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
-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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.