Mcminnville VA Loan Rates, Closing Costs & Stats

McMinnville, TN

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 -0.12% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.55% and one month ago for the week of 2024-10-25, the average rate was 6.05%.

The average rate one year ago was 6.99%.

For refis of the same type during the week of 2024-11-29, the average rate was 0%.

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
2024-04-01 $333,625 (-3.3%) $431,744 (0.7%) 0.00 160
2024-05-01 $331,000 (-11.1%) $419,013 (-6.5%) 0.00 176
2024-06-01 $329,900 (-12.3%) $415,725 (-8.2%) 0.00 189
2024-07-01 $331,150 (-7.0%) $411,826 (-18.3%) 0.00 193
2024-08-01 $325,000 (-9.6%) $403,042 (-18.5%) 0.00 191
2024-09-01 $325,000 (-7.1%) $400,238 (-16.3%) 0.00 198
2024-10-01 $329,900 (-4.6%) $400,422 (-14.2%) 0.00 207
Mcminnville's median listing price for 2024-10-01 was $329,900, a difference of $-16,000 (-4.6%) versus the prior year and $4,900 versus the prior month.

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

Mcminnville's average listing price for 2024-10-01 was $400,422, a difference of $-66,330 (-14.2%) versus the prior year and $184 versus the prior month.

For the 2024-10-01 period, Mcminnville had 207 MLS listings, a difference of 9 listings (5%) versus the prior month and 52 listings (34%) 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
2024-04-01 0 days 1,632 sqft
2024-05-01 0 days 1,644 sqft
2024-06-01 0 days 1,662 sqft
2024-07-01 0 days 1,640 sqft
2024-08-01 0 days 1,600 sqft
2024-09-01 0 days 1,647 sqft
2024-10-01 0 days 1,733 sqft
Mcminnville's median listing age (time on market) for 2024-10-01 was 0 days.

Mcminnville's median square footage for active listings during the 2024-10-01 period was 1,733 sqft. One year prior, the average listing was 1,809 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.