Panama City VA Loan Rates, Closing Costs & Stats

PANAMA CITY, FL

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.

Panama City's 116 lenders originated 1,000 VA loans during 2023. The total origination value was $343,150,000, with an average VA loan value of $343,150.

Panama City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Panama City averaged 6.57% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

Panama City's average VA mortgage closing costs are $7,277.

The average rate for the prior week (2024-04-05) was 6.42% and one month ago for the week of 2024-03-08, the average rate was 6.65%.

The average rate one year ago was 6.05%.

For refis of the same type during the week of 2024-04-12, the average rate was 7.12%.

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

Panama 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 Panama City level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
DHI MORTGAGE COMPANY, LTD. 232 5.49% $8,839
Mortgage Research Center, LLC 88 6.53% $9,520
UNITED WHOLESALE MORTGAGE, LLC 71 6.34% $9,607
NAVY FEDERAL CREDIT UNION 51 5.81% $8,885
QUICKEN LOANS, LLC 43 6.06% $13,523
Wells Fargo Bank 31 5.44% $12,234
Trustmark National Bank 25 6.28% $8,251
CARDINAL FINANCIAL 25 6.45% $12,360
USAA Federal Savings Bank 24 6.03% $12,789
CROSSCOUNTRY MORTGAGE, LLC 23 6.38% $9,558
BROKER SOLUTIONS, INC. 23 6.20% $9,411
Centennial Bank 20 6.41% $8,912
LOANDEPOT.COM, LLC 14 6.06% $13,242
FREEDOM MORTGAGE CORPORATION 13 6.62% $15,919
NEW DAY FINANCIAL, LLC 13 7.24% $15,163
MOVEMENT MORTGAGE, LLC 13 6.13% $15,001
ARK-LA-TEX FINANCIAL SERVICES, LLC. 12 6.30% $11,353
Tyndall Federal Credit Union 11 6.61% $7,246
FBC MORTGAGE, LLC 10 5.71% $12,059
GUARANTEED RATE, INC. 10 6.11% $8,409
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.34% $10,474
PENNYMAC LOAN SERVICES, LLC 7 5.91% $10,880
CMG MORTGAGE, INC. 6 6.27% $8,889
NBKC BANK 6 5.92% $11,263
OPEN MORTGAGE, LLC 6 6.13% $6,991
SWBC MORTGAGE CORPORATION 6 6.00% $17,063
LAND HOME FINANCIAL SERVICES, INC. 5 6.73% $7,628
NEWREZ LLC 5 6.13% $15,239
Bank of England 5 6.68% $12,132
Truist 4 5.85% $5,041
Equity Prime Mortgage LLC 4 6.56% $8,195
First Federal Bank 4 6.41% $8,162
GENEVA FINANCIAL, LLC 4 6.88% $14,816
INSPIRE HOME LOANS INC. 4 5.63% $7,821
Paramount Residential Mortgage Group, Inc. 4 5.84% $12,588
PENTAGON FEDERAL CREDIT UNION 4 5.59% $5,907
SUCCESS MORTGAGE PARTNERS, INC. 4 7.34% $12,407
United Community Bank 4 6.16% $10,629
United Fidelity Funding Corp. 4 6.25% $9,234
Northpointe Bank 3 5.33% $12,888
PLANET HOME LENDING, LLC 3 6.33% $12,171
PLAZA HOME MORTGAGE, INC. 3 7.08% $9,679
Mr. Cooper ( Nationstar Mortgage ) 3 5.75% $16,575
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.25% $8,141
Barrington Bank & Trust Company, N.A. 3 6.38% $10,815
MORTGAGE INVESTORS GROUP, INC. 3 6.75% $11,258
Ameris Bank 3 6.46% $12,874
Regions Bank 3 5.71% $13,172
VILLAGE CAPITAL MORTGAGE 3 6.75% $14,023
1ST SIGNATURE LENDING, LLC 2 7.25% $9,038
Capital City Home Loans, LLC 2 7.19% $3,806
Armed Forces Bank 2 6.88% $19,471
Plains Commerce Bank 2 5.69% $9,125
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.19% $7,536
Prosperity Home Mortgage, LLC 2 5.31% $6,822
Fifth Third Bank 2 7.00% $4,708
MICHIGAN MUTUAL, INC. 2 5.19% $8,699
Flagstar Bank, FSB 2 7.19% $10,624
VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.38% $8,096
CONTOUR MORTGAGE CORPORATION 2 6.44% $11,382
LOANPAL, LLC 2 6.38% $16,984
SmartBank 2 5.56% $8,851
Lakeview Community Capital, LLC 2 7.38% $14,448
GUARANTEED RATE AFFINITY, LLC 2 6.00% $12,400
AMERISAVE MORTGAGE CORPORATION 2 5.44% $19,143
THE MORTGAGE FIRM, INC. 2 6.75% $6,394
TOWNE MORTGAGE COMPANY 2 6.88% $7,270
Renasant Bank 1 5.63% $4,154
RESIDENTIAL BANCORP 1 6.13% $4,897
Residential Mortgage Solutions, Inc. 1 7.63% $15,453
RUOFF MORTGAGE COMPANY, INC. 1 7.25% $10,033
ServisFirst Bank 1 6.13% $3,305
SOUTHPOINT FINANCIAL SERVICES, INC. 1 6.75% $1,210
Waterstone Mortgage Corporation 1 7.25% $14,775
SUN WEST MORTGAGE COMPANY, INC. 1 6.88% $7,917
The Federal Savings Bank 1 5.63% $15,771
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.13% $15,208
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.88% $12,565
Union Savings Bank 1 5.75% $0
WATSON MORTGAGE CORP. 1 6.75% $10,054
ALLIED MORTGAGE GROUP, INC. 1 6.38% $11,573
AMERICAN FINANCING CORPORATION 1 5.99% $23,676
EVERETT FINANCIAL, INC. 1 7.75% $10,281
Evolve Bank & Trust 1 6.00% $8,643
ENVOY MORTGAGE, LTD 1 6.25% $7,899
DIRECT MORTGAGE LOANS, LLC 1 7.63% $13,131
University Bank 1 6.88% $11,140
FIRST HOME MORTGAGE CORPORATION 1 6.63% $12,099
First United Bank and Trust Company 1 6.13% $7,329
Credence Funding Corporation 1 5.25% $9,955
AMERICAN FINANCIAL NETWORK, INC. 1 5.63% $4,070
Goldwater Bank, N.A. 1 6.75% $12,383
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 5.63% $13,679
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.13% $22,551
HomePromise Corporation 1 8.13% $1,487
J. VIRGIL, INC. 1 5.75% $18,505
LAKEVIEW LOAN SERVICING, LLC 1 6.25% $22,001
Citizens Bank 1 6.75% $4,937
CHURCHILL MORTGAGE CORPORATION 1 6.75% $17,196
Magnolia Bank 1 6.25% $14,893
Meridian Bank Corporation 1 5.49% $12,994
Mid-Continent Funding, Inc. 1 5.99% $9,618
MILEND, INC. 1 5.63% $13,337
MORTGAGEONE, INC. 1 7.63% $7,546
MORTGAGE ONE OF THE SOUTH, INC. 1 5.75% $23,010
Century Mortgage Company DBA Century Lending Company 1 6.38% $9,820
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.49% $10,752
Nations Lending Corporation 1 5.63% $36,548
NATIONWIDE MORTGAGE BANKERS, INC. 1 6.13% $5,963
BNC National Bank 1 5.63% $2,717
BAY EQUITY LLC 1 5.25% $13,048
BankPlus 1 6.50% $14,482
NexBank 1 5.63% $8,461
Bank of Colorado 1 5.50% $12,228
VERITAS FUNDING, LLC 1 7.00% $22,414
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.63% $11,203

The top Panama City VA lender as defined by loan originations is DHI MORTGAGE COMPANY, LTD., with 232 VA loans originated. Their average total fees are $8,839, which is $681 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Panama City VA lenders (with over 10 loans originated) are Tyndall Federal Credit Union ($7,246), Trustmark National Bank ($8,251), GUARANTEED RATE, INC. ($8,409), DHI MORTGAGE COMPANY, LTD. ($8,839) and NAVY FEDERAL CREDIT UNION ($8,885).

The lowest rate Panama City VA lenders (with over 10 loans originated) are Wells Fargo Bank (5.44%), DHI MORTGAGE COMPANY, LTD. (5.49%), FBC MORTGAGE, LLC (5.71%), NAVY FEDERAL CREDIT UNION (5.81%) and USAA Federal Savings Bank (6.03%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Panama 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 $269,500 (4.1%) $347,027 (6.4%) 1.00 1,619
2018-02-01 $270,000 (5.2%) $346,524 (5.9%) 0.98 1,648
2018-03-01 $275,000 (5.8%) $351,065 (4.9%) 0.96 1,679
2018-04-01 $284,950 (5.6%) $353,949 (2.7%) 0.97 1,740
2018-05-01 $280,000 (2.4%) $357,514 (2.2%) 0.94 1,772
2018-06-01 $289,900 (5.4%) $368,241 (4.2%) 0.97 1,673
2018-07-01 $289,000 (5.1%) $374,542 (5.2%) 0.97 1,675
2018-08-01 $285,675 (4.4%) $375,124 (3.8%) 0.96 1,707
2018-09-01 $285,000 (4.0%) $368,025 (3.0%) 0.96 1,767
2018-10-01 $285,000 (5.6%) $371,545 (5.1%) 0.97 1,683
2018-11-01 $295,450 (7.5%) $384,845 (9.6%) 1.00 1,455
2018-12-01 $307,000 (12.0%) $390,661 (9.0%) 1.06 1,496
2019-01-01 $309,250 (14.8%) $391,198 (12.7%) 1.07 1,452
2019-02-01 $312,350 (15.7%) $398,621 (15.0%) 1.06 1,530
2019-03-01 $320,514 (16.6%) $405,163 (15.4%) 1.05 1,528
2019-04-01 $327,064 (14.8%) $412,571 (16.6%) 1.04 1,511
2019-05-01 $319,950 (14.3%) $413,684 (15.7%) 1.00 1,584
2019-06-01 $319,900 (10.4%) $402,662 (9.4%) 1.00 1,572
2019-07-01 $322,450 (11.6%) $405,862 (8.4%) 1.01 1,590
2019-08-01 $317,970 (11.3%) $398,138 (6.1%) 1.01 1,671
2019-09-01 $307,426 (7.9%) $386,830 (5.1%) 0.98 1,770
2019-10-01 $299,550 (5.1%) $378,823 (2.0%) 0.97 1,835
2019-11-01 $299,000 (1.2%) $375,545 (-2.4%) 0.98 1,848
2019-12-01 $295,000 (-3.9%) $367,317 (-6.0%) 0.98 1,914
2020-01-01 $293,631 (-5.1%) $373,579 (-4.5%) 0.98 1,852
2020-02-01 $289,000 (-7.5%) $370,127 (-7.2%) 0.95 1,878
2020-03-01 $295,668 (-7.8%) $378,018 (-6.7%) 0.93 1,981
2020-04-01 $295,000 (-9.8%) $376,533 (-8.7%) 0.92 2,187
2020-05-01 $299,000 (-6.6%) $379,824 (-8.2%) 0.91 2,125
2020-06-01 $309,963 (-3.1%) $385,941 (-4.2%) 0.91 1,883
2020-07-01 $310,963 (-3.6%) $388,274 (-4.3%) 0.90 1,708
2020-08-01 $312,025 (-1.9%) $391,937 (-1.6%) 0.89 1,593
2020-09-01 $309,438 (0.7%) $398,944 (3.1%) 0.89 1,414
2020-10-01 $310,500 (3.7%) $404,115 (6.7%) 0.89 1,339
2020-11-01 $309,500 (3.5%) $416,889 (11.0%) 0.91 1,316
2020-12-01 $296,344 (0.5%) $410,702 (11.8%) 0.88 1,407
2021-01-01 $289,998 (-1.2%) $396,567 (6.2%) 0.87 1,407
2021-02-01 $290,531 (0.5%) $413,220 (11.6%) 0.85 994
2021-03-01 $297,919 (0.8%) $440,105 (16.4%) 0.85 803
2021-04-01 $315,923 (7.1%) $484,398 (28.7%) 0.86 670
2021-05-01 $337,724 (13.0%) $512,575 (35.0%) 0.90 632
2021-06-01 $359,900 (16.1%) $537,509 (39.3%) 0.95 641
2021-07-01 $384,000 (23.5%) $533,949 (37.5%) 1.01 827
2021-08-01 $399,950 (28.2%) $551,069 (40.6%) 1.07 985
2021-09-01 $404,750 (30.8%) $556,127 (39.4%) 1.08 1,034
2021-10-01 $406,247 (30.8%) $557,206 (37.9%) 1.08 1,012
2021-11-01 $389,950 (26.0%) $557,849 (33.8%) 1.04 904
2021-12-01 $370,750 (25.1%) $556,633 (35.5%) 1.00 824
2022-01-01 $376,700 (29.9%) $588,365 (48.4%) 1.02 692
2022-02-01 $419,950 (44.6%) $627,367 (51.8%) 1.09 567
2022-03-01 $434,325 (45.8%) $686,081 (55.9%) 1.09 602
2022-04-01 $475,000 (50.4%) $717,041 (48.0%) 1.13 765
2022-05-01 $489,500 (44.9%) $747,289 (45.8%) 1.12 954
2022-06-01 $499,700 (38.8%) $731,071 (36.0%) 1.11 1,180
2022-07-01 $495,000 (28.9%) $686,244 (28.5%) 1.12 1,468
2022-08-01 $484,925 (21.3%) $662,483 (20.2%) 1.12 1,612
2022-09-01 $457,075 (12.9%) $630,773 (13.4%) 1.07 1,665
2022-10-01 $449,000 (10.5%) $610,451 (9.6%) 1.06 1,732
2022-11-01 $439,900 (12.8%) $593,532 (6.4%) 1.06 1,770
2022-12-01 $439,700 (18.6%) $595,897 (7.1%) 1.09 1,688
2023-01-01 $442,400 (17.4%) $599,035 (1.8%) 1.10 1,569
2023-02-01 $439,950 (4.8%) $594,983 (-5.2%) 1.06 1,488
2023-03-01 $439,000 (1.1%) $603,560 (-12.0%) 1.04 1,484
2023-04-01 $459,000 (-3.4%) $635,978 (-11.3%) 1.07 1,488
2023-05-01 $452,200 (-7.6%) $633,731 (-15.2%) 1.03 1,631
2023-06-01 $459,565 (-8.0%) $645,800 (-11.7%) 1.03 1,666
2023-07-01 $464,450 (-6.2%) $654,536 (-4.6%) 1.06 1,687
2023-08-01 $454,900 (-6.2%) $643,127 (-2.9%) 1.04 1,805
2023-09-01 $459,000 (0.4%) $640,843 (1.6%) 1.07 1,863
2023-10-01 $457,000 (1.8%) $640,087 (4.9%) 1.08 1,972
2023-11-01 $449,988 (2.3%) $624,714 (5.3%) 1.07 2,118
2023-12-01 $449,900 (2.3%) $617,508 (3.6%) 1.10 2,149
2024-01-01 $447,375 (1.1%) $608,943 (1.7%) 1.09 2,127
2024-02-01 $440,350 (0.1%) $609,520 (2.4%) 1.06 2,216
2024-03-01 $449,000 (2.3%) $610,974 (1.2%) 1.06 2,362
Panama City's median listing price for 2024-03-01 was $449,000, a difference of $10,000 (2.3%) versus the prior year and $8,650 versus the prior month.

Panama City's median listing price comes in at 106% of the national average.

Panama City's average listing price for 2024-03-01 was $610,974, a difference of $7,414 (1.2%) versus the prior year and $1,454 versus the prior month.

For the 2024-03-01 period, Panama City had 2,362 MLS listings, a difference of 146 listings (7%) versus the prior month and 878 listings (59%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Panama City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 91 days 1,601 sqft
2018-02-01 77 days 1,613 sqft
2018-03-01 59 days 1,620 sqft
2018-04-01 59 days 1,629 sqft
2018-05-01 58 days 1,629 sqft
2018-06-01 70 days 1,655 sqft
2018-07-01 71 days 1,677 sqft
2018-08-01 71 days 1,648 sqft
2018-09-01 71 days 1,632 sqft
2018-10-01 85 days 1,621 sqft
2018-11-01 100 days 1,604 sqft
2018-12-01 101 days 1,542 sqft
2019-01-01 89 days 1,542 sqft
2019-02-01 75 days 1,516 sqft
2019-03-01 74 days 1,514 sqft
2019-04-01 66 days 1,506 sqft
2019-05-01 59 days 1,517 sqft
2019-06-01 57 days 1,542 sqft
2019-07-01 60 days 1,561 sqft
2019-08-01 61 days 1,547 sqft
2019-09-01 61 days 1,527 sqft
2019-10-01 63 days 1,518 sqft
2019-11-01 70 days 1,535 sqft
2019-12-01 77 days 1,538 sqft
2020-01-01 79 days 1,542 sqft
2020-02-01 70 days 1,532 sqft
2020-03-01 65 days 1,542 sqft
2020-04-01 67 days 1,542 sqft
2020-05-01 75 days 1,525 sqft
2020-06-01 85 days 1,542 sqft
2020-07-01 73 days 1,552 sqft
2020-08-01 63 days 1,559 sqft
2020-09-01 61 days 1,542 sqft
2020-10-01 56 days 1,558 sqft
2020-11-01 47 days 1,599 sqft
2020-12-01 51 days 1,624 sqft
2021-01-01 60 days 1,600 sqft
2021-02-01 61 days 1,573 sqft
2021-03-01 43 days 1,605 sqft
2021-04-01 40 days 1,636 sqft
2021-05-01 27 days 1,670 sqft
2021-06-01 31 days 1,582 sqft
2021-07-01 29 days 1,530 sqft
2021-08-01 34 days 1,532 sqft
2021-09-01 41 days 1,549 sqft
2021-10-01 52 days 1,593 sqft
2021-11-01 50 days 1,638 sqft
2021-12-01 51 days 1,648 sqft
2022-01-01 53 days 1,697 sqft
2022-02-01 32 days 1,690 sqft
2022-03-01 31 days 1,699 sqft
2022-04-01 32 days 1,594 sqft
2022-05-01 37 days 1,572 sqft
2022-06-01 41 days 1,573 sqft
2022-07-01 45 days 1,557 sqft
2022-08-01 54 days 1,556 sqft
2022-09-01 61 days 1,561 sqft
2022-10-01 64 days 1,560 sqft
2022-11-01 73 days 1,564 sqft
2022-12-01 82 days 1,565 sqft
2023-01-01 87 days 1,587 sqft
2023-02-01 83 days 1,549 sqft
2023-03-01 68 days 1,530 sqft
2023-04-01 61 days 1,477 sqft
2023-05-01 57 days 1,482 sqft
2023-06-01 60 days 1,493 sqft
2023-07-01 66 days 1,466 sqft
2023-08-01 68 days 1,454 sqft
2023-09-01 65 days 1,457 sqft
2023-10-01 67 days 1,450 sqft
2023-11-01 71 days 1,441 sqft
2023-12-01 79 days 1,417 sqft
2024-01-01 87 days 1,404 sqft
2024-02-01 89 days 1,403 sqft
2024-03-01 75 days 1,404 sqft
Panama City's median listing age (time on market) for 2024-03-01 was 75 days. This is 10% longer than the same period one year ago.

Panama City's median square footage for active listings during the 2024-03-01 period was 1,404 sqft. One year prior, the average listing was 1,530 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.