Florence VA Loan Rates, Closing Costs & Stats

FLORENCE-MUSCLE SHOALS, AL

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 6.62% for the week of 2024-03-22, compared to the national average (all VA variants) of 6.539% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.73% and one month ago for the week of 2024-02-16, the average rate was 6.86%.

The average rate one year ago was 6.19%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.58%.

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
Florence's median listing price for 2024-02-01 was $299,945, a difference of $5,622 (1.9%) versus the prior year and $6,195 versus the prior month.

Florence's median listing price comes in at 72% of the national average.

Florence's average listing price for 2024-02-01 was $407,861, a difference of $10,128 (2.6%) versus the prior year and $-2,111 versus the prior month.

For the 2024-02-01 period, Florence had 334 MLS listings, a difference of -31 listings (-8%) versus the prior month and 61 listings (22%) 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
Florence's median listing age (time on market) for 2024-02-01 was 74 days. This is 7% longer than the same period one year ago.

Florence's median square footage for active listings during the 2024-02-01 period was 2,045 sqft. One year prior, the average listing was 1,924 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.