Birmingham VA Loans

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 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 165 lenders originated 3,776 VA loans during 2021. The total origination value was $966,140,000, with an average VA loan value of $255,863.

Birmingham VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Birmingham averaged 5.74% 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 5.77% and one month ago for the week of 2022-04-08, the average rate was 4.89%.

The average rate one year ago was 3.01%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.2%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Birmingham level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 337 2.49% $4,538
Mortgage Research Center, LLC 283 2.92% $5,206
FREEDOM MORTGAGE CORPORATION 261 2.52% $2,448
PENNYMAC LOAN SERVICES, LLC 170 2.43% $4,859
VILLAGE CAPITAL & INVESTMENT LLC 113 2.37% $3,032
NEW DAY FINANCIAL, LLC 110 2.78% $6,224
UNITED WHOLESALE MORTGAGE, LLC 94 2.55% $5,594
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 88 3.00% $6,990
NAVY FEDERAL CREDIT UNION 86 2.49% $4,341
USAA Federal Savings Bank 85 2.83% $3,873
LOANDEPOT.COM, LLC 85 2.81% $4,554
LAKEVIEW LOAN SERVICING, LLC 73 2.59% $2,585
Prosperity Home Mortgage, LLC 61 2.67% $5,696
Regions Bank 58 2.78% $7,061
CALIBER HOME LOANS, INC. 57 2.64% $4,452
FirstBank 55 2.90% $6,481
GUILD MORTGAGE COMPANY 51 2.77% $6,990
MOVEMENT MORTGAGE, LLC 46 3.01% $3,851
Mr. Cooper ( Nationstar Mortgage ) 45 2.93% $4,377
HOME POINT FINANCIAL CORPORATION 43 2.53% $6,291
TJC Mortgage, Inc. 43 2.61% $5,503
Wells Fargo Bank 39 2.64% $4,694
Hometown Lenders, Inc. 38 3.13% $6,778
DHI MORTGAGE COMPANY, LTD. 37 2.66% $6,109
CLEARPATH LENDING 37 2.36% $4,469
INTERLINC MORTGAGE SERVICES, LLC 36 3.36% $7,428
SouthPoint Bank 35 2.81% $6,461
FBC MORTGAGE, LLC 31 2.85% $7,636
Trustmark National Bank 31 2.63% $4,745
First Federal Bank, A FSB 29 2.69% $6,493
Barrington Bank & Trust Company, N.A. 28 2.80% $4,963
The Federal Savings Bank 26 2.55% $7,043
NEWREZ LLC 24 2.62% $2,891
Renasant Bank 24 2.87% $5,944
Low VA Rates, LLC 20 2.51% $5,522
PENTAGON FEDERAL CREDIT UNION 20 2.34% $4,521
Citizens Bank 20 2.64% $6,658
AMERISAVE MORTGAGE CORPORATION 19 2.86% $4,894
Assurance Financial Group, L.L.C. 17 2.89% $5,108
Carrington Mortgage Services, LLC 17 3.18% $3,355
CROSSCOUNTRY MORTGAGE, LLC 16 3.06% $5,918
First Guaranty Mortgage Corporation 14 2.55% $3,006
Bank of England 14 2.67% $7,810
AMERICAN FINANCIAL NETWORK, INC. 14 2.66% $9,296
Northpointe Bank 14 3.04% $4,800
LEADERONE FINANCIAL CORPORATION 13 3.07% $6,767
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 2.90% $8,858
PLANET HOME LENDING, LLC 13 2.50% $1,811
ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 3.47% $6,105
GMFS LLC 13 2.68% $2,818
HOMEBRIDGE FINANCIAL SERVICES, INC. 12 2.61% $3,952
BROKER SOLUTIONS, INC. 12 2.85% $4,579
VANDERBILT MORTGAGE AND FINANCE, INC. 12 2.93% $8,615
HUNT MORTGAGE CORPORATION 11 2.91% $6,772
ACCELERATE MORTGAGE, LLC 11 2.39% $6,686
HOMEOWNERS FINANCIAL GROUP USA, LLC 11 3.16% $4,553
Plains Commerce Bank 10 2.53% $5,520
Ameris Bank 10 2.58% $4,614
BancorpSouth Bank 10 2.88% $7,959
Mid-Continent Funding, Inc. 10 2.85% $5,031
Synovus Bank 10 2.71% $6,503
FIRST COMMUNITY MORTGAGE, INC. 9 2.74% $7,225
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 3.17% $6,168
North American Savings Bank, F.S.B. 8 2.53% $3,376
Flagstar Bank, FSB 7 2.60% $4,926
SOUTHWEST FUNDING, LP 7 3.48% $10,761
MUTUAL OF OMAHA MORTGAGE, INC. 7 2.59% $4,808
NP, Inc. 7 2.27% $4,630
Magnolia Bank 7 2.38% $6,234
Hamilton Mortgage Corporation 7 2.68% $5,944
ServisFirst Bank 7 3.04% $6,585
Nations Lending Corporation 6 2.69% $5,651
NBKC BANK 6 2.54% $7,657
First Federal Bank 6 3.50% $6,331
DRAPER AND KRAMER MORTGAGE CORP. 6 2.94% $4,085
SUN WEST MORTGAGE COMPANY, INC. 6 2.60% $8,207
GUARANTY HOME MORTGAGE CORPORATION 6 2.65% $10,233
BNC National Bank 6 2.38% $3,371
Ixonia Bank 6 3.31% $7,140
KS StateBank 5 2.28% $3,213
InterContinental Capital Group, Inc 5 2.33% $5,327
SOVEREIGN LENDING GROUP INCORPORATED 5 2.65% $4,733
CB&S Bank, Inc. 5 2.53% $5,173
AVADIAN 5 2.78% $4,069
AMERICAN FINANCING CORPORATION 4 2.44% $2,920
Consumer First Mortgage, Inc. 4 2.72% $9,717
A Mortgage Boutique, LLC 4 2.56% $9,185
THE MORTGAGE FIRM, INC. 4 3.31% $4,585
Gateway First Bank 4 2.94% $8,610
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 2.88% $8,046
South State Bank 4 2.72% $8,086
EVANSVILLE TEACHERS 4 2.88% $4,328
Truist Bank 3 2.72% $5,986
AMERICAN MORTGAGE SERVICE COMPANY 3 2.83% $2,408
MID AMERICA MORTGAGE, INC. 3 2.63% $3,694
Manufacturers and Traders Trust Company 3 2.92% $3,451
AMERIFIRST FINANCIAL CORPORATION 3 4.38% $7,504
Cadence Bank, N.A. 3 2.42% $4,512
RELIANCE FIRST CAPITAL, LLC 3 2.96% $11,194
HOMETRUST MORTGAGE COMPANY 3 3.25% $11,046
ALLIED MORTGAGE GROUP, INC. 2 2.50% $16,427
BAYSHORE MORTGAGE FUNDING, LLC 2 2.25% $3,799
PLAZA HOME MORTGAGE, INC. 2 2.93% $5,362
PNC Bank 2 2.75% $1,708
KELLER MORTGAGE, LLC 2 2.69% $10,746
Prime Choice Funding Inc. 2 2.31% $1,563
GUARANTEED RATE, INC. 2 2.75% $12,230
Colonial Savings, F.A. 2 2.69% $2,757
STEARNS LENDING, LLC 2 2.31% $8,430
STOCKTON MORTGAGE CORPORATION 2 2.31% $8,540
CMG MORTGAGE, INC. 2 3.00% $12,686
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $2,853
UNION HOME MORTGAGE CORP. 2 2.94% $16,925
F&M Bank 2 2.56% $8,688
First Internet Bank of Indiana 2 2.38% $7,718
FINANCE OF AMERICA MORTGAGE LLC 2 3.13% $2,340
Valley National Bank 2 2.81% $4,530
HOMESIDE FINANCIAL, LLC 2 2.62% $6,392
CERTAINTY HOME LOANS, LLC 2 2.56% $4,831
NATIONS DIRECT MORTGAGE, LLC 2 3.88% $2,078
DAS Acquisition Company, LLC 2 3.25% $405
GSF Mortgage Corporation 2 3.50% $15,596
TIAA, FSB 1 3.13% $245
First Horizon Bank 1 2.13% $3,335
EVERETT FINANCIAL, INC. 1 2.75% $8,325
GUARANTEED RATE AFFINITY, LLC 1 2.25% $6,345
Equity Prime Mortgage LLC 1 2.75% $1,298
EMM LOANS LLC 1 3.13% $3,867
Eagle Bank and Trust Company 1 2.25% $38,308
HOMESTAR FINANCIAL CORPORATION 1 2.88% $8,417
CORNERSTONE HOME LENDING, INC. 1 4.50% $6,553
INTERCAP LENDING INC. 1 2.99% $3,064
CONTOUR MORTGAGE CORPORATION 1 2.38% $6,432
Community Bank of Mississippi 1 2.63% $2,776
Liberty Mortgage Corporation 1 2.25% $2,563
Lincoln Savings Bank 1 2.63% $13,589
MAX Credit Union 1 2.38% $2,088
Meridian Bank Corporation 1 2.50% $2,780
MORTGAGE INVESTORS GROUP, INC. 1 3.00% $3,339
CityWorth Mortgage LLC 1 2.38% $1,653
CHURCHILL MORTGAGE CORPORATION 1 3.13% $3,087
Century Mortgage Company DBA Century Lending Company 1 2.38% $5,400
NETWORK CAPITAL FUNDING CORPORATION 1 3.25% $1,511
Capital City Home Loans, LLC 1 2.50% $8,279
Origin Bank 1 2.63% $2,225
Paramount Bank 1 2.25% $35,214
Paramount Residential Mortgage Group, Inc. 1 3.25% $8,252
BOKF 1 3.00% $12,328
Pinnacle Bank 1 2.88% $11,031
PREMIA MORTGAGE, LLC 1 2.25% $10,870
BAY EQUITY LLC 1 2.88% $3,184
Armed Forces Bank 1 2.50% $3,421
REDSTONE Federal Credit Union 1 3.00% $2,878
AmeriHome Mortgage Company, LLC 1 2.63% $3,956
Amerifirst Financial, Inc. 1 2.63% $1,420
SOUTHWEST STAGE FUNDING, LLC 1 2.88% $0
Strong Home Mortgage, LLC 1 2.38% $0
ACOPIA, LLC 1 3.25% $2,078
The Central Trust Bank 1 2.38% $6,158
First Federal Bank of Kansas City 1 2.38% $1,455
UNITED SECURITY FINANCIAL CORP 1 1.75% $4,277
UNIVERSITY LENDING GROUP, LLC 1 2.50% $4,103
AMERICAN FINANCIAL RESOURCES, INC. 1 2.63% $13,395
U.S. Bank 1 2.38% $11,830
AMCAP MORTGAGE, LTD. 1 2.75% $10,966

The top Birmingham VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 337 VA loans originated. Their average total fees are $4,538, which is $668 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Birmingham VA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC ($1,811), FREEDOM MORTGAGE CORPORATION ($2,448), LAKEVIEW LOAN SERVICING, LLC ($2,585), GMFS LLC ($2,818) and NEWREZ LLC ($2,891).

The lowest rate Birmingham VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.34%), CLEARPATH LENDING (2.36%), VILLAGE CAPITAL & INVESTMENT LLC (2.37%), ACCELERATE MORTGAGE, LLC (2.39%) and PENNYMAC LOAN SERVICES, LLC (2.43%).


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 $199,900 (8.1%) $267,654 (7.9%) 0.74 4,691
2018-02-01 $204,200 (7.5%) $270,441 (5.6%) 0.74 4,590
2018-03-01 $219,000 (10.5%) $284,574 (7.0%) 0.76 4,498
2018-04-01 $227,680 (8.9%) $295,985 (9.1%) 0.76 4,566
2018-05-01 $232,250 (9.0%) $305,087 (9.4%) 0.77 4,701
2018-06-01 $232,900 (8.4%) $306,621 (9.4%) 0.78 4,766
2018-07-01 $234,430 (10.1%) $304,145 (10.0%) 0.78 4,910
2018-08-01 $232,000 (10.5%) $302,002 (10.0%) 0.78 4,978
2018-09-01 $226,500 (7.9%) $301,441 (11.4%) 0.76 4,926
2018-10-01 $221,450 (6.0%) $294,302 (7.7%) 0.74 4,878
2018-11-01 $224,900 (10.3%) $298,630 (11.4%) 0.75 4,690
2018-12-01 $224,870 (12.5%) $297,374 (11.9%) 0.77 4,382
2019-01-01 $225,000 (12.6%) $297,118 (11.0%) 0.78 4,075
2019-02-01 $233,265 (14.2%) $311,219 (15.1%) 0.78 4,004
2019-03-01 $243,957 (11.4%) $320,502 (12.6%) 0.80 3,981
2019-04-01 $249,900 (9.8%) $331,037 (11.8%) 0.79 3,981
2019-05-01 $256,900 (10.6%) $333,729 (9.4%) 0.79 4,006
2019-06-01 $257,900 (10.7%) $334,204 (9.0%) 0.79 4,184
2019-07-01 $259,900 (10.9%) $332,223 (9.2%) 0.81 4,323
2019-08-01 $255,614 (10.2%) $327,316 (8.4%) 0.80 4,254
2019-09-01 $249,998 (10.4%) $322,825 (7.1%) 0.79 4,177
2019-10-01 $258,850 (16.9%) $327,667 (11.3%) 0.83 4,203
2019-11-01 $257,900 (14.7%) $326,499 (9.3%) 0.83 3,969
2019-12-01 $249,900 (11.1%) $321,598 (8.2%) 0.83 3,688
2020-01-01 $249,900 (11.1%) $324,216 (9.1%) 0.83 3,375
2020-02-01 $256,360 (9.9%) $331,977 (6.7%) 0.83 3,316
2020-03-01 $264,100 (8.3%) $342,668 (6.9%) 0.83 3,261
2020-04-01 $263,000 (5.2%) $340,475 (2.9%) 0.82 3,330
2020-05-01 $273,765 (6.6%) $356,246 (6.8%) 0.83 3,251
2020-06-01 $279,640 (8.4%) $366,719 (9.7%) 0.82 3,051
2020-07-01 $279,450 (7.5%) $367,836 (10.7%) 0.80 2,899
2020-08-01 $275,000 (7.6%) $366,166 (11.9%) 0.79 2,745
2020-09-01 $273,450 (9.4%) $364,634 (13.0%) 0.78 2,646
2020-10-01 $265,000 (2.4%) $357,308 (9.1%) 0.76 2,689
2020-11-01 $259,900 (0.8%) $354,933 (8.7%) 0.74 2,578
2020-12-01 $261,250 (4.5%) $354,983 (10.4%) 0.77 2,388
2021-01-01 $262,800 (5.2%) $350,804 (8.2%) 0.77 2,172
2021-02-01 $261,250 (1.9%) $356,546 (7.4%) 0.75 1,799
2021-03-01 $265,200 (0.4%) $365,141 (6.6%) 0.74 1,734
2021-04-01 $276,950 (5.3%) $383,280 (12.6%) 0.74 1,615
2021-05-01 $279,000 (1.9%) $384,200 (7.9%) 0.73 1,504
2021-06-01 $272,500 (-2.6%) $373,131 (1.8%) 0.71 1,602
2021-07-01 $269,868 (-3.4%) $365,982 (-0.5%) 0.70 1,893
2021-08-01 $272,500 (-0.9%) $366,698 (0.2%) 0.72 2,019
2021-09-01 $271,075 (-0.9%) $365,649 (0.3%) 0.71 1,966
2021-10-01 $280,000 (5.7%) $372,938 (4.4%) 0.74 1,901
2021-11-01 $275,000 (5.8%) $373,225 (5.2%) 0.72 1,764
2021-12-01 $272,450 (4.3%) $368,433 (3.8%) 0.73 1,641
2022-01-01 $265,000 (0.8%) $360,533 (2.8%) 0.71 1,494
2022-02-01 $258,450 (-1.1%) $364,502 (2.2%) 0.66 1,484
2022-03-01 $259,450 (-2.2%) $369,580 (1.2%) 0.64 1,469
2022-04-01 $269,900 (-2.6%) $386,518 (0.8%) 0.64 1,555
Birmingham's median listing price for 2022-04-01 was $269,900, a difference of $-7,050 (-2.6%) versus the prior year and $10,450 versus the prior month.

Birmingham's median listing price comes in at 64% of the national average.

Birmingham's average listing price for 2022-04-01 was $386,518, a difference of $3,238 (0.8%) versus the prior year and $16,938 versus the prior month.

For the 2022-04-01 period, Birmingham had 1,555 MLS listings, a difference of 86 listings (6%) versus the prior month and -60 listings (-4%) 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
2018-01-01 106 days 1,808 sqft
2018-02-01 99 days 1,788 sqft
2018-03-01 73 days 1,856 sqft
2018-04-01 68 days 1,879 sqft
2018-05-01 62 days 1,904 sqft
2018-06-01 61 days 1,910 sqft
2018-07-01 66 days 1,927 sqft
2018-08-01 66 days 1,930 sqft
2018-09-01 70 days 1,890 sqft
2018-10-01 76 days 1,856 sqft
2018-11-01 80 days 1,859 sqft
2018-12-01 88 days 1,872 sqft
2019-01-01 95 days 1,880 sqft
2019-02-01 85 days 1,896 sqft
2019-03-01 64 days 1,935 sqft
2019-04-01 61 days 1,967 sqft
2019-05-01 56 days 1,983 sqft
2019-06-01 58 days 1,973 sqft
2019-07-01 59 days 1,961 sqft
2019-08-01 60 days 1,953 sqft
2019-09-01 64 days 1,927 sqft
2019-10-01 67 days 1,951 sqft
2019-11-01 72 days 1,956 sqft
2019-12-01 82 days 1,947 sqft
2020-01-01 86 days 1,995 sqft
2020-02-01 71 days 2,121 sqft
2020-03-01 57 days 2,155 sqft
2020-04-01 60 days 2,143 sqft
2020-05-01 64 days 2,148 sqft
2020-06-01 59 days 2,160 sqft
2020-07-01 56 days 2,197 sqft
2020-08-01 51 days 2,156 sqft
2020-09-01 50 days 2,142 sqft
2020-10-01 49 days 2,086 sqft
2020-11-01 54 days 2,059 sqft
2020-12-01 63 days 2,023 sqft
2021-01-01 65 days 2,002 sqft
2021-02-01 57 days 1,982 sqft
2021-03-01 46 days 1,975 sqft
2021-04-01 41 days 2,002 sqft
2021-05-01 40 days 2,003 sqft
2021-06-01 37 days 1,952 sqft
2021-07-01 35 days 1,922 sqft
2021-08-01 37 days 1,930 sqft
2021-09-01 45 days 1,913 sqft
2021-10-01 47 days 1,946 sqft
2021-11-01 50 days 1,916 sqft
2021-12-01 53 days 1,895 sqft
2022-01-01 57 days 1,818 sqft
2022-02-01 38 days 1,812 sqft
2022-03-01 37 days 1,800 sqft
2022-04-01 35 days 1,833 sqft
Birmingham's median listing age (time on market) for 2022-04-01 was 35 days. This is -14% shorter than the same period one year ago.

Birmingham's median square footage for active listings during the 2022-04-01 period was 1,833 sqft. One year prior, the average listing was 2,002 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.