Elkins VA Loan Rates, Closing Costs & Stats

Elkins, WV

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.

Elkins's 8 lenders originated 18 VA loans during 2023. The total origination value was $3,590,000, with an average VA loan value of $199,444.

Elkins VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Elkins averaged 6.75% for the week of 2024-03-22, compared to the national average (all VA variants) of 6.539% for the same period.

Elkins's average VA mortgage closing costs are $4,606.

The average rate for the prior week (2024-03-15) was 6.66% and one month ago for the week of 2024-02-16, the average rate was 6.68%.

The average rate one year ago was 6.32%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.64%.

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

Elkins 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 Elkins level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 8 6.70% $3,440
QUICKEN LOANS, LLC 2 6.49% $7,238
PENNYMAC LOAN SERVICES, LLC 2 6.63% $7,772
TIDEWATER MORTGAGE SERVICES, INC. 1 6.00% $5,942
DAS Acquisition Company, LLC 1 7.63% $5,542
UNITED WHOLESALE MORTGAGE, LLC 1 7.25% $10,605
North American Savings Bank, F.S.B. 1 5.75% $7,382
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $650

The top Elkins VA lender as defined by loan originations is Mortgage Research Center, LLC, with 8 VA loans originated. Their average total fees are $3,440, which is $3,797 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Elkins VA lenders (with over 10 loans originated) are .

The lowest rate Elkins VA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Elkins (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 $134,925 (-17.5%) $172,143 (-6.3%) 0.00 129
2018-02-01 $135,450 (-17.0%) $173,362 (-4.0%) 0.00 122
2018-03-01 $149,500 (-7.6%) $185,205 (1.2%) 0.00 115
2018-04-01 $159,725 (-0.8%) $192,337 (8.8%) 0.00 121
2018-05-01 $159,000 (-1.3%) $188,200 (8.9%) 0.00 128
2018-06-01 $149,950 (-4.7%) $186,614 (11.7%) 0.00 134
2018-07-01 $160,000 (7.4%) $195,744 (17.5%) 0.00 135
2018-08-01 $165,975 (12.9%) $199,607 (16.0%) 0.00 133
2018-09-01 $174,999 (18.6%) $203,814 (18.3%) 0.00 127
2018-10-01 $179,000 (19.8%) $201,110 (16.7%) 0.00 123
2018-11-01 $173,650 (21.0%) $196,671 (13.1%) 0.00 118
2018-12-01 $179,000 (28.8%) $200,288 (15.0%) 0.00 112
2019-01-01 $179,675 (33.2%) $204,485 (18.8%) 0.00 106
2019-02-01 $180,975 (33.6%) $208,085 (20.0%) 0.00 104
2019-03-01 $175,357 (17.3%) $204,152 (10.2%) 0.00 106
2019-04-01 $170,582 (6.8%) $202,425 (5.3%) 0.00 107
2019-05-01 $174,300 (9.6%) $203,098 (7.9%) 0.00 110
2019-06-01 $169,900 (13.3%) $197,069 (5.6%) 0.00 113
2019-07-01 $164,300 (2.7%) $193,009 (-1.4%) 0.00 116
2019-08-01 $167,882 (1.2%) $197,598 (-1.0%) 0.00 115
2019-09-01 $166,655 (-4.8%) $194,703 (-4.5%) 0.00 114
2019-10-01 $165,836 (-7.4%) $192,773 (-4.2%) 0.00 110
2019-11-01 $152,500 (-12.2%) $196,175 (-0.3%) 0.00 101
2019-12-01 $151,250 (-15.5%) $197,058 (-1.6%) 0.00 84
2020-01-01 $152,500 (-15.1%) $197,439 (-3.5%) 0.00 77
2020-02-01 $169,000 (-6.6%) $198,229 (-4.7%) 0.00 85
2020-03-01 $169,225 (-3.5%) $203,058 (-0.5%) 0.00 95
2020-04-01 $172,400 (1.1%) $205,755 (1.7%) 0.00 90
2020-05-01 $179,900 (3.2%) $220,050 (8.4%) 0.00 87
2020-06-01 $189,000 (11.2%) $219,533 (11.4%) 0.00 91
2020-07-01 $184,450 (12.3%) $219,049 (13.5%) 0.00 91
2020-08-01 $189,950 (13.2%) $224,272 (13.5%) 0.00 71
2020-09-01 $176,450 (5.9%) $205,045 (5.3%) 0.00 65
2020-10-01 $167,350 (0.9%) $206,371 (7.1%) 0.00 72
2020-11-01 $174,900 (14.7%) $214,231 (9.2%) 0.00 65
2020-12-01 $184,450 (22.0%) $220,254 (11.8%) 0.00 63
2021-01-01 $189,900 (24.5%) $230,709 (16.9%) 0.00 55
2021-02-01 $210,450 (24.5%) $239,711 (20.9%) 0.00 45
2021-03-01 $192,200 (13.6%) $217,027 (6.9%) 0.00 41
2021-04-01 $183,975 (6.7%) $199,335 (-3.1%) 0.00 42
2021-05-01 $174,900 (-2.8%) $189,733 (-13.8%) 0.00 37
2021-06-01 $168,450 (-10.9%) $195,624 (-10.9%) 0.00 37
2021-07-01 $185,950 (0.8%) $206,136 (-5.9%) 0.00 51
2021-08-01 $175,200 (-7.8%) $204,855 (-8.7%) 0.00 51
2021-09-01 $177,875 (0.8%) $218,260 (6.4%) 0.00 52
2021-10-01 $177,450 (6.0%) $214,105 (3.8%) 0.00 50
2021-11-01 $183,500 (4.9%) $221,731 (3.5%) 0.00 48
2021-12-01 $160,700 (-12.9%) $189,059 (-14.2%) 0.00 37
2022-01-01 $169,000 (-11.0%) $191,057 (-17.2%) 0.00 34
2022-02-01 $166,725 (-20.8%) $200,276 (-16.5%) 0.00 32
2022-03-01 $172,225 (-10.4%) $204,863 (-5.6%) 0.00 22
2022-04-01 $205,000 (11.4%) $224,042 (12.4%) 0.00 22
2022-05-01 $200,525 (14.7%) $225,641 (18.9%) 0.00 29
2022-06-01 $238,850 (41.8%) $270,211 (38.1%) 0.00 29
2022-07-01 $219,900 (18.3%) $265,747 (28.9%) 0.00 28
2022-08-01 $225,725 (28.8%) $294,457 (43.7%) 0.00 32
2022-09-01 $207,500 (16.7%) $285,955 (31.0%) 0.00 35
2022-10-01 $205,000 (15.5%) $259,423 (21.2%) 0.00 35
2022-11-01 $199,950 (9.0%) $249,391 (12.5%) 0.00 38
2022-12-01 $199,950 (24.4%) $257,220 (36.1%) 0.00 33
2023-01-01 $192,475 (13.9%) $249,528 (30.6%) 0.00 28
2023-02-01 $209,925 (25.9%) $238,904 (19.3%) 0.00 29
2023-03-01 $191,675 (11.3%) $226,040 (10.3%) 0.00 30
2023-04-01 $199,999 (-2.4%) $237,300 (5.9%) 0.00 18
2023-05-01 $211,250 (5.4%) $249,647 (10.6%) 0.00 24
2023-06-01 $241,375 (1.1%) $311,863 (15.4%) 0.00 25
2023-07-01 $247,200 (12.4%) $331,152 (24.6%) 0.00 27
2023-08-01 $224,450 (-0.6%) $296,451 (0.7%) 0.00 33
2023-09-01 $219,500 (5.8%) $290,922 (1.7%) 0.00 34
2023-10-01 $239,500 (16.8%) $278,300 (7.3%) 0.00 44
2023-11-01 $224,900 (12.5%) $278,163 (11.5%) 0.00 44
2023-12-01 $239,999 (20.0%) $298,190 (15.9%) 0.00 38
2024-01-01 $219,900 (14.3%) $261,339 (4.7%) 0.00 39
2024-02-01 $218,900 (4.3%) $273,190 (14.4%) 0.00 33
Elkins's median listing price for 2024-02-01 was $218,900, a difference of $8,975 (4.3%) versus the prior year and $-1,000 versus the prior month.

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

Elkins's average listing price for 2024-02-01 was $273,190, a difference of $34,286 (14.4%) versus the prior year and $11,851 versus the prior month.

For the 2024-02-01 period, Elkins had 33 MLS listings, a difference of -6 listings (-15%) versus the prior month and 4 listings (14%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Elkins (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,814 sqft
2018-02-01 0 days 1,825 sqft
2018-03-01 0 days 1,907 sqft
2018-04-01 0 days 1,982 sqft
2018-05-01 0 days 1,876 sqft
2018-06-01 0 days 1,850 sqft
2018-07-01 0 days 1,900 sqft
2018-08-01 0 days 1,930 sqft
2018-09-01 0 days 1,998 sqft
2018-10-01 0 days 1,993 sqft
2018-11-01 0 days 1,845 sqft
2018-12-01 0 days 1,842 sqft
2019-01-01 0 days 1,838 sqft
2019-02-01 0 days 1,884 sqft
2019-03-01 0 days 1,902 sqft
2019-04-01 0 days 1,810 sqft
2019-05-01 0 days 1,894 sqft
2019-06-01 0 days 1,900 sqft
2019-07-01 0 days 1,897 sqft
2019-08-01 0 days 1,884 sqft
2019-09-01 0 days 1,877 sqft
2019-10-01 0 days 1,873 sqft
2019-11-01 0 days 1,872 sqft
2019-12-01 0 days 1,962 sqft
2020-01-01 0 days 1,944 sqft
2020-02-01 0 days 1,941 sqft
2020-03-01 0 days 1,879 sqft
2020-04-01 0 days 1,991 sqft
2020-05-01 0 days 1,990 sqft
2020-06-01 0 days 1,826 sqft
2020-07-01 0 days 1,797 sqft
2020-08-01 0 days 1,924 sqft
2020-09-01 0 days 1,767 sqft
2020-10-01 0 days 1,842 sqft
2020-11-01 0 days 1,906 sqft
2020-12-01 0 days 1,757 sqft
2021-01-01 0 days 1,776 sqft
2021-02-01 0 days 1,901 sqft
2021-03-01 0 days 1,663 sqft
2021-04-01 0 days 1,649 sqft
2021-05-01 0 days 1,650 sqft
2021-06-01 0 days 1,648 sqft
2021-07-01 0 days 1,862 sqft
2021-08-01 0 days 1,654 sqft
2021-09-01 0 days 1,612 sqft
2021-10-01 0 days 1,605 sqft
2021-11-01 0 days 1,598 sqft
2021-12-01 0 days 1,523 sqft
2022-01-01 0 days 1,800 sqft
2022-02-01 0 days 1,625 sqft
2022-03-01 0 days 1,566 sqft
2022-04-01 0 days 1,604 sqft
2022-05-01 0 days 1,658 sqft
2022-06-01 0 days 1,739 sqft
2022-07-01 0 days 1,903 sqft
2022-08-01 0 days 1,957 sqft
2022-09-01 0 days 1,814 sqft
2022-10-01 0 days 1,773 sqft
2022-11-01 0 days 1,728 sqft
2022-12-01 0 days 1,749 sqft
2023-01-01 0 days 1,712 sqft
2023-02-01 0 days 1,739 sqft
2023-03-01 0 days 1,828 sqft
2023-04-01 0 days 1,769 sqft
2023-05-01 0 days 1,972 sqft
2023-06-01 0 days 1,936 sqft
2023-07-01 0 days 1,845 sqft
2023-08-01 0 days 1,700 sqft
2023-09-01 0 days 2,055 sqft
2023-10-01 0 days 1,949 sqft
2023-11-01 0 days 1,817 sqft
2023-12-01 0 days 1,848 sqft
2024-01-01 0 days 1,840 sqft
2024-02-01 0 days 1,774 sqft
Elkins's median listing age (time on market) for 2024-02-01 was 0 days.

Elkins's median square footage for active listings during the 2024-02-01 period was 1,774 sqft. One year prior, the average listing was 1,739 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.