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 72 lenders originated 351 VA loans during 2022. The total origination value was $88,745,000, with an average VA loan value of $252,835.

Florence VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Florence averaged -0.37% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

Florence's average VA mortgage closing costs are $4,930.

The average rate for the prior week (2023-11-17) was 6.87% and one month ago for the week of 2023-10-20, the average rate was 7.1%.

The average rate one year ago was 6.22%.

For refis of the same type during the week of 2023-11-24, the average rate was -1.18%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 69 5.21% $5,837
QUICKEN LOANS, LLC 21 4.06% $6,599
MOVEMENT MORTGAGE, LLC 19 5.39% $7,338
UNITED WHOLESALE MORTGAGE, LLC 13 5.01% $8,844
LOANDEPOT.COM, LLC 13 4.33% $9,567
FREEDOM MORTGAGE CORPORATION 12 4.38% $10,310
FINANCE OF AMERICA MORTGAGE LLC 11 4.52% $10,467
USAA Federal Savings Bank 11 5.23% $5,704
MORTGAGE SOLUTIONS OF COLORADO, LLC 11 5.49% $6,131
NAVY FEDERAL CREDIT UNION 10 3.85% $7,109
GUARANTEED RATE, INC. 10 3.66% $8,203
NEW DAY FINANCIAL, LLC 8 5.21% $5,103
INSPIRE HOME LOANS INC. 7 4.82% $6,584
Magnolia Bank 7 5.38% $11,220
CALIBER HOME LOANS, INC. 6 4.77% $8,382
MCLEAN MORTGAGE CORPORATION 6 4.73% $9,874
GUILD MORTGAGE COMPANY 6 4.83% $9,079
Wells Fargo Bank 6 4.85% $5,674
PENNYMAC LOAN SERVICES, LLC 5 3.60% $6,688
SUMMIT FUNDING, INC. 4 6.16% $6,854
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 4.81% $3,257
Barrington Bank & Trust Company, N.A. 3 4.58% $6,301
CLEARPATH LENDING 3 4.08% $11,540
Mr. Cooper ( Nationstar Mortgage ) 3 5.17% $7,068
Lakeview Community Capital, LLC 2 4.25% $2,972
GENEVA FINANCIAL, LLC 2 4.63% $6,130
FBC MORTGAGE, LLC 2 5.25% $11,122
INTERCOASTAL MORTGAGE COMPANY 2 5.50% $7,677
JPMorgan Chase Bank 2 5.75% $4,175
First Reliance Bank 2 5.00% $14,606
CROSSCOUNTRY MORTGAGE, LLC 2 6.13% $7,016
CONTOUR MORTGAGE CORPORATION 2 5.25% $10,376
CMG MORTGAGE, INC. 2 5.25% $5,049
Mid-Continent Funding, Inc. 2 2.75% $4,872
Century Mortgage Company DBA Century Lending Company 2 4.94% $6,216
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.19% $1,865
PENTAGON FEDERAL CREDIT UNION 2 6.25% $5,952
SUCCESS MORTGAGE PARTNERS, INC. 2 4.81% $12,172
Acre Mortgage and Financial Inc 2 3.44% $6,975
T2 FINANCIAL LLC 2 6.00% $13,637
The Federal Savings Bank 2 5.69% $15,133
VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.50% $1,329
Carrington Mortgage Services, LLC 1 5.75% $6,238
First Guaranty Mortgage Corporation 1 2.88% $6,970
TIDEWATER MORTGAGE SERVICES, INC. 1 5.63% $4,160
NATIONS DIRECT MORTGAGE, LLC 1 2.99% $11,836
CARDINAL FINANCIAL 1 4.75% $6,149
NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $4,185
BROKER SOLUTIONS, INC. 1 3.38% $7,891
NEWREZ LLC 1 4.25% $8,284
OCEANSIDE MORTGAGE COMPANY 1 3.49% $8,976
PANORAMA MORTGAGE GROUP, LLC 1 4.25% $7,770
Flagstar Bank, FSB 1 6.25% $13,965
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.75% $3,357
Peoples Bank 1 4.50% $4,512
PHH Mortgage Corporation 1 5.13% $9,201
GSF Mortgage Corporation 1 7.13% $19,121
PNC Bank 1 3.75% $2,259
Equity Prime Mortgage LLC 1 6.63% $3,543
HOMESTAR FINANCIAL CORPORATION 1 5.50% $12,067
DAS Acquisition Company, LLC 1 5.50% $11,431
PREMIER LENDING, INC. 1 3.25% $3,831
Assurance Financial Group, L.L.C. 1 5.62% $11,272
RESOURCE FINANCIAL SERVICES, INC. 1 3.25% $4,497
LEADERONE FINANCIAL CORPORATION 1 4.13% $10,316
South State Bank 1 5.00% $5,351
AmRes Corporation 1 4.38% $4,024
American Security Mortgage Corp. 1 5.63% $3,546
VERITAS FUNDING, LLC 1 2.99% $22,060
Mortgage Network, Inc. 1 5.00% $20,996
GoPrime Mortgage, Inc. 1 6.00% $6,668
Waterstone Mortgage Corporation 1 5.13% $15,997

The top Florence VA lender as defined by loan originations is Mortgage Research Center, LLC, with 69 VA loans originated. Their average total fees are $5,837, which is $762 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Florence VA lenders (with over 10 loans originated) are USAA Federal Savings Bank ($5,704), Mortgage Research Center, LLC ($5,837), MORTGAGE SOLUTIONS OF COLORADO, LLC ($6,131), QUICKEN LOANS, LLC ($6,599) and NAVY FEDERAL CREDIT UNION ($7,109).

The lowest rate Florence VA lenders (with over 10 loans originated) are GUARANTEED RATE, INC. (3.66%), NAVY FEDERAL CREDIT UNION (3.85%), QUICKEN LOANS, LLC (4.06%), LOANDEPOT.COM, LLC (4.33%) and FREEDOM MORTGAGE CORPORATION (4.38%).


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%) $199,158 (4.1%) 0.59 606
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%) $199,443 (-4.5%) 0.55 743
2019-04-01 $172,425 (1.4%) $203,938 (-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 $217,000 (14.3%) $626,604 (183.1%) 0.58 576
2021-09-01 $219,000 (15.3%) $616,519 (174.7%) 0.58 607
2021-10-01 $217,000 (13.7%) $648,424 (186.0%) 0.58 567
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 $242,450 (15.5%) $275,365 (12.3%) 0.55 517
2022-06-01 $256,294 (20.6%) $289,683 (18.1%) 0.57 589
2022-07-01 $264,836 (28.0%) $287,929 (19.8%) 0.60 608
2022-08-01 $250,950 (15.7%) $281,164 (-55.1%) 0.58 617
2022-09-01 $267,368 (22.1%) $288,383 (-53.2%) 0.63 609
2022-10-01 $273,369 (26.0%) $292,444 (-54.9%) 0.64 609
2022-11-01 $274,497 (23.4%) $287,933 (-56.3%) 0.66 584
2022-12-01 $269,900 (19.9%) $284,189 (7.3%) 0.67 543
2023-01-01 $260,473 (11.6%) $279,411 (4.4%) 0.65 529
2023-02-01 $255,750 (7.0%) $274,314 (0.8%) 0.62 537
2023-03-01 $261,448 (11.3%) $285,462 (7.2%) 0.62 497
2023-04-01 $259,900 (10.6%) $284,237 (4.8%) 0.60 523
2023-05-01 $266,723 (10.0%) $291,368 (5.8%) 0.60 500
2023-06-01 $273,950 (6.9%) $300,362 (3.7%) 0.62 507
2023-07-01 $276,990 (4.6%) $301,539 (4.7%) 0.63 519
2023-08-01 $275,445 (9.8%) $299,320 (6.5%) 0.63 510
2023-09-01 $271,576 (1.6%) $292,625 (1.5%) 0.63 509
2023-10-01 $266,995 (-2.3%) $289,964 (-0.9%) 0.63 521
Florence's median listing price for 2023-10-01 was $266,995, a difference of $-6,374 (-2.3%) versus the prior year and $-4,581 versus the prior month.

Florence's median listing price comes in at 63% of the national average.

Florence's average listing price for 2023-10-01 was $289,964, a difference of $-2,480 (-0.9%) versus the prior year and $-2,661 versus the prior month.

For the 2023-10-01 period, Florence had 521 MLS listings, a difference of 12 listings (2%) versus the prior month and -88 listings (-14%) 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 1,905 sqft
2019-04-01 82 days 1,923 sqft
2019-05-01 80 days 1,988 sqft
2019-06-01 79 days 2,042 sqft
2019-07-01 78 days 2,075 sqft
2019-08-01 80 days 2,028 sqft
2019-09-01 82 days 1,985 sqft
2019-10-01 82 days 1,981 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 1,962 sqft
2021-10-01 54 days 1,880 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 1,901 sqft
2022-03-01 44 days 1,874 sqft
2022-04-01 46 days 1,837 sqft
2022-05-01 38 days 1,826 sqft
2022-06-01 37 days 1,919 sqft
2022-07-01 44 days 1,956 sqft
2022-08-01 54 days 1,945 sqft
2022-09-01 55 days 1,964 sqft
2022-10-01 57 days 1,999 sqft
2022-11-01 64 days 2,044 sqft
2022-12-01 74 days 1,961 sqft
2023-01-01 81 days 1,956 sqft
2023-02-01 76 days 1,947 sqft
2023-03-01 65 days 1,957 sqft
2023-04-01 55 days 1,922 sqft
2023-05-01 51 days 1,968 sqft
2023-06-01 51 days 1,962 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
Florence's median listing age (time on market) for 2023-10-01 was 52 days. This is -8% shorter than the same period one year ago.

Florence's median square footage for active listings during the 2023-10-01 period was 1,920 sqft. One year prior, the average listing was 1,999 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.