Martinsville VA Loan Rates, Closing Costs & Stats

Martinsville, 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 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.

Martinsville's 31 lenders originated 84 VA loans during 2022. The total origination value was $16,680,000, with an average VA loan value of $198,571.

Martinsville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Martinsville averaged -0.17% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Martinsville's average VA mortgage closing costs are $4,285.

The average rate for the prior week (2024-02-16) was 6.2% and one month ago for the week of 2024-01-19, the average rate was 6.26%.

The average rate one year ago was 5.87%.

For refis of the same type during the week of 2024-02-23, the average rate was 0%.

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

Martinsville 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 Martinsville level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 19 5.35% $4,185
QUICKEN LOANS, LLC 10 3.77% $10,802
Alcova Mortgage LLC 7 4.45% $2,371
Blue Ridge Bank 7 4.84% $6,517
NEW DAY FINANCIAL, LLC 4 6.22% $7,728
PENNYMAC LOAN SERVICES, LLC 3 3.92% $5,677
USAA Federal Savings Bank 2 4.75% $5,686
Mid-Continent Funding, Inc. 2 6.31% $4,410
MOVEMENT MORTGAGE, LLC 2 5.94% $3,144
Mr. Cooper ( Nationstar Mortgage ) 2 5.94% $8,305
FREEDOM MORTGAGE CORPORATION 2 2.81% $4,152
Advance Financial Group, LLC 1 4.00% $0
NATIONS DIRECT MORTGAGE, LLC 1 5.63% $10,257
NAVY FEDERAL CREDIT UNION 1 4.50% $1,486
PENTAGON FEDERAL CREDIT UNION 1 5.00% $2,148
PLANET HOME LENDING, LLC 1 4.25% $2,051
PREMIA MORTGAGE, LLC 1 4.13% $16,380
The Fidelity Bank 1 6.63% $3,290
Truist 1 4.60% $1,007
UNITED WHOLESALE MORTGAGE, LLC 1 3.75% $6,704
MILEND, INC. 1 5.75% $7,637
AMERISAVE MORTGAGE CORPORATION 1 4.00% $14,079
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 4.63% $21,988
Bank of England 1 4.50% $6,685
Barrington Bank & Trust Company, N.A. 1 5.13% $3,017
CALIBER HOME LOANS, INC. 1 5.25% $18,401
Citizens Bank 1 2.88% $2,952
Commerce Home Mortgage, Inc. 1 3.38% $4,725
HOME POINT FINANCIAL CORPORATION 1 3.49% $6,382
LANGLEY 1 6.63% $0
MASON MCDUFFIE MORTGAGE CORPORATION 1 3.75% $8,316

The top Martinsville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $4,185, which is $6,617 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Martinsville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,185), QUICKEN LOANS, LLC ($10,802), .

The lowest rate Martinsville VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (3.77%), Mortgage Research Center, LLC (5.35%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Martinsville (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 $99,900 (6.7%) $147,002 (6.2%) 0.00 356
2018-02-01 $107,400 (14.4%) $148,268 (7.1%) 0.00 349
2018-03-01 $114,900 (21.3%) $154,349 (11.4%) 0.00 343
2018-04-01 $110,000 (15.9%) $159,645 (14.3%) 0.00 341
2018-05-01 $109,925 (15.8%) $157,852 (9.5%) 0.00 367
2018-06-01 $109,900 (10.3%) $154,573 (5.9%) 0.00 373
2018-07-01 $109,925 (6.4%) $158,293 (9.7%) 0.00 365
2018-08-01 $113,759 (14.0%) $160,618 (17.1%) 0.00 361
2018-09-01 $110,000 (6.4%) $159,099 (13.5%) 0.00 349
2018-10-01 $109,950 (10.1%) $162,009 (13.8%) 0.00 341
2018-11-01 $99,925 (-1.1%) $152,862 (5.4%) 0.00 325
2018-12-01 $99,900 (0.0%) $152,579 (5.7%) 0.00 317
2019-01-01 $99,900 (0.0%) $150,370 (2.3%) 0.00 272
2019-02-01 $99,900 (-7.0%) $151,892 (2.4%) 0.00 290
2019-03-01 $99,900 (-13.1%) $151,463 (-1.9%) 0.00 303
2019-04-01 $99,900 (-9.2%) $151,918 (-4.8%) 0.00 302
2019-05-01 $100,925 (-8.2%) $150,827 (-4.5%) 0.00 299
2019-06-01 $109,950 (0.1%) $153,430 (-0.7%) 0.00 294
2019-07-01 $109,950 (0.0%) $162,068 (2.4%) 0.00 281
2019-08-01 $107,173 (-5.8%) $160,191 (-0.3%) 0.00 271
2019-09-01 $103,082 (-6.3%) $157,474 (-1.0%) 0.00 253
2019-10-01 $99,900 (-9.1%) $157,462 (-2.8%) 0.00 239
2019-11-01 $109,900 (10.0%) $161,009 (5.3%) 0.00 229
2019-12-01 $104,450 (4.6%) $159,842 (4.8%) 0.00 221
2020-01-01 $109,925 (10.0%) $159,196 (5.9%) 0.00 206
2020-02-01 $109,900 (10.0%) $154,466 (1.7%) 0.00 207
2020-03-01 $106,450 (6.6%) $158,387 (4.6%) 0.00 209
2020-04-01 $106,598 (6.7%) $161,366 (6.2%) 0.00 207
2020-05-01 $99,900 (-1.0%) $162,281 (7.6%) 0.00 197
2020-06-01 $111,385 (1.3%) $184,169 (20.0%) 0.00 174
2020-07-01 $124,000 (12.8%) $199,996 (23.4%) 0.00 148
2020-08-01 $129,900 (21.2%) $224,651 (40.2%) 0.00 137
2020-09-01 $136,150 (32.1%) $236,473 (50.2%) 0.00 130
2020-10-01 $124,900 (25.0%) $232,396 (47.6%) 0.00 122
2020-11-01 $119,950 (9.1%) $222,769 (38.4%) 0.00 123
2020-12-01 $123,175 (17.9%) $229,075 (43.3%) 0.00 116
2021-01-01 $127,400 (15.9%) $243,201 (52.8%) 0.00 97
2021-02-01 $116,175 (5.7%) $266,982 (72.8%) 0.00 71
2021-03-01 $134,900 (26.7%) $247,938 (56.5%) 0.00 62
2021-04-01 $129,900 (21.9%) $232,854 (44.3%) 0.00 75
2021-05-01 $129,950 (30.1%) $250,252 (54.2%) 0.00 76
2021-06-01 $149,225 (34.0%) $256,631 (39.4%) 0.00 90
2021-07-01 $149,000 (20.2%) $280,616 (40.3%) 0.00 92
2021-08-01 $129,900 (0.0%) $286,888 (27.7%) 0.00 103
2021-09-01 $139,450 (2.4%) $315,819 (33.6%) 0.00 100
2021-10-01 $137,400 (10.0%) $323,495 (39.2%) 0.00 86
2021-11-01 $149,900 (25.0%) $341,768 (53.4%) 0.00 82
2021-12-01 $159,900 (29.8%) $346,906 (51.4%) 0.00 77
2022-01-01 $191,500 (50.3%) $363,253 (49.4%) 0.00 59
2022-02-01 $208,500 (79.5%) $384,338 (44.0%) 0.00 53
2022-03-01 $175,000 (29.7%) $344,833 (39.1%) 0.00 55
2022-04-01 $199,900 (53.9%) $340,669 (46.3%) 0.00 58
2022-05-01 $199,900 (53.8%) $302,323 (20.8%) 0.00 80
2022-06-01 $189,900 (27.3%) $298,559 (16.3%) 0.00 79
2022-07-01 $199,900 (34.2%) $309,981 (10.5%) 0.00 83
2022-08-01 $188,725 (45.3%) $298,318 (4.0%) 0.00 99
2022-09-01 $187,425 (34.4%) $301,607 (-4.5%) 0.00 102
2022-10-01 $185,000 (34.6%) $305,118 (-5.7%) 0.00 94
2022-11-01 $159,725 (6.6%) $297,320 (-13.0%) 0.00 89
2022-12-01 $154,000 (-3.7%) $287,365 (-17.2%) 0.00 94
2023-01-01 $149,225 (-22.1%) $301,682 (-17.0%) 0.00 73
2023-02-01 $144,250 (-30.8%) $273,411 (-28.9%) 0.00 82
2023-03-01 $152,400 (-12.9%) $266,710 (-22.7%) 0.00 81
2023-04-01 $159,450 (-20.2%) $303,638 (-10.9%) 0.00 85
2023-05-01 $173,250 (-13.3%) $317,009 (4.9%) 0.00 81
2023-06-01 $183,375 (-3.4%) $365,999 (22.6%) 0.00 77
2023-07-01 $177,400 (-11.3%) $364,704 (17.7%) 0.00 77
2023-08-01 $199,200 (5.6%) $347,846 (16.6%) 0.00 101
2023-09-01 $189,000 (0.8%) $336,253 (11.5%) 0.00 104
2023-10-01 $189,900 (2.7%) $324,590 (6.4%) 0.00 112
2023-11-01 $192,163 (20.3%) $331,214 (11.4%) 0.00 111
2023-12-01 $215,000 (39.6%) $342,458 (19.2%) 0.00 111
Martinsville's median listing price for 2023-12-01 was $215,000, a difference of $61,000 (39.6%) versus the prior year and $22,837 versus the prior month.

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

Martinsville's average listing price for 2023-12-01 was $342,458, a difference of $55,093 (19.2%) versus the prior year and $11,244 versus the prior month.

For the 2023-12-01 period, Martinsville had 111 MLS listings, a difference of 0 listings (0%) versus the prior month and 17 listings (18%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Martinsville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,710 sqft
2018-02-01 0 days 1,676 sqft
2018-03-01 0 days 1,729 sqft
2018-04-01 0 days 1,675 sqft
2018-05-01 0 days 1,634 sqft
2018-06-01 0 days 1,630 sqft
2018-07-01 0 days 1,729 sqft
2018-08-01 0 days 1,794 sqft
2018-09-01 0 days 1,780 sqft
2018-10-01 0 days 1,783 sqft
2018-11-01 0 days 1,680 sqft
2018-12-01 0 days 1,651 sqft
2019-01-01 0 days 1,634 sqft
2019-02-01 0 days 1,650 sqft
2019-03-01 0 days 1,630 sqft
2019-04-01 0 days 1,620 sqft
2019-05-01 0 days 1,622 sqft
2019-06-01 0 days 1,650 sqft
2019-07-01 0 days 1,647 sqft
2019-08-01 0 days 1,632 sqft
2019-09-01 0 days 1,634 sqft
2019-10-01 0 days 1,635 sqft
2019-11-01 0 days 1,713 sqft
2019-12-01 0 days 1,705 sqft
2020-01-01 0 days 1,711 sqft
2020-02-01 0 days 1,732 sqft
2020-03-01 0 days 1,725 sqft
2020-04-01 0 days 1,724 sqft
2020-05-01 0 days 1,650 sqft
2020-06-01 0 days 1,703 sqft
2020-07-01 0 days 1,795 sqft
2020-08-01 0 days 1,723 sqft
2020-09-01 0 days 1,731 sqft
2020-10-01 0 days 1,550 sqft
2020-11-01 0 days 1,453 sqft
2020-12-01 0 days 1,416 sqft
2021-01-01 0 days 1,499 sqft
2021-02-01 0 days 1,446 sqft
2021-03-01 0 days 1,580 sqft
2021-04-01 0 days 1,420 sqft
2021-05-01 0 days 1,523 sqft
2021-06-01 0 days 1,597 sqft
2021-07-01 0 days 1,524 sqft
2021-08-01 0 days 1,538 sqft
2021-09-01 0 days 1,464 sqft
2021-10-01 0 days 1,376 sqft
2021-11-01 0 days 1,583 sqft
2021-12-01 0 days 1,647 sqft
2022-01-01 0 days 1,833 sqft
2022-02-01 0 days 1,668 sqft
2022-03-01 0 days 1,589 sqft
2022-04-01 0 days 1,680 sqft
2022-05-01 0 days 1,685 sqft
2022-06-01 0 days 1,646 sqft
2022-07-01 0 days 1,776 sqft
2022-08-01 0 days 1,722 sqft
2022-09-01 0 days 1,726 sqft
2022-10-01 0 days 1,769 sqft
2022-11-01 0 days 1,568 sqft
2022-12-01 0 days 1,354 sqft
2023-01-01 0 days 1,379 sqft
2023-02-01 0 days 1,383 sqft
2023-03-01 0 days 1,476 sqft
2023-04-01 0 days 1,512 sqft
2023-05-01 0 days 1,733 sqft
2023-06-01 0 days 1,846 sqft
2023-07-01 0 days 1,644 sqft
2023-08-01 0 days 1,698 sqft
2023-09-01 0 days 1,621 sqft
2023-10-01 0 days 1,635 sqft
2023-11-01 0 days 1,737 sqft
2023-12-01 0 days 1,719 sqft
Martinsville's median listing age (time on market) for 2023-12-01 was 0 days.

Martinsville's median square footage for active listings during the 2023-12-01 period was 1,719 sqft. One year prior, the average listing was 1,354 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.