Provo VA Loans

PROVO-OREM, UT

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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.

    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.