Elizabeth City VA Loan Rates, Closing Costs & Stats

Elizabeth City, 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 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.

Elizabeth City's 84 lenders originated 397 VA loans during 2022. The total origination value was $111,895,000, with an average VA loan value of $281,851.

Elizabeth City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Elizabeth City averaged 6.31% for the week of 2023-09-22, compared to the national average (all VA variants) of 6.823% for the same period.

Elizabeth City's average VA mortgage closing costs are $5,658.

The average rate for the prior week (2023-09-15) was 6.49% and one month ago for the week of 2023-08-18, the average rate was 6.47%.

The average rate one year ago was 5.34%.

For refis of the same type during the week of 2023-09-22, the average rate was 5.75%.

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

Elizabeth City 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 Elizabeth City level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 67 5.08% $7,694
NAVY FEDERAL CREDIT UNION 39 3.79% $7,305
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 25 4.99% $10,890
QUICKEN LOANS, LLC 20 4.28% $10,839
FREEDOM MORTGAGE CORPORATION 17 4.66% $6,940
CALIBER HOME LOANS, INC. 16 4.91% $7,506
NVR Mortgage Finance, Inc. 14 4.49% $10,136
CBM Mortgage, Inc. 10 4.88% $9,609
PENNYMAC LOAN SERVICES, LLC 9 3.64% $13,049
SOUTHERN TRUST MORTGAGE, LLC 8 4.34% $7,505
USAA Federal Savings Bank 8 3.89% $5,945
Advance Financial Group, LLC 8 4.25% $8,659
CORNERSTONE HOME LENDING, INC. 8 5.01% $11,773
UNITED WHOLESALE MORTGAGE, LLC 7 4.84% $8,808
NEW DAY FINANCIAL, LLC 7 5.43% $15,266
West Town Bank & Trust 6 4.58% $12,015
OVM FINANCIAL, INC. 6 4.75% $6,790
Atlantic Coast Mortgage, LLC 5 5.33% $11,587
George Mason Mortgage, LLC 5 5.15% $9,409
HOMESIDE FINANCIAL, LLC 4 4.84% $8,009
MOVEMENT MORTGAGE, LLC 4 5.31% $8,524
Alcova Mortgage LLC 3 5.46% $8,020
GUARANTEED RATE, INC. 3 4.40% $8,813
Towne Bank 3 5.00% $12,996
LOANDEPOT.COM, LLC 3 4.00% $7,155
C & F Mortgage Corporation 3 5.33% $11,038
Blue Ridge Bank 2 4.25% $4,492
AMERICAN FINANCIAL RESOURCES, INC. 2 5.19% $7,409
CARDINAL FINANCIAL 2 4.50% $16,159
Equity Prime Mortgage LLC 2 6.25% $12,548
GoPrime Mortgage, Inc. 2 3.19% $6,715
LAKEVIEW LOAN SERVICING, LLC 2 5.00% $12,451
Mr. Cooper ( Nationstar Mortgage ) 2 4.13% $4,607
NEWREZ LLC 2 3.75% $11,412
NewTowne Mortgage, LLC 2 4.81% $8,308
Prosperity Home Mortgage, LLC 2 5.12% $9,705
Sierra Pacific Mortgage Company, Inc. 2 6.69% $4,941
Southern Bank and Trust Company 2 5.44% $1,760
UNION HOME MORTGAGE CORP. 2 5.44% $3,852
ISERVE RESIDENTIAL LENDING, LLC 1 5.75% $14,912
KeyBank 1 4.38% $9,413
Truist 1 4.50% $8,667
DRAPER AND KRAMER MORTGAGE CORP. 1 5.25% $6,531
Loan Simple, Inc. 1 5.13% $3,802
Low VA Rates, LLC 1 5.75% $7,985
Magnolia Bank 1 4.25% $16,130
MCLEAN MORTGAGE CORPORATION 1 4.75% $8,952
Mid-Continent Funding, Inc. 1 5.50% $9,689
DATA MORTGAGE, INC. 1 4.75% $14,149
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 4.75% $10,590
CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $8,271
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.25% $8,076
MUTUAL OF OMAHA MORTGAGE, INC. 1 4.75% $6,524
Nations Lending Corporation 1 3.25% $9,974
CONTOUR MORTGAGE CORPORATION 1 2.75% $7,512
NBKC BANK 1 4.25% $2,780
CMG MORTGAGE, INC. 1 5.75% $7,918
United Community Bank 1 6.50% $10,127
Ameris Bank 1 4.50% $3,130
NP, Inc. 1 2.25% $3,354
CLEARPATH LENDING 1 3.13% $7,209
Carrington Mortgage Services, LLC 1 5.63% $12,325
CAPITAL CENTER, L.L.C. 1 2.50% $410
PENTAGON FEDERAL CREDIT UNION 1 4.75% $2,091
Plains Commerce Bank 1 3.25% $3,693
PLANET HOME LENDING, LLC 1 5.63% $8,561
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.13% $9,734
AMERISAVE MORTGAGE CORPORATION 1 5.13% $9,237
BNC National Bank 1 2.25% $9,892
VAN DYK MORTGAGE CORPORATION 1 5.88% $10,320
Wells Fargo Bank 1 3.63% $16,461
Bank of England 1 6.25% $12,351
SOVEREIGN LENDING GROUP INCORPORATED 1 3.75% $20,374
The Federal Savings Bank 1 5.13% $11,146
Tidewater Home Funding, LLC 1 4.75% $28,036
Flagstar Bank, FSB 1 4.25% $10,045
FIRST HOME MORTGAGE CORPORATION 1 4.75% $2,337
First Bank 1 3.13% $3,052
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.88% $15,377
EMM LOANS LLC 1 7.13% $7,542
GUILD MORTGAGE COMPANY 1 3.88% $1,946
EMBRACE HOME LOANS, INC. 1 4.75% $10,699
HOMESPIRE MORTGAGE CORPORATION 1 4.75% $4,494
Hometown Lenders, Inc. 1 5.75% $4,937

The top Elizabeth City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 67 VA loans originated. Their average total fees are $7,694, which is $389 higher than the next largest lender, NAVY FEDERAL CREDIT UNION.

The lowest fee Elizabeth City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($6,940), NAVY FEDERAL CREDIT UNION ($7,305), CALIBER HOME LOANS, INC. ($7,506), Mortgage Research Center, LLC ($7,694) and CBM Mortgage, Inc. ($9,609).

The lowest rate Elizabeth City VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.79%), QUICKEN LOANS, LLC (4.28%), NVR Mortgage Finance, Inc. (4.49%), FREEDOM MORTGAGE CORPORATION (4.66%) and CBM Mortgage, Inc. (4.88%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Elizabeth City (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 $204,500 (4.1%) $228,508 (-3.3%) 0.00 344
2018-02-01 $212,600 (4.4%) $234,845 (-0.1%) 0.00 373
2018-03-01 $219,000 (5.7%) $240,952 (1.5%) 0.00 371
2018-04-01 $219,900 (5.2%) $243,140 (3.2%) 0.00 361
2018-05-01 $224,450 (3.1%) $249,190 (3.1%) 0.00 363
2018-06-01 $217,000 (1.2%) $250,036 (4.8%) 0.00 372
2018-07-01 $218,000 (1.4%) $249,804 (5.4%) 0.00 398
2018-08-01 $215,000 (-1.0%) $247,838 (1.4%) 0.00 401
2018-09-01 $209,900 (-5.8%) $238,752 (-5.2%) 0.00 399
2018-10-01 $213,475 (-4.8%) $240,508 (-5.1%) 0.00 389
2018-11-01 $200,813 (-7.2%) $238,030 (-2.4%) 0.00 364
2018-12-01 $199,900 (-4.8%) $232,536 (-0.6%) 0.00 342
2019-01-01 $199,900 (-2.3%) $234,268 (2.5%) 0.00 327
2019-02-01 $213,875 (0.6%) $243,389 (3.6%) 0.00 332
2019-03-01 $221,214 (1.0%) $251,109 (4.2%) 0.00 348
2019-04-01 $229,000 (4.1%) $258,500 (6.3%) 0.00 365
2019-05-01 $229,000 (2.0%) $261,418 (4.9%) 0.00 376
2019-06-01 $229,700 (5.9%) $264,981 (6.0%) 0.00 356
2019-07-01 $232,750 (6.8%) $271,348 (8.6%) 0.00 352
2019-08-01 $236,350 (9.9%) $272,557 (10.0%) 0.00 351
2019-09-01 $238,375 (13.6%) $271,690 (13.8%) 0.00 347
2019-10-01 $242,450 (13.6%) $271,428 (12.9%) 0.00 344
2019-11-01 $235,000 (17.0%) $260,868 (9.6%) 0.00 321
2019-12-01 $231,875 (16.0%) $258,512 (11.2%) 0.00 298
2020-01-01 $230,950 (15.5%) $255,150 (8.9%) 0.00 269
2020-02-01 $242,850 (13.6%) $259,997 (6.8%) 0.00 270
2020-03-01 $240,743 (8.8%) $260,559 (3.8%) 0.00 266
2020-04-01 $239,900 (4.8%) $260,013 (0.6%) 0.00 273
2020-05-01 $245,900 (7.4%) $269,763 (3.2%) 0.00 251
2020-06-01 $244,475 (6.4%) $279,897 (5.6%) 0.00 223
2020-07-01 $250,850 (7.8%) $282,208 (4.0%) 0.00 203
2020-08-01 $265,000 (12.1%) $295,306 (8.4%) 0.00 176
2020-09-01 $267,000 (12.0%) $296,388 (9.1%) 0.00 147
2020-10-01 $257,000 (6.0%) $299,125 (10.2%) 0.00 133
2020-11-01 $266,225 (13.3%) $301,479 (15.6%) 0.00 114
2020-12-01 $251,950 (8.7%) $276,283 (6.9%) 0.00 114
2021-01-01 $257,000 (11.3%) $289,146 (13.3%) 0.00 102
2021-02-01 $251,075 (3.4%) $294,556 (13.3%) 0.00 98
2021-03-01 $259,000 (7.6%) $303,667 (16.5%) 0.00 88
2021-04-01 $274,500 (14.4%) $314,181 (20.8%) 0.00 80
2021-05-01 $249,900 (1.6%) $314,257 (16.5%) 0.00 84
2021-06-01 $251,975 (3.1%) $314,632 (12.4%) 0.00 94
2021-07-01 $257,000 (2.5%) $320,836 (13.7%) 0.00 112
2021-08-01 $250,950 (-5.3%) $334,436 (13.3%) 0.00 119
2021-09-01 $274,975 (3.0%) $344,834 (16.4%) 0.00 124
2021-10-01 $299,000 (16.3%) $344,868 (15.3%) 0.00 114
2021-11-01 $305,250 (14.7%) $350,436 (16.2%) 0.00 107
2021-12-01 $287,475 (14.1%) $326,299 (18.1%) 0.00 97
2022-01-01 $297,995 (16.0%) $327,617 (13.3%) 0.00 107
2022-02-01 $299,923 (19.5%) $347,968 (18.1%) 0.00 106
2022-03-01 $304,945 (17.7%) $326,140 (7.4%) 0.00 111
2022-04-01 $319,900 (16.5%) $318,124 (1.3%) 0.00 114
2022-05-01 $317,725 (27.1%) $328,189 (4.4%) 0.00 112
2022-06-01 $339,995 (34.9%) $351,495 (11.7%) 0.00 127
2022-07-01 $325,500 (26.7%) $353,965 (10.3%) 0.00 166
2022-08-01 $160,975 (-35.9%) $232,668 (-30.4%) 0.00 324
2022-09-01 $254,925 (-7.3%) $269,256 (-21.9%) 0.00 246
2022-10-01 $334,495 (11.9%) $337,987 (-2.0%) 0.00 155
2022-11-01 $328,950 (7.8%) $335,387 (-4.3%) 0.00 153
2022-12-01 $349,000 (21.4%) $338,114 (3.6%) 0.00 125
2023-01-01 $349,923 (17.4%) $340,586 (4.0%) 0.00 106
2023-02-01 $343,720 (14.6%) $339,481 (-2.4%) 0.00 101
2023-03-01 $329,990 (8.2%) $327,935 (0.6%) 0.00 105
2023-04-01 $351,900 (10.0%) $353,077 (11.0%) 0.00 112
2023-05-01 $362,445 (14.1%) $366,397 (11.6%) 0.00 140
2023-06-01 $359,945 (5.9%) $374,788 (6.6%) 0.00 155
2023-07-01 $359,900 (10.6%) $396,502 (12.0%) 0.00 151
2023-08-01 $348,425 (116.5%) $393,114 (69.0%) 0.00 162
Elizabeth City's median listing price for 2023-08-01 was $348,425, a difference of $187,450 (116.5%) versus the prior year and $-11,475 versus the prior month.

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

Elizabeth City's average listing price for 2023-08-01 was $393,114, a difference of $160,446 (69.0%) versus the prior year and $-3,388 versus the prior month.

For the 2023-08-01 period, Elizabeth City had 162 MLS listings, a difference of 11 listings (7%) versus the prior month and -162 listings (-50%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Elizabeth City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,162 sqft
2018-02-01 0 days 2,156 sqft
2018-03-01 0 days 2,200 sqft
2018-04-01 0 days 2,191 sqft
2018-05-01 0 days 2,241 sqft
2018-06-01 0 days 2,200 sqft
2018-07-01 0 days 2,197 sqft
2018-08-01 0 days 2,238 sqft
2018-09-01 0 days 2,195 sqft
2018-10-01 0 days 2,202 sqft
2018-11-01 0 days 2,167 sqft
2018-12-01 0 days 2,148 sqft
2019-01-01 0 days 2,165 sqft
2019-02-01 0 days 2,167 sqft
2019-03-01 0 days 2,158 sqft
2019-04-01 0 days 2,129 sqft
2019-05-01 0 days 2,115 sqft
2019-06-01 0 days 2,140 sqft
2019-07-01 0 days 2,160 sqft
2019-08-01 0 days 2,155 sqft
2019-09-01 0 days 2,135 sqft
2019-10-01 0 days 2,137 sqft
2019-11-01 0 days 2,150 sqft
2019-12-01 0 days 2,179 sqft
2020-01-01 0 days 2,168 sqft
2020-02-01 0 days 2,153 sqft
2020-03-01 0 days 2,157 sqft
2020-04-01 0 days 2,155 sqft
2020-05-01 0 days 2,270 sqft
2020-06-01 0 days 2,387 sqft
2020-07-01 0 days 2,284 sqft
2020-08-01 0 days 2,288 sqft
2020-09-01 0 days 2,272 sqft
2020-10-01 0 days 2,170 sqft
2020-11-01 0 days 2,160 sqft
2020-12-01 0 days 2,150 sqft
2021-01-01 0 days 2,326 sqft
2021-02-01 0 days 2,372 sqft
2021-03-01 0 days 2,219 sqft
2021-04-01 0 days 2,266 sqft
2021-05-01 0 days 1,902 sqft
2021-06-01 0 days 1,850 sqft
2021-07-01 0 days 1,682 sqft
2021-08-01 0 days 2,042 sqft
2021-09-01 0 days 2,168 sqft
2021-10-01 0 days 2,196 sqft
2021-11-01 0 days 2,159 sqft
2021-12-01 0 days 2,188 sqft
2022-01-01 0 days 2,046 sqft
2022-02-01 0 days 2,058 sqft
2022-03-01 0 days 2,072 sqft
2022-04-01 0 days 2,114 sqft
2022-05-01 0 days 2,058 sqft
2022-06-01 0 days 2,076 sqft
2022-07-01 0 days 2,128 sqft
2022-08-01 0 days 2,132 sqft
2022-09-01 0 days 2,096 sqft
2022-10-01 0 days 2,019 sqft
2022-11-01 0 days 1,930 sqft
2022-12-01 0 days 1,989 sqft
2023-01-01 0 days 2,031 sqft
2023-02-01 0 days 2,003 sqft
2023-03-01 0 days 1,944 sqft
2023-04-01 0 days 2,000 sqft
2023-05-01 0 days 2,115 sqft
2023-06-01 0 days 2,132 sqft
2023-07-01 0 days 2,150 sqft
2023-08-01 0 days 2,022 sqft
Elizabeth City's median listing age (time on market) for 2023-08-01 was 0 days.

Elizabeth City's median square footage for active listings during the 2023-08-01 period was 2,022 sqft. One year prior, the average listing was 2,132 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.