Charlottesville VA Loans

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 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 119 lenders originated 950 VA loans during 2021. The total origination value was $328,790,000, with an average VA loan value of $346,095.

Charlottesville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Charlottesville averaged 5.26% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.51% and one month ago for the week of 2022-07-01, the average rate was 5.44%.

The average rate one year ago was 3.02%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.08%.

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

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 81 2.39% $5,831
Mortgage Research Center, LLC 80 2.77% $7,247
FREEDOM MORTGAGE CORPORATION 66 2.33% $3,041
PENNYMAC LOAN SERVICES, LLC 57 2.29% $6,779
NAVY FEDERAL CREDIT UNION 42 2.47% $6,115
USAA Federal Savings Bank 40 2.89% $4,181
Atlantic Coast Mortgage, LLC 30 2.61% $7,961
UNITED WHOLESALE MORTGAGE, LLC 28 2.55% $11,239
LOANDEPOT.COM, LLC 25 2.42% $3,975
First Heritage Mortgage, LLC 23 2.54% $13,683
HOME POINT FINANCIAL CORPORATION 18 2.49% $5,017
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 14 2.83% $6,917
Prosperity Home Mortgage, LLC 14 2.70% $8,023
FINANCE OF AMERICA MORTGAGE LLC 12 2.95% $7,398
NEW DAY FINANCIAL, LLC 12 2.69% $8,549
GUARANTEED RATE, INC. 11 2.66% $10,237
LAKEVIEW LOAN SERVICING, LLC 11 2.50% $3,309
Mr. Cooper ( Nationstar Mortgage ) 10 2.58% $6,195
NVR Mortgage Finance, Inc. 10 2.85% $7,501
PENTAGON FEDERAL CREDIT UNION 10 2.50% $3,165
CALIBER HOME LOANS, INC. 9 2.42% $2,364
Waterstone Mortgage Corporation 9 2.51% $7,019
GUILD MORTGAGE COMPANY 9 2.75% $6,877
MOVEMENT MORTGAGE, LLC 8 2.84% $8,580
NFM, INC. 7 2.91% $10,677
Wells Fargo Bank 7 2.55% $4,201
CLEARPATH LENDING 7 2.27% $3,823
NBKC BANK 5 2.45% $4,429
Presidential Bank, FSB 5 2.65% $9,022
Towne First Mortgage, LLC 5 2.68% $1,345
The Federal Savings Bank 5 2.30% $6,539
Fulton Bank 4 2.78% $5,212
Low VA Rates, LLC 4 2.25% $6,121
Ixonia Bank 4 3.00% $10,128
BNC National Bank 4 2.38% $2,508
SUN WEST MORTGAGE COMPANY, INC. 4 2.31% $3,889
HOMESIDE FINANCIAL, LLC 4 2.38% $2,200
First Guaranty Mortgage Corporation 3 2.29% $7,612
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.63% $8,459
C & F Mortgage Corporation 3 2.92% $8,223
Strong Home Mortgage, LLC 3 2.46% $3,077
RESIDENTIAL MORTGAGE SERVICES, INC. 3 2.25% $4,150
BROKER SOLUTIONS, INC. 3 2.66% $14,580
EMBRACE HOME LOANS, INC. 3 2.42% $7,574
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 2.50% $5,318
Truist Bank 3 2.83% $5,335
ACCELERATE MORTGAGE, LLC 3 2.16% $6,481
Towne Mortgage, LLC 3 3.17% $8,369
Barrington Bank & Trust Company, N.A. 3 2.66% $13,938
AMERICAN FINANCIAL NETWORK, INC. 3 2.25% $8,031
North American Savings Bank, F.S.B. 3 2.29% $4,912
VILLAGE CAPITAL & INVESTMENT LLC 3 2.25% $3,333
AMERISAVE MORTGAGE CORPORATION 3 2.63% $2,845
Integrity Home Mortgage Corp 3 2.63% $11,926
Wyndham Capital Mortgage, Inc. 2 2.25% $855
Alcova Mortgage LLC 2 3.06% $10,381
First Federal Bank of Kansas City 2 2.50% $3,281
FIRST HOME MORTGAGE CORPORATION 2 2.56% $18,708
INTERCOASTAL MORTGAGE COMPANY 2 2.63% $8,139
Lakeview Community Capital, LLC 2 2.69% $2,455
OVM FINANCIAL, INC. 2 3.06% $11,419
PLANET HOME LENDING, LLC 2 2.44% $1,996
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.87% $6,285
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 2.68% $8,236
Renasant Bank 2 3.06% $37,068
ROSS MORTGAGE CORPORATION 2 2.88% $12,819
U.S. Bank 2 3.06% $2,403
Vellum Mortgage, Inc. 2 2.88% $6,530
George Mason Mortgage, LLC 1 2.63% $26,330
Gateway First Bank 1 2.75% $7,659
NETWORK CAPITAL FUNDING CORPORATION 1 2.25% $2,971
Flagstar Bank, FSB 1 2.75% $3,526
NEWREZ LLC 1 3.25% $3,158
NewTowne Mortgage, LLC 1 2.63% $17,050
FIRST SAVINGS MORTGAGE CORPORATION 1 2.25% $5,482
First Mortgage Solutions, LLC 1 2.25% $1,725
First Home Bank 1 2.50% $4,350
American National Bank and Trust Company 1 2.63% $12,934
Paramount Residential Mortgage Group, Inc. 1 2.25% $26,276
First Federal Bank 1 2.75% $18,230
FirstBank 1 2.25% $2,503
Plains Commerce Bank 1 2.25% $3,149
ACADEMY MORTGAGE CORPORATION 1 2.75% $4,169
PLAZA HOME MORTGAGE, INC. 1 2.25% $1,269
PNC Bank 1 2.88% $2,585
ENVOY MORTGAGE, LTD 1 2.75% $3,351
VILLAGE BANK MORTGAGE CORPORATION 1 3.13% $14,272
Assurance Financial Group, L.L.C. 1 3.13% $10,178
CONTOUR MORTGAGE CORPORATION 1 2.25% $1,891
CMG MORTGAGE, INC. 1 2.50% $14,580
Virginia Credit Union, Inc. 1 2.88% $23,788
Citizens Bank 1 2.63% $14,142
AmeriHome Mortgage Company, LLC 1 2.50% $960
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.75% $205
RUOFF MORTGAGE COMPANY, INC. 1 3.25% $2,650
SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 1 2.75% $15,021
SOUTHERN TRUST MORTGAGE, LLC 1 2.75% $0
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $4,121
STOCKTON MORTGAGE CORPORATION 1 2.63% $16,882
CHURCHILL MORTGAGE CORPORATION 1 3.13% $1,941
SUMMIT FUNDING, INC. 1 2.75% $2,358
CELEBRITY HOME LOANS, LLC 1 2.25% $2,893
CBM Mortgage, Inc. 1 2.88% $3,796
TIAA, FSB 1 2.38% $6,134
Carrington Mortgage Services, LLC 1 2.25% $1,748
CAPITAL CENTER, L.L.C. 1 2.50% $8,750
Blue Ridge Bank 1 2.63% $3,159
UNION HOME MORTGAGE CORP. 1 2.88% $10,948
UNITED SECURITY FINANCIAL CORP 1 1.75% $3,486
Aurora Financial, LLC 1 2.75% $6,955
Atlantic Union Bank 1 3.13% $14,350
MCLEAN MORTGAGE CORPORATION 1 2.50% $525
Mid-Continent Funding, Inc. 1 2.25% $11,634
Midwest BankCentre 1 2.75% $1,960
MORTGAGE ACCESS CORP. 1 2.25% $3,721
Magnolia Bank 1 2.63% $20,128
KS StateBank 1 2.50% $11,496
GoPrime Mortgage, Inc. 1 3.25% $2,925
Nations Lending Corporation 1 2.88% $9,803

The top Charlottesville VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 81 VA loans originated. Their average total fees are $5,831, which is $1,416 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Charlottesville VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,041), PENTAGON FEDERAL CREDIT UNION ($3,165), LAKEVIEW LOAN SERVICING, LLC ($3,309), LOANDEPOT.COM, LLC ($3,975) and USAA Federal Savings Bank ($4,181).

The lowest rate Charlottesville VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.29%), FREEDOM MORTGAGE CORPORATION (2.33%), QUICKEN LOANS, LLC (2.39%), LOANDEPOT.COM, LLC (2.42%) and NAVY FEDERAL CREDIT UNION (2.47%).


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 $386,500 (1.1%) $578,823 (2.7%) 1.42 1,257
2018-02-01 $387,450 (-0.6%) $572,887 (-0.5%) 1.40 1,293
2018-03-01 $389,000 (-0.2%) $601,258 (1.0%) 1.35 1,464
2018-04-01 $389,900 (-1.3%) $581,823 (-2.2%) 1.31 1,603
2018-05-01 $392,500 (-1.7%) $576,611 (-4.0%) 1.31 1,689
2018-06-01 $389,000 (-2.6%) $579,774 (-2.3%) 1.30 1,723
2018-07-01 $385,000 (-3.5%) $571,126 (-2.6%) 1.28 1,694
2018-08-01 $382,500 (-3.9%) $606,401 (7.9%) 1.28 1,667
2018-09-01 $384,900 (-2.8%) $640,833 (13.3%) 1.29 1,690
2018-10-01 $384,925 (-3.5%) $591,106 (1.8%) 1.29 1,704
2018-11-01 $389,000 (-2.0%) $592,151 (2.7%) 1.30 1,552
2018-12-01 $379,000 (-1.6%) $548,215 (-3.6%) 1.30 1,363
2019-01-01 $382,950 (-0.9%) $568,030 (-1.9%) 1.32 1,267
2019-02-01 $397,450 (2.6%) $599,263 (4.6%) 1.33 1,292
2019-03-01 $414,900 (6.7%) $622,915 (3.6%) 1.35 1,409
2019-04-01 $429,900 (10.3%) $644,044 (10.7%) 1.35 1,539
2019-05-01 $434,450 (10.7%) $657,549 (14.0%) 1.34 1,624
2019-06-01 $424,900 (9.2%) $623,320 (7.5%) 1.31 1,624
2019-07-01 $418,121 (8.6%) $620,539 (8.7%) 1.30 1,618
2019-08-01 $417,995 (9.3%) $618,775 (2.0%) 1.32 1,601
2019-09-01 $418,874 (8.8%) $609,941 (-4.8%) 1.33 1,580
2019-10-01 $426,698 (10.9%) $601,618 (1.8%) 1.36 1,584
2019-11-01 $425,000 (9.3%) $597,187 (0.9%) 1.37 1,448
2019-12-01 $424,900 (12.1%) $608,554 (11.0%) 1.42 1,262
2020-01-01 $439,945 (14.9%) $623,318 (9.7%) 1.47 1,164
2020-02-01 $449,000 (13.0%) $647,662 (8.1%) 1.45 1,192
2020-03-01 $459,945 (10.9%) $649,434 (4.3%) 1.44 1,264
2020-04-01 $461,495 (7.4%) $657,420 (2.1%) 1.44 1,278
2020-05-01 $475,000 (9.3%) $672,121 (2.2%) 1.44 1,257
2020-06-01 $487,400 (14.7%) $686,173 (10.1%) 1.42 1,142
2020-07-01 $499,250 (19.4%) $704,126 (13.5%) 1.43 1,074
2020-08-01 $489,900 (17.2%) $726,194 (17.4%) 1.40 977
2020-09-01 $512,500 (22.4%) $764,632 (25.4%) 1.46 867
2020-10-01 $509,900 (19.5%) $761,488 (26.6%) 1.46 815
2020-11-01 $494,950 (16.5%) $845,430 (41.6%) 1.42 758
2020-12-01 $489,450 (15.2%) $843,717 (38.6%) 1.44 639
2021-01-01 $489,900 (11.4%) $869,276 (39.5%) 1.44 551
2021-02-01 $522,500 (16.4%) $920,103 (42.1%) 1.50 454
2021-03-01 $499,900 (8.7%) $899,005 (38.4%) 1.40 488
2021-04-01 $492,450 (6.7%) $918,336 (39.7%) 1.32 474
2021-05-01 $474,900 (0.0%) $864,233 (28.6%) 1.25 503
2021-06-01 $472,450 (-3.1%) $798,917 (16.4%) 1.23 515
2021-07-01 $452,839 (-9.3%) $720,594 (2.3%) 1.18 536
2021-08-01 $449,950 (-8.2%) $728,740 (0.4%) 1.18 538
2021-09-01 $461,995 (-9.9%) $741,516 (-3.0%) 1.22 550
2021-10-01 $482,500 (-5.4%) $838,375 (10.1%) 1.27 492
2021-11-01 $492,500 (-0.5%) $875,159 (3.5%) 1.30 428
2021-12-01 $485,405 (-0.8%) $864,497 (2.5%) 1.29 377
2022-01-01 $509,900 (4.1%) $982,342 (13.0%) 1.36 300
2022-02-01 $540,323 (3.4%) $985,229 (7.1%) 1.38 285
2022-03-01 $514,450 (2.9%) $893,932 (-0.6%) 1.27 323
2022-04-01 $499,500 (1.4%) $884,377 (-3.7%) 1.18 372
2022-05-01 $490,378 (3.3%) $864,684 (0.1%) 1.10 484
2022-06-01 $499,925 (5.8%) $873,846 (9.4%) 1.11 536
Charlottesville's median listing price for 2022-06-01 was $499,925, a difference of $27,475 (5.8%) versus the prior year and $9,547 versus the prior month.

Charlottesville's median listing price comes in at 111% of the national average.

Charlottesville's average listing price for 2022-06-01 was $873,846, a difference of $74,929 (9.4%) versus the prior year and $9,162 versus the prior month.

For the 2022-06-01 period, Charlottesville had 536 MLS listings, a difference of 52 listings (11%) versus the prior month and 21 listings (4%) 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
2018-01-01 118 days 2,323 sqft
2018-02-01 105 days 2,321 sqft
2018-03-01 68 days 2,348 sqft
2018-04-01 62 days 2,343 sqft
2018-05-01 67 days 2,363 sqft
2018-06-01 77 days 2,352 sqft
2018-07-01 92 days 2,350 sqft
2018-08-01 96 days 2,343 sqft
2018-09-01 103 days 2,344 sqft
2018-10-01 109 days 2,370 sqft
2018-11-01 113 days 2,363 sqft
2018-12-01 124 days 2,290 sqft
2019-01-01 128 days 2,304 sqft
2019-02-01 129 days 2,358 sqft
2019-03-01 81 days 2,401 sqft
2019-04-01 63 days 2,416 sqft
2019-05-01 67 days 2,445 sqft
2019-06-01 79 days 2,400 sqft
2019-07-01 88 days 2,408 sqft
2019-08-01 94 days 2,438 sqft
2019-09-01 95 days 2,446 sqft
2019-10-01 92 days 2,462 sqft
2019-11-01 94 days 2,417 sqft
2019-12-01 105 days 2,393 sqft
2020-01-01 119 days 2,425 sqft
2020-02-01 115 days 2,453 sqft
2020-03-01 68 days 2,491 sqft
2020-04-01 69 days 2,463 sqft
2020-05-01 80 days 2,539 sqft
2020-06-01 93 days 2,616 sqft
2020-07-01 101 days 2,606 sqft
2020-08-01 86 days 2,588 sqft
2020-09-01 78 days 2,599 sqft
2020-10-01 73 days 2,500 sqft
2020-11-01 72 days 2,411 sqft
2020-12-01 86 days 2,434 sqft
2021-01-01 95 days 2,325 sqft
2021-02-01 85 days 2,402 sqft
2021-03-01 51 days 2,305 sqft
2021-04-01 47 days 2,323 sqft
2021-05-01 47 days 2,320 sqft
2021-06-01 49 days 2,362 sqft
2021-07-01 48 days 2,281 sqft
2021-08-01 48 days 2,250 sqft
2021-09-01 51 days 2,273 sqft
2021-10-01 58 days 2,256 sqft
2021-11-01 59 days 2,245 sqft
2021-12-01 68 days 2,222 sqft
2022-01-01 84 days 2,265 sqft
2022-02-01 70 days 2,235 sqft
2022-03-01 39 days 2,159 sqft
2022-04-01 36 days 2,158 sqft
2022-05-01 36 days 2,185 sqft
2022-06-01 43 days 2,220 sqft
Charlottesville's median listing age (time on market) for 2022-06-01 was 43 days. This is -13% shorter than the same period one year ago.

Charlottesville's median square footage for active listings during the 2022-06-01 period was 2,220 sqft. One year prior, the average listing was 2,362 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.