Florence VA Loans

FLORENCE, SC

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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 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 85 lenders originated 640 VA loans during 2021. The total origination value was $141,900,000, with an average VA loan value of $221,719.

    Florence VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Florence averaged 5.34% 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 5.77% and one month ago for the week of 2022-04-08, the average rate was 4.89%.

    The average rate one year ago was 3.31%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.39%.

    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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Florence level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 64 2.47% $4,791
    Mortgage Research Center, LLC 62 2.97% $4,723
    FREEDOM MORTGAGE CORPORATION 46 2.42% $2,339
    GUARANTEED RATE, INC. 33 2.70% $6,111
    FINANCE OF AMERICA MORTGAGE LLC 21 3.08% $5,311
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 3.03% $6,088
    Magnolia Bank 20 2.84% $4,820
    LOANDEPOT.COM, LLC 20 2.98% $5,185
    PENNYMAC LOAN SERVICES, LLC 19 2.43% $4,172
    USAA Federal Savings Bank 17 2.87% $3,093
    MOVEMENT MORTGAGE, LLC 16 2.85% $3,005
    NEW DAY FINANCIAL, LLC 15 3.10% $7,719
    LAKEVIEW LOAN SERVICING, LLC 14 2.71% $2,052
    Mr. Cooper ( Nationstar Mortgage ) 13 2.75% $4,114
    NAVY FEDERAL CREDIT UNION 10 2.46% $6,008
    LENDUS, LLC 10 3.08% $5,021
    VILLAGE CAPITAL & INVESTMENT LLC 9 2.38% $3,275
    CLEARPATH LENDING 8 2.45% $3,756
    Wells Fargo Bank 8 2.48% $4,931
    CALIBER HOME LOANS, INC. 7 2.57% $5,307
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 3.29% $2,541
    Carrington Mortgage Services, LLC 7 3.32% $4,990
    The Federal Savings Bank 7 2.50% $8,758
    GUILD MORTGAGE COMPANY 5 3.00% $7,176
    AMERICAN FINANCIAL NETWORK, INC. 5 2.38% $4,970
    RESIDENTIAL MORTGAGE SERVICES, INC. 5 2.88% $2,085
    UNITED WHOLESALE MORTGAGE, LLC 4 2.72% $4,151
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.08% $8,475
    Lakeview Community Capital, LLC 3 2.33% $1,378
    First Reliance Bank 3 3.04% $8,877
    GoPrime Mortgage, Inc. 3 3.17% $3,098
    Barrington Bank & Trust Company, N.A. 3 2.58% $2,352
    BROKER SOLUTIONS, INC. 3 2.79% $4,975
    Low VA Rates, LLC 3 2.38% $5,115
    Paramount Residential Mortgage Group, Inc. 3 2.88% $7,838
    NEWREZ LLC 2 2.94% $1,035
    CORNERSTONE HOME LENDING, INC. 2 2.75% $7,667
    HOME POINT FINANCIAL CORPORATION 2 2.38% $1,478
    GUARANTY HOME MORTGAGE CORPORATION 2 3.25% $9,245
    SUN WEST MORTGAGE COMPANY, INC. 2 2.25% $2,913
    INSPIRE HOME LOANS INC. 2 3.50% $1,358
    AMERISAVE MORTGAGE CORPORATION 2 2.69% $5,405
    Truist Bank 2 2.56% $5,453
    PLANET HOME LENDING, LLC 2 2.94% $2,720
    American Security Mortgage Corp. 2 2.44% $3,050
    OVM FINANCIAL, INC. 2 2.75% $1,947
    SUMMIT FUNDING, INC. 1 3.75% $9,240
    AMERICAN FINANCING CORPORATION 1 3.13% $4,852
    Ameris Bank 1 2.63% $3,775
    BAY EQUITY LLC 1 2.75% $3,323
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 3.88% $5,047
    CERTAINTY HOME LOANS, LLC 1 2.99% $2,940
    Colten Mortgage, LLC 1 3.88% $2,821
    First Bank 1 2.25% $14,920
    FirstBank 1 2.50% $12,053
    FIRST COMMUNITY MORTGAGE, INC. 1 3.13% $1,961
    First Federal Bank 1 3.50% $5,385
    First Guaranty Mortgage Corporation 1 2.88% $2,414
    First Option Mortgage, LLC 1 3.00% $4,983
    Gateway First Bank 1 2.75% $7,375
    GENEVA FINANCIAL, LLC 1 3.63% $7,245
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $2,318
    HOMESPIRE MORTGAGE CORPORATION 1 2.88% $4,837
    InterContinental Capital Group, Inc 1 3.25% $2,893
    KS StateBank 1 2.50% $8,362
    LOANPAL, LLC 1 2.75% $4,154
    MCLEAN MORTGAGE CORPORATION 1 3.25% $0
    MIDLAND MORTGAGE CORPORATION 1 2.25% $19,155
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $1,530
    NATIONS DIRECT MORTGAGE, LLC 1 3.75% $8,584
    NP, Inc. 1 2.38% $4,291
    NTFN, INC. 1 3.75% $6,423
    PENTAGON FEDERAL CREDIT UNION 1 2.25% $2,586
    POLARIS HOME FUNDING CORP. 1 2.75% $3,714
    Prime Choice Funding Inc. 1 2.25% $4,171
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.50% $3,672
    Princeton Mortgage Corporation 1 2.75% $6,097
    RELIANCE FIRST CAPITAL, LLC 1 3.25% $3,826
    Renasant Bank 1 2.99% $7,175
    ROSS MORTGAGE CORPORATION 1 2.75% $3,487
    STEARNS LENDING, LLC 1 2.25% $2,132
    ACCELERATE MORTGAGE, LLC 1 2.25% $4,683
    Texana Bank 1 2.50% $4,776
    Trustmark National Bank 1 2.88% $2,779
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.25% $6,355

    The top Florence VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 64 VA loans originated. Their average total fees are $4,791, which is $68 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Florence VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,052), FREEDOM MORTGAGE CORPORATION ($2,339), MOVEMENT MORTGAGE, LLC ($3,005), USAA Federal Savings Bank ($3,093) and Mr. Cooper ( Nationstar Mortgage ) ($4,114).

    The lowest rate Florence VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.42%), PENNYMAC LOAN SERVICES, LLC (2.43%), NAVY FEDERAL CREDIT UNION (2.46%), QUICKEN LOANS, LLC (2.47%) and GUARANTEED RATE, INC. (2.70%).

    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 $159,450 (2.9%) $198,203 (4.0%) 0.59 603
    2018-02-01 $166,500 (5.0%) $204,714 (7.1%) 0.60 612
    2018-03-01 $170,000 (6.6%) $207,202 (2.7%) 0.59 651
    2018-04-01 $169,900 (6.3%) $207,892 (-0.5%) 0.57 674
    2018-05-01 $177,450 (7.1%) $213,300 (-0.6%) 0.59 707
    2018-06-01 $176,500 (6.4%) $212,496 (-0.6%) 0.59 721
    2018-07-01 $174,950 (0.0%) $208,114 (-4.4%) 0.58 746
    2018-08-01 $172,450 (0.0%) $203,357 (-5.9%) 0.58 746
    2018-09-01 $174,240 (3.8%) $203,065 (-3.3%) 0.58 708
    2018-10-01 $168,900 (-2.0%) $197,039 (-8.4%) 0.56 685
    2018-11-01 $169,673 (-0.7%) $195,188 (-9.9%) 0.57 674
    2018-12-01 $165,000 (1.3%) $192,935 (-1.6%) 0.57 672
    2019-01-01 $166,450 (4.4%) $194,698 (-1.8%) 0.57 645
    2019-02-01 $166,450 (0.0%) $195,811 (-4.4%) 0.56 640
    2019-03-01 $167,100 (-1.7%) $198,661 (-4.1%) 0.54 750
    2019-04-01 $172,400 (1.5%) $204,033 (-1.9%) 0.54 897
    2019-05-01 $182,450 (2.8%) $211,198 (-1.0%) 0.56 874
    2019-06-01 $187,500 (6.2%) $216,834 (2.0%) 0.58 877
    2019-07-01 $187,000 (6.9%) $217,947 (4.7%) 0.58 877
    2019-08-01 $182,814 (6.0%) $213,056 (4.8%) 0.58 860
    2019-09-01 $179,700 (3.1%) $210,228 (3.5%) 0.57 846
    2019-10-01 $179,700 (6.4%) $210,954 (7.1%) 0.57 847
    2019-11-01 $182,000 (7.3%) $210,394 (7.8%) 0.59 842
    2019-12-01 $183,410 (11.2%) $208,535 (8.1%) 0.61 742
    2020-01-01 $186,695 (12.2%) $209,249 (7.5%) 0.62 721
    2020-02-01 $189,900 (14.1%) $206,601 (5.5%) 0.61 767
    2020-03-01 $189,825 (13.6%) $211,788 (6.6%) 0.59 784
    2020-04-01 $189,900 (10.2%) $215,909 (5.8%) 0.59 754
    2020-05-01 $199,500 (9.4%) $221,642 (5.0%) 0.60 731
    2020-06-01 $204,400 (9.0%) $225,629 (4.1%) 0.60 733
    2020-07-01 $191,900 (2.6%) $219,578 (0.8%) 0.55 747
    2020-08-01 $189,900 (3.9%) $219,688 (3.1%) 0.54 691
    2020-09-01 $191,900 (6.8%) $225,893 (7.5%) 0.55 634
    2020-10-01 $190,900 (6.2%) $226,325 (7.3%) 0.55 583
    2020-11-01 $189,950 (4.4%) $226,467 (7.6%) 0.54 572
    2020-12-01 $186,500 (1.7%) $224,188 (7.5%) 0.55 552
    2021-01-01 $189,900 (1.7%) $223,093 (6.6%) 0.56 526
    2021-02-01 $203,950 (7.4%) $234,549 (13.5%) 0.59 535
    2021-03-01 $199,950 (5.3%) $235,231 (11.1%) 0.56 547
    2021-04-01 $212,900 (12.1%) $247,719 (14.7%) 0.57 544
    2021-05-01 $210,000 (5.3%) $248,018 (11.9%) 0.55 541
    2021-06-01 $214,900 (5.1%) $248,589 (10.2%) 0.56 553
    2021-07-01 $207,500 (8.1%) $243,234 (10.8%) 0.54 552
    2021-08-01 $216,950 (14.2%) $622,243 (183.2%) 0.57 574
    2021-09-01 $218,000 (13.6%) $616,602 (173.0%) 0.57 603
    2021-10-01 $217,000 (13.7%) $645,870 (185.4%) 0.57 562
    2021-11-01 $222,500 (17.1%) $656,012 (189.7%) 0.59 554
    2021-12-01 $226,500 (21.5%) $266,654 (18.9%) 0.60 529
    2022-01-01 $232,000 (22.2%) $268,609 (20.4%) 0.62 485
    2022-02-01 $239,000 (17.2%) $271,400 (15.7%) 0.61 487
    2022-03-01 $239,000 (19.5%) $266,910 (13.5%) 0.59 497
    2022-04-01 $235,000 (10.4%) $270,432 (9.2%) 0.55 454
    Florence's median listing price for 2022-04-01 was $235,000, a difference of $22,100 (10.4%) versus the prior year and $-4,000 versus the prior month.

    Florence's median listing price comes in at 55% of the national average.

    Florence's average listing price for 2022-04-01 was $270,432, a difference of $22,713 (9.2%) versus the prior year and $3,522 versus the prior month.

    For the 2022-04-01 period, Florence had 454 MLS listings, a difference of -43 listings (-9%) versus the prior month and -90 listings (-17%) 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
    2018-01-01 101 days 1,891 sqft
    2018-02-01 102 days 1,952 sqft
    2018-03-01 86 days 2,001 sqft
    2018-04-01 77 days 2,067 sqft
    2018-05-01 74 days 2,100 sqft
    2018-06-01 78 days 2,075 sqft
    2018-07-01 84 days 2,068 sqft
    2018-08-01 88 days 2,037 sqft
    2018-09-01 95 days 2,004 sqft
    2018-10-01 99 days 1,918 sqft
    2018-11-01 101 days 1,859 sqft
    2018-12-01 100 days 1,845 sqft
    2019-01-01 101 days 1,859 sqft
    2019-02-01 98 days 1,898 sqft
    2019-03-01 94 days 1,903 sqft
    2019-04-01 85 days 1,915 sqft
    2019-05-01 86 days 1,980 sqft
    2019-06-01 86 days 2,010 sqft
    2019-07-01 84 days 2,078 sqft
    2019-08-01 84 days 2,038 sqft
    2019-09-01 87 days 1,993 sqft
    2019-10-01 86 days 1,988 sqft
    2019-11-01 82 days 1,996 sqft
    2019-12-01 91 days 1,983 sqft
    2020-01-01 100 days 2,000 sqft
    2020-02-01 99 days 2,006 sqft
    2020-03-01 81 days 2,020 sqft
    2020-04-01 79 days 2,030 sqft
    2020-05-01 84 days 2,080 sqft
    2020-06-01 85 days 2,100 sqft
    2020-07-01 72 days 2,050 sqft
    2020-08-01 66 days 2,000 sqft
    2020-09-01 73 days 2,047 sqft
    2020-10-01 75 days 2,009 sqft
    2020-11-01 62 days 1,890 sqft
    2020-12-01 60 days 1,848 sqft
    2021-01-01 64 days 1,904 sqft
    2021-02-01 51 days 2,070 sqft
    2021-03-01 50 days 2,035 sqft
    2021-04-01 52 days 2,044 sqft
    2021-05-01 51 days 2,048 sqft
    2021-06-01 50 days 1,978 sqft
    2021-07-01 45 days 1,899 sqft
    2021-08-01 43 days 1,933 sqft
    2021-09-01 43 days 1,943 sqft
    2021-10-01 52 days 1,880 sqft
    2021-11-01 57 days 1,913 sqft
    2021-12-01 53 days 1,915 sqft
    2022-01-01 61 days 1,910 sqft
    2022-02-01 59 days 1,905 sqft
    2022-03-01 44 days 1,885 sqft
    2022-04-01 46 days 1,847 sqft
    Florence's median listing age (time on market) for 2022-04-01 was 46 days. This is -11% shorter than the same period one year ago.

    Florence's median square footage for active listings during the 2022-04-01 period was 1,847 sqft. One year prior, the average listing was 2,044 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.