Richmond VA Loan Rates, Closing Costs & Stats

Richmond, IN

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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 35 lenders originated 94 VA loans during 2024. The total origination value was $18,490,000, with an average VA loan value of $196,702.

    Richmond VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Richmond averaged 6.7% for the week of 2025-04-04, compared to the national average (all VA variants) of 6.06% for the same period.

    Richmond's average VA mortgage closing costs are $4,146.

    The average rate for the prior week (2025-03-28) was 6.72% and one month ago for the week of 2025-02-28, the average rate was 6.5%.

    The average rate one year ago was 6.81%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.26%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 21 6.34% $3,287
    NEWREZ LLC 13 6.68% $5,024
    NEW DAY FINANCIAL, LLC 5 7.40% $6,710
    NAVY FEDERAL CREDIT UNION 4 6.16% $2,465
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.50% $7,460
    PENNYMAC LOAN SERVICES, LLC 3 5.92% $8,557
    HOMESIDE FINANCIAL, LLC 3 5.79% $6,845
    RUOFF MORTGAGE COMPANY, INC. 3 6.83% $688
    FREEDOM MORTGAGE CORPORATION 2 6.25% $14,310
    QUICKEN LOANS, LLC 2 6.74% $13,939
    UNITED WHOLESALE MORTGAGE, LLC 2 7.00% $6,685
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.69% $2,093
    U.S. Bank 2 7.00% $8,940
    VILLAGE CAPITAL MORTGAGE 2 5.75% $3,075
    PLANET HOME LENDING, LLC 1 6.88% $6,921
    PLAZA HOME MORTGAGE, INC. 1 4.88% $17,267
    STOCKTON MORTGAGE CORPORATION 1 6.25% $6,796
    The Federal Savings Bank 1 6.63% $9,257
    The Loan Store, Inc. 1 5.25% $4,539
    UNION HOME MORTGAGE CORP. 1 7.25% $2,069
    USAA Federal Savings Bank 1 6.25% $3,175
    MYCUMORTGAGE, LLC 1 7.63% $5,896
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $11,475
    Barrington Bank & Trust Company, N.A. 1 6.25% $3,038
    Blue Ridge Bank 1 5.99% $3,646
    Century Mortgage Company DBA Century Lending Company 1 6.25% $4,530
    DAS Acquisition Company, LLC 1 7.25% $675
    Equity Prime Mortgage LLC 1 5.63% $2,160
    GUILD MORTGAGE COMPANY 1 7.00% $11,635
    GVC MORTGAGE, INC. 1 7.13% $4,841
    LOANDEPOT.COM, LLC 1 6.50% $1,586
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.25% $1,995
    MOVEMENT MORTGAGE, LLC 1 5.75% $871
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $6,912
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $5,275

    The top Richmond VA lender as defined by loan originations is Mortgage Research Center, LLC, with 21 VA loans originated. Their average total fees are $3,287, which is $1,737 lower than the next largest lender, NEWREZ LLC.

    The lowest fee Richmond VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,287), NEWREZ LLC ($5,024), .

    The lowest rate Richmond VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.34%), NEWREZ LLC (6.68%), .

    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 $79,900 (0.0%) $116,133 (-4.2%) 0.00 314
    2018-02-01 $83,200 (4.1%) $120,797 (1.1%) 0.00 329
    2018-03-01 $84,900 (6.4%) $125,416 (5.9%) 0.00 291
    2018-04-01 $82,200 (3.4%) $122,744 (8.5%) 0.00 288
    2018-05-01 $82,200 (1.2%) $124,808 (6.7%) 0.00 287
    2018-06-01 $85,200 (-0.4%) $130,626 (5.1%) 0.00 284
    2018-07-01 $88,350 (-1.7%) $132,966 (7.5%) 0.00 298
    2018-08-01 $89,800 (-0.1%) $132,046 (10.0%) 0.00 304
    2018-09-01 $89,900 (5.9%) $130,228 (6.9%) 0.00 318
    2018-10-01 $85,675 (0.9%) $124,927 (-0.1%) 0.00 329
    2018-11-01 $87,475 (-1.9%) $125,567 (0.2%) 0.00 341
    2018-12-01 $88,500 (4.7%) $123,810 (0.9%) 0.00 341
    2019-01-01 $88,650 (11.0%) $122,983 (5.9%) 0.00 321
    2019-02-01 $89,900 (8.1%) $125,842 (4.2%) 0.00 320
    2019-03-01 $89,157 (5.0%) $129,619 (3.4%) 0.00 291
    2019-04-01 $89,900 (9.4%) $134,168 (9.3%) 0.00 261
    2019-05-01 $96,450 (17.3%) $137,749 (10.4%) 0.00 269
    2019-06-01 $94,450 (10.9%) $136,256 (4.3%) 0.00 251
    2019-07-01 $90,550 (2.5%) $135,097 (1.6%) 0.00 236
    2019-08-01 $92,627 (3.2%) $133,947 (1.4%) 0.00 242
    2019-09-01 $96,718 (7.6%) $131,386 (0.9%) 0.00 242
    2019-10-01 $99,900 (16.6%) $130,264 (4.3%) 0.00 241
    2019-11-01 $99,700 (14.0%) $127,224 (1.3%) 0.00 258
    2019-12-01 $93,200 (5.3%) $121,091 (-2.2%) 0.00 258
    2020-01-01 $93,200 (5.1%) $121,769 (-1.0%) 0.00 248
    2020-02-01 $95,000 (5.7%) $127,802 (1.6%) 0.00 221
    2020-03-01 $99,900 (12.1%) $127,438 (-1.7%) 0.00 207
    2020-04-01 $109,900 (22.3%) $128,407 (-4.3%) 0.00 197
    2020-05-01 $94,950 (-1.6%) $135,077 (-1.9%) 0.00 153
    2020-06-01 $116,150 (23.0%) $156,615 (14.9%) 0.00 122
    2020-07-01 $121,050 (33.7%) $168,452 (24.7%) 0.00 122
    2020-08-01 $119,900 (29.4%) $178,200 (33.0%) 0.00 127
    2020-09-01 $124,925 (29.2%) $167,238 (27.3%) 0.00 132
    2020-10-01 $109,900 (10.0%) $156,921 (20.5%) 0.00 147
    2020-11-01 $101,175 (1.5%) $150,286 (18.1%) 0.00 164
    2020-12-01 $99,850 (7.1%) $150,617 (24.4%) 0.00 163
    2021-01-01 $91,250 (-2.1%) $147,866 (21.4%) 0.00 149
    2021-02-01 $82,425 (-13.2%) $146,253 (14.4%) 0.00 123
    2021-03-01 $79,900 (-20.0%) $146,920 (15.3%) 0.00 108
    2021-04-01 $107,400 (-2.3%) $158,784 (23.7%) 0.00 97
    2021-05-01 $89,950 (-5.3%) $165,191 (22.3%) 0.00 80
    2021-06-01 $117,175 (0.9%) $182,152 (16.3%) 0.00 90
    2021-07-01 $94,900 (-21.6%) $140,155 (-16.8%) 0.00 85
    2021-08-01 $121,150 (1.0%) $148,534 (-16.7%) 0.00 91
    2021-09-01 $129,900 (4.0%) $155,439 (-7.1%) 0.00 109
    2021-10-01 $132,000 (20.1%) $158,472 (1.0%) 0.00 114
    2021-11-01 $117,200 (15.8%) $152,334 (1.4%) 0.00 97
    2021-12-01 $105,575 (5.7%) $139,650 (-7.3%) 0.00 98
    2022-01-01 $102,600 (12.4%) $142,234 (-3.8%) 0.00 85
    2022-02-01 $114,900 (39.4%) $154,696 (5.8%) 0.00 66
    2022-03-01 $139,950 (75.2%) $174,833 (19.0%) 0.00 67
    2022-04-01 $169,900 (58.2%) $199,118 (25.4%) 0.00 62
    2022-05-01 $152,425 (69.5%) $189,711 (14.8%) 0.00 71
    2022-06-01 $129,900 (10.9%) $170,719 (-6.3%) 0.00 91
    2022-07-01 $129,900 (36.9%) $167,200 (19.3%) 0.00 102
    2022-08-01 $134,800 (11.3%) $179,239 (20.7%) 0.00 110
    2022-09-01 $151,150 (16.4%) $193,392 (24.4%) 0.00 100
    2022-10-01 $159,900 (21.1%) $191,121 (20.6%) 0.00 114
    2022-11-01 $147,075 (25.5%) $177,026 (16.2%) 0.00 134
    2022-12-01 $143,500 (35.9%) $173,166 (24.0%) 0.00 125
    2023-01-01 $143,050 (39.4%) $177,975 (25.1%) 0.00 103
    2023-02-01 $151,875 (32.2%) $175,782 (13.6%) 0.00 90
    2023-03-01 $163,650 (16.9%) $185,936 (6.4%) 0.00 89
    2023-04-01 $168,900 (-0.6%) $188,014 (-5.6%) 0.00 75
    2023-05-01 $149,900 (-1.7%) $187,490 (-1.2%) 0.00 73
    2023-06-01 $169,375 (30.4%) $204,628 (19.9%) 0.00 78
    2023-07-01 $162,450 (25.1%) $209,607 (25.4%) 0.00 87
    2023-08-01 $149,700 (11.1%) $196,975 (9.9%) 0.00 105
    2023-09-01 $129,900 (-14.1%) $178,876 (-7.5%) 0.00 122
    2023-10-01 $141,150 (-11.7%) $192,356 (0.7%) 0.00 129
    2023-11-01 $157,450 (7.1%) $197,449 (11.5%) 0.00 129
    2023-12-01 $150,350 (4.8%) $190,280 (9.9%) 0.00 112
    2024-01-01 $159,900 (11.8%) $205,574 (15.5%) 0.00 102
    2024-02-01 $158,175 (4.2%) $205,711 (17.0%) 0.00 114
    2024-03-01 $149,900 (-8.4%) $197,770 (6.4%) 0.00 88
    2024-04-01 $149,900 (-11.3%) $193,130 (2.7%) 0.00 89
    2024-05-01 $167,425 (11.7%) $208,092 (11.0%) 0.00 86
    2024-06-01 $188,000 (11.0%) $221,485 (8.2%) 0.00 101
    2024-07-01 $195,175 (20.1%) $245,694 (17.2%) 0.00 123
    2024-08-01 $179,900 (20.2%) $228,922 (16.2%) 0.00 147
    2024-09-01 $169,900 (30.8%) $229,939 (28.6%) 0.00 161
    2024-10-01 $170,975 (21.1%) $230,520 (19.8%) 0.00 165
    2024-11-01 $164,900 (4.7%) $218,969 (10.9%) 0.00 168
    2024-12-01 $156,950 (4.4%) $216,179 (13.6%) 0.00 164
    2025-01-01 $149,450 (-6.5%) $215,711 (4.9%) 0.00 156
    2025-02-01 $143,725 (-9.1%) $209,481 (1.8%) 0.00 155
    2025-03-01 $144,900 (-3.3%) $212,026 (7.2%) 0.00 149
    Richmond's median listing price for 2025-03-01 was $144,900, a difference of $-5,000 (-3.3%) versus the prior year and $1,175 versus the prior month.

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

    Richmond's average listing price for 2025-03-01 was $212,026, a difference of $14,256 (7.2%) versus the prior year and $2,545 versus the prior month.

    For the 2025-03-01 period, Richmond had 149 MLS listings, a difference of -6 listings (-4%) versus the prior month and 61 listings (69%) 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 1,531 sqft
    2018-02-01 0 days 1,594 sqft
    2018-03-01 0 days 1,601 sqft
    2018-04-01 0 days 1,597 sqft
    2018-05-01 0 days 1,601 sqft
    2018-06-01 0 days 1,596 sqft
    2018-07-01 0 days 1,635 sqft
    2018-08-01 0 days 1,634 sqft
    2018-09-01 0 days 1,632 sqft
    2018-10-01 0 days 1,602 sqft
    2018-11-01 0 days 1,601 sqft
    2018-12-01 0 days 1,595 sqft
    2019-01-01 0 days 1,542 sqft
    2019-02-01 0 days 1,530 sqft
    2019-03-01 0 days 1,524 sqft
    2019-04-01 0 days 1,541 sqft
    2019-05-01 0 days 1,583 sqft
    2019-06-01 0 days 1,561 sqft
    2019-07-01 0 days 1,584 sqft
    2019-08-01 0 days 1,589 sqft
    2019-09-01 0 days 1,596 sqft
    2019-10-01 0 days 1,602 sqft
    2019-11-01 0 days 1,599 sqft
    2019-12-01 0 days 1,601 sqft
    2020-01-01 0 days 1,599 sqft
    2020-02-01 0 days 1,641 sqft
    2020-03-01 0 days 1,637 sqft
    2020-04-01 0 days 1,628 sqft
    2020-05-01 0 days 1,606 sqft
    2020-06-01 0 days 1,643 sqft
    2020-07-01 0 days 1,733 sqft
    2020-08-01 0 days 1,672 sqft
    2020-09-01 0 days 1,609 sqft
    2020-10-01 0 days 1,581 sqft
    2020-11-01 0 days 1,567 sqft
    2020-12-01 0 days 1,601 sqft
    2021-01-01 0 days 1,547 sqft
    2021-02-01 0 days 1,520 sqft
    2021-03-01 0 days 1,494 sqft
    2021-04-01 0 days 1,566 sqft
    2021-05-01 0 days 1,429 sqft
    2021-06-01 0 days 1,603 sqft
    2021-07-01 0 days 1,572 sqft
    2021-08-01 0 days 1,675 sqft
    2021-09-01 0 days 1,617 sqft
    2021-10-01 0 days 1,542 sqft
    2021-11-01 0 days 1,449 sqft
    2021-12-01 0 days 1,405 sqft
    2022-01-01 0 days 1,532 sqft
    2022-02-01 0 days 1,558 sqft
    2022-03-01 0 days 1,575 sqft
    2022-04-01 0 days 1,811 sqft
    2022-05-01 0 days 1,805 sqft
    2022-06-01 0 days 1,696 sqft
    2022-07-01 0 days 1,657 sqft
    2022-08-01 0 days 1,670 sqft
    2022-09-01 0 days 1,695 sqft
    2022-10-01 0 days 1,674 sqft
    2022-11-01 0 days 1,535 sqft
    2022-12-01 0 days 1,553 sqft
    2023-01-01 0 days 1,575 sqft
    2023-02-01 0 days 1,706 sqft
    2023-03-01 0 days 1,762 sqft
    2023-04-01 0 days 1,817 sqft
    2023-05-01 0 days 1,791 sqft
    2023-06-01 0 days 1,853 sqft
    2023-07-01 0 days 1,848 sqft
    2023-08-01 0 days 1,696 sqft
    2023-09-01 0 days 1,598 sqft
    2023-10-01 0 days 1,615 sqft
    2023-11-01 0 days 1,737 sqft
    2023-12-01 0 days 1,657 sqft
    2024-01-01 0 days 1,775 sqft
    2024-02-01 0 days 1,818 sqft
    2024-03-01 0 days 1,672 sqft
    2024-04-01 0 days 1,622 sqft
    2024-05-01 0 days 1,674 sqft
    2024-06-01 0 days 1,774 sqft
    2024-07-01 0 days 1,773 sqft
    2024-08-01 0 days 1,780 sqft
    2024-09-01 0 days 1,720 sqft
    2024-10-01 0 days 1,704 sqft
    2024-11-01 0 days 1,585 sqft
    2024-12-01 0 days 1,576 sqft
    2025-01-01 0 days 1,550 sqft
    2025-02-01 0 days 1,515 sqft
    2025-03-01 0 days 1,519 sqft
    Richmond's median listing age (time on market) for 2025-03-01 was 0 days.

    Richmond's median square footage for active listings during the 2025-03-01 period was 1,519 sqft. One year prior, the average listing was 1,672 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.