Charlottesville VA Loan Rates, Closing Costs & Stats

CHARLOTTESVILLE, VA

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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.

    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 5.97% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.3% and one month ago for the week of 2024-11-08, the average rate was 6.5%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.72%.

    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
    2024-05-01 $626,225 (11.4%) $1,036,376 (18.1%) 1.42 520
    2024-06-01 $599,700 (5.4%) $1,009,893 (12.5%) 1.35 555
    2024-07-01 $597,450 (3.9%) $993,859 (12.3%) 1.37 547
    2024-08-01 $599,000 (4.7%) $987,966 (11.5%) 1.39 559
    2024-09-01 $572,000 (4.0%) $973,987 (10.4%) 1.35 584
    2024-10-01 $554,500 (0.8%) $918,380 (4.7%) 1.30 617
    2024-11-01 $550,000 (-2.1%) $912,213 (6.4%) 1.32 592
    Charlottesville's median listing price for 2024-11-01 was $550,000, a difference of $-12,043 (-2.1%) versus the prior year and $-4,500 versus the prior month.

    Charlottesville's median listing price comes in at 132% of the national average.

    Charlottesville's average listing price for 2024-11-01 was $912,213, a difference of $55,001 (6.4%) versus the prior year and $-6,167 versus the prior month.

    For the 2024-11-01 period, Charlottesville had 592 MLS listings, a difference of -25 listings (-4%) versus the prior month and 50 listings (9%) 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 2,234 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
    2024-05-01 41 days 2,298 sqft
    2024-06-01 46 days 2,303 sqft
    2024-07-01 50 days 2,300 sqft
    2024-08-01 55 days 2,306 sqft
    2024-09-01 56 days 2,270 sqft
    2024-10-01 46 days 2,266 sqft
    2024-11-01 53 days 2,223 sqft
    Charlottesville's median listing age (time on market) for 2024-11-01 was 53 days. This is -9% shorter than the same period one year ago.

    Charlottesville's median square footage for active listings during the 2024-11-01 period was 2,223 sqft. One year prior, the average listing was 2,233 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.