Blacksburg VA Loan Rates, Closing Costs & Stats

BLACKSBURG-CHRISTIANSBURG, VA

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    • 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.

    Blacksburg's 41 lenders originated 130 VA loans during 2023. The total origination value was $39,860,000, with an average VA loan value of $306,615.

    Blacksburg VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Blacksburg averaged 6.46% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Blacksburg's average VA mortgage closing costs are $5,928.

    The average rate for the prior week (2024-07-12) was 6.7% and one month ago for the week of 2024-06-14, the average rate was 6.46%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.1%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Blacksburg 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 Blacksburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 21 6.67% $4,471
    Alcova Mortgage LLC 9 6.49% $12,046
    USAA Federal Savings Bank 9 5.88% $10,846
    NAVY FEDERAL CREDIT UNION 7 5.88% $3,883
    Waterstone Mortgage Corporation 7 6.46% $9,845
    QUICKEN LOANS, LLC 7 6.21% $9,137
    MOVEMENT MORTGAGE, LLC 7 6.84% $5,820
    PENNYMAC LOAN SERVICES, LLC 5 5.43% $13,203
    Prosperity Home Mortgage, LLC 4 6.69% $10,412
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.63% $6,352
    First Heritage Mortgage, LLC 4 6.59% $5,246
    FREEDOM MORTGAGE CORPORATION 3 6.88% $8,689
    FREEDOM FIRST 3 6.50% $5,770
    UNION HOME MORTGAGE CORP. 3 6.63% $4,990
    UNITED WHOLESALE MORTGAGE, LLC 3 6.82% $5,089
    VILLAGE CAPITAL MORTGAGE 2 6.82% $4,869
    LOANDEPOT.COM, LLC 2 6.43% $13,564
    Renasant Bank 2 6.00% $5,013
    Mid-Continent Funding, Inc. 2 6.25% $5,538
    NEW DAY FINANCIAL, LLC 2 6.93% $7,659
    The Federal Savings Bank 1 7.13% $13,126
    Truist 1 6.25% $6,820
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $13,420
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $17,451
    Atlantic Union Bank 1 6.00% $4,822
    BROKER SOLUTIONS, INC. 1 6.75% $13,578
    CARDINAL FINANCIAL 1 6.75% $14,542
    Citizens Bank 1 6.25% $5,135
    CMG MORTGAGE, INC. 1 5.75% $32,352
    CONTOUR MORTGAGE CORPORATION 1 7.25% $6,632
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $5,361
    EMBRACE HOME LOANS, INC. 1 6.13% $13,037
    Equity Prime Mortgage LLC 1 6.75% $14,552
    GENEVA FINANCIAL, LLC 1 6.75% $13,635
    LOANPAL, LLC 1 6.38% $11,904
    Magnolia Bank 1 6.25% $15,167
    MILEND, INC. 1 7.13% $27,954
    MORTGAGEONE, INC. 1 7.50% $14,450
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $12,909
    PENTAGON FEDERAL CREDIT UNION 1 6.50% $5,748
    Plains Commerce Bank 1 5.63% $11,929

    The top Blacksburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 21 VA loans originated. Their average total fees are $4,471, which is $7,575 lower than the next largest lender, Alcova Mortgage LLC.

    The lowest fee Blacksburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,471), .

    The lowest rate Blacksburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.67%), .

    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.