Key West VA Loan Rates, Closing Costs & Stats

Key West, FL

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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.

    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 7.06% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.99% and one month ago for the week of 2024-03-15, the average rate was 6.96%.

    The average rate one year ago was 6.55%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

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

    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.