Morgantown VA Loans

MORGANTOWN, WV

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.

Morgantown's 49 lenders originated 297 VA loans during 2021. The total origination value was $77,185,000, with an average VA loan value of $259,882.

Morgantown VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Morgantown averaged 5.41% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.34% and one month ago for the week of 2022-04-08, the average rate was 4.97%.

The average rate one year ago was 3.08%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.05%.

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

Morgantown 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 Morgantown level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 49 2.91% $5,634
QUICKEN LOANS, LLC 36 2.48% $4,582
HOME POINT FINANCIAL CORPORATION 21 2.58% $5,937
First Federal Bank of the Midwest 16 2.67% $8,488
USAA Federal Savings Bank 14 2.98% $4,082
FREEDOM MORTGAGE CORPORATION 11 2.59% $1,968
The Huntington National Bank 11 3.16% $4,232
NAVY FEDERAL CREDIT UNION 10 2.39% $6,453
LAKEVIEW LOAN SERVICING, LLC 9 2.53% $2,385
PENNYMAC LOAN SERVICES, LLC 8 2.45% $5,301
PNC Bank 6 3.00% $4,855
LOANDEPOT.COM, LLC 5 2.85% $5,898
First Guaranty Mortgage Corporation 4 2.53% $5,901
UNION HOME MORTGAGE CORP. 4 2.41% $7,877
NVR Mortgage Finance, Inc. 3 2.58% $5,351
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 3.25% $15,211
CALIBER HOME LOANS, INC. 3 2.42% $7,137
Clear Mountain Bank 3 2.63% $5,812
WesBanco Bank, Inc. 2 2.50% $2,825
AMERISAVE MORTGAGE CORPORATION 2 2.25% $13,258
Barrington Bank & Trust Company, N.A. 2 2.56% $1,958
INTERCOASTAL MORTGAGE COMPANY 2 3.13% $4,414
Low VA Rates, LLC 2 2.25% $4,683
Mr. Cooper ( Nationstar Mortgage ) 2 2.56% $10,692
North American Savings Bank, F.S.B. 2 2.56% $7,941
PENTAGON FEDERAL CREDIT UNION 2 2.44% $1,255
Sierra Pacific Mortgage Company, Inc. 2 2.75% $3,463
Truist Bank 2 2.94% $4,570
UNITED WHOLESALE MORTGAGE, LLC 2 2.41% $2,944
AMERICAN FINANCIAL NETWORK, INC. 2 3.06% $11,205
KELLER MORTGAGE, LLC 1 3.13% $9,411
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.50% $8,001
PLANET HOME LENDING, LLC 1 2.63% $1,825
First Home Bank 1 2.25% $1,492
Presidential Bank, FSB 1 2.75% $3,678
First Heritage Mortgage, LLC 1 2.25% $3,637
Evolve Bank & Trust 1 3.13% $12,858
United Bank 1 2.25% $2,896
STEARNS LENDING, LLC 1 2.75% $2,507
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $3,817
The Federal Savings Bank 1 2.38% $3,535
Carrington Mortgage Services, LLC 1 3.13% $1,435
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 3.00% $0
MOVEMENT MORTGAGE, LLC 1 3.13% $0
TIDEWATER MORTGAGE SERVICES, INC. 1 2.25% $2,961
Manufacturers and Traders Trust Company 1 2.50% $2,782
NFM, INC. 1 3.38% $12,005
Blue Ridge Bank 1 2.50% $4,662
KS StateBank 1 2.25% $10,324

The top Morgantown VA lender as defined by loan originations is Mortgage Research Center, LLC, with 49 VA loans originated. Their average total fees are $5,634, which is $1,052 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Morgantown VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,968), USAA Federal Savings Bank ($4,082), The Huntington National Bank ($4,232), QUICKEN LOANS, LLC ($4,582) and Mortgage Research Center, LLC ($5,634).

The lowest rate Morgantown VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (2.39%), QUICKEN LOANS, LLC (2.48%), HOME POINT FINANCIAL CORPORATION (2.58%), FREEDOM MORTGAGE CORPORATION (2.59%) and First Federal Bank of the Midwest (2.67%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Morgantown (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 $214,925 (0.0%) $285,427 (3.3%) 0.79 618
2018-02-01 $220,000 (3.0%) $295,484 (8.2%) 0.79 565
2018-03-01 $237,400 (10.6%) $312,024 (13.2%) 0.82 517
2018-04-01 $241,450 (7.3%) $313,676 (8.6%) 0.81 544
2018-05-01 $239,250 (4.1%) $308,290 (4.3%) 0.80 588
2018-06-01 $229,900 (0.4%) $299,655 (0.4%) 0.77 611
2018-07-01 $229,450 (0.2%) $292,395 (-3.5%) 0.77 641
2018-08-01 $232,350 (1.5%) $298,323 (-0.6%) 0.78 643
2018-09-01 $239,000 (8.6%) $299,440 (0.1%) 0.80 663
2018-10-01 $239,700 (10.0%) $300,741 (3.4%) 0.80 649
2018-11-01 $240,400 (11.8%) $301,003 (5.0%) 0.81 613
2018-12-01 $239,900 (11.6%) $296,841 (3.4%) 0.82 560
2019-01-01 $244,950 (14.0%) $308,052 (7.9%) 0.84 502
2019-02-01 $244,900 (11.3%) $314,056 (6.3%) 0.82 498
2019-03-01 $253,514 (6.8%) $322,293 (3.3%) 0.83 491
2019-04-01 $263,514 (9.1%) $326,448 (4.1%) 0.83 502
2019-05-01 $266,150 (11.2%) $325,827 (5.7%) 0.82 550
2019-06-01 $259,900 (13.1%) $319,890 (6.8%) 0.80 590
2019-07-01 $262,900 (14.6%) $320,949 (9.8%) 0.82 613
2019-08-01 $267,286 (15.0%) $322,904 (8.2%) 0.84 636
2019-09-01 $265,000 (10.9%) $323,800 (8.1%) 0.84 666
2019-10-01 $259,950 (8.5%) $315,216 (4.8%) 0.83 658
2019-11-01 $255,000 (6.1%) $303,944 (1.0%) 0.82 610
2019-12-01 $252,300 (5.2%) $298,838 (0.7%) 0.84 582
2020-01-01 $256,850 (4.9%) $304,675 (-1.1%) 0.86 498
2020-02-01 $265,000 (8.2%) $319,335 (1.7%) 0.86 480
2020-03-01 $275,000 (8.5%) $343,624 (6.6%) 0.86 477
2020-04-01 $276,000 (4.7%) $345,593 (5.9%) 0.86 476
2020-05-01 $289,900 (8.9%) $353,099 (8.4%) 0.88 439
2020-06-01 $289,900 (11.5%) $360,493 (12.7%) 0.85 401
2020-07-01 $280,000 (6.5%) $357,716 (11.5%) 0.80 385
2020-08-01 $275,000 (2.9%) $364,220 (12.8%) 0.79 379
2020-09-01 $275,500 (4.0%) $366,827 (13.3%) 0.79 366
2020-10-01 $269,900 (3.8%) $362,933 (15.1%) 0.77 365
2020-11-01 $267,950 (5.1%) $349,832 (15.1%) 0.77 332
2020-12-01 $269,500 (6.8%) $351,746 (17.7%) 0.79 303
2021-01-01 $274,500 (6.9%) $346,015 (13.6%) 0.81 261
2021-02-01 $274,500 (3.6%) $334,726 (4.8%) 0.79 238
2021-03-01 $294,700 (7.2%) $368,781 (7.3%) 0.83 209
2021-04-01 $302,825 (9.7%) $383,343 (10.9%) 0.81 201
2021-05-01 $299,000 (3.1%) $399,057 (13.0%) 0.79 192
2021-06-01 $305,950 (5.5%) $414,256 (14.9%) 0.79 203
2021-07-01 $292,250 (4.4%) $393,774 (10.1%) 0.76 221
2021-08-01 $275,000 (0.0%) $379,148 (4.1%) 0.72 223
2021-09-01 $259,900 (-5.7%) $360,703 (-1.7%) 0.68 238
2021-10-01 $264,900 (-1.9%) $353,049 (-2.7%) 0.70 232
2021-11-01 $270,000 (0.8%) $354,586 (1.4%) 0.71 221
2021-12-01 $284,000 (5.4%) $355,857 (1.2%) 0.76 187
2022-01-01 $279,900 (2.0%) $343,352 (-0.8%) 0.75 141
2022-02-01 $285,000 (3.8%) $365,382 (9.2%) 0.73 124
2022-03-01 $299,450 (1.6%) $394,565 (7.0%) 0.74 133
2022-04-01 $299,900 (-1.0%) $404,015 (5.4%) 0.71 132
Morgantown's median listing price for 2022-04-01 was $299,900, a difference of $-2,925 (-1.0%) versus the prior year and $450 versus the prior month.

Morgantown's median listing price comes in at 71% of the national average.

Morgantown's average listing price for 2022-04-01 was $404,015, a difference of $20,672 (5.4%) versus the prior year and $9,450 versus the prior month.

For the 2022-04-01 period, Morgantown had 132 MLS listings, a difference of -1 listings (-1%) versus the prior month and -69 listings (-34%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Morgantown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 132 days 1,940 sqft
2018-02-01 135 days 1,924 sqft
2018-03-01 141 days 2,016 sqft
2018-04-01 106 days 2,027 sqft
2018-05-01 77 days 1,980 sqft
2018-06-01 79 days 1,976 sqft
2018-07-01 80 days 1,965 sqft
2018-08-01 87 days 1,973 sqft
2018-09-01 92 days 1,970 sqft
2018-10-01 94 days 1,981 sqft
2018-11-01 99 days 1,943 sqft
2018-12-01 109 days 1,898 sqft
2019-01-01 119 days 1,898 sqft
2019-02-01 120 days 1,898 sqft
2019-03-01 122 days 1,963 sqft
2019-04-01 78 days 2,001 sqft
2019-05-01 65 days 2,035 sqft
2019-06-01 72 days 2,016 sqft
2019-07-01 80 days 2,045 sqft
2019-08-01 91 days 2,054 sqft
2019-09-01 92 days 2,028 sqft
2019-10-01 102 days 2,006 sqft
2019-11-01 109 days 1,985 sqft
2019-12-01 130 days 1,952 sqft
2020-01-01 133 days 2,019 sqft
2020-02-01 141 days 2,082 sqft
2020-03-01 104 days 2,230 sqft
2020-04-01 89 days 2,194 sqft
2020-05-01 94 days 2,206 sqft
2020-06-01 99 days 2,248 sqft
2020-07-01 85 days 2,170 sqft
2020-08-01 67 days 2,127 sqft
2020-09-01 75 days 2,152 sqft
2020-10-01 84 days 2,100 sqft
2020-11-01 94 days 2,074 sqft
2020-12-01 107 days 1,951 sqft
2021-01-01 103 days 2,005 sqft
2021-02-01 100 days 1,975 sqft
2021-03-01 98 days 2,142 sqft
2021-04-01 79 days 2,119 sqft
2021-05-01 63 days 2,216 sqft
2021-06-01 61 days 2,179 sqft
2021-07-01 57 days 2,002 sqft
2021-08-01 59 days 1,965 sqft
2021-09-01 66 days 1,865 sqft
2021-10-01 69 days 1,883 sqft
2021-11-01 75 days 1,894 sqft
2021-12-01 82 days 1,836 sqft
2022-01-01 87 days 1,821 sqft
2022-02-01 92 days 1,888 sqft
2022-03-01 63 days 1,935 sqft
2022-04-01 53 days 1,897 sqft
Morgantown's median listing age (time on market) for 2022-04-01 was 53 days. This is -32% shorter than the same period one year ago.

Morgantown's median square footage for active listings during the 2022-04-01 period was 1,897 sqft. One year prior, the average listing was 2,119 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.