Lynchburg VA Loan Rates, Closing Costs & Stats

LYNCHBURG, VA

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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.

    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 6.15% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

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

    The average rate for the prior week (2023-05-19) was 6.27% and one month ago for the week of 2023-04-21, the average rate was 5.99%.

    The average rate one year ago was 4.96%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.82%.

    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 (13.9%) $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 $135,450 (-35.5%) $212,946 (-23.1%) 0.45 2,094
    2018-06-01 $137,900 (-34.2%) $214,915 (-21.8%) 0.46 2,179
    2018-07-01 $137,225 (-33.0%) $212,978 (-23.0%) 0.46 2,215
    2018-08-01 $134,900 (-35.8%) $210,350 (-24.8%) 0.45 2,207
    2018-09-01 $134,883 (-40.0%) $207,917 (-28.0%) 0.45 2,259
    2018-10-01 $129,950 (-40.9%) $204,453 (-29.0%) 0.44 2,240
    2018-11-01 $125,000 (-43.2%) $199,731 (-29.7%) 0.42 2,206
    2018-12-01 $119,900 (-45.5%) $193,661 (-31.3%) 0.41 2,097
    2019-01-01 $119,124 (-45.8%) $192,284 (-32.5%) 0.41 1,915
    2019-02-01 $112,450 (-49.3%) $191,025 (-32.5%) 0.38 1,878
    2019-03-01 $232,000 (0.9%) $293,547 (1.3%) 0.77 931
    2019-04-01 $239,900 (3.1%) $296,903 (1.2%) 0.76 977
    2019-05-01 $241,475 (78.3%) $302,943 (42.3%) 0.75 993
    2019-06-01 $239,900 (74.0%) $306,638 (42.7%) 0.75 991
    2019-07-01 $241,200 (75.8%) $311,116 (46.1%) 0.76 998
    2019-08-01 $239,500 (77.5%) $309,394 (47.1%) 0.75 1,002
    2019-09-01 $247,400 (83.4%) $326,554 (57.1%) 0.78 987
    2019-10-01 $239,700 (84.5%) $331,610 (62.2%) 0.77 1,019
    2019-11-01 $235,000 (88.0%) $334,357 (67.4%) 0.77 990
    2019-12-01 $230,750 (92.5%) $302,603 (56.3%) 0.77 904
    2020-01-01 $238,800 (100.5%) $305,099 (58.7%) 0.80 820
    2020-02-01 $249,500 (121.9%) $312,731 (63.7%) 0.82 771
    2020-03-01 $252,450 (8.8%) $321,585 (9.6%) 0.79 764
    2020-04-01 $253,925 (5.9%) $326,605 (10.0%) 0.80 782
    2020-05-01 $255,000 (5.6%) $337,205 (11.3%) 0.78 684
    2020-06-01 $266,150 (10.9%) $350,866 (14.4%) 0.78 621
    2020-07-01 $261,950 (8.6%) $404,291 (30.0%) 0.76 579
    2020-08-01 $259,900 (8.5%) $407,743 (31.8%) 0.74 553
    2020-09-01 $259,000 (4.7%) $400,536 (22.7%) 0.74 551
    2020-10-01 $249,450 (4.1%) $406,541 (22.6%) 0.71 557
    2020-11-01 $249,900 (6.3%) $409,298 (22.4%) 0.73 544
    2020-12-01 $244,900 (6.1%) $421,923 (39.4%) 0.73 493
    2021-01-01 $249,900 (4.7%) $438,230 (43.6%) 0.75 412
    2021-02-01 $253,450 (1.6%) $475,270 (52.0%) 0.74 338
    2021-03-01 $257,400 (2.0%) $472,960 (47.1%) 0.73 352
    2021-04-01 $277,325 (9.2%) $507,128 (55.3%) 0.75 332
    2021-05-01 $274,950 (7.8%) $464,859 (37.9%) 0.73 343
    2021-06-01 $287,400 (8.0%) $468,050 (33.4%) 0.76 366
    2021-07-01 $279,900 (6.9%) $445,862 (10.3%) 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 (12.5%) 0.77 457
    2021-10-01 $289,900 (16.2%) $447,683 (10.1%) 0.77 445
    2021-11-01 $293,750 (17.6%) $455,259 (11.2%) 0.79 391
    2021-12-01 $289,900 (18.4%) $402,527 (-4.6%) 0.79 337
    2022-01-01 $284,900 (14.0%) $355,839 (-18.8%) 0.77 279
    2022-02-01 $297,000 (17.2%) $363,157 (-23.6%) 0.77 266
    2022-03-01 $322,425 (25.3%) $387,139 (-18.2%) 0.81 263
    2022-04-01 $324,500 (17.0%) $386,147 (-23.9%) 0.77 262
    2022-05-01 $327,450 (19.1%) $394,427 (-15.2%) 0.75 326
    2022-06-01 $333,325 (16.0%) $395,753 (-15.5%) 0.74 391
    2022-07-01 $329,900 (17.9%) $411,435 (-7.7%) 0.75 461
    2022-08-01 $334,450 (20.5%) $412,310 (-6.2%) 0.77 458
    2022-09-01 $317,225 (9.2%) $401,472 (-10.9%) 0.74 434
    2022-10-01 $329,900 (13.8%) $409,933 (-8.4%) 0.78 427
    2022-11-01 $336,975 (14.7%) $419,967 (-7.8%) 0.81 435
    2022-12-01 $329,000 (13.5%) $403,007 (0.1%) 0.81 396
    2023-01-01 $324,625 (13.9%) $400,708 (12.6%) 0.80 369
    2023-02-01 $329,900 (11.1%) $406,751 (12.0%) 0.80 334
    2023-03-01 $339,450 (5.3%) $418,526 (8.1%) 0.80 348
    2023-04-01 $334,900 (3.2%) $420,821 (9.0%) 0.78 379
    Lynchburg's median listing price for 2023-04-01 was $334,900, a difference of $10,400 (3.2%) versus the prior year and $-4,550 versus the prior month.

    Lynchburg's median listing price comes in at 78% of the national average.

    Lynchburg's average listing price for 2023-04-01 was $420,821, a difference of $34,674 (9.0%) versus the prior year and $2,295 versus the prior month.

    For the 2023-04-01 period, Lynchburg had 379 MLS listings, a difference of 31 listings (9%) versus the prior month and 117 listings (45%) 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
    2018-01-01 102 days 1,973 sqft
    2018-02-01 98 days 1,976 sqft
    2018-03-01 72 days 1,990 sqft
    2018-04-01 61 days 2,023 sqft
    2018-05-01 100 days 2,052 sqft
    2018-06-01 110 days 2,090 sqft
    2018-07-01 112 days 2,052 sqft
    2018-08-01 109 days 2,017 sqft
    2018-09-01 113 days 2,010 sqft
    2018-10-01 117 days 1,990 sqft
    2018-11-01 122 days 1,952 sqft
    2018-12-01 136 days 1,930 sqft
    2019-01-01 142 days 1,957 sqft
    2019-02-01 149 days 1,962 sqft
    2019-03-01 85 days 2,000 sqft
    2019-04-01 61 days 2,008 sqft
    2019-05-01 61 days 2,002 sqft
    2019-06-01 64 days 2,072 sqft
    2019-07-01 67 days 2,109 sqft
    2019-08-01 73 days 2,065 sqft
    2019-09-01 79 days 2,052 sqft
    2019-10-01 76 days 2,015 sqft
    2019-11-01 81 days 1,988 sqft
    2019-12-01 89 days 1,959 sqft
    2020-01-01 94 days 1,960 sqft
    2020-02-01 85 days 1,973 sqft
    2020-03-01 63 days 1,986 sqft
    2020-04-01 61 days 1,992 sqft
    2020-05-01 71 days 2,010 sqft
    2020-06-01 71 days 2,097 sqft
    2020-07-01 64 days 2,094 sqft
    2020-08-01 56 days 2,088 sqft
    2020-09-01 56 days 2,035 sqft
    2020-10-01 55 days 1,890 sqft
    2020-11-01 64 days 1,907 sqft
    2020-12-01 68 days 1,861 sqft
    2021-01-01 75 days 1,844 sqft
    2021-02-01 76 days 1,850 sqft
    2021-03-01 50 days 1,842 sqft
    2021-04-01 44 days 1,888 sqft
    2021-05-01 44 days 1,875 sqft
    2021-06-01 42 days 1,892 sqft
    2021-07-01 40 days 1,880 sqft
    2021-08-01 43 days 1,932 sqft
    2021-09-01 45 days 1,899 sqft
    2021-10-01 48 days 1,881 sqft
    2021-11-01 53 days 1,878 sqft
    2021-12-01 59 days 1,795 sqft
    2022-01-01 64 days 1,730 sqft
    2022-02-01 48 days 1,748 sqft
    2022-03-01 38 days 1,862 sqft
    2022-04-01 38 days 1,865 sqft
    2022-05-01 34 days 1,897 sqft
    2022-06-01 33 days 1,950 sqft
    2022-07-01 39 days 1,952 sqft
    2022-08-01 50 days 1,934 sqft
    2022-09-01 53 days 1,852 sqft
    2022-10-01 53 days 1,822 sqft
    2022-11-01 53 days 1,872 sqft
    2022-12-01 62 days 1,800 sqft
    2023-01-01 64 days 1,794 sqft
    2023-02-01 47 days 1,734 sqft
    2023-03-01 45 days 1,817 sqft
    2023-04-01 39 days 1,800 sqft
    Lynchburg's median listing age (time on market) for 2023-04-01 was 39 days. This is 3% longer than the same period one year ago.

    Lynchburg's median square footage for active listings during the 2023-04-01 period was 1,800 sqft. One year prior, the average listing was 1,865 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.