Morgantown VA Loans

MORGANTOWN, WV

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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.

    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.