Charleston VA Loan Rates, Closing Costs & Stats

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 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.

    Charleston's 36 lenders originated 199 VA loans during 2023. The total origination value was $41,385,000, with an average VA loan value of $207,965.

    Charleston VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Charleston averaged 6.67% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Charleston's average VA mortgage closing costs are $4,627.

    The average rate for the prior week (2024-11-01) was 6.23% and one month ago for the week of 2024-10-04, the average rate was 5.66%.

    The average rate one year ago was 7.31%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.08%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Charleston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 55 6.91% $4,106
    QUICKEN LOANS, LLC 18 6.51% $6,885
    LOANDEPOT.COM, LLC 13 6.73% $7,981
    NAVY FEDERAL CREDIT UNION 10 5.99% $6,020
    Gateway First Bank 10 6.84% $4,794
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 6.90% $3,606
    CROSSCOUNTRY MORTGAGE, LLC 6 7.17% $5,919
    PENNYMAC LOAN SERVICES, LLC 6 5.13% $7,233
    GUARANTEED RATE, INC. 6 7.17% $5,279
    Barrington Bank & Trust Company, N.A. 6 6.40% $4,819
    MOVEMENT MORTGAGE, LLC 5 6.58% $4,669
    Victorian Finance, LLC 5 7.11% $3,482
    SUCCESS MORTGAGE PARTNERS, INC. 3 7.25% $6,141
    USAA Federal Savings Bank 3 6.46% $4,198
    JPMorgan Chase Bank 3 6.38% $3,756
    FREEDOM MORTGAGE CORPORATION 3 6.75% $17,155
    Wells Fargo Bank 2 7.00% $11,785
    U.S. Bank 2 6.31% $6,563
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $9,166
    UNITED WHOLESALE MORTGAGE, LLC 2 7.52% $4,678
    UNION HOME MORTGAGE CORP. 2 6.94% $9,208
    T2 FINANCIAL LLC 2 7.06% $3,340
    The Huntington National Bank 2 6.06% $7,433
    The Federal Savings Bank 2 6.13% $15,764
    HOMESPIRE MORTGAGE CORPORATION 2 6.75% $428
    NBKC BANK 1 6.63% $2,097
    Armed Forces Bank 1 6.25% $4,140
    BROKER SOLUTIONS, INC. 1 6.63% $7,771
    CMG MORTGAGE, INC. 1 5.25% $5,015
    Community First National Bank 1 7.13% $3,430
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $4,746
    American Mortgage & Equity Consultants, Inc. 1 7.75% $14,532
    Paramount Residential Mortgage Group, Inc. 1 6.38% $5,790
    PENTAGON FEDERAL CREDIT UNION 1 5.50% $5,130
    Truist 1 6.10% $3,256
    United Bank 1 6.13% $5,972

    The top Charleston VA lender as defined by loan originations is Mortgage Research Center, LLC, with 55 VA loans originated. Their average total fees are $4,106, which is $2,778 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Charleston VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,106), Gateway First Bank ($4,794), NAVY FEDERAL CREDIT UNION ($6,020), QUICKEN LOANS, LLC ($6,885) and LOANDEPOT.COM, LLC ($7,981).

    The lowest rate Charleston VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.99%), QUICKEN LOANS, LLC (6.51%), LOANDEPOT.COM, LLC (6.73%), Gateway First Bank (6.84%) and Mortgage Research Center, LLC (6.91%).

    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.