sqft
2019-09-01 74 days 1,976 sqft
2019-10-01 71 days 1,959 sqft
2019-11-01 78 days 1,973 sqft
2019-12-01 84 days 1,953 sqft
2020-01-01 87 days 2,008 sqft
2020-02-01 77 days 2,120 sqft
2020-03-01 65 days 2,150 sqft
2020-04-01 67 days 2,133 sqft
2020-05-01 70 days 2,131 sqft
2020-06-01 71 days 2,135 sqft
2020-07-01 64 days 2,158 sqft
2020-08-01 60 days 2,138 sqft
2020-09-01 59 days 2,122 sqft
2020-10-01 57 days 2,063 sqft
2020-11-01 59 days 2,033 sqft
2020-12-01 71 days 1,997 sqft
2021-01-01 72 days 1,969 sqft
2021-02-01 54 days 1,936 sqft
2021-03-01 45 days 1,964 sqft
2021-04-01 40 days 2,002 sqft
2021-05-01 45 days 2,008 sqft
2021-06-01 38 days 1,939 sqft
2021-07-01 33 days 1,917 sqft
2021-08-01 36 days 1,921 sqft
2021-09-01 42 days 1,907 sqft
2021-10-01 53 days 1,926 sqft
2021-11-01 62 days 1,902 sqft
2021-12-01 60 days 1,874 sqft
2022-01-01 71 days 1,818 sqft
2022-02-01 44 days 1,815 sqft
2022-03-01 34 days 1,807 sqft
2022-04-01 32 days 1,852 sqft
2022-05-01 32 days 1,846 sqft
2022-06-01 30 days 1,863 sqft
2022-07-01 30 days 1,866 sqft
2022-08-01 38 days 1,849 sqft
2022-09-01 46 days 1,841 sqft
2022-10-01 47 days 1,847 sqft
2022-11-01 53 days 1,836 sqft
2022-12-01 64 days 1,802 sqft
2023-01-01 71 days 1,794 sqft
2023-02-01 66 days 1,799 sqft
2023-03-01 54 days 1,808 sqft
2023-04-01 48 days 1,820 sqft
Birmingham's median listing age (time on market) for 2023-04-01 was 48 days. This is 50% longer than the same period one year ago.

Birmingham's median square footage for active listings during the 2023-04-01 period was 1,820 sqft. One year prior, the average listing was 1,852 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.