Roanoke VA Loans

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 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 5.27% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.38% and one month ago for the week of 2022-04-15, the average rate was 4.95%.

The average rate one year ago was 3.14%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.38%.

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 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. Total Fees
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 & INVESTMENT LLC 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 Bank 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 $232,225 (12.5%) $314,305 (5.3%) 0.86 1,340
2018-02-01 $235,950 (14.0%) $314,819 (5.2%) 0.85 1,339
2018-03-01 $239,500 (9.7%) $312,484 (2.2%) 0.83 1,371
2018-04-01 $239,925 (6.7%) $321,901 (3.2%) 0.81 1,417
2018-05-01 $239,950 (5.6%) $322,532 (3.5%) 0.80 1,545
2018-06-01 $249,950 (8.8%) $335,522 (6.2%) 0.83 1,520
2018-07-01 $249,925 (8.7%) $338,449 (7.4%) 0.83 1,530
2018-08-01 $249,475 (8.2%) $336,164 (6.5%) 0.83 1,551
2018-09-01 $244,950 (6.5%) $337,656 (5.7%) 0.82 1,525
2018-10-01 $239,500 (4.2%) $329,350 (2.5%) 0.80 1,504
2018-11-01 $244,950 (7.3%) $334,916 (8.6%) 0.82 1,414
2018-12-01 $239,900 (4.3%) $332,398 (4.9%) 0.82 1,305
2019-01-01 $239,725 (3.2%) $332,914 (5.9%) 0.83 1,222
2019-02-01 $245,675 (4.1%) $339,706 (7.9%) 0.82 1,181
2019-03-01 $255,329 (6.6%) $345,756 (10.7%) 0.83 1,180
2019-04-01 $261,604 (9.0%) $348,254 (8.2%) 0.82 1,190
2019-05-01 $272,475 (13.6%) $355,032 (10.1%) 0.84 1,212
2019-06-01 $274,950 (10.0%) $352,039 (4.9%) 0.85 1,234
2019-07-01 $273,975 (9.6%) $354,425 (4.7%) 0.85 1,230
2019-08-01 $271,643 (8.9%) $355,266 (5.7%) 0.85 1,209
2019-09-01 $264,925 (8.2%) $356,097 (5.5%) 0.84 1,191
2019-10-01 $267,300 (11.6%) $356,914 (8.4%) 0.85 1,197
2019-11-01 $268,000 (9.4%) $361,421 (7.9%) 0.86 1,153
2019-12-01 $264,975 (10.5%) $354,961 (6.8%) 0.88 1,047
2020-01-01 $261,975 (9.3%) $353,399 (6.2%) 0.87 975
2020-02-01 $265,995 (8.3%) $370,185 (9.0%) 0.86 890
2020-03-01 $269,475 (5.5%) $374,889 (8.4%) 0.84 904
2020-04-01 $274,975 (5.1%) $374,356 (7.5%) 0.86 947
2020-05-01 $295,000 (8.3%) $395,754 (11.5%) 0.89 821
2020-06-01 $299,950 (9.1%) $394,160 (12.0%) 0.88 783
2020-07-01 $289,475 (5.7%) $388,087 (9.5%) 0.83 707
2020-08-01 $290,950 (7.1%) $392,396 (10.5%) 0.83 663
2020-09-01 $279,975 (5.7%) $392,989 (10.4%) 0.80 686
2020-10-01 $269,995 (1.0%) $384,344 (7.7%) 0.77 663
2020-11-01 $272,425 (1.7%) $393,267 (8.8%) 0.78 623
2020-12-01 $269,475 (1.7%) $380,982 (7.3%) 0.79 562
2021-01-01 $269,900 (3.0%) $377,344 (6.8%) 0.79 487
2021-02-01 $280,000 (5.3%) $408,129 (10.3%) 0.81 368
2021-03-01 $297,975 (10.6%) $418,750 (11.7%) 0.84 348
2021-04-01 $289,975 (5.5%) $412,391 (10.2%) 0.78 361
2021-05-01 $279,950 (-5.1%) $395,434 (-0.1%) 0.74 391
2021-06-01 $286,450 (-4.5%) $396,467 (0.6%) 0.74 442
2021-07-01 $284,975 (-1.6%) $388,012 (0.0%) 0.74 485
2021-08-01 $275,000 (-5.5%) $391,906 (-0.1%) 0.72 523
2021-09-01 $289,950 (3.6%) $392,318 (-0.2%) 0.76 478
2021-10-01 $290,000 (7.4%) $383,484 (-0.2%) 0.76 493
2021-11-01 $289,925 (6.4%) $384,783 (-2.2%) 0.76 440
2021-12-01 $299,900 (11.3%) $397,901 (4.4%) 0.80 358
2022-01-01 $299,990 (11.2%) $397,702 (5.4%) 0.80 296
2022-02-01 $318,975 (13.9%) $411,823 (0.9%) 0.81 264
2022-03-01 $311,450 (4.5%) $404,867 (-3.3%) 0.77 255
2022-04-01 $309,000 (6.6%) $413,600 (0.3%) 0.73 284
Roanoke's median listing price for 2022-04-01 was $309,000, a difference of $19,025 (6.6%) versus the prior year and $-2,450 versus the prior month.

Roanoke's median listing price comes in at 73% of the national average.

Roanoke's average listing price for 2022-04-01 was $413,600, a difference of $1,209 (0.3%) versus the prior year and $8,733 versus the prior month.

For the 2022-04-01 period, Roanoke had 284 MLS listings, a difference of 29 listings (11%) versus the prior month and -77 listings (-21%) 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 95 days 2,010 sqft
2018-02-01 94 days 2,023 sqft
2018-03-01 78 days 2,063 sqft
2018-04-01 66 days 2,098 sqft
2018-05-01 59 days 2,105 sqft
2018-06-01 64 days 2,112 sqft
2018-07-01 73 days 2,111 sqft
2018-08-01 75 days 2,112 sqft
2018-09-01 77 days 2,112 sqft
2018-10-01 78 days 2,078 sqft
2018-11-01 84 days 2,065 sqft
2018-12-01 91 days 2,052 sqft
2019-01-01 101 days 2,040 sqft
2019-02-01 103 days 2,066 sqft
2019-03-01 98 days 2,115 sqft
2019-04-01 63 days 2,134 sqft
2019-05-01 61 days 2,146 sqft
2019-06-01 65 days 2,146 sqft
2019-07-01 71 days 2,133 sqft
2019-08-01 72 days 2,135 sqft
2019-09-01 71 days 2,135 sqft
2019-10-01 75 days 2,128 sqft
2019-11-01 81 days 2,131 sqft
2019-12-01 87 days 2,107 sqft
2020-01-01 97 days 2,062 sqft
2020-02-01 95 days 2,100 sqft
2020-03-01 61 days 2,131 sqft
2020-04-01 60 days 2,146 sqft
2020-05-01 74 days 2,204 sqft
2020-06-01 70 days 2,200 sqft
2020-07-01 64 days 2,157 sqft
2020-08-01 61 days 2,186 sqft
2020-09-01 54 days 2,206 sqft
2020-10-01 53 days 2,156 sqft
2020-11-01 56 days 2,176 sqft
2020-12-01 62 days 2,164 sqft
2021-01-01 71 days 2,131 sqft
2021-02-01 71 days 2,140 sqft
2021-03-01 51 days 2,070 sqft
2021-04-01 46 days 2,003 sqft
2021-05-01 42 days 1,987 sqft
2021-06-01 42 days 2,000 sqft
2021-07-01 44 days 1,998 sqft
2021-08-01 46 days 1,977 sqft
2021-09-01 54 days 1,998 sqft
2021-10-01 52 days 2,020 sqft
2021-11-01 52 days 1,993 sqft
2021-12-01 62 days 1,991 sqft
2022-01-01 74 days 2,000 sqft
2022-02-01 72 days 1,943 sqft
2022-03-01 48 days 1,898 sqft
2022-04-01 41 days 1,921 sqft
Roanoke's median listing age (time on market) for 2022-04-01 was 41 days. This is -10% shorter than the same period one year ago.

Roanoke's median square footage for active listings during the 2022-04-01 period was 1,921 sqft. One year prior, the average listing was 2,003 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.