Richmond VA Loan Rates, Closing Costs & Stats

Richmond-Berea, KY

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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.

    Richmond's 39 lenders originated 153 VA loans during 2023. The total origination value was $43,695,000, with an average VA loan value of $285,588.

    Richmond VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Richmond averaged 6.36% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    Richmond's average VA mortgage closing costs are $5,076.

    The average rate for the prior week (2025-02-07) was 6.49% and one month ago for the week of 2025-01-10, the average rate was 6.63%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.45%.

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

    Richmond 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 Richmond level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 36 6.57% $6,864
    GENEVA FINANCIAL, LLC 13 6.44% $4,775
    QUICKEN LOANS, LLC 12 6.04% $12,548
    PENNYMAC LOAN SERVICES, LLC 8 5.44% $5,775
    NAVY FEDERAL CREDIT UNION 7 5.88% $5,880
    NEW DAY FINANCIAL, LLC 7 6.92% $10,554
    STOCKTON MORTGAGE CORPORATION 6 6.38% $9,255
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 6 6.75% $9,939
    FREEDOM MORTGAGE CORPORATION 5 6.55% $12,359
    USAA Federal Savings Bank 4 5.75% $8,461
    UNITED WHOLESALE MORTGAGE, LLC 4 6.40% $5,295
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 8.08% $2,007
    U.S. Bank 3 6.92% $7,992
    HOMESIDE FINANCIAL, LLC 3 6.75% $7,946
    VILLAGE CAPITAL MORTGAGE 2 6.32% $6,722
    DAS Acquisition Company, LLC 2 6.25% $5,308
    Magnolia Bank 2 6.81% $10,779
    Northpointe Bank 2 6.19% $1,677
    Truist 2 6.61% $9,648
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $1,751
    NEWREZ LLC 1 6.25% $2,836
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.75% $5,053
    GUARANTEED RATE, INC. 1 5.75% $0
    PENTAGON FEDERAL CREDIT UNION 1 5.25% $1,888
    PNC Bank 1 6.75% $1,453
    GSF Mortgage Corporation 1 7.25% $10,598
    RUOFF MORTGAGE COMPANY, INC. 1 6.75% $8,652
    S1L, Inc. 1 5.75% $3,042
    GoPrime Mortgage, Inc. 1 7.13% $4,021
    Stock Yards Bank & Trust Company 1 6.63% $11,363
    The Federal Savings Bank 1 5.63% $22,132
    The Huntington National Bank 1 5.50% $3,483
    THRIVE MORTGAGE, LLC 1 7.13% $6,222
    ALLIED MORTGAGE GROUP, INC. 1 7.63% $13,713
    UNION HOME MORTGAGE CORP. 1 6.50% $6,028
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $6,522
    Barrington Bank & Trust Company, N.A. 1 5.75% $7,266
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.25% $2,589
    LOANDEPOT.COM, LLC 1 5.50% $9,898

    The top Richmond VA lender as defined by loan originations is Mortgage Research Center, LLC, with 36 VA loans originated. Their average total fees are $6,864, which is $2,089 higher than the next largest lender, GENEVA FINANCIAL, LLC.

    The lowest fee Richmond VA lenders (with over 10 loans originated) are GENEVA FINANCIAL, LLC ($4,775), Mortgage Research Center, LLC ($6,864), QUICKEN LOANS, LLC ($12,548), .

    The lowest rate Richmond VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.04%), GENEVA FINANCIAL, LLC (6.44%), Mortgage Research Center, LLC (6.57%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Richmond (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 $184,550 (8.8%) $221,723 (10.6%) 0.00 348
    2018-02-01 $183,175 (11.1%) $221,075 (10.2%) 0.00 329
    2018-03-01 $188,000 (11.6%) $227,809 (10.4%) 0.00 308
    2018-04-01 $196,225 (15.8%) $233,873 (10.5%) 0.00 294
    2018-05-01 $197,950 (13.2%) $235,809 (7.9%) 0.00 318
    2018-06-01 $189,900 (8.5%) $225,902 (1.6%) 0.00 359
    2018-07-01 $189,900 (9.2%) $223,806 (2.4%) 0.00 375
    2018-08-01 $189,900 (5.6%) $225,571 (0.8%) 0.00 403
    2018-09-01 $199,900 (11.1%) $230,878 (3.1%) 0.00 406
    2018-10-01 $209,450 (16.4%) $237,852 (8.8%) 0.00 411
    2018-11-01 $199,400 (9.3%) $238,093 (8.6%) 0.00 403
    2018-12-01 $198,900 (7.6%) $236,189 (6.3%) 0.00 386
    2019-01-01 $197,250 (6.9%) $231,249 (4.3%) 0.00 348
    2019-02-01 $189,900 (3.7%) $240,205 (8.7%) 0.00 350
    2019-03-01 $192,921 (2.6%) $244,505 (7.3%) 0.00 351
    2019-04-01 $202,475 (3.2%) $256,933 (9.9%) 0.00 341
    2019-05-01 $214,175 (8.2%) $266,795 (13.1%) 0.00 322
    2019-06-01 $217,500 (14.5%) $267,543 (18.4%) 0.00 334
    2019-07-01 $219,675 (15.7%) $270,957 (21.1%) 0.00 354
    2019-08-01 $215,427 (13.4%) $267,995 (18.8%) 0.00 375
    2019-09-01 $212,318 (6.2%) $261,743 (13.4%) 0.00 406
    2019-10-01 $210,295 (0.4%) $258,201 (8.6%) 0.00 426
    2019-11-01 $215,000 (7.8%) $258,479 (8.6%) 0.00 412
    2019-12-01 $213,250 (7.2%) $240,182 (1.7%) 0.00 372
    2020-01-01 $215,000 (9.0%) $242,740 (5.0%) 0.00 350
    2020-02-01 $215,000 (13.2%) $242,038 (0.8%) 0.00 332
    2020-03-01 $219,900 (14.0%) $251,932 (3.0%) 0.00 319
    2020-04-01 $219,900 (8.6%) $254,438 (-1.0%) 0.00 315
    2020-05-01 $224,900 (5.0%) $259,660 (-2.7%) 0.00 258
    2020-06-01 $236,425 (8.7%) $265,097 (-0.9%) 0.00 216
    2020-07-01 $239,900 (9.2%) $282,981 (4.4%) 0.00 209
    2020-08-01 $229,950 (6.7%) $314,266 (17.3%) 0.00 183
    2020-09-01 $231,175 (8.9%) $359,347 (37.3%) 0.00 177
    2020-10-01 $239,900 (14.1%) $321,011 (24.3%) 0.00 177
    2020-11-01 $236,400 (10.0%) $316,387 (22.4%) 0.00 185
    2020-12-01 $232,400 (9.0%) $309,929 (29.0%) 0.00 177
    2021-01-01 $234,900 (9.3%) $319,568 (31.7%) 0.00 165
    2021-02-01 $246,975 (14.9%) $330,647 (36.6%) 0.00 144
    2021-03-01 $254,161 (15.6%) $349,012 (38.5%) 0.00 127
    2021-04-01 $245,675 (11.7%) $351,637 (38.2%) 0.00 113
    2021-05-01 $269,900 (20.0%) $365,079 (40.6%) 0.00 114
    2021-06-01 $253,911 (7.4%) $325,541 (22.8%) 0.00 144
    2021-07-01 $249,900 (4.2%) $323,568 (14.3%) 0.00 156
    2021-08-01 $242,950 (5.7%) $276,257 (-12.1%) 0.00 224
    2021-09-01 $240,450 (4.0%) $286,127 (-20.4%) 0.00 222
    2021-10-01 $244,450 (1.9%) $280,558 (-12.6%) 0.00 222
    2021-11-01 $246,450 (4.3%) $281,097 (-11.2%) 0.00 210
    2021-12-01 $249,900 (7.5%) $300,302 (-3.1%) 0.00 180
    2022-01-01 $249,900 (6.4%) $304,452 (-4.7%) 0.00 148
    2022-02-01 $259,900 (5.2%) $323,945 (-2.0%) 0.00 113
    2022-03-01 $267,400 (5.2%) $336,781 (-3.5%) 0.00 110
    2022-04-01 $269,900 (9.9%) $348,121 (-1.0%) 0.00 111
    2022-05-01 $290,700 (7.7%) $342,252 (-6.3%) 0.00 148
    2022-06-01 $288,500 (13.6%) $339,414 (4.3%) 0.00 193
    2022-07-01 $275,000 (10.0%) $330,721 (2.2%) 0.00 214
    2022-08-01 $289,950 (19.4%) $340,895 (23.4%) 0.00 228
    2022-09-01 $294,725 (22.6%) $348,842 (21.9%) 0.00 251
    2022-10-01 $299,900 (22.7%) $353,670 (26.1%) 0.00 283
    2022-11-01 $294,425 (19.5%) $337,107 (19.9%) 0.00 293
    2022-12-01 $289,900 (16.0%) $333,892 (11.2%) 0.00 278
    2023-01-01 $289,900 (16.0%) $342,076 (12.4%) 0.00 263
    2023-02-01 $302,895 (16.5%) $368,416 (13.7%) 0.00 231
    2023-03-01 $314,925 (17.8%) $377,959 (12.2%) 0.00 215
    2023-04-01 $305,841 (13.3%) $377,813 (8.5%) 0.00 180
    2023-05-01 $310,225 (6.7%) $384,077 (12.2%) 0.00 175
    2023-06-01 $316,175 (9.6%) $373,318 (10.0%) 0.00 187
    2023-07-01 $317,450 (15.4%) $364,377 (10.2%) 0.00 199
    2023-08-01 $321,682 (10.9%) $367,088 (7.7%) 0.00 200
    2023-09-01 $309,900 (5.2%) $351,595 (0.8%) 0.00 217
    2023-10-01 $304,950 (1.7%) $347,954 (-1.6%) 0.00 242
    2023-11-01 $318,450 (8.2%) $360,991 (7.1%) 0.00 267
    2023-12-01 $319,900 (10.4%) $360,155 (7.9%) 0.00 241
    2024-01-01 $316,975 (9.3%) $366,816 (7.2%) 0.00 238
    2024-02-01 $321,525 (6.2%) $368,802 (0.1%) 0.00 242
    2024-03-01 $319,900 (1.6%) $375,279 (-0.7%) 0.00 215
    2024-04-01 $314,950 (3.0%) $377,771 (0.0%) 0.00 204
    2024-05-01 $318,911 (2.8%) $375,571 (-2.2%) 0.00 212
    2024-06-01 $312,450 (-1.2%) $363,212 (-2.7%) 0.00 229
    2024-07-01 $308,200 (-2.9%) $353,187 (-3.1%) 0.00 277
    2024-08-01 $300,000 (-6.7%) $354,934 (-3.3%) 0.00 334
    2024-09-01 $299,925 (-3.2%) $356,339 (1.4%) 0.00 360
    2024-10-01 $300,403 (-1.5%) $358,560 (3.1%) 0.00 345
    2024-11-01 $305,900 (-3.9%) $358,428 (-0.7%) 0.00 364
    2024-12-01 $302,475 (-5.5%) $345,405 (-4.1%) 0.00 332
    2025-01-01 $299,900 (-5.4%) $356,054 (-2.9%) 0.00 323
    Richmond's median listing price for 2025-01-01 was $299,900, a difference of $-17,075 (-5.4%) versus the prior year and $-2,575 versus the prior month.

    Richmond's median listing price comes in at 0% of the national average.

    Richmond's average listing price for 2025-01-01 was $356,054, a difference of $-10,762 (-2.9%) versus the prior year and $10,649 versus the prior month.

    For the 2025-01-01 period, Richmond had 323 MLS listings, a difference of -9 listings (-3%) versus the prior month and 85 listings (36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Richmond (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,984 sqft
    2018-02-01 0 days 1,962 sqft
    2018-03-01 0 days 1,931 sqft
    2018-04-01 0 days 1,991 sqft
    2018-05-01 0 days 2,000 sqft
    2018-06-01 0 days 1,940 sqft
    2018-07-01 0 days 1,997 sqft
    2018-08-01 0 days 1,944 sqft
    2018-09-01 0 days 1,973 sqft
    2018-10-01 0 days 1,991 sqft
    2018-11-01 0 days 1,944 sqft
    2018-12-01 0 days 1,900 sqft
    2019-01-01 0 days 1,907 sqft
    2019-02-01 0 days 1,851 sqft
    2019-03-01 0 days 1,878 sqft
    2019-04-01 0 days 1,943 sqft
    2019-05-01 0 days 2,022 sqft
    2019-06-01 0 days 2,005 sqft
    2019-07-01 0 days 2,029 sqft
    2019-08-01 0 days 2,005 sqft
    2019-09-01 0 days 1,993 sqft
    2019-10-01 0 days 1,985 sqft
    2019-11-01 0 days 1,929 sqft
    2019-12-01 0 days 1,866 sqft
    2020-01-01 0 days 1,860 sqft
    2020-02-01 0 days 1,860 sqft
    2020-03-01 0 days 1,936 sqft
    2020-04-01 0 days 1,982 sqft
    2020-05-01 0 days 1,888 sqft
    2020-06-01 0 days 1,916 sqft
    2020-07-01 0 days 1,864 sqft
    2020-08-01 0 days 1,939 sqft
    2020-09-01 0 days 1,982 sqft
    2020-10-01 0 days 2,000 sqft
    2020-11-01 0 days 1,909 sqft
    2020-12-01 0 days 1,835 sqft
    2021-01-01 0 days 1,862 sqft
    2021-02-01 0 days 1,953 sqft
    2021-03-01 0 days 1,989 sqft
    2021-04-01 0 days 1,961 sqft
    2021-05-01 0 days 1,935 sqft
    2021-06-01 0 days 1,938 sqft
    2021-07-01 0 days 1,872 sqft
    2021-08-01 0 days 1,815 sqft
    2021-09-01 0 days 1,770 sqft
    2021-10-01 0 days 1,770 sqft
    2021-11-01 0 days 1,810 sqft
    2021-12-01 0 days 1,800 sqft
    2022-01-01 0 days 1,745 sqft
    2022-02-01 0 days 1,730 sqft
    2022-03-01 0 days 1,715 sqft
    2022-04-01 0 days 1,774 sqft
    2022-05-01 0 days 1,730 sqft
    2022-06-01 0 days 1,787 sqft
    2022-07-01 0 days 1,760 sqft
    2022-08-01 0 days 1,797 sqft
    2022-09-01 0 days 1,817 sqft
    2022-10-01 0 days 1,813 sqft
    2022-11-01 0 days 1,800 sqft
    2022-12-01 0 days 1,742 sqft
    2023-01-01 0 days 1,743 sqft
    2023-02-01 0 days 1,795 sqft
    2023-03-01 0 days 1,916 sqft
    2023-04-01 0 days 1,886 sqft
    2023-05-01 0 days 1,898 sqft
    2023-06-01 0 days 1,878 sqft
    2023-07-01 0 days 1,894 sqft
    2023-08-01 0 days 1,840 sqft
    2023-09-01 0 days 1,820 sqft
    2023-10-01 0 days 1,804 sqft
    2023-11-01 0 days 1,814 sqft
    2023-12-01 0 days 1,810 sqft
    2024-01-01 0 days 1,802 sqft
    2024-02-01 0 days 1,786 sqft
    2024-03-01 0 days 1,800 sqft
    2024-04-01 0 days 1,762 sqft
    2024-05-01 0 days 1,785 sqft
    2024-06-01 0 days 1,793 sqft
    2024-07-01 0 days 1,792 sqft
    2024-08-01 0 days 1,800 sqft
    2024-09-01 0 days 1,799 sqft
    2024-10-01 0 days 1,756 sqft
    2024-11-01 0 days 1,730 sqft
    2024-12-01 0 days 1,707 sqft
    2025-01-01 0 days 1,652 sqft
    Richmond's median listing age (time on market) for 2025-01-01 was 0 days.

    Richmond's median square footage for active listings during the 2025-01-01 period was 1,652 sqft. One year prior, the average listing was 1,802 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.