Florence VA Loan Rates, Closing Costs & Stats

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 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 6.76% for the week of 2024-05-10, compared to the national average (all VA variants) of 6.593% for the same period.

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

The average rate for the prior week (2024-05-03) was 6.79% and one month ago for the week of 2024-04-05, the average rate was 6.49%.

The average rate one year ago was 5.96%.

For refis of the same type during the week of 2024-05-10, the average rate was 6.55%.

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%).


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 (2.9%) $199,165 (4.1%) 0.59 605
2018-02-01 $166,750 (5.2%) $205,389 (6.9%) 0.61 618
2018-03-01 $173,550 (8.8%) $208,815 (5.5%) 0.61 651
2018-04-01 $170,000 (4.1%) $209,606 (1.9%) 0.58 670
2018-05-01 $179,900 (8.4%) $216,308 (2.7%) 0.60 703
2018-06-01 $177,450 (5.7%) $215,056 (1.4%) 0.59 714
2018-07-01 $177,575 (1.5%) $211,010 (-1.5%) 0.59 741
2018-08-01 $175,625 (1.9%) $206,101 (-3.2%) 0.59 744
2018-09-01 $175,000 (4.2%) $201,674 (-2.6%) 0.59 698
2018-10-01 $169,950 (-1.1%) $199,921 (-5.7%) 0.58 681
2018-11-01 $169,900 (0.0%) $197,445 (-7.5%) 0.58 667
2018-12-01 $166,500 (1.2%) $195,220 (-0.8%) 0.57 662
2019-01-01 $168,586 (5.4%) $196,657 (-1.3%) 0.58 640
2019-02-01 $168,225 (0.9%) $197,626 (-3.8%) 0.57 635
2019-03-01 $168,500 (-2.9%) $199,434 (-4.5%) 0.55 742
2019-04-01 $172,425 (1.4%) $203,928 (-2.7%) 0.55 883
2019-05-01 $182,250 (1.3%) $210,689 (-2.6%) 0.57 862
2019-06-01 $187,995 (5.9%) $217,241 (1.0%) 0.59 862
2019-07-01 $186,495 (5.0%) $217,998 (3.3%) 0.58 864
2019-08-01 $183,336 (4.4%) $214,370 (4.0%) 0.58 855
2019-09-01 $180,841 (3.3%) $212,232 (5.2%) 0.58 841
2019-10-01 $179,702 (5.7%) $211,473 (5.8%) 0.58 835
2019-11-01 $184,950 (8.9%) $211,247 (7.0%) 0.61 827
2019-12-01 $185,080 (11.2%) $210,364 (7.8%) 0.62 731
2020-01-01 $185,413 (10.0%) $208,704 (6.1%) 0.62 713
2020-02-01 $189,900 (12.9%) $206,735 (4.6%) 0.62 767
2020-03-01 $188,873 (12.1%) $211,485 (6.0%) 0.59 780
2020-04-01 $189,900 (10.1%) $215,026 (5.4%) 0.59 748
2020-05-01 $199,000 (9.2%) $221,377 (5.1%) 0.60 723
2020-06-01 $200,000 (6.4%) $226,102 (4.1%) 0.59 720
2020-07-01 $192,900 (3.4%) $219,752 (0.8%) 0.56 738
2020-08-01 $189,900 (3.6%) $221,338 (3.3%) 0.54 686
2020-09-01 $189,925 (5.0%) $224,469 (5.8%) 0.54 629
2020-10-01 $190,900 (6.2%) $226,735 (7.2%) 0.55 579
2020-11-01 $189,950 (2.7%) $227,909 (7.9%) 0.56 570
2020-12-01 $189,475 (2.4%) $225,849 (7.4%) 0.56 548
2021-01-01 $189,900 (2.4%) $225,072 (7.8%) 0.57 523
2021-02-01 $206,725 (8.9%) $232,198 (12.3%) 0.60 534
2021-03-01 $199,950 (5.9%) $232,312 (9.9%) 0.57 545
2021-04-01 $214,925 (13.2%) $244,884 (13.9%) 0.58 544
2021-05-01 $210,000 (5.5%) $245,144 (10.7%) 0.56 540
2021-06-01 $212,450 (6.2%) $245,306 (8.5%) 0.56 549
2021-07-01 $206,950 (7.3%) $240,368 (9.4%) 0.55 549
2021-08-01 $217,100 (14.3%) $626,991 (183.3%) 0.58 576
2021-09-01 $219,100 (15.4%) $617,263 (175.0%) 0.58 606
2021-10-01 $217,300 (13.8%) $649,270 (186.4%) 0.58 566
2021-11-01 $222,500 (17.1%) $659,387 (189.3%) 0.59 555
2021-12-01 $225,053 (18.8%) $264,812 (17.3%) 0.61 531
2022-01-01 $233,500 (23.0%) $267,587 (18.9%) 0.63 484
2022-02-01 $239,000 (15.6%) $272,103 (17.2%) 0.62 482
2022-03-01 $235,000 (17.5%) $266,241 (14.6%) 0.59 496
2022-04-01 $235,000 (9.3%) $271,235 (10.8%) 0.56 450
2022-05-01 $242,945 (15.7%) $276,034 (12.6%) 0.56 519
2022-06-01 $257,601 (21.3%) $290,234 (18.3%) 0.57 591
2022-07-01 $265,000 (28.1%) $288,454 (20.0%) 0.60 610
2022-08-01 $251,114 (15.7%) $281,749 (-55.1%) 0.58 619
2022-09-01 $267,475 (22.1%) $288,745 (-53.2%) 0.63 610
2022-10-01 $273,763 (26.0%) $292,797 (-54.9%) 0.64 610
2022-11-01 $274,539 (23.4%) $288,302 (-56.3%) 0.66 585
2022-12-01 $269,900 (19.9%) $284,580 (7.5%) 0.67 544
2023-01-01 $260,950 (11.8%) $279,849 (4.6%) 0.65 530
2023-02-01 $255,000 (6.7%) $272,791 (0.3%) 0.62 534
2023-03-01 $259,968 (10.6%) $283,950 (6.7%) 0.61 494
2023-04-01 $259,000 (10.2%) $282,803 (4.3%) 0.60 520
2023-05-01 $266,723 (9.8%) $291,368 (5.6%) 0.60 500
2023-06-01 $273,950 (6.4%) $300,362 (3.5%) 0.62 507
2023-07-01 $276,990 (4.5%) $301,539 (4.5%) 0.63 519
2023-08-01 $275,445 (9.7%) $299,320 (6.2%) 0.63 510
2023-09-01 $271,576 (1.5%) $292,625 (1.3%) 0.63 509
2023-10-01 $266,995 (-2.5%) $289,964 (-1.0%) 0.63 521
2023-11-01 $260,288 (-5.2%) $284,980 (-1.2%) 0.62 490
2023-12-01 $257,450 (-4.6%) $279,264 (-1.9%) 0.63 454
2024-01-01 $252,425 (-3.3%) $266,068 (-4.9%) 0.62 455
2024-02-01 $248,406 (-2.6%) $265,706 (-2.6%) 0.60 501
2024-03-01 $249,500 (-4.0%) $277,230 (-2.4%) 0.59 513
2024-04-01 $250,635 (-3.2%) $284,376 (0.6%) 0.58 556
Florence's median listing price for 2024-04-01 was $250,635, a difference of $-8,365 (-3.2%) versus the prior year and $1,135 versus the prior month.

Florence's median listing price comes in at 58% of the national average.

Florence's average listing price for 2024-04-01 was $284,376, a difference of $1,573 (0.6%) versus the prior year and $7,146 versus the prior month.

For the 2024-04-01 period, Florence had 556 MLS listings, a difference of 43 listings (8%) versus the prior month and 36 listings (7%) 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 96 days 1,890 sqft
2018-02-01 96 days 1,952 sqft
2018-03-01 73 days 2,030 sqft
2018-04-01 68 days 2,074 sqft
2018-05-01 67 days 2,100 sqft
2018-06-01 71 days 2,086 sqft
2018-07-01 77 days 2,082 sqft
2018-08-01 81 days 2,045 sqft
2018-09-01 89 days 2,008 sqft
2018-10-01 89 days 1,922 sqft
2018-11-01 94 days 1,861 sqft
2018-12-01 93 days 1,849 sqft
2019-01-01 93 days 1,868 sqft
2019-02-01 94 days 1,902 sqft
2019-03-01 88 days 1,904 sqft
2019-04-01 82 days 1,921 sqft
2019-05-01 80 days 1,980 sqft
2019-06-01 79 days 2,020 sqft
2019-07-01 78 days 2,071 sqft
2019-08-01 80 days 2,020 sqft
2019-09-01 82 days 1,982 sqft
2019-10-01 82 days 1,980 sqft
2019-11-01 79 days 1,981 sqft
2019-12-01 88 days 1,984 sqft
2020-01-01 95 days 1,984 sqft
2020-02-01 89 days 2,003 sqft
2020-03-01 70 days 2,009 sqft
2020-04-01 74 days 2,030 sqft
2020-05-01 78 days 2,072 sqft
2020-06-01 81 days 2,092 sqft
2020-07-01 69 days 2,043 sqft
2020-08-01 66 days 2,002 sqft
2020-09-01 75 days 2,035 sqft
2020-10-01 74 days 2,010 sqft
2020-11-01 59 days 1,884 sqft
2020-12-01 61 days 1,849 sqft
2021-01-01 61 days 1,900 sqft
2021-02-01 46 days 2,070 sqft
2021-03-01 49 days 2,041 sqft
2021-04-01 50 days 2,045 sqft
2021-05-01 50 days 2,034 sqft
2021-06-01 48 days 1,969 sqft
2021-07-01 45 days 1,882 sqft
2021-08-01 44 days 1,931 sqft
2021-09-01 44 days 1,964 sqft
2021-10-01 54 days 1,888 sqft
2021-11-01 56 days 1,911 sqft
2021-12-01 52 days 1,905 sqft
2022-01-01 61 days 1,906 sqft
2022-02-01 53 days 1,900 sqft
2022-03-01 44 days 1,871 sqft
2022-04-01 46 days 1,837 sqft
2022-05-01 38 days 1,829 sqft
2022-06-01 37 days 1,923 sqft
2022-07-01 44 days 1,956 sqft
2022-08-01 54 days 1,948 sqft
2022-09-01 55 days 1,966 sqft
2022-10-01 56 days 2,002 sqft
2022-11-01 64 days 2,050 sqft
2022-12-01 74 days 1,961 sqft
2023-01-01 82 days 1,956 sqft
2023-02-01 75 days 1,937 sqft
2023-03-01 65 days 1,949 sqft
2023-04-01 55 days 1,914 sqft
2023-05-01 51 days 1,962 sqft
2023-06-01 51 days 1,961 sqft
2023-07-01 51 days 1,959 sqft
2023-08-01 52 days 1,927 sqft
2023-09-01 53 days 1,913 sqft
2023-10-01 52 days 1,920 sqft
2023-11-01 56 days 1,831 sqft
2023-12-01 66 days 1,827 sqft
2024-01-01 72 days 1,724 sqft
2024-02-01 60 days 1,737 sqft
2024-03-01 51 days 1,755 sqft
2024-04-01 51 days 1,739 sqft
Florence's median listing age (time on market) for 2024-04-01 was 51 days. This is -8% shorter than the same period one year ago.

Florence's median square footage for active listings during the 2024-04-01 period was 1,739 sqft. One year prior, the average listing was 1,914 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.