Burlington VA Loans

BURLINGTON, NC

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.

Burlington's 102 lenders originated 601 VA loans during 2021. The total origination value was $140,965,000, with an average VA loan value of $234,551.

Burlington VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Burlington averaged 5.49% 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 5.72% and one month ago for the week of 2022-04-08, the average rate was 5.24%.

The average rate one year ago was 3.26%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.55%.

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

Burlington 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 Burlington level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 56 2.49% $4,698
Mortgage Research Center, LLC 54 2.83% $6,429
PENNYMAC LOAN SERVICES, LLC 31 2.47% $4,332
FREEDOM MORTGAGE CORPORATION 29 2.43% $2,098
NAVY FEDERAL CREDIT UNION 25 2.41% $6,242
NEW DAY FINANCIAL, LLC 24 2.75% $7,567
UNION HOME MORTGAGE CORP. 22 2.57% $6,072
LOANDEPOT.COM, LLC 18 2.53% $3,729
Wells Fargo Bank 18 2.63% $2,829
VILLAGE CAPITAL & INVESTMENT LLC 15 2.27% $3,155
MOVEMENT MORTGAGE, LLC 13 2.94% $5,203
USAA Federal Savings Bank 12 2.97% $5,545
CROSSCOUNTRY MORTGAGE, LLC 12 2.92% $6,309
VANDERBILT MORTGAGE AND FINANCE, INC. 9 2.68% $6,143
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 9 3.14% $8,542
Mr. Cooper ( Nationstar Mortgage ) 8 2.70% $4,270
CALIBER HOME LOANS, INC. 7 2.50% $2,367
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 2.88% $5,949
CLEARPATH LENDING 7 2.11% $3,019
PENTAGON FEDERAL CREDIT UNION 7 2.38% $2,338
Barrington Bank & Trust Company, N.A. 6 2.49% $3,503
DHI MORTGAGE COMPANY, LTD. 6 2.77% $6,827
HOME POINT FINANCIAL CORPORATION 5 2.52% $2,507
Corporate Investors Mortgage Group, Inc. 5 2.70% $2,093
NEWREZ LLC 5 2.58% $2,487
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.80% $3,702
UNITED WHOLESALE MORTGAGE, LLC 5 2.46% $6,802
Low VA Rates, LLC 5 2.45% $2,952
The Federal Savings Bank 4 2.41% $6,566
LAKEVIEW LOAN SERVICING, LLC 3 2.63% $2,362
BROKER SOLUTIONS, INC. 3 3.13% $6,512
AMERICAN FINANCING CORPORATION 3 2.25% $3,071
GUARANTEED RATE, INC. 3 2.50% $7,946
SUN WEST MORTGAGE COMPANY, INC. 3 2.33% $3,794
HAMILTON HOME LOANS, INC. 3 3.04% $5,898
Towne Mortgage of the Carolinas, LLC 3 2.38% $6,775
AMERICAN FINANCIAL NETWORK, INC. 3 2.38% $4,332
Prosperity Home Mortgage, LLC 2 2.69% $8,751
HOMESIDE FINANCIAL, LLC 2 2.25% $4,931
AMERISAVE MORTGAGE CORPORATION 2 2.88% $2,875
PNC Bank 2 2.56% $4,868
BELEM SERVICING LLC 2 2.44% $6,390
PLANET HOME LENDING, LLC 2 2.50% $1,069
Victorian Finance, LLC 2 2.94% $8,007
First Federal Bank 2 4.62% $9,921
MILEND, INC. 2 3.06% $8,260
ACCELERATE MORTGAGE, LLC 2 2.12% $8,193
CORNERSTONE HOME LENDING, INC. 2 3.25% $5,201
Hometown Lenders, Inc. 2 3.69% $3,201
Mid-Continent Funding, Inc. 2 2.94% $2,898
Magnolia Bank 2 2.63% $11,709
EQUITY RESOURCES, INC. 2 2.50% $4,342
Blue Ridge Bank 2 3.19% $3,812
RELIANCE FIRST CAPITAL, LLC 2 2.81% $4,868
Lakeview Community Capital, LLC 2 2.38% $2,666
Wyndham Capital Mortgage, Inc. 1 2.63% $18,652
Advance Financial Group, LLC 1 2.25% $3,109
Alcova Mortgage LLC 1 2.88% $6,605
Allen Tate Mortgage Partners, LLC 1 2.75% $1,025
AMCAP MORTGAGE, LTD. 1 2.38% $3,523
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 2.88% $7,649
AmeriHome Mortgage Company, LLC 1 2.63% $2,478
BNC National Bank 1 2.25% $2,142
CALCON MUTUAL MORTGAGE LLC 1 3.00% $13,368
Carrington Mortgage Services, LLC 1 3.25% $5,767
CERTAINTY HOME LOANS, LLC 1 3.13% $1,485
CHURCHILL MORTGAGE CORPORATION 1 2.25% $10,375
Community First National Bank 1 2.50% $3,597
EMBRACE HOME LOANS, INC. 1 2.25% $2,115
Equity Prime Mortgage LLC 1 3.75% $2,689
FINANCE OF AMERICA MORTGAGE LLC 1 3.50% $14,265
First Guaranty Mortgage Corporation 1 2.25% $7,467
First Home Bank 1 3.13% $5,808
Flagstar Bank, FSB 1 3.00% $3,068
George Mason Mortgage, LLC 1 2.75% $2,774
GoPrime Mortgage, Inc. 1 3.13% $2,502
GUILD MORTGAGE COMPANY 1 2.63% $2,882
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.63% $4,497
HOMESPIRE MORTGAGE CORPORATION 1 3.00% $846
HOMESTAR FINANCIAL CORPORATION 1 3.25% $15,606
INSPIRE HOME LOANS INC. 1 2.75% $8,586
INTERCOASTAL MORTGAGE COMPANY 1 3.00% $1,465
Ixonia Bank 1 2.63% $12,050
KELLER MORTGAGE, LLC 1 2.38% $1,865
KS StateBank 1 2.25% $2,346
LOANPAL, LLC 1 2.25% $19,230
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $5,620
Nations Lending Corporation 1 3.25% $7,356
NFM, INC. 1 2.75% $2,514
North American Savings Bank, F.S.B. 1 2.75% $2,160
NP, Inc. 1 2.25% $4,141
NTFN, INC. 1 2.75% $6,192
Paramount Residential Mortgage Group, Inc. 1 3.25% $3,157
Prime Choice Funding Inc. 1 2.38% $2,898
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.38% $2,180
SUCCESS MORTGAGE PARTNERS, INC. 1 2.75% $3,851
T2 FINANCIAL LLC 1 3.25% $11,631
The Central Trust Bank 1 2.75% $5,654
TOTAL MORTGAGE SERVICES, LLC 1 2.50% $3,956
Towne Bank 1 2.88% $3,245
UNITED SECURITY FINANCIAL CORP 1 2.25% $1,394
U.S. Bank 1 2.25% $6,116

The top Burlington VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 56 VA loans originated. Their average total fees are $4,698, which is $1,731 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Burlington VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,098), Wells Fargo Bank ($2,829), VILLAGE CAPITAL & INVESTMENT LLC ($3,155), LOANDEPOT.COM, LLC ($3,729) and PENNYMAC LOAN SERVICES, LLC ($4,332).

The lowest rate Burlington VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.27%), NAVY FEDERAL CREDIT UNION (2.41%), FREEDOM MORTGAGE CORPORATION (2.43%), PENNYMAC LOAN SERVICES, LLC (2.47%) and QUICKEN LOANS, LLC (2.49%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Burlington (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 $217,450 (17.6%) $278,392 (26.4%) 0.80 951
2018-02-01 $217,500 (16.0%) $279,244 (24.3%) 0.78 885
2018-03-01 $227,499 (16.5%) $279,454 (19.8%) 0.79 841
2018-04-01 $228,289 (14.2%) $260,118 (7.7%) 0.77 783
2018-05-01 $237,900 (17.1%) $271,050 (-5.0%) 0.79 791
2018-06-01 $232,500 (18.6%) $276,416 (-1.0%) 0.78 798
2018-07-01 $235,680 (18.7%) $277,250 (0.0%) 0.79 809
2018-08-01 $236,400 (18.2%) $268,635 (-0.4%) 0.79 793
2018-09-01 $245,000 (19.5%) $273,362 (1.3%) 0.82 759
2018-10-01 $240,500 (19.7%) $269,188 (0.4%) 0.80 844
2018-11-01 $240,975 (12.1%) $271,278 (-0.3%) 0.81 805
2018-12-01 $246,330 (14.6%) $274,567 (1.7%) 0.84 746
2019-01-01 $240,155 (10.4%) $268,041 (-3.7%) 0.83 715
2019-02-01 $252,293 (16.0%) $284,499 (1.9%) 0.85 666
2019-03-01 $259,900 (14.2%) $291,620 (4.4%) 0.85 630
2019-04-01 $259,900 (13.9%) $293,568 (12.9%) 0.82 582
2019-05-01 $257,450 (8.2%) $291,247 (7.5%) 0.79 610
2019-06-01 $255,000 (9.7%) $294,368 (6.5%) 0.78 591
2019-07-01 $252,450 (7.1%) $306,758 (10.6%) 0.78 601
2019-08-01 $247,386 (4.7%) $302,064 (12.4%) 0.78 596
2019-09-01 $242,785 (-0.9%) $291,158 (6.5%) 0.77 603
2019-10-01 $243,950 (1.4%) $290,197 (7.8%) 0.78 637
2019-11-01 $239,900 (-0.5%) $284,915 (5.0%) 0.77 623
2019-12-01 $235,000 (-4.6%) $282,712 (3.0%) 0.78 601
2020-01-01 $245,035 (2.0%) $287,379 (7.2%) 0.82 559
2020-02-01 $250,000 (-0.9%) $300,921 (5.8%) 0.81 511
2020-03-01 $261,490 (0.6%) $305,490 (4.8%) 0.82 499
2020-04-01 $267,240 (2.8%) $322,181 (9.8%) 0.83 528
2020-05-01 $276,465 (7.4%) $349,744 (20.1%) 0.84 461
2020-06-01 $281,400 (10.4%) $349,996 (18.9%) 0.82 413
2020-07-01 $280,450 (11.1%) $328,898 (7.2%) 0.80 382
2020-08-01 $286,900 (16.0%) $345,244 (14.3%) 0.82 344
2020-09-01 $292,935 (20.7%) $347,190 (19.2%) 0.84 353
2020-10-01 $275,000 (12.7%) $340,447 (17.3%) 0.79 330
2020-11-01 $294,189 (22.6%) $349,572 (22.7%) 0.84 305
2020-12-01 $299,000 (27.2%) $363,719 (28.7%) 0.88 258
2021-01-01 $289,000 (17.9%) $376,441 (31.0%) 0.85 220
2021-02-01 $259,945 (4.0%) $368,669 (22.5%) 0.75 217
2021-03-01 $275,000 (5.2%) $387,950 (27.0%) 0.77 180
2021-04-01 $291,248 (9.0%) $407,939 (26.6%) 0.78 157
2021-05-01 $270,000 (-2.3%) $385,619 (10.3%) 0.71 180
2021-06-01 $274,750 (-2.4%) $410,114 (17.2%) 0.71 191
2021-07-01 $297,000 (5.9%) $404,461 (23.0%) 0.77 217
2021-08-01 $289,990 (1.1%) $379,190 (9.8%) 0.76 267
2021-09-01 $294,250 (0.5%) $374,147 (7.8%) 0.77 291
2021-10-01 $290,000 (5.5%) $347,649 (2.1%) 0.76 274
2021-11-01 $283,750 (-3.6%) $337,258 (-3.5%) 0.75 304
2021-12-01 $295,000 (-1.3%) $353,499 (-2.8%) 0.79 272
2022-01-01 $325,000 (12.5%) $377,748 (0.4%) 0.87 198
2022-02-01 $314,253 (20.9%) $377,096 (2.3%) 0.80 146
2022-03-01 $349,950 (27.3%) $407,137 (5.0%) 0.86 144
2022-04-01 $360,000 (23.6%) $408,262 (0.1%) 0.85 158
Burlington's median listing price for 2022-04-01 was $360,000, a difference of $68,752 (23.6%) versus the prior year and $10,050 versus the prior month.

Burlington's median listing price comes in at 85% of the national average.

Burlington's average listing price for 2022-04-01 was $408,262, a difference of $323 (0.1%) versus the prior year and $1,125 versus the prior month.

For the 2022-04-01 period, Burlington had 158 MLS listings, a difference of 14 listings (10%) versus the prior month and 1 listings (1%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Burlington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 113 days 2,021 sqft
2018-02-01 107 days 2,011 sqft
2018-03-01 77 days 2,045 sqft
2018-04-01 63 days 2,055 sqft
2018-05-01 66 days 2,074 sqft
2018-06-01 58 days 2,048 sqft
2018-07-01 66 days 2,043 sqft
2018-08-01 64 days 2,067 sqft
2018-09-01 67 days 2,131 sqft
2018-10-01 61 days 2,098 sqft
2018-11-01 73 days 2,060 sqft
2018-12-01 75 days 2,069 sqft
2019-01-01 90 days 2,067 sqft
2019-02-01 98 days 2,192 sqft
2019-03-01 67 days 2,214 sqft
2019-04-01 57 days 2,195 sqft
2019-05-01 42 days 2,196 sqft
2019-06-01 47 days 2,217 sqft
2019-07-01 50 days 2,140 sqft
2019-08-01 51 days 2,045 sqft
2019-09-01 50 days 1,977 sqft
2019-10-01 50 days 1,970 sqft
2019-11-01 46 days 1,979 sqft
2019-12-01 59 days 1,942 sqft
2020-01-01 74 days 1,963 sqft
2020-02-01 65 days 2,008 sqft
2020-03-01 48 days 2,054 sqft
2020-04-01 45 days 2,099 sqft
2020-05-01 51 days 2,231 sqft
2020-06-01 51 days 2,261 sqft
2020-07-01 35 days 2,226 sqft
2020-08-01 44 days 2,180 sqft
2020-09-01 34 days 2,279 sqft
2020-10-01 30 days 2,102 sqft
2020-11-01 32 days 2,090 sqft
2020-12-01 43 days 2,133 sqft
2021-01-01 39 days 1,929 sqft
2021-02-01 22 days 1,875 sqft
2021-03-01 23 days 1,939 sqft
2021-04-01 29 days 2,024 sqft
2021-05-01 16 days 1,874 sqft
2021-06-01 18 days 1,918 sqft
2021-07-01 19 days 1,909 sqft
2021-08-01 20 days 1,878 sqft
2021-09-01 22 days 1,934 sqft
2021-10-01 29 days 1,887 sqft
2021-11-01 22 days 1,855 sqft
2021-12-01 35 days 1,921 sqft
2022-01-01 45 days 1,918 sqft
2022-02-01 35 days 1,955 sqft
2022-03-01 19 days 2,058 sqft
2022-04-01 13 days 2,026 sqft
Burlington's median listing age (time on market) for 2022-04-01 was 13 days. This is -55% shorter than the same period one year ago.

Burlington's median square footage for active listings during the 2022-04-01 period was 2,026 sqft. One year prior, the average listing was 2,024 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.