Ocean City VA Loans

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 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 60 lenders originated 267 VA loans during 2021. The total origination value was $84,635,000, with an average VA loan value of $316,985.

Ocean City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Ocean City averaged 5.41% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.26% and one month ago for the week of 2022-07-01, the average rate was 5.78%.

The average rate one year ago was 2.86%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.05%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Ocean City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 26 2.72% $7,048
QUICKEN LOANS, LLC 22 2.48% $4,740
CALIBER HOME LOANS, INC. 15 2.53% $5,024
FREEDOM MORTGAGE CORPORATION 15 2.34% $3,402
NEW DAY FINANCIAL, LLC 13 2.55% $8,291
PENNYMAC LOAN SERVICES, LLC 11 2.35% $7,379
NAVY FEDERAL CREDIT UNION 8 2.58% $6,656
LOANDEPOT.COM, LLC 8 2.62% $5,546
HOME POINT FINANCIAL CORPORATION 8 2.59% $9,321
UNITED WHOLESALE MORTGAGE, LLC 8 2.60% $9,793
DRAPER AND KRAMER MORTGAGE CORP. 8 2.55% $6,935
CROSSCOUNTRY MORTGAGE, LLC 7 2.77% $5,795
USAA Federal Savings Bank 6 2.88% $6,161
ALLIED MORTGAGE GROUP, INC. 6 2.96% $8,394
LAKEVIEW LOAN SERVICING, LLC 4 2.69% $5,304
CLEARPATH LENDING 4 2.13% $4,476
The Federal Savings Bank 4 2.69% $5,356
Mr. Cooper ( Nationstar Mortgage ) 3 2.67% $3,777
Carrington Mortgage Services, LLC 3 3.33% $9,452
Republic Bank 3 2.58% $16,779
Advisors Mortgage Group, L.L.C. 3 2.75% $18,234
GUARANTEED RATE, INC. 2 2.69% $7,333
AMERICAN FINANCIAL NETWORK, INC. 2 2.25% $12,202
AMERISAVE MORTGAGE CORPORATION 2 2.94% $9,041
Barrington Bank & Trust Company, N.A. 2 2.88% $4,896
BNC National Bank 2 2.50% $7,226
Citizens Bank 2 2.50% $4,468
FINANCE OF AMERICA MORTGAGE LLC 2 2.75% $10,083
Keystone Funding, Inc. 1 2.38% $2,513
KS StateBank 1 2.38% $76,043
InterContinental Capital Group, Inc 1 2.25% $4,028
Home Mortgage Alliance Corp 1 3.13% $13,518
Low VA Rates, LLC 1 2.25% $2,326
Mortgage America, Inc. 1 2.50% $15,544
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $51,334
MOVEMENT MORTGAGE, LLC 1 2.75% $2,790
GREENTREE MORTGAGE COMPANY, L.P. 1 2.63% $4,730
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.38% $2,998
Nations Lending Corporation 1 2.75% $4,837
Gateway First Bank 1 2.88% $5,211
Firstrust Savings Bank 1 2.88% $11,386
NEWREZ LLC 1 2.75% $3,673
NP, Inc. 1 2.25% $3,746
NVR Mortgage Finance, Inc. 1 2.75% $5,578
First Guaranty Mortgage Corporation 1 2.50% $2,281
PENTAGON FEDERAL CREDIT UNION 1 2.25% $9,576
Presidential Bank, FSB 1 2.88% $11,026
Prime Choice Funding Inc. 1 2.50% $2,919
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $5,065
Prosperity Home Mortgage, LLC 1 2.38% $3,321
First Federal Bank 1 2.75% $16,616
Equity Prime Mortgage LLC 1 2.88% $3,054
CONTOUR MORTGAGE CORPORATION 1 2.50% $10,246
UNION HOME MORTGAGE CORP. 1 2.25% $17,719
Community First National Bank 1 2.63% $13,319
Colonial Savings, F.A. 1 2.50% $6,126
US MORTGAGE CORPORATION 1 2.50% $1,970
VILLAGE CAPITAL & INVESTMENT LLC 1 2.25% $4,537
Wells Fargo Bank 1 2.25% $22,257
West Town Bank & Trust 1 2.63% $10,866

The top Ocean City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 26 VA loans originated. Their average total fees are $7,048, which is $2,308 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Ocean City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,402), QUICKEN LOANS, LLC ($4,740), CALIBER HOME LOANS, INC. ($5,024), Mortgage Research Center, LLC ($7,048) and PENNYMAC LOAN SERVICES, LLC ($7,379).

The lowest rate Ocean City VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.34%), PENNYMAC LOAN SERVICES, LLC (2.35%), QUICKEN LOANS, LLC (2.48%), CALIBER HOME LOANS, INC. (2.53%) and NEW DAY FINANCIAL, LLC (2.55%).


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 (2.6%) $686,591 (10.8%) 0.00 2,249
2018-02-01 $412,500 (3.3%) $707,679 (11.1%) 0.00 2,342
2018-03-01 $414,500 (3.9%) $715,145 (11.6%) 0.00 2,365
2018-04-01 $416,000 (5.3%) $716,270 (11.6%) 0.00 2,334
2018-05-01 $399,950 (1.4%) $714,836 (10.5%) 0.00 2,342
2018-06-01 $409,900 (2.7%) $729,040 (11.3%) 0.00 2,293
2018-07-01 $402,450 (3.2%) $741,938 (10.6%) 0.00 2,286
2018-08-01 $399,900 (3.0%) $747,900 (11.2%) 0.00 2,313
2018-09-01 $402,900 (3.3%) $739,838 (11.1%) 0.00 2,338
2018-10-01 $404,950 (1.6%) $744,305 (9.9%) 0.00 2,339
2018-11-01 $414,450 (3.9%) $745,437 (8.6%) 0.00 2,344
2018-12-01 $424,700 (6.4%) $750,339 (9.9%) 0.00 2,270
2019-01-01 $429,000 (7.3%) $760,409 (10.8%) 0.00 2,170
2019-02-01 $439,900 (6.6%) $775,157 (9.5%) 0.00 2,275
2019-03-01 $437,814 (5.6%) $768,825 (7.5%) 0.00 2,352
2019-04-01 $434,900 (4.5%) $759,707 (6.1%) 0.00 2,380
2019-05-01 $436,750 (9.2%) $755,860 (5.7%) 0.00 2,344
2019-06-01 $440,000 (7.3%) $747,645 (2.6%) 0.00 2,291
2019-07-01 $444,300 (10.4%) $766,755 (3.3%) 0.00 2,222
2019-08-01 $444,871 (11.3%) $769,874 (2.9%) 0.00 2,207
2019-09-01 $439,900 (9.2%) $762,598 (3.1%) 0.00 2,189
2019-10-01 $449,500 (11.0%) $776,171 (4.3%) 0.00 2,093
2019-11-01 $474,900 (14.6%) $790,549 (6.1%) 0.00 2,003
2019-12-01 $474,950 (11.8%) $806,888 (7.5%) 0.00 1,898
2020-01-01 $482,400 (12.5%) $1,245,654 (63.8%) 0.00 1,814
2020-02-01 $489,900 (11.4%) $1,264,993 (63.2%) 0.00 1,805
2020-03-01 $497,000 (13.5%) $849,519 (10.5%) 0.00 1,788
2020-04-01 $499,450 (14.8%) $853,770 (12.4%) 0.00 1,750
2020-05-01 $499,900 (14.5%) $861,157 (13.9%) 0.00 1,647
2020-06-01 $527,450 (19.9%) $942,109 (26.0%) 0.00 1,465
2020-07-01 $527,000 (18.6%) $974,703 (27.1%) 0.00 1,239
2020-08-01 $499,900 (12.4%) $932,118 (21.1%) 0.00 1,152
2020-09-01 $515,000 (17.1%) $908,146 (19.1%) 0.00 1,141
2020-10-01 $525,000 (16.8%) $920,065 (18.5%) 0.00 1,112
2020-11-01 $537,000 (13.1%) $914,954 (15.7%) 0.00 1,046
2020-12-01 $550,000 (15.8%) $944,806 (17.1%) 0.00 955
2021-01-01 $549,900 (14.0%) $949,760 (-23.8%) 0.00 815
2021-02-01 $587,000 (19.8%) $1,044,435 (-17.4%) 0.00 651
2021-03-01 $624,945 (25.7%) $1,080,228 (27.2%) 0.00 648
2021-04-01 $639,450 (28.0%) $1,169,428 (37.0%) 0.00 703
2021-05-01 $649,900 (30.0%) $1,188,893 (38.1%) 0.00 685
2021-06-01 $649,500 (23.1%) $1,162,920 (23.4%) 0.00 782
2021-07-01 $612,400 (16.2%) $1,087,948 (11.6%) 0.00 817
2021-08-01 $599,900 (20.0%) $1,071,534 (15.0%) 0.00 936
2021-09-01 $599,000 (16.3%) $1,031,267 (13.6%) 0.00 1,005
2021-10-01 $599,999 (14.3%) $1,056,540 (14.8%) 0.00 999
2021-11-01 $652,450 (21.5%) $1,130,164 (23.5%) 0.00 911
2021-12-01 $652,450 (18.6%) $1,129,956 (19.6%) 0.00 845
2022-01-01 $675,000 (22.8%) $1,195,406 (25.9%) 0.00 677
2022-02-01 $721,950 (23.0%) $1,277,079 (22.3%) 0.00 615
2022-03-01 $759,950 (21.6%) $1,323,167 (22.5%) 0.00 600
2022-04-01 $795,000 (24.3%) $1,390,295 (18.9%) 0.00 642
2022-05-01 $787,000 (21.1%) $1,387,368 (16.7%) 0.00 756
2022-06-01 $729,000 (12.2%) $1,370,403 (17.8%) 0.00 847
Ocean City's median listing price for 2022-06-01 was $729,000, a difference of $79,500 (12.2%) versus the prior year and $-58,000 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 2022-06-01 was $1,370,403, a difference of $207,483 (17.8%) versus the prior year and $-16,965 versus the prior month.

For the 2022-06-01 period, Ocean City had 847 MLS listings, a difference of 91 listings (12%) versus the prior month and 65 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 1,601 sqft
2018-02-01 0 days 1,622 sqft
2018-03-01 0 days 1,639 sqft
2018-04-01 0 days 1,660 sqft
2018-05-01 0 days 1,635 sqft
2018-06-01 0 days 1,674 sqft
2018-07-01 0 days 1,658 sqft
2018-08-01 0 days 1,648 sqft
2018-09-01 0 days 1,606 sqft
2018-10-01 0 days 1,606 sqft
2018-11-01 0 days 1,600 sqft
2018-12-01 0 days 1,600 sqft
2019-01-01 0 days 1,596 sqft
2019-02-01 0 days 1,592 sqft
2019-03-01 0 days 1,583 sqft
2019-04-01 0 days 1,585 sqft
2019-05-01 0 days 1,579 sqft
2019-06-01 0 days 1,604 sqft
2019-07-01 0 days 1,669 sqft
2019-08-01 0 days 1,677 sqft
2019-09-01 0 days 1,661 sqft
2019-10-01 0 days 1,669 sqft
2019-11-01 0 days 1,700 sqft
2019-12-01 0 days 1,700 sqft
2020-01-01 0 days 1,700 sqft
2020-02-01 0 days 1,722 sqft
2020-03-01 0 days 1,742 sqft
2020-04-01 0 days 1,750 sqft
2020-05-01 0 days 1,764 sqft
2020-06-01 0 days 1,814 sqft
2020-07-01 0 days 1,807 sqft
2020-08-01 0 days 1,752 sqft
2020-09-01 0 days 1,703 sqft
2020-10-01 0 days 1,680 sqft
2020-11-01 0 days 1,686 sqft
2020-12-01 0 days 1,734 sqft
2021-01-01 0 days 1,737 sqft
2021-02-01 0 days 1,733 sqft
2021-03-01 0 days 1,646 sqft
2021-04-01 0 days 1,650 sqft
2021-05-01 0 days 1,766 sqft
2021-06-01 0 days 1,729 sqft
2021-07-01 0 days 1,693 sqft
2021-08-01 0 days 1,625 sqft
2021-09-01 0 days 1,582 sqft
2021-10-01 0 days 1,568 sqft
2021-11-01 0 days 1,622 sqft
2021-12-01 0 days 1,616 sqft
2022-01-01 0 days 1,639 sqft
2022-02-01 0 days 1,690 sqft
2022-03-01 0 days 1,737 sqft
2022-04-01 0 days 1,750 sqft
2022-05-01 0 days 1,825 sqft
2022-06-01 0 days 1,791 sqft
Ocean City's median listing age (time on market) for 2022-06-01 was 0 days.

Ocean City's median square footage for active listings during the 2022-06-01 period was 1,791 sqft. One year prior, the average listing was 1,729 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.