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 67 lenders originated 360 VA loans during 2023. The total origination value was $106,410,000, with an average VA loan value of $295,583.

Lynchburg VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lynchburg averaged 6.63% for the week of 2024-07-05, compared to the national average (all VA variants) of 6.475% for the same period.

Lynchburg's average VA mortgage closing costs are $5,847.

The average rate for the prior week (2024-06-28) was 6.53% and one month ago for the week of 2024-05-31, the average rate was 6.65%.

The average rate one year ago was 6.7%.

For refis of the same type during the week of 2024-07-05, the average rate was 7.18%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 57 6.76% $5,958
QUICKEN LOANS, LLC 44 6.14% $11,457
UNITED WHOLESALE MORTGAGE, LLC 17 6.05% $7,230
Alcova Mortgage LLC 16 7.05% $7,496
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 15 6.56% $7,973
NAVY FEDERAL CREDIT UNION 13 6.00% $7,679
FREEDOM MORTGAGE CORPORATION 11 6.68% $16,668
Renasant Bank 11 6.20% $8,919
USAA Federal Savings Bank 10 6.26% $9,881
MOVEMENT MORTGAGE, LLC 9 6.72% $6,337
PENNYMAC LOAN SERVICES, LLC 9 5.69% $8,761
NVR Mortgage Finance, Inc. 9 5.37% $8,990
LOANDEPOT.COM, LLC 8 6.31% $10,002
EMBRACE HOME LOANS, INC. 8 6.26% $12,682
NEWREZ LLC 7 6.82% $7,822
The Federal Savings Bank 5 6.30% $11,400
Atlantic Coast Mortgage, LLC 5 6.53% $6,968
VILLAGE CAPITAL MORTGAGE 5 6.88% $11,477
Wells Fargo Bank 5 6.10% $7,586
EMM LOANS LLC 4 6.66% $8,651
NEW DAY FINANCIAL, LLC 4 7.47% $10,646
THRIVE MORTGAGE, LLC 4 6.44% $11,153
Mid-Continent Funding, Inc. 3 5.50% $8,147
NBKC BANK 3 6.13% $9,945
PENTAGON FEDERAL CREDIT UNION 3 5.71% $11,783
LOANPAL, LLC 2 6.75% $8,325
SWBC MORTGAGE CORPORATION 2 6.69% $8,882
Mr. Cooper ( Nationstar Mortgage ) 2 6.63% $14,031
Ameris Bank 2 6.25% $7,276
NATION ONE MORTGAGE CORPORATION 2 6.25% $10,146
CARDINAL FINANCIAL 2 7.50% $4,425
Truist 2 6.48% $5,928
UNION HOME MORTGAGE CORP. 2 6.31% $13,130
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.94% $14,483
AMERISAVE MORTGAGE CORPORATION 2 6.25% $12,516
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.88% $5,635
MORTGAGE ACCESS CORP. 2 6.75% $18,996
FIRST COMMUNITY MORTGAGE, INC. 2 6.50% $6,439
CALIBER HOME LOANS, INC. 2 6.44% $9,901
ROYAL UNITED MORTGAGE LLC 2 7.06% $15,768
Sierra Pacific Mortgage Company, Inc. 1 6.63% $15,329
SIRVA MORTGAGE, INC. 1 7.50% $46
The Central Trust Bank 1 5.25% $15,093
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $4,309
Towne Bank 1 5.88% $12,979
TOWNE MORTGAGE COMPANY 1 6.00% $5,478
United Bank 1 6.13% $4,483
Flagstar Bank, FSB 1 7.25% $4,943
FIRST SAVINGS MORTGAGE CORPORATION 1 6.75% $10,243
RELIANCE FIRST CAPITAL, LLC 1 7.50% $11,830
GUARANTEED RATE, INC. 1 6.25% $4,333
GUILD MORTGAGE COMPANY 1 6.50% $3,870
Integrity Home Mortgage Corp 1 7.25% $600
MILEND, INC. 1 6.88% $8,380
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $2,416
CROSSCOUNTRY MORTGAGE, LLC 1 5.69% $5,559
NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $17,624
American Mortgage & Equity Consultants, Inc. 1 7.25% $55
BROKER SOLUTIONS, INC. 1 6.75% $9,342
Paramount Residential Mortgage Group, Inc. 1 5.50% $8,684
Blue Ridge Bank 1 6.75% $2,267
PLAZA HOME MORTGAGE, INC. 1 5.88% $6,066
Presidential Bank, FSB 1 6.75% $5,430
Prosperity Home Mortgage, LLC 1 7.13% $7,420
Barrington Bank & Trust Company, N.A. 1 7.25% $7,645
GoPrime Mortgage, Inc. 1 5.75% $7,392
Bank of England 1 6.75% $7,123

The top Lynchburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 57 VA loans originated. Their average total fees are $5,958, which is $5,499 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Lynchburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,958), UNITED WHOLESALE MORTGAGE, LLC ($7,230), Alcova Mortgage LLC ($7,496), NAVY FEDERAL CREDIT UNION ($7,679) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($7,973).

The lowest rate Lynchburg VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (6.00%), UNITED WHOLESALE MORTGAGE, LLC (6.05%), QUICKEN LOANS, LLC (6.14%), Renasant Bank (6.20%) and USAA Federal Savings Bank (6.26%).


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
2024-02-01 $334,475 (1.4%) $430,428 (5.8%) 0.81 512
2024-03-01 $337,380 (-0.6%) $439,389 (5.0%) 0.79 518
2024-04-01 $344,900 (3.0%) $436,910 (3.8%) 0.80 537
2024-05-01 $354,900 (7.7%) $449,539 (4.2%) 0.80 622
2024-06-01 $349,950 (0.4%) $446,496 (-2.4%) 0.79 686
Lynchburg's median listing price for 2024-06-01 was $349,950, a difference of $1,300 (0.4%) versus the prior year and $-4,950 versus the prior month.

Lynchburg's median listing price comes in at 79% of the national average.

Lynchburg's average listing price for 2024-06-01 was $446,496, a difference of $-10,982 (-2.4%) versus the prior year and $-3,043 versus the prior month.

For the 2024-06-01 period, Lynchburg had 686 MLS listings, a difference of 64 listings (10%) versus the prior month and 267 listings (64%) 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 1,857 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
2024-02-01 50 days 1,775 sqft
2024-03-01 51 days 1,784 sqft
2024-04-01 47 days 1,788 sqft
2024-05-01 37 days 1,853 sqft
2024-06-01 40 days 1,843 sqft
Lynchburg's median listing age (time on market) for 2024-06-01 was 40 days. This is -14% shorter than the same period one year ago.

Lynchburg's median square footage for active listings during the 2024-06-01 period was 1,843 sqft. One year prior, the average listing was 1,898 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.