Charlottesville VA Loan Rates, Closing Costs & Stats

CHARLOTTESVILLE, VA

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.

Charlottesville's 68 lenders originated 286 VA loans during 2023. The total origination value was $120,610,000, with an average VA loan value of $421,713.

Charlottesville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Charlottesville averaged 6.59% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Charlottesville's average VA mortgage closing costs are $7,169.

The average rate for the prior week (2024-05-10) was 6.7% and one month ago for the week of 2024-04-12, the average rate was 6.48%.

The average rate one year ago was 6.09%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.05%.

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

Charlottesville 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 Charlottesville level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 31 6.31% $9,621
NAVY FEDERAL CREDIT UNION 28 5.54% $7,141
UNITED WHOLESALE MORTGAGE, LLC 19 6.16% $11,566
QUICKEN LOANS, LLC 18 5.97% $16,288
First Heritage Mortgage, LLC 18 6.46% $10,109
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 11 6.29% $7,144
Prosperity Home Mortgage, LLC 11 5.85% $11,243
Atlantic Coast Mortgage, LLC 10 5.96% $11,707
USAA Federal Savings Bank 9 6.31% $15,888
MOVEMENT MORTGAGE, LLC 8 6.47% $6,473
PENTAGON FEDERAL CREDIT UNION 8 5.78% $12,717
Virginia Credit Union, Inc. 4 6.41% $8,728
The Federal Savings Bank 4 6.16% $15,825
Alcova Mortgage LLC 4 6.47% $22,473
Truist 4 6.66% $11,277
EMBRACE HOME LOANS, INC. 4 6.78% $15,647
NVR Mortgage Finance, Inc. 4 5.59% $12,841
NFM, INC. 4 6.63% $15,409
Towne First Mortgage, LLC 4 6.50% $16,753
ROSS MORTGAGE CORPORATION 4 6.53% $15,553
Renasant Bank 3 6.46% $19,039
CMG MORTGAGE, INC. 3 6.46% $8,986
FREEDOM MORTGAGE CORPORATION 3 6.21% $17,685
INTERCOASTAL MORTGAGE COMPANY 3 6.17% $6,737
Mid-Continent Funding, Inc. 3 6.33% $9,180
NEW DAY FINANCIAL, LLC 3 7.49% $19,676
PENNYMAC LOAN SERVICES, LLC 3 5.33% $6,185
LOANDEPOT.COM, LLC 3 5.50% $14,035
Barrington Bank & Trust Company, N.A. 2 6.19% $9,425
BROKER SOLUTIONS, INC. 2 7.00% $13,234
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 5.81% $5,224
Fulton Bank 2 5.88% $17,007
GUARANTEED RATE, INC. 2 4.74% $9,523
Ixonia Bank 2 7.06% $24,368
SOUTHWEST STAGE FUNDING, LLC 2 7.06% $41
VILLAGE CAPITAL MORTGAGE 2 5.44% $6,638
MORTGAGEONE, INC. 1 8.25% $215
GUILD MORTGAGE COMPANY 1 6.50% $14,449
GUARANTEED RATE AFFINITY, LLC 1 5.25% $11,663
Mr. Cooper ( Nationstar Mortgage ) 1 5.63% $12,045
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.00% $20,168
GSF Mortgage Corporation 1 6.63% $20,386
NBKC BANK 1 6.00% $7,973
Flagstar Bank, FSB 1 6.25% $10,666
NEWREZ LLC 1 5.63% $29,406
First Federal Bank 1 5.88% $9,954
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.63% $19,237
EMM LOANS LLC 1 6.50% $6,025
DIRECT MORTGAGE LOANS, LLC 1 5.25% $15,228
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.13% $20,032
CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $15,011
COMPASS MORTGAGE, INC. 1 6.13% $22,385
CAPITAL CENTER, L.L.C. 1 6.75% $100
BNC National Bank 1 5.13% $3,940
SOUTHERN TRUST MORTGAGE, LLC 1 6.13% $11,719
American Mortgage & Equity Consultants, Inc. 1 7.25% $2,323
The Central Trust Bank 1 7.00% $6,270
BAY EQUITY LLC 1 6.75% $16,719
Towne Bank 1 6.25% $12,956
Ameris Bank 1 6.63% $6,955
AMERISAVE MORTGAGE CORPORATION 1 5.63% $10,739
UNION HOME MORTGAGE CORP. 1 7.00% $13,338
American Security Mortgage Corp. 1 6.75% $15,714
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.25% $13,716
U.S. Bank 1 6.63% $12,018
Waterstone Mortgage Corporation 1 6.63% $15,336
JPMorgan Chase Bank 1 5.99% $8,565
Integrity Home Mortgage Corp 1 7.50% $7,824

The top Charlottesville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 31 VA loans originated. Their average total fees are $9,621, which is $2,480 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

The lowest fee Charlottesville VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($7,141), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($7,144), Mortgage Research Center, LLC ($9,621), First Heritage Mortgage, LLC ($10,109) and Prosperity Home Mortgage, LLC ($11,243).

The lowest rate Charlottesville VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.54%), Prosperity Home Mortgage, LLC (5.85%), Atlantic Coast Mortgage, LLC (5.96%), QUICKEN LOANS, LLC (5.97%) and UNITED WHOLESALE MORTGAGE, LLC (6.16%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Charlottesville (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 $409,200 (5.0%) $578,450 (3.2%) 1.52 1,068
2018-02-01 $399,945 (0.5%) $563,578 (-2.1%) 1.45 1,101
2018-03-01 $399,900 (1.0%) $590,366 (-0.3%) 1.40 1,258
2018-04-01 $399,900 (0.0%) $575,962 (-2.6%) 1.36 1,388
2018-05-01 $399,900 (-2.4%) $572,488 (-3.7%) 1.34 1,473
2018-06-01 $399,900 (-2.2%) $582,012 (-1.3%) 1.33 1,503
2018-07-01 $399,900 (-2.4%) $572,696 (-2.2%) 1.34 1,485
2018-08-01 $399,347 (-3.4%) $603,095 (4.8%) 1.34 1,460
2018-09-01 $398,000 (-4.1%) $582,835 (0.6%) 1.34 1,490
2018-10-01 $393,700 (-7.4%) $582,405 (-1.3%) 1.33 1,503
2018-11-01 $399,000 (-4.9%) $585,685 (2.0%) 1.35 1,357
2018-12-01 $389,700 (-5.0%) $549,319 (-4.7%) 1.34 1,187
2019-01-01 $393,150 (-3.9%) $562,016 (-2.8%) 1.36 1,109
2019-02-01 $403,450 (0.9%) $588,276 (4.4%) 1.36 1,140
2019-03-01 $426,900 (6.8%) $610,035 (3.3%) 1.40 1,266
2019-04-01 $434,713 (8.7%) $633,982 (10.1%) 1.38 1,395
2019-05-01 $443,673 (11.0%) $637,302 (11.3%) 1.39 1,464
2019-06-01 $429,900 (7.5%) $609,006 (4.6%) 1.34 1,466
2019-07-01 $429,900 (7.5%) $615,246 (7.4%) 1.35 1,454
2019-08-01 $429,723 (7.6%) $612,841 (1.6%) 1.36 1,438
2019-09-01 $429,457 (7.9%) $607,101 (4.2%) 1.37 1,436
2019-10-01 $429,405 (9.1%) $592,128 (1.7%) 1.39 1,427
2019-11-01 $425,000 (6.5%) $584,417 (-0.2%) 1.39 1,299
2019-12-01 $424,950 (9.1%) $588,754 (7.2%) 1.42 1,121
2020-01-01 $439,975 (11.9%) $617,976 (10.0%) 1.47 1,023
2020-02-01 $449,000 (11.3%) $635,712 (8.1%) 1.47 1,045
2020-03-01 $452,047 (5.9%) $634,215 (4.0%) 1.42 1,107
2020-04-01 $454,440 (4.5%) $639,735 (0.9%) 1.42 1,115
2020-05-01 $467,900 (5.5%) $646,925 (1.5%) 1.42 1,118
2020-06-01 $476,925 (10.9%) $663,621 (9.0%) 1.41 1,016
2020-07-01 $481,350 (12.0%) $670,189 (8.9%) 1.40 953
2020-08-01 $479,900 (11.7%) $697,131 (13.8%) 1.38 855
2020-09-01 $494,450 (15.1%) $720,472 (18.7%) 1.42 781
2020-10-01 $490,000 (14.1%) $722,449 (22.0%) 1.40 739
2020-11-01 $490,700 (15.5%) $828,535 (41.8%) 1.43 675
2020-12-01 $486,950 (14.6%) $830,720 (41.1%) 1.45 573
2021-01-01 $488,900 (11.1%) $870,102 (40.8%) 1.46 503
2021-02-01 $516,549 (15.0%) $922,898 (45.2%) 1.50 423
2021-03-01 $499,425 (10.5%) $904,344 (42.6%) 1.42 454
2021-04-01 $492,125 (8.3%) $896,678 (40.2%) 1.33 440
2021-05-01 $478,000 (2.2%) $878,177 (35.8%) 1.27 472
2021-06-01 $487,695 (2.3%) $793,274 (19.5%) 1.28 471
2021-07-01 $464,990 (-3.4%) $745,394 (11.2%) 1.23 491
2021-08-01 $459,950 (-4.2%) $752,198 (7.9%) 1.23 487
2021-09-01 $482,423 (-2.4%) $768,755 (6.7%) 1.29 491
2021-10-01 $499,000 (1.8%) $846,243 (17.1%) 1.33 447
2021-11-01 $510,525 (4.0%) $904,703 (9.2%) 1.36 375
2021-12-01 $499,950 (2.7%) $881,793 (6.2%) 1.35 330
2022-01-01 $544,329 (11.3%) $985,848 (13.3%) 1.47 268
2022-02-01 $553,725 (7.2%) $980,091 (6.2%) 1.44 261
2022-03-01 $515,779 (3.3%) $867,811 (-4.0%) 1.29 306
2022-04-01 $509,900 (3.6%) $858,498 (-4.3%) 1.22 342
2022-05-01 $509,210 (6.5%) $869,875 (-1.0%) 1.16 444
2022-06-01 $519,728 (6.6%) $900,578 (13.5%) 1.16 485
2022-07-01 $507,691 (9.2%) $924,316 (24.0%) 1.14 532
2022-08-01 $499,935 (8.7%) $886,019 (17.8%) 1.16 507
2022-09-01 $498,875 (3.4%) $874,690 (13.8%) 1.17 517
2022-10-01 $499,900 (0.2%) $893,372 (5.6%) 1.18 552
2022-11-01 $499,495 (-2.2%) $874,769 (-3.3%) 1.20 553
2022-12-01 $524,900 (5.0%) $883,168 (0.2%) 1.30 509
2023-01-01 $542,400 (-0.4%) $908,840 (-7.8%) 1.34 462
2023-02-01 $569,850 (2.9%) $956,763 (-2.4%) 1.38 451
2023-03-01 $584,900 (13.4%) $941,523 (8.5%) 1.38 471
2023-04-01 $567,450 (11.3%) $898,399 (4.7%) 1.32 525
2023-05-01 $562,000 (10.4%) $877,460 (0.9%) 1.27 519
2023-06-01 $569,194 (9.5%) $897,792 (-0.3%) 1.28 514
2023-07-01 $574,900 (13.2%) $885,060 (-4.3%) 1.31 500
2023-08-01 $571,975 (14.4%) $886,459 (0.1%) 1.31 494
2023-09-01 $550,000 (10.3%) $882,464 (0.9%) 1.28 508
2023-10-01 $550,000 (10.0%) $876,953 (-1.8%) 1.29 540
2023-11-01 $562,043 (12.5%) $857,212 (-2.0%) 1.34 542
2023-12-01 $559,990 (6.7%) $834,702 (-5.5%) 1.37 478
2024-01-01 $566,304 (4.4%) $827,949 (-8.9%) 1.38 436
2024-02-01 $562,400 (-1.3%) $866,679 (-9.4%) 1.35 438
2024-03-01 $594,925 (1.7%) $932,244 (-1.0%) 1.40 454
2024-04-01 $587,042 (3.5%) $934,480 (4.0%) 1.37 489
Charlottesville's median listing price for 2024-04-01 was $587,042, a difference of $19,592 (3.5%) versus the prior year and $-7,883 versus the prior month.

Charlottesville's median listing price comes in at 137% of the national average.

Charlottesville's average listing price for 2024-04-01 was $934,480, a difference of $36,081 (4.0%) versus the prior year and $2,236 versus the prior month.

For the 2024-04-01 period, Charlottesville had 489 MLS listings, a difference of 35 listings (8%) versus the prior month and -36 listings (-7%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Charlottesville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 106 days 2,387 sqft
2018-02-01 83 days 2,358 sqft
2018-03-01 53 days 2,368 sqft
2018-04-01 51 days 2,370 sqft
2018-05-01 55 days 2,388 sqft
2018-06-01 65 days 2,375 sqft
2018-07-01 80 days 2,372 sqft
2018-08-01 87 days 2,365 sqft
2018-09-01 90 days 2,347 sqft
2018-10-01 92 days 2,361 sqft
2018-11-01 95 days 2,364 sqft
2018-12-01 105 days 2,294 sqft
2019-01-01 111 days 2,309 sqft
2019-02-01 103 days 2,359 sqft
2019-03-01 75 days 2,397 sqft
2019-04-01 53 days 2,407 sqft
2019-05-01 58 days 2,441 sqft
2019-06-01 71 days 2,401 sqft
2019-07-01 77 days 2,412 sqft
2019-08-01 80 days 2,419 sqft
2019-09-01 80 days 2,427 sqft
2019-10-01 81 days 2,432 sqft
2019-11-01 86 days 2,392 sqft
2019-12-01 99 days 2,336 sqft
2020-01-01 107 days 2,347 sqft
2020-02-01 98 days 2,408 sqft
2020-03-01 61 days 2,445 sqft
2020-04-01 61 days 2,438 sqft
2020-05-01 72 days 2,480 sqft
2020-06-01 85 days 2,519 sqft
2020-07-01 87 days 2,494 sqft
2020-08-01 73 days 2,500 sqft
2020-09-01 70 days 2,464 sqft
2020-10-01 66 days 2,415 sqft
2020-11-01 67 days 2,404 sqft
2020-12-01 85 days 2,402 sqft
2021-01-01 94 days 2,315 sqft
2021-02-01 77 days 2,328 sqft
2021-03-01 49 days 2,288 sqft
2021-04-01 44 days 2,304 sqft
2021-05-01 41 days 2,315 sqft
2021-06-01 48 days 2,320 sqft
2021-07-01 45 days 2,263 sqft
2021-08-01 50 days 2,248 sqft
2021-09-01 51 days 2,276 sqft
2021-10-01 62 days 2,281 sqft
2021-11-01 64 days 2,255 sqft
2021-12-01 68 days 2,286 sqft
2022-01-01 80 days 2,310 sqft
2022-02-01 52 days 2,274 sqft
2022-03-01 34 days 2,182 sqft
2022-04-01 32 days 2,162 sqft
2022-05-01 34 days 2,221 sqft
2022-06-01 39 days 2,253 sqft
2022-07-01 45 days 2,239 sqft
2022-08-01 52 days 2,205 sqft
2022-09-01 51 days 2,213 sqft
2022-10-01 46 days 2,207 sqft
2022-11-01 53 days 2,198 sqft
2022-12-01 64 days 2,220 sqft
2023-01-01 82 days 2,242 sqft
2023-02-01 80 days 2,265 sqft
2023-03-01 50 days 2,278 sqft
2023-04-01 44 days 2,230 sqft
2023-05-01 51 days 2,255 sqft
2023-06-01 56 days 2,250 sqft
2023-07-01 57 days 2,247 sqft
2023-08-01 48 days 2,250 sqft
2023-09-01 52 days 2,259 sqft
2023-10-01 51 days 2,241 sqft
2023-11-01 59 days 2,233 sqft
2023-12-01 72 days 2,249 sqft
2024-01-01 81 days 2,232 sqft
2024-02-01 51 days 2,220 sqft
2024-03-01 43 days 2,265 sqft
2024-04-01 41 days 2,242 sqft
Charlottesville's median listing age (time on market) for 2024-04-01 was 41 days. This is -7% shorter than the same period one year ago.

Charlottesville's median square footage for active listings during the 2024-04-01 period was 2,242 sqft. One year prior, the average listing was 2,230 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.