Miami VA Loan Rates, Closing Costs & Stats

Miami, OK

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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.

    Miami's 17 lenders originated 35 VA loans during 2023. The total origination value was $6,895,000, with an average VA loan value of $197,000.

    Miami VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Miami averaged 7.34% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Miami's average VA mortgage closing costs are $4,197.

    The average rate for the prior week (2024-04-12) was 7.07% and one month ago for the week of 2024-03-15, the average rate was 6.93%.

    The average rate one year ago was 6.62%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.56%.

    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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Miami level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 11 6.82% $3,079
    FLAT BRANCH MORTGAGE, INC. 4 7.00% $7,155
    AMERICAN FINANCIAL NETWORK, INC. 2 7.19% $3,011
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $12,432
    LOANDEPOT.COM, LLC 2 6.25% $7,692
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 8.25% $70
    CMG MORTGAGE, INC. 1 6.25% $5,222
    Arvest Bank 1 6.00% $4,771
    TOWNE MORTGAGE COMPANY 1 6.63% $8,429
    LOANPAL, LLC 1 6.99% $12,020
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $11,488
    United Fidelity Funding Corp. 1 5.75% $8,345
    PENNYMAC LOAN SERVICES, LLC 1 5.13% $3,257
    PLANET HOME LENDING, LLC 1 6.63% $3,443
    QUICKEN LOANS, LLC 1 6.88% $4,855
    BOKF 1 7.63% $5,190
    Chickasaw Community Bank 1 7.25% $7,387

    The top Miami VA lender as defined by loan originations is Mortgage Research Center, LLC, with 11 VA loans originated. Their average total fees are $3,079, which is $4,076 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

    The lowest fee Miami VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,079), .

    The lowest rate Miami VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.82%), .

    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 $84,250 (6.0%) $109,558 (-9.8%) 0.00 168
    2018-02-01 $83,750 (4.8%) $110,865 (-8.0%) 0.00 171
    2018-03-01 $88,750 (11.0%) $113,289 (-2.9%) 0.00 171
    2018-04-01 $86,875 (8.6%) $109,927 (-7.2%) 0.00 179
    2018-05-01 $85,850 (7.5%) $111,399 (-8.2%) 0.00 185
    2018-06-01 $80,450 (-2.5%) $108,179 (-13.5%) 0.00 188
    2018-07-01 $81,700 (-1.6%) $112,716 (-10.4%) 0.00 179
    2018-08-01 $82,675 (-7.1%) $113,175 (-12.7%) 0.00 166
    2018-09-01 $80,000 (-5.6%) $116,587 (-5.3%) 0.00 170
    2018-10-01 $82,900 (-0.1%) $114,493 (-5.9%) 0.00 172
    2018-11-01 $84,550 (-2.0%) $114,805 (2.2%) 0.00 169
    2018-12-01 $84,900 (-0.1%) $113,983 (3.2%) 0.00 160
    2019-01-01 $82,475 (-2.1%) $114,172 (4.2%) 0.00 141
    2019-02-01 $84,900 (1.4%) $114,907 (3.7%) 0.00 134
    2019-03-01 $86,421 (-2.6%) $116,888 (3.2%) 0.00 126
    2019-04-01 $88,725 (2.1%) $118,681 (8.0%) 0.00 117
    2019-05-01 $88,300 (2.9%) $130,139 (16.8%) 0.00 116
    2019-06-01 $87,900 (9.3%) $126,243 (16.7%) 0.00 114
    2019-07-01 $89,800 (9.9%) $130,043 (15.4%) 0.00 117
    2019-08-01 $88,673 (7.3%) $126,234 (11.5%) 0.00 125
    2019-09-01 $86,832 (8.5%) $121,229 (4.0%) 0.00 130
    2019-10-01 $85,755 (3.4%) $118,593 (3.6%) 0.00 134
    2019-11-01 $83,500 (-1.2%) $114,666 (-0.1%) 0.00 126
    2019-12-01 $79,950 (-5.8%) $114,448 (0.4%) 0.00 122
    2020-01-01 $79,900 (-3.1%) $117,721 (3.1%) 0.00 116
    2020-02-01 $79,700 (-6.1%) $110,485 (-3.9%) 0.00 116
    2020-03-01 $72,363 (-16.3%) $108,304 (-7.3%) 0.00 113
    2020-04-01 $74,875 (-15.6%) $111,503 (-6.1%) 0.00 106
    2020-05-01 $75,000 (-15.1%) $117,583 (-9.7%) 0.00 107
    2020-06-01 $77,550 (-11.8%) $129,465 (2.6%) 0.00 95
    2020-07-01 $82,850 (-7.7%) $119,626 (-8.0%) 0.00 86
    2020-08-01 $87,339 (-1.5%) $121,112 (-4.1%) 0.00 95
    2020-09-01 $105,000 (20.9%) $132,880 (9.6%) 0.00 85
    2020-10-01 $102,500 (19.5%) $136,355 (15.0%) 0.00 73
    2020-11-01 $104,875 (25.6%) $132,942 (15.9%) 0.00 76
    2020-12-01 $107,500 (34.5%) $137,489 (20.1%) 0.00 62
    2021-01-01 $99,950 (25.1%) $135,378 (15.0%) 0.00 59
    2021-02-01 $84,950 (6.6%) $125,946 (14.0%) 0.00 57
    2021-03-01 $84,700 (17.1%) $132,968 (22.8%) 0.00 56
    2021-04-01 $81,350 (8.7%) $154,044 (38.2%) 0.00 60
    2021-05-01 $84,750 (13.0%) $129,717 (10.3%) 0.00 59
    2021-06-01 $79,600 (2.6%) $130,550 (0.8%) 0.00 67
    2021-07-01 $82,450 (-0.5%) $137,103 (14.6%) 0.00 67
    2021-08-01 $92,000 (5.3%) $145,555 (20.2%) 0.00 64
    2021-09-01 $83,475 (-20.5%) $143,555 (8.0%) 0.00 67
    2021-10-01 $84,900 (-17.2%) $151,787 (11.3%) 0.00 64
    2021-11-01 $88,725 (-15.4%) $166,114 (25.0%) 0.00 66
    2021-12-01 $79,225 (-26.3%) $146,196 (6.3%) 0.00 72
    2022-01-01 $89,000 (-11.0%) $153,578 (13.4%) 0.00 72
    2022-02-01 $85,925 (1.2%) $162,036 (28.7%) 0.00 54
    2022-03-01 $79,900 (-5.7%) $149,586 (12.5%) 0.00 61
    2022-04-01 $79,900 (-1.8%) $132,404 (-14.1%) 0.00 60
    2022-05-01 $86,250 (1.8%) $122,167 (-5.8%) 0.00 59
    2022-06-01 $109,925 (38.1%) $196,275 (50.3%) 0.00 53
    2022-07-01 $119,900 (45.4%) $212,087 (54.7%) 0.00 57
    2022-08-01 $119,950 (30.4%) $205,857 (41.4%) 0.00 58
    2022-09-01 $129,950 (55.7%) $195,988 (36.5%) 0.00 63
    2022-10-01 $141,200 (66.3%) $200,323 (32.0%) 0.00 59
    2022-11-01 $131,500 (48.2%) $194,113 (16.9%) 0.00 54
    2022-12-01 $126,450 (59.6%) $195,048 (33.4%) 0.00 53
    2023-01-01 $130,900 (47.1%) $179,462 (16.9%) 0.00 54
    2023-02-01 $126,200 (46.9%) $177,787 (9.7%) 0.00 50
    2023-03-01 $146,675 (83.6%) $201,159 (34.5%) 0.00 46
    2023-04-01 $147,000 (84.0%) $215,531 (62.8%) 0.00 48
    2023-05-01 $131,150 (52.1%) $192,266 (57.4%) 0.00 58
    2023-06-01 $124,725 (13.5%) $159,296 (-18.8%) 0.00 62
    2023-07-01 $121,450 (1.3%) $161,587 (-23.8%) 0.00 53
    2023-08-01 $136,500 (13.8%) $160,755 (-21.9%) 0.00 44
    2023-09-01 $135,000 (3.9%) $174,733 (-10.8%) 0.00 54
    2023-10-01 $150,725 (6.8%) $277,164 (38.4%) 0.00 67
    2023-11-01 $152,000 (15.6%) $277,285 (42.9%) 0.00 62
    2023-12-01 $145,000 (14.7%) $278,889 (43.0%) 0.00 63
    2024-01-01 $149,825 (14.5%) $272,698 (52.0%) 0.00 61
    2024-02-01 $154,175 (22.2%) $301,369 (69.5%) 0.00 58
    2024-03-01 $155,000 (5.7%) $319,853 (59.0%) 0.00 52
    Miami's median listing price for 2024-03-01 was $155,000, a difference of $8,325 (5.7%) versus the prior year and $825 versus the prior month.

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

    Miami's average listing price for 2024-03-01 was $319,853, a difference of $118,694 (59.0%) versus the prior year and $18,484 versus the prior month.

    For the 2024-03-01 period, Miami had 52 MLS listings, a difference of -6 listings (-10%) versus the prior month and 6 listings (13%) 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 0 days 1,421 sqft
    2018-02-01 0 days 1,416 sqft
    2018-03-01 0 days 1,434 sqft
    2018-04-01 0 days 1,404 sqft
    2018-05-01 0 days 1,426 sqft
    2018-06-01 0 days 1,450 sqft
    2018-07-01 0 days 1,475 sqft
    2018-08-01 0 days 1,479 sqft
    2018-09-01 0 days 1,492 sqft
    2018-10-01 0 days 1,477 sqft
    2018-11-01 0 days 1,484 sqft
    2018-12-01 0 days 1,468 sqft
    2019-01-01 0 days 1,443 sqft
    2019-02-01 0 days 1,484 sqft
    2019-03-01 0 days 1,561 sqft
    2019-04-01 0 days 1,544 sqft
    2019-05-01 0 days 1,599 sqft
    2019-06-01 0 days 1,600 sqft
    2019-07-01 0 days 1,600 sqft
    2019-08-01 0 days 1,565 sqft
    2019-09-01 0 days 1,513 sqft
    2019-10-01 0 days 1,478 sqft
    2019-11-01 0 days 1,465 sqft
    2019-12-01 0 days 1,459 sqft
    2020-01-01 0 days 1,433 sqft
    2020-02-01 0 days 1,381 sqft
    2020-03-01 0 days 1,366 sqft
    2020-04-01 0 days 1,398 sqft
    2020-05-01 0 days 1,422 sqft
    2020-06-01 0 days 1,437 sqft
    2020-07-01 0 days 1,410 sqft
    2020-08-01 0 days 1,521 sqft
    2020-09-01 0 days 1,588 sqft
    2020-10-01 0 days 1,498 sqft
    2020-11-01 0 days 1,598 sqft
    2020-12-01 0 days 1,595 sqft
    2021-01-01 0 days 1,483 sqft
    2021-02-01 0 days 1,413 sqft
    2021-03-01 0 days 1,448 sqft
    2021-04-01 0 days 1,390 sqft
    2021-05-01 0 days 1,299 sqft
    2021-06-01 0 days 1,232 sqft
    2021-07-01 0 days 1,344 sqft
    2021-08-01 0 days 1,423 sqft
    2021-09-01 0 days 1,349 sqft
    2021-10-01 0 days 1,350 sqft
    2021-11-01 0 days 1,435 sqft
    2021-12-01 0 days 1,389 sqft
    2022-01-01 0 days 1,430 sqft
    2022-02-01 0 days 1,440 sqft
    2022-03-01 0 days 1,350 sqft
    2022-04-01 0 days 1,346 sqft
    2022-05-01 0 days 1,344 sqft
    2022-06-01 0 days 1,544 sqft
    2022-07-01 0 days 1,620 sqft
    2022-08-01 0 days 1,623 sqft
    2022-09-01 0 days 1,606 sqft
    2022-10-01 0 days 1,682 sqft
    2022-11-01 0 days 1,627 sqft
    2022-12-01 0 days 1,591 sqft
    2023-01-01 0 days 1,583 sqft
    2023-02-01 0 days 1,573 sqft
    2023-03-01 0 days 1,558 sqft
    2023-04-01 0 days 1,422 sqft
    2023-05-01 0 days 1,355 sqft
    2023-06-01 0 days 1,308 sqft
    2023-07-01 0 days 1,338 sqft
    2023-08-01 0 days 1,389 sqft
    2023-09-01 0 days 1,402 sqft
    2023-10-01 0 days 1,476 sqft
    2023-11-01 0 days 1,495 sqft
    2023-12-01 0 days 1,510 sqft
    2024-01-01 0 days 1,511 sqft
    2024-02-01 0 days 1,497 sqft
    2024-03-01 0 days 1,650 sqft
    Miami's median listing age (time on market) for 2024-03-01 was 0 days.

    Miami's median square footage for active listings during the 2024-03-01 period was 1,650 sqft. One year prior, the average listing was 1,558 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.