Lake City VA Loan Rates, Closing Costs & Stats

Lake City, 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.

Lake City's 44 lenders originated 148 VA loans during 2023. The total origination value was $41,830,000, with an average VA loan value of $282,635.

Lake City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lake City averaged 6.9% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Lake City's average VA mortgage closing costs are $5,902.

The average rate for the prior week (2024-05-10) was 6.81% and one month ago for the week of 2024-04-12, the average rate was 6.89%.

The average rate one year ago was 6.2%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.7%.

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

Lake City 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 Lake City level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 29 6.79% $8,021
MOVEMENT MORTGAGE, LLC 13 6.44% $9,321
First Federal Bank 11 6.52% $6,833
UNITED WHOLESALE MORTGAGE, LLC 10 6.83% $6,542
QUICKEN LOANS, LLC 10 6.13% $9,457
AMERICAN FINANCIAL NETWORK, INC. 6 7.04% $4,965
FREEDOM MORTGAGE CORPORATION 4 6.31% $13,212
NAVY FEDERAL CREDIT UNION 4 5.72% $3,373
NEW DAY FINANCIAL, LLC 4 7.44% $18,010
FBC MORTGAGE, LLC 4 5.75% $5,806
CARDINAL FINANCIAL 3 6.12% $15,496
AMERICAN FINANCIAL RESOURCES, INC. 3 6.50% $5,746
PENNYMAC LOAN SERVICES, LLC 2 5.75% $7,970
Equity Prime Mortgage LLC 2 6.63% $8,151
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.81% $7,965
Century Mortgage Company DBA Century Lending Company 2 6.13% $2,900
AMERISAVE MORTGAGE CORPORATION 2 6.69% $3,195
BROKER SOLUTIONS, INC. 2 7.00% $15,014
GUILD MORTGAGE COMPANY 2 7.13% $7,589
HomePromise Corporation 2 7.63% $9,806
SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $4,867
THE MORTGAGE FIRM, INC. 1 6.00% $9,363
UNION HOME MORTGAGE CORP. 1 6.25% $5,998
AMERICAN BANCSHARES MORTGAGE 1 6.00% $16,472
VYSTAR 1 6.38% $4,089
Ameris Bank 1 6.13% $7,938
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $6,632
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $175
Barrington Bank & Trust Company, N.A. 1 7.63% $25,580
City National Bank of Florida 1 6.37% $11,479
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $1,874
FIRST COMMUNITY MORTGAGE, INC. 1 6.99% $8,557
Goldwater Bank, N.A. 1 9.63% $15,587
GUARANTEED RATE, INC. 1 5.75% $7,937
HOMESPIRE MORTGAGE CORPORATION 1 6.63% $3,483
INSPIRE HOME LOANS INC. 1 5.25% $11,256
JPMorgan Chase Bank 1 7.00% $1,788
Mortgage Lenders Investment Trading Corporation 1 6.75% $13,868
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $20,895
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $5,803
NFM, INC. 1 7.50% $4,770
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.63% $13,275
RELIANCE FIRST CAPITAL, LLC 1 5.63% $19,853
SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $25,433

The top Lake City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 29 VA loans originated. Their average total fees are $8,021, which is $1,300 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

The lowest fee Lake City VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($6,542), First Federal Bank ($6,833), Mortgage Research Center, LLC ($8,021), MOVEMENT MORTGAGE, LLC ($9,321) and QUICKEN LOANS, LLC ($9,457).

The lowest rate Lake City VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.13%), MOVEMENT MORTGAGE, LLC (6.44%), First Federal Bank (6.52%), Mortgage Research Center, LLC (6.79%) and UNITED WHOLESALE MORTGAGE, LLC (6.83%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lake City (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 $209,225 (16.7%) $245,276 (11.8%) 0.00 228
2018-02-01 $199,923 (11.1%) $236,901 (8.7%) 0.00 225
2018-03-01 $202,450 (9.5%) $241,887 (9.5%) 0.00 226
2018-04-01 $205,300 (8.1%) $252,286 (12.8%) 0.00 205
2018-05-01 $199,675 (1.0%) $257,380 (12.5%) 0.00 203
2018-06-01 $202,750 (6.0%) $270,349 (21.0%) 0.00 200
2018-07-01 $200,675 (5.7%) $271,372 (23.4%) 0.00 193
2018-08-01 $208,850 (7.1%) $263,909 (20.1%) 0.00 199
2018-09-01 $215,000 (10.3%) $248,783 (11.4%) 0.00 211
2018-10-01 $212,450 (9.0%) $254,753 (12.3%) 0.00 200
2018-11-01 $212,500 (6.8%) $253,211 (9.0%) 0.00 218
2018-12-01 $209,700 (2.3%) $253,459 (6.7%) 0.00 218
2019-01-01 $202,200 (-3.4%) $256,258 (4.5%) 0.00 211
2019-02-01 $204,450 (2.3%) $259,270 (9.4%) 0.00 212
2019-03-01 $211,857 (4.7%) $262,026 (8.3%) 0.00 202
2019-04-01 $215,000 (4.7%) $260,758 (3.4%) 0.00 198
2019-05-01 $220,450 (10.4%) $273,340 (6.2%) 0.00 196
2019-06-01 $224,900 (10.9%) $282,721 (4.6%) 0.00 184
2019-07-01 $228,200 (13.7%) $283,619 (4.5%) 0.00 176
2019-08-01 $229,900 (10.1%) $281,001 (6.5%) 0.00 181
2019-09-01 $227,650 (5.9%) $277,119 (11.4%) 0.00 186
2019-10-01 $228,150 (7.4%) $275,673 (8.2%) 0.00 185
2019-11-01 $227,400 (7.0%) $275,716 (8.9%) 0.00 158
2019-12-01 $236,900 (13.0%) $271,584 (7.2%) 0.00 143
2020-01-01 $227,400 (12.5%) $263,759 (2.9%) 0.00 137
2020-02-01 $222,500 (8.8%) $264,759 (2.1%) 0.00 151
2020-03-01 $219,450 (3.6%) $250,191 (-4.5%) 0.00 158
2020-04-01 $228,975 (6.5%) $257,860 (-1.1%) 0.00 146
2020-05-01 $239,650 (8.7%) $267,072 (-2.3%) 0.00 143
2020-06-01 $244,300 (8.6%) $276,865 (-2.1%) 0.00 136
2020-07-01 $246,250 (7.9%) $292,044 (3.0%) 0.00 122
2020-08-01 $245,900 (7.0%) $296,504 (5.5%) 0.00 120
2020-09-01 $242,475 (6.5%) $286,649 (3.4%) 0.00 106
2020-10-01 $260,000 (14.0%) $304,659 (10.5%) 0.00 108
2020-11-01 $254,925 (12.1%) $300,856 (9.1%) 0.00 104
2020-12-01 $258,225 (9.0%) $308,880 (13.7%) 0.00 99
2021-01-01 $255,000 (12.1%) $294,546 (11.7%) 0.00 91
2021-02-01 $264,925 (19.1%) $288,321 (8.9%) 0.00 81
2021-03-01 $272,450 (24.2%) $306,573 (22.5%) 0.00 75
2021-04-01 $274,925 (20.1%) $324,552 (25.9%) 0.00 68
2021-05-01 $299,900 (25.1%) $349,189 (30.8%) 0.00 83
2021-06-01 $298,963 (22.4%) $340,251 (22.9%) 0.00 93
2021-07-01 $281,500 (14.3%) $326,110 (11.7%) 0.00 108
2021-08-01 $282,081 (14.7%) $310,957 (4.9%) 0.00 110
2021-09-01 $287,000 (18.4%) $321,561 (12.2%) 0.00 114
2021-10-01 $284,500 (9.4%) $366,534 (20.3%) 0.00 109
2021-11-01 $274,950 (7.9%) $363,434 (20.8%) 0.00 118
2021-12-01 $272,450 (5.5%) $378,754 (22.6%) 0.00 112
2022-01-01 $267,000 (4.7%) $402,356 (36.6%) 0.00 94
2022-02-01 $289,225 (9.2%) $364,310 (26.4%) 0.00 79
2022-03-01 $299,900 (10.1%) $369,842 (20.6%) 0.00 87
2022-04-01 $290,445 (5.7%) $363,788 (12.1%) 0.00 96
2022-05-01 $298,868 (-0.3%) $370,219 (6.0%) 0.00 112
2022-06-01 $299,945 (0.3%) $370,678 (8.9%) 0.00 126
2022-07-01 $315,000 (11.9%) $383,066 (17.5%) 0.00 148
2022-08-01 $323,625 (14.7%) $385,472 (24.0%) 0.00 146
2022-09-01 $330,975 (15.3%) $394,581 (22.7%) 0.00 154
2022-10-01 $339,450 (19.3%) $385,544 (5.2%) 0.00 164
2022-11-01 $325,975 (18.6%) $368,858 (1.5%) 0.00 165
2022-12-01 $329,000 (20.8%) $366,548 (-3.2%) 0.00 176
2023-01-01 $315,000 (18.0%) $366,752 (-8.9%) 0.00 156
2023-02-01 $330,875 (14.4%) $376,103 (3.2%) 0.00 142
2023-03-01 $333,813 (11.3%) $372,500 (0.7%) 0.00 140
2023-04-01 $333,225 (14.7%) $385,380 (5.9%) 0.00 147
2023-05-01 $339,450 (13.6%) $392,789 (6.1%) 0.00 137
2023-06-01 $339,700 (13.3%) $390,671 (5.4%) 0.00 156
2023-07-01 $371,950 (18.1%) $411,073 (7.3%) 0.00 156
2023-08-01 $371,350 (14.8%) $428,261 (11.1%) 0.00 165
2023-09-01 $369,925 (11.8%) $427,465 (8.3%) 0.00 166
2023-10-01 $362,000 (6.6%) $417,389 (8.3%) 0.00 177
2023-11-01 $345,338 (5.9%) $407,571 (10.5%) 0.00 192
2023-12-01 $349,900 (6.4%) $412,161 (12.4%) 0.00 172
2024-01-01 $351,975 (11.7%) $405,680 (10.6%) 0.00 162
2024-02-01 $352,000 (6.4%) $407,471 (8.3%) 0.00 164
2024-03-01 $375,000 (12.3%) $418,821 (12.4%) 0.00 159
2024-04-01 $357,800 (7.4%) $436,544 (13.3%) 0.00 174
Lake City's median listing price for 2024-04-01 was $357,800, a difference of $24,575 (7.4%) versus the prior year and $-17,200 versus the prior month.

Lake City's median listing price comes in at 0% of the national average.

Lake City's average listing price for 2024-04-01 was $436,544, a difference of $51,164 (13.3%) versus the prior year and $17,723 versus the prior month.

For the 2024-04-01 period, Lake City had 174 MLS listings, a difference of 15 listings (9%) versus the prior month and 27 listings (18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,919 sqft
2018-02-01 0 days 1,899 sqft
2018-03-01 0 days 1,931 sqft
2018-04-01 0 days 1,913 sqft
2018-05-01 0 days 1,885 sqft
2018-06-01 0 days 1,918 sqft
2018-07-01 0 days 1,899 sqft
2018-08-01 0 days 1,993 sqft
2018-09-01 0 days 1,863 sqft
2018-10-01 0 days 1,871 sqft
2018-11-01 0 days 1,909 sqft
2018-12-01 0 days 1,902 sqft
2019-01-01 0 days 1,899 sqft
2019-02-01 0 days 1,896 sqft
2019-03-01 0 days 1,907 sqft
2019-04-01 0 days 1,946 sqft
2019-05-01 0 days 2,053 sqft
2019-06-01 0 days 2,080 sqft
2019-07-01 0 days 2,110 sqft
2019-08-01 0 days 2,077 sqft
2019-09-01 0 days 2,007 sqft
2019-10-01 0 days 1,960 sqft
2019-11-01 0 days 1,956 sqft
2019-12-01 0 days 2,002 sqft
2020-01-01 0 days 1,880 sqft
2020-02-01 0 days 1,894 sqft
2020-03-01 0 days 1,852 sqft
2020-04-01 0 days 1,875 sqft
2020-05-01 0 days 1,862 sqft
2020-06-01 0 days 1,899 sqft
2020-07-01 0 days 1,906 sqft
2020-08-01 0 days 1,931 sqft
2020-09-01 0 days 1,911 sqft
2020-10-01 0 days 1,914 sqft
2020-11-01 0 days 1,907 sqft
2020-12-01 0 days 1,920 sqft
2021-01-01 0 days 1,832 sqft
2021-02-01 0 days 1,799 sqft
2021-03-01 0 days 1,810 sqft
2021-04-01 0 days 1,787 sqft
2021-05-01 0 days 2,048 sqft
2021-06-01 0 days 1,949 sqft
2021-07-01 0 days 1,812 sqft
2021-08-01 0 days 1,805 sqft
2021-09-01 0 days 1,804 sqft
2021-10-01 0 days 1,784 sqft
2021-11-01 0 days 1,801 sqft
2021-12-01 0 days 1,854 sqft
2022-01-01 0 days 1,806 sqft
2022-02-01 0 days 1,848 sqft
2022-03-01 0 days 1,869 sqft
2022-04-01 0 days 1,807 sqft
2022-05-01 0 days 1,776 sqft
2022-06-01 0 days 1,798 sqft
2022-07-01 0 days 1,818 sqft
2022-08-01 0 days 1,842 sqft
2022-09-01 0 days 1,897 sqft
2022-10-01 0 days 1,825 sqft
2022-11-01 0 days 1,760 sqft
2022-12-01 0 days 1,820 sqft
2023-01-01 0 days 1,755 sqft
2023-02-01 0 days 1,810 sqft
2023-03-01 0 days 1,778 sqft
2023-04-01 0 days 1,776 sqft
2023-05-01 0 days 1,776 sqft
2023-06-01 0 days 1,774 sqft
2023-07-01 0 days 1,830 sqft
2023-08-01 0 days 1,823 sqft
2023-09-01 0 days 1,819 sqft
2023-10-01 0 days 1,838 sqft
2023-11-01 0 days 1,816 sqft
2023-12-01 0 days 1,802 sqft
2024-01-01 0 days 1,918 sqft
2024-02-01 0 days 1,822 sqft
2024-03-01 0 days 1,843 sqft
2024-04-01 0 days 1,849 sqft
Lake City's median listing age (time on market) for 2024-04-01 was 0 days.

Lake City's median square footage for active listings during the 2024-04-01 period was 1,849 sqft. One year prior, the average listing was 1,776 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.