Miami VA Loans

MIAMI-MIAMI BEACH-KENDALL, FL

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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 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.