Ocean City VA Loan Rates, Closing Costs & Stats

OCEAN CITY, NJ

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.

Ocean City's 24 lenders originated 64 VA loans during 2023. The total origination value was $23,600,000, with an average VA loan value of $368,750.

Ocean City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Ocean City averaged 6.91% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

Ocean City's average VA mortgage closing costs are $7,780.

The average rate for the prior week (2024-04-05) was 6.56% and one month ago for the week of 2024-03-08, the average rate was 6.49%.

The average rate one year ago was 6.09%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.13%.

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

Ocean City 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 Ocean City level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 15 6.65% $9,102
DRAPER AND KRAMER MORTGAGE CORP. 7 6.20% $8,143
QUICKEN LOANS, LLC 6 6.00% $14,847
Citizens Bank 5 6.38% $8,945
LOANDEPOT.COM, LLC 4 6.03% $17,472
CROSSCOUNTRY MORTGAGE, LLC 3 6.06% $16,122
Mr. Cooper ( Nationstar Mortgage ) 2 5.69% $11,173
NAVY FEDERAL CREDIT UNION 2 5.81% $11,677
UNITED WHOLESALE MORTGAGE, LLC 2 7.06% $4,959
USAA Federal Savings Bank 2 6.13% $11,952
GUARANTEED RATE, INC. 2 6.75% $5,602
UNION HOME MORTGAGE CORP. 1 5.63% $15,236
1st Colonial Community Bank 1 6.50% $3,563
U.S. Bank 1 6.13% $4,951
ALLIED MORTGAGE GROUP, INC. 1 6.75% $10,775
CALIBER HOME LOANS, INC. 1 6.25% $10,410
Keystone Funding, Inc. 1 6.88% $6,392
NBKC BANK 1 5.63% $4,623
NEW DAY FINANCIAL, LLC 1 6.88% $20,252
PENNYMAC LOAN SERVICES, LLC 1 5.25% $18,807
POLARIS HOME FUNDING CORP. 1 6.75% $21,654
TD Bank 1 6.00% $2,127
The Central Trust Bank 1 5.75% $3,713
The Federal Savings Bank 1 5.75% $31,023

The top Ocean City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 15 VA loans originated. Their average total fees are $9,102, which is $959 higher than the next largest lender, DRAPER AND KRAMER MORTGAGE CORP..

The lowest fee Ocean City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($9,102), .

The lowest rate Ocean City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.65%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Ocean City (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 $399,900 (2.8%) $686,088 (11.8%) 0.00 2,141
2018-02-01 $412,225 (3.3%) $699,840 (10.6%) 0.00 2,230
2018-03-01 $415,000 (4.0%) $709,696 (11.1%) 0.00 2,230
2018-04-01 $419,450 (7.6%) $718,298 (11.8%) 0.00 2,209
2018-05-01 $404,500 (3.7%) $711,945 (9.6%) 0.00 2,217
2018-06-01 $413,250 (5.1%) $727,118 (10.1%) 0.00 2,164
2018-07-01 $411,850 (5.6%) $744,041 (11.1%) 0.00 2,129
2018-08-01 $408,500 (7.5%) $754,201 (12.3%) 0.00 2,153
2018-09-01 $414,950 (6.4%) $746,821 (11.7%) 0.00 2,178
2018-10-01 $419,450 (5.1%) $754,753 (11.2%) 0.00 2,183
2018-11-01 $423,725 (6.3%) $749,974 (10.4%) 0.00 2,191
2018-12-01 $425,000 (6.5%) $750,991 (11.1%) 0.00 2,126
2019-01-01 $428,075 (7.1%) $756,698 (10.3%) 0.00 2,046
2019-02-01 $441,950 (7.2%) $767,394 (9.7%) 0.00 2,135
2019-03-01 $440,657 (6.2%) $760,432 (7.2%) 0.00 2,189
2019-04-01 $435,000 (3.7%) $747,706 (4.1%) 0.00 2,215
2019-05-01 $433,625 (7.2%) $739,312 (3.8%) 0.00 2,186
2019-06-01 $448,500 (8.5%) $741,204 (1.9%) 0.00 2,124
2019-07-01 $449,000 (9.0%) $759,867 (2.1%) 0.00 2,050
2019-08-01 $449,000 (9.9%) $766,728 (1.7%) 0.00 2,016
2019-09-01 $449,000 (8.2%) $763,597 (2.3%) 0.00 1,988
2019-10-01 $454,000 (8.2%) $766,251 (1.5%) 0.00 1,965
2019-11-01 $474,900 (12.1%) $781,297 (4.2%) 0.00 1,875
2019-12-01 $474,900 (11.7%) $785,720 (4.6%) 0.00 1,756
2020-01-01 $479,900 (12.1%) $1,030,324 (36.2%) 0.00 1,686
2020-02-01 $485,000 (9.7%) $1,053,221 (37.3%) 0.00 1,697
2020-03-01 $494,500 (12.2%) $823,625 (8.3%) 0.00 1,680
2020-04-01 $499,000 (14.7%) $821,888 (9.9%) 0.00 1,644
2020-05-01 $499,000 (15.1%) $829,298 (12.2%) 0.00 1,570
2020-06-01 $512,500 (14.3%) $911,443 (23.0%) 0.00 1,406
2020-07-01 $499,950 (11.4%) $927,433 (22.1%) 0.00 1,196
2020-08-01 $495,000 (10.2%) $901,556 (17.6%) 0.00 1,115
2020-09-01 $522,400 (16.4%) $891,758 (16.8%) 0.00 1,088
2020-10-01 $529,000 (16.5%) $910,487 (18.8%) 0.00 1,044
2020-11-01 $549,675 (15.8%) $936,363 (19.9%) 0.00 962
2020-12-01 $552,250 (16.3%) $938,647 (19.5%) 0.00 881
2021-01-01 $559,000 (16.5%) $944,565 (-8.3%) 0.00 749
2021-02-01 $594,450 (22.6%) $1,042,501 (-1.0%) 0.00 602
2021-03-01 $649,725 (31.4%) $1,085,558 (31.8%) 0.00 609
2021-04-01 $649,950 (30.3%) $1,166,510 (41.9%) 0.00 654
2021-05-01 $675,000 (35.3%) $1,183,157 (42.7%) 0.00 652
2021-06-01 $659,900 (28.8%) $1,144,741 (25.6%) 0.00 740
2021-07-01 $619,000 (23.8%) $1,083,934 (16.9%) 0.00 768
2021-08-01 $626,973 (26.7%) $1,084,223 (20.3%) 0.00 851
2021-09-01 $599,943 (14.8%) $1,048,410 (17.6%) 0.00 913
2021-10-01 $649,000 (22.7%) $1,077,306 (18.3%) 0.00 888
2021-11-01 $695,000 (26.4%) $1,143,238 (22.1%) 0.00 812
2021-12-01 $677,450 (22.7%) $1,140,091 (21.5%) 0.00 750
2022-01-01 $689,000 (23.3%) $1,188,813 (25.9%) 0.00 615
2022-02-01 $738,000 (24.2%) $1,257,453 (20.6%) 0.00 563
2022-03-01 $767,950 (18.2%) $1,294,309 (19.2%) 0.00 545
2022-04-01 $792,500 (21.9%) $1,373,419 (17.7%) 0.00 576
2022-05-01 $797,450 (18.1%) $1,378,253 (16.5%) 0.00 684
2022-06-01 $775,000 (17.4%) $1,371,150 (19.8%) 0.00 758
2022-07-01 $724,900 (17.1%) $1,301,540 (20.1%) 0.00 863
2022-08-01 $746,550 (19.1%) $1,333,912 (23.0%) 0.00 874
2022-09-01 $794,500 (32.4%) $1,331,001 (27.0%) 0.00 884
2022-10-01 $799,900 (23.3%) $1,342,416 (24.6%) 0.00 913
2022-11-01 $799,950 (15.1%) $1,370,826 (19.9%) 0.00 899
2022-12-01 $824,900 (21.8%) $1,361,256 (19.4%) 0.00 834
2023-01-01 $835,000 (21.2%) $1,421,437 (19.6%) 0.00 769
2023-02-01 $889,500 (20.5%) $1,458,037 (16.0%) 0.00 753
2023-03-01 $899,000 (17.1%) $1,514,079 (17.0%) 0.00 737
2023-04-01 $899,000 (13.4%) $1,520,524 (10.7%) 0.00 714
2023-05-01 $935,750 (17.3%) $1,568,262 (13.8%) 0.00 702
2023-06-01 $962,991 (24.3%) $1,650,580 (20.4%) 0.00 702
2023-07-01 $974,450 (34.4%) $1,683,743 (29.4%) 0.00 711
2023-08-01 $994,000 (33.2%) $1,734,322 (30.0%) 0.00 690
2023-09-01 $950,000 (19.6%) $1,710,854 (28.5%) 0.00 725
2023-10-01 $926,450 (15.8%) $1,607,532 (19.8%) 0.00 784
2023-11-01 $884,112 (10.5%) $1,552,095 (13.2%) 0.00 805
2023-12-01 $900,000 (9.1%) $1,565,212 (15.0%) 0.00 775
2024-01-01 $924,975 (10.8%) $1,571,207 (10.5%) 0.00 705
2024-02-01 $899,900 (1.2%) $1,579,666 (8.3%) 0.00 729
2024-03-01 $919,450 (2.3%) $1,632,957 (7.9%) 0.00 794
Ocean City's median listing price for 2024-03-01 was $919,450, a difference of $20,450 (2.3%) versus the prior year and $19,550 versus the prior month.

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

Ocean City's average listing price for 2024-03-01 was $1,632,957, a difference of $118,878 (7.9%) versus the prior year and $53,291 versus the prior month.

For the 2024-03-01 period, Ocean City had 794 MLS listings, a difference of 65 listings (9%) versus the prior month and 57 listings (8%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Ocean City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,590 sqft
2018-02-01 0 days 1,590 sqft
2018-03-01 0 days 1,592 sqft
2018-04-01 0 days 1,600 sqft
2018-05-01 0 days 1,592 sqft
2018-06-01 0 days 1,600 sqft
2018-07-01 0 days 1,600 sqft
2018-08-01 0 days 1,600 sqft
2018-09-01 0 days 1,580 sqft
2018-10-01 0 days 1,577 sqft
2018-11-01 0 days 1,567 sqft
2018-12-01 0 days 1,564 sqft
2019-01-01 0 days 1,567 sqft
2019-02-01 0 days 1,549 sqft
2019-03-01 0 days 1,520 sqft
2019-04-01 0 days 1,520 sqft
2019-05-01 0 days 1,527 sqft
2019-06-01 0 days 1,560 sqft
2019-07-01 0 days 1,578 sqft
2019-08-01 0 days 1,592 sqft
2019-09-01 0 days 1,606 sqft
2019-10-01 0 days 1,615 sqft
2019-11-01 0 days 1,622 sqft
2019-12-01 0 days 1,601 sqft
2020-01-01 0 days 1,600 sqft
2020-02-01 0 days 1,615 sqft
2020-03-01 0 days 1,656 sqft
2020-04-01 0 days 1,679 sqft
2020-05-01 0 days 1,700 sqft
2020-06-01 0 days 1,732 sqft
2020-07-01 0 days 1,718 sqft
2020-08-01 0 days 1,680 sqft
2020-09-01 0 days 1,601 sqft
2020-10-01 0 days 1,600 sqft
2020-11-01 0 days 1,608 sqft
2020-12-01 0 days 1,629 sqft
2021-01-01 0 days 1,680 sqft
2021-02-01 0 days 1,686 sqft
2021-03-01 0 days 1,585 sqft
2021-04-01 0 days 1,603 sqft
2021-05-01 0 days 1,700 sqft
2021-06-01 0 days 1,658 sqft
2021-07-01 0 days 1,597 sqft
2021-08-01 0 days 1,587 sqft
2021-09-01 0 days 1,550 sqft
2021-10-01 0 days 1,549 sqft
2021-11-01 0 days 1,600 sqft
2021-12-01 0 days 1,600 sqft
2022-01-01 0 days 1,637 sqft
2022-02-01 0 days 1,668 sqft
2022-03-01 0 days 1,720 sqft
2022-04-01 0 days 1,700 sqft
2022-05-01 0 days 1,785 sqft
2022-06-01 0 days 1,736 sqft
2022-07-01 0 days 1,677 sqft
2022-08-01 0 days 1,653 sqft
2022-09-01 0 days 1,699 sqft
2022-10-01 0 days 1,732 sqft
2022-11-01 0 days 1,703 sqft
2022-12-01 0 days 1,640 sqft
2023-01-01 0 days 1,700 sqft
2023-02-01 0 days 1,704 sqft
2023-03-01 0 days 1,717 sqft
2023-04-01 0 days 1,736 sqft
2023-05-01 0 days 1,750 sqft
2023-06-01 0 days 1,734 sqft
2023-07-01 0 days 1,810 sqft
2023-08-01 0 days 1,814 sqft
2023-09-01 0 days 1,734 sqft
2023-10-01 0 days 1,710 sqft
2023-11-01 0 days 1,665 sqft
2023-12-01 0 days 1,710 sqft
2024-01-01 0 days 1,700 sqft
2024-02-01 0 days 1,717 sqft
2024-03-01 0 days 1,706 sqft
Ocean City's median listing age (time on market) for 2024-03-01 was 0 days.

Ocean City's median square footage for active listings during the 2024-03-01 period was 1,706 sqft. One year prior, the average listing was 1,717 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.