Ocean City VA Loans

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 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.