Lynchburg VA Loan Rates, Closing Costs & Stats

LYNCHBURG, VA

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.

Lynchburg's 79 lenders originated 519 VA loans during 2022. The total origination value was $147,115,000, with an average VA loan value of $283,459.

Lynchburg VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lynchburg averaged 6.46% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

Lynchburg's average VA mortgage closing costs are $5,522.

The average rate for the prior week (2024-02-23) was 6.48% and one month ago for the week of 2024-01-26, the average rate was 6.31%.

The average rate one year ago was 6.25%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.93%.

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

Lynchburg 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 Lynchburg level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 79 5.02% $6,323
QUICKEN LOANS, LLC 55 4.38% $10,750
MOVEMENT MORTGAGE, LLC 36 4.88% $6,768
FREEDOM MORTGAGE CORPORATION 22 4.65% $9,775
UNITED WHOLESALE MORTGAGE, LLC 20 4.00% $8,109
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 19 4.51% $6,610
USAA Federal Savings Bank 18 4.35% $6,316
EMBRACE HOME LOANS, INC. 18 3.89% $10,568
NAVY FEDERAL CREDIT UNION 14 3.88% $6,115
NEW DAY FINANCIAL, LLC 13 4.84% $12,248
Alcova Mortgage LLC 12 5.71% $8,196
Mr. Cooper ( Nationstar Mortgage ) 8 4.17% $9,591
MCLEAN MORTGAGE CORPORATION 7 4.93% $2,210
PENNYMAC LOAN SERVICES, LLC 7 3.84% $7,899
Renasant Bank 6 4.23% $5,627
NATION ONE MORTGAGE CORPORATION 6 4.56% $10,186
LOANDEPOT.COM, LLC 6 4.40% $12,126
CALIBER HOME LOANS, INC. 6 4.06% $9,196
CARDINAL FINANCIAL 6 4.88% $9,123
ROUNDPOINT MORTGAGE SERVICING CORPORATION 5 4.40% $3,690
BROKER SOLUTIONS, INC. 5 5.08% $12,735
AMERISAVE MORTGAGE CORPORATION 4 3.84% $6,799
CLEARPATH LENDING 4 3.15% $11,280
Wells Fargo Bank 4 4.72% $5,962
LAKEVIEW LOAN SERVICING, LLC 4 3.34% $8,976
Citizens Bank 3 4.54% $9,715
AMERICAN PACIFIC MORTGAGE CORPORATION 3 4.79% $8,879
APEX HOME LOANS, INC. 3 3.71% $8,661
Barrington Bank & Trust Company, N.A. 3 4.50% $4,220
CROSSCOUNTRY MORTGAGE, LLC 3 5.25% $9,241
FIRST COMMUNITY MORTGAGE, INC. 3 4.25% $6,326
GUARANTY HOME MORTGAGE CORPORATION 3 4.92% $13,106
HOME POINT FINANCIAL CORPORATION 3 3.83% $16,562
LOANPAL, LLC 3 4.00% $12,505
MUTUAL OF OMAHA MORTGAGE, INC. 3 4.42% $12,800
NFM, INC. 3 4.17% $9,338
The Federal Savings Bank 3 4.00% $13,737
Truist 3 4.99% $4,712
VILLAGE CAPITAL MORTGAGE 3 3.67% $15,156
Atlantic Coast Mortgage, LLC 2 6.44% $11,685
Atlantic Union Bank 2 5.50% $5,832
North American Savings Bank, F.S.B. 2 3.94% $11,202
SOUTHWEST STAGE FUNDING, LLC 2 5.63% $3,163
OVM FINANCIAL, INC. 2 5.19% $4,126
Nations Lending Corporation 2 5.44% $10,359
SWBC MORTGAGE CORPORATION 2 4.56% $14,229
EMM LOANS LLC 2 6.69% $5,482
UNION HOME MORTGAGE CORP. 2 5.75% $9,099
PENTAGON FEDERAL CREDIT UNION 2 4.31% $12,734
NETWORK CAPITAL FUNDING CORPORATION 2 4.38% $16,564
Towne Bank 2 5.50% $9,054
Integrity Home Mortgage Corp 2 5.25% $19,939
Prosperity Home Mortgage, LLC 2 5.50% $7,766
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.93% $6,843
Ameris Bank 2 4.44% $10,411
Flagstar Bank, FSB 2 2.75% $6,840
The Central Trust Bank 1 5.00% $2,839
Armed Forces Bank 1 2.38% $2,196
THRIVE MORTGAGE, LLC 1 3.75% $2,604
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.13% $11,545
HANSCOM 1 3.63% $3,545
GUARANTEED RATE, INC. 1 4.00% $35,466
Low VA Rates, LLC 1 4.25% $10,468
Mid-Continent Funding, Inc. 1 5.88% $9,151
MORTGAGE ACCESS CORP. 1 2.75% $8,360
FirstBank 1 4.63% $6,265
CMG MORTGAGE, INC. 1 6.63% $4,181
Citibank 1 4.38% $7,140
NBKC BANK 1 2.50% $2,675
C & F Mortgage Corporation 1 5.75% $19,888
Paramount Bank 1 2.75% $36,703
Paramount Residential Mortgage Group, Inc. 1 5.25% $8,403
BNC National Bank 1 7.13% $16,642
PLANET HOME LENDING, LLC 1 3.25% $587
Blue Ridge Bank 1 5.99% $6,333
Bank of England 1 3.50% $3,996
Southern Bank and Trust Company 1 6.63% $2,595
Strong Home Mortgage, LLC 1 4.75% $14,560
SUN WEST MORTGAGE COMPANY, INC. 1 3.75% $10,523

The top Lynchburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 79 VA loans originated. Their average total fees are $6,323, which is $4,426 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Lynchburg VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,115), USAA Federal Savings Bank ($6,316), Mortgage Research Center, LLC ($6,323), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($6,610) and MOVEMENT MORTGAGE, LLC ($6,768).

The lowest rate Lynchburg VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (3.88%), EMBRACE HOME LOANS, INC. (3.89%), UNITED WHOLESALE MORTGAGE, LLC (4.00%), USAA Federal Savings Bank (4.35%) and QUICKEN LOANS, LLC (4.38%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lynchburg (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 $219,900 (15.8%) $285,047 (10.3%) 0.82 996
2018-02-01 $221,950 (14.0%) $283,114 (7.2%) 0.81 990
2018-03-01 $229,900 (15.0%) $289,916 (6.3%) 0.81 1,065
2018-04-01 $232,700 (16.4%) $293,423 (8.3%) 0.79 1,119
2018-05-01 $138,800 (-33.9%) $214,187 (-22.6%) 0.46 2,080
2018-06-01 $139,900 (-33.2%) $216,018 (-21.4%) 0.47 2,164
2018-07-01 $139,450 (-32.0%) $214,095 (-22.6%) 0.47 2,199
2018-08-01 $136,250 (-35.1%) $211,025 (-24.6%) 0.46 2,190
2018-09-01 $134,925 (-40.0%) $208,440 (-27.9%) 0.45 2,241
2018-10-01 $132,125 (-39.9%) $205,276 (-28.7%) 0.45 2,219
2018-11-01 $127,500 (-42.0%) $200,669 (-29.4%) 0.43 2,182
2018-12-01 $119,950 (-45.5%) $194,361 (-31.1%) 0.41 2,078
2019-01-01 $119,900 (-45.5%) $192,948 (-32.3%) 0.41 1,898
2019-02-01 $115,225 (-48.1%) $191,941 (-32.2%) 0.39 1,859
2019-03-01 $168,386 (-26.8%) $236,713 (-18.4%) 0.55 1,470
2019-04-01 $239,913 (3.1%) $296,802 (1.2%) 0.76 980
2019-05-01 $241,475 (74.0%) $302,782 (41.4%) 0.75 991
2019-06-01 $239,900 (71.5%) $306,485 (41.9%) 0.75 989
2019-07-01 $241,200 (73.0%) $310,959 (45.2%) 0.76 996
2019-08-01 $241,973 (77.6%) $319,339 (51.3%) 0.77 1,006
2019-09-01 $246,432 (82.6%) $333,173 (59.8%) 0.79 1,017
2019-10-01 $244,405 (85.0%) $337,067 (64.2%) 0.79 1,025
2019-11-01 $235,000 (84.3%) $333,901 (66.4%) 0.77 989
2019-12-01 $230,750 (92.4%) $302,138 (55.5%) 0.77 903
2020-01-01 $238,800 (99.2%) $304,595 (57.9%) 0.80 818
2020-02-01 $249,500 (116.5%) $312,072 (62.6%) 0.82 770
2020-03-01 $252,450 (49.9%) $321,029 (35.6%) 0.79 763
2020-04-01 $253,400 (5.6%) $325,967 (9.8%) 0.79 781
2020-05-01 $255,000 (5.6%) $336,538 (11.2%) 0.78 683
2020-06-01 $266,150 (10.9%) $350,179 (14.3%) 0.78 620
2020-07-01 $261,950 (8.6%) $404,081 (30.0%) 0.76 578
2020-08-01 $259,900 (7.4%) $407,743 (27.7%) 0.74 553
2020-09-01 $259,000 (5.1%) $400,737 (20.3%) 0.74 550
2020-10-01 $249,000 (1.9%) $406,716 (20.7%) 0.71 556
2020-11-01 $249,900 (6.3%) $409,487 (22.6%) 0.73 544
2020-12-01 $244,913 (6.1%) $421,895 (39.6%) 0.73 495
2021-01-01 $249,900 (4.7%) $438,160 (43.9%) 0.75 413
2021-02-01 $256,150 (2.7%) $474,912 (52.2%) 0.75 338
2021-03-01 $257,400 (2.0%) $473,087 (47.4%) 0.73 352
2021-04-01 $277,325 (9.4%) $507,128 (55.6%) 0.75 332
2021-05-01 $274,975 (7.8%) $464,859 (38.1%) 0.73 343
2021-06-01 $288,650 (8.5%) $469,332 (34.0%) 0.76 367
2021-07-01 $279,900 (6.9%) $448,163 (10.9%) 0.74 434
2021-08-01 $277,675 (6.8%) $439,546 (7.8%) 0.74 448
2021-09-01 $290,550 (12.2%) $450,514 (12.4%) 0.77 457
2021-10-01 $289,900 (16.4%) $447,457 (10.0%) 0.77 445
2021-11-01 $295,350 (18.2%) $454,990 (11.1%) 0.79 392
2021-12-01 $289,900 (18.4%) $402,412 (-4.6%) 0.79 338
2022-01-01 $284,900 (14.0%) $355,839 (-18.8%) 0.77 279
2022-02-01 $297,000 (16.0%) $363,157 (-23.5%) 0.77 266
2022-03-01 $322,450 (25.3%) $387,313 (-18.1%) 0.81 264
2022-04-01 $324,988 (17.2%) $387,493 (-23.6%) 0.77 266
2022-05-01 $329,675 (19.9%) $395,404 (-14.9%) 0.75 330
2022-06-01 $334,575 (15.9%) $396,615 (-15.5%) 0.75 395
2022-07-01 $330,000 (17.9%) $411,383 (-8.2%) 0.74 460
2022-08-01 $334,450 (20.5%) $412,731 (-6.1%) 0.77 457
2022-09-01 $317,450 (9.3%) $401,510 (-10.9%) 0.74 435
2022-10-01 $329,900 (13.8%) $409,964 (-8.4%) 0.78 428
2022-11-01 $336,975 (14.1%) $418,160 (-8.1%) 0.81 437
2022-12-01 $329,000 (13.5%) $401,317 (-0.3%) 0.81 396
2023-01-01 $323,500 (13.6%) $399,877 (12.4%) 0.80 369
2023-02-01 $329,913 (11.1%) $406,774 (12.0%) 0.80 334
2023-03-01 $339,450 (5.3%) $418,526 (8.1%) 0.80 348
2023-04-01 $334,900 (3.1%) $420,821 (8.6%) 0.78 379
2023-05-01 $329,500 (-0.1%) $431,384 (9.1%) 0.75 401
2023-06-01 $348,650 (4.2%) $457,478 (15.4%) 0.78 419
2023-07-01 $349,250 (5.8%) $456,974 (11.1%) 0.79 449
2023-08-01 $349,350 (4.5%) $462,692 (12.1%) 0.80 514
2023-09-01 $332,450 (4.7%) $443,546 (10.5%) 0.77 506
2023-10-01 $339,450 (2.9%) $436,305 (6.4%) 0.80 552
2023-11-01 $347,000 (3.0%) $443,251 (6.0%) 0.83 570
2023-12-01 $339,900 (3.3%) $441,167 (9.9%) 0.83 538
2024-01-01 $339,950 (5.1%) $443,663 (11.0%) 0.83 513
Lynchburg's median listing price for 2024-01-01 was $339,950, a difference of $16,450 (5.1%) versus the prior year and $50 versus the prior month.

Lynchburg's median listing price comes in at 83% of the national average.

Lynchburg's average listing price for 2024-01-01 was $443,663, a difference of $43,786 (11.0%) versus the prior year and $2,496 versus the prior month.

For the 2024-01-01 period, Lynchburg had 513 MLS listings, a difference of -25 listings (-5%) versus the prior month and 144 listings (39%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lynchburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 93 days 1,973 sqft
2018-02-01 86 days 1,976 sqft
2018-03-01 64 days 1,990 sqft
2018-04-01 56 days 2,023 sqft
2018-05-01 78 days 2,049 sqft
2018-06-01 82 days 2,084 sqft
2018-07-01 86 days 2,051 sqft
2018-08-01 86 days 2,016 sqft
2018-09-01 88 days 2,005 sqft
2018-10-01 89 days 1,988 sqft
2018-11-01 94 days 1,947 sqft
2018-12-01 110 days 1,920 sqft
2019-01-01 115 days 1,953 sqft
2019-02-01 116 days 1,952 sqft
2019-03-01 90 days 1,992 sqft
2019-04-01 55 days 2,015 sqft
2019-05-01 55 days 2,001 sqft
2019-06-01 57 days 2,070 sqft
2019-07-01 62 days 2,109 sqft
2019-08-01 64 days 2,081 sqft
2019-09-01 66 days 2,052 sqft
2019-10-01 67 days 2,021 sqft
2019-11-01 74 days 1,984 sqft
2019-12-01 82 days 1,955 sqft
2020-01-01 88 days 1,959 sqft
2020-02-01 75 days 1,968 sqft
2020-03-01 57 days 1,984 sqft
2020-04-01 59 days 1,992 sqft
2020-05-01 66 days 2,001 sqft
2020-06-01 64 days 2,097 sqft
2020-07-01 58 days 2,095 sqft
2020-08-01 52 days 2,095 sqft
2020-09-01 53 days 2,042 sqft
2020-10-01 51 days 1,891 sqft
2020-11-01 60 days 1,909 sqft
2020-12-01 65 days 1,867 sqft
2021-01-01 72 days 1,850 sqft
2021-02-01 69 days 1,850 sqft
2021-03-01 47 days 1,841 sqft
2021-04-01 43 days 1,885 sqft
2021-05-01 43 days 1,872 sqft
2021-06-01 41 days 1,887 sqft
2021-07-01 38 days 1,880 sqft
2021-08-01 42 days 1,932 sqft
2021-09-01 42 days 1,896 sqft
2021-10-01 46 days 1,875 sqft
2021-11-01 51 days 1,873 sqft
2021-12-01 58 days 1,793 sqft
2022-01-01 61 days 1,730 sqft
2022-02-01 46 days 1,746 sqft
2022-03-01 36 days 1,870 sqft
2022-04-01 37 days 1,884 sqft
2022-05-01 33 days 1,913 sqft
2022-06-01 33 days 1,967 sqft
2022-07-01 39 days 1,962 sqft
2022-08-01 49 days 1,941 sqft
2022-09-01 51 days 1,852 sqft
2022-10-01 51 days 1,817 sqft
2022-11-01 51 days 1,871 sqft
2022-12-01 61 days 1,800 sqft
2023-01-01 61 days 1,792 sqft
2023-02-01 44 days 1,733 sqft
2023-03-01 44 days 1,817 sqft
2023-04-01 38 days 1,800 sqft
2023-05-01 40 days 1,763 sqft
2023-06-01 47 days 1,898 sqft
2023-07-01 42 days 1,870 sqft
2023-08-01 41 days 1,877 sqft
2023-09-01 50 days 1,895 sqft
2023-10-01 46 days 1,878 sqft
2023-11-01 52 days 1,865 sqft
2023-12-01 60 days 1,871 sqft
2024-01-01 59 days 1,832 sqft
Lynchburg's median listing age (time on market) for 2024-01-01 was 59 days. This is -2% shorter than the same period one year ago.

Lynchburg's median square footage for active listings during the 2024-01-01 period was 1,832 sqft. One year prior, the average listing was 1,792 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.