Dothan VA Loan Rates, Closing Costs & Stats

DOTHAN, AL

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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.

    Dothan's 73 lenders originated 408 VA loans during 2023. The total origination value was $109,070,000, with an average VA loan value of $267,328.

    Dothan VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Dothan averaged 7.14% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Dothan's average VA mortgage closing costs are $4,729.

    The average rate for the prior week (2024-04-12) was 6.87% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.13%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.91%.

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

    Dothan 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 Dothan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 101 6.73% $5,238
    QUICKEN LOANS, LLC 27 6.15% $9,419
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 6.67% $4,221
    PENNYMAC LOAN SERVICES, LLC 17 5.72% $5,716
    USAA Federal Savings Bank 16 6.33% $5,932
    NAVY FEDERAL CREDIT UNION 16 6.02% $4,857
    INTERLINC MORTGAGE SERVICES, LLC 15 6.68% $4,194
    ENVOY MORTGAGE, LTD 14 6.49% $8,797
    NEW DAY FINANCIAL, LLC 11 7.57% $10,032
    FREEDOM MORTGAGE CORPORATION 11 6.42% $9,498
    Ameris Bank 11 6.36% $7,846
    UNITED WHOLESALE MORTGAGE, LLC 10 6.44% $7,377
    Renasant Bank 6 5.96% $5,913
    MOVEMENT MORTGAGE, LLC 6 6.73% $5,008
    LOANDEPOT.COM, LLC 6 6.10% $13,133
    GUARANTEED RATE, INC. 5 6.34% $8,051
    Barrington Bank & Trust Company, N.A. 3 6.83% $4,567
    BROKER SOLUTIONS, INC. 3 6.63% $8,255
    CARDINAL FINANCIAL 3 7.08% $4,558
    CROSSCOUNTRY MORTGAGE, LLC 3 6.77% $4,926
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.58% $6,125
    VILLAGE CAPITAL MORTGAGE 3 6.13% $7,014
    HOMESTAR FINANCIAL CORPORATION 3 6.00% $5,303
    Regions Bank 2 6.69% $5,645
    Armed Forces Bank 2 6.38% $9,788
    Bank of England 2 6.00% $18,947
    CMG MORTGAGE, INC. 2 6.00% $9,395
    First Federal Bank 2 6.81% $2,185
    GUILD MORTGAGE COMPANY 2 6.63% $12,796
    MILEND, INC. 2 6.62% $13,355
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.63% $295
    Mr. Cooper ( Nationstar Mortgage ) 2 6.19% $10,045
    MUTUAL OF OMAHA MORTGAGE, INC. 2 7.13% $16,039
    NBKC BANK 2 5.19% $3,145
    NEWREZ LLC 2 6.44% $11,533
    PNC Bank 2 6.44% $3,250
    SmartBank 2 6.13% $7,341
    STOCKTON MORTGAGE CORPORATION 2 8.13% $6,118
    Synovus Bank 2 5.94% $10,913
    Tyndall Federal Credit Union 2 6.38% $3,183
    Wells Fargo Bank 2 6.31% $6,058
    UNION HOME MORTGAGE CORP. 1 7.25% $3,235
    Flagstar Bank, FSB 1 7.06% $4,943
    Community First National Bank 1 5.75% $3,950
    Paramount Residential Mortgage Group, Inc. 1 5.75% $3,631
    FirstBank 1 6.13% $3,972
    PENTAGON FEDERAL CREDIT UNION 1 4.88% $2,632
    Plains Commerce Bank 1 6.25% $6,685
    University Bank 1 6.99% $4,348
    POLARIS HOME FUNDING CORP. 1 7.63% $9,607
    Presidential Bank, FSB 1 5.63% $4,288
    EMM LOANS LLC 1 5.75% $4,298
    Prosperity Home Mortgage, LLC 1 7.63% $9,754
    DAS Acquisition Company, LLC 1 6.25% $4,570
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $33,880
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $11,970
    CORNERSTONE HOME LENDING, INC. 1 6.75% $0
    Carrington Mortgage Services, LLC 1 6.25% $10,954
    U.S. Bank 1 6.25% $20,393
    SUMMIT FUNDING, INC. 1 7.25% $3,299
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 7.13% $950
    Magnolia Bank 1 5.63% $29,556
    MID AMERICA MORTGAGE, INC. 1 5.88% $5,649
    Mid-Continent Funding, Inc. 1 7.25% $5,335
    The Central Trust Bank 1 5.50% $2,064
    LEGEND LENDING CORPORATION 1 5.88% $13,083
    The Federal Savings Bank 1 6.25% $14,605
    JPMorgan Chase Bank 1 5.75% $10,524
    THE MORTGAGE FIRM, INC. 1 5.75% $4,869
    BankPlus 1 6.75% $3,803
    Nations Lending Corporation 1 6.25% $8,753
    NATIONS RELIABLE LENDING, LLC 1 5.75% $4,091
    Ixonia Bank 1 6.50% $6,530

    The top Dothan VA lender as defined by loan originations is Mortgage Research Center, LLC, with 101 VA loans originated. Their average total fees are $5,238, which is $4,180 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Dothan VA lenders (with over 10 loans originated) are INTERLINC MORTGAGE SERVICES, LLC ($4,194), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,221), NAVY FEDERAL CREDIT UNION ($4,857), Mortgage Research Center, LLC ($5,238) and PENNYMAC LOAN SERVICES, LLC ($5,716).

    The lowest rate Dothan VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.72%), NAVY FEDERAL CREDIT UNION (6.02%), QUICKEN LOANS, LLC (6.15%), USAA Federal Savings Bank (6.33%) and Ameris Bank (6.36%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Dothan (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 $159,900 (10.4%) $201,742 (8.9%) 0.59 827
    2018-02-01 $159,900 (8.6%) $200,247 (7.0%) 0.58 867
    2018-03-01 $159,900 (3.9%) $198,204 (1.7%) 0.56 890
    2018-04-01 $164,500 (6.2%) $200,278 (3.3%) 0.56 883
    2018-05-01 $164,575 (5.6%) $199,446 (2.8%) 0.55 941
    2018-06-01 $164,900 (4.9%) $205,827 (5.6%) 0.55 910
    2018-07-01 $169,900 (8.2%) $209,993 (7.5%) 0.57 878
    2018-08-01 $164,625 (3.5%) $207,771 (6.3%) 0.55 850
    2018-09-01 $165,000 (3.5%) $207,866 (6.2%) 0.55 839
    2018-10-01 $164,788 (3.4%) $209,981 (6.2%) 0.56 811
    2018-11-01 $163,950 (3.0%) $214,561 (8.8%) 0.56 790
    2018-12-01 $169,000 (7.6%) $220,128 (10.7%) 0.58 736
    2019-01-01 $177,400 (10.9%) $222,884 (10.5%) 0.61 705
    2019-02-01 $179,950 (12.5%) $224,256 (12.0%) 0.61 690
    2019-03-01 $184,529 (15.4%) $239,331 (20.8%) 0.60 655
    2019-04-01 $186,429 (13.3%) $253,671 (26.7%) 0.59 636
    2019-05-01 $185,800 (12.9%) $250,300 (25.5%) 0.58 638
    2019-06-01 $190,000 (15.2%) $248,308 (20.6%) 0.59 656
    2019-07-01 $189,700 (11.7%) $248,779 (18.5%) 0.59 658
    2019-08-01 $188,191 (14.3%) $248,613 (19.7%) 0.60 624
    2019-09-01 $186,227 (12.9%) $243,573 (17.2%) 0.60 618
    2019-10-01 $185,068 (12.3%) $240,652 (14.6%) 0.60 613
    2019-11-01 $189,900 (15.8%) $243,313 (13.4%) 0.62 590
    2019-12-01 $191,375 (13.2%) $244,874 (11.2%) 0.64 579
    2020-01-01 $194,400 (9.6%) $253,932 (13.9%) 0.65 546
    2020-02-01 $192,900 (7.2%) $247,267 (10.3%) 0.63 533
    2020-03-01 $198,500 (7.6%) $251,500 (5.1%) 0.62 508
    2020-04-01 $196,850 (5.6%) $245,288 (-3.3%) 0.62 499
    2020-05-01 $196,700 (5.9%) $259,474 (3.7%) 0.60 446
    2020-06-01 $199,600 (5.1%) $267,376 (7.7%) 0.59 414
    2020-07-01 $208,675 (10.0%) $267,281 (7.4%) 0.60 411
    2020-08-01 $218,450 (16.1%) $274,961 (10.6%) 0.63 390
    2020-09-01 $206,950 (11.1%) $268,280 (10.1%) 0.59 339
    2020-10-01 $206,450 (11.6%) $268,092 (11.4%) 0.59 350
    2020-11-01 $204,575 (7.7%) $277,188 (13.9%) 0.60 315
    2020-12-01 $199,650 (4.3%) $268,551 (9.7%) 0.59 318
    2021-01-01 $194,900 (0.3%) $269,701 (6.2%) 0.58 278
    2021-02-01 $191,600 (-0.7%) $272,278 (10.1%) 0.56 257
    2021-03-01 $189,900 (-4.3%) $287,346 (14.3%) 0.54 228
    2021-04-01 $218,225 (10.9%) $310,400 (26.5%) 0.59 206
    2021-05-01 $227,000 (15.4%) $321,687 (24.0%) 0.60 171
    2021-06-01 $208,450 (4.4%) $290,253 (8.6%) 0.55 184
    2021-07-01 $199,900 (-4.2%) $277,056 (3.7%) 0.53 206
    2021-08-01 $203,350 (-6.9%) $265,039 (-3.6%) 0.54 240
    2021-09-01 $219,900 (6.3%) $272,171 (1.5%) 0.59 264
    2021-10-01 $219,900 (6.5%) $284,084 (6.0%) 0.59 253
    2021-11-01 $206,725 (1.1%) $279,664 (0.9%) 0.55 234
    2021-12-01 $217,450 (8.9%) $284,693 (6.0%) 0.59 224
    2022-01-01 $224,900 (15.4%) $292,213 (8.4%) 0.61 199
    2022-02-01 $215,000 (12.2%) $296,946 (9.1%) 0.56 199
    2022-03-01 $246,049 (29.6%) $307,096 (6.9%) 0.62 172
    2022-04-01 $253,699 (16.3%) $305,749 (-1.5%) 0.60 193
    2022-05-01 $239,900 (5.7%) $304,802 (-5.3%) 0.55 203
    2022-06-01 $252,500 (21.1%) $306,842 (5.7%) 0.56 231
    2022-07-01 $259,725 (29.9%) $309,251 (11.6%) 0.59 254
    2022-08-01 $265,850 (30.7%) $309,619 (16.8%) 0.61 274
    2022-09-01 $256,025 (16.4%) $309,142 (13.6%) 0.60 293
    2022-10-01 $257,900 (17.3%) $298,941 (5.2%) 0.61 305
    2022-11-01 $248,450 (20.2%) $293,447 (4.9%) 0.60 313
    2022-12-01 $247,700 (13.9%) $289,499 (1.7%) 0.61 307
    2023-01-01 $234,850 (4.4%) $282,061 (-3.5%) 0.58 280
    2023-02-01 $258,800 (20.4%) $285,911 (-3.7%) 0.62 234
    2023-03-01 $261,800 (6.4%) $289,062 (-5.9%) 0.62 246
    2023-04-01 $275,000 (8.4%) $309,498 (1.2%) 0.64 249
    2023-05-01 $253,725 (5.8%) $312,867 (2.7%) 0.58 251
    2023-06-01 $265,700 (5.2%) $316,322 (3.1%) 0.60 252
    2023-07-01 $259,900 (0.1%) $310,921 (0.5%) 0.59 256
    2023-08-01 $263,175 (-1.0%) $320,327 (3.5%) 0.60 289
    2023-09-01 $269,900 (5.4%) $320,510 (3.7%) 0.63 313
    2023-10-01 $268,225 (4.0%) $318,591 (6.6%) 0.63 339
    2023-11-01 $263,725 (6.2%) $312,021 (6.3%) 0.63 349
    2023-12-01 $264,999 (7.0%) $318,878 (10.2%) 0.65 345
    2024-01-01 $264,075 (12.4%) $313,434 (11.1%) 0.64 323
    2024-02-01 $264,375 (2.2%) $316,320 (10.6%) 0.64 324
    2024-03-01 $260,000 (-0.7%) $319,877 (10.7%) 0.61 330
    Dothan's median listing price for 2024-03-01 was $260,000, a difference of $-1,800 (-0.7%) versus the prior year and $-4,375 versus the prior month.

    Dothan's median listing price comes in at 61% of the national average.

    Dothan's average listing price for 2024-03-01 was $319,877, a difference of $30,815 (10.7%) versus the prior year and $3,557 versus the prior month.

    For the 2024-03-01 period, Dothan had 330 MLS listings, a difference of 6 listings (2%) versus the prior month and 84 listings (34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Dothan (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 102 days 1,872 sqft
    2018-02-01 94 days 1,851 sqft
    2018-03-01 77 days 1,856 sqft
    2018-04-01 75 days 1,882 sqft
    2018-05-01 72 days 1,880 sqft
    2018-06-01 74 days 1,900 sqft
    2018-07-01 77 days 1,902 sqft
    2018-08-01 84 days 1,890 sqft
    2018-09-01 87 days 1,883 sqft
    2018-10-01 92 days 1,899 sqft
    2018-11-01 94 days 1,891 sqft
    2018-12-01 99 days 1,940 sqft
    2019-01-01 103 days 1,976 sqft
    2019-02-01 96 days 1,975 sqft
    2019-03-01 84 days 2,008 sqft
    2019-04-01 68 days 2,047 sqft
    2019-05-01 67 days 1,992 sqft
    2019-06-01 65 days 2,012 sqft
    2019-07-01 67 days 1,992 sqft
    2019-08-01 74 days 1,974 sqft
    2019-09-01 77 days 1,964 sqft
    2019-10-01 80 days 1,967 sqft
    2019-11-01 89 days 1,991 sqft
    2019-12-01 95 days 2,011 sqft
    2020-01-01 97 days 2,033 sqft
    2020-02-01 85 days 2,007 sqft
    2020-03-01 67 days 2,044 sqft
    2020-04-01 67 days 2,018 sqft
    2020-05-01 70 days 2,026 sqft
    2020-06-01 57 days 2,040 sqft
    2020-07-01 48 days 2,060 sqft
    2020-08-01 52 days 2,100 sqft
    2020-09-01 57 days 2,039 sqft
    2020-10-01 56 days 2,059 sqft
    2020-11-01 67 days 2,077 sqft
    2020-12-01 72 days 2,051 sqft
    2021-01-01 67 days 2,022 sqft
    2021-02-01 64 days 1,969 sqft
    2021-03-01 50 days 1,943 sqft
    2021-04-01 38 days 2,083 sqft
    2021-05-01 36 days 2,089 sqft
    2021-06-01 26 days 2,047 sqft
    2021-07-01 28 days 1,948 sqft
    2021-08-01 32 days 1,936 sqft
    2021-09-01 36 days 1,956 sqft
    2021-10-01 48 days 1,927 sqft
    2021-11-01 59 days 1,840 sqft
    2021-12-01 67 days 1,894 sqft
    2022-01-01 59 days 1,843 sqft
    2022-02-01 40 days 1,854 sqft
    2022-03-01 48 days 1,911 sqft
    2022-04-01 34 days 2,001 sqft
    2022-05-01 38 days 1,922 sqft
    2022-06-01 35 days 2,004 sqft
    2022-07-01 37 days 2,063 sqft
    2022-08-01 40 days 2,077 sqft
    2022-09-01 52 days 2,067 sqft
    2022-10-01 54 days 2,054 sqft
    2022-11-01 62 days 1,982 sqft
    2022-12-01 68 days 1,999 sqft
    2023-01-01 73 days 2,021 sqft
    2023-02-01 71 days 2,113 sqft
    2023-03-01 38 days 2,106 sqft
    2023-04-01 43 days 2,156 sqft
    2023-05-01 45 days 2,039 sqft
    2023-06-01 46 days 2,031 sqft
    2023-07-01 46 days 1,980 sqft
    2023-08-01 45 days 1,912 sqft
    2023-09-01 46 days 1,936 sqft
    2023-10-01 53 days 1,930 sqft
    2023-11-01 58 days 1,947 sqft
    2023-12-01 61 days 1,925 sqft
    2024-01-01 69 days 1,870 sqft
    2024-02-01 57 days 1,915 sqft
    2024-03-01 53 days 1,905 sqft
    Dothan's median listing age (time on market) for 2024-03-01 was 53 days. This is 41% longer than the same period one year ago.

    Dothan's median square footage for active listings during the 2024-03-01 period was 1,905 sqft. One year prior, the average listing was 2,106 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.