Durham VA Loans

DURHAM-CHAPEL HILL, NC

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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 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.

    Durham's 158 lenders originated 1,862 VA loans during 2021. The total origination value was $546,030,000, with an average VA loan value of $293,249.

    Durham VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Durham averaged 5.67% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

    The average rate for the prior week (2022-05-06) was 5.3% and one month ago for the week of 2022-04-08, the average rate was 4.83%.

    The average rate one year ago was 2.94%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.21%.

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

    Durham 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 Durham level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    FREEDOM MORTGAGE CORPORATION 164 2.40% $3,128
    QUICKEN LOANS, LLC 143 2.47% $5,525
    Mortgage Research Center, LLC 119 2.76% $6,412
    PENNYMAC LOAN SERVICES, LLC 95 2.34% $6,081
    NAVY FEDERAL CREDIT UNION 75 2.45% $4,947
    VILLAGE CAPITAL & INVESTMENT LLC 55 2.33% $3,862
    NEW DAY FINANCIAL, LLC 48 2.83% $9,239
    LOANDEPOT.COM, LLC 45 2.45% $4,090
    USAA Federal Savings Bank 37 2.87% $5,228
    UNITED WHOLESALE MORTGAGE, LLC 35 2.47% $7,808
    CLEARPATH LENDING 32 2.30% $4,420
    MOVEMENT MORTGAGE, LLC 30 2.79% $4,523
    LAKEVIEW LOAN SERVICING, LLC 26 2.51% $2,541
    Wells Fargo Bank 24 2.58% $4,995
    CALIBER HOME LOANS, INC. 24 2.68% $5,582
    The Federal Savings Bank 22 2.62% $6,703
    PENTAGON FEDERAL CREDIT UNION 21 2.44% $1,294
    DHI MORTGAGE COMPANY, LTD. 18 2.65% $6,826
    Prosperity Home Mortgage, LLC 18 2.74% $5,012
    CROSSCOUNTRY MORTGAGE, LLC 18 2.92% $7,434
    Mr. Cooper ( Nationstar Mortgage ) 17 2.82% $3,334
    GUARANTEED RATE, INC. 17 2.60% $2,553
    HOME POINT FINANCIAL CORPORATION 17 2.32% $5,197
    UNION HOME MORTGAGE CORP. 16 2.48% $4,531
    First Heritage Mortgage, LLC 16 2.65% $7,118
    NEWREZ LLC 15 2.48% $4,643
    Corporate Investors Mortgage Group, Inc. 14 2.61% $3,376
    Truist Bank 12 2.63% $7,376
    Barrington Bank & Trust Company, N.A. 12 2.77% $4,411
    Lakeview Community Capital, LLC 11 2.47% $2,051
    PULTE MORTGAGE LLC 11 2.80% $3,635
    AMERICAN FINANCIAL NETWORK, INC. 11 2.56% $8,996
    PLANET HOME LENDING, LLC 10 2.53% $3,282
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 2.89% $4,918
    CORNERSTONE HOME LENDING, INC. 9 2.92% $7,661
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 9 2.78% $6,449
    Low VA Rates, LLC 9 2.40% $3,918
    InterContinental Capital Group, Inc 9 2.46% $3,460
    AMERISAVE MORTGAGE CORPORATION 8 2.73% $11,531
    MUTUAL OF OMAHA MORTGAGE, INC. 8 2.81% $4,007
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 2.59% $7,449
    EQUITY RESOURCES, INC. 7 2.55% $12,640
    SUN WEST MORTGAGE COMPANY, INC. 6 2.35% $3,720
    CMG MORTGAGE, INC. 6 2.75% $9,161
    South Pacific Financial Corporation 6 2.58% $10,399
    BROKER SOLUTIONS, INC. 6 2.71% $5,122
    ANGEL OAK HOME LOANS LLC 6 2.71% $4,289
    NBKC BANK 6 2.40% $5,041
    NVR Mortgage Finance, Inc. 6 2.85% $4,927
    Magnolia Bank 6 2.54% $6,880
    Carrington Mortgage Services, LLC 5 2.63% $7,956
    North State Bank 5 2.73% $4,303
    LOANPAL, LLC 5 2.43% $4,396
    Citizens Bank 5 2.58% $3,831
    GoPrime Mortgage, Inc. 5 2.73% $4,171
    The Fidelity Bank 5 2.78% $4,957
    U.S. Bank 5 2.53% $3,806
    Wyndham Capital Mortgage, Inc. 5 2.28% $4,499
    SOVEREIGN LENDING GROUP INCORPORATED 5 3.13% $7,361
    ACCELERATE MORTGAGE, LLC 5 2.18% $9,105
    T2 FINANCIAL LLC 4 2.66% $6,278
    Presidential Bank, FSB 4 2.56% $2,460
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 4.03% $7,012
    RESOURCE FINANCIAL SERVICES, INC. 4 2.72% $3,732
    Alcova Mortgage LLC 4 2.88% $6,134
    North American Savings Bank, F.S.B. 4 2.38% $12,847
    BNC National Bank 4 2.34% $6,957
    TJC Mortgage, Inc. 4 2.16% $4,126
    EAGLE HOME MORTGAGE, LLC 4 2.47% $1,996
    GUILD MORTGAGE COMPANY 4 2.75% $5,884
    Towne Mortgage of the Carolinas, LLC 4 2.97% $5,895
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.33% $5,166
    RELIANCE FIRST CAPITAL, LLC 3 2.79% $4,854
    SOUTHERN TRUST MORTGAGE, LLC 3 2.58% $7,123
    Towne Bank 3 3.00% $7,572
    FINANCE OF AMERICA MORTGAGE LLC 3 3.08% $3,632
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 3.08% $3,739
    First Guaranty Mortgage Corporation 3 2.42% $4,239
    AMCAP MORTGAGE, LTD. 3 2.63% $3,664
    First Horizon Bank 3 2.71% $1,979
    First Mortgage Solutions, LLC 3 2.17% $8,513
    Blue Ridge Bank 3 2.75% $6,144
    HOMESTEAD FUNDING CORP. 3 2.42% $6,047
    KS StateBank 3 2.75% $2,533
    AMERICAN FINANCING CORPORATION 3 2.46% $4,148
    CAPITAL CENTER, L.L.C. 3 2.63% $42
    M/I FINANCIAL, LLC 3 2.83% $7,747
    Paramount Bank 3 2.83% $2,644
    PNC Bank 2 2.56% $6,458
    CALCON MUTUAL MORTGAGE LLC 2 3.50% $5,610
    INSPIRE HOME LOANS INC. 2 3.00% $3,911
    Paramount Residential Mortgage Group, Inc. 2 2.50% $4,223
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 2.50% $1,916
    Flagstar Bank, FSB 2 2.75% $4,149
    Nations Lending Corporation 2 2.56% $2,991
    First Federal Bank 2 3.31% $7,376
    FIRST EQUITY MORTGAGE INCORPORATED 2 2.75% $3,467
    Fifth Third Bank 2 2.69% $10,067
    FIDELITY DIRECT MORTGAGE, LLC 2 2.56% $7,180
    FBC MORTGAGE, LLC 2 2.44% $4,226
    NFM, INC. 2 2.88% $18,936
    Ameris Bank 2 2.94% $2,195
    Strong Home Mortgage, LLC 2 2.44% $2,285
    ACADEMY MORTGAGE CORPORATION 2 2.50% $5,998
    NTFN, INC. 2 2.63% $1,294
    American Security Mortgage Corp. 2 2.44% $7,220
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.75% $2,421
    Meridian Bank Corporation 2 2.50% $3,267
    Mid-Continent Funding, Inc. 2 3.13% $6,350
    ZILLOW HOME LOANS, LLC 1 2.50% $10,029
    ABSOLUTE HOME MORTGAGE CORPORATION 1 2.25% $7,596
    Advance Financial Group, LLC 1 2.75% $13,377
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $24,803
    AMERIFIRST FINANCIAL CORPORATION 1 2.38% $3,784
    Armed Forces Bank 1 2.25% $1,647
    Bank of America 1 2.50% $0
    BAYSHORE MORTGAGE FUNDING, LLC 1 3.13% $24,895
    CANOPY MORTGAGE, LLC 1 2.25% $5,305
    Colonial Savings, F.A. 1 3.38% $12,973
    CONTOUR MORTGAGE CORPORATION 1 2.25% $3,696
    Credence Funding Corporation 1 2.25% $1,531
    DAS Acquisition Company, LLC 1 2.95% $7,833
    EMBRACE HOME LOANS, INC. 1 2.25% $2,485
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 3.25% $24,077
    FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $14,238
    First Home Bank 1 2.75% $6,493
    FIRST HOME MORTGAGE CORPORATION 1 3.00% $2,498
    First National Bank of Pennsylvania 1 2.88% $11,251
    GENEVA FINANCIAL, LLC 1 3.88% $12,665
    George Mason Mortgage, LLC 1 2.38% $4,211
    HOMESIDE FINANCIAL, LLC 1 3.75% $3,532
    Hometown Lenders, Inc. 1 3.88% $10,890
    KBHS HOME LOANS, LLC 1 3.38% $1,925
    LADERA LENDING, INC. 1 2.38% $9,629
    LEADERONE FINANCIAL CORPORATION 1 2.50% $2,105
    MCLEAN MORTGAGE CORPORATION 1 2.38% $1,679
    MID AMERICA MORTGAGE, INC. 1 2.88% $1,986
    NEWPORT NEWS SHIPBUILDING EMPLOYEES 1 2.63% $13,663
    NP, Inc. 1 2.25% $2,130
    ON Q FINANCIAL, INC. 1 3.25% $11,764
    PANORAMA MORTGAGE GROUP, LLC 1 3.75% $21,565
    Prime Choice Funding Inc. 1 2.25% $4,818
    RAPID MORTGAGE COMPANY 1 3.00% $12,075
    ROSS MORTGAGE CORPORATION 1 3.75% $3,303
    SeaTrust Mortgage Company 1 2.25% $3,843
    South State Bank 1 2.88% $2,388
    The Central Trust Bank 1 2.50% $4,912
    THE MORTGAGE FIRM, INC. 1 2.75% $2,244
    THRIVE MORTGAGE, LLC 1 2.38% $241
    TIDEWATER MORTGAGE SERVICES, INC. 1 2.75% $2,495
    TOP FLITE FINANCIAL, INC. 1 2.88% $17,407
    United Community Bank 1 2.50% $2,023
    UNITED SECURITY FINANCIAL CORP 1 2.25% $2,112
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.00% $15,047
    Vellum Mortgage, Inc. 1 2.25% $3,667
    VELOCIO MORTGAGE L.L.C. 1 2.38% $7,150
    Victorian Finance, LLC 1 3.00% $7,389
    1ST SIGNATURE LENDING, LLC 1 2.88% $3,096

    The top Durham VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 164 VA loans originated. Their average total fees are $3,128, which is $2,396 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Durham VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($1,294), Lakeview Community Capital, LLC ($2,051), LAKEVIEW LOAN SERVICING, LLC ($2,541), GUARANTEED RATE, INC. ($2,553) and FREEDOM MORTGAGE CORPORATION ($3,128).

    The lowest rate Durham VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.30%), HOME POINT FINANCIAL CORPORATION (2.32%), VILLAGE CAPITAL & INVESTMENT LLC (2.33%), PENNYMAC LOAN SERVICES, LLC (2.34%) and FREEDOM MORTGAGE CORPORATION (2.40%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Durham (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 $384,000 (9.7%) $490,755 (12.7%) 1.41 1,186
    2018-02-01 $399,950 (9.6%) $504,610 (13.7%) 1.44 1,140
    2018-03-01 $404,050 (8.6%) $503,091 (10.2%) 1.40 1,302
    2018-04-01 $409,268 (4.9%) $513,744 (7.8%) 1.37 1,358
    2018-05-01 $403,452 (1.1%) $524,149 (8.4%) 1.35 1,402
    2018-06-01 $399,000 (0.4%) $514,748 (7.1%) 1.33 1,475
    2018-07-01 $394,950 (0.8%) $499,471 (3.3%) 1.32 1,560
    2018-08-01 $389,900 (-0.2%) $489,112 (1.7%) 1.30 1,585
    2018-09-01 $387,000 (-0.5%) $487,672 (1.1%) 1.29 1,622
    2018-10-01 $385,000 (0.0%) $484,615 (0.2%) 1.29 1,647
    2018-11-01 $381,950 (-1.1%) $479,236 (-1.6%) 1.28 1,587
    2018-12-01 $379,000 (-1.5%) $478,436 (-2.4%) 1.30 1,472
    2019-01-01 $369,450 (-3.8%) $464,861 (-5.3%) 1.27 1,335
    2019-02-01 $384,500 (-3.9%) $480,353 (-4.8%) 1.29 1,279
    2019-03-01 $400,657 (-0.8%) $497,369 (-1.1%) 1.31 1,371
    2019-04-01 $412,507 (0.8%) $508,088 (-1.1%) 1.30 1,461
    2019-05-01 $404,191 (0.2%) $499,743 (-4.7%) 1.25 1,533
    2019-06-01 $402,000 (0.8%) $491,462 (-4.5%) 1.24 1,644
    2019-07-01 $400,000 (1.3%) $482,100 (-3.5%) 1.24 1,705
    2019-08-01 $394,714 (1.2%) $471,029 (-3.7%) 1.24 1,706
    2019-09-01 $389,000 (0.5%) $466,487 (-4.3%) 1.24 1,689
    2019-10-01 $379,400 (-1.5%) $459,844 (-5.1%) 1.21 1,753
    2019-11-01 $385,000 (0.8%) $460,804 (-3.9%) 1.24 1,653
    2019-12-01 $389,000 (2.6%) $462,788 (-3.3%) 1.30 1,452
    2020-01-01 $394,835 (6.9%) $467,373 (0.5%) 1.32 1,282
    2020-02-01 $408,990 (6.4%) $482,700 (0.5%) 1.32 1,202
    2020-03-01 $425,000 (6.1%) $511,047 (2.8%) 1.33 1,233
    2020-04-01 $399,900 (-3.1%) $487,451 (-4.1%) 1.25 1,287
    2020-05-01 $419,000 (3.7%) $493,820 (-1.2%) 1.27 1,290
    2020-06-01 $429,291 (6.8%) $521,748 (6.2%) 1.25 1,209
    2020-07-01 $437,195 (9.3%) $525,674 (9.0%) 1.25 1,143
    2020-08-01 $440,000 (11.5%) $527,902 (12.1%) 1.26 1,075
    2020-09-01 $433,950 (11.6%) $533,071 (14.3%) 1.24 985
    2020-10-01 $437,425 (15.3%) $548,789 (19.3%) 1.25 949
    2020-11-01 $436,950 (13.5%) $552,459 (19.9%) 1.25 899
    2020-12-01 $429,403 (10.4%) $563,623 (21.8%) 1.26 798
    2021-01-01 $423,990 (7.4%) $552,789 (18.3%) 1.25 675
    2021-02-01 $427,500 (4.5%) $579,733 (20.1%) 1.23 531
    2021-03-01 $440,751 (3.7%) $576,568 (12.8%) 1.24 497
    2021-04-01 $459,900 (15.0%) $612,130 (25.6%) 1.24 459
    2021-05-01 $449,000 (7.2%) $598,340 (21.2%) 1.18 432
    2021-06-01 $450,000 (4.8%) $606,556 (16.3%) 1.17 483
    2021-07-01 $454,250 (3.9%) $594,740 (13.1%) 1.18 542
    2021-08-01 $450,000 (2.3%) $586,542 (11.1%) 1.18 583
    2021-09-01 $450,475 (3.8%) $589,150 (10.5%) 1.19 609
    2021-10-01 $470,000 (7.5%) $608,002 (10.8%) 1.24 616
    2021-11-01 $460,000 (5.3%) $601,119 (8.8%) 1.21 582
    2021-12-01 $465,991 (8.5%) $609,119 (8.1%) 1.24 507
    2022-01-01 $469,760 (10.8%) $621,922 (12.5%) 1.25 436
    2022-02-01 $478,500 (11.9%) $638,308 (10.1%) 1.22 335
    2022-03-01 $486,500 (10.4%) $671,054 (16.4%) 1.20 339
    2022-04-01 $495,000 (7.6%) $693,035 (13.2%) 1.16 377
    Durham's median listing price for 2022-04-01 was $495,000, a difference of $35,100 (7.6%) versus the prior year and $8,500 versus the prior month.

    Durham's median listing price comes in at 116% of the national average.

    Durham's average listing price for 2022-04-01 was $693,035, a difference of $80,905 (13.2%) versus the prior year and $21,981 versus the prior month.

    For the 2022-04-01 period, Durham had 377 MLS listings, a difference of 38 listings (11%) versus the prior month and -82 listings (-18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 90 days 2,421 sqft
    2018-02-01 80 days 2,480 sqft
    2018-03-01 51 days 2,493 sqft
    2018-04-01 51 days 2,491 sqft
    2018-05-01 53 days 2,479 sqft
    2018-06-01 57 days 2,430 sqft
    2018-07-01 58 days 2,450 sqft
    2018-08-01 59 days 2,387 sqft
    2018-09-01 69 days 2,355 sqft
    2018-10-01 74 days 2,348 sqft
    2018-11-01 80 days 2,311 sqft
    2018-12-01 87 days 2,288 sqft
    2019-01-01 92 days 2,226 sqft
    2019-02-01 83 days 2,294 sqft
    2019-03-01 64 days 2,357 sqft
    2019-04-01 49 days 2,406 sqft
    2019-05-01 50 days 2,403 sqft
    2019-06-01 51 days 2,315 sqft
    2019-07-01 58 days 2,258 sqft
    2019-08-01 64 days 2,241 sqft
    2019-09-01 67 days 2,254 sqft
    2019-10-01 67 days 2,230 sqft
    2019-11-01 70 days 2,246 sqft
    2019-12-01 80 days 2,206 sqft
    2020-01-01 85 days 2,199 sqft
    2020-02-01 77 days 2,212 sqft
    2020-03-01 51 days 2,349 sqft
    2020-04-01 51 days 2,195 sqft
    2020-05-01 63 days 2,214 sqft
    2020-06-01 64 days 2,314 sqft
    2020-07-01 58 days 2,319 sqft
    2020-08-01 53 days 2,277 sqft
    2020-09-01 57 days 2,311 sqft
    2020-10-01 56 days 2,263 sqft
    2020-11-01 54 days 2,269 sqft
    2020-12-01 58 days 2,228 sqft
    2021-01-01 63 days 2,201 sqft
    2021-02-01 49 days 2,201 sqft
    2021-03-01 33 days 2,111 sqft
    2021-04-01 32 days 2,166 sqft
    2021-05-01 23 days 2,115 sqft
    2021-06-01 19 days 2,081 sqft
    2021-07-01 24 days 2,030 sqft
    2021-08-01 30 days 2,070 sqft
    2021-09-01 32 days 2,037 sqft
    2021-10-01 31 days 2,079 sqft
    2021-11-01 35 days 1,996 sqft
    2021-12-01 42 days 1,944 sqft
    2022-01-01 55 days 1,902 sqft
    2022-02-01 52 days 1,880 sqft
    2022-03-01 28 days 1,942 sqft
    2022-04-01 16 days 2,004 sqft
    Durham's median listing age (time on market) for 2022-04-01 was 16 days. This is -49% shorter than the same period one year ago.

    Durham's median square footage for active listings during the 2022-04-01 period was 2,004 sqft. One year prior, the average listing was 2,166 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.