Ocean City VA Loan Rates, Closing Costs & Stats

OCEAN CITY, NJ

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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.

    Ocean City's 43 lenders originated 93 VA loans during 2022. The total origination value was $36,685,000, with an average VA loan value of $394,462.

    Ocean City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Ocean City averaged 5.78% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Ocean City's average VA mortgage closing costs are $7,545.

    The average rate for the prior week (2023-05-19) was 5.41% and one month ago for the week of 2023-04-21, the average rate was 5.33%.

    The average rate one year ago was 4.6%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.97%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 16 5.10% $11,905
    NEW DAY FINANCIAL, LLC 6 4.56% $11,479
    LOANDEPOT.COM, LLC 6 4.10% $14,428
    QUICKEN LOANS, LLC 6 3.23% $12,744
    DRAPER AND KRAMER MORTGAGE CORP. 3 5.04% $12,816
    FREEDOM MORTGAGE CORPORATION 3 4.08% $12,214
    USAA Federal Savings Bank 3 4.04% $6,923
    PENNYMAC LOAN SERVICES, LLC 3 2.96% $8,255
    Wells Fargo Bank 2 4.56% $9,744
    MOVEMENT MORTGAGE, LLC 2 3.13% $20,049
    CROSSCOUNTRY MORTGAGE, LLC 2 4.63% $12,029
    NAVY FEDERAL CREDIT UNION 2 3.81% $18,500
    UNITED WHOLESALE MORTGAGE, LLC 2 3.71% $9,888
    CALIBER HOME LOANS, INC. 2 2.90% $10,072
    LAKEVIEW LOAN SERVICING, LLC 2 3.00% $8,373
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $3,461
    Nations Lending Corporation 1 3.88% $18,415
    NVR Mortgage Finance, Inc. 1 3.88% $2,941
    PANORAMA MORTGAGE GROUP, LLC 1 5.25% $24,239
    Paramount Residential Mortgage Group, Inc. 1 4.75% $17,567
    PENTAGON FEDERAL CREDIT UNION 1 2.25% $24,102
    PLANET HOME LENDING, LLC 1 4.88% $6,316
    PNC Bank 1 3.13% $1,464
    Princeton Mortgage Corporation 1 4.50% $30,641
    Prosperity Home Mortgage, LLC 1 4.25% $3,119
    ABSOLUTE HOME MORTGAGE CORPORATION 1 5.25% $13,363
    Truist 1 2.70% $15,903
    U.S. Bank 1 4.63% $4,316
    The Federal Savings Bank 1 3.75% $14,222
    Advisors Mortgage Group, L.L.C. 1 5.13% $4,551
    ALLIED MORTGAGE GROUP, INC. 1 2.75% $8,542
    Armed Forces Bank 1 4.88% $25,213
    BNC National Bank 1 2.75% $1,910
    BROKER SOLUTIONS, INC. 1 2.75% $17,678
    CARDINAL FINANCIAL 1 3.25% $18,703
    EMM LOANS LLC 1 3.63% $14,380
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.00% $4,979
    First Home Bank 1 4.00% $2,387
    Flagstar Bank, FSB 1 6.25% $13,818
    Gateway First Bank 1 5.25% $4,542
    GUARANTEED RATE, INC. 1 2.50% $5,791
    Huntingdon Valley Bank 1 5.25% $9,394
    MLD MORTGAGE INC. 1 4.50% $26,616

    The top Ocean City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 16 VA loans originated. Their average total fees are $11,905, which is $425 higher than the next largest lender, NEW DAY FINANCIAL, LLC.

    The lowest fee Ocean City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($11,905), .

    The lowest rate Ocean City VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (5.10%), .

    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%) $685,995 (11.8%) 0.00 2,142
    2018-02-01 $412,225 (3.3%) $699,840 (10.5%) 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%) $711,706 (9.5%) 0.00 2,218
    2018-06-01 $410,950 (4.5%) $726,820 (10.1%) 0.00 2,166
    2018-07-01 $411,750 (5.6%) $743,637 (11.1%) 0.00 2,130
    2018-08-01 $407,500 (7.3%) $753,930 (12.3%) 0.00 2,154
    2018-09-01 $414,900 (6.4%) $746,724 (11.8%) 0.00 2,179
    2018-10-01 $419,075 (5.1%) $754,485 (11.2%) 0.00 2,185
    2018-11-01 $423,700 (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 $428,700 (7.2%) $756,643 (10.3%) 0.00 2,047
    2019-02-01 $442,675 (7.4%) $767,286 (9.6%) 0.00 2,136
    2019-03-01 $429,900 (3.6%) $752,823 (6.1%) 0.00 2,222
    2019-04-01 $435,000 (3.7%) $747,695 (4.1%) 0.00 2,211
    2019-05-01 $434,375 (7.4%) $739,219 (3.9%) 0.00 2,187
    2019-06-01 $449,000 (9.3%) $741,107 (2.0%) 0.00 2,125
    2019-07-01 $449,000 (9.1%) $759,867 (2.2%) 0.00 2,050
    2019-08-01 $448,600 (10.1%) $770,658 (2.2%) 0.00 2,014
    2019-09-01 $449,000 (8.2%) $764,890 (2.4%) 0.00 1,965
    2019-10-01 $454,000 (8.3%) $766,142 (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 (11.9%) $1,030,324 (36.2%) 0.00 1,686
    2020-02-01 $485,000 (9.6%) $1,053,104 (37.3%) 0.00 1,698
    2020-03-01 $494,500 (15.0%) $823,625 (9.4%) 0.00 1,680
    2020-04-01 $499,000 (14.7%) $821,888 (9.9%) 0.00 1,644
    2020-05-01 $499,000 (14.9%) $829,298 (12.2%) 0.00 1,570
    2020-06-01 $512,500 (14.1%) $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 (10.3%) $901,556 (17.0%) 0.00 1,115
    2020-09-01 $522,400 (16.4%) $891,758 (16.6%) 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%) $936,107 (19.8%) 0.00 962
    2020-12-01 $550,000 (15.8%) $938,135 (19.4%) 0.00 882
    2021-01-01 $559,000 (16.5%) $943,976 (-8.4%) 0.00 750
    2021-02-01 $594,450 (22.6%) $1,041,580 (-1.1%) 0.00 603
    2021-03-01 $649,500 (31.3%) $1,085,199 (31.8%) 0.00 610
    2021-04-01 $649,925 (30.3%) $1,166,003 (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%) $1,143,585 (25.5%) 0.00 741
    2021-07-01 $619,000 (23.8%) $1,083,934 (16.9%) 0.00 768
    2021-08-01 $626,995 (26.7%) $1,085,102 (20.4%) 0.00 850
    2021-09-01 $599,950 (14.8%) $1,049,207 (17.7%) 0.00 912
    2021-10-01 $649,000 (22.7%) $1,078,154 (18.4%) 0.00 887
    2021-11-01 $695,000 (26.4%) $1,143,238 (22.1%) 0.00 812
    2021-12-01 $677,450 (23.2%) $1,140,091 (21.5%) 0.00 750
    2022-01-01 $689,450 (23.3%) $1,190,275 (26.1%) 0.00 614
    2022-02-01 $738,000 (24.2%) $1,258,379 (20.8%) 0.00 562
    2022-03-01 $767,950 (18.2%) $1,294,309 (19.3%) 0.00 545
    2022-04-01 $792,500 (21.9%) $1,373,419 (17.8%) 0.00 576
    2022-05-01 $797,450 (18.1%) $1,378,253 (16.5%) 0.00 684
    2022-06-01 $773,725 (17.3%) $1,370,663 (19.9%) 0.00 759
    2022-07-01 $724,900 (17.1%) $1,301,550 (20.1%) 0.00 863
    2022-08-01 $744,525 (18.7%) $1,332,914 (22.8%) 0.00 875
    2022-09-01 $793,475 (32.3%) $1,330,062 (26.8%) 0.00 885
    2022-10-01 $799,900 (23.3%) $1,342,177 (24.5%) 0.00 914
    2022-11-01 $799,900 (15.1%) $1,368,907 (19.7%) 0.00 901
    2022-12-01 $822,450 (21.4%) $1,360,138 (19.3%) 0.00 835
    2023-01-01 $839,700 (21.8%) $1,423,221 (19.6%) 0.00 768
    2023-02-01 $889,500 (20.5%) $1,456,705 (15.8%) 0.00 754
    2023-03-01 $899,000 (17.1%) $1,514,079 (17.0%) 0.00 737
    2023-04-01 $899,900 (13.6%) $1,520,524 (10.7%) 0.00 714
    Ocean City's median listing price for 2023-04-01 was $899,900, a difference of $107,400 (13.6%) versus the prior year and $900 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 2023-04-01 was $1,520,524, a difference of $147,105 (10.7%) versus the prior year and $6,445 versus the prior month.

    For the 2023-04-01 period, Ocean City had 714 MLS listings, a difference of -23 listings (-3%) versus the prior month and 138 listings (24%) 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 1,592 sqft
    2018-02-01 0 days 1,595 sqft
    2018-03-01 0 days 1,600 sqft
    2018-04-01 0 days 1,600 sqft
    2018-05-01 0 days 1,598 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 1,594 sqft
    2018-10-01 0 days 1,580 sqft
    2018-11-01 0 days 1,573 sqft
    2018-12-01 0 days 1,569 sqft
    2019-01-01 0 days 1,569 sqft
    2019-02-01 0 days 1,556 sqft
    2019-03-01 0 days 1,558 sqft
    2019-04-01 0 days 1,535 sqft
    2019-05-01 0 days 1,535 sqft
    2019-06-01 0 days 1,562 sqft
    2019-07-01 0 days 1,588 sqft
    2019-08-01 0 days 1,600 sqft
    2019-09-01 0 days 1,610 sqft
    2019-10-01 0 days 1,624 sqft
    2019-11-01 0 days 1,646 sqft
    2019-12-01 0 days 1,620 sqft
    2020-01-01 0 days 1,618 sqft
    2020-02-01 0 days 1,656 sqft
    2020-03-01 0 days 1,682 sqft
    2020-04-01 0 days 1,701 sqft
    2020-05-01 0 days 1,722 sqft
    2020-06-01 0 days 1,751 sqft
    2020-07-01 0 days 1,741 sqft
    2020-08-01 0 days 1,695 sqft
    2020-09-01 0 days 1,648 sqft
    2020-10-01 0 days 1,633 sqft
    2020-11-01 0 days 1,637 sqft
    2020-12-01 0 days 1,674 sqft
    2021-01-01 0 days 1,680 sqft
    2021-02-01 0 days 1,700 sqft
    2021-03-01 0 days 1,598 sqft
    2021-04-01 0 days 1,617 sqft
    2021-05-01 0 days 1,752 sqft
    2021-06-01 0 days 1,668 sqft
    2021-07-01 0 days 1,640 sqft
    2021-08-01 0 days 1,607 sqft
    2021-09-01 0 days 1,554 sqft
    2021-10-01 0 days 1,556 sqft
    2021-11-01 0 days 1,600 sqft
    2021-12-01 0 days 1,596 sqft
    2022-01-01 0 days 1,619 sqft
    2022-02-01 0 days 1,659 sqft
    2022-03-01 0 days 1,726 sqft
    2022-04-01 0 days 1,716 sqft
    2022-05-01 0 days 1,800 sqft
    2022-06-01 0 days 1,738 sqft
    2022-07-01 0 days 1,667 sqft
    2022-08-01 0 days 1,649 sqft
    2022-09-01 0 days 1,690 sqft
    2022-10-01 0 days 1,700 sqft
    2022-11-01 0 days 1,682 sqft
    2022-12-01 0 days 1,638 sqft
    2023-01-01 0 days 1,662 sqft
    2023-02-01 0 days 1,700 sqft
    2023-03-01 0 days 1,716 sqft
    2023-04-01 0 days 1,734 sqft
    Ocean City's median listing age (time on market) for 2023-04-01 was 0 days.

    Ocean City's median square footage for active listings during the 2023-04-01 period was 1,734 sqft. One year prior, the average listing was 1,716 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.