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 20 lenders originated 62 VA loans during 2023. The total origination value was $11,660,000, with an average VA loan value of $188,065.

    Richmond VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Richmond averaged 7.34% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    Richmond's average VA mortgage closing costs are $3,942.

    The average rate for the prior week (2024-04-12) was 6.87% and one month ago for the week of 2024-03-15, the average rate was 7.03%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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 24 6.86% $5,021
    NEWREZ LLC 6 6.87% $6,098
    QUICKEN LOANS, LLC 6 6.23% $7,995
    NEW DAY FINANCIAL, LLC 6 7.31% $9,310
    LOANDEPOT.COM, LLC 2 6.56% $12,293
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.94% $2,594
    FREEDOM MORTGAGE CORPORATION 1 6.25% $9,578
    GUARANTEED RATE AFFINITY, LLC 1 6.88% $165
    Ixonia Bank 1 7.63% $11,595
    MOVEMENT MORTGAGE, LLC 1 7.75% $3,024
    NAVY FEDERAL CREDIT UNION 1 7.00% $1,717
    PENNYMAC LOAN SERVICES, LLC 1 4.75% $3,237
    PLANET HOME LENDING, LLC 1 7.13% $12,698
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.99% $6,150
    UNITED WHOLESALE MORTGAGE, LLC 1 8.25% $3,828
    Barrington Bank & Trust Company, N.A. 1 7.25% $4,650
    Blue Ridge Bank 1 6.38% $7,279
    CROSSCOUNTRY MORTGAGE, LLC 1 6.56% $3,070
    DAS Acquisition Company, LLC 1 7.38% $665
    First Financial Bank 1 7.00% $10,367

    The top Richmond VA lender as defined by loan originations is Mortgage Research Center, LLC, with 24 VA loans originated. Their average total fees are $5,021, which is $1,077 lower than the next largest lender, NEWREZ LLC.

    The lowest fee Richmond VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,021), .

    The lowest rate Richmond VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.86%), .

    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 $106,250 (6.4%) $139,962 (-7.1%) 0.00 98
    2022-01-01 $106,250 (16.4%) $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 (35.1%) $173,166 (23.7%) 0.00 125
    2023-01-01 $143,050 (34.6%) $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
    Richmond's median listing price for 2024-03-01 was $149,900, a difference of $-13,750 (-8.4%) versus the prior year and $-8,275 versus the prior month.

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

    Richmond's average listing price for 2024-03-01 was $197,770, a difference of $11,834 (6.4%) versus the prior year and $-7,941 versus the prior month.

    For the 2024-03-01 period, Richmond had 88 MLS listings, a difference of -26 listings (-23%) versus the prior month and -1 listings (-1%) 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 1,603 sqft
    2019-12-01 0 days 1,605 sqft
    2020-01-01 0 days 1,603 sqft
    2020-02-01 0 days 1,646 sqft
    2020-03-01 0 days 1,644 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 1,409 sqft
    2022-01-01 0 days 1,527 sqft
    2022-02-01 0 days 1,556 sqft
    2022-03-01 0 days 1,575 sqft
    2022-04-01 0 days 1,811 sqft
    2022-05-01 0 days 1,796 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 1,678 sqft
    2023-09-01 0 days 1,569 sqft
    2023-10-01 0 days 1,599 sqft
    2023-11-01 0 days 1,730 sqft
    2023-12-01 0 days 1,652 sqft
    2024-01-01 0 days 1,758 sqft
    2024-02-01 0 days 1,818 sqft
    2024-03-01 0 days 1,672 sqft
    Richmond's median listing age (time on market) for 2024-03-01 was 0 days.

    Richmond's median square footage for active listings during the 2024-03-01 period was 1,672 sqft. One year prior, the average listing was 1,762 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.