Lynchburg VA Loans

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 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 105 lenders originated 973 VA loans during 2021. The total origination value was $241,895,000, with an average VA loan value of $248,607.

Lynchburg VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lynchburg averaged 5.25% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.46% and one month ago for the week of 2022-04-15, the average rate was 4.92%.

The average rate one year ago was 3.21%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.47%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Lynchburg level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 93 2.52% $4,349
Mortgage Research Center, LLC 91 2.84% $5,653
FREEDOM MORTGAGE CORPORATION 77 2.45% $3,711
EMBRACE HOME LOANS, INC. 51 2.53% $6,238
PENNYMAC LOAN SERVICES, LLC 41 2.40% $4,650
MOVEMENT MORTGAGE, LLC 35 2.76% $4,066
NAVY FEDERAL CREDIT UNION 33 2.48% $5,468
UNITED WHOLESALE MORTGAGE, LLC 30 2.50% $3,756
NEW DAY FINANCIAL, LLC 30 2.69% $7,487
USAA Federal Savings Bank 22 2.83% $3,678
APEX HOME LOANS, INC. 19 2.77% $5,865
LOANDEPOT.COM, LLC 16 2.58% $5,288
LAKEVIEW LOAN SERVICING, LLC 15 2.67% $2,425
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 13 3.16% $4,298
NATION ONE MORTGAGE CORPORATION 13 3.00% $5,771
Prosperity Home Mortgage, LLC 13 2.53% $3,181
CALIBER HOME LOANS, INC. 12 2.58% $4,664
Alcova Mortgage LLC 12 3.00% $5,695
Wells Fargo Bank 11 2.50% $7,129
ROUNDPOINT MORTGAGE SERVICING CORPORATION 11 2.92% $7,565
Renasant Bank 10 2.66% $7,001
Mr. Cooper ( Nationstar Mortgage ) 10 2.85% $3,153
HOME POINT FINANCIAL CORPORATION 10 2.40% $6,052
PENTAGON FEDERAL CREDIT UNION 9 2.38% $4,276
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 8 2.59% $4,774
MCLEAN MORTGAGE CORPORATION 8 2.61% $3,239
VILLAGE CAPITAL & INVESTMENT LLC 7 2.43% $4,830
The Federal Savings Bank 7 2.64% $7,707
Citizens Bank 6 2.46% $5,760
CLEARPATH LENDING 6 2.35% $8,901
NEWREZ LLC 6 2.67% $2,624
First Federal Bank 5 3.15% $5,823
ACCELERATE MORTGAGE, LLC 5 2.15% $4,514
BNC National Bank 5 2.30% $2,367
Low VA Rates, LLC 5 2.30% $3,416
First Guaranty Mortgage Corporation 5 2.35% $4,302
Integrity Home Mortgage Corp 5 2.80% $8,624
Blue Ridge Bank 5 2.65% $5,805
GUARANTY HOME MORTGAGE CORPORATION 4 2.59% $6,480
Truist Bank 4 3.00% $6,370
Assurance Financial Group, L.L.C. 3 2.92% $4,275
Magnolia Bank 3 2.33% $5,799
AMERICAN FINANCIAL NETWORK, INC. 3 2.58% $13,831
Mid-Continent Funding, Inc. 3 2.92% $3,487
CAPITAL CENTER, L.L.C. 3 2.75% $5,027
AMERISAVE MORTGAGE CORPORATION 3 2.75% $2,896
NP, Inc. 3 2.38% $4,390
NFM, INC. 3 3.04% $7,118
Ameris Bank 3 2.38% $4,117
Carrington Mortgage Services, LLC 3 3.67% $8,612
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 2.75% $1,296
Commerce Home Mortgage, Inc. 2 2.50% $3,278
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.68% $1,203
GUARANTEED RATE, INC. 2 2.69% $1,973
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.00% $5,209
HOMESIDE FINANCIAL, LLC 2 2.38% $11,170
Barrington Bank & Trust Company, N.A. 2 2.88% $5,424
Bank of England 2 2.63% $2,569
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.50% $3,827
NBKC BANK 2 2.31% $3,576
OVM FINANCIAL, INC. 2 3.06% $8,675
PLANET HOME LENDING, LLC 2 2.56% $2,193
Prime Choice Funding Inc. 2 2.56% $16,458
BROKER SOLUTIONS, INC. 2 2.62% $3,427
SUN WEST MORTGAGE COMPANY, INC. 2 2.69% $7,203
TIDEWATER MORTGAGE SERVICES, INC. 2 2.56% $4,438
American National Bank and Trust Company 2 2.25% $1,133
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $8,518
TOWNE MORTGAGE COMPANY 1 3.13% $3,192
NETWORK CAPITAL FUNDING CORPORATION 1 2.75% $2,203
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $5,992
BAY CAPITAL MORTGAGE CORPORATION 1 2.75% $3,535
First Home Bank 1 2.50% $11,979
North American Savings Bank, F.S.B. 1 2.25% $23,368
FIRST COMMUNITY MORTGAGE, INC. 1 2.50% $1,894
CONTOUR MORTGAGE CORPORATION 1 2.25% $3,441
Paramount Bank 1 2.25% $4,235
Paramount Residential Mortgage Group, Inc. 1 2.25% $935
Fifth Third Bank 1 2.75% $2,829
EMM LOANS LLC 1 3.00% $5,690
CBM Mortgage, Inc. 1 4.00% $3,285
PLAZA HOME MORTGAGE, INC. 1 2.25% $3,007
Community First National Bank 1 2.25% $7,715
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $4,253
CHURCHILL MORTGAGE CORPORATION 1 2.75% $19,550
RELIANCE FIRST CAPITAL, LLC 1 3.13% $6,693
BAYSHORE MORTGAGE FUNDING, LLC 1 2.38% $973
ROSS MORTGAGE CORPORATION 1 4.25% $9,780
DRAPER AND KRAMER MORTGAGE CORP. 1 2.25% $4,278
SIRVA MORTGAGE, INC. 1 2.38% $5,575
SOUTHERN TRUST MORTGAGE, LLC 1 2.25% $5,844
STEARNS LENDING, LLC 1 2.25% $3,211
Sunflower Bank 1 2.38% $0
Virginia Credit Union, Inc. 1 2.25% $4,724
SWBC MORTGAGE CORPORATION 1 3.75% $515
CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $3,457
LOANPAL, LLC 1 3.00% $2,608
LENOX FINANCIAL MORTGAGE CORPORATION 1 2.38% $1,325
MIDLAND MORTGAGE CORPORATION 1 2.88% $3,472
Austin Capital Bank SSB 1 3.13% $13,713
INTERCAP LENDING INC. 1 2.25% $3,661
HOMESPIRE MORTGAGE CORPORATION 1 2.88% $4,271
Waterstone Mortgage Corporation 1 3.25% $22,565
Arvest Bank 1 2.75% $29,225
Nations Lending Corporation 1 3.13% $8,624

The top Lynchburg VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 93 VA loans originated. Their average total fees are $4,349, which is $1,304 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Lynchburg VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,425), Mr. Cooper ( Nationstar Mortgage ) ($3,153), Prosperity Home Mortgage, LLC ($3,181), USAA Federal Savings Bank ($3,678) and FREEDOM MORTGAGE CORPORATION ($3,711).

The lowest rate Lynchburg VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.40%), HOME POINT FINANCIAL CORPORATION (2.40%), FREEDOM MORTGAGE CORPORATION (2.45%), NAVY FEDERAL CREDIT UNION (2.48%) and Wells Fargo Bank (2.50%).

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.