Memphis VA Loans
MEMPHIS, TN-MS-AR
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.
Memphis's 187 lenders originated 4,874 VA loans during 2021. The total origination value was $1,329,370,000, with an average VA loan value of $272,747.
Memphis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Memphis
averaged
6.36%
for the week of 2022-09-23, compared to the national average (all VA variants) of
5.992% for the same period.
The average rate for the prior week (2022-09-16) was
5.91% and
one month ago for the week of 2022-08-19, the
average rate was 5.47%.
The average rate one year ago was 2.98%.
For refis of the same type during the week of 2022-09-23, the average rate
was 6.01%.
Memphis 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 Memphis level.
The top Memphis VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
449 VA loans originated. Their average total fees are
$5,165, which is $1,379
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Memphis VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($2,265), FREEDOM MORTGAGE CORPORATION ($3,148), VILLAGE CAPITAL MORTGAGE ($3,208), PLANET HOME LENDING, LLC ($3,257) and First Guaranty Mortgage Corporation ($3,484).
The lowest rate Memphis VA lenders (with over 10 loans originated) are
Low VA Rates, LLC (2.28%), CLEARPATH LENDING (2.31%), InterContinental Capital Group, Inc (2.31%), PENTAGON FEDERAL CREDIT UNION (2.35%) and Patriot Bank (2.36%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Memphis (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 | $188,250 (10.8%) | $245,305 (4.6%) | 0.69 | 3,900 |
| 2018-02-01 | $185,000 (8.1%) | $242,658 (4.7%) | 0.67 | 3,882 |
| 2018-03-01 | $185,000 (5.4%) | $247,593 (4.8%) | 0.64 | 3,885 |
| 2018-04-01 | $195,000 (6.9%) | $254,992 (3.2%) | 0.65 | 3,286 |
| 2018-05-01 | $202,425 (8.4%) | $265,309 (5.0%) | 0.68 | 3,238 |
| 2018-06-01 | $215,000 (10.3%) | $268,259 (5.2%) | 0.72 | 3,506 |
| 2018-07-01 | $214,950 (8.6%) | $266,062 (4.1%) | 0.72 | 3,886 |
| 2018-08-01 | $214,950 (10.2%) | $265,662 (5.0%) | 0.72 | 3,878 |
| 2018-09-01 | $215,000 (8.1%) | $266,004 (4.8%) | 0.72 | 3,889 |
| 2018-10-01 | $217,900 (11.8%) | $268,398 (7.4%) | 0.73 | 3,894 |
| 2018-11-01 | $213,900 (11.8%) | $263,227 (5.5%) | 0.72 | 3,845 |
| 2018-12-01 | $210,000 (11.9%) | $257,565 (3.7%) | 0.72 | 3,573 |
| 2019-01-01 | $206,100 (9.5%) | $254,767 (3.9%) | 0.71 | 3,227 |
| 2019-02-01 | $209,900 (13.5%) | $258,248 (6.4%) | 0.70 | 3,110 |
| 2019-03-01 | $215,829 (16.7%) | $269,738 (8.9%) | 0.70 | 3,025 |
| 2019-04-01 | $222,500 (14.1%) | $280,887 (10.2%) | 0.70 | 3,024 |
| 2019-05-01 | $231,950 (14.6%) | $286,602 (8.0%) | 0.71 | 3,035 |
| 2019-06-01 | $230,000 (7.0%) | $289,335 (7.9%) | 0.71 | 3,141 |
| 2019-07-01 | $231,500 (7.7%) | $289,338 (8.8%) | 0.72 | 3,296 |
| 2019-08-01 | $233,714 (8.7%) | $290,677 (9.4%) | 0.74 | 3,269 |
| 2019-09-01 | $232,214 (8.0%) | $290,677 (9.3%) | 0.74 | 3,241 |
| 2019-10-01 | $231,200 (6.1%) | $291,371 (8.6%) | 0.74 | 3,213 |
| 2019-11-01 | $235,000 (9.9%) | $295,162 (12.1%) | 0.76 | 3,179 |
| 2019-12-01 | $232,900 (10.9%) | $290,529 (12.8%) | 0.78 | 3,013 |
| 2020-01-01 | $229,400 (11.3%) | $288,076 (13.1%) | 0.76 | 2,795 |
| 2020-02-01 | $231,900 (10.5%) | $294,070 (13.9%) | 0.75 | 2,525 |
| 2020-03-01 | $243,450 (12.8%) | $305,118 (13.1%) | 0.76 | 2,422 |
| 2020-04-01 | $249,700 (12.2%) | $310,475 (10.5%) | 0.78 | 2,429 |
| 2020-05-01 | $250,000 (7.8%) | $319,676 (11.5%) | 0.76 | 2,227 |
| 2020-06-01 | $257,945 (12.2%) | $328,921 (13.7%) | 0.75 | 1,997 |
| 2020-07-01 | $259,950 (12.3%) | $340,411 (17.7%) | 0.74 | 1,820 |
| 2020-08-01 | $265,000 (13.4%) | $339,594 (16.8%) | 0.76 | 1,725 |
| 2020-09-01 | $261,950 (12.8%) | $339,250 (16.7%) | 0.75 | 1,628 |
| 2020-10-01 | $263,770 (14.1%) | $343,021 (17.7%) | 0.75 | 1,635 |
| 2020-11-01 | $262,000 (11.5%) | $333,770 (13.1%) | 0.75 | 1,572 |
| 2020-12-01 | $252,250 (8.3%) | $323,190 (11.2%) | 0.74 | 1,447 |
| 2021-01-01 | $240,000 (4.6%) | $318,610 (10.6%) | 0.71 | 1,265 |
| 2021-02-01 | $235,000 (1.3%) | $321,362 (9.3%) | 0.68 | 1,105 |
| 2021-03-01 | $237,900 (-2.3%) | $330,557 (8.3%) | 0.67 | 1,041 |
| 2021-04-01 | $239,750 (-4.0%) | $329,167 (6.0%) | 0.64 | 1,020 |
| 2021-05-01 | $235,000 (-6.0%) | $324,724 (1.6%) | 0.62 | 1,066 |
| 2021-06-01 | $238,950 (-7.4%) | $318,338 (-3.2%) | 0.62 | 1,178 |
| 2021-07-01 | $240,000 (-7.7%) | $319,323 (-6.2%) | 0.62 | 1,308 |
| 2021-08-01 | $249,200 (-6.0%) | $325,345 (-4.2%) | 0.66 | 1,419 |
| 2021-09-01 | $249,450 (-4.8%) | $324,015 (-4.5%) | 0.66 | 1,399 |
| 2021-10-01 | $265,000 (0.5%) | $340,284 (-0.8%) | 0.70 | 1,352 |
| 2021-11-01 | $261,800 (-0.1%) | $339,422 (1.7%) | 0.69 | 1,269 |
| 2021-12-01 | $242,500 (-3.9%) | $328,000 (1.5%) | 0.65 | 1,234 |
| 2022-01-01 | $220,500 (-8.1%) | $326,366 (2.4%) | 0.59 | 1,075 |
| 2022-02-01 | $226,000 (-3.8%) | $332,469 (3.5%) | 0.58 | 948 |
| 2022-03-01 | $226,950 (-4.6%) | $326,743 (-1.2%) | 0.56 | 1,039 |
| 2022-04-01 | $242,900 (1.3%) | $342,551 (4.1%) | 0.57 | 1,143 |
| 2022-05-01 | $293,500 (24.9%) | $367,803 (13.3%) | 0.66 | 1,294 |
| 2022-06-01 | $306,944 (28.5%) | $377,911 (18.7%) | 0.68 | 1,568 |
| 2022-07-01 | $318,400 (32.7%) | $376,849 (18.0%) | 0.71 | 2,046 |
| 2022-08-01 | $313,454 (25.8%) | $369,727 (13.6%) | 0.72 | 2,207 |
Memphis's median listing price comes in at 72% of the national average.
Memphis's average listing price for 2022-08-01 was $369,727, a difference of $44,382 (13.6%) versus the prior year and $-7,122 versus the prior month.
For the 2022-08-01 period, Memphis had 2,207 MLS listings, a difference of 161 listings (8%) versus the prior month and 788 listings (56%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 82 days | 2,137 sqft |
| 2018-02-01 | 75 days | 2,137 sqft |
| 2018-03-01 | 56 days | 2,155 sqft |
| 2018-04-01 | 57 days | 2,202 sqft |
| 2018-05-01 | 55 days | 2,231 sqft |
| 2018-06-01 | 51 days | 2,301 sqft |
| 2018-07-01 | 52 days | 2,262 sqft |
| 2018-08-01 | 58 days | 2,286 sqft |
| 2018-09-01 | 63 days | 2,279 sqft |
| 2018-10-01 | 64 days | 2,323 sqft |
| 2018-11-01 | 67 days | 2,344 sqft |
| 2018-12-01 | 72 days | 2,354 sqft |
| 2019-01-01 | 80 days | 2,301 sqft |
| 2019-02-01 | 77 days | 2,320 sqft |
| 2019-03-01 | 57 days | 2,370 sqft |
| 2019-04-01 | 57 days | 2,397 sqft |
| 2019-05-01 | 53 days | 2,403 sqft |
| 2019-06-01 | 55 days | 2,370 sqft |
| 2019-07-01 | 54 days | 2,300 sqft |
| 2019-08-01 | 56 days | 2,332 sqft |
| 2019-09-01 | 58 days | 2,322 sqft |
| 2019-10-01 | 57 days | 2,350 sqft |
| 2019-11-01 | 60 days | 2,330 sqft |
| 2019-12-01 | 68 days | 2,366 sqft |
| 2020-01-01 | 77 days | 2,351 sqft |
| 2020-02-01 | 79 days | 2,367 sqft |
| 2020-03-01 | 60 days | 2,510 sqft |
| 2020-04-01 | 57 days | 2,482 sqft |
| 2020-05-01 | 59 days | 2,500 sqft |
| 2020-06-01 | 58 days | 2,490 sqft |
| 2020-07-01 | 51 days | 2,412 sqft |
| 2020-08-01 | 48 days | 2,433 sqft |
| 2020-09-01 | 47 days | 2,433 sqft |
| 2020-10-01 | 44 days | 2,500 sqft |
| 2020-11-01 | 49 days | 2,533 sqft |
| 2020-12-01 | 52 days | 2,550 sqft |
| 2021-01-01 | 60 days | 2,520 sqft |
| 2021-02-01 | 57 days | 2,426 sqft |
| 2021-03-01 | 49 days | 2,405 sqft |
| 2021-04-01 | 43 days | 2,382 sqft |
| 2021-05-01 | 37 days | 2,537 sqft |
| 2021-06-01 | 36 days | 2,405 sqft |
| 2021-07-01 | 36 days | 2,410 sqft |
| 2021-08-01 | 37 days | 2,400 sqft |
| 2021-09-01 | 39 days | 2,400 sqft |
| 2021-10-01 | 33 days | 2,400 sqft |
| 2021-11-01 | 38 days | 2,404 sqft |
| 2021-12-01 | 45 days | 2,630 sqft |
| 2022-01-01 | 49 days | 2,585 sqft |
| 2022-02-01 | 40 days | 2,341 sqft |
| 2022-03-01 | 39 days | 2,334 sqft |
| 2022-04-01 | 35 days | 2,450 sqft |
| 2022-05-01 | 33 days | 2,501 sqft |
| 2022-06-01 | 32 days | 2,510 sqft |
| 2022-07-01 | 31 days | 2,500 sqft |
| 2022-08-01 | 39 days | 2,497 sqft |
Memphis's median square footage for active listings during the 2022-08-01 period was 2,497 sqft. One year prior, the average listing was 2,400 sqft.
