Miami VA Loans

MIAMI-MIAMI BEACH-KENDALL, FL

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 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.

Miami's 166 lenders originated 2,355 VA loans during 2021. The total origination value was $863,535,000, with an average VA loan value of $366,682.

Miami VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Miami averaged 4.68% for the week of 2022-03-25, compared to the national average (all VA variants) of 4.399% for the same period.

The average rate for the prior week (2022-03-18) was 4.76% and one month ago for the week of 2022-02-18, the average rate was 4.48%.

The average rate one year ago was 3.66%.

For refis of the same type during the week of 2022-03-25, the average rate was 4.52%.

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

Miami 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 Miami level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
FREEDOM MORTGAGE CORPORATION 206 2.45% $4,396
QUICKEN LOANS, LLC 184 2.42% $6,227
Mortgage Research Center, LLC 168 2.82% $10,194
UNITED WHOLESALE MORTGAGE, LLC 127 2.62% $8,363
EAGLE HOME MORTGAGE, LLC 115 3.03% $8,246
PENNYMAC LOAN SERVICES, LLC 101 2.31% $6,295
NAVY FEDERAL CREDIT UNION 89 2.48% $8,317
CALIBER HOME LOANS, INC. 83 2.61% $7,825
Paramount Residential Mortgage Group, Inc. 53 3.07% $12,121
LOANDEPOT.COM, LLC 50 2.57% $6,990
USAA Federal Savings Bank 45 2.76% $7,542
VILLAGE CAPITAL & INVESTMENT LLC 37 2.31% $4,759
NEW DAY FINANCIAL, LLC 36 2.89% $9,720
HOME POINT FINANCIAL CORPORATION 35 2.42% $6,929
Mr. Cooper ( Nationstar Mortgage ) 31 2.69% $6,134
CLEARPATH LENDING 30 2.29% $4,906
DHI MORTGAGE COMPANY, LTD. 30 2.64% $8,726
Lakeview Community Capital, LLC 29 2.46% $2,700
PENTAGON FEDERAL CREDIT UNION 28 2.37% $2,078
NEWREZ LLC 24 2.72% $5,970
The Federal Savings Bank 24 2.64% $8,909
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 21 3.00% $16,919
PLANET HOME LENDING, LLC 17 2.48% $3,604
Barrington Bank & Trust Company, N.A. 16 2.68% $7,875
Flagstar Bank, FSB 15 3.05% $12,142
LAKEVIEW LOAN SERVICING, LLC 15 2.43% $2,985
AMERICAN FINANCIAL NETWORK, INC. 14 2.65% $26,676
NVR Mortgage Finance, Inc. 14 2.95% $4,900
KS StateBank 14 2.31% $7,649
COLUMBUS CAPITAL LENDING, LLC 13 2.91% $12,355
Wells Fargo Bank 13 2.34% $5,619
GUARANTEED RATE, INC. 12 2.68% $5,342
HOMEBRIDGE FINANCIAL SERVICES, INC. 12 2.67% $7,577
AMERISAVE MORTGAGE CORPORATION 12 2.47% $6,482
PRIMARY RESIDENTIAL MORTGAGE, INC. 11 3.22% $10,195
CROSSCOUNTRY MORTGAGE, LLC 10 2.84% $6,698
First Guaranty Mortgage Corporation 10 2.48% $8,233
Carrington Mortgage Services, LLC 10 3.06% $9,175
Mid-Continent Funding, Inc. 9 2.54% $12,192
BROKER SOLUTIONS, INC. 9 2.50% $6,261
Magnolia Bank 8 2.58% $9,641
InterContinental Capital Group, Inc 8 2.52% $6,497
NETWORK CAPITAL FUNDING CORPORATION 8 2.72% $3,469
ACCELERATE MORTGAGE, LLC 7 2.50% $7,785
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 7 2.80% $12,614
SUN WEST MORTGAGE COMPANY, INC. 7 2.32% $4,118
AMCAP MORTGAGE, LTD. 7 3.11% $11,665
PLAZA HOME MORTGAGE, INC. 7 2.62% $8,072
1ST FINANCIAL, INC. 6 2.81% $12,299
NBKC BANK 6 2.38% $13,026
North American Savings Bank, F.S.B. 6 2.52% $13,572
MUTUAL OF OMAHA MORTGAGE, INC. 6 2.38% $5,101
MOVEMENT MORTGAGE, LLC 6 2.69% $8,646
NP, Inc. 6 2.56% $9,769
HAMILTON HOME LOANS, INC. 6 3.33% $12,085
Low VA Rates, LLC 6 2.58% $9,515
VAN DYK MORTGAGE CORPORATION 5 2.83% $10,697
GUARANTEED RATE AFFINITY, LLC 5 2.53% $9,188
TJC Mortgage, Inc. 4 2.28% $9,618
Prosperity Home Mortgage, LLC 4 2.75% $13,402
FIRST EQUITY MORTGAGE BANKERS, INC. 4 3.09% $10,915
First Federal Bank 4 2.75% $12,395
Commerce Home Mortgage, Inc. 4 2.66% $10,986
Equity Prime Mortgage LLC 4 3.09% $6,134
LEADERONE FINANCIAL CORPORATION 4 2.34% $12,169
CAPITAL PARTNERS MORTGAGE, LLC 4 3.00% $13,965
AMERICAN PACIFIC MORTGAGE CORPORATION 4 2.63% $11,066
Strong Home Mortgage, LLC 3 2.42% $5,216
ABSOLUTE HOME MORTGAGE CORPORATION 3 2.67% $5,968
BANKING MORTGAGE SERVICES, B.M.S. CORP. 3 3.13% $12,248
BNC National Bank 3 2.21% $8,117
CELEBRITY HOME LOANS, LLC 3 2.38% $3,243
CHURCHILL MORTGAGE CORPORATION 3 2.88% $9,900
CMG MORTGAGE, INC. 3 2.58% $10,983
CONTOUR MORTGAGE CORPORATION 3 2.63% $4,116
FINANCE OF AMERICA MORTGAGE LLC 3 2.58% $2,882
HOMESIDE FINANCIAL, LLC 3 2.50% $4,445
PANORAMA MORTGAGE GROUP, LLC 3 3.13% $8,507
Prime Choice Funding Inc. 3 3.00% $6,386
Regions Bank 3 2.71% $10,255
SUCCESS MORTGAGE PARTNERS, INC. 3 2.96% $7,104
U.S. Bank 3 2.83% $13,989
CERTAINTY HOME LOANS, LLC 2 2.50% $4,830
LOANPAL, LLC 2 2.25% $15,266
EagleBank 2 2.94% $4,405
First Federal Bank of Kansas City 2 2.50% $2,408
Paramount Bank 2 2.69% $12,501
CROSSFIRE FINANCIAL NETWORK, INC. 2 3.25% $7,052
MID AMERICA MORTGAGE, INC. 2 3.06% $6,407
CORNERSTONE HOME LENDING, INC. 2 2.75% $5,715
ROUNDPOINT MORTGAGE SERVICING CORPORATION 2 3.00% $7,217
ZILLOW HOME LOANS, LLC 2 2.63% $21,620
JPMorgan Chase Bank 2 2.69% $12,407
EVERETT FINANCIAL, INC. 2 3.31% $6,373
Atlantic Home Loans, Inc. 2 2.75% $5,880
STEARNS LENDING, LLC 2 2.31% $5,143
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 3.13% $5,153
Manufacturers and Traders Trust Company 2 2.31% $4,948
CHERRY CREEK MORTGAGE, LLC 2 2.56% $574
Northpointe Bank 2 2.75% $2,543
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.38% $7,815
EMM LOANS LLC 1 2.75% $20,819
DRAPER AND KRAMER MORTGAGE CORP. 1 2.50% $5,602
Credence Funding Corporation 1 2.25% $3,255
CityWorth Mortgage LLC 1 2.75% $10,462
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 2.75% $17,946
NFM, INC. 1 2.63% $13,068
Century Mortgage Company DBA Century Lending Company 1 2.75% $31,172
OCMBC, INC. 1 2.75% $6,846
Waterstone Mortgage Corporation 1 2.75% $33,651
CBM Mortgage, Inc. 1 2.63% $19,902
CANOPY MORTGAGE, LLC 1 2.38% $3,574
BRIGHTSTAR 1 2.88% $4,276
PHH Mortgage Corporation 1 2.75% $8,995
BOKF 1 2.63% $4,047
Atlantic Coast Mortgage, LLC 1 3.00% $16,704
ACADEMY MORTGAGE CORPORATION 1 3.00% $33,701
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.99% $4,321
Assurance Financial Group, L.L.C. 1 2.50% $17,878
Armed Forces Bank 1 2.50% $16,512
RADIUS FINANCIAL GROUP INC. 1 2.75% $12,998
READY MORTGAGE LENDERS, LLC 1 2.88% $2,297
Willamette Valley Bank 1 2.75% $9,743
Renasant Bank 1 2.38% $18,145
RESIDENTIAL BANCORP. 1 2.25% $2,983
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 3.00% $21,902
South State Bank 1 2.75% $5,261
SOVEREIGN LENDING GROUP INCORPORATED 1 2.63% $0
SPACE COAST Credit Union 1 2.88% $10,399
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.38% $4,276
Wyndham Capital Mortgage, Inc. 1 2.38% $1,180
AmRes Corporation 1 2.75% $10,193
Synovus Bank 1 2.38% $7,769
The Central Trust Bank 1 2.25% $4,734
Ameris Bank 1 2.50% $2,560
AmeriHome Mortgage Company, LLC 1 2.63% $2,870
Towne Bank 1 3.13% $9,774
TOWNE MORTGAGE COMPANY 1 2.75% $5,571
Truist Bank 1 2.63% $9,803
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.75% $20,764
American Mortgage & Equity Consultants, Inc. 1 3.25% $3,297
Uwharrie Bank 1 2.25% $3,569
AMERICAN FINANCING CORPORATION 1 2.25% $2,654
Great Plains National Bank 1 3.00% $8,909
Goldwater Bank, N.A. 1 2.50% $11,698
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 2.25% $8,048
HOME FINANCING CENTER, INC. 1 4.25% $18,720
George Mason Mortgage, LLC 1 2.25% $6,455
Home Mortgage Alliance Corp 1 2.38% $11,495
Advance Financial Group, LLC 1 2.25% $10,801
HOMESPIRE MORTGAGE CORPORATION 1 2.25% $0
Hometown Lenders, Inc. 1 2.25% $10,433
GENEVA FINANCIAL, LLC 1 3.13% $10,874
JAMES B. NUTTER & COMPANY 1 2.88% $3,224
Gateway First Bank 1 2.63% $5,379
FOUNDATION MORTGAGE CORPORATION 1 2.50% $8,865
First Internet Bank of Indiana 1 2.50% $4,322
First Heritage Mortgage, LLC 1 3.75% $3,946
LEGEND LENDING CORPORATION 1 3.13% $8,529
LENDUS, LLC 1 2.25% $5,304
LOANFLIGHT LENDING, LLC 1 2.38% $4,728
FIRST COMMUNITY MORTGAGE, INC. 1 3.13% $18,733
FirstBank 1 2.75% $1,117
Meridian Bank Corporation 1 2.25% $13,250
MIAMI FIREFIGHTERS FCU 1 2.88% $9,649
Fifth Third Bank 1 2.75% $9,771

The top Miami VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 206 VA loans originated. Their average total fees are $4,396, which is $1,831 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Miami VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($2,078), Lakeview Community Capital, LLC ($2,700), LAKEVIEW LOAN SERVICING, LLC ($2,985), PLANET HOME LENDING, LLC ($3,604) and FREEDOM MORTGAGE CORPORATION ($4,396).

The lowest rate Miami VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.29%), KS StateBank (2.31%), PENNYMAC LOAN SERVICES, LLC (2.31%), VILLAGE CAPITAL & INVESTMENT LLC (2.31%) and Wells Fargo Bank (2.34%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Miami (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 $396,156 (4.3%) $918,614 (2.8%) 1.46 47,888
2018-02-01 $395,000 (3.4%) $918,452 (2.8%) 1.42 48,934
2018-03-01 $398,000 (2.3%) $919,255 (2.2%) 1.38 49,490
2018-04-01 $399,000 (2.3%) $919,912 (0.6%) 1.34 49,075
2018-05-01 $399,700 (1.2%) $916,176 (-0.2%) 1.33 48,034
2018-06-01 $399,999 (2.6%) $911,815 (0.5%) 1.33 47,153
2018-07-01 $399,900 (0.2%) $905,816 (0.6%) 1.33 46,869
2018-08-01 $399,250 (0.6%) $898,559 (0.0%) 1.33 46,483
2018-09-01 $399,000 (0.5%) $896,427 (-0.8%) 1.33 46,852
2018-10-01 $399,000 (1.0%) $903,016 (0.3%) 1.33 48,425
2018-11-01 $398,000 (0.3%) $908,836 (0.4%) 1.33 50,373
2018-12-01 $395,000 (0.0%) $917,567 (0.5%) 1.35 51,461
2019-01-01 $395,000 (-0.3%) $919,360 (0.1%) 1.36 52,278
2019-02-01 $395,000 (0.0%) $923,299 (0.5%) 1.32 54,082
2019-03-01 $398,285 (0.1%) $930,975 (1.3%) 1.30 53,304
2019-04-01 $400,000 (0.3%) $942,457 (2.5%) 1.26 51,880
2019-05-01 $409,500 (2.5%) $946,388 (3.3%) 1.26 50,393
2019-06-01 $410,000 (2.5%) $940,863 (3.2%) 1.26 48,676
2019-07-01 $410,000 (2.5%) $927,931 (2.4%) 1.27 47,062
2019-08-01 $406,996 (1.9%) $927,093 (3.2%) 1.28 45,954
2019-09-01 $402,199 (0.8%) $932,917 (4.1%) 1.28 45,034
2019-10-01 $409,950 (2.7%) $950,708 (5.3%) 1.31 45,856
2019-11-01 $411,648 (3.4%) $976,683 (7.5%) 1.33 46,837
2019-12-01 $411,328 (4.1%) $1,000,574 (9.1%) 1.37 46,952
2020-01-01 $411,000 (4.1%) $1,011,537 (10.0%) 1.37 45,959
2020-02-01 $415,000 (5.1%) $1,015,586 (10.0%) 1.34 46,345
2020-03-01 $417,420 (4.8%) $1,019,233 (9.5%) 1.30 46,202
2020-04-01 $399,450 (-0.1%) $971,050 (3.0%) 1.24 45,487
2020-05-01 $399,000 (-2.6%) $969,464 (2.4%) 1.21 44,864
2020-06-01 $402,500 (-1.8%) $987,712 (5.0%) 1.18 43,617
2020-07-01 $410,000 (0.0%) $1,007,234 (8.6%) 1.17 41,127
2020-08-01 $410,000 (0.7%) $1,012,514 (9.2%) 1.17 39,893
2020-09-01 $419,000 (4.2%) $1,041,235 (11.6%) 1.20 38,783
2020-10-01 $419,900 (2.4%) $1,053,210 (10.8%) 1.20 38,193
2020-11-01 $415,000 (0.8%) $1,047,388 (7.2%) 1.19 37,904
2020-12-01 $415,000 (0.9%) $1,058,106 (5.8%) 1.22 36,745
2021-01-01 $400,000 (-2.7%) $1,048,760 (3.7%) 1.18 34,030
2021-02-01 $399,000 (-3.9%) $1,063,442 (4.7%) 1.15 30,964
2021-03-01 $399,750 (-4.2%) $1,089,053 (6.9%) 1.12 27,219
2021-04-01 $417,450 (4.5%) $1,103,545 (13.6%) 1.12 24,319
2021-05-01 $430,000 (7.8%) $1,158,702 (19.5%) 1.13 21,962
2021-06-01 $449,750 (11.7%) $1,207,559 (22.3%) 1.17 20,816
2021-07-01 $458,950 (11.9%) $1,201,378 (19.3%) 1.19 21,067
2021-08-01 $462,450 (12.8%) $1,216,657 (20.2%) 1.22 20,996
2021-09-01 $472,400 (12.7%) $1,250,256 (20.1%) 1.24 20,451
2021-10-01 $480,000 (14.3%) $1,301,294 (23.6%) 1.26 19,637
2021-11-01 $487,000 (17.4%) $1,364,494 (30.3%) 1.28 18,469
2021-12-01 $495,000 (19.3%) $1,400,791 (32.4%) 1.32 17,232
2022-01-01 $499,000 (24.8%) $1,460,755 (39.3%) 1.33 15,526
Miami's median listing price for 2022-01-01 was $499,000, a difference of $99,000 (24.8%) versus the prior year and $4,000 versus the prior month.

Miami's median listing price comes in at 133% of the national average.

Miami's average listing price for 2022-01-01 was $1,460,755, a difference of $411,995 (39.3%) versus the prior year and $59,964 versus the prior month.

For the 2022-01-01 period, Miami had 15,526 MLS listings, a difference of -1,706 listings (-10%) versus the prior month and -18,504 listings (-54%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Miami (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 90 days 1,508 sqft
2018-02-01 88 days 1,510 sqft
2018-03-01 82 days 1,511 sqft
2018-04-01 83 days 1,520 sqft
2018-05-01 86 days 1,521 sqft
2018-06-01 89 days 1,529 sqft
2018-07-01 92 days 1,529 sqft
2018-08-01 93 days 1,526 sqft
2018-09-01 93 days 1,522 sqft
2018-10-01 89 days 1,520 sqft
2018-11-01 87 days 1,524 sqft
2018-12-01 88 days 1,522 sqft
2019-01-01 93 days 1,520 sqft
2019-02-01 92 days 1,523 sqft
2019-03-01 87 days 1,531 sqft
2019-04-01 85 days 1,543 sqft
2019-05-01 90 days 1,549 sqft
2019-06-01 93 days 1,550 sqft
2019-07-01 96 days 1,548 sqft
2019-08-01 98 days 1,541 sqft
2019-09-01 99 days 1,532 sqft
2019-10-01 94 days 1,530 sqft
2019-11-01 91 days 1,530 sqft
2019-12-01 88 days 1,522 sqft
2020-01-01 92 days 1,520 sqft
2020-02-01 89 days 1,508 sqft
2020-03-01 84 days 1,504 sqft
2020-04-01 90 days 1,485 sqft
2020-05-01 103 days 1,477 sqft
2020-06-01 113 days 1,457 sqft
2020-07-01 118 days 1,426 sqft
2020-08-01 92 days 1,409 sqft
2020-09-01 92 days 1,389 sqft
2020-10-01 91 days 1,385 sqft
2020-11-01 91 days 1,380 sqft
2020-12-01 91 days 1,368 sqft
2021-01-01 94 days 1,345 sqft
2021-02-01 88 days 1,306 sqft
2021-03-01 76 days 1,296 sqft
2021-04-01 71 days 1,304 sqft
2021-05-01 65 days 1,318 sqft
2021-06-01 60 days 1,348 sqft
2021-07-01 58 days 1,369 sqft
2021-08-01 58 days 1,373 sqft
2021-09-01 59 days 1,377 sqft
2021-10-01 59 days 1,383 sqft
2021-11-01 59 days 1,383 sqft
2021-12-01 60 days 1,376 sqft
2022-01-01 65 days 1,366 sqft
Miami's median listing age (time on market) for 2022-01-01 was 65 days. This is -31% shorter than the same period one year ago.

Miami's median square footage for active listings during the 2022-01-01 period was 1,366 sqft. One year prior, the average listing was 1,345 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.