Charleston VA Loans

CHARLESTON, WV

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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 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.

    Charleston's 52 lenders originated 451 VA loans during 2021. The total origination value was $84,985,000, with an average VA loan value of $188,437.

    Charleston VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Charleston 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 5.82% and one month ago for the week of 2022-04-08, the average rate was 5.04%.

    The average rate one year ago was 3.25%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.32%.

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

    Charleston 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 Charleston level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 78 2.93% $5,206
    QUICKEN LOANS, LLC 53 2.54% $4,357
    PRIMELENDING, A PLAINSCAPITAL COMPANY 34 3.02% $3,612
    Gateway First Bank 24 3.18% $4,198
    LOANDEPOT.COM, LLC 24 3.00% $4,943
    FREEDOM MORTGAGE CORPORATION 18 2.57% $1,718
    Victorian Finance, LLC 16 2.75% $4,086
    USAA Federal Savings Bank 13 2.81% $3,988
    PENNYMAC LOAN SERVICES, LLC 13 2.35% $5,771
    NAVY FEDERAL CREDIT UNION 12 2.48% $3,393
    MOVEMENT MORTGAGE, LLC 10 3.01% $3,885
    Barrington Bank & Trust Company, N.A. 9 2.79% $6,917
    PENTAGON FEDERAL CREDIT UNION 6 2.40% $6,183
    Wells Fargo Bank 6 2.52% $4,070
    CROSSCOUNTRY MORTGAGE, LLC 6 2.96% $4,769
    CALIBER HOME LOANS, INC. 6 2.50% $1,993
    VILLAGE CAPITAL & INVESTMENT LLC 5 2.70% $2,767
    The Huntington National Bank 5 3.03% $5,870
    HOMESPIRE MORTGAGE CORPORATION 4 3.31% $5,083
    The Federal Savings Bank 3 2.63% $5,745
    UNION HOME MORTGAGE CORP. 3 2.83% $3,801
    PLANET HOME LENDING, LLC 3 2.25% $3,037
    Truist Bank 3 2.82% $5,497
    LAKEVIEW LOAN SERVICING, LLC 3 2.46% $1,517
    Fifth Third Bank 2 2.63% $2,645
    WesBanco Bank, Inc. 2 2.81% $4,709
    AMERISAVE MORTGAGE CORPORATION 2 2.94% $5,111
    HOME POINT FINANCIAL CORPORATION 2 2.44% $6,058
    Renasant Bank 2 2.50% $11,018
    BROKER SOLUTIONS, INC. 2 2.93% $6,003
    Low VA Rates, LLC 2 2.00% $3,196
    Mr. Cooper ( Nationstar Mortgage ) 2 3.00% $1,358
    MYCUMORTGAGE, LLC 2 2.63% $5,736
    CONTOUR MORTGAGE CORPORATION 2 2.25% $3,715
    Wyndham Capital Mortgage, Inc. 1 2.38% $950
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.00% $6,412
    Carrington Mortgage Services, LLC 1 2.50% $2,633
    Equity Prime Mortgage LLC 1 2.75% $1,833
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.99% $575
    FINANCE OF AMERICA MORTGAGE LLC 1 3.00% $4,081
    First Federal Bank 1 2.88% $3,288
    First Guaranty Mortgage Corporation 1 2.88% $842
    Hometown Lenders, Inc. 1 4.25% $3,535
    LIBERTY HOME MORTGAGE CORPORATION 1 3.25% $3,639
    Magnolia Bank 1 2.25% $5,307
    NBKC BANK 1 2.25% $3,173
    NEWREZ LLC 1 2.75% $1,262
    PHH Mortgage Corporation 1 3.38% $8,266
    SOUTHWEST STAGE FUNDING, LLC 1 2.88% $5,261
    Stifel Bank and Trust 1 2.25% $9,287
    UNITED WHOLESALE MORTGAGE, LLC 1 2.25% $2,487
    AMERICAN FINANCING CORPORATION 1 2.50% $7,927

    The top Charleston VA lender as defined by loan originations is Mortgage Research Center, LLC, with 78 VA loans originated. Their average total fees are $5,206, which is $848 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Charleston VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,718), NAVY FEDERAL CREDIT UNION ($3,393), PRIMELENDING, A PLAINSCAPITAL COMPANY ($3,612), MOVEMENT MORTGAGE, LLC ($3,885) and USAA Federal Savings Bank ($3,988).

    The lowest rate Charleston VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.35%), NAVY FEDERAL CREDIT UNION (2.48%), QUICKEN LOANS, LLC (2.54%), FREEDOM MORTGAGE CORPORATION (2.57%) and Victorian Finance, LLC (2.75%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Charleston (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 $138,000 (-1.4%) $214,840 (1.2%) 0.51 1,066
    2018-02-01 $139,450 (-0.3%) $217,244 (-0.8%) 0.50 1,057
    2018-03-01 $140,000 (0.1%) $222,654 (0.9%) 0.48 1,049
    2018-04-01 $148,461 (3.1%) $230,494 (1.3%) 0.50 1,087
    2018-05-01 $145,250 (2.7%) $227,299 (0.7%) 0.48 1,133
    2018-06-01 $147,000 (1.0%) $227,796 (1.5%) 0.49 1,176
    2018-07-01 $148,969 (-0.6%) $229,690 (2.4%) 0.50 1,217
    2018-08-01 $149,000 (-0.6%) $230,761 (3.3%) 0.50 1,239
    2018-09-01 $148,500 (-0.9%) $232,995 (4.9%) 0.50 1,262
    2018-10-01 $148,500 (-0.6%) $236,375 (7.9%) 0.50 1,201
    2018-11-01 $148,750 (2.6%) $240,566 (11.0%) 0.50 1,158
    2018-12-01 $145,000 (0.0%) $237,877 (9.0%) 0.50 1,099
    2019-01-01 $149,200 (8.1%) $238,489 (11.0%) 0.51 1,027
    2019-02-01 $149,900 (7.5%) $243,142 (11.9%) 0.50 1,025
    2019-03-01 $149,943 (7.1%) $242,977 (9.1%) 0.49 1,025
    2019-04-01 $149,993 (1.0%) $243,023 (5.4%) 0.47 1,014
    2019-05-01 $149,950 (3.2%) $246,308 (8.4%) 0.46 1,056
    2019-06-01 $150,000 (2.0%) $246,659 (8.3%) 0.46 1,114
    2019-07-01 $149,450 (0.3%) $234,762 (2.2%) 0.46 1,153
    2019-08-01 $149,100 (0.1%) $226,957 (-1.7%) 0.47 1,159
    2019-09-01 $149,800 (0.9%) $225,472 (-3.2%) 0.48 1,145
    2019-10-01 $149,900 (0.9%) $228,586 (-3.3%) 0.48 1,112
    2019-11-01 $149,900 (0.8%) $226,347 (-5.9%) 0.48 1,075
    2019-12-01 $149,000 (2.8%) $232,816 (-2.1%) 0.50 1,029
    2020-01-01 $146,950 (-1.5%) $238,046 (-0.2%) 0.49 971
    2020-02-01 $147,500 (-1.6%) $238,144 (-2.1%) 0.48 931
    2020-03-01 $149,950 (0.0%) $243,833 (0.4%) 0.47 897
    2020-04-01 $156,250 (4.2%) $247,189 (1.7%) 0.49 841
    2020-05-01 $162,000 (8.0%) $262,168 (6.4%) 0.49 754
    2020-06-01 $161,200 (7.5%) $261,856 (6.2%) 0.47 741
    2020-07-01 $159,900 (7.0%) $265,733 (13.2%) 0.46 726
    2020-08-01 $160,695 (7.8%) $274,329 (20.9%) 0.46 693
    2020-09-01 $160,298 (7.0%) $273,446 (21.3%) 0.46 674
    2020-10-01 $160,725 (7.2%) $273,093 (19.5%) 0.46 667
    2020-11-01 $157,900 (5.3%) $262,711 (16.1%) 0.45 530
    2020-12-01 $149,900 (0.6%) $246,535 (5.9%) 0.44 497
    2021-01-01 $145,000 (-1.3%) $241,026 (1.3%) 0.43 451
    2021-02-01 $139,000 (-5.8%) $235,161 (-1.3%) 0.40 410
    2021-03-01 $137,000 (-8.6%) $236,644 (-3.0%) 0.38 368
    2021-04-01 $137,000 (-12.3%) $260,460 (5.4%) 0.37 317
    2021-05-01 $139,900 (-13.6%) $262,616 (0.2%) 0.37 332
    2021-06-01 $140,000 (-13.2%) $233,526 (-10.8%) 0.36 341
    2021-07-01 $146,000 (-8.7%) $222,194 (-16.4%) 0.38 341
    2021-08-01 $139,900 (-12.9%) $209,952 (-23.5%) 0.37 370
    2021-09-01 $147,000 (-8.3%) $206,401 (-24.5%) 0.39 392
    2021-10-01 $144,000 (-10.4%) $201,384 (-26.3%) 0.38 439
    2021-11-01 $143,950 (-8.8%) $206,520 (-21.4%) 0.38 399
    2021-12-01 $149,500 (-0.3%) $203,201 (-17.6%) 0.40 382
    2022-01-01 $142,900 (-1.5%) $203,384 (-15.6%) 0.38 339
    2022-02-01 $148,900 (7.1%) $229,279 (-2.5%) 0.38 300
    2022-03-01 $142,500 (4.0%) $235,446 (-0.5%) 0.35 262
    2022-04-01 $144,000 (5.1%) $236,681 (-9.1%) 0.34 253
    Charleston's median listing price for 2022-04-01 was $144,000, a difference of $7,000 (5.1%) versus the prior year and $1,500 versus the prior month.

    Charleston's median listing price comes in at 34% of the national average.

    Charleston's average listing price for 2022-04-01 was $236,681, a difference of $-23,779 (-9.1%) versus the prior year and $1,235 versus the prior month.

    For the 2022-04-01 period, Charleston had 253 MLS listings, a difference of -9 listings (-3%) versus the prior month and -64 listings (-20%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 105 days 1,814 sqft
    2018-02-01 107 days 1,827 sqft
    2018-03-01 101 days 1,848 sqft
    2018-04-01 80 days 1,888 sqft
    2018-05-01 75 days 1,854 sqft
    2018-06-01 78 days 1,870 sqft
    2018-07-01 84 days 1,870 sqft
    2018-08-01 89 days 1,900 sqft
    2018-09-01 92 days 1,854 sqft
    2018-10-01 93 days 1,862 sqft
    2018-11-01 97 days 1,888 sqft
    2018-12-01 102 days 1,845 sqft
    2019-01-01 108 days 1,839 sqft
    2019-02-01 107 days 1,893 sqft
    2019-03-01 100 days 1,895 sqft
    2019-04-01 86 days 1,889 sqft
    2019-05-01 79 days 1,851 sqft
    2019-06-01 77 days 1,863 sqft
    2019-07-01 79 days 1,867 sqft
    2019-08-01 84 days 1,853 sqft
    2019-09-01 90 days 1,849 sqft
    2019-10-01 92 days 1,862 sqft
    2019-11-01 93 days 1,855 sqft
    2019-12-01 99 days 1,850 sqft
    2020-01-01 107 days 1,842 sqft
    2020-02-01 105 days 1,828 sqft
    2020-03-01 95 days 1,892 sqft
    2020-04-01 87 days 1,912 sqft
    2020-05-01 94 days 1,930 sqft
    2020-06-01 102 days 1,924 sqft
    2020-07-01 93 days 1,902 sqft
    2020-08-01 81 days 1,906 sqft
    2020-09-01 80 days 1,891 sqft
    2020-10-01 80 days 1,868 sqft
    2020-11-01 78 days 1,810 sqft
    2020-12-01 79 days 1,792 sqft
    2021-01-01 86 days 1,810 sqft
    2021-02-01 81 days 1,740 sqft
    2021-03-01 69 days 1,717 sqft
    2021-04-01 70 days 1,652 sqft
    2021-05-01 51 days 1,690 sqft
    2021-06-01 52 days 1,644 sqft
    2021-07-01 56 days 1,687 sqft
    2021-08-01 51 days 1,674 sqft
    2021-09-01 50 days 1,699 sqft
    2021-10-01 49 days 1,668 sqft
    2021-11-01 58 days 1,654 sqft
    2021-12-01 64 days 1,666 sqft
    2022-01-01 73 days 1,650 sqft
    2022-02-01 81 days 1,715 sqft
    2022-03-01 71 days 1,719 sqft
    2022-04-01 55 days 1,664 sqft
    Charleston's median listing age (time on market) for 2022-04-01 was 55 days. This is -21% shorter than the same period one year ago.

    Charleston's median square footage for active listings during the 2022-04-01 period was 1,664 sqft. One year prior, the average listing was 1,652 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.