Richmond VA Loan Rates, Closing Costs & Stats

RICHMOND, VA

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 138 lenders originated 2,156 VA loans during 2023. The total origination value was $808,490,000, with an average VA loan value of $374,995.

Richmond VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Richmond averaged 6.68% for the week of 2024-05-24, compared to the national average (all VA variants) of 6.567% for the same period.

Richmond's average VA mortgage closing costs are $6,402.

The average rate for the prior week (2024-05-17) was 6.41% and one month ago for the week of 2024-04-19, the average rate was 6.78%.

The average rate one year ago was 6.55%.

For refis of the same type during the week of 2024-05-24, the average rate was 6.79%.

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 273 6.72% $7,848
QUICKEN LOANS, LLC 133 6.10% $13,219
NAVY FEDERAL CREDIT UNION 121 5.82% $7,637
NVR Mortgage Finance, Inc. 108 5.50% $9,655
UNITED WHOLESALE MORTGAGE, LLC 91 6.22% $9,084
FREEDOM MORTGAGE CORPORATION 63 6.44% $16,190
PENNYMAC LOAN SERVICES, LLC 62 5.48% $8,414
LOANDEPOT.COM, LLC 60 6.06% $10,679
Prosperity Home Mortgage, LLC 58 6.11% $8,382
MOVEMENT MORTGAGE, LLC 50 6.39% $11,486
George Mason Mortgage, LLC 43 6.38% $11,139
USAA Federal Savings Bank 43 6.07% $9,439
NEW DAY FINANCIAL, LLC 41 7.33% $11,415
DHI MORTGAGE COMPANY, LTD. 40 5.32% $10,661
NFM, INC. 39 6.52% $10,502
Truist 37 6.12% $10,177
Alcova Mortgage LLC 36 6.86% $8,189
SOUTHERN TRUST MORTGAGE, LLC 34 6.45% $10,666
Presidential Bank, FSB 33 6.56% $10,310
C & F Mortgage Corporation 32 6.63% $12,009
PENTAGON FEDERAL CREDIT UNION 29 5.49% $7,294
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 29 6.38% $10,574
The Federal Savings Bank 29 6.32% $15,635
NEWREZ LLC 25 6.49% $10,772
Wells Fargo Bank 22 6.06% $7,246
Virginia Credit Union, Inc. 20 6.10% $8,025
First Heritage Mortgage, LLC 19 6.49% $11,702
FIRST HOME MORTGAGE CORPORATION 18 6.55% $8,057
Mr. Cooper ( Nationstar Mortgage ) 17 5.85% $14,128
Towne Bank 17 6.57% $12,867
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 6.59% $9,256
Towne First Mortgage, LLC 16 6.89% $7,748
CAPITAL CENTER, L.L.C. 15 6.22% $6,505
AMERICAN FINANCIAL NETWORK, INC. 15 6.67% $8,404
CALIBER HOME LOANS, INC. 15 5.93% $11,174
VILLAGE BANK MORTGAGE CORPORATION 14 6.49% $9,189
CMG MORTGAGE, INC. 13 6.12% $13,305
Atlantic Coast Mortgage, LLC 12 6.10% $12,730
C&F Select LLC 10 6.75% $14,900
Integrity Home Mortgage Corp 10 6.40% $12,275
PRIMELENDING, A PLAINSCAPITAL COMPANY 10 6.64% $10,950
TIDEWATER MORTGAGE SERVICES, INC. 10 6.50% $12,417
VILLAGE CAPITAL MORTGAGE 9 6.32% $10,924
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 6.67% $11,069
BROKER SOLUTIONS, INC. 9 6.58% $10,622
GUARANTEED RATE, INC. 8 6.43% $4,936
Tidewater Home Funding, LLC 8 6.28% $12,681
CROSSCOUNTRY MORTGAGE, LLC 7 6.76% $14,671
Equity Prime Mortgage LLC 7 6.82% $15,238
CARDINAL FINANCIAL 7 6.57% $15,044
U.S. Bank 7 6.52% $12,355
Plains Commerce Bank 7 5.86% $14,168
NBKC BANK 6 6.00% $5,668
Nations Lending Corporation 6 5.92% $10,002
GENEVA FINANCIAL, LLC 6 6.15% $21,308
EAGLE HOME MORTGAGE, LLC 6 5.88% $16,618
MICHIGAN MUTUAL, INC. 6 5.38% $15,527
GUILD MORTGAGE COMPANY 6 6.60% $10,623
AMERISAVE MORTGAGE CORPORATION 6 5.90% $19,830
HOMESPIRE MORTGAGE CORPORATION 5 6.58% $15,911
GoPrime Mortgage, Inc. 5 6.23% $11,987
Flagstar Bank, FSB 5 6.43% $13,342
Barrington Bank & Trust Company, N.A. 5 6.75% $9,706
Magnolia Bank 5 6.45% $15,871
Ameris Bank 4 6.16% $6,556
SUN WEST MORTGAGE COMPANY, INC. 4 6.50% $18,125
First National Bank of Pennsylvania 4 6.28% $6,773
RELIANCE FIRST CAPITAL, LLC 4 6.84% $8,514
LOANPAL, LLC 4 6.06% $16,718
MILEND, INC. 4 6.66% $14,082
Century Mortgage Company DBA Century Lending Company 3 6.00% $8,107
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.00% $10,911
SUCCESS MORTGAGE PARTNERS, INC. 3 6.38% $22,409
Mid-Continent Funding, Inc. 3 5.67% $15,949
EMBRACE HOME LOANS, INC. 3 5.96% $12,151
PLAZA HOME MORTGAGE, INC. 3 6.12% $13,821
FIRST COMMUNITY MORTGAGE, INC. 3 6.75% $6,489
The Central Trust Bank 3 5.54% $7,414
TOWNE MORTGAGE COMPANY 3 6.25% $7,328
NexBank 3 6.00% $5,442
EMM LOANS LLC 2 6.44% $11,172
SWBC MORTGAGE CORPORATION 2 5.88% $15,085
Waterstone Mortgage Corporation 2 6.06% $11,307
INTERCOASTAL MORTGAGE COMPANY 2 6.38% $16,572
American Security Mortgage Corp. 2 6.13% $9,697
PREMIA MORTGAGE, LLC 2 5.94% $10,299
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.31% $4,177
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.50% $21,862
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.31% $13,636
North American Savings Bank, F.S.B. 2 5.81% $4,579
VANDERBILT MORTGAGE AND FINANCE, INC. 2 6.63% $6,923
MORTGAGE ACCESS CORP. 2 6.06% $10,343
ZILLOW HOME LOANS, LLC 1 6.25% $10,479
American Mortgage & Equity Consultants, Inc. 1 7.75% $12,327
AmeriHome Mortgage Company, LLC 1 7.13% $4,680
Armed Forces Bank 1 6.50% $21,146
Atlantic Union Bank 1 5.50% $3,767
Bank of England 1 5.13% $16,515
Blue Ridge Bank 1 6.13% $8,547
BNC National Bank 1 6.75% $8,599
Capital Bank 1 7.13% $3,925
CBM Mortgage, Inc. 1 5.63% $22,018
CHURCHILL MORTGAGE CORPORATION 1 6.75% $22,082
CONTOUR MORTGAGE CORPORATION 1 6.88% $12,280
Encompass Lending Group, LP 1 6.13% $4,046
EVANSVILLE TEACHERS 1 6.13% $5,376
First Federal Bank 1 6.00% $3,515
First Horizon Bank 1 6.00% $15,125
First Reliance Bank 1 6.13% $19,628
First Savings Bank 1 5.75% $7,296
FIRST SAVINGS MORTGAGE CORPORATION 1 5.88% $13,126
Fulton Bank 1 6.75% $6,559
HomePromise Corporation 1 7.50% $19,032
HOMESTAR FINANCIAL CORPORATION 1 7.25% $8,501
INTERLINC MORTGAGE SERVICES, LLC 1 6.13% $15,070
ISERVE RESIDENTIAL LENDING, LLC 1 6.88% $10,620
JAMS-01, INC. 1 6.13% $10,463
Lakeview Community Capital, LLC 1 6.25% $11,342
LEGEND LENDING CORPORATION 1 6.75% $12,787
Loan Simple, Inc. 1 7.25% $12,650
MANN FINANCIAL INC. 1 7.25% $19,832
MASON MCDUFFIE MORTGAGE CORPORATION 1 7.25% $3,959
Meridian Bank Corporation 1 6.13% $11,272
MID AMERICA MORTGAGE, INC. 1 6.75% $39,565
MORIA DEVELOPMENT, INC. 1 7.25% $11,114
MORTGAGEONE, INC. 1 6.63% $1,886
MY MORTGAGE, INC. 1 5.88% $7,845
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $5,114
ON Q FINANCIAL, INC. 1 6.63% $967
PHH Mortgage Corporation 1 7.63% $5,428
PLANET HOME LENDING, LLC 1 6.13% $6,235
PNC Bank 1 6.75% $15,172
Regions Bank 1 4.88% $10,741
RESIDENTIAL BANCORP 1 6.49% $20,157
Residential Mortgage Solutions, Inc. 1 6.13% $14,238
SOVEREIGN LENDING GROUP INCORPORATED 1 5.50% $19,506
Strong Home Mortgage, LLC 1 6.62% $20,061
Towne Mortgage, LLC 1 6.63% $11,655

The top Richmond VA lender as defined by loan originations is Mortgage Research Center, LLC, with 273 VA loans originated. Their average total fees are $7,848, which is $5,371 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Richmond VA lenders (with over 10 loans originated) are CAPITAL CENTER, L.L.C. ($6,505), Wells Fargo Bank ($7,246), PENTAGON FEDERAL CREDIT UNION ($7,294), NAVY FEDERAL CREDIT UNION ($7,637) and Towne First Mortgage, LLC ($7,748).

The lowest rate Richmond VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.32%), PENNYMAC LOAN SERVICES, LLC (5.48%), PENTAGON FEDERAL CREDIT UNION (5.49%), NVR Mortgage Finance, Inc. (5.50%) and NAVY FEDERAL CREDIT UNION (5.82%).


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 $289,998 (8.0%) $344,210 (7.0%) 1.08 3,181
2018-02-01 $299,970 (8.1%) $354,492 (6.0%) 1.09 3,149
2018-03-01 $314,244 (8.4%) $365,916 (5.6%) 1.10 3,250
2018-04-01 $321,611 (8.1%) $375,146 (7.6%) 1.09 3,408
2018-05-01 $324,975 (8.3%) $382,218 (7.3%) 1.09 3,667
2018-06-01 $319,990 (6.7%) $379,568 (7.1%) 1.07 3,944
2018-07-01 $324,126 (8.4%) $379,417 (8.3%) 1.08 4,080
2018-08-01 $314,500 (7.4%) $371,406 (7.6%) 1.05 4,223
2018-09-01 $309,703 (4.4%) $367,174 (5.0%) 1.04 4,285
2018-10-01 $304,550 (2.5%) $360,593 (2.7%) 1.03 4,334
2018-11-01 $307,531 (4.2%) $364,444 (3.8%) 1.04 4,232
2018-12-01 $309,950 (6.9%) $363,776 (4.7%) 1.07 3,824
2019-01-01 $309,750 (6.8%) $359,138 (4.3%) 1.07 3,422
2019-02-01 $319,113 (6.4%) $369,231 (4.2%) 1.08 3,363
2019-03-01 $327,100 (4.1%) $376,322 (2.8%) 1.07 3,460
2019-04-01 $334,500 (4.0%) $384,108 (2.4%) 1.06 3,590
2019-05-01 $337,925 (4.0%) $390,736 (2.2%) 1.06 3,782
2019-06-01 $335,000 (4.7%) $389,839 (2.7%) 1.05 3,877
2019-07-01 $332,439 (2.6%) $386,055 (1.8%) 1.04 3,990
2019-08-01 $325,782 (3.6%) $379,272 (2.1%) 1.03 4,071
2019-09-01 $322,530 (4.1%) $377,515 (2.8%) 1.03 4,120
2019-10-01 $319,975 (5.1%) $375,501 (4.1%) 1.03 4,184
2019-11-01 $316,123 (2.8%) $371,799 (2.0%) 1.04 3,958
2019-12-01 $322,698 (4.1%) $373,750 (2.7%) 1.08 3,468
2020-01-01 $324,938 (4.9%) $373,712 (4.1%) 1.09 3,069
2020-02-01 $331,636 (3.9%) $388,790 (5.3%) 1.09 2,903
2020-03-01 $346,388 (5.9%) $406,539 (8.0%) 1.09 3,022
2020-04-01 $349,363 (4.4%) $405,116 (5.5%) 1.09 3,216
2020-05-01 $356,245 (5.4%) $414,416 (6.1%) 1.08 3,087
2020-06-01 $359,495 (7.3%) $419,880 (7.7%) 1.06 2,746
2020-07-01 $358,473 (7.8%) $420,720 (9.0%) 1.04 2,533
2020-08-01 $359,775 (10.4%) $423,963 (11.8%) 1.03 2,328
2020-09-01 $356,486 (10.5%) $423,070 (12.1%) 1.02 2,261
2020-10-01 $360,000 (12.5%) $428,016 (14.0%) 1.03 2,199
2020-11-01 $362,425 (14.7%) $428,562 (15.3%) 1.06 2,087
2020-12-01 $364,950 (13.1%) $429,668 (15.0%) 1.09 1,860
2021-01-01 $368,995 (13.6%) $429,845 (15.0%) 1.10 1,594
2021-02-01 $370,822 (11.8%) $434,673 (11.8%) 1.08 1,420
2021-03-01 $369,850 (6.8%) $438,579 (7.9%) 1.05 1,419
2021-04-01 $366,970 (5.0%) $433,352 (7.0%) 0.99 1,442
2021-05-01 $357,991 (0.5%) $426,121 (2.8%) 0.95 1,536
2021-06-01 $350,003 (-2.6%) $425,637 (1.4%) 0.92 1,663
2021-07-01 $349,000 (-2.6%) $418,850 (-0.4%) 0.92 1,796
2021-08-01 $349,950 (-2.7%) $420,868 (-0.7%) 0.93 1,837
2021-09-01 $349,950 (-1.8%) $421,581 (-0.4%) 0.93 1,812
2021-10-01 $350,000 (-2.8%) $419,898 (-1.9%) 0.93 1,702
2021-11-01 $350,863 (-3.2%) $422,630 (-1.4%) 0.94 1,572
2021-12-01 $353,685 (-3.1%) $425,570 (-1.0%) 0.96 1,265
2022-01-01 $367,252 (-0.5%) $441,161 (2.6%) 0.99 1,035
2022-02-01 $367,498 (-0.9%) $444,839 (2.3%) 0.96 936
2022-03-01 $359,838 (-2.7%) $438,509 (0.0%) 0.90 976
2022-04-01 $373,178 (1.7%) $451,450 (4.2%) 0.89 1,083
2022-05-01 $382,040 (6.7%) $461,606 (8.3%) 0.87 1,245
2022-06-01 $394,975 (12.9%) $468,742 (10.1%) 0.88 1,507
2022-07-01 $393,853 (12.9%) $459,280 (9.7%) 0.89 1,775
2022-08-01 $388,139 (10.9%) $463,921 (10.2%) 0.90 1,792
2022-09-01 $382,425 (9.3%) $458,824 (8.8%) 0.89 1,845
2022-10-01 $379,995 (8.6%) $460,203 (9.6%) 0.89 1,918
2022-11-01 $379,925 (8.3%) $450,980 (6.7%) 0.91 2,022
2022-12-01 $378,176 (6.9%) $449,155 (5.5%) 0.93 1,871
2023-01-01 $381,169 (3.8%) $449,729 (1.9%) 0.94 1,649
2023-02-01 $392,500 (6.8%) $464,031 (4.3%) 0.95 1,493
2023-03-01 $402,445 (11.8%) $476,545 (8.7%) 0.95 1,482
2023-04-01 $424,950 (13.9%) $502,424 (11.3%) 0.99 1,482
2023-05-01 $441,200 (15.5%) $517,954 (12.2%) 1.00 1,497
2023-06-01 $442,258 (12.0%) $522,251 (11.4%) 0.99 1,545
2023-07-01 $439,900 (11.7%) $518,103 (12.8%) 1.00 1,592
2023-08-01 $438,848 (13.1%) $507,342 (9.4%) 1.01 1,687
2023-09-01 $439,450 (14.9%) $513,657 (12.0%) 1.02 1,840
2023-10-01 $435,000 (14.5%) $518,524 (12.7%) 1.02 2,075
2023-11-01 $442,270 (16.4%) $525,410 (16.5%) 1.05 2,058
2023-12-01 $429,999 (13.7%) $511,200 (13.8%) 1.05 1,961
2024-01-01 $442,970 (16.2%) $521,418 (15.9%) 1.08 1,725
2024-02-01 $448,678 (14.3%) $528,085 (13.8%) 1.08 1,664
2024-03-01 $450,000 (11.8%) $535,978 (12.5%) 1.06 1,612
2024-04-01 $458,767 (8.0%) $544,481 (8.4%) 1.07 1,762
Richmond's median listing price for 2024-04-01 was $458,767, a difference of $33,817 (8.0%) versus the prior year and $8,767 versus the prior month.

Richmond's median listing price comes in at 107% of the national average.

Richmond's average listing price for 2024-04-01 was $544,481, a difference of $42,057 (8.4%) versus the prior year and $8,503 versus the prior month.

For the 2024-04-01 period, Richmond had 1,762 MLS listings, a difference of 150 listings (9%) versus the prior month and 280 listings (19%) 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 68 days 2,178 sqft
2018-02-01 55 days 2,211 sqft
2018-03-01 46 days 2,254 sqft
2018-04-01 45 days 2,293 sqft
2018-05-01 43 days 2,344 sqft
2018-06-01 45 days 2,324 sqft
2018-07-01 49 days 2,302 sqft
2018-08-01 50 days 2,248 sqft
2018-09-01 52 days 2,225 sqft
2018-10-01 55 days 2,193 sqft
2018-11-01 53 days 2,201 sqft
2018-12-01 63 days 2,200 sqft
2019-01-01 66 days 2,184 sqft
2019-02-01 56 days 2,207 sqft
2019-03-01 46 days 2,241 sqft
2019-04-01 42 days 2,271 sqft
2019-05-01 44 days 2,293 sqft
2019-06-01 46 days 2,286 sqft
2019-07-01 50 days 2,271 sqft
2019-08-01 50 days 2,237 sqft
2019-09-01 50 days 2,219 sqft
2019-10-01 50 days 2,203 sqft
2019-11-01 52 days 2,187 sqft
2019-12-01 64 days 2,191 sqft
2020-01-01 68 days 2,200 sqft
2020-02-01 53 days 2,208 sqft
2020-03-01 40 days 2,268 sqft
2020-04-01 44 days 2,279 sqft
2020-05-01 54 days 2,296 sqft
2020-06-01 59 days 2,290 sqft
2020-07-01 55 days 2,251 sqft
2020-08-01 60 days 2,242 sqft
2020-09-01 53 days 2,206 sqft
2020-10-01 53 days 2,201 sqft
2020-11-01 58 days 2,185 sqft
2020-12-01 57 days 2,178 sqft
2021-01-01 53 days 2,125 sqft
2021-02-01 48 days 2,090 sqft
2021-03-01 43 days 2,075 sqft
2021-04-01 40 days 2,081 sqft
2021-05-01 39 days 2,043 sqft
2021-06-01 41 days 2,030 sqft
2021-07-01 39 days 1,979 sqft
2021-08-01 40 days 2,009 sqft
2021-09-01 45 days 1,959 sqft
2021-10-01 51 days 1,964 sqft
2021-11-01 57 days 1,952 sqft
2021-12-01 51 days 1,960 sqft
2022-01-01 71 days 1,997 sqft
2022-02-01 36 days 1,980 sqft
2022-03-01 31 days 1,907 sqft
2022-04-01 32 days 1,932 sqft
2022-05-01 31 days 1,996 sqft
2022-06-01 31 days 2,019 sqft
2022-07-01 35 days 2,000 sqft
2022-08-01 38 days 1,995 sqft
2022-09-01 43 days 1,968 sqft
2022-10-01 40 days 1,962 sqft
2022-11-01 43 days 1,951 sqft
2022-12-01 53 days 1,925 sqft
2023-01-01 59 days 1,937 sqft
2023-02-01 51 days 1,983 sqft
2023-03-01 41 days 2,029 sqft
2023-04-01 38 days 2,066 sqft
2023-05-01 40 days 2,100 sqft
2023-06-01 41 days 2,097 sqft
2023-07-01 43 days 2,094 sqft
2023-08-01 39 days 2,103 sqft
2023-09-01 42 days 2,096 sqft
2023-10-01 41 days 2,086 sqft
2023-11-01 45 days 2,091 sqft
2023-12-01 54 days 2,039 sqft
2024-01-01 61 days 2,054 sqft
2024-02-01 48 days 2,067 sqft
2024-03-01 44 days 2,073 sqft
2024-04-01 41 days 2,086 sqft
Richmond's median listing age (time on market) for 2024-04-01 was 41 days. This is 8% longer than the same period one year ago.

Richmond's median square footage for active listings during the 2024-04-01 period was 2,086 sqft. One year prior, the average listing was 2,066 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.