Durham VA Loans

DURHAM-CHAPEL HILL, NC

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.