Roanoke VA Loan Rates, Closing Costs & Stats

ROANOKE, 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.

Roanoke's 108 lenders originated 1,212 VA loans during 2021. The total origination value was $309,060,000, with an average VA loan value of $255,000.

Roanoke VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Roanoke averaged 6.42% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

Roanoke's average VA mortgage closing costs are $4,754.

The average rate for the prior week (2022-11-25) was 6.66% and one month ago for the week of 2022-10-28, the average rate was 6.85%.

The average rate one year ago was 3.63%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.63%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Roanoke 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 Roanoke level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Mortgage Research Center, LLC 126 2.89% $4,705
QUICKEN LOANS, LLC 113 2.47% $5,511
FREEDOM MORTGAGE CORPORATION 74 2.48% $2,634
PENNYMAC LOAN SERVICES, LLC 50 2.50% $4,916
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 48 3.06% $5,054
MOVEMENT MORTGAGE, LLC 37 2.74% $16,815
USAA Federal Savings Bank 35 2.81% $4,565
Alcova Mortgage LLC 35 2.92% $3,544
NEW DAY FINANCIAL, LLC 33 2.68% $6,824
NAVY FEDERAL CREDIT UNION 30 2.47% $4,795
Citizens Bank 28 2.54% $4,985
Integrity Home Mortgage Corp 27 3.07% $5,868
Wells Fargo Bank 24 2.60% $4,185
UNITED WHOLESALE MORTGAGE, LLC 20 2.60% $5,744
EMBRACE HOME LOANS, INC. 20 2.61% $5,251
LOANDEPOT.COM, LLC 19 2.42% $4,920
Mr. Cooper ( Nationstar Mortgage ) 19 2.84% $3,620
CLEARPATH LENDING 18 2.39% $3,762
GUARANTEED RATE, INC. 16 2.77% $4,611
Prosperity Home Mortgage, LLC 15 2.58% $3,551
CALIBER HOME LOANS, INC. 14 2.44% $3,401
Renasant Bank 11 2.72% $5,129
FREEDOM FIRST 11 2.32% $6,440
SWBC MORTGAGE CORPORATION 9 3.25% $6,300
NEWREZ LLC 8 2.70% $4,930
LAKEVIEW LOAN SERVICING, LLC 8 2.70% $1,702
VILLAGE CAPITAL MORTGAGE 7 2.29% $2,962
Carrington Mortgage Services, LLC 7 3.05% $5,485
OVM FINANCIAL, INC. 7 2.71% $7,212
The Federal Savings Bank 7 2.64% $11,617
Truist 7 2.76% $4,135
BROKER SOLUTIONS, INC. 7 2.68% $7,333
INTERCOASTAL MORTGAGE COMPANY 6 2.69% $6,651
HOME POINT FINANCIAL CORPORATION 6 2.33% $3,866
Blue Ridge Bank 5 2.83% $8,447
Barrington Bank & Trust Company, N.A. 5 3.11% $3,934
First Guaranty Mortgage Corporation 5 2.40% $3,472
AMERICAN FINANCIAL NETWORK, INC. 5 2.43% $7,813
CHURCHILL MORTGAGE CORPORATION 4 2.50% $5,680
Commerce Home Mortgage, Inc. 4 2.50% $3,085
Mid-Continent Funding, Inc. 4 2.69% $6,218
Towne Bank 4 2.81% $6,912
American National Bank and Trust Company 4 2.34% $5,846
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.47% $4,316
AMERICAN FINANCING CORPORATION 4 2.84% $4,539
SUN WEST MORTGAGE COMPANY, INC. 4 2.53% $3,385
Lakeview Community Capital, LLC 4 2.69% $2,810
CROSSCOUNTRY MORTGAGE, LLC 4 2.63% $3,593
MUTUAL OF OMAHA MORTGAGE, INC. 4 2.97% $4,739
First Heritage Mortgage, LLC 4 2.94% $10,736
PENTAGON FEDERAL CREDIT UNION 4 2.31% $2,193
PRIMELENDING, A PLAINSCAPITAL COMPANY 3 2.67% $4,308
NETWORK CAPITAL FUNDING CORPORATION 3 2.58% $3,653
Atlantic Coast Mortgage, LLC 3 2.46% $3,436
Atlantic Union Bank 3 2.83% $4,934
GUILD MORTGAGE COMPANY 3 2.88% $14,536
MCLEAN MORTGAGE CORPORATION 3 2.58% $6,408
PLANET HOME LENDING, LLC 3 2.92% $3,083
NP, Inc. 3 2.58% $5,127
AMERISAVE MORTGAGE CORPORATION 3 2.46% $3,994
AMERICAN PACIFIC MORTGAGE CORPORATION 2 2.63% $5,330
ENVOY MORTGAGE, LTD 2 3.19% $3,634
Assurance Financial Group, L.L.C. 2 2.38% $2,792
TOWNE MORTGAGE COMPANY 2 2.50% $6,875
Flagstar Bank, FSB 2 2.39% $7,971
First Federal Bank 2 2.75% $5,796
SOVEREIGN LENDING GROUP INCORPORATED 2 2.75% $5,071
PNC Bank 2 2.88% $2,688
HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.75% $6,759
EMM LOANS LLC 2 3.06% $10,666
TJC Mortgage, Inc. 2 2.25% $3,285
Sierra Pacific Mortgage Company, Inc. 1 2.75% $12,933
AMERICAN INTERNET MORTGAGE, INC. 1 2.50% $2,431
AMERICAN NATIONWIDE MORTGAGE COMPANY, INC. 1 3.25% $1,460
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.75% $3,240
ANGEL OAK HOME LOANS LLC 1 2.25% $21,084
Austin Capital Bank SSB 1 3.50% $6,206
Bank of England 1 3.13% $6,916
BAYSHORE MORTGAGE FUNDING, LLC 1 2.50% $17,668
BNC National Bank 1 2.25% $1,841
Capital Bank 1 2.50% $2,350
Credence Funding Corporation 1 2.25% $3,152
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.88% $18,331
First-Citizens Bank & Trust Company 1 2.63% $11,901
FLAT BRANCH MORTGAGE, INC. 1 3.38% $2,839
GoPrime Mortgage, Inc. 1 2.88% $13,347
GUARANTY HOME MORTGAGE CORPORATION 1 2.88% $19,627
HOMESIDE FINANCIAL, LLC 1 2.50% $2,781
KS StateBank 1 2.25% $53
Low VA Rates, LLC 1 2.25% $871
Magnolia Bank 1 2.25% $2,903
Meridian Bank Corporation 1 2.25% $3,682
NATION ONE MORTGAGE CORPORATION 1 3.13% $13,192
NATIONS DIRECT MORTGAGE, LLC 1 3.25% $7,626
Nations Lending Corporation 1 2.25% $14,040
NBKC BANK 1 2.50% $1,543
NewTowne Mortgage, LLC 1 2.88% $12,771
North American Savings Bank, F.S.B. 1 2.75% $24,295
Northpointe Bank 1 3.00% $2,818
Pinnacle Bank 1 2.25% $2,786
PLAZA HOME MORTGAGE, INC. 1 2.63% $4,976
PREMIA MORTGAGE, LLC 1 2.38% $3,395
Presidential Bank, FSB 1 2.99% $0
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.13% $8,509
RELIANCE FIRST CAPITAL, LLC 1 2.63% $5,640
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.88% $8,622
ACCELERATE MORTGAGE, LLC 1 1.75% $10,153
TIDEWATER MORTGAGE SERVICES, INC. 1 3.25% $3,406

The top Roanoke VA lender as defined by loan originations is Mortgage Research Center, LLC, with 126 VA loans originated. Their average total fees are $4,705, which is $805 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Roanoke VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,634), CALIBER HOME LOANS, INC. ($3,401), Alcova Mortgage LLC ($3,544), Prosperity Home Mortgage, LLC ($3,551) and Mr. Cooper ( Nationstar Mortgage ) ($3,620).

The lowest rate Roanoke VA lenders (with over 10 loans originated) are FREEDOM FIRST (2.32%), CLEARPATH LENDING (2.39%), LOANDEPOT.COM, LLC (2.42%), CALIBER HOME LOANS, INC. (2.44%) and QUICKEN LOANS, LLC (2.47%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Roanoke (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 $239,925 (9.3%) $335,660 (5.7%) 0.89 1,372
2018-02-01 $248,963 (13.2%) $336,857 (5.1%) 0.90 1,371
2018-03-01 $249,000 (10.4%) $339,332 (4.0%) 0.87 1,423
2018-04-01 $252,487 (7.5%) $349,775 (4.4%) 0.86 1,479
2018-05-01 $254,925 (6.5%) $355,508 (5.8%) 0.85 1,602
2018-06-01 $263,750 (7.7%) $368,236 (9.1%) 0.88 1,583
2018-07-01 $261,150 (7.5%) $367,783 (8.3%) 0.87 1,601
2018-08-01 $259,950 (8.3%) $363,744 (7.3%) 0.87 1,618
2018-09-01 $254,950 (4.9%) $364,784 (5.7%) 0.86 1,588
2018-10-01 $249,838 (4.1%) $355,054 (2.6%) 0.84 1,575
2018-11-01 $254,950 (9.1%) $361,398 (8.3%) 0.86 1,490
2018-12-01 $249,700 (4.1%) $357,558 (4.1%) 0.86 1,378
2019-01-01 $252,063 (5.1%) $354,795 (5.7%) 0.87 1,275
2019-02-01 $256,975 (3.2%) $361,362 (7.3%) 0.87 1,234
2019-03-01 $266,429 (7.0%) $368,887 (8.7%) 0.87 1,239
2019-04-01 $273,929 (8.5%) $372,330 (6.5%) 0.87 1,254
2019-05-01 $288,450 (13.2%) $374,640 (5.4%) 0.90 1,275
2019-06-01 $288,000 (9.2%) $370,016 (0.5%) 0.90 1,310
2019-07-01 $281,175 (7.7%) $371,628 (1.1%) 0.88 1,294
2019-08-01 $278,564 (7.2%) $373,607 (2.7%) 0.88 1,265
2019-09-01 $276,559 (8.5%) $378,654 (3.8%) 0.88 1,249
2019-10-01 $275,223 (10.2%) $380,793 (7.3%) 0.89 1,238
2019-11-01 $279,000 (9.4%) $385,360 (6.6%) 0.91 1,204
2019-12-01 $275,825 (10.5%) $381,259 (6.6%) 0.92 1,088
2020-01-01 $269,925 (7.1%) $379,572 (7.0%) 0.90 1,016
2020-02-01 $276,500 (7.6%) $391,371 (8.3%) 0.90 939
2020-03-01 $275,875 (3.6%) $389,770 (5.7%) 0.86 955
2020-04-01 $279,925 (2.2%) $387,507 (4.1%) 0.88 988
2020-05-01 $294,950 (2.3%) $407,541 (8.8%) 0.90 868
2020-06-01 $304,963 (5.9%) $419,201 (13.3%) 0.90 829
2020-07-01 $297,250 (5.7%) $411,413 (10.7%) 0.86 739
2020-08-01 $299,500 (7.5%) $416,666 (11.5%) 0.86 683
2020-09-01 $285,375 (3.2%) $415,432 (9.7%) 0.82 699
2020-10-01 $274,395 (-0.3%) $402,773 (5.8%) 0.79 678
2020-11-01 $272,461 (-2.3%) $410,871 (6.6%) 0.80 632
2020-12-01 $267,000 (-3.2%) $399,987 (4.9%) 0.79 571
2021-01-01 $271,225 (0.5%) $396,913 (4.6%) 0.81 489
2021-02-01 $287,425 (4.0%) $421,414 (7.7%) 0.84 375
2021-03-01 $294,925 (6.9%) $427,651 (9.7%) 0.84 357
2021-04-01 $289,975 (3.6%) $417,669 (7.8%) 0.78 360
2021-05-01 $282,950 (-4.1%) $398,699 (-2.2%) 0.75 392
2021-06-01 $288,963 (-5.3%) $403,703 (-3.7%) 0.76 454
2021-07-01 $289,900 (-2.5%) $390,234 (-5.2%) 0.76 496
2021-08-01 $278,925 (-6.9%) $394,364 (-5.4%) 0.74 521
2021-09-01 $289,950 (1.6%) $396,762 (-4.5%) 0.77 476
2021-10-01 $292,950 (6.8%) $405,547 (0.7%) 0.78 501
2021-11-01 $289,936 (6.4%) $409,323 (-0.4%) 0.77 450
2021-12-01 $299,973 (12.4%) $427,117 (6.8%) 0.81 367
2022-01-01 $314,781 (16.1%) $438,120 (10.4%) 0.85 301
2022-02-01 $325,450 (13.2%) $458,830 (8.9%) 0.85 269
2022-03-01 $322,975 (9.5%) $451,508 (5.6%) 0.81 262
2022-04-01 $309,450 (6.7%) $442,166 (5.9%) 0.74 288
2022-05-01 $347,225 (22.7%) $481,305 (20.7%) 0.79 341
2022-06-01 $338,750 (17.2%) $497,375 (23.2%) 0.75 419
2022-07-01 $345,000 (19.0%) $484,749 (24.2%) 0.78 455
2022-08-01 $324,975 (16.5%) $464,014 (17.7%) 0.75 422
2022-09-01 $337,363 (16.4%) $468,437 (18.1%) 0.79 422
2022-10-01 $335,000 (14.4%) $445,212 (9.8%) 0.79 454
2022-11-01 $329,913 (13.8%) $449,139 (9.7%) 0.79 460
Roanoke's median listing price for 2022-11-01 was $329,913, a difference of $39,977 (13.8%) versus the prior year and $-5,087 versus the prior month.

Roanoke's median listing price comes in at 79% of the national average.

Roanoke's average listing price for 2022-11-01 was $449,139, a difference of $39,816 (9.7%) versus the prior year and $3,927 versus the prior month.

For the 2022-11-01 period, Roanoke had 460 MLS listings, a difference of 6 listings (1%) versus the prior month and 10 listings (2%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Roanoke (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 100 days 2,060 sqft
2018-02-01 97 days 2,063 sqft
2018-03-01 78 days 2,110 sqft
2018-04-01 66 days 2,136 sqft
2018-05-01 62 days 2,153 sqft
2018-06-01 68 days 2,158 sqft
2018-07-01 77 days 2,150 sqft
2018-08-01 80 days 2,155 sqft
2018-09-01 81 days 2,156 sqft
2018-10-01 82 days 2,119 sqft
2018-11-01 87 days 2,125 sqft
2018-12-01 95 days 2,094 sqft
2019-01-01 103 days 2,085 sqft
2019-02-01 107 days 2,114 sqft
2019-03-01 89 days 2,148 sqft
2019-04-01 66 days 2,166 sqft
2019-05-01 64 days 2,176 sqft
2019-06-01 69 days 2,168 sqft
2019-07-01 74 days 2,157 sqft
2019-08-01 76 days 2,154 sqft
2019-09-01 78 days 2,141 sqft
2019-10-01 80 days 2,131 sqft
2019-11-01 83 days 2,142 sqft
2019-12-01 91 days 2,119 sqft
2020-01-01 99 days 2,063 sqft
2020-02-01 97 days 2,118 sqft
2020-03-01 65 days 2,132 sqft
2020-04-01 65 days 2,144 sqft
2020-05-01 78 days 2,200 sqft
2020-06-01 71 days 2,191 sqft
2020-07-01 65 days 2,160 sqft
2020-08-01 64 days 2,200 sqft
2020-09-01 59 days 2,198 sqft
2020-10-01 58 days 2,150 sqft
2020-11-01 63 days 2,173 sqft
2020-12-01 70 days 2,159 sqft
2021-01-01 71 days 2,125 sqft
2021-02-01 70 days 2,146 sqft
2021-03-01 54 days 2,088 sqft
2021-04-01 46 days 2,000 sqft
2021-05-01 42 days 2,000 sqft
2021-06-01 40 days 2,026 sqft
2021-07-01 45 days 2,004 sqft
2021-08-01 45 days 1,974 sqft
2021-09-01 53 days 1,997 sqft
2021-10-01 51 days 2,017 sqft
2021-11-01 67 days 2,002 sqft
2021-12-01 64 days 2,010 sqft
2022-01-01 89 days 2,031 sqft
2022-02-01 78 days 2,002 sqft
2022-03-01 46 days 1,938 sqft
2022-04-01 39 days 1,933 sqft
2022-05-01 35 days 2,018 sqft
2022-06-01 36 days 2,055 sqft
2022-07-01 42 days 2,030 sqft
2022-08-01 44 days 1,945 sqft
2022-09-01 48 days 1,975 sqft
2022-10-01 43 days 2,007 sqft
2022-11-01 46 days 1,969 sqft
Roanoke's median listing age (time on market) for 2022-11-01 was 46 days. This is -31% shorter than the same period one year ago.

Roanoke's median square footage for active listings during the 2022-11-01 period was 1,969 sqft. One year prior, the average listing was 2,002 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.