Cumberland VA Loan Rates, Closing Costs & Stats

CUMBERLAND, MD-WV

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Market Conditions & Pricing
  • Time on Market/Property Size

    • 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 2024-11-15, 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 (2024-11-08) was 6.57% and one month ago for the week of 2024-10-11, the average rate was 6.04%.

    The average rate one year ago was 7.03%.

    For refis of the same type during the week of 2024-11-15, the average rate was 1.53%.

    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.