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 6.67% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

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

    The average rate for the prior week (2024-11-01) was 6.33% and one month ago for the week of 2024-10-04, the average rate was 5.85%.

    The average rate one year ago was 7.21%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.77%.

    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 $188,450 (6.5%) $229,599 (9.1%) 0.00 323
    2018-02-01 $189,000 (8.7%) $228,888 (9.4%) 0.00 306
    2018-03-01 $194,900 (11.9%) $236,510 (11.0%) 0.00 279
    2018-04-01 $204,450 (16.8%) $241,850 (11.1%) 0.00 264
    2018-05-01 $208,000 (15.6%) $244,950 (9.1%) 0.00 285
    2018-06-01 $195,000 (8.4%) $235,511 (3.6%) 0.00 322
    2018-07-01 $198,500 (10.3%) $234,474 (4.5%) 0.00 334
    2018-08-01 $199,900 (8.4%) $235,533 (3.1%) 0.00 362
    2018-09-01 $217,900 (19.1%) $241,108 (5.0%) 0.00 366
    2018-10-01 $219,700 (20.1%) $246,239 (9.7%) 0.00 376
    2018-11-01 $210,975 (13.7%) $247,463 (9.6%) 0.00 366
    2018-12-01 $209,950 (11.1%) $245,062 (7.4%) 0.00 347
    2019-01-01 $208,950 (10.9%) $240,202 (4.6%) 0.00 316
    2019-02-01 $199,200 (5.4%) $248,616 (8.6%) 0.00 321
    2019-03-01 $203,400 (4.4%) $252,874 (6.9%) 0.00 319
    2019-04-01 $210,500 (3.0%) $265,724 (9.9%) 0.00 308
    2019-05-01 $219,900 (5.7%) $276,790 (13.0%) 0.00 291
    2019-06-01 $226,000 (15.9%) $278,436 (18.2%) 0.00 302
    2019-07-01 $226,450 (14.1%) $280,812 (19.8%) 0.00 316
    2019-08-01 $217,818 (9.0%) $274,935 (16.7%) 0.00 342
    2019-09-01 $214,545 (-1.5%) $267,368 (10.9%) 0.00 375
    2019-10-01 $213,814 (-2.7%) $263,797 (7.1%) 0.00 397
    2019-11-01 $219,900 (4.2%) $261,759 (5.8%) 0.00 383
    2019-12-01 $215,000 (2.4%) $243,269 (-0.7%) 0.00 348
    2020-01-01 $217,350 (4.0%) $246,776 (2.7%) 0.00 325
    2020-02-01 $219,900 (10.4%) $245,233 (-1.4%) 0.00 303
    2020-03-01 $219,900 (8.1%) $255,449 (1.0%) 0.00 295
    2020-04-01 $219,950 (4.5%) $259,413 (-2.4%) 0.00 288
    2020-05-01 $229,000 (4.1%) $265,851 (-4.0%) 0.00 229
    2020-06-01 $238,913 (5.7%) $270,630 (-2.8%) 0.00 190
    2020-07-01 $242,425 (7.1%) $289,336 (3.0%) 0.00 192
    2020-08-01 $235,400 (8.1%) $325,428 (18.4%) 0.00 164
    2020-09-01 $237,025 (10.5%) $376,082 (40.7%) 0.00 160
    2020-10-01 $259,900 (21.6%) $333,962 (26.6%) 0.00 161
    2020-11-01 $249,100 (13.3%) $330,895 (26.4%) 0.00 169
    2020-12-01 $238,400 (10.9%) $322,673 (32.6%) 0.00 159
    2021-01-01 $244,900 (12.7%) $335,672 (36.0%) 0.00 147
    2021-02-01 $254,225 (15.6%) $341,920 (39.4%) 0.00 134
    2021-03-01 $264,000 (20.1%) $361,134 (41.4%) 0.00 119
    2021-04-01 $262,225 (19.2%) $366,294 (41.2%) 0.00 102
    2021-05-01 $279,950 (22.3%) $386,920 (45.5%) 0.00 102
    2021-06-01 $264,900 (10.9%) $339,619 (25.5%) 0.00 130
    2021-07-01 $259,900 (7.2%) $338,744 (17.1%) 0.00 139
    2021-08-01 $254,700 (8.2%) $287,361 (-11.7%) 0.00 198
    2021-09-01 $249,900 (5.4%) $299,446 (-20.4%) 0.00 195
    2021-10-01 $249,900 (-3.9%) $294,379 (-11.9%) 0.00 192
    2021-11-01 $254,500 (2.2%) $293,964 (-11.2%) 0.00 182
    2021-12-01 $255,450 (7.2%) $309,980 (-3.9%) 0.00 166
    2022-01-01 $257,450 (5.1%) $317,532 (-5.4%) 0.00 134
    2022-02-01 $268,450 (5.6%) $337,826 (-1.2%) 0.00 104
    2022-03-01 $268,675 (1.8%) $345,398 (-4.4%) 0.00 100
    2022-04-01 $284,900 (8.7%) $357,977 (-2.3%) 0.00 103
    2022-05-01 $297,175 (6.2%) $353,181 (-8.7%) 0.00 138
    2022-06-01 $292,400 (10.4%) $347,282 (2.3%) 0.00 185
    2022-07-01 $285,000 (9.7%) $342,617 (1.1%) 0.00 201
    2022-08-01 $291,975 (14.6%) $348,607 (21.3%) 0.00 214
    2022-09-01 $299,975 (20.0%) $357,087 (19.3%) 0.00 236
    2022-10-01 $299,950 (20.0%) $361,516 (22.8%) 0.00 262
    2022-11-01 $299,575 (17.7%) $345,229 (17.4%) 0.00 276
    2022-12-01 $298,900 (17.0%) $340,437 (9.8%) 0.00 263
    2023-01-01 $289,900 (12.6%) $345,575 (8.8%) 0.00 248
    2023-02-01 $308,625 (15.0%) $372,732 (10.3%) 0.00 217
    2023-03-01 $324,475 (20.8%) $385,241 (11.5%) 0.00 202
    2023-04-01 $312,900 (9.8%) $384,931 (7.5%) 0.00 165
    2023-05-01 $316,900 (6.6%) $393,803 (11.5%) 0.00 158
    2023-06-01 $319,900 (9.4%) $380,820 (9.7%) 0.00 171
    2023-07-01 $324,232 (13.8%) $373,352 (9.0%) 0.00 182
    2023-08-01 $324,616 (11.2%) $377,945 (8.4%) 0.00 185
    2023-09-01 $315,900 (5.3%) $360,050 (0.8%) 0.00 199
    2023-10-01 $313,450 (4.5%) $357,039 (-1.2%) 0.00 223
    2023-11-01 $322,450 (7.6%) $370,234 (7.2%) 0.00 250
    2023-12-01 $322,576 (7.9%) $365,498 (7.4%) 0.00 230
    2024-01-01 $319,900 (10.4%) $369,274 (6.9%) 0.00 229
    2024-02-01 $322,400 (4.5%) $368,875 (-1.0%) 0.00 232
    2024-03-01 $323,950 (-0.2%) $375,325 (-2.6%) 0.00 202
    2024-04-01 $319,725 (2.2%) $383,447 (-0.4%) 0.00 188
    2024-05-01 $324,900 (2.5%) $383,742 (-2.6%) 0.00 194
    2024-06-01 $315,000 (-1.5%) $366,790 (-3.7%) 0.00 212
    2024-07-01 $309,950 (-4.4%) $357,045 (-4.4%) 0.00 258
    2024-08-01 $303,210 (-6.6%) $361,276 (-4.4%) 0.00 310
    2024-09-01 $303,210 (-4.0%) $364,275 (1.2%) 0.00 335
    2024-10-01 $309,675 (-1.2%) $365,900 (2.5%) 0.00 324
    Richmond's median listing price for 2024-10-01 was $309,675, a difference of $-3,775 (-1.2%) versus the prior year and $6,465 versus the prior month.

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

    Richmond's average listing price for 2024-10-01 was $365,900, a difference of $8,861 (2.5%) versus the prior year and $1,625 versus the prior month.

    For the 2024-10-01 period, Richmond had 324 MLS listings, a difference of -11 listings (-3%) versus the prior month and 101 listings (45%) 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 2,025 sqft
    2018-02-01 0 days 2,000 sqft
    2018-03-01 0 days 1,949 sqft
    2018-04-01 0 days 1,996 sqft
    2018-05-01 0 days 2,000 sqft
    2018-06-01 0 days 2,000 sqft
    2018-07-01 0 days 2,007 sqft
    2018-08-01 0 days 2,000 sqft
    2018-09-01 0 days 2,000 sqft
    2018-10-01 0 days 2,000 sqft
    2018-11-01 0 days 2,007 sqft
    2018-12-01 0 days 1,963 sqft
    2019-01-01 0 days 1,946 sqft
    2019-02-01 0 days 1,869 sqft
    2019-03-01 0 days 1,914 sqft
    2019-04-01 0 days 1,969 sqft
    2019-05-01 0 days 2,057 sqft
    2019-06-01 0 days 2,063 sqft
    2019-07-01 0 days 2,056 sqft
    2019-08-01 0 days 2,032 sqft
    2019-09-01 0 days 2,007 sqft
    2019-10-01 0 days 1,991 sqft
    2019-11-01 0 days 1,920 sqft
    2019-12-01 0 days 1,869 sqft
    2020-01-01 0 days 1,861 sqft
    2020-02-01 0 days 1,893 sqft
    2020-03-01 0 days 1,969 sqft
    2020-04-01 0 days 2,010 sqft
    2020-05-01 0 days 1,936 sqft
    2020-06-01 0 days 1,925 sqft
    2020-07-01 0 days 1,885 sqft
    2020-08-01 0 days 2,010 sqft
    2020-09-01 0 days 2,053 sqft
    2020-10-01 0 days 2,114 sqft
    2020-11-01 0 days 1,966 sqft
    2020-12-01 0 days 1,865 sqft
    2021-01-01 0 days 1,942 sqft
    2021-02-01 0 days 1,976 sqft
    2021-03-01 0 days 2,043 sqft
    2021-04-01 0 days 2,027 sqft
    2021-05-01 0 days 2,036 sqft
    2021-06-01 0 days 1,969 sqft
    2021-07-01 0 days 1,901 sqft
    2021-08-01 0 days 1,850 sqft
    2021-09-01 0 days 1,785 sqft
    2021-10-01 0 days 1,795 sqft
    2021-11-01 0 days 1,822 sqft
    2021-12-01 0 days 1,817 sqft
    2022-01-01 0 days 1,745 sqft
    2022-02-01 0 days 1,739 sqft
    2022-03-01 0 days 1,731 sqft
    2022-04-01 0 days 1,815 sqft
    2022-05-01 0 days 1,779 sqft
    2022-06-01 0 days 1,797 sqft
    2022-07-01 0 days 1,787 sqft
    2022-08-01 0 days 1,800 sqft
    2022-09-01 0 days 1,820 sqft
    2022-10-01 0 days 1,824 sqft
    2022-11-01 0 days 1,813 sqft
    2022-12-01 0 days 1,756 sqft
    2023-01-01 0 days 1,747 sqft
    2023-02-01 0 days 1,822 sqft
    2023-03-01 0 days 1,960 sqft
    2023-04-01 0 days 1,903 sqft
    2023-05-01 0 days 1,912 sqft
    2023-06-01 0 days 1,896 sqft
    2023-07-01 0 days 1,898 sqft
    2023-08-01 0 days 1,870 sqft
    2023-09-01 0 days 1,832 sqft
    2023-10-01 0 days 1,825 sqft
    2023-11-01 0 days 1,843 sqft
    2023-12-01 0 days 1,820 sqft
    2024-01-01 0 days 1,808 sqft
    2024-02-01 0 days 1,802 sqft
    2024-03-01 0 days 1,820 sqft
    2024-04-01 0 days 1,790 sqft
    2024-05-01 0 days 1,820 sqft
    2024-06-01 0 days 1,795 sqft
    2024-07-01 0 days 1,807 sqft
    2024-08-01 0 days 1,832 sqft
    2024-09-01 0 days 1,815 sqft
    2024-10-01 0 days 1,785 sqft
    Richmond's median listing age (time on market) for 2024-10-01 was 0 days.

    Richmond's median square footage for active listings during the 2024-10-01 period was 1,785 sqft. One year prior, the average listing was 1,825 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.