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 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 6.66% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.7% and one month ago for the week of 2024-06-14, the average rate was 6.76%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.21%.

    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%).

    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.