Hilton Head Island VA Loan Rates, Closing Costs & Stats

HILTON HEAD ISLAND-BLUFFTON, 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.

    Hilton Head Island's 118 lenders originated 1,055 VA loans during 2022. The total origination value was $385,385,000, with an average VA loan value of $365,294.

    Hilton Head Island VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Hilton Head Island averaged -0.36% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Hilton Head Island's average VA mortgage closing costs are $6,457.

    The average rate for the prior week (2023-11-17) was 6.78% and one month ago for the week of 2023-10-20, the average rate was 7.11%.

    The average rate one year ago was 5.93%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.63%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Hilton Head Island 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 Hilton Head Island level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 106 4.72% $8,668
    NAVY FEDERAL CREDIT UNION 82 3.95% $9,159
    PULTE MORTGAGE LLC 58 4.60% $8,005
    QUICKEN LOANS, LLC 58 4.05% $11,793
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 56 4.97% $10,152
    Gateway First Bank 55 4.67% $8,981
    FINANCE OF AMERICA MORTGAGE LLC 51 4.35% $9,464
    MOVEMENT MORTGAGE, LLC 41 4.47% $9,582
    UNITED WHOLESALE MORTGAGE, LLC 40 4.31% $11,366
    FREEDOM MORTGAGE CORPORATION 33 3.95% $10,891
    Mortgage Network, Inc. 28 4.54% $7,555
    PENNYMAC LOAN SERVICES, LLC 25 3.77% $11,359
    LOANDEPOT.COM, LLC 24 3.96% $11,368
    USAA Federal Savings Bank 19 4.30% $8,647
    NEW DAY FINANCIAL, LLC 18 4.36% $14,457
    FBC MORTGAGE, LLC 17 4.50% $10,559
    South State Bank 15 3.90% $8,131
    DHI MORTGAGE COMPANY, LTD. 14 4.29% $9,301
    VANDERBILT MORTGAGE AND FINANCE, INC. 13 4.23% $12,264
    CALIBER HOME LOANS, INC. 10 4.46% $10,250
    Mr. Cooper ( Nationstar Mortgage ) 10 5.09% $14,067
    NFM, INC. 10 4.80% $14,109
    DAS Acquisition Company, LLC 8 5.34% $13,052
    Wells Fargo Bank 8 3.70% $4,982
    JET HOMELOANS, LLC 8 4.50% $8,095
    Paramount Residential Mortgage Group, Inc. 8 5.42% $13,639
    EVERETT FINANCIAL, INC. 8 5.25% $11,535
    The Federal Savings Bank 8 4.80% $10,591
    LAKEVIEW LOAN SERVICING, LLC 8 3.55% $3,645
    CLEARPATH LENDING 7 3.25% $9,509
    BROKER SOLUTIONS, INC. 7 5.48% $13,652
    Carrington Mortgage Services, LLC 6 4.38% $10,306
    First Federal Bank 5 5.20% $12,217
    AMERISAVE MORTGAGE CORPORATION 5 2.95% $12,629
    TOWNE MORTGAGE COMPANY 5 4.85% $7,899
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 5 4.53% $6,419
    United Community Bank 5 4.30% $11,537
    Northpointe Bank 5 5.18% $6,860
    NEWREZ LLC 4 4.75% $8,693
    CARDINAL FINANCIAL 4 4.56% $9,473
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 4.25% $11,789
    Ameris Bank 4 5.63% $7,849
    INSPIRE HOME LOANS INC. 3 6.29% $16,762
    BNC National Bank 3 3.92% $13,586
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 4.24% $10,386
    Prosperity Home Mortgage, LLC 3 4.79% $13,901
    GUARANTEED RATE, INC. 3 4.50% $4,343
    GUILD MORTGAGE COMPANY 3 5.29% $11,252
    Victorian Finance, LLC 3 5.83% $11,737
    Wyndham Capital Mortgage, Inc. 3 3.67% $9,310
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 3.25% $3,887
    BANKSOUTH MORTGAGE COMPANY, LLC 3 5.04% $6,684
    Magnolia Bank 3 4.33% $9,164
    Barrington Bank & Trust Company, N.A. 3 5.04% $6,377
    HOMESIDE FINANCIAL, LLC 2 4.94% $12,503
    VILLAGE CAPITAL MORTGAGE 2 3.06% $4,667
    Lakeview Community Capital, LLC 2 3.87% $12,862
    GMFS LLC 2 6.50% $9,470
    George Mason Mortgage, LLC 2 3.93% $7,516
    NBKC BANK 2 4.19% $7,959
    MUTUAL OF OMAHA MORTGAGE, INC. 2 3.69% $6,527
    Flagstar Bank, FSB 2 4.72% $6,807
    First Guaranty Mortgage Corporation 2 3.56% $6,498
    RELIANCE FIRST CAPITAL, LLC 2 4.81% $10,626
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 5.50% $8,919
    EQUITY RESOURCES, INC. 2 3.75% $24,342
    PENTAGON FEDERAL CREDIT UNION 2 4.44% $1,295
    NATIONS DIRECT MORTGAGE, LLC 2 5.31% $9,087
    INTERCOASTAL MORTGAGE COMPANY 2 4.88% $8,101
    ZILLOW HOME LOANS, LLC 1 5.00% $11,047
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $27,910
    APEX HOME LOANS, INC. 1 4.75% $13,468
    ARC HOME LLC 1 2.63% $10,045
    Arvest Bank 1 4.50% $7,572
    Atlantic Coast Mortgage, LLC 1 3.88% $17,891
    Bank of America 1 3.88% $4,337
    Bank of England 1 4.75% $1,736
    CHERRY CREEK MORTGAGE, LLC 1 3.00% $8,165
    Citizens Bank 1 3.63% $8,421
    CityWorth Mortgage LLC 1 3.50% $4,451
    CMG MORTGAGE, INC. 1 6.25% $31,498
    CROSSCOUNTRY MORTGAGE, LLC 1 3.88% $14,208
    EAGLE HOME MORTGAGE, LLC 1 6.13% $5,559
    EMBRACE HOME LOANS, INC. 1 2.75% $5,082
    EMM LOANS LLC 1 4.63% $10,956
    Encompass Lending Group, LP 1 6.25% $17,848
    Equity Prime Mortgage LLC 1 6.13% $5,404
    First Heritage Mortgage, LLC 1 6.75% $10,537
    First Horizon Bank 1 5.00% $7,691
    First Mortgage Solutions, LLC 1 4.50% $9,749
    HALLMARK HOME MORTGAGE, LLC 1 6.25% $14,300
    HOME POINT FINANCIAL CORPORATION 1 3.99% $8,525
    Mid-Continent Funding, Inc. 1 5.38% $8,550
    MORTGAGE INVESTORS GROUP, INC. 1 2.88% $6,180
    M&T Bank 1 5.13% $14,132
    NBH Bank 1 6.13% $4,583
    NETWORK CAPITAL FUNDING CORPORATION 1 4.63% $18,537
    Network Funding, L.P. 1 5.63% $5,002
    North American Savings Bank, F.S.B. 1 5.25% $10,145
    NTFN, INC. 1 5.75% $16,665
    Pinnacle Bank 1 4.75% $10,052
    PLANET HOME LENDING, LLC 1 6.75% $3,319
    PNC Bank 1 5.00% $2,726
    Regions Bank 1 5.75% $4,548
    Renasant Bank 1 3.25% $19,836
    ROYAL UNITED MORTGAGE LLC 1 5.25% $24,663
    Sierra Pacific Mortgage Company, Inc. 1 6.63% $16,022
    Southern First Bank 1 5.13% $7,831
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.50% $17,673
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.99% $6,061
    SUMMIT FUNDING, INC. 1 4.38% $19,030
    Synovus Bank 1 3.63% $10,106
    Texana Bank 1 5.13% $15,348
    The Central Trust Bank 1 6.25% $11,339
    Trustmark National Bank 1 4.50% $14,088
    UNION HOME MORTGAGE CORP. 1 2.88% $9,766
    VERITAS FUNDING, LLC 1 2.75% $10,591
    Alcova Mortgage LLC 1 3.25% $8,181

    The top Hilton Head Island VA lender as defined by loan originations is Mortgage Research Center, LLC, with 106 VA loans originated. Their average total fees are $8,668, which is $491 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Hilton Head Island VA lenders (with over 10 loans originated) are Mortgage Network, Inc. ($7,555), PULTE MORTGAGE LLC ($8,005), South State Bank ($8,131), USAA Federal Savings Bank ($8,647) and Mortgage Research Center, LLC ($8,668).

    The lowest rate Hilton Head Island VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.77%), South State Bank (3.90%), NAVY FEDERAL CREDIT UNION (3.95%), FREEDOM MORTGAGE CORPORATION (3.95%) and LOANDEPOT.COM, LLC (3.96%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hilton Head Island (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 $399,000 (0.5%) $582,890 (1.5%) 1.48 2,619
    2018-02-01 $399,900 (0.2%) $589,915 (2.6%) 1.45 2,733
    2018-03-01 $413,433 (3.6%) $604,551 (4.9%) 1.45 2,799
    2018-04-01 $421,950 (5.8%) $622,378 (6.4%) 1.43 2,945
    2018-05-01 $419,000 (4.8%) $627,059 (5.7%) 1.40 2,956
    2018-06-01 $419,500 (2.6%) $626,474 (3.7%) 1.40 2,967
    2018-07-01 $424,019 (3.4%) $626,343 (3.7%) 1.42 2,927
    2018-08-01 $426,242 (4.1%) $637,991 (6.7%) 1.43 2,777
    2018-09-01 $419,000 (1.0%) $625,990 (5.1%) 1.41 2,908
    2018-10-01 $426,000 (3.0%) $644,773 (9.0%) 1.44 2,889
    2018-11-01 $425,000 (6.3%) $643,945 (10.3%) 1.44 2,918
    2018-12-01 $425,000 (6.5%) $647,340 (11.1%) 1.47 2,822
    2019-01-01 $425,000 (6.5%) $642,125 (10.2%) 1.47 2,805
    2019-02-01 $425,000 (6.3%) $639,931 (8.5%) 1.44 2,843
    2019-03-01 $424,243 (2.6%) $643,930 (6.5%) 1.39 2,925
    2019-04-01 $432,400 (2.5%) $659,020 (5.9%) 1.37 2,994
    2019-05-01 $439,450 (4.9%) $671,827 (7.1%) 1.37 2,989
    2019-06-01 $443,495 (5.7%) $673,962 (7.6%) 1.39 2,869
    2019-07-01 $435,000 (2.6%) $657,348 (5.0%) 1.36 2,858
    2019-08-01 $434,727 (2.0%) $658,280 (3.2%) 1.38 2,838
    2019-09-01 $434,318 (3.7%) $659,134 (5.3%) 1.39 2,780
    2019-10-01 $436,878 (2.6%) $663,724 (2.9%) 1.41 2,724
    2019-11-01 $435,000 (2.4%) $669,793 (4.0%) 1.43 2,681
    2019-12-01 $429,000 (0.9%) $664,157 (2.6%) 1.43 2,594
    2020-01-01 $425,000 (0.0%) $653,388 (1.8%) 1.42 2,491
    2020-02-01 $434,900 (2.3%) $662,261 (3.5%) 1.43 2,514
    2020-03-01 $435,000 (2.5%) $667,773 (3.7%) 1.36 2,581
    2020-04-01 $426,850 (-1.3%) $656,980 (-0.3%) 1.34 2,621
    2020-05-01 $425,000 (-3.3%) $664,289 (-1.1%) 1.29 2,555
    2020-06-01 $429,225 (-3.2%) $681,711 (1.2%) 1.26 2,241
    2020-07-01 $439,350 (1.0%) $697,645 (6.1%) 1.27 1,987
    2020-08-01 $434,000 (-0.2%) $708,463 (7.6%) 1.24 1,818
    2020-09-01 $415,875 (-4.3%) $720,099 (9.3%) 1.19 1,637
    2020-10-01 $400,000 (-8.4%) $723,318 (9.0%) 1.15 1,441
    2020-11-01 $412,000 (-5.3%) $748,196 (11.7%) 1.20 1,311
    2020-12-01 $415,125 (-3.2%) $768,300 (15.7%) 1.24 1,167
    2021-01-01 $440,949 (3.8%) $792,938 (21.4%) 1.32 973
    2021-02-01 $442,000 (1.6%) $813,000 (22.8%) 1.29 784
    2021-03-01 $455,000 (4.6%) $809,143 (21.2%) 1.29 692
    2021-04-01 $449,750 (5.4%) $840,260 (27.9%) 1.22 624
    2021-05-01 $473,500 (11.4%) $821,439 (23.7%) 1.26 586
    2021-06-01 $487,000 (13.5%) $830,170 (21.8%) 1.28 639
    2021-07-01 $499,000 (13.6%) $832,961 (19.4%) 1.32 686
    2021-08-01 $540,564 (24.6%) $841,071 (18.7%) 1.44 705
    2021-09-01 $512,500 (23.2%) $824,698 (14.5%) 1.37 721
    2021-10-01 $524,312 (31.1%) $857,559 (18.6%) 1.40 695
    2021-11-01 $524,700 (27.4%) $853,248 (14.0%) 1.40 597
    2021-12-01 $509,500 (22.7%) $873,876 (13.7%) 1.38 523
    2022-01-01 $499,900 (13.4%) $882,812 (11.3%) 1.35 419
    2022-02-01 $550,000 (24.4%) $918,629 (13.0%) 1.43 380
    2022-03-01 $579,950 (27.5%) $977,672 (20.8%) 1.45 370
    2022-04-01 $599,365 (33.3%) $993,575 (18.3%) 1.43 451
    2022-05-01 $650,000 (37.3%) $1,078,437 (31.3%) 1.49 604
    2022-06-01 $647,807 (33.0%) $1,072,805 (29.2%) 1.44 732
    2022-07-01 $625,000 (25.3%) $1,030,953 (23.8%) 1.41 876
    2022-08-01 $629,500 (16.5%) $1,015,593 (20.8%) 1.46 934
    2022-09-01 $642,450 (25.4%) $1,027,206 (24.6%) 1.50 935
    2022-10-01 $632,500 (20.6%) $1,007,952 (17.5%) 1.49 964
    2022-11-01 $627,408 (19.6%) $1,008,415 (18.2%) 1.51 1,047
    2022-12-01 $628,775 (23.4%) $1,005,863 (15.1%) 1.55 1,022
    2023-01-01 $624,450 (24.9%) $996,950 (12.9%) 1.55 961
    2023-02-01 $634,901 (15.4%) $1,001,611 (9.0%) 1.53 920
    2023-03-01 $649,375 (12.0%) $1,045,973 (7.0%) 1.53 885
    2023-04-01 $645,000 (7.6%) $1,046,806 (5.4%) 1.50 898
    2023-05-01 $648,875 (-0.2%) $1,039,516 (-3.6%) 1.47 889
    2023-06-01 $622,450 (-3.9%) $991,419 (-7.6%) 1.40 947
    2023-07-01 $620,000 (-0.8%) $1,008,721 (-2.2%) 1.41 1,015
    2023-08-01 $601,700 (-4.4%) $1,000,390 (-1.5%) 1.38 1,046
    2023-09-01 $599,900 (-6.6%) $980,978 (-4.5%) 1.40 1,132
    2023-10-01 $599,000 (-5.3%) $1,009,495 (0.2%) 1.41 1,253
    Hilton Head Island's median listing price for 2023-10-01 was $599,000, a difference of $-33,500 (-5.3%) versus the prior year and $-900 versus the prior month.

    Hilton Head Island's median listing price comes in at 141% of the national average.

    Hilton Head Island's average listing price for 2023-10-01 was $1,009,495, a difference of $1,543 (0.2%) versus the prior year and $28,517 versus the prior month.

    For the 2023-10-01 period, Hilton Head Island had 1,253 MLS listings, a difference of 121 listings (11%) versus the prior month and 289 listings (30%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hilton Head Island (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 103 days 2,150 sqft
    2018-02-01 102 days 2,173 sqft
    2018-03-01 78 days 2,157 sqft
    2018-04-01 68 days 2,146 sqft
    2018-05-01 74 days 2,142 sqft
    2018-06-01 78 days 2,125 sqft
    2018-07-01 85 days 2,115 sqft
    2018-08-01 89 days 2,155 sqft
    2018-09-01 94 days 2,125 sqft
    2018-10-01 92 days 2,168 sqft
    2018-11-01 88 days 2,155 sqft
    2018-12-01 93 days 2,161 sqft
    2019-01-01 101 days 2,141 sqft
    2019-02-01 103 days 2,139 sqft
    2019-03-01 95 days 2,150 sqft
    2019-04-01 85 days 2,167 sqft
    2019-05-01 91 days 2,188 sqft
    2019-06-01 94 days 2,212 sqft
    2019-07-01 103 days 2,175 sqft
    2019-08-01 106 days 2,175 sqft
    2019-09-01 111 days 2,175 sqft
    2019-10-01 106 days 2,185 sqft
    2019-11-01 98 days 2,200 sqft
    2019-12-01 97 days 2,186 sqft
    2020-01-01 102 days 2,161 sqft
    2020-02-01 104 days 2,174 sqft
    2020-03-01 83 days 2,201 sqft
    2020-04-01 81 days 2,160 sqft
    2020-05-01 89 days 2,130 sqft
    2020-06-01 98 days 2,143 sqft
    2020-07-01 94 days 2,189 sqft
    2020-08-01 71 days 2,186 sqft
    2020-09-01 67 days 2,140 sqft
    2020-10-01 65 days 2,135 sqft
    2020-11-01 66 days 2,121 sqft
    2020-12-01 74 days 2,134 sqft
    2021-01-01 79 days 2,118 sqft
    2021-02-01 67 days 2,035 sqft
    2021-03-01 52 days 2,089 sqft
    2021-04-01 44 days 2,066 sqft
    2021-05-01 43 days 2,027 sqft
    2021-06-01 38 days 1,958 sqft
    2021-07-01 46 days 1,983 sqft
    2021-08-01 50 days 2,024 sqft
    2021-09-01 49 days 1,972 sqft
    2021-10-01 57 days 2,025 sqft
    2021-11-01 59 days 1,965 sqft
    2021-12-01 64 days 1,984 sqft
    2022-01-01 74 days 1,989 sqft
    2022-02-01 46 days 2,020 sqft
    2022-03-01 33 days 2,082 sqft
    2022-04-01 31 days 2,094 sqft
    2022-05-01 32 days 2,169 sqft
    2022-06-01 33 days 2,119 sqft
    2022-07-01 41 days 2,064 sqft
    2022-08-01 50 days 2,092 sqft
    2022-09-01 56 days 2,096 sqft
    2022-10-01 60 days 2,145 sqft
    2022-11-01 58 days 2,120 sqft
    2022-12-01 65 days 2,115 sqft
    2023-01-01 75 days 2,118 sqft
    2023-02-01 72 days 2,162 sqft
    2023-03-01 56 days 2,227 sqft
    2023-04-01 52 days 2,186 sqft
    2023-05-01 50 days 2,135 sqft
    2023-06-01 52 days 2,092 sqft
    2023-07-01 52 days 2,031 sqft
    2023-08-01 53 days 1,988 sqft
    2023-09-01 56 days 1,980 sqft
    2023-10-01 53 days 1,993 sqft
    Hilton Head Island's median listing age (time on market) for 2023-10-01 was 53 days. This is -13% shorter than the same period one year ago.

    Hilton Head Island's median square footage for active listings during the 2023-10-01 period was 1,993 sqft. One year prior, the average listing was 2,145 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.