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 7.09% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.52% and one month ago for the week of 2024-03-15, the average rate was 6.79%.

    The average rate one year ago was 6.18%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.6%.

    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%).

    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 $137,125 (-1.5%) $214,526 (0.5%) 0.51 1,174
    2018-02-01 $139,450 (-0.3%) $217,269 (-1.4%) 0.51 1,160
    2018-03-01 $139,900 (0.2%) $221,052 (-0.2%) 0.49 1,166
    2018-04-01 $145,000 (2.1%) $229,143 (1.5%) 0.49 1,190
    2018-05-01 $142,450 (-1.6%) $225,609 (1.1%) 0.48 1,249
    2018-06-01 $144,900 (-1.1%) $225,933 (1.9%) 0.48 1,288
    2018-07-01 $145,000 (-2.7%) $228,096 (3.0%) 0.48 1,329
    2018-08-01 $145,000 (-3.0%) $228,677 (3.5%) 0.49 1,345
    2018-09-01 $146,500 (-1.3%) $231,103 (5.3%) 0.49 1,368
    2018-10-01 $149,800 (3.3%) $231,948 (6.8%) 0.51 1,308
    2018-11-01 $149,450 (4.7%) $235,903 (9.6%) 0.51 1,267
    2018-12-01 $145,000 (0.7%) $234,197 (8.0%) 0.50 1,201
    2019-01-01 $147,125 (7.3%) $234,698 (9.4%) 0.51 1,127
    2019-02-01 $149,000 (6.9%) $238,787 (9.9%) 0.50 1,122
    2019-03-01 $149,386 (6.8%) $238,653 (8.0%) 0.49 1,116
    2019-04-01 $149,836 (3.3%) $239,382 (4.5%) 0.48 1,110
    2019-05-01 $149,900 (5.2%) $242,577 (7.5%) 0.47 1,153
    2019-06-01 $149,900 (3.5%) $240,976 (6.7%) 0.47 1,216
    2019-07-01 $149,000 (2.8%) $231,413 (1.5%) 0.47 1,246
    2019-08-01 $146,882 (1.3%) $224,720 (-1.7%) 0.47 1,251
    2019-09-01 $148,580 (1.4%) $224,438 (-2.9%) 0.48 1,237
    2019-10-01 $149,900 (0.1%) $224,444 (-3.2%) 0.48 1,227
    2019-11-01 $149,000 (-0.3%) $221,567 (-6.1%) 0.49 1,197
    2019-12-01 $147,750 (1.9%) $224,408 (-4.2%) 0.49 1,147
    2020-01-01 $144,975 (-1.5%) $228,547 (-2.6%) 0.48 1,088
    2020-02-01 $145,000 (-2.7%) $227,886 (-4.6%) 0.47 1,042
    2020-03-01 $149,950 (0.4%) $236,608 (-0.9%) 0.47 1,007
    2020-04-01 $156,225 (4.3%) $240,727 (0.6%) 0.49 934
    2020-05-01 $160,000 (6.7%) $252,309 (4.0%) 0.49 830
    2020-06-01 $161,200 (7.5%) $252,155 (4.6%) 0.47 817
    2020-07-01 $159,900 (7.3%) $255,733 (10.5%) 0.46 804
    2020-08-01 $160,348 (9.2%) $259,978 (15.7%) 0.46 769
    2020-09-01 $159,900 (7.6%) $257,560 (14.8%) 0.46 761
    2020-10-01 $160,000 (6.7%) $259,205 (15.5%) 0.46 749
    2020-11-01 $154,850 (3.9%) $248,140 (12.0%) 0.45 604
    2020-12-01 $149,700 (1.3%) $233,723 (4.2%) 0.45 565
    2021-01-01 $144,500 (-0.3%) $233,079 (2.0%) 0.43 508
    2021-02-01 $139,000 (-4.1%) $228,881 (0.4%) 0.40 462
    2021-03-01 $137,450 (-8.3%) $230,110 (-2.8%) 0.39 416
    2021-04-01 $137,000 (-12.3%) $248,130 (3.1%) 0.37 369
    2021-05-01 $139,900 (-12.6%) $248,851 (-1.4%) 0.37 388
    2021-06-01 $145,000 (-10.1%) $224,925 (-10.8%) 0.38 394
    2021-07-01 $149,900 (-6.3%) $218,567 (-14.5%) 0.40 394
    2021-08-01 $139,925 (-12.7%) $208,128 (-19.9%) 0.37 420
    2021-09-01 $148,475 (-7.2%) $206,386 (-19.9%) 0.40 441
    2021-10-01 $144,250 (-9.8%) $198,489 (-23.4%) 0.38 482
    2021-11-01 $143,700 (-7.2%) $202,766 (-18.3%) 0.38 437
    2021-12-01 $149,950 (0.2%) $200,695 (-14.1%) 0.41 420
    2022-01-01 $144,000 (-0.4%) $199,630 (-14.4%) 0.39 385
    2022-02-01 $148,500 (6.8%) $222,136 (-3.0%) 0.39 332
    2022-03-01 $143,975 (4.8%) $225,133 (-2.2%) 0.36 296
    2022-04-01 $147,500 (7.7%) $228,983 (-7.7%) 0.35 286
    2022-05-01 $152,680 (9.1%) $229,882 (-7.6%) 0.35 306
    2022-06-01 $150,000 (3.5%) $214,329 (-4.7%) 0.33 348
    2022-07-01 $149,900 (0.0%) $218,086 (-0.2%) 0.34 386
    2022-08-01 $144,750 (3.5%) $203,258 (-2.3%) 0.33 395
    2022-09-01 $149,900 (1.0%) $205,444 (-0.5%) 0.35 387
    2022-10-01 $149,700 (3.8%) $205,685 (3.6%) 0.35 398
    2022-11-01 $145,000 (0.9%) $201,312 (-0.7%) 0.35 396
    2022-12-01 $139,950 (-6.7%) $196,205 (-2.2%) 0.35 389
    2023-01-01 $144,938 (0.7%) $197,266 (-1.2%) 0.36 363
    2023-02-01 $145,000 (-2.4%) $213,498 (-3.9%) 0.35 320
    2023-03-01 $152,090 (5.6%) $239,369 (6.3%) 0.36 312
    2023-04-01 $150,000 (1.7%) $238,705 (4.3%) 0.35 272
    2023-05-01 $166,948 (9.3%) $243,073 (5.7%) 0.38 284
    2023-06-01 $169,875 (13.3%) $252,856 (18.0%) 0.38 302
    2023-07-01 $169,900 (13.3%) $248,209 (13.8%) 0.39 325
    2023-08-01 $159,950 (10.5%) $237,452 (16.8%) 0.37 338
    2023-09-01 $173,863 (16.0%) $227,925 (10.9%) 0.40 338
    2023-10-01 $158,500 (5.9%) $210,258 (2.2%) 0.37 352
    2023-11-01 $146,125 (0.8%) $208,739 (3.7%) 0.35 343
    2023-12-01 $159,900 (14.3%) $222,339 (13.3%) 0.39 331
    2024-01-01 $165,950 (14.5%) $220,036 (11.5%) 0.41 302
    2024-02-01 $152,475 (5.2%) $217,068 (1.7%) 0.37 313
    2024-03-01 $164,973 (8.5%) $241,931 (1.1%) 0.39 304
    Charleston's median listing price for 2024-03-01 was $164,973, a difference of $12,883 (8.5%) versus the prior year and $12,498 versus the prior month.

    Charleston's median listing price comes in at 39% of the national average.

    Charleston's average listing price for 2024-03-01 was $241,931, a difference of $2,562 (1.1%) versus the prior year and $24,863 versus the prior month.

    For the 2024-03-01 period, Charleston had 304 MLS listings, a difference of -9 listings (-3%) versus the prior month and -8 listings (-3%) 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
    2018-01-01 100 days 1,800 sqft
    2018-02-01 102 days 1,804 sqft
    2018-03-01 92 days 1,824 sqft
    2018-04-01 77 days 1,846 sqft
    2018-05-01 72 days 1,832 sqft
    2018-06-01 73 days 1,839 sqft
    2018-07-01 79 days 1,851 sqft
    2018-08-01 84 days 1,875 sqft
    2018-09-01 85 days 1,838 sqft
    2018-10-01 87 days 1,868 sqft
    2018-11-01 88 days 1,893 sqft
    2018-12-01 95 days 1,854 sqft
    2019-01-01 102 days 1,861 sqft
    2019-02-01 102 days 1,897 sqft
    2019-03-01 92 days 1,892 sqft
    2019-04-01 80 days 1,871 sqft
    2019-05-01 74 days 1,840 sqft
    2019-06-01 74 days 1,847 sqft
    2019-07-01 77 days 1,853 sqft
    2019-08-01 82 days 1,848 sqft
    2019-09-01 84 days 1,853 sqft
    2019-10-01 86 days 1,856 sqft
    2019-11-01 88 days 1,836 sqft
    2019-12-01 95 days 1,837 sqft
    2020-01-01 102 days 1,836 sqft
    2020-02-01 101 days 1,809 sqft
    2020-03-01 84 days 1,887 sqft
    2020-04-01 81 days 1,915 sqft
    2020-05-01 88 days 1,944 sqft
    2020-06-01 95 days 1,930 sqft
    2020-07-01 79 days 1,904 sqft
    2020-08-01 73 days 1,901 sqft
    2020-09-01 72 days 1,869 sqft
    2020-10-01 75 days 1,863 sqft
    2020-11-01 75 days 1,826 sqft
    2020-12-01 77 days 1,823 sqft
    2021-01-01 80 days 1,805 sqft
    2021-02-01 74 days 1,709 sqft
    2021-03-01 61 days 1,708 sqft
    2021-04-01 61 days 1,681 sqft
    2021-05-01 45 days 1,680 sqft
    2021-06-01 50 days 1,688 sqft
    2021-07-01 53 days 1,734 sqft
    2021-08-01 51 days 1,691 sqft
    2021-09-01 49 days 1,723 sqft
    2021-10-01 47 days 1,684 sqft
    2021-11-01 59 days 1,656 sqft
    2021-12-01 70 days 1,681 sqft
    2022-01-01 73 days 1,653 sqft
    2022-02-01 75 days 1,684 sqft
    2022-03-01 61 days 1,664 sqft
    2022-04-01 52 days 1,650 sqft
    2022-05-01 45 days 1,700 sqft
    2022-06-01 47 days 1,679 sqft
    2022-07-01 48 days 1,706 sqft
    2022-08-01 51 days 1,708 sqft
    2022-09-01 51 days 1,645 sqft
    2022-10-01 45 days 1,642 sqft
    2022-11-01 49 days 1,641 sqft
    2022-12-01 60 days 1,615 sqft
    2023-01-01 74 days 1,637 sqft
    2023-02-01 74 days 1,644 sqft
    2023-03-01 60 days 1,686 sqft
    2023-04-01 50 days 1,751 sqft
    2023-05-01 43 days 1,800 sqft
    2023-06-01 41 days 1,793 sqft
    2023-07-01 44 days 1,879 sqft
    2023-08-01 43 days 1,755 sqft
    2023-09-01 50 days 1,772 sqft
    2023-10-01 52 days 1,716 sqft
    2023-11-01 60 days 1,674 sqft
    2023-12-01 64 days 1,716 sqft
    2024-01-01 66 days 1,716 sqft
    2024-02-01 60 days 1,602 sqft
    2024-03-01 47 days 1,708 sqft
    Charleston's median listing age (time on market) for 2024-03-01 was 47 days. This is -21% shorter than the same period one year ago.

    Charleston's median square footage for active listings during the 2024-03-01 period was 1,708 sqft. One year prior, the average listing was 1,686 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.