Florence VA Loans

FLORENCE, SC

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.