Mcminnville VA Loan Rates, Closing Costs & Stats

McMinnville, TN

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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.

    Mcminnville's 34 lenders originated 67 VA loans during 2023. The total origination value was $20,615,000, with an average VA loan value of $307,687.

    Mcminnville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mcminnville averaged 6.84% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Mcminnville's average VA mortgage closing costs are $5,507.

    The average rate for the prior week (2024-04-12) was 6.87% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 5.92%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Mcminnville 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 Mcminnville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 15 6.70% $6,190
    NAVY FEDERAL CREDIT UNION 4 5.94% $7,500
    Renasant Bank 4 6.03% $6,708
    QUICKEN LOANS, LLC 4 6.37% $10,928
    UNION HOME MORTGAGE CORP. 2 6.56% $8,676
    UNITED WHOLESALE MORTGAGE, LLC 2 6.31% $9,198
    VILLAGE CAPITAL MORTGAGE 2 6.50% $9,963
    CMG MORTGAGE, INC. 2 6.75% $8,519
    The Federal Savings Bank 2 5.88% $20,567
    The First National Bank of Middle Tennessee 2 5.75% $8,663
    FREEDOM MORTGAGE CORPORATION 1 6.75% $18,241
    GUILD MORTGAGE COMPANY 1 7.13% $5,036
    HOMESIDE FINANCIAL, LLC 1 7.25% $1,727
    INTERLINC MORTGAGE SERVICES, LLC 1 7.25% $1,224
    JMJ FINANCIAL GROUP 1 6.25% $9,878
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $4,400
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $66
    LOANDEPOT.COM, LLC 1 5.25% $19,957
    NEW DAY FINANCIAL, LLC 1 7.50% $11,049
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $6,588
    Princeton Mortgage Corporation 1 6.88% $3,671
    ROSS MORTGAGE CORPORATION 1 6.13% $10,638
    Semper Home Loans, Inc. 1 5.25% $13,295
    SWBC MORTGAGE CORPORATION 1 5.38% $3,655
    Legacy Home Loans, LLC 1 6.88% $16,269
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.38% $11,018
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $20,640
    Armed Forces Bank 1 7.50% $12,669
    ASCEND FEDERAL CREDIT UNION 1 7.13% $5,298
    BROKER SOLUTIONS, INC. 1 6.38% $3,344
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $13,720
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $11,715
    FIRST COMMUNITY MORTGAGE, INC. 1 6.63% $2,597
    Flagstar Bank, FSB 1 7.12% $0

    The top Mcminnville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $6,190, which is $1,309 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee Mcminnville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,190), .

    The lowest rate Mcminnville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.70%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mcminnville (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 $182,300 (48.9%) $280,673 (37.5%) 0.00 119
    2018-02-01 $189,125 (44.2%) $290,380 (33.6%) 0.00 114
    2018-03-01 $197,400 (65.4%) $286,217 (34.2%) 0.00 116
    2018-04-01 $191,200 (51.5%) $284,010 (30.3%) 0.00 127
    2018-05-01 $194,900 (45.3%) $290,202 (24.5%) 0.00 129
    2018-06-01 $190,950 (41.5%) $276,310 (13.3%) 0.00 136
    2018-07-01 $199,925 (33.4%) $294,114 (17.4%) 0.00 127
    2018-08-01 $201,200 (28.1%) $284,237 (12.3%) 0.00 141
    2018-09-01 $185,000 (19.4%) $272,848 (8.0%) 0.00 148
    2018-10-01 $193,100 (18.8%) $274,616 (2.6%) 0.00 152
    2018-11-01 $199,900 (12.7%) $282,686 (1.1%) 0.00 154
    2018-12-01 $199,900 (2.9%) $280,774 (-2.6%) 0.00 151
    2019-01-01 $199,900 (9.7%) $283,183 (0.9%) 0.00 138
    2019-02-01 $197,725 (4.6%) $281,519 (-3.1%) 0.00 132
    2019-03-01 $207,071 (4.9%) $283,122 (-1.1%) 0.00 119
    2019-04-01 $200,846 (5.1%) $279,418 (-1.6%) 0.00 117
    2019-05-01 $234,400 (20.3%) $295,143 (1.7%) 0.00 126
    2019-06-01 $229,900 (20.4%) $295,917 (7.1%) 0.00 115
    2019-07-01 $237,075 (18.6%) $301,351 (2.5%) 0.00 112
    2019-08-01 $262,564 (30.5%) $316,042 (11.2%) 0.00 110
    2019-09-01 $247,734 (33.9%) $310,485 (13.8%) 0.00 120
    2019-10-01 $234,350 (21.4%) $303,744 (10.6%) 0.00 128
    2019-11-01 $215,000 (7.6%) $290,941 (2.9%) 0.00 129
    2019-12-01 $212,000 (6.1%) $294,831 (5.0%) 0.00 116
    2020-01-01 $193,225 (-3.3%) $270,442 (-4.5%) 0.00 114
    2020-02-01 $188,250 (-4.8%) $265,448 (-5.7%) 0.00 102
    2020-03-01 $190,725 (-7.9%) $283,860 (0.3%) 0.00 96
    2020-04-01 $194,500 (-3.2%) $288,346 (3.2%) 0.00 97
    2020-05-01 $199,000 (-15.1%) $299,984 (1.6%) 0.00 98
    2020-06-01 $203,675 (-11.4%) $323,598 (9.4%) 0.00 77
    2020-07-01 $212,225 (-10.5%) $342,755 (13.7%) 0.00 76
    2020-08-01 $229,900 (-12.4%) $347,617 (10.0%) 0.00 71
    2020-09-01 $236,750 (-4.4%) $366,626 (18.1%) 0.00 74
    2020-10-01 $245,000 (4.5%) $395,846 (30.3%) 0.00 64
    2020-11-01 $247,450 (15.1%) $397,157 (36.5%) 0.00 69
    2020-12-01 $264,613 (24.8%) $421,261 (42.9%) 0.00 62
    2021-01-01 $249,500 (29.1%) $439,105 (62.4%) 0.00 56
    2021-02-01 $251,888 (33.8%) $425,426 (60.3%) 0.00 50
    2021-03-01 $309,800 (62.4%) $550,072 (93.8%) 0.00 39
    2021-04-01 $349,900 (79.9%) $543,012 (88.3%) 0.00 34
    2021-05-01 $339,000 (70.4%) $494,339 (64.8%) 0.00 42
    2021-06-01 $307,450 (51.0%) $488,593 (51.0%) 0.00 52
    2021-07-01 $294,500 (38.8%) $399,565 (16.6%) 0.00 67
    2021-08-01 $321,575 (39.9%) $428,526 (23.3%) 0.00 76
    2021-09-01 $349,900 (47.8%) $454,100 (23.9%) 0.00 76
    2021-10-01 $329,900 (34.7%) $425,948 (7.6%) 0.00 80
    2021-11-01 $256,980 (3.9%) $345,166 (-13.1%) 0.00 83
    2021-12-01 $259,675 (-1.9%) $329,154 (-21.9%) 0.00 75
    2022-01-01 $269,900 (8.2%) $327,498 (-25.4%) 0.00 69
    2022-02-01 $287,175 (14.0%) $378,377 (-11.1%) 0.00 58
    2022-03-01 $297,100 (-4.1%) $370,372 (-32.7%) 0.00 60
    2022-04-01 $299,900 (-14.3%) $406,669 (-25.1%) 0.00 70
    2022-05-01 $307,450 (-9.3%) $442,497 (-10.5%) 0.00 72
    2022-06-01 $312,450 (1.6%) $515,228 (5.5%) 0.00 102
    2022-07-01 $299,900 (1.8%) $520,660 (30.3%) 0.00 118
    2022-08-01 $319,908 (-0.5%) $521,188 (21.6%) 0.00 119
    2022-09-01 $321,150 (-8.2%) $511,639 (12.7%) 0.00 124
    2022-10-01 $344,900 (4.6%) $522,023 (22.6%) 0.00 132
    2022-11-01 $307,475 (19.7%) $470,818 (36.4%) 0.00 164
    2022-12-01 $310,000 (19.4%) $463,081 (40.7%) 0.00 148
    2023-01-01 $309,450 (14.7%) $447,998 (36.8%) 0.00 143
    2023-02-01 $307,400 (7.0%) $419,175 (10.8%) 0.00 138
    2023-03-01 $313,975 (5.7%) $404,049 (9.1%) 0.00 120
    2023-04-01 $344,900 (15.0%) $428,762 (5.4%) 0.00 122
    2023-05-01 $372,425 (21.1%) $448,104 (1.3%) 0.00 119
    2023-06-01 $376,150 (20.4%) $452,628 (-12.2%) 0.00 127
    2023-07-01 $356,200 (18.8%) $503,772 (-3.2%) 0.00 127
    2023-08-01 $359,675 (12.4%) $494,398 (-5.1%) 0.00 133
    2023-09-01 $349,700 (8.9%) $478,377 (-6.5%) 0.00 148
    2023-10-01 $345,900 (0.3%) $466,752 (-10.6%) 0.00 155
    2023-11-01 $345,224 (12.3%) $460,916 (-2.1%) 0.00 159
    2023-12-01 $345,450 (11.4%) $459,391 (-0.8%) 0.00 149
    2024-01-01 $347,600 (12.3%) $453,389 (1.2%) 0.00 140
    2024-02-01 $327,425 (6.5%) $436,010 (4.0%) 0.00 131
    2024-03-01 $325,000 (3.5%) $434,148 (7.5%) 0.00 141
    Mcminnville's median listing price for 2024-03-01 was $325,000, a difference of $11,025 (3.5%) versus the prior year and $-2,425 versus the prior month.

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

    Mcminnville's average listing price for 2024-03-01 was $434,148, a difference of $30,099 (7.5%) versus the prior year and $-1,862 versus the prior month.

    For the 2024-03-01 period, Mcminnville had 141 MLS listings, a difference of 10 listings (8%) versus the prior month and 21 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mcminnville (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,870 sqft
    2018-02-01 0 days 1,869 sqft
    2018-03-01 0 days 1,908 sqft
    2018-04-01 0 days 1,945 sqft
    2018-05-01 0 days 1,888 sqft
    2018-06-01 0 days 1,832 sqft
    2018-07-01 0 days 1,928 sqft
    2018-08-01 0 days 1,916 sqft
    2018-09-01 0 days 1,730 sqft
    2018-10-01 0 days 1,720 sqft
    2018-11-01 0 days 1,816 sqft
    2018-12-01 0 days 1,864 sqft
    2019-01-01 0 days 1,918 sqft
    2019-02-01 0 days 2,019 sqft
    2019-03-01 0 days 1,912 sqft
    2019-04-01 0 days 1,831 sqft
    2019-05-01 0 days 2,028 sqft
    2019-06-01 0 days 2,074 sqft
    2019-07-01 0 days 2,082 sqft
    2019-08-01 0 days 2,207 sqft
    2019-09-01 0 days 2,178 sqft
    2019-10-01 0 days 2,153 sqft
    2019-11-01 0 days 2,021 sqft
    2019-12-01 0 days 1,988 sqft
    2020-01-01 0 days 1,814 sqft
    2020-02-01 0 days 1,809 sqft
    2020-03-01 0 days 1,811 sqft
    2020-04-01 0 days 1,776 sqft
    2020-05-01 0 days 1,795 sqft
    2020-06-01 0 days 1,790 sqft
    2020-07-01 0 days 1,867 sqft
    2020-08-01 0 days 1,930 sqft
    2020-09-01 0 days 1,862 sqft
    2020-10-01 0 days 1,840 sqft
    2020-11-01 0 days 1,878 sqft
    2020-12-01 0 days 1,920 sqft
    2021-01-01 0 days 1,924 sqft
    2021-02-01 0 days 1,920 sqft
    2021-03-01 0 days 2,127 sqft
    2021-04-01 0 days 2,182 sqft
    2021-05-01 0 days 2,055 sqft
    2021-06-01 0 days 1,849 sqft
    2021-07-01 0 days 1,766 sqft
    2021-08-01 0 days 1,843 sqft
    2021-09-01 0 days 1,920 sqft
    2021-10-01 0 days 1,892 sqft
    2021-11-01 0 days 1,608 sqft
    2021-12-01 0 days 1,700 sqft
    2022-01-01 0 days 1,728 sqft
    2022-02-01 0 days 1,839 sqft
    2022-03-01 0 days 1,849 sqft
    2022-04-01 0 days 1,691 sqft
    2022-05-01 0 days 1,576 sqft
    2022-06-01 0 days 1,779 sqft
    2022-07-01 0 days 1,743 sqft
    2022-08-01 0 days 1,890 sqft
    2022-09-01 0 days 1,822 sqft
    2022-10-01 0 days 1,924 sqft
    2022-11-01 0 days 1,848 sqft
    2022-12-01 0 days 1,825 sqft
    2023-01-01 0 days 1,777 sqft
    2023-02-01 0 days 1,794 sqft
    2023-03-01 0 days 1,778 sqft
    2023-04-01 0 days 1,846 sqft
    2023-05-01 0 days 1,924 sqft
    2023-06-01 0 days 1,949 sqft
    2023-07-01 0 days 1,929 sqft
    2023-08-01 0 days 1,919 sqft
    2023-09-01 0 days 1,819 sqft
    2023-10-01 0 days 1,809 sqft
    2023-11-01 0 days 1,724 sqft
    2023-12-01 0 days 1,750 sqft
    2024-01-01 0 days 1,712 sqft
    2024-02-01 0 days 1,690 sqft
    2024-03-01 0 days 1,660 sqft
    Mcminnville's median listing age (time on market) for 2024-03-01 was 0 days.

    Mcminnville's median square footage for active listings during the 2024-03-01 period was 1,660 sqft. One year prior, the average listing was 1,778 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.