Marion VA Loan Rates, Closing Costs & Stats

Marion, OH

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.

Marion's 25 lenders originated 68 VA loans during 2023. The total origination value was $12,870,000, with an average VA loan value of $189,265.

Marion VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Marion averaged 6.73% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Marion's average VA mortgage closing costs are $5,232.

The average rate for the prior week (2024-05-10) was 6.94% and one month ago for the week of 2024-04-12, the average rate was 7.22%.

The average rate one year ago was 6.33%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.5%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Marion 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 Marion level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 11 6.82% $6,115
UNION HOME MORTGAGE CORP. 7 6.48% $6,953
CROSSCOUNTRY MORTGAGE, LLC 4 6.11% $6,628
QUICKEN LOANS, LLC 4 6.40% $7,452
NFM, INC. 4 6.63% $4,706
Barrington Bank & Trust Company, N.A. 3 7.08% $6,768
PENNYMAC LOAN SERVICES, LLC 3 5.58% $2,737
The Federal Savings Bank 3 6.17% $16,346
RUOFF MORTGAGE COMPANY, INC. 2 6.63% $5,410
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 7.38% $3,773
Flagstar Bank, FSB 2 5.94% $9,311
NEW DAY FINANCIAL, LLC 1 7.49% $18,289
FREEDOM MORTGAGE CORPORATION 1 6.00% $13,376
UNITED WHOLESALE MORTGAGE, LLC 1 5.75% $3,796
PLANET HOME LENDING, LLC 1 6.13% $2,570
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.75% $6,026
ROYAL UNITED MORTGAGE LLC 1 5.75% $10,483
U.S. Bank 1 6.75% $2,063
The Huntington National Bank 1 6.75% $2,583
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $3,141
Union Savings Bank 1 7.25% $3,594
MID AMERICA MORTGAGE, INC. 1 6.75% $3,123
GUILD MORTGAGE COMPANY 1 6.63% $7,381
GENEVA FINANCIAL, LLC 1 6.50% $9,175
NAVY FEDERAL CREDIT UNION 1 5.50% $4,859

The top Marion VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $6,115, which is $838 lower than the next largest lender, UNION HOME MORTGAGE CORP..

The lowest fee Marion VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,115), .

The lowest rate Marion VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.82%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Marion (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 $79,400 (-5.6%) $121,146 (9.0%) 0.00 135
2018-02-01 $79,650 (-0.4%) $126,444 (11.2%) 0.00 132
2018-03-01 $78,950 (-1.3%) $126,265 (10.1%) 0.00 128
2018-04-01 $79,425 (-0.1%) $134,571 (22.4%) 0.00 109
2018-05-01 $88,663 (11.9%) $132,892 (19.0%) 0.00 112
2018-06-01 $94,500 (8.7%) $139,920 (13.6%) 0.00 129
2018-07-01 $99,200 (12.8%) $142,133 (13.7%) 0.00 142
2018-08-01 $91,450 (5.8%) $135,050 (6.6%) 0.00 168
2018-09-01 $91,900 (15.0%) $129,849 (5.9%) 0.00 167
2018-10-01 $88,675 (13.1%) $126,916 (0.9%) 0.00 159
2018-11-01 $84,225 (10.4%) $117,602 (1.1%) 0.00 162
2018-12-01 $74,900 (0.0%) $110,366 (-5.8%) 0.00 152
2019-01-01 $74,900 (-5.7%) $103,412 (-14.6%) 0.00 134
2019-02-01 $79,900 (0.3%) $106,028 (-16.2%) 0.00 117
2019-03-01 $79,357 (0.5%) $109,586 (-13.2%) 0.00 106
2019-04-01 $78,900 (-0.7%) $112,892 (-16.1%) 0.00 96
2019-05-01 $91,475 (3.2%) $133,149 (0.2%) 0.00 97
2019-06-01 $89,900 (-4.9%) $141,781 (1.3%) 0.00 112
2019-07-01 $91,500 (-7.8%) $149,466 (5.2%) 0.00 108
2019-08-01 $102,960 (12.6%) $152,309 (12.8%) 0.00 112
2019-09-01 $106,920 (16.3%) $151,769 (16.9%) 0.00 120
2019-10-01 $109,950 (24.0%) $150,691 (18.7%) 0.00 133
2019-11-01 $109,900 (30.5%) $149,253 (26.9%) 0.00 137
2019-12-01 $94,688 (26.4%) $145,689 (32.0%) 0.00 128
2020-01-01 $89,900 (20.0%) $144,638 (39.9%) 0.00 102
2020-02-01 $89,500 (12.0%) $135,351 (27.7%) 0.00 93
2020-03-01 $84,125 (6.0%) $136,360 (24.4%) 0.00 78
2020-04-01 $87,800 (11.3%) $137,728 (22.0%) 0.00 75
2020-05-01 $87,900 (-3.9%) $149,850 (12.5%) 0.00 79
2020-06-01 $89,600 (-0.3%) $136,246 (-3.9%) 0.00 64
2020-07-01 $96,400 (5.4%) $153,670 (2.8%) 0.00 59
2020-08-01 $114,950 (11.7%) $169,189 (11.1%) 0.00 56
2020-09-01 $135,400 (26.6%) $180,316 (18.8%) 0.00 54
2020-10-01 $119,900 (9.1%) $164,500 (9.2%) 0.00 66
2020-11-01 $138,950 (26.4%) $176,200 (18.1%) 0.00 67
2020-12-01 $129,200 (36.5%) $165,546 (13.6%) 0.00 56
2021-01-01 $137,200 (52.6%) $176,741 (22.2%) 0.00 41
2021-02-01 $105,375 (17.7%) $166,234 (22.8%) 0.00 30
2021-03-01 $93,700 (11.4%) $159,505 (17.0%) 0.00 30
2021-04-01 $167,200 (90.4%) $177,704 (29.0%) 0.00 41
2021-05-01 $194,900 (121.7%) $180,897 (20.7%) 0.00 52
2021-06-01 $149,450 (66.8%) $175,008 (28.5%) 0.00 52
2021-07-01 $129,900 (34.8%) $163,493 (6.4%) 0.00 71
2021-08-01 $130,325 (13.4%) $172,965 (2.2%) 0.00 82
2021-09-01 $121,800 (-10.0%) $163,744 (-9.2%) 0.00 75
2021-10-01 $114,900 (-4.2%) $151,246 (-8.1%) 0.00 78
2021-11-01 $124,250 (-10.6%) $145,283 (-17.6%) 0.00 78
2021-12-01 $119,225 (-7.7%) $141,677 (-14.4%) 0.00 70
2022-01-01 $119,900 (-12.6%) $139,405 (-21.1%) 0.00 56
2022-02-01 $129,250 (22.7%) $165,545 (-0.4%) 0.00 33
2022-03-01 $135,700 (44.8%) $177,307 (11.2%) 0.00 26
2022-04-01 $143,500 (-14.2%) $172,176 (-3.1%) 0.00 31
2022-05-01 $103,092 (-47.1%) $147,397 (-18.5%) 0.00 59
2022-06-01 $111,725 (-25.2%) $159,448 (-8.9%) 0.00 74
2022-07-01 $138,900 (6.9%) $173,428 (6.1%) 0.00 75
2022-08-01 $154,975 (18.9%) $197,608 (14.3%) 0.00 87
2022-09-01 $148,900 (22.3%) $182,386 (11.4%) 0.00 99
2022-10-01 $145,000 (26.2%) $172,198 (13.9%) 0.00 110
2022-11-01 $146,075 (17.6%) $173,785 (19.6%) 0.00 96
2022-12-01 $139,900 (17.3%) $169,973 (20.0%) 0.00 87
2023-01-01 $134,900 (12.5%) $166,484 (19.4%) 0.00 70
2023-02-01 $126,225 (-2.3%) $165,978 (0.3%) 0.00 60
2023-03-01 $127,450 (-6.1%) $176,856 (-0.3%) 0.00 54
2023-04-01 $138,200 (-3.7%) $174,060 (1.1%) 0.00 46
2023-05-01 $131,700 (27.8%) $162,671 (10.4%) 0.00 40
2023-06-01 $139,950 (25.3%) $205,864 (29.1%) 0.00 48
2023-07-01 $164,900 (18.7%) $228,475 (31.7%) 0.00 52
2023-08-01 $195,175 (25.9%) $239,114 (21.0%) 0.00 69
2023-09-01 $185,000 (24.2%) $229,162 (25.7%) 0.00 77
2023-10-01 $177,500 (22.4%) $209,160 (21.5%) 0.00 82
2023-11-01 $161,225 (10.4%) $207,077 (19.2%) 0.00 96
2023-12-01 $171,944 (22.9%) $205,346 (20.8%) 0.00 98
2024-01-01 $174,947 (29.7%) $202,860 (21.9%) 0.00 87
2024-02-01 $191,225 (51.5%) $221,336 (33.4%) 0.00 77
2024-03-01 $216,950 (70.2%) $248,955 (40.8%) 0.00 52
2024-04-01 $243,425 (76.1%) $271,743 (56.1%) 0.00 61
Marion's median listing price for 2024-04-01 was $243,425, a difference of $105,225 (76.1%) versus the prior year and $26,475 versus the prior month.

Marion's median listing price comes in at 0% of the national average.

Marion's average listing price for 2024-04-01 was $271,743, a difference of $97,683 (56.1%) versus the prior year and $22,788 versus the prior month.

For the 2024-04-01 period, Marion had 61 MLS listings, a difference of 9 listings (17%) versus the prior month and 15 listings (33%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Marion (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,506 sqft
2018-02-01 0 days 1,509 sqft
2018-03-01 0 days 1,513 sqft
2018-04-01 0 days 1,582 sqft
2018-05-01 0 days 1,483 sqft
2018-06-01 0 days 1,484 sqft
2018-07-01 0 days 1,478 sqft
2018-08-01 0 days 1,474 sqft
2018-09-01 0 days 1,481 sqft
2018-10-01 0 days 1,474 sqft
2018-11-01 0 days 1,464 sqft
2018-12-01 0 days 1,422 sqft
2019-01-01 0 days 1,338 sqft
2019-02-01 0 days 1,344 sqft
2019-03-01 0 days 1,337 sqft
2019-04-01 0 days 1,329 sqft
2019-05-01 0 days 1,450 sqft
2019-06-01 0 days 1,442 sqft
2019-07-01 0 days 1,444 sqft
2019-08-01 0 days 1,461 sqft
2019-09-01 0 days 1,488 sqft
2019-10-01 0 days 1,506 sqft
2019-11-01 0 days 1,509 sqft
2019-12-01 0 days 1,542 sqft
2020-01-01 0 days 1,487 sqft
2020-02-01 0 days 1,399 sqft
2020-03-01 0 days 1,429 sqft
2020-04-01 0 days 1,398 sqft
2020-05-01 0 days 1,398 sqft
2020-06-01 0 days 1,448 sqft
2020-07-01 0 days 1,496 sqft
2020-08-01 0 days 1,466 sqft
2020-09-01 0 days 1,564 sqft
2020-10-01 0 days 1,599 sqft
2020-11-01 0 days 1,666 sqft
2020-12-01 0 days 1,475 sqft
2021-01-01 0 days 1,461 sqft
2021-02-01 0 days 1,533 sqft
2021-03-01 0 days 1,493 sqft
2021-04-01 0 days 1,543 sqft
2021-05-01 0 days 1,586 sqft
2021-06-01 0 days 1,549 sqft
2021-07-01 0 days 1,476 sqft
2021-08-01 0 days 1,475 sqft
2021-09-01 0 days 1,446 sqft
2021-10-01 0 days 1,474 sqft
2021-11-01 0 days 1,396 sqft
2021-12-01 0 days 1,321 sqft
2022-01-01 0 days 1,324 sqft
2022-02-01 0 days 1,440 sqft
2022-03-01 0 days 1,393 sqft
2022-04-01 0 days 1,459 sqft
2022-05-01 0 days 1,379 sqft
2022-06-01 0 days 1,520 sqft
2022-07-01 0 days 1,500 sqft
2022-08-01 0 days 1,505 sqft
2022-09-01 0 days 1,484 sqft
2022-10-01 0 days 1,456 sqft
2022-11-01 0 days 1,426 sqft
2022-12-01 0 days 1,476 sqft
2023-01-01 0 days 1,497 sqft
2023-02-01 0 days 1,507 sqft
2023-03-01 0 days 1,536 sqft
2023-04-01 0 days 1,526 sqft
2023-05-01 0 days 1,480 sqft
2023-06-01 0 days 1,576 sqft
2023-07-01 0 days 1,592 sqft
2023-08-01 0 days 1,584 sqft
2023-09-01 0 days 1,560 sqft
2023-10-01 0 days 1,502 sqft
2023-11-01 0 days 1,430 sqft
2023-12-01 0 days 1,446 sqft
2024-01-01 0 days 1,460 sqft
2024-02-01 0 days 1,552 sqft
2024-03-01 0 days 1,614 sqft
2024-04-01 0 days 1,811 sqft
Marion's median listing age (time on market) for 2024-04-01 was 0 days.

Marion's median square footage for active listings during the 2024-04-01 period was 1,811 sqft. One year prior, the average listing was 1,526 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.