Richmond VA Loan Rates, Closing Costs & Stats

Richmond-Berea, KY

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 72 lenders originated 270 VA loans during 2022. The total origination value was $71,670,000, with an average VA loan value of $265,444.

Richmond VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Richmond averaged 6.34% for the week of 2024-03-01, compared to the national average (all VA variants) of 6.517% for the same period.

Richmond's average VA mortgage closing costs are $4,850.

The average rate for the prior week (2024-02-23) was 6.17% and one month ago for the week of 2024-01-26, the average rate was 6.2%.

The average rate one year ago was 6.04%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.63%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 56 5.06% $5,281
ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 5.14% $8,412
NAVY FEDERAL CREDIT UNION 13 4.29% $3,558
QUICKEN LOANS, LLC 11 3.51% $6,683
USAA Federal Savings Bank 11 4.27% $7,611
GENEVA FINANCIAL, LLC 10 5.41% $5,764
UNITED WHOLESALE MORTGAGE, LLC 7 4.25% $9,701
STOCKTON MORTGAGE CORPORATION 7 5.02% $6,468
FREEDOM MORTGAGE CORPORATION 7 3.75% $7,216
DAS Acquisition Company, LLC 6 4.40% $5,254
U.S. Bank 6 4.85% $7,971
NEW DAY FINANCIAL, LLC 6 5.18% $15,271
GUARANTEED RATE, INC. 5 4.80% $6,251
LOANDEPOT.COM, LLC 5 3.93% $7,433
Northpointe Bank 5 4.80% $7,109
HOMESIDE FINANCIAL, LLC 4 5.38% $3,786
BROKER SOLUTIONS, INC. 4 5.53% $8,233
The Federal Savings Bank 4 5.19% $14,001
Century Mortgage Company DBA Century Lending Company 4 4.78% $7,028
LAKEVIEW LOAN SERVICING, LLC 3 3.50% $3,610
Sierra Pacific Mortgage Company, Inc. 3 4.04% $10,990
CARDINAL FINANCIAL 3 3.67% $9,792
AMERICAN MORTGAGE SERVICE COMPANY 3 5.21% $13,523
PENNYMAC LOAN SERVICES, LLC 3 4.04% $8,063
Low VA Rates, LLC 2 3.75% $10,590
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.75% $5,769
Hometown Lenders, Inc. 2 5.56% $4,419
Carrington Mortgage Services, LLC 2 3.13% $6,074
Prosperity Home Mortgage, LLC 2 4.06% $3,213
Central Bank 2 2.50% $2,195
Citizens Bank 2 3.81% $3,857
HOME POINT FINANCIAL CORPORATION 2 3.69% $8,259
Truist 2 5.18% $2,111
Regions Bank 1 3.25% $4,436
Renasant Bank 1 4.99% $16,050
SOUTHWEST FUNDING, LP 1 5.25% $17,045
VILLAGE CAPITAL MORTGAGE 1 4.38% $14,260
Wells Fargo Bank 1 3.75% $9,028
AMCAP MORTGAGE, LTD. 1 3.25% $23,056
WesBanco 1 5.00% $10,761
AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $5,600
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.63% $11,888
AMERISAVE MORTGAGE CORPORATION 1 4.75% $13,338
Armed Forces Bank 1 5.38% $3,416
Bank of England 1 3.25% $3,447
Barrington Bank & Trust Company, N.A. 1 6.75% $4,569
BAY EQUITY LLC 1 5.13% $4,838
CALIBER HOME LOANS, INC. 1 2.75% $2,257
CHURCHILL MORTGAGE CORPORATION 1 5.63% $10,545
CLEARPATH LENDING 1 4.75% $8,687
CMG MORTGAGE, INC. 1 4.88% $9,952
CROSSCOUNTRY MORTGAGE, LLC 1 3.50% $12,961
DATA MORTGAGE, INC. 1 5.63% $10,918
Equity Prime Mortgage LLC 1 5.63% $4,552
EVERETT FINANCIAL, INC. 1 4.75% $695
FBC MORTGAGE, LLC 1 5.75% $11,259
Fifth Third Bank 1 3.00% $2,879
First Financial Bank 1 4.25% $12,919
First Option Mortgage, LLC 1 3.25% $2,805
Flagstar Bank, FSB 1 4.50% $2,256
FLAT BRANCH MORTGAGE, INC. 1 4.50% $16,045
Forcht Bank 1 5.25% $9,634
GoPrime Mortgage, Inc. 1 6.38% $7,994
GUARANTY HOME MORTGAGE CORPORATION 1 4.00% $3,080
JPMorgan Chase Bank 1 4.75% $8,547
Magnolia Bank 1 4.75% $13,413
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.25% $782
MOVEMENT MORTGAGE, LLC 1 5.75% $1,558
Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $3,261
Nations Lending Corporation 1 5.25% $9,139
PENTAGON FEDERAL CREDIT UNION 1 4.75% $1,983
Plains Commerce Bank 1 6.75% $5,380

The top Richmond VA lender as defined by loan originations is Mortgage Research Center, LLC, with 56 VA loans originated. Their average total fees are $5,281, which is $3,131 lower than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

The lowest fee Richmond VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,558), Mortgage Research Center, LLC ($5,281), GENEVA FINANCIAL, LLC ($5,764), QUICKEN LOANS, LLC ($6,683) and USAA Federal Savings Bank ($7,611).

The lowest rate Richmond VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (3.51%), USAA Federal Savings Bank (4.27%), NAVY FEDERAL CREDIT UNION (4.29%), Mortgage Research Center, LLC (5.06%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (5.14%).


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
Richmond's median listing price for 2024-01-01 was $319,900, a difference of $30,000 (10.4%) versus the prior year and $-2,676 versus the prior month.

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

Richmond's average listing price for 2024-01-01 was $369,274, a difference of $23,699 (6.9%) versus the prior year and $3,776 versus the prior month.

For the 2024-01-01 period, Richmond had 229 MLS listings, a difference of -1 listings (0%) versus the prior month and -19 listings (-8%) 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
Richmond's median listing age (time on market) for 2024-01-01 was 0 days.

Richmond's median square footage for active listings during the 2024-01-01 period was 1,808 sqft. One year prior, the average listing was 1,747 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.