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 83 lenders originated 447 VA loans during 2021. The total origination value was $242,605,000, with an average VA loan value of $542,740.

Key West VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Key West averaged 0.37% for the week of 2022-11-25, compared to the national average (all VA variants) of 0% for the same period.

Key West's average VA mortgage closing costs are $9,762.

The average rate for the prior week (2022-11-18) was 6.96% and one month ago for the week of 2022-10-21, the average rate was 7.1%.

The average rate one year ago was 3.39%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.08%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
First Horizon Bank 46 2.73% $13,599
Mortgage Research Center, LLC 42 2.81% $15,266
UNITED WHOLESALE MORTGAGE, LLC 35 2.65% $13,831
FREEDOM MORTGAGE CORPORATION 29 2.36% $5,413
QUICKEN LOANS, LLC 27 2.36% $7,380
NAVY FEDERAL CREDIT UNION 26 2.46% $8,784
HOME POINT FINANCIAL CORPORATION 22 2.45% $12,924
PENNYMAC LOAN SERVICES, LLC 21 2.34% $10,187
AXIA FINANCIAL, LLC 11 2.86% $9,218
LAKEVIEW LOAN SERVICING, LLC 10 2.50% $2,598
LOANDEPOT.COM, LLC 8 2.28% $10,025
NEW DAY FINANCIAL, LLC 7 2.59% $12,457
PENTAGON FEDERAL CREDIT UNION 6 2.33% $4,309
EMM LOANS LLC 6 2.90% $10,948
CALIBER HOME LOANS, INC. 6 2.79% $21,109
Lakeview Community Capital, LLC 5 2.35% $2,311
UNION HOME MORTGAGE CORP. 5 2.30% $10,937
CROSSCOUNTRY MORTGAGE, LLC 4 2.59% $19,478
MOVEMENT MORTGAGE, LLC 4 2.63% $10,454
Flagstar Bank, FSB 4 2.72% $10,930
Mr. Cooper ( Nationstar Mortgage ) 3 2.46% $13,454
PLANET HOME LENDING, LLC 3 2.67% $7,716
AMERICAN FINANCIAL NETWORK, INC. 3 2.87% $44,624
NBKC BANK 3 2.63% $18,958
South State Bank 3 2.46% $18,349
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.63% $5,082
CMG MORTGAGE, INC. 3 2.25% $23,715
Truist 3 2.67% $8,129
USAA Federal Savings Bank 3 2.67% $4,778
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.44% $1,933
NP, Inc. 2 2.25% $4,859
AMERISAVE MORTGAGE CORPORATION 2 2.38% $5,764
Nations Lending Corporation 2 2.88% $8,367
Low VA Rates, LLC 2 2.25% $7,595
GUARANTEED RATE AFFINITY, LLC 2 2.44% $4,761
Mid-Continent Funding, Inc. 2 2.69% $4,251
NEWREZ LLC 2 2.63% $2,892
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $6,224
The Central Trust Bank 1 2.25% $3,188
The Cortland Savings and Banking Company 1 2.38% $4,378
THE MORTGAGE FIRM, INC. 1 2.88% $29,379
Towne Bank 1 2.25% $5,787
TOWNE MORTGAGE COMPANY 1 2.75% $4,847
U.S. Bank 1 2.99% $4,006
VILLAGE CAPITAL MORTGAGE 1 2.25% $1,900
ACCELERATE MORTGAGE, LLC 1 2.50% $6,283
Wells Fargo Bank 1 2.25% $4,198
AMERICAN FINANCING CORPORATION 1 2.25% $2,132
AmeriHome Mortgage Company, LLC 1 2.75% $2,197
BNC National Bank 1 2.38% $6,253
BROKER SOLUTIONS, INC. 1 2.25% $4,682
CALCON MUTUAL MORTGAGE LLC 1 2.25% $18,435
Carrington Mortgage Services, LLC 1 2.75% $2,289
Centennial Bank 1 2.25% $4,866
CHURCHILL MORTGAGE CORPORATION 1 2.25% $4,499
Citizens Bank 1 2.63% $14,906
CLEARPATH LENDING 1 2.75% $6,974
COLUMBUS CAPITAL LENDING, LLC 1 3.38% $13,481
CONTOUR MORTGAGE CORPORATION 1 2.38% $5,446
DIRECT MORTGAGE LOANS, LLC 1 4.13% $65,551
EVERETT FINANCIAL, INC. 1 3.38% $2,824
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $6,792
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $14,265
First Option Mortgage, LLC 1 3.13% $4,322
Florida Capital Bank 1 2.25% $6,696
GENEVA FINANCIAL, LLC 1 2.50% $3,600
HOMESPIRE MORTGAGE CORPORATION 1 2.25% $2,533
InterContinental Capital Group, Inc 1 2.75% $7,532
MID AMERICA MORTGAGE, INC. 1 3.38% $8,266
Mortgage Lenders Investment Trading Corporation 1 2.75% $27,795
Mortgage Network, Inc. 1 2.38% $8,756
M&T Bank 1 2.38% $7,519
Network Funding, L.P. 1 2.75% $7,047
North American Savings Bank, F.S.B. 1 2.75% $35,815
OVM FINANCIAL, INC. 1 3.00% $20,928
PARKSIDE LENDING, LLC 1 2.63% $10,759
PLAZA HOME MORTGAGE, INC. 1 2.50% $23,246
Prime Choice Funding Inc. 1 2.25% $2,414
Renasant Bank 1 3.13% $4,948
RESIDENTIAL BANCORP. 1 2.49% $4,600
Shamrock Home Loans, Inc. 1 2.88% $19,412
Strong Home Mortgage, LLC 1 2.50% $10,740
SUCCESS MORTGAGE PARTNERS, INC. 1 2.25% $7,607

The top Key West VA lender as defined by loan originations is First Horizon Bank, with 46 VA loans originated. Their average total fees are $13,599, which is $1,667 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Key West VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,598), FREEDOM MORTGAGE CORPORATION ($5,413), QUICKEN LOANS, LLC ($7,380), NAVY FEDERAL CREDIT UNION ($8,784) and AXIA FINANCIAL, LLC ($9,218).

The lowest rate Key West VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.34%), FREEDOM MORTGAGE CORPORATION (2.36%), QUICKEN LOANS, LLC (2.36%), HOME POINT FINANCIAL CORPORATION (2.45%) and NAVY FEDERAL CREDIT UNION (2.46%).


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%) $1,328,463 (25.9%) 0.00 1,488
2018-02-01 $699,625 (12.6%) $1,344,763 (27.4%) 0.00 1,534
2018-03-01 $699,000 (11.6%) $1,343,708 (27.0%) 0.00 1,617
2018-04-01 $699,500 (5.2%) $1,353,459 (12.8%) 0.00 1,632
2018-05-01 $699,000 (3.6%) $1,341,179 (11.7%) 0.00 1,596
2018-06-01 $699,000 (3.0%) $1,323,516 (8.1%) 0.00 1,589
2018-07-01 $699,000 (3.6%) $1,314,883 (5.9%) 0.00 1,612
2018-08-01 $699,000 (4.2%) $1,315,302 (5.7%) 0.00 1,583
2018-09-01 $699,000 (3.6%) $1,314,027 (4.7%) 0.00 1,549
2018-10-01 $699,000 (3.9%) $1,301,581 (0.8%) 0.00 1,592
2018-11-01 $732,000 (4.7%) $1,325,607 (1.0%) 0.00 1,720
2018-12-01 $729,000 (4.3%) $1,325,739 (1.2%) 0.00 1,826
2019-01-01 $728,625 (3.2%) $1,311,733 (-1.3%) 0.00 1,933
2019-02-01 $722,500 (3.3%) $1,293,865 (-3.8%) 0.00 2,018
2019-03-01 $735,286 (5.2%) $1,308,246 (-2.6%) 0.00 1,971
2019-04-01 $749,000 (7.1%) $1,326,791 (-2.0%) 0.00 1,891
2019-05-01 $769,000 (10.0%) $1,370,566 (2.2%) 0.00 1,799
2019-06-01 $750,000 (7.3%) $1,355,862 (2.4%) 0.00 1,734
2019-07-01 $759,500 (8.7%) $1,366,479 (3.9%) 0.00 1,692
2019-08-01 $780,345 (11.6%) $1,397,279 (6.2%) 0.00 1,608
2019-09-01 $788,589 (12.8%) $1,438,593 (9.5%) 0.00 1,508
2019-10-01 $794,750 (13.7%) $1,474,232 (13.3%) 0.00 1,432
2019-11-01 $799,000 (9.2%) $1,484,531 (12.0%) 0.00 1,503
2019-12-01 $799,000 (9.6%) $1,500,169 (13.2%) 0.00 1,616
2020-01-01 $802,450 (10.1%) $1,515,756 (15.6%) 0.00 1,649
2020-02-01 $799,000 (10.6%) $1,485,200 (14.8%) 0.00 1,747
2020-03-01 $799,500 (8.7%) $1,505,811 (15.1%) 0.00 1,754
2020-04-01 $799,000 (6.7%) $1,490,622 (12.4%) 0.00 1,677
2020-05-01 $799,000 (3.9%) $1,512,569 (10.4%) 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 (8.5%) $1,589,979 (16.4%) 0.00 1,384
2020-08-01 $849,000 (8.8%) $1,629,623 (16.6%) 0.00 1,232
2020-09-01 $867,000 (9.9%) $1,666,754 (15.9%) 0.00 1,185
2020-10-01 $849,250 (6.9%) $1,693,184 (14.9%) 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 (7.3%) $1,749,362 (16.6%) 0.00 1,043
2021-01-01 $864,000 (7.7%) $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 $1,229,000 (42.3%) $2,102,233 (16.5%) 0.00 486
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%) 0.00 500
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%) $2,383,664 (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
Key West's median listing price for 2022-10-01 was $1,299,000, a difference of $136,500 (11.7%) versus the prior year and $36,500 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 2022-10-01 was $2,425,642, a difference of $378,706 (18.5%) versus the prior year and $29,415 versus the prior month.

For the 2022-10-01 period, Key West had 662 MLS listings, a difference of 2 listings (0%) versus the prior month and 119 listings (22%) 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 1,500 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 1,492 sqft
2018-06-01 0 days 1,494 sqft
2018-07-01 0 days 1,495 sqft
2018-08-01 0 days 1,494 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 1,484 sqft
2019-01-01 0 days 1,493 sqft
2019-02-01 0 days 1,510 sqft
2019-03-01 0 days 1,526 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 1,580 sqft
2019-12-01 0 days 1,574 sqft
2020-01-01 0 days 1,582 sqft
2020-02-01 0 days 1,570 sqft
2020-03-01 0 days 1,573 sqft
2020-04-01 0 days 1,565 sqft
2020-05-01 0 days 1,552 sqft
2020-06-01 0 days 1,553 sqft
2020-07-01 0 days 1,545 sqft
2020-08-01 0 days 1,551 sqft
2020-09-01 0 days 1,550 sqft
2020-10-01 0 days 1,522 sqft
2020-11-01 0 days 1,515 sqft
2020-12-01 0 days 1,494 sqft
2021-01-01 0 days 1,504 sqft
2021-02-01 0 days 1,475 sqft
2021-03-01 0 days 1,479 sqft
2021-04-01 0 days 1,533 sqft
2021-05-01 0 days 1,650 sqft
2021-06-01 0 days 1,667 sqft
2021-07-01 0 days 1,600 sqft
2021-08-01 0 days 1,589 sqft
2021-09-01 0 days 1,587 sqft
2021-10-01 0 days 1,562 sqft
2021-11-01 0 days 1,565 sqft
2021-12-01 0 days 1,555 sqft
2022-01-01 0 days 1,550 sqft
2022-02-01 0 days 1,643 sqft
2022-03-01 0 days 1,599 sqft
2022-04-01 0 days 1,595 sqft
2022-05-01 0 days 1,621 sqft
2022-06-01 0 days 1,585 sqft
2022-07-01 0 days 1,536 sqft
2022-08-01 0 days 1,543 sqft
2022-09-01 0 days 1,528 sqft
2022-10-01 0 days 1,528 sqft
Key West's median listing age (time on market) for 2022-10-01 was 0 days.

Key West's median square footage for active listings during the 2022-10-01 period was 1,528 sqft. One year prior, the average listing was 1,562 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.