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 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 0.18% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

Birmingham's average VA mortgage closing costs are $4,949.

The average rate for the prior week (2022-11-18) was 6.87% and one month ago for the week of 2022-10-21, the average rate was 7.11%.

The average rate one year ago was 3.2%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.06%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
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 MORTGAGE 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
TJC Mortgage, Inc. 43 2.61% $5,503
HOME POINT FINANCIAL CORPORATION 43 2.53% $6,291
Wells Fargo Bank 39 2.64% $4,694
Hometown Lenders, Inc. 38 3.13% $6,778
CLEARPATH LENDING 37 2.36% $4,469
DHI MORTGAGE COMPANY, LTD. 37 2.66% $6,109
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
Renasant Bank 24 2.87% $5,944
NEWREZ LLC 24 2.62% $2,891
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
Carrington Mortgage Services, LLC 17 3.18% $3,355
Assurance Financial Group, L.L.C. 17 2.89% $5,108
CROSSCOUNTRY MORTGAGE, LLC 16 3.06% $5,918
First Guaranty Mortgage Corporation 14 2.55% $3,006
AMERICAN FINANCIAL NETWORK, INC. 14 2.66% $9,296
Northpointe Bank 14 3.04% $4,800
Bank of England 14 2.67% $7,810
ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 3.47% $6,105
GMFS LLC 13 2.68% $2,818
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 2.90% $8,858
PLANET HOME LENDING, LLC 13 2.50% $1,811
LEADERONE FINANCIAL CORPORATION 13 3.07% $6,767
VANDERBILT MORTGAGE AND FINANCE, INC. 12 2.93% $8,615
HOMEBRIDGE FINANCIAL SERVICES, INC. 12 2.61% $3,952
BROKER SOLUTIONS, INC. 12 2.85% $4,579
ACCELERATE MORTGAGE, LLC 11 2.39% $6,686
HOMEOWNERS FINANCIAL GROUP USA, LLC 11 3.16% $4,553
HUNT MORTGAGE CORPORATION 11 2.91% $6,772
Mid-Continent Funding, Inc. 10 2.85% $5,031
Synovus Bank 10 2.71% $6,503
Ameris Bank 10 2.58% $4,614
Plains Commerce Bank 10 2.53% $5,520
BancorpSouth Bank 10 2.88% $7,959
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
Magnolia Bank 7 2.38% $6,234
Flagstar Bank, FSB 7 2.60% $4,926
Hamilton Mortgage Corporation 7 2.68% $5,944
SOUTHWEST FUNDING, LP 7 3.48% $10,761
ServisFirst Bank 7 3.04% $6,585
NP, Inc. 7 2.27% $4,630
MUTUAL OF OMAHA MORTGAGE, INC. 7 2.59% $4,808
GUARANTY HOME MORTGAGE CORPORATION 6 2.65% $10,233
SUN WEST MORTGAGE COMPANY, INC. 6 2.60% $8,207
BNC National Bank 6 2.38% $3,371
NBKC BANK 6 2.54% $7,657
Nations Lending Corporation 6 2.69% $5,651
Ixonia Bank 6 3.31% $7,140
DRAPER AND KRAMER MORTGAGE CORP. 6 2.94% $4,085
First Federal Bank 6 3.50% $6,331
KS StateBank 5 2.28% $3,213
InterContinental Capital Group, Inc 5 2.33% $5,327
AVADIAN 5 2.78% $4,069
SOVEREIGN LENDING GROUP INCORPORATED 5 2.65% $4,733
CB&S Bank, Inc. 5 2.53% $5,173
THE MORTGAGE FIRM, INC. 4 3.31% $4,585
AMERICAN FINANCING CORPORATION 4 2.44% $2,920
EVANSVILLE TEACHERS 4 2.88% $4,328
South State Bank 4 2.72% $8,086
MORTGAGE SOLUTIONS OF COLORADO, LLC 4 2.88% $8,046
A Mortgage Boutique, LLC 4 2.56% $9,185
Consumer First Mortgage, Inc. 4 2.72% $9,717
Gateway First Bank 4 2.94% $8,610
MID AMERICA MORTGAGE, INC. 3 2.63% $3,694
AMERIFIRST FINANCIAL CORPORATION 3 4.38% $7,504
M&T Bank 3 2.92% $3,451
Truist 3 2.72% $5,986
AMERICAN MORTGAGE SERVICE COMPANY 3 2.83% $2,408
RELIANCE FIRST CAPITAL, LLC 3 2.96% $11,194
HOMETRUST MORTGAGE COMPANY 3 3.25% $11,046
Cadence Bank, N.A. 3 2.42% $4,512
PLAZA HOME MORTGAGE, INC. 2 2.93% $5,362
First Internet Bank of Indiana 2 2.38% $7,718
BAYSHORE MORTGAGE FUNDING, LLC 2 2.25% $3,799
KELLER MORTGAGE, LLC 2 2.69% $10,746
NATIONS DIRECT MORTGAGE, LLC 2 3.88% $2,078
F&M Bank 2 2.56% $8,688
ALLIED MORTGAGE GROUP, INC. 2 2.50% $16,427
Colonial Savings, F.A. 2 2.69% $2,757
HOMESIDE FINANCIAL, LLC 2 2.62% $6,392
FINANCE OF AMERICA MORTGAGE LLC 2 3.13% $2,340
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.19% $2,853
UNION HOME MORTGAGE CORP. 2 2.94% $16,925
GSF Mortgage Corporation 2 3.50% $15,596
GUARANTEED RATE, INC. 2 2.75% $12,230
Prime Choice Funding Inc. 2 2.31% $1,563
CERTAINTY HOME LOANS, LLC 2 2.56% $4,831
DAS Acquisition Company, LLC 2 3.25% $405
Valley National Bank 2 2.81% $4,530
STOCKTON MORTGAGE CORPORATION 2 2.31% $8,540
STEARNS LENDING, LLC 2 2.31% $8,430
PNC Bank 2 2.75% $1,708
CMG MORTGAGE, INC. 2 3.00% $12,686
TIAA, FSB 1 3.13% $245
Equity Prime Mortgage LLC 1 2.75% $1,298
EMM LOANS LLC 1 3.13% $3,867
First Federal Bank of Kansas City 1 2.38% $1,455
Eagle Bank and Trust Company 1 2.25% $38,308
First Horizon Bank 1 2.13% $3,335
GUARANTEED RATE AFFINITY, LLC 1 2.25% $6,345
CORNERSTONE HOME LENDING, INC. 1 4.50% $6,553
CONTOUR MORTGAGE CORPORATION 1 2.38% $6,432
HOMESTAR FINANCIAL CORPORATION 1 2.88% $8,417
Community Bank of Mississippi 1 2.63% $2,776
ACOPIA, LLC 1 3.25% $2,078
INTERCAP LENDING INC. 1 2.99% $3,064
CityWorth Mortgage LLC 1 2.38% $1,653
Liberty Mortgage Corporation 1 2.25% $2,563
Lincoln Savings Bank 1 2.63% $13,589
CHURCHILL MORTGAGE CORPORATION 1 3.13% $3,087
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
Century Mortgage Company DBA Century Lending Company 1 2.38% $5,400
Capital City Home Loans, LLC 1 2.50% $8,279
NETWORK CAPITAL FUNDING CORPORATION 1 3.25% $1,511
BOKF 1 3.00% $12,328
Origin Bank 1 2.63% $2,225
Paramount Bank 1 2.25% $35,214
Paramount Residential Mortgage Group, Inc. 1 3.25% $8,252
BAY EQUITY LLC 1 2.88% $3,184
Pinnacle Bank 1 2.88% $11,031
PREMIA MORTGAGE, LLC 1 2.25% $10,870
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
The Central Trust Bank 1 2.38% $6,158
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
EVERETT FINANCIAL, INC. 1 2.75% $8,325

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 MORTGAGE (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 $206,500 (8.7%) $273,152 (8.4%) 0.77 4,315
2018-02-01 $211,950 (8.5%) $276,853 (7.0%) 0.77 4,210
2018-03-01 $224,865 (10.0%) $290,798 (8.1%) 0.79 4,126
2018-04-01 $233,290 (8.6%) $301,757 (8.7%) 0.79 4,208
2018-05-01 $238,950 (9.0%) $310,231 (8.8%) 0.80 4,315
2018-06-01 $236,920 (7.7%) $310,802 (8.5%) 0.79 4,412
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 $229,428 (9.3%) $304,539 (11.2%) 0.78 4,382
2018-12-01 $229,900 (9.8%) $304,728 (12.4%) 0.79 4,086
2019-01-01 $231,320 (12.0%) $303,269 (11.0%) 0.80 3,805
2019-02-01 $242,450 (14.4%) $317,463 (14.7%) 0.82 3,727
2019-03-01 $252,478 (12.3%) $328,470 (13.0%) 0.83 3,708
2019-04-01 $258,508 (10.8%) $338,333 (12.1%) 0.82 3,733
2019-05-01 $264,950 (10.9%) $340,927 (9.9%) 0.83 3,749
2019-06-01 $266,635 (12.5%) $340,333 (9.5%) 0.83 3,966
2019-07-01 $269,450 (12.4%) $339,576 (9.9%) 0.84 4,095
2019-08-01 $268,564 (12.4%) $337,187 (9.3%) 0.85 4,094
2019-09-01 $266,559 (15.9%) $334,225 (8.7%) 0.85 4,056
2019-10-01 $264,950 (16.9%) $331,697 (10.2%) 0.85 4,002
2019-11-01 $259,900 (13.3%) $327,966 (7.7%) 0.85 3,808
2019-12-01 $253,617 (10.3%) $324,533 (6.5%) 0.85 3,506
2020-01-01 $254,380 (10.0%) $326,415 (7.6%) 0.85 3,228
2020-02-01 $259,900 (7.2%) $332,945 (4.9%) 0.85 3,194
2020-03-01 $267,313 (5.9%) $343,686 (4.6%) 0.84 3,123
2020-04-01 $265,000 (2.5%) $340,280 (0.6%) 0.83 3,188
2020-05-01 $269,900 (1.9%) $352,640 (3.4%) 0.82 3,121
2020-06-01 $279,000 (4.6%) $362,437 (6.5%) 0.82 2,935
2020-07-01 $279,450 (3.7%) $361,222 (6.4%) 0.81 2,784
2020-08-01 $275,000 (2.4%) $359,936 (6.8%) 0.79 2,640
2020-09-01 $273,045 (2.4%) $359,852 (7.7%) 0.78 2,550
2020-10-01 $264,950 (0.0%) $352,726 (6.3%) 0.76 2,581
2020-11-01 $260,150 (0.1%) $349,702 (6.6%) 0.76 2,484
2020-12-01 $260,741 (2.8%) $349,460 (7.7%) 0.78 2,278
2021-01-01 $260,000 (2.2%) $348,428 (6.7%) 0.78 2,066
2021-02-01 $263,850 (1.5%) $356,529 (7.1%) 0.77 1,723
2021-03-01 $269,695 (0.9%) $370,090 (7.7%) 0.77 1,656
2021-04-01 $279,500 (5.5%) $390,792 (14.8%) 0.76 1,565
2021-05-01 $279,900 (3.7%) $387,098 (9.8%) 0.74 1,455
2021-06-01 $276,950 (-0.7%) $375,244 (3.5%) 0.73 1,566
2021-07-01 $275,000 (-1.6%) $367,798 (1.8%) 0.72 1,839
2021-08-01 $277,450 (0.9%) $367,817 (2.2%) 0.74 1,951
2021-09-01 $275,000 (0.7%) $369,767 (2.8%) 0.73 1,891
2021-10-01 $285,000 (7.6%) $375,693 (6.5%) 0.76 1,830
2021-11-01 $279,900 (7.6%) $374,580 (7.1%) 0.75 1,681
2021-12-01 $274,950 (5.5%) $370,538 (6.0%) 0.75 1,562
2022-01-01 $265,000 (1.9%) $363,476 (4.3%) 0.72 1,418
2022-02-01 $262,400 (-0.6%) $368,608 (3.4%) 0.68 1,424
2022-03-01 $264,950 (-1.8%) $372,335 (0.6%) 0.66 1,418
2022-04-01 $275,000 (-1.6%) $387,251 (-0.9%) 0.66 1,502
2022-05-01 $290,763 (3.9%) $400,460 (3.5%) 0.66 1,628
2022-06-01 $299,000 (8.0%) $399,503 (6.5%) 0.67 1,951
2022-07-01 $299,500 (8.9%) $389,119 (5.8%) 0.68 2,393
2022-08-01 $286,088 (3.1%) $375,426 (2.1%) 0.66 2,492
2022-09-01 $281,995 (2.5%) $369,987 (0.1%) 0.66 2,470
2022-10-01 $279,900 (-1.8%) $368,848 (-1.8%) 0.66 2,660
Birmingham's median listing price for 2022-10-01 was $279,900, a difference of $-5,100 (-1.8%) versus the prior year and $-2,095 versus the prior month.

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

Birmingham's average listing price for 2022-10-01 was $368,848, a difference of $-6,845 (-1.8%) versus the prior year and $-1,139 versus the prior month.

For the 2022-10-01 period, Birmingham had 2,660 MLS listings, a difference of 190 listings (8%) versus the prior month and 830 listings (45%) 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 1,888 sqft
2018-02-01 96 days 1,890 sqft
2018-03-01 71 days 1,880 sqft
2018-04-01 66 days 1,889 sqft
2018-05-01 60 days 1,916 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 1,884 sqft
2019-01-01 93 days 1,888 sqft
2019-02-01 83 days 1,918 sqft
2019-03-01 71 days 1,953 sqft
2019-04-01 61 days 1,978 sqft
2019-05-01 54 days 1,988 sqft
2019-06-01 57 days 1,976 sqft
2019-07-01 58 days 1,979 sqft
2019-08-01 61 days 1,978 sqft
2019-09-01 67 days 1,968 sqft
2019-10-01 72 days 1,961 sqft
2019-11-01 78 days 1,973 sqft
2019-12-01 85 days 1,953 sqft
2020-01-01 88 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 2,134 sqft
2020-05-01 70 days 2,135 sqft
2020-06-01 71 days 2,135 sqft
2020-07-01 65 days 2,157 sqft
2020-08-01 60 days 2,138 sqft
2020-09-01 59 days 2,123 sqft
2020-10-01 57 days 2,064 sqft
2020-11-01 59 days 2,035 sqft
2020-12-01 71 days 1,998 sqft
2021-01-01 72 days 1,970 sqft
2021-02-01 55 days 1,937 sqft
2021-03-01 45 days 1,967 sqft
2021-04-01 40 days 2,002 sqft
2021-05-01 45 days 2,008 sqft
2021-06-01 38 days 1,942 sqft
2021-07-01 33 days 1,920 sqft
2021-08-01 36 days 1,926 sqft
2021-09-01 42 days 1,907 sqft
2021-10-01 53 days 1,930 sqft
2021-11-01 62 days 1,907 sqft
2021-12-01 61 days 1,881 sqft
2022-01-01 71 days 1,823 sqft
2022-02-01 44 days 1,817 sqft
2022-03-01 34 days 1,809 sqft
2022-04-01 32 days 1,852 sqft
2022-05-01 32 days 1,843 sqft
2022-06-01 30 days 1,863 sqft
2022-07-01 30 days 1,875 sqft
2022-08-01 38 days 1,851 sqft
2022-09-01 46 days 1,842 sqft
2022-10-01 47 days 1,847 sqft
Birmingham's median listing age (time on market) for 2022-10-01 was 47 days. This is -11% shorter than the same period one year ago.

Birmingham's median square footage for active listings during the 2022-10-01 period was 1,847 sqft. One year prior, the average listing was 1,930 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.