Charleston VA Loans

CHARLESTON, WV

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.