Florence VA Loan Rates, Closing Costs & Stats

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 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 62 lenders originated 291 VA loans during 2023. The total origination value was $78,655,000, with an average VA loan value of $270,292.

    Florence VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Florence averaged 6.37% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Florence's average VA mortgage closing costs are $5,223.

    The average rate for the prior week (2024-07-12) was 6.41% and one month ago for the week of 2024-06-14, the average rate was 6.57%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.56%.

    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 45 6.97% $5,787
    QUICKEN LOANS, LLC 20 6.31% $10,845
    MOVEMENT MORTGAGE, LLC 18 6.28% $8,086
    CROSSCOUNTRY MORTGAGE, LLC 15 6.48% $4,639
    UNITED WHOLESALE MORTGAGE, LLC 12 6.48% $9,750
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.76% $7,378
    FBC MORTGAGE, LLC 9 5.61% $7,097
    PENNYMAC LOAN SERVICES, LLC 8 5.77% $7,261
    NAVY FEDERAL CREDIT UNION 7 5.80% $4,587
    USAA Federal Savings Bank 7 5.84% $8,667
    INSPIRE HOME LOANS INC. 7 5.93% $3,589
    LOANDEPOT.COM, LLC 7 5.89% $10,917
    MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.68% $871
    CMG MORTGAGE, INC. 6 6.96% $7,080
    SUN WEST MORTGAGE COMPANY, INC. 5 6.58% $10,334
    FREEDOM MORTGAGE CORPORATION 5 6.85% $14,520
    First Reliance Bank 5 6.73% $5,241
    NEW DAY FINANCIAL, LLC 4 7.09% $9,085
    THRIVE MORTGAGE, LLC 4 6.91% $7,943
    UNION HOME MORTGAGE CORP. 4 7.16% $11,074
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.75% $7,752
    Magnolia Bank 4 6.06% $8,503
    GUARANTEED RATE, INC. 3 6.74% $5,860
    GSF Mortgage Corporation 3 6.42% $8,393
    American Security Mortgage Corp. 3 6.42% $3,789
    PENTAGON FEDERAL CREDIT UNION 3 5.58% $5,492
    VILLAGE CAPITAL MORTGAGE 3 6.42% $9,816
    JPMorgan Chase Bank 2 5.75% $13,570
    AMERISAVE MORTGAGE CORPORATION 2 5.94% $14,569
    GUARANTEED RATE AFFINITY, LLC 2 6.44% $4,644
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $10,414
    SUMMIT FUNDING, INC. 2 5.69% $7,027
    The Federal Savings Bank 2 7.25% $9,337
    First Palmetto Bank 2 6.94% $7,236
    Wells Fargo Bank 2 5.94% $2,737
    RELIANCE FIRST CAPITAL, LLC 2 7.06% $7,249
    Flagstar Bank, FSB 2 6.88% $3,394
    INTERCOASTAL MORTGAGE COMPANY 2 5.87% $8,390
    Truist 1 5.63% $2,155
    AMCAP MORTGAGE, LTD. 1 6.49% $5,723
    Assurance Financial Group, L.L.C. 1 6.50% $8,520
    CARDINAL FINANCIAL 1 7.25% $19,798
    CHURCHILL MORTGAGE CORPORATION 1 6.99% $5,272
    Colonial Savings, F.A. 1 6.50% $6,338
    CONTOUR MORTGAGE CORPORATION 1 6.75% $13,310
    DHI MORTGAGE COMPANY, LTD. 1 5.50% $3,011
    Equity Prime Mortgage LLC 1 7.75% $4,192
    EQUITY RESOURCES, INC. 1 6.25% $8,767
    GUILD MORTGAGE COMPANY 1 6.13% $8,661
    HANSCOM 1 6.50% $3,717
    LADERA LENDING, INC. 1 6.75% $11,218
    LEADERONE FINANCIAL CORPORATION 1 6.63% $11,595
    LOANPAL, LLC 1 5.25% $1,744
    Neighborhood Loans, Inc. 1 6.00% $6,008
    NTFN, INC. 1 7.38% $9,959
    Prosperity Home Mortgage, LLC 1 6.99% $8,400
    Shamrock Home Loans, Inc. 1 6.00% $3,477
    South State Bank 1 5.99% $6,501
    TD Bank 1 6.13% $3,267
    1ST SIGNATURE LENDING, LLC 1 6.50% $7,795
    US MORTGAGE CORPORATION 1 5.63% $14,295
    Waterstone Mortgage Corporation 1 7.13% $9,113

    The top Florence VA lender as defined by loan originations is Mortgage Research Center, LLC, with 45 VA loans originated. Their average total fees are $5,787, which is $5,058 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Florence VA lenders (with over 10 loans originated) are CROSSCOUNTRY MORTGAGE, LLC ($4,639), Mortgage Research Center, LLC ($5,787), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,378), MOVEMENT MORTGAGE, LLC ($8,086) and UNITED WHOLESALE MORTGAGE, LLC ($9,750).

    The lowest rate Florence VA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC (6.28%), QUICKEN LOANS, LLC (6.31%), UNITED WHOLESALE MORTGAGE, LLC (6.48%), CROSSCOUNTRY MORTGAGE, LLC (6.48%) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.76%).

    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.