Cumberland VA Loan Rates, Closing Costs & Stats

CUMBERLAND, MD-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 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.

Cumberland's 21 lenders originated 60 VA loans during 2023. The total origination value was $13,020,000, with an average VA loan value of $217,000.

Cumberland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Cumberland averaged -0.14% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

Cumberland's average VA mortgage closing costs are $4,587.

The average rate for the prior week (2024-11-22) was 6.23% and one month ago for the week of 2024-10-25, the average rate was 6.03%.

The average rate one year ago was 7.07%.

For refis of the same type during the week of 2024-11-29, the average rate was 1.33%.

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

Cumberland 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 Cumberland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 25 6.76% $5,066
NAVY FEDERAL CREDIT UNION 5 6.15% $2,754
NEW DAY FINANCIAL, LLC 4 7.62% $9,075
Alcova Mortgage LLC 3 6.75% $8,267
UNITED WHOLESALE MORTGAGE, LLC 2 5.91% $688
FREEDOM MORTGAGE CORPORATION 2 6.13% $7,148
PENNYMAC LOAN SERVICES, LLC 2 5.25% $5,120
QUICKEN LOANS, LLC 2 5.88% $7,124
SOUTHERN TRUST MORTGAGE, LLC 1 6.63% $7,039
GENEVA FINANCIAL, LLC 1 7.13% $1,872
GUARANTEED RATE, INC. 1 5.75% $12,252
INTERCOASTAL MORTGAGE COMPANY 1 5.32% $7,429
C & F Mortgage Corporation 1 6.25% $11,004
BROKER SOLUTIONS, INC. 1 6.75% $3,868
Atlantic Coast Mortgage, LLC 1 6.75% $9,584
The Federal Savings Bank 1 6.75% $629
AMERISAVE MORTGAGE CORPORATION 1 5.75% $12,408
SIRVA MORTGAGE, INC. 1 6.75% $0
Citizens Bank 1 5.50% $9,009
FIDELITY DIRECT MORTGAGE, LLC 1 7.13% $12,538
FIRST HOME MORTGAGE CORPORATION 1 6.75% $5,939

The top Cumberland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 25 VA loans originated. Their average total fees are $5,066, which is $2,312 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

The lowest fee Cumberland VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,066), .

The lowest rate Cumberland VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.76%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Cumberland (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 $115,000 (5.0%) $140,808 (2.3%) 0.00 457
2018-02-01 $117,025 (6.7%) $144,339 (4.7%) 0.00 439
2018-03-01 $115,900 (6.7%) $143,756 (6.4%) 0.00 444
2018-04-01 $116,900 (11.4%) $137,791 (2.6%) 0.00 478
2018-05-01 $117,825 (7.4%) $141,826 (2.6%) 0.00 494
2018-06-01 $119,000 (8.2%) $142,937 (2.5%) 0.00 511
2018-07-01 $118,725 (6.1%) $141,257 (0.7%) 0.00 520
2018-08-01 $119,900 (7.6%) $144,457 (4.6%) 0.00 524
2018-09-01 $119,900 (7.2%) $143,413 (1.3%) 0.00 546
2018-10-01 $117,950 (2.6%) $144,221 (0.5%) 0.00 541
2018-11-01 $115,000 (0.9%) $144,976 (1.8%) 0.00 549
2018-12-01 $114,999 (4.5%) $142,907 (3.0%) 0.00 541
2019-01-01 $114,000 (-0.9%) $142,267 (1.0%) 0.00 474
2019-02-01 $117,000 (0.0%) $143,227 (-0.8%) 0.00 443
2019-03-01 $116,911 (0.9%) $141,958 (-1.3%) 0.00 443
2019-04-01 $111,463 (-4.7%) $138,501 (0.5%) 0.00 445
2019-05-01 $113,613 (-3.6%) $141,637 (-0.1%) 0.00 459
2019-06-01 $119,000 (0.0%) $145,665 (1.9%) 0.00 471
2019-07-01 $119,900 (1.0%) $145,564 (3.1%) 0.00 477
2019-08-01 $121,291 (1.2%) $148,654 (2.9%) 0.00 456
2019-09-01 $123,377 (2.9%) $152,672 (6.5%) 0.00 436
2019-10-01 $124,950 (5.9%) $155,328 (7.7%) 0.00 422
2019-11-01 $119,000 (3.5%) $151,450 (4.5%) 0.00 422
2019-12-01 $115,925 (0.8%) $144,962 (1.4%) 0.00 408
2020-01-01 $109,925 (-3.6%) $151,103 (6.2%) 0.00 376
2020-02-01 $109,000 (-6.8%) $161,394 (12.7%) 0.00 345
2020-03-01 $114,900 (-1.7%) $166,484 (17.3%) 0.00 333
2020-04-01 $108,200 (-2.9%) $166,713 (20.4%) 0.00 320
2020-05-01 $109,900 (-3.3%) $166,388 (17.5%) 0.00 296
2020-06-01 $118,500 (-0.4%) $179,791 (23.4%) 0.00 275
2020-07-01 $122,400 (2.1%) $186,848 (28.4%) 0.00 252
2020-08-01 $119,000 (-1.9%) $201,270 (35.4%) 0.00 250
2020-09-01 $124,450 (0.9%) $205,774 (34.8%) 0.00 245
2020-10-01 $124,900 (0.0%) $195,332 (25.8%) 0.00 250
2020-11-01 $124,925 (5.0%) $191,172 (26.2%) 0.00 245
2020-12-01 $123,425 (6.5%) $199,902 (37.9%) 0.00 219
2021-01-01 $124,700 (13.4%) $211,183 (39.8%) 0.00 187
2021-02-01 $126,000 (15.6%) $232,310 (43.9%) 0.00 160
2021-03-01 $129,000 (12.3%) $234,917 (41.1%) 0.00 146
2021-04-01 $138,575 (28.1%) $246,988 (48.2%) 0.00 136
2021-05-01 $132,000 (20.1%) $246,471 (48.1%) 0.00 139
2021-06-01 $144,225 (21.7%) $255,159 (41.9%) 0.00 143
2021-07-01 $135,000 (10.3%) $243,985 (30.6%) 0.00 167
2021-08-01 $130,450 (9.6%) $229,653 (14.1%) 0.00 192
2021-09-01 $127,950 (2.8%) $222,979 (8.4%) 0.00 198
2021-10-01 $129,900 (4.0%) $217,823 (11.5%) 0.00 185
2021-11-01 $124,900 (0.0%) $213,655 (11.8%) 0.00 189
2021-12-01 $116,975 (-5.2%) $205,674 (2.9%) 0.00 185
2022-01-01 $116,000 (-7.0%) $199,861 (-5.4%) 0.00 168
2022-02-01 $119,225 (-5.4%) $167,372 (-28.0%) 0.00 152
2022-03-01 $109,125 (-15.4%) $174,895 (-25.6%) 0.00 141
2022-04-01 $119,950 (-13.4%) $182,386 (-26.2%) 0.00 126
2022-05-01 $130,975 (-0.8%) $205,813 (-16.5%) 0.00 141
2022-06-01 $129,950 (-9.9%) $194,008 (-24.0%) 0.00 168
2022-07-01 $125,900 (-6.7%) $196,875 (-19.3%) 0.00 183
2022-08-01 $133,750 (2.5%) $200,668 (-12.6%) 0.00 191
2022-09-01 $129,950 (1.6%) $191,330 (-14.2%) 0.00 193
2022-10-01 $134,999 (3.9%) $186,269 (-14.5%) 0.00 199
2022-11-01 $149,900 (20.0%) $182,054 (-14.8%) 0.00 197
2022-12-01 $148,900 (27.3%) $195,435 (-5.0%) 0.00 184
2023-01-01 $148,583 (28.1%) $201,563 (0.9%) 0.00 153
2023-02-01 $137,425 (15.3%) $197,551 (18.0%) 0.00 149
2023-03-01 $149,500 (37.0%) $204,171 (16.7%) 0.00 145
2023-04-01 $139,900 (16.6%) $199,090 (9.2%) 0.00 142
2023-05-01 $139,800 (6.7%) $198,783 (-3.4%) 0.00 157
2023-06-01 $139,950 (7.7%) $193,220 (-0.4%) 0.00 151
2023-07-01 $139,900 (11.1%) $196,127 (-0.4%) 0.00 161
2023-08-01 $152,125 (13.7%) $202,184 (0.8%) 0.00 169
2023-09-01 $155,250 (19.5%) $203,258 (6.2%) 0.00 181
2023-10-01 $159,950 (18.5%) $210,306 (12.9%) 0.00 196
2023-11-01 $159,900 (6.7%) $211,442 (16.1%) 0.00 207
2023-12-01 $159,900 (7.4%) $206,920 (5.9%) 0.00 200
2024-01-01 $153,750 (3.5%) $191,552 (-5.0%) 0.00 200
2024-02-01 $149,675 (8.9%) $194,483 (-1.6%) 0.00 204
2024-03-01 $158,000 (5.7%) $196,858 (-3.6%) 0.00 173
2024-04-01 $165,000 (17.9%) $205,070 (3.0%) 0.00 178
2024-05-01 $169,900 (21.5%) $220,230 (10.8%) 0.00 189
2024-06-01 $169,900 (21.4%) $219,453 (13.6%) 0.00 201
2024-07-01 $172,000 (22.9%) $218,792 (11.6%) 0.00 202
2024-08-01 $169,900 (11.7%) $238,084 (17.8%) 0.00 214
2024-09-01 $162,200 (4.5%) $242,437 (19.3%) 0.00 200
2024-10-01 $177,000 (10.7%) $245,452 (16.7%) 0.00 211
Cumberland's median listing price for 2024-10-01 was $177,000, a difference of $17,050 (10.7%) versus the prior year and $14,800 versus the prior month.

Cumberland's median listing price comes in at 0% of the national average.

Cumberland's average listing price for 2024-10-01 was $245,452, a difference of $35,146 (16.7%) versus the prior year and $3,015 versus the prior month.

For the 2024-10-01 period, Cumberland had 211 MLS listings, a difference of 11 listings (6%) versus the prior month and 15 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Cumberland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,568 sqft
2018-02-01 0 days 1,589 sqft
2018-03-01 0 days 1,580 sqft
2018-04-01 0 days 1,600 sqft
2018-05-01 0 days 1,600 sqft
2018-06-01 0 days 1,672 sqft
2018-07-01 0 days 1,663 sqft
2018-08-01 0 days 1,678 sqft
2018-09-01 0 days 1,680 sqft
2018-10-01 0 days 1,681 sqft
2018-11-01 0 days 1,680 sqft
2018-12-01 0 days 1,634 sqft
2019-01-01 0 days 1,633 sqft
2019-02-01 0 days 1,632 sqft
2019-03-01 0 days 1,628 sqft
2019-04-01 0 days 1,612 sqft
2019-05-01 0 days 1,617 sqft
2019-06-01 0 days 1,680 sqft
2019-07-01 0 days 1,680 sqft
2019-08-01 0 days 1,676 sqft
2019-09-01 0 days 1,678 sqft
2019-10-01 0 days 1,684 sqft
2019-11-01 0 days 1,728 sqft
2019-12-01 0 days 1,695 sqft
2020-01-01 0 days 1,678 sqft
2020-02-01 0 days 1,672 sqft
2020-03-01 0 days 1,687 sqft
2020-04-01 0 days 1,697 sqft
2020-05-01 0 days 1,702 sqft
2020-06-01 0 days 1,725 sqft
2020-07-01 0 days 1,728 sqft
2020-08-01 0 days 1,750 sqft
2020-09-01 0 days 1,723 sqft
2020-10-01 0 days 1,712 sqft
2020-11-01 0 days 1,661 sqft
2020-12-01 0 days 1,650 sqft
2021-01-01 0 days 1,684 sqft
2021-02-01 0 days 1,700 sqft
2021-03-01 0 days 1,680 sqft
2021-04-01 0 days 1,706 sqft
2021-05-01 0 days 1,636 sqft
2021-06-01 0 days 1,674 sqft
2021-07-01 0 days 1,687 sqft
2021-08-01 0 days 1,675 sqft
2021-09-01 0 days 1,658 sqft
2021-10-01 0 days 1,636 sqft
2021-11-01 0 days 1,592 sqft
2021-12-01 0 days 1,581 sqft
2022-01-01 0 days 1,550 sqft
2022-02-01 0 days 1,529 sqft
2022-03-01 0 days 1,517 sqft
2022-04-01 0 days 1,502 sqft
2022-05-01 0 days 1,530 sqft
2022-06-01 0 days 1,536 sqft
2022-07-01 0 days 1,559 sqft
2022-08-01 0 days 1,618 sqft
2022-09-01 0 days 1,606 sqft
2022-10-01 0 days 1,641 sqft
2022-11-01 0 days 1,648 sqft
2022-12-01 0 days 1,649 sqft
2023-01-01 0 days 1,693 sqft
2023-02-01 0 days 1,615 sqft
2023-03-01 0 days 1,680 sqft
2023-04-01 0 days 1,592 sqft
2023-05-01 0 days 1,577 sqft
2023-06-01 0 days 1,594 sqft
2023-07-01 0 days 1,591 sqft
2023-08-01 0 days 1,616 sqft
2023-09-01 0 days 1,568 sqft
2023-10-01 0 days 1,637 sqft
2023-11-01 0 days 1,618 sqft
2023-12-01 0 days 1,580 sqft
2024-01-01 0 days 1,553 sqft
2024-02-01 0 days 1,551 sqft
2024-03-01 0 days 1,600 sqft
2024-04-01 0 days 1,600 sqft
2024-05-01 0 days 1,629 sqft
2024-06-01 0 days 1,632 sqft
2024-07-01 0 days 1,593 sqft
2024-08-01 0 days 1,672 sqft
2024-09-01 0 days 1,716 sqft
2024-10-01 0 days 1,737 sqft
Cumberland's median listing age (time on market) for 2024-10-01 was 0 days.

Cumberland's median square footage for active listings during the 2024-10-01 period was 1,737 sqft. One year prior, the average listing was 1,637 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.