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 7.01% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.04% and one month ago for the week of 2024-03-15, the average rate was 6.81%.

    The average rate one year ago was 6.3%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.66%.

    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
    Lynchburg's median listing price for 2024-03-01 was $337,380, a difference of $-2,070 (-0.6%) versus the prior year and $2,905 versus the prior month.

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

    Lynchburg's average listing price for 2024-03-01 was $439,389, a difference of $20,863 (5.0%) versus the prior year and $8,961 versus the prior month.

    For the 2024-03-01 period, Lynchburg had 518 MLS listings, a difference of 6 listings (1%) versus the prior month and 170 listings (49%) 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
    2024-02-01 50 days 1,775 sqft
    2024-03-01 51 days 1,784 sqft
    Lynchburg's median listing age (time on market) for 2024-03-01 was 51 days. This is 17% longer than the same period one year ago.

    Lynchburg's median square footage for active listings during the 2024-03-01 period was 1,784 sqft. One year prior, the average listing was 1,817 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.