Key West VA Loan Rates, Closing Costs & Stats

Key West, FL

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.

Key West's 29 lenders originated 72 VA loans during 2023. The total origination value was $48,680,000, with an average VA loan value of $676,111.

Key West VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Key West averaged 6.98% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

Key West's average VA mortgage closing costs are $10,845.

The average rate for the prior week (2024-04-05) was 6.53% and one month ago for the week of 2024-03-08, the average rate was 6.46%.

The average rate one year ago was 6.05%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.77%.

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

Key West 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 Key West level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 15 6.21% $13,844
First Horizon Bank 9 6.18% $24,226
QUICKEN LOANS, LLC 6 6.39% $17,077
Mortgage Research Center, LLC 4 6.87% $16,825
NAVY FEDERAL CREDIT UNION 4 5.59% $12,636
Centennial Bank 2 6.50% $9,309
USAA Federal Savings Bank 2 6.25% $11,623
Paramount Residential Mortgage Group, Inc. 2 5.50% $7,766
CROSSCOUNTRY MORTGAGE, LLC 1 6.25% $22,007
DYBN FINANCIAL CORP. 1 6.75% $15,774
EMM LOANS LLC 1 6.75% $9,920
FIRST HOME MORTGAGE CORPORATION 1 6.13% $50,826
Flagstar Bank, FSB 1 6.50% $15,056
HOMESTEAD FUNDING CORP. 1 5.88% $12,367
MASON MCDUFFIE MORTGAGE CORPORATION 1 7.00% $13,338
PENTAGON FEDERAL CREDIT UNION 1 5.13% $6,838
STOCKTON MORTGAGE CORPORATION 1 6.25% $9,637
Truist 1 6.63% $16,454
UNION HOME MORTGAGE CORP. 1 6.38% $9,901
U.S. Bank 1 6.50% $5,140
AMERICAN FINANCIAL RESOURCES, INC. 1 7.75% $16,534
VILLAGE CAPITAL MORTGAGE 1 6.63% $1,064
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.00% $1,062
AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.63% $4,974
AMERISAVE MORTGAGE CORPORATION 1 5.63% $9,838
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.38% $10,706
AXIA FINANCIAL, LLC 1 5.50% $22,741
BROKER SOLUTIONS, INC. 1 6.25% $26,469
CHURCHILL MORTGAGE CORPORATION 1 5.63% $10,947

The top Key West VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 15 VA loans originated. Their average total fees are $13,844, which is $10,382 lower than the next largest lender, First Horizon Bank.

The lowest fee Key West VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($13,844), .

The lowest rate Key West VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.21%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Key West (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 $706,250 (14.3%) $1,328,775 (25.9%) 0.00 1,488
2018-02-01 $699,625 (12.6%) $1,345,032 (27.5%) 0.00 1,534
2018-03-01 $699,000 (11.5%) $1,343,933 (27.0%) 0.00 1,617
2018-04-01 $699,500 (4.9%) $1,353,684 (12.4%) 0.00 1,632
2018-05-01 $699,000 (3.4%) $1,341,406 (11.7%) 0.00 1,596
2018-06-01 $699,000 (3.0%) $1,324,245 (8.2%) 0.00 1,589
2018-07-01 $699,000 (3.6%) $1,315,106 (5.9%) 0.00 1,612
2018-08-01 $699,000 (4.2%) $1,315,088 (5.7%) 0.00 1,582
2018-09-01 $699,000 (3.6%) $1,314,124 (4.7%) 0.00 1,548
2018-10-01 $699,000 (3.9%) $1,301,660 (0.8%) 0.00 1,590
2018-11-01 $731,750 (4.7%) $1,325,710 (1.0%) 0.00 1,718
2018-12-01 $729,000 (4.3%) $1,325,853 (1.2%) 0.00 1,825
2019-01-01 $730,000 (3.4%) $1,311,868 (-1.3%) 0.00 1,932
2019-02-01 $724,500 (3.6%) $1,294,243 (-3.8%) 0.00 2,018
2019-03-01 $737,571 (5.5%) $1,308,627 (-2.6%) 0.00 1,971
2019-04-01 $749,000 (7.1%) $1,326,895 (-2.0%) 0.00 1,890
2019-05-01 $769,000 (10.0%) $1,371,088 (2.2%) 0.00 1,799
2019-06-01 $750,000 (7.3%) $1,356,150 (2.4%) 0.00 1,736
2019-07-01 $760,000 (8.7%) $1,366,733 (3.9%) 0.00 1,694
2019-08-01 $780,755 (11.7%) $1,396,722 (6.2%) 0.00 1,610
2019-09-01 $789,611 (13.0%) $1,438,436 (9.5%) 0.00 1,510
2019-10-01 $795,000 (13.7%) $1,474,577 (13.3%) 0.00 1,433
2019-11-01 $799,000 (9.2%) $1,485,026 (12.0%) 0.00 1,504
2019-12-01 $799,125 (9.6%) $1,500,949 (13.2%) 0.00 1,616
2020-01-01 $803,750 (10.1%) $1,516,232 (15.6%) 0.00 1,648
2020-02-01 $799,000 (10.3%) $1,485,200 (14.8%) 0.00 1,746
2020-03-01 $799,500 (8.4%) $1,505,811 (15.1%) 0.00 1,754
2020-04-01 $799,000 (6.7%) $1,490,622 (12.3%) 0.00 1,677
2020-05-01 $799,000 (3.9%) $1,512,569 (10.3%) 0.00 1,609
2020-06-01 $799,450 (6.6%) $1,534,510 (13.2%) 0.00 1,495
2020-07-01 $823,750 (8.4%) $1,589,979 (16.3%) 0.00 1,384
2020-08-01 $849,000 (8.7%) $1,629,623 (16.7%) 0.00 1,232
2020-09-01 $867,000 (9.8%) $1,666,754 (15.9%) 0.00 1,185
2020-10-01 $849,250 (6.8%) $1,693,184 (14.8%) 0.00 1,150
2020-11-01 $875,000 (9.5%) $1,734,056 (16.8%) 0.00 1,099
2020-12-01 $857,000 (7.2%) $1,749,362 (16.6%) 0.00 1,043
2021-01-01 $864,000 (7.5%) $1,804,015 (19.0%) 0.00 977
2021-02-01 $860,000 (7.6%) $1,797,728 (21.0%) 0.00 812
2021-03-01 $878,750 (9.9%) $1,803,779 (19.8%) 0.00 699
2021-04-01 $893,125 (11.8%) $1,905,451 (27.8%) 0.00 594
2021-05-01 $995,000 (24.5%) $2,032,472 (34.4%) 0.00 512
2021-06-01 $1,051,250 (31.5%) $2,070,126 (34.9%) 0.00 512
2021-07-01 $1,100,000 (33.5%) $2,107,807 (32.6%) 0.00 517
2021-08-01 $1,113,257 (31.1%) $2,061,570 (26.5%) 0.00 530
2021-09-01 $1,161,000 (33.9%) $2,102,077 (26.1%) 0.00 545
2021-10-01 $1,162,500 (36.9%) $2,046,936 (20.9%) 0.00 543
2021-11-01 $1,206,250 (37.9%) $2,128,440 (22.7%) 0.00 525
2021-12-01 $1,200,000 (40.0%) $2,112,171 (20.7%) 0.00 499
2022-01-01 $1,214,500 (40.6%) $2,098,812 (16.3%) 0.00 487
2022-02-01 $1,311,000 (52.4%) $2,130,723 (18.5%) 0.00 456
2022-03-01 $1,275,000 (45.1%) $2,138,833 (18.6%) 0.00 445
2022-04-01 $1,295,000 (45.0%) $2,108,246 (10.6%) 0.00 436
2022-05-01 $1,362,500 (36.9%) $2,514,157 (23.7%) 0.00 501
2022-06-01 $1,325,000 (26.0%) $2,549,680 (23.2%) 0.00 545
2022-07-01 $1,299,000 (18.1%) $2,470,506 (17.2%) 0.00 622
2022-08-01 $1,289,250 (15.8%) $2,383,808 (15.6%) 0.00 656
2022-09-01 $1,262,500 (8.7%) $2,396,227 (14.0%) 0.00 660
2022-10-01 $1,299,000 (11.7%) $2,425,642 (18.5%) 0.00 662
2022-11-01 $1,350,000 (11.9%) $2,425,276 (14.0%) 0.00 722
2022-12-01 $1,350,000 (12.5%) $2,407,096 (14.0%) 0.00 773
2023-01-01 $1,416,225 (16.6%) $2,454,050 (16.9%) 0.00 818
2023-02-01 $1,472,500 (12.3%) $2,509,966 (17.8%) 0.00 839
2023-03-01 $1,489,750 (16.8%) $2,557,970 (19.6%) 0.00 848
2023-04-01 $1,499,000 (15.8%) $2,571,736 (22.0%) 0.00 828
2023-05-01 $1,496,250 (9.8%) $2,373,267 (-5.6%) 0.00 800
2023-06-01 $1,477,500 (11.5%) $2,388,998 (-6.3%) 0.00 795
2023-07-01 $1,400,000 (7.8%) $2,436,653 (-1.4%) 0.00 804
2023-08-01 $1,425,000 (10.5%) $2,419,602 (1.5%) 0.00 827
2023-09-01 $1,395,000 (10.5%) $2,388,591 (-0.3%) 0.00 814
2023-10-01 $1,362,500 (4.9%) $2,407,417 (-0.8%) 0.00 868
2023-11-01 $1,387,500 (2.8%) $2,429,315 (0.2%) 0.00 991
2023-12-01 $1,392,500 (3.2%) $2,403,316 (-0.2%) 0.00 1,091
2024-01-01 $1,396,000 (-1.4%) $2,400,445 (-2.2%) 0.00 1,153
2024-02-01 $1,384,085 (-6.0%) $2,405,172 (-4.2%) 0.00 1,241
2024-03-01 $1,350,000 (-9.4%) $2,470,933 (-3.4%) 0.00 1,306
Key West's median listing price for 2024-03-01 was $1,350,000, a difference of $-139,750 (-9.4%) versus the prior year and $-34,085 versus the prior month.

Key West's median listing price comes in at 0% of the national average.

Key West's average listing price for 2024-03-01 was $2,470,933, a difference of $-87,037 (-3.4%) versus the prior year and $65,761 versus the prior month.

For the 2024-03-01 period, Key West had 1,306 MLS listings, a difference of 65 listings (5%) versus the prior month and 458 listings (54%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Key West (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,497 sqft
2018-02-01 0 days 1,500 sqft
2018-03-01 0 days 1,500 sqft
2018-04-01 0 days 1,501 sqft
2018-05-01 0 days 1,490 sqft
2018-06-01 0 days 1,494 sqft
2018-07-01 0 days 1,495 sqft
2018-08-01 0 days 1,493 sqft
2018-09-01 0 days 1,491 sqft
2018-10-01 0 days 1,480 sqft
2018-11-01 0 days 1,498 sqft
2018-12-01 0 days 1,482 sqft
2019-01-01 0 days 1,493 sqft
2019-02-01 0 days 1,509 sqft
2019-03-01 0 days 1,525 sqft
2019-04-01 0 days 1,550 sqft
2019-05-01 0 days 1,564 sqft
2019-06-01 0 days 1,531 sqft
2019-07-01 0 days 1,526 sqft
2019-08-01 0 days 1,539 sqft
2019-09-01 0 days 1,555 sqft
2019-10-01 0 days 1,571 sqft
2019-11-01 0 days 1,579 sqft
2019-12-01 0 days 1,574 sqft
2020-01-01 0 days 1,579 sqft
2020-02-01 0 days 1,570 sqft
2020-03-01 0 days 1,574 sqft
2020-04-01 0 days 1,567 sqft
2020-05-01 0 days 1,552 sqft
2020-06-01 0 days 1,555 sqft
2020-07-01 0 days 1,547 sqft
2020-08-01 0 days 1,553 sqft
2020-09-01 0 days 1,554 sqft
2020-10-01 0 days 1,526 sqft
2020-11-01 0 days 1,520 sqft
2020-12-01 0 days 1,497 sqft
2021-01-01 0 days 1,515 sqft
2021-02-01 0 days 1,480 sqft
2021-03-01 0 days 1,483 sqft
2021-04-01 0 days 1,537 sqft
2021-05-01 0 days 1,650 sqft
2021-06-01 0 days 1,671 sqft
2021-07-01 0 days 1,611 sqft
2021-08-01 0 days 1,594 sqft
2021-09-01 0 days 1,589 sqft
2021-10-01 0 days 1,565 sqft
2021-11-01 0 days 1,569 sqft
2021-12-01 0 days 1,560 sqft
2022-01-01 0 days 1,558 sqft
2022-02-01 0 days 1,649 sqft
2022-03-01 0 days 1,599 sqft
2022-04-01 0 days 1,596 sqft
2022-05-01 0 days 1,622 sqft
2022-06-01 0 days 1,593 sqft
2022-07-01 0 days 1,536 sqft
2022-08-01 0 days 1,544 sqft
2022-09-01 0 days 1,533 sqft
2022-10-01 0 days 1,532 sqft
2022-11-01 0 days 1,525 sqft
2022-12-01 0 days 1,534 sqft
2023-01-01 0 days 1,540 sqft
2023-02-01 0 days 1,559 sqft
2023-03-01 0 days 1,605 sqft
2023-04-01 0 days 1,624 sqft
2023-05-01 0 days 1,600 sqft
2023-06-01 0 days 1,579 sqft
2023-07-01 0 days 1,576 sqft
2023-08-01 0 days 1,598 sqft
2023-09-01 0 days 1,570 sqft
2023-10-01 0 days 1,546 sqft
2023-11-01 0 days 1,549 sqft
2023-12-01 0 days 1,570 sqft
2024-01-01 0 days 1,582 sqft
2024-02-01 0 days 1,569 sqft
2024-03-01 0 days 1,549 sqft
Key West's median listing age (time on market) for 2024-03-01 was 0 days.

Key West's median square footage for active listings during the 2024-03-01 period was 1,549 sqft. One year prior, the average listing was 1,605 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.