Florence VA Loan Rates, Closing Costs & Stats

FLORENCE-MUSCLE SHOALS, 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.

    Florence's 56 lenders originated 196 VA loans during 2023. The total origination value was $49,910,000, with an average VA loan value of $254,643.

    Florence VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Florence averaged 0.18% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    Florence's average VA mortgage closing costs are $4,834.

    The average rate for the prior week (2024-11-08) was 6.49% and one month ago for the week of 2024-10-11, the average rate was 5.85%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.24%.

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

    Florence 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 Florence level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 40 6.81% $4,967
    QUICKEN LOANS, LLC 12 6.25% $7,655
    Trustmark National Bank 11 6.47% $4,666
    Assurance Financial Group, L.L.C. 11 6.83% $4,778
    NAVY FEDERAL CREDIT UNION 9 5.96% $2,239
    UNITED WHOLESALE MORTGAGE, LLC 9 6.01% $7,229
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.45% $4,721
    NEW DAY FINANCIAL, LLC 5 7.34% $10,320
    PENNYMAC LOAN SERVICES, LLC 4 5.13% $5,028
    LOANDEPOT.COM, LLC 4 5.53% $12,704
    First Federal Bank, A FSB 4 6.25% $10,801
    Wolfe Financial, Inc 3 7.42% $4,648
    FREEDOM MORTGAGE CORPORATION 3 6.92% $9,515
    GUILD MORTGAGE COMPANY 3 4.88% $7,760
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 8.00% $2,793
    United Community Bank 3 6.71% $9,617
    USAA Federal Savings Bank 3 6.29% $8,990
    VILLAGE CAPITAL MORTGAGE 3 6.00% $6,190
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $3,867
    NEWREZ LLC 2 6.94% $4,542
    AMERISAVE MORTGAGE CORPORATION 2 5.81% $8,275
    Barrington Bank & Trust Company, N.A. 2 6.69% $7,440
    CROSSCOUNTRY MORTGAGE, LLC 2 5.84% $4,297
    JPMorgan Chase Bank 2 6.75% $1,374
    MOVEMENT MORTGAGE, LLC 2 7.44% $5,518
    The Federal Savings Bank 2 5.88% $20,295
    GUARANTEED RATE, INC. 2 6.00% $4,709
    NBH Bank 1 5.75% $6,150
    NBKC BANK 1 6.38% $12,838
    Bank Independent 1 6.13% $3,262
    Armed Forces Bank 1 5.75% $5,608
    PENTAGON FEDERAL CREDIT UNION 1 5.13% $5,884
    PHH Mortgage Corporation 1 6.50% $6,862
    Plains Commerce Bank 1 5.75% $5,617
    Prosperity Home Mortgage, LLC 1 5.63% $13,008
    REDSTONE Federal Credit Union 1 7.00% $2,860
    Regions Bank 1 5.63% $6,666
    Renasant Bank 1 5.63% $30,371
    American Mortgage & Equity Consultants, Inc. 1 7.25% $3,675
    UNION HOME MORTGAGE CORP. 1 5.63% $7,669
    Alcova Mortgage LLC 1 6.75% $0
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $4,968
    Consumer First Mortgage, Inc. 1 6.50% $2,426
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.25% $6,806
    Equity Prime Mortgage LLC 1 7.75% $641
    CIS Financial Services, Inc. 1 7.13% $3,314
    Century Mortgage Company DBA Century Lending Company 1 5.88% $6,078
    FirstBank 1 5.88% $8,474
    Wells Fargo Bank 1 6.00% $291
    U.S. Bank 1 5.75% $3,864
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $9,391
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $8,170
    CB&S Bank, Inc. 1 6.75% $14,891
    BROKER SOLUTIONS, INC. 1 6.75% $4,003
    Victorian Finance, LLC 1 7.25% $7,864
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $12,519

    The top Florence VA lender as defined by loan originations is Mortgage Research Center, LLC, with 40 VA loans originated. Their average total fees are $4,967, which is $2,689 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Florence VA lenders (with over 10 loans originated) are Trustmark National Bank ($4,666), Assurance Financial Group, L.L.C. ($4,778), Mortgage Research Center, LLC ($4,967), QUICKEN LOANS, LLC ($7,655) and .

    The lowest rate Florence VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), Trustmark National Bank (6.47%), Mortgage Research Center, LLC (6.81%), Assurance Financial Group, L.L.C. (6.83%) and .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Florence (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 (6.7%) $222,573 (8.6%) 0.59 767
    2018-02-01 $159,925 (6.7%) $222,691 (7.2%) 0.58 774
    2018-03-01 $169,900 (6.3%) $227,548 (4.6%) 0.60 736
    2018-04-01 $179,950 (9.1%) $251,286 (12.9%) 0.61 751
    2018-05-01 $189,000 (17.5%) $272,438 (23.1%) 0.63 759
    2018-06-01 $185,000 (15.7%) $270,424 (23.1%) 0.62 757
    2018-07-01 $179,900 (10.2%) $268,876 (21.9%) 0.60 777
    2018-08-01 $176,950 (5.4%) $267,241 (20.4%) 0.59 774
    2018-09-01 $179,400 (6.5%) $263,223 (17.2%) 0.60 789
    2018-10-01 $179,925 (9.0%) $259,854 (16.1%) 0.61 800
    2018-11-01 $182,913 (12.2%) $263,796 (19.3%) 0.62 799
    2018-12-01 $178,950 (8.5%) $259,554 (15.8%) 0.62 787
    2019-01-01 $174,800 (9.3%) $233,261 (4.8%) 0.60 734
    2019-02-01 $170,950 (6.9%) $229,725 (3.2%) 0.58 742
    2019-03-01 $175,707 (3.4%) $231,823 (1.9%) 0.57 733
    2019-04-01 $183,575 (2.0%) $239,113 (-4.8%) 0.58 727
    2019-05-01 $189,000 (0.0%) $246,167 (-9.6%) 0.59 720
    2019-06-01 $193,410 (4.6%) $253,992 (-6.1%) 0.60 718
    2019-07-01 $199,900 (11.1%) $265,138 (-1.4%) 0.63 642
    2019-08-01 $197,145 (11.4%) $266,518 (-0.3%) 0.62 597
    2019-09-01 $193,014 (7.6%) $267,401 (1.6%) 0.62 527
    2019-10-01 $189,850 (5.5%) $268,469 (3.3%) 0.61 486
    2019-11-01 $183,700 (0.4%) $256,644 (-2.7%) 0.60 502
    2019-12-01 $174,900 (-2.3%) $256,048 (-1.4%) 0.58 499
    2020-01-01 $176,675 (1.1%) $256,488 (10.0%) 0.59 481
    2020-02-01 $184,950 (8.2%) $259,766 (13.1%) 0.61 488
    2020-03-01 $189,075 (7.6%) $267,884 (15.6%) 0.59 480
    2020-04-01 $189,700 (3.3%) $263,658 (10.3%) 0.59 480
    2020-05-01 $209,900 (11.1%) $281,953 (14.5%) 0.64 413
    2020-06-01 $229,950 (18.9%) $298,354 (17.5%) 0.68 354
    2020-07-01 $220,800 (10.5%) $292,957 (10.5%) 0.64 354
    2020-08-01 $209,900 (6.5%) $275,920 (3.5%) 0.60 314
    2020-09-01 $207,425 (7.5%) $280,171 (4.8%) 0.59 294
    2020-10-01 $199,900 (5.3%) $280,484 (4.5%) 0.57 290
    2020-11-01 $192,400 (4.7%) $273,494 (6.6%) 0.56 278
    2020-12-01 $189,900 (8.6%) $271,727 (6.1%) 0.56 264
    2021-01-01 $194,900 (10.3%) $271,840 (6.0%) 0.58 248
    2021-02-01 $184,650 (-0.2%) $263,100 (1.3%) 0.54 226
    2021-03-01 $202,725 (7.2%) $270,662 (1.0%) 0.58 196
    2021-04-01 $189,450 (-0.1%) $267,647 (1.5%) 0.51 178
    2021-05-01 $174,950 (-16.7%) $282,982 (0.4%) 0.46 187
    2021-06-01 $189,950 (-17.4%) $299,146 (0.3%) 0.50 214
    2021-07-01 $189,900 (-14.0%) $354,161 (20.9%) 0.50 235
    2021-08-01 $209,900 (0.0%) $388,954 (41.0%) 0.56 270
    2021-09-01 $209,450 (1.0%) $378,519 (35.1%) 0.56 266
    2021-10-01 $199,000 (-0.5%) $366,326 (30.6%) 0.53 254
    2021-11-01 $201,963 (5.0%) $364,078 (33.1%) 0.54 252
    2021-12-01 $199,938 (5.3%) $351,192 (29.2%) 0.54 246
    2022-01-01 $209,900 (7.7%) $387,068 (42.4%) 0.57 198
    2022-02-01 $216,700 (17.4%) $411,789 (56.5%) 0.56 171
    2022-03-01 $199,900 (-1.4%) $391,299 (44.6%) 0.50 181
    2022-04-01 $229,900 (21.4%) $443,966 (65.9%) 0.55 176
    2022-05-01 $276,725 (58.2%) $453,316 (60.2%) 0.63 217
    2022-06-01 $267,450 (40.8%) $405,333 (35.5%) 0.60 256
    2022-07-01 $254,995 (34.3%) $386,192 (9.0%) 0.57 292
    2022-08-01 $261,950 (24.8%) $372,441 (-4.3%) 0.61 290
    2022-09-01 $277,450 (32.5%) $382,810 (1.1%) 0.65 289
    2022-10-01 $284,900 (43.2%) $389,521 (6.3%) 0.67 322
    2022-11-01 $270,425 (33.9%) $383,295 (5.3%) 0.65 345
    2022-12-01 $272,495 (36.3%) $376,016 (7.1%) 0.67 324
    2023-01-01 $279,950 (33.4%) $381,996 (-1.3%) 0.69 305
    2023-02-01 $294,323 (35.8%) $397,733 (-3.4%) 0.71 273
    2023-03-01 $295,973 (48.1%) $403,245 (3.1%) 0.70 276
    2023-04-01 $279,900 (21.8%) $379,941 (-14.4%) 0.65 268
    2023-05-01 $292,475 (5.7%) $390,375 (-13.9%) 0.66 262
    2023-06-01 $299,900 (12.1%) $422,763 (4.3%) 0.67 274
    2023-07-01 $314,925 (23.5%) $430,751 (11.5%) 0.72 278
    2023-08-01 $299,900 (14.5%) $433,851 (16.5%) 0.69 300
    2023-09-01 $312,000 (12.5%) $437,213 (14.2%) 0.73 314
    2023-10-01 $302,495 (6.2%) $421,187 (8.1%) 0.71 355
    2023-11-01 $299,950 (10.9%) $409,692 (6.9%) 0.71 377
    2023-12-01 $289,900 (6.4%) $405,851 (7.9%) 0.71 381
    2024-01-01 $293,750 (4.9%) $409,972 (7.3%) 0.72 365
    2024-02-01 $299,945 (1.9%) $407,861 (2.6%) 0.72 334
    2024-03-01 $291,250 (-1.6%) $383,928 (-4.8%) 0.69 356
    2024-04-01 $306,175 (9.4%) $415,623 (9.4%) 0.71 377
    2024-05-01 $337,150 (15.3%) $439,125 (12.5%) 0.76 393
    2024-06-01 $324,900 (8.3%) $424,704 (0.5%) 0.73 431
    2024-07-01 $314,850 (0.0%) $421,506 (-2.2%) 0.72 459
    2024-08-01 $317,500 (5.9%) $410,886 (-5.3%) 0.74 484
    2024-09-01 $299,900 (-3.9%) $393,559 (-10.0%) 0.71 530
    2024-10-01 $299,913 (-0.9%) $396,866 (-5.8%) 0.71 575
    Florence's median listing price for 2024-10-01 was $299,913, a difference of $-2,582 (-0.9%) versus the prior year and $13 versus the prior month.

    Florence's median listing price comes in at 71% of the national average.

    Florence's average listing price for 2024-10-01 was $396,866, a difference of $-24,321 (-5.8%) versus the prior year and $3,307 versus the prior month.

    For the 2024-10-01 period, Florence had 575 MLS listings, a difference of 45 listings (8%) versus the prior month and 220 listings (62%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Florence (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 85 days 2,000 sqft
    2018-02-01 81 days 2,000 sqft
    2018-03-01 75 days 1,990 sqft
    2018-04-01 72 days 2,025 sqft
    2018-05-01 71 days 2,036 sqft
    2018-06-01 71 days 2,030 sqft
    2018-07-01 76 days 2,028 sqft
    2018-08-01 70 days 2,045 sqft
    2018-09-01 68 days 2,047 sqft
    2018-10-01 74 days 2,044 sqft
    2018-11-01 83 days 2,068 sqft
    2018-12-01 93 days 2,022 sqft
    2019-01-01 101 days 2,026 sqft
    2019-02-01 100 days 2,014 sqft
    2019-03-01 89 days 2,017 sqft
    2019-04-01 75 days 2,042 sqft
    2019-05-01 65 days 2,042 sqft
    2019-06-01 65 days 2,100 sqft
    2019-07-01 77 days 2,152 sqft
    2019-08-01 86 days 2,147 sqft
    2019-09-01 92 days 2,126 sqft
    2019-10-01 94 days 2,106 sqft
    2019-11-01 87 days 2,098 sqft
    2019-12-01 73 days 2,000 sqft
    2020-01-01 77 days 1,990 sqft
    2020-02-01 69 days 2,045 sqft
    2020-03-01 61 days 2,026 sqft
    2020-04-01 65 days 1,999 sqft
    2020-05-01 66 days 2,120 sqft
    2020-06-01 64 days 2,235 sqft
    2020-07-01 58 days 2,211 sqft
    2020-08-01 45 days 2,142 sqft
    2020-09-01 49 days 2,082 sqft
    2020-10-01 42 days 2,029 sqft
    2020-11-01 47 days 1,959 sqft
    2020-12-01 67 days 1,892 sqft
    2021-01-01 68 days 1,894 sqft
    2021-02-01 38 days 1,892 sqft
    2021-03-01 37 days 1,900 sqft
    2021-04-01 29 days 1,900 sqft
    2021-05-01 25 days 1,865 sqft
    2021-06-01 27 days 1,854 sqft
    2021-07-01 33 days 1,844 sqft
    2021-08-01 41 days 1,925 sqft
    2021-09-01 44 days 1,947 sqft
    2021-10-01 47 days 1,907 sqft
    2021-11-01 41 days 1,888 sqft
    2021-12-01 53 days 1,876 sqft
    2022-01-01 65 days 1,850 sqft
    2022-02-01 57 days 1,868 sqft
    2022-03-01 32 days 1,842 sqft
    2022-04-01 36 days 1,819 sqft
    2022-05-01 30 days 1,950 sqft
    2022-06-01 33 days 1,950 sqft
    2022-07-01 39 days 1,985 sqft
    2022-08-01 44 days 1,943 sqft
    2022-09-01 51 days 1,941 sqft
    2022-10-01 40 days 1,938 sqft
    2022-11-01 51 days 1,930 sqft
    2022-12-01 64 days 1,911 sqft
    2023-01-01 76 days 1,941 sqft
    2023-02-01 69 days 1,924 sqft
    2023-03-01 65 days 1,964 sqft
    2023-04-01 60 days 1,970 sqft
    2023-05-01 50 days 2,025 sqft
    2023-06-01 50 days 2,115 sqft
    2023-07-01 52 days 2,217 sqft
    2023-08-01 42 days 2,109 sqft
    2023-09-01 52 days 2,100 sqft
    2023-10-01 47 days 2,054 sqft
    2023-11-01 50 days 2,051 sqft
    2023-12-01 66 days 2,049 sqft
    2024-01-01 77 days 2,043 sqft
    2024-02-01 74 days 2,045 sqft
    2024-03-01 52 days 2,032 sqft
    2024-04-01 47 days 2,038 sqft
    2024-05-01 46 days 2,085 sqft
    2024-06-01 50 days 2,030 sqft
    2024-07-01 53 days 1,990 sqft
    2024-08-01 53 days 1,969 sqft
    2024-09-01 52 days 1,940 sqft
    2024-10-01 53 days 1,960 sqft
    Florence's median listing age (time on market) for 2024-10-01 was 53 days. This is 13% longer than the same period one year ago.

    Florence's median square footage for active listings during the 2024-10-01 period was 1,960 sqft. One year prior, the average listing was 2,054 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.