Provo VA Loans

PROVO-OREM, UT

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.

Provo's 116 lenders originated 2,048 VA loans during 2021. The total origination value was $799,490,000, with an average VA loan value of $390,376.

Provo VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Provo averaged 5.24% 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 5.29% and one month ago for the week of 2022-07-01, the average rate was 5.71%.

The average rate one year ago was 2.8%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.32%.

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

Provo 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 Provo level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
UNITED WHOLESALE MORTGAGE, LLC 214 2.48% $7,753
QUICKEN LOANS, LLC 130 2.38% $6,691
FREEDOM MORTGAGE CORPORATION 126 2.40% $3,124
FIRST COLONY MORTGAGE CORPORATION 101 2.63% $7,830
PENNYMAC LOAN SERVICES, LLC 93 2.37% $7,798
INTERCAP LENDING INC. 81 2.71% $10,074
VILLAGE CAPITAL & INVESTMENT LLC 66 2.20% $5,366
HOME POINT FINANCIAL CORPORATION 57 2.40% $9,162
Mortgage Research Center, LLC 54 2.84% $9,061
CALIBER HOME LOANS, INC. 46 2.63% $8,214
SECURITY HOME MORTGAGE, LLC. 45 2.54% $7,884
LOANDEPOT.COM, LLC 43 2.40% $6,123
The Federal Savings Bank 39 2.55% $12,308
SECURITYNATIONAL MORTGAGE COMPANY 35 2.66% $9,986
Low VA Rates, LLC 34 2.40% $5,005
NEWREZ LLC 32 2.53% $5,765
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 28 2.59% $8,575
DHI MORTGAGE COMPANY, LTD. 25 2.56% $7,046
CANOPY MORTGAGE, LLC 22 2.40% $7,023
Mr. Cooper ( Nationstar Mortgage ) 22 2.58% $7,164
LAKEVIEW LOAN SERVICING, LLC 22 2.44% $2,385
ACADEMY MORTGAGE CORPORATION 21 2.73% $14,750
GUARANTEED RATE, INC. 20 2.45% $6,474
Wells Fargo Bank 20 2.49% $4,458
DIRECT MORTGAGE, CORP. 20 2.45% $11,116
RANLIFE, INC. 18 2.69% $10,898
MY MOVE MORTGAGE, LLC 17 2.76% $8,649
CITYWIDE HOME LOANS, LLC 17 2.66% $10,564
BROKER SOLUTIONS, INC. 16 2.72% $7,321
SUN WEST MORTGAGE COMPANY, INC. 15 2.44% $6,719
CROSSCOUNTRY MORTGAGE, LLC 15 2.87% $10,310
AMERICAN FINANCING CORPORATION 14 2.46% $8,576
UTAH COMMUNITY 13 2.63% $7,169
VERITAS FUNDING, LLC 13 2.69% $10,077
NAVY FEDERAL CREDIT UNION 12 2.41% $4,387
SOVEREIGN LENDING GROUP INCORPORATED 12 2.50% $8,786
HOMEAMERICAN MORTGAGE CORPORATION 11 2.55% $10,510
GUILD MORTGAGE COMPANY 11 2.57% $10,890
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 2.66% $11,204
North American Savings Bank, F.S.B. 10 2.34% $3,814
AMERICAN PACIFIC MORTGAGE CORPORATION 9 2.76% $13,700
MOUNTAIN AMERICA 9 2.49% $15,185
MORTGAGEONE, INC. 9 2.39% $9,040
STEARNS LENDING, LLC 8 2.61% $10,105
Magnolia Bank 8 2.25% $5,104
AMERISAVE MORTGAGE CORPORATION 8 2.55% $8,588
USAA Federal Savings Bank 8 2.78% $5,418
PENTAGON FEDERAL CREDIT UNION 7 2.36% $8,648
Barrington Bank & Trust Company, N.A. 7 2.78% $5,466
NEST HOME LENDING, LLC 7 2.86% $9,373
Network Funding, L.P. 7 2.89% $8,269
AMERICAN FINANCIAL NETWORK, INC. 7 2.46% $9,379
GUARANTEED RATE AFFINITY, LLC 6 2.50% $8,416
CMG MORTGAGE, INC. 6 2.94% $15,361
NBKC BANK 6 2.50% $3,054
Gateway First Bank 5 2.65% $4,587
Strong Home Mortgage, LLC 5 2.25% $12,936
First Federal Bank 4 2.88% $15,100
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.66% $21,985
Utah Mortgage Loan Corporation 4 2.56% $5,196
FINANCE OF AMERICA MORTGAGE LLC 4 2.78% $5,217
CYPRUS Federal Credit Union 4 2.50% $4,976
EVERETT FINANCIAL, INC. 3 2.92% $4,878
Northpointe Bank 3 2.38% $10,963
JMJ FINANCIAL GROUP 3 2.58% $4,563
SUN AMERICAN MORTGAGE COMPANY 3 2.74% $9,089
BNC National Bank 3 2.67% $4,382
CITY FIRST MORTGAGE SERVICES, L.L.C. 2 2.50% $5,513
AXIA FINANCIAL, LLC 2 3.06% $14,426
HOMESIDE FINANCIAL, LLC 2 2.88% $7,565
BELEM SERVICING LLC 2 2.25% $15,914
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.38% $2,890
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 2.69% $21,402
PLAZA HOME MORTGAGE, INC. 2 2.25% $9,572
NBH Bank 2 2.56% $11,635
First Guaranty Mortgage Corporation 2 2.25% $3,513
First Savings Bank 2 2.25% $1,978
KS StateBank 2 2.38% $1,068
VAN DYK MORTGAGE CORPORATION 2 2.38% $4,825
Paramount Residential Mortgage Group, Inc. 2 2.75% $3,938
LENDUS, LLC 2 3.19% $5,180
Capital Bank 2 2.13% $3,722
Century Mortgage Company DBA Century Lending Company 2 3.19% $9,155
ALL WESTERN MORTGAGE, INC. 1 3.25% $0
CRESCENT MORTGAGE COMPANY 1 2.88% $20,916
Community First National Bank 1 2.63% $3,996
EAGLE HOME MORTGAGE, LLC 1 2.38% $5,914
EVERLEND MORTGAGE COMPANY 1 3.38% $20,689
Fifth Third Bank 1 2.63% $1,038
Commerce Home Mortgage, Inc. 1 2.25% $10,216
First Home Bank 1 2.25% $1,673
First Internet Bank of Indiana 1 2.25% $1,638
Flagstar Bank, FSB 1 2.25% $5,368
Glacier Bank 1 2.75% $6,450
GOLDENWEST 1 2.25% $3,942
Citizens Bank 1 2.25% $4,036
INSPIRE HOME LOANS INC. 1 2.50% $3,837
INTERNATIONAL CITY MORTGAGE, INC. 1 2.50% $13,834
JPMorgan Chase Bank 1 3.25% $9,507
CELEBRITY HOME LOANS, LLC 1 2.50% $3,923
Carrington Mortgage Services, LLC 1 3.75% $1,118
LOANPAL, LLC 1 2.38% $627
Meridian Bank Corporation 1 2.25% $6,265
Mid-Continent Funding, Inc. 1 2.88% $9,692
MOUNTAIN WEST FINANCIAL, INC. 1 2.63% $14,169
Bank of Utah 1 2.38% $13,775
NP, Inc. 1 2.25% $2,155
PANORAMA MORTGAGE GROUP, LLC 1 3.13% $3,841
Bank of England 1 2.25% $5,395
Plains Commerce Bank 1 2.25% $10,449
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.75% $11,480
SRE MORTGAGE ALLIANCE INC. 1 2.25% $3,154
The Central Trust Bank 1 2.25% $2,342
UNITED SECURITY FINANCIAL CORP 1 1.75% $8,048
AMERICA FIRST 1 2.25% $6,609
AMCAP MORTGAGE, LTD. 1 2.63% $12,039

The top Provo VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 214 VA loans originated. Their average total fees are $7,753, which is $1,062 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Provo VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,385), FREEDOM MORTGAGE CORPORATION ($3,124), North American Savings Bank, F.S.B. ($3,814), NAVY FEDERAL CREDIT UNION ($4,387) and Wells Fargo Bank ($4,458).

The lowest rate Provo VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.20%), North American Savings Bank, F.S.B. (2.34%), PENNYMAC LOAN SERVICES, LLC (2.37%), QUICKEN LOANS, LLC (2.38%) and HOME POINT FINANCIAL CORPORATION (2.40%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Provo (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 $368,900 (7.2%) $522,797 (4.8%) 1.36 1,449
2018-02-01 $379,950 (8.3%) $530,538 (3.7%) 1.37 1,390
2018-03-01 $389,900 (7.6%) $534,101 (0.7%) 1.35 1,381
2018-04-01 $391,648 (5.9%) $547,968 (1.7%) 1.31 1,482
2018-05-01 $397,335 (8.2%) $541,491 (1.1%) 1.32 1,655
2018-06-01 $399,720 (7.4%) $530,511 (-0.6%) 1.33 1,894
2018-07-01 $398,845 (7.8%) $530,135 (3.3%) 1.33 1,908
2018-08-01 $398,975 (10.4%) $529,055 (5.5%) 1.33 1,992
2018-09-01 $389,950 (7.8%) $520,532 (5.7%) 1.30 2,065
2018-10-01 $386,400 (6.5%) $505,703 (1.6%) 1.29 2,245
2018-11-01 $383,400 (4.9%) $499,824 (-1.8%) 1.29 2,275
2018-12-01 $380,000 (3.4%) $494,744 (-3.7%) 1.30 2,180
2019-01-01 $380,700 (3.2%) $480,582 (-8.1%) 1.31 2,012
2019-02-01 $385,450 (1.5%) $478,269 (-9.9%) 1.29 1,972
2019-03-01 $394,900 (1.3%) $496,286 (-7.1%) 1.29 1,975
2019-04-01 $401,900 (2.6%) $519,147 (-5.3%) 1.27 1,994
2019-05-01 $398,500 (0.3%) $522,549 (-3.5%) 1.23 2,077
2019-06-01 $399,900 (0.1%) $533,478 (0.6%) 1.23 2,161
2019-07-01 $407,500 (2.2%) $538,335 (1.6%) 1.27 2,181
2019-08-01 $397,957 (-0.3%) $519,267 (-1.9%) 1.25 2,509
2019-09-01 $394,457 (1.2%) $511,759 (-1.7%) 1.25 2,531
2019-10-01 $399,950 (3.5%) $527,897 (4.4%) 1.28 2,113
2019-11-01 $401,370 (4.7%) $531,385 (6.3%) 1.30 1,871
2019-12-01 $403,450 (6.2%) $542,277 (9.6%) 1.35 1,675
2020-01-01 $418,450 (9.9%) $546,056 (13.6%) 1.40 1,529
2020-02-01 $429,900 (11.5%) $556,608 (16.4%) 1.39 1,340
2020-03-01 $432,450 (9.5%) $568,298 (14.5%) 1.35 1,385
2020-04-01 $416,445 (3.6%) $514,889 (-0.8%) 1.30 1,732
2020-05-01 $425,000 (6.7%) $551,576 (5.6%) 1.29 1,629
2020-06-01 $437,450 (9.4%) $593,052 (11.2%) 1.28 1,352
2020-07-01 $451,950 (10.9%) $618,523 (14.9%) 1.30 1,127
2020-08-01 $478,500 (20.2%) $679,131 (30.8%) 1.37 962
2020-09-01 $508,400 (28.9%) $723,991 (41.5%) 1.45 818
2020-10-01 $520,000 (30.0%) $833,251 (57.8%) 1.49 683
2020-11-01 $531,570 (32.4%) $914,420 (72.1%) 1.52 564
2020-12-01 $544,450 (35.0%) $917,546 (69.2%) 1.60 498
2021-01-01 $539,900 (29.0%) $988,802 (81.1%) 1.59 398
2021-02-01 $534,250 (24.3%) $1,162,194 (108.8%) 1.54 308
2021-03-01 $521,450 (20.6%) $1,137,339 (100.1%) 1.46 328
2021-04-01 $549,816 (32.0%) $1,110,645 (115.7%) 1.48 417
2021-05-01 $559,000 (31.5%) $1,042,774 (89.1%) 1.47 528
2021-06-01 $549,950 (25.7%) $935,613 (57.8%) 1.43 692
2021-07-01 $547,000 (21.0%) $893,396 (44.4%) 1.42 780
2021-08-01 $550,000 (14.9%) $897,738 (32.2%) 1.45 849
2021-09-01 $535,000 (5.2%) $848,378 (17.2%) 1.41 883
2021-10-01 $538,000 (3.5%) $876,018 (5.1%) 1.42 813
2021-11-01 $544,450 (2.4%) $904,587 (-1.1%) 1.43 737
2021-12-01 $553,750 (1.7%) $956,232 (4.2%) 1.48 574
2022-01-01 $565,000 (4.7%) $989,717 (0.1%) 1.51 464
2022-02-01 $587,650 (10.0%) $1,067,691 (-8.1%) 1.50 402
2022-03-01 $593,664 (13.9%) $985,642 (-13.3%) 1.47 450
2022-04-01 $612,250 (11.4%) $955,538 (-14.0%) 1.44 668
2022-05-01 $614,000 (9.8%) $861,908 (-17.3%) 1.37 1,204
2022-06-01 $604,950 (10.0%) $829,232 (-11.4%) 1.34 1,655
Provo's median listing price for 2022-06-01 was $604,950, a difference of $55,000 (10.0%) versus the prior year and $-9,050 versus the prior month.

Provo's median listing price comes in at 134% of the national average.

Provo's average listing price for 2022-06-01 was $829,232, a difference of $-106,381 (-11.4%) versus the prior year and $-32,676 versus the prior month.

For the 2022-06-01 period, Provo had 1,655 MLS listings, a difference of 451 listings (37%) versus the prior month and 963 listings (139%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Provo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 52 days 3,379 sqft
2018-02-01 49 days 3,442 sqft
2018-03-01 26 days 3,501 sqft
2018-04-01 32 days 3,480 sqft
2018-05-01 33 days 3,474 sqft
2018-06-01 33 days 3,488 sqft
2018-07-01 32 days 3,448 sqft
2018-08-01 33 days 3,408 sqft
2018-09-01 44 days 3,340 sqft
2018-10-01 42 days 3,333 sqft
2018-11-01 42 days 3,294 sqft
2018-12-01 54 days 3,294 sqft
2019-01-01 57 days 3,268 sqft
2019-02-01 51 days 3,264 sqft
2019-03-01 53 days 3,327 sqft
2019-04-01 44 days 3,354 sqft
2019-05-01 42 days 3,287 sqft
2019-06-01 44 days 3,264 sqft
2019-07-01 46 days 3,299 sqft
2019-08-01 53 days 3,188 sqft
2019-09-01 57 days 3,171 sqft
2019-10-01 54 days 3,229 sqft
2019-11-01 55 days 3,249 sqft
2019-12-01 57 days 3,227 sqft
2020-01-01 60 days 3,305 sqft
2020-02-01 57 days 3,391 sqft
2020-03-01 49 days 3,325 sqft
2020-04-01 39 days 3,203 sqft
2020-05-01 44 days 3,224 sqft
2020-06-01 50 days 3,313 sqft
2020-07-01 51 days 3,369 sqft
2020-08-01 43 days 3,450 sqft
2020-09-01 33 days 3,485 sqft
2020-10-01 39 days 3,431 sqft
2020-11-01 44 days 3,520 sqft
2020-12-01 48 days 3,568 sqft
2021-01-01 56 days 3,454 sqft
2021-02-01 27 days 3,223 sqft
2021-03-01 12 days 2,994 sqft
2021-04-01 10 days 3,147 sqft
2021-05-01 10 days 3,040 sqft
2021-06-01 15 days 2,978 sqft
2021-07-01 16 days 2,898 sqft
2021-08-01 19 days 2,971 sqft
2021-09-01 22 days 2,850 sqft
2021-10-01 24 days 2,736 sqft
2021-11-01 25 days 2,817 sqft
2021-12-01 40 days 2,941 sqft
2022-01-01 51 days 3,050 sqft
2022-02-01 31 days 3,035 sqft
2022-03-01 28 days 2,887 sqft
2022-04-01 25 days 2,911 sqft
2022-05-01 20 days 2,848 sqft
2022-06-01 29 days 2,886 sqft
Provo's median listing age (time on market) for 2022-06-01 was 29 days. This is 97% longer than the same period one year ago.

Provo's median square footage for active listings during the 2022-06-01 period was 2,886 sqft. One year prior, the average listing was 2,978 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.