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 6.33% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.27% and one month ago for the week of 2024-06-14, the average rate was 6.73%.

    The average rate one year ago was 6.92%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.53%.

    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%), .

    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.