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 75 lenders originated 394 VA loans during 2023. The total origination value was $118,110,000, with an average VA loan value of $299,772.

Roanoke VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Roanoke averaged 6.6% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Roanoke's average VA mortgage closing costs are $5,495.

The average rate for the prior week (2024-05-10) was 6.71% and one month ago for the week of 2024-04-12, the average rate was 6.89%.

The average rate one year ago was 6.3%.

For refis of the same type during the week of 2024-05-17, the average rate was 7.21%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 91 6.74% $5,555
QUICKEN LOANS, LLC 39 6.11% $13,724
Alcova Mortgage LLC 23 7.07% $5,763
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 21 6.54% $5,504
USAA Federal Savings Bank 14 6.15% $7,635
NAVY FEDERAL CREDIT UNION 13 5.70% $5,135
UNITED WHOLESALE MORTGAGE, LLC 13 6.10% $10,168
MOVEMENT MORTGAGE, LLC 11 6.69% $6,621
NEW DAY FINANCIAL, LLC 10 7.48% $12,853
PENNYMAC LOAN SERVICES, LLC 8 5.59% $6,210
FREEDOM MORTGAGE CORPORATION 7 6.16% $16,819
LOANDEPOT.COM, LLC 7 6.44% $10,647
UNION HOME MORTGAGE CORP. 7 6.23% $10,165
Atlantic Union Bank 5 6.43% $6,624
The Federal Savings Bank 5 7.13% $13,879
Citizens Bank 4 6.13% $10,259
AMERISAVE MORTGAGE CORPORATION 4 5.47% $13,530
Mr. Cooper ( Nationstar Mortgage ) 4 5.91% $9,381
GUARANTEED RATE, INC. 4 6.12% $11,147
FREEDOM FIRST 4 6.06% $4,578
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 4 6.62% $5,064
First Heritage Mortgage, LLC 4 6.25% $8,656
Prosperity Home Mortgage, LLC 3 5.83% $12,188
GUILD MORTGAGE COMPANY 3 6.63% $6,440
PLANET HOME LENDING, LLC 2 6.56% $5,736
American National Bank and Trust Company 2 6.63% $6,392
C & F Mortgage Corporation 2 7.13% $14,301
EMM LOANS LLC 2 6.75% $6,855
LOANPAL, LLC 2 6.25% $11,168
Magnolia Bank 2 6.63% $10,602
MILEND, INC. 2 6.75% $17,842
NATION ONE MORTGAGE CORPORATION 2 6.56% $13,824
NEWREZ LLC 2 6.31% $9,182
PENTAGON FEDERAL CREDIT UNION 2 5.19% $20,560
Plains Commerce Bank 2 6.00% $11,088
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $5,237
RELIANCE FIRST CAPITAL, LLC 2 6.69% $7,770
SWBC MORTGAGE CORPORATION 2 6.81% $3,636
Truist 2 6.75% $6,894
VILLAGE CAPITAL MORTGAGE 2 5.82% $18,339
Waterstone Mortgage Corporation 2 5.63% $13,189
First Federal Bank 1 6.25% $5,694
First-Citizens Bank & Trust Company 1 5.50% $7,822
Equity Prime Mortgage LLC 1 6.25% $4,690
M&T Bank 1 6.25% $4,292
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.13% $24,141
SIRVA MORTGAGE, INC. 1 7.13% $0
CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $8,316
NBKC BANK 1 6.00% $3,684
COMPASS MORTGAGE, INC. 1 7.13% $23,604
Blue Ridge Bank 1 5.63% $3,417
NFM, INC. 1 6.13% $11,493
Paramount Residential Mortgage Group, Inc. 1 5.75% $2,938
Century Mortgage Company DBA Century Lending Company 1 6.13% $0
CALIBER HOME LOANS, INC. 1 5.75% $8,641
TOWNE MORTGAGE COMPANY 1 6.88% $12,277
Carrington Mortgage Services, LLC 1 5.13% $3,332
PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.50% $6,912
Barrington Bank & Trust Company, N.A. 1 7.75% $10,700
CARDINAL FINANCIAL 1 6.25% $10,103
Capital Bank 1 5.50% $9,957
CALCON MUTUAL MORTGAGE LLC 1 6.13% $11,044
GUARANTEED RATE AFFINITY, LLC 1 5.25% $11,284
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.75% $12,539
HOMESIDE FINANCIAL, LLC 1 7.50% $11,639
JPMorgan Chase Bank 1 6.25% $10,507
Lakeview Community Capital, LLC 1 5.75% $20,967
GoPrime Mortgage, Inc. 1 6.88% $4,097
Renasant Bank 1 5.38% $8,793
Loan Simple, Inc. 1 6.25% $9,878
RESIDENTIAL BANCORP 1 6.25% $5,453
MICHIGAN MUTUAL, INC. 1 5.38% $12,257
Mid-Continent Funding, Inc. 1 7.25% $8,084
RUOFF MORTGAGE COMPANY, INC. 1 6.00% $3,694
MORTGAGE ACCESS CORP. 1 6.75% $10,899

The top Roanoke VA lender as defined by loan originations is Mortgage Research Center, LLC, with 91 VA loans originated. Their average total fees are $5,555, which is $8,169 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Roanoke VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,135), ATLANTIC BAY MORTGAGE GROUP, L.L.C. ($5,504), Mortgage Research Center, LLC ($5,555), Alcova Mortgage LLC ($5,763) and MOVEMENT MORTGAGE, LLC ($6,621).

The lowest rate Roanoke VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.70%), UNITED WHOLESALE MORTGAGE, LLC (6.10%), QUICKEN LOANS, LLC (6.11%), USAA Federal Savings Bank (6.15%) and ATLANTIC BAY MORTGAGE GROUP, L.L.C. (6.54%).


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%) $335,605 (5.6%) 0.89 1,372
2018-02-01 $248,975 (13.2%) $336,803 (5.2%) 0.90 1,372
2018-03-01 $249,250 (10.6%) $339,295 (4.0%) 0.87 1,424
2018-04-01 $252,500 (7.5%) $349,732 (4.5%) 0.86 1,480
2018-05-01 $254,950 (6.5%) $356,192 (6.0%) 0.85 1,600
2018-06-01 $264,925 (8.1%) $369,179 (9.4%) 0.88 1,582
2018-07-01 $261,850 (6.9%) $368,607 (8.5%) 0.87 1,600
2018-08-01 $259,950 (8.3%) $364,518 (7.6%) 0.87 1,617
2018-09-01 $254,950 (4.1%) $365,562 (5.9%) 0.86 1,587
2018-10-01 $249,897 (4.1%) $355,775 (2.8%) 0.85 1,575
2018-11-01 $254,950 (8.8%) $361,690 (8.3%) 0.86 1,491
2018-12-01 $249,500 (4.0%) $358,083 (4.2%) 0.86 1,377
2019-01-01 $252,725 (5.3%) $355,382 (5.9%) 0.87 1,274
2019-02-01 $256,975 (3.2%) $361,532 (7.3%) 0.87 1,234
2019-03-01 $266,414 (6.9%) $368,835 (8.7%) 0.87 1,239
2019-04-01 $273,927 (8.5%) $372,204 (6.4%) 0.87 1,254
2019-05-01 $288,313 (13.1%) $374,477 (5.1%) 0.90 1,274
2019-06-01 $285,950 (7.9%) $369,963 (0.2%) 0.89 1,309
2019-07-01 $281,175 (7.4%) $371,894 (0.9%) 0.88 1,292
2019-08-01 $278,564 (7.2%) $373,794 (2.5%) 0.88 1,263
2019-09-01 $276,559 (8.5%) $378,719 (3.6%) 0.89 1,247
2019-10-01 $275,223 (10.1%) $380,950 (7.1%) 0.89 1,237
2019-11-01 $279,000 (9.4%) $385,687 (6.6%) 0.91 1,204
2019-12-01 $275,925 (10.6%) $381,701 (6.6%) 0.92 1,087
2020-01-01 $269,925 (6.8%) $379,981 (6.9%) 0.90 1,016
2020-02-01 $276,825 (7.7%) $392,209 (8.5%) 0.91 938
2020-03-01 $275,950 (3.6%) $390,496 (5.9%) 0.87 954
2020-04-01 $279,950 (2.2%) $388,271 (4.3%) 0.88 987
2020-05-01 $295,000 (2.3%) $408,741 (9.2%) 0.90 866
2020-06-01 $307,461 (7.5%) $420,394 (13.6%) 0.91 827
2020-07-01 $299,182 (6.4%) $412,659 (11.0%) 0.87 737
2020-08-01 $299,700 (7.6%) $417,516 (11.7%) 0.86 680
2020-09-01 $286,475 (3.6%) $416,273 (9.9%) 0.82 696
2020-10-01 $274,950 (-0.1%) $403,565 (5.9%) 0.79 675
2020-11-01 $272,473 (-2.3%) $411,754 (6.8%) 0.80 628
2020-12-01 $267,746 (-3.0%) $400,875 (5.0%) 0.80 567
2021-01-01 $272,500 (1.0%) $398,263 (4.8%) 0.81 484
2021-02-01 $287,613 (3.9%) $423,177 (7.9%) 0.84 371
2021-03-01 $294,950 (6.9%) $429,201 (9.9%) 0.84 354
2021-04-01 $292,713 (4.6%) $419,213 (8.0%) 0.79 357
2021-05-01 $282,950 (-4.1%) $399,920 (-2.2%) 0.75 389
2021-06-01 $289,475 (-5.9%) $403,790 (-4.0%) 0.76 450
2021-07-01 $289,925 (-3.1%) $389,350 (-5.7%) 0.77 493
2021-08-01 $279,475 (-6.8%) $395,072 (-5.4%) 0.75 517
2021-09-01 $289,950 (1.2%) $397,248 (-4.6%) 0.77 473
2021-10-01 $292,950 (6.6%) $406,326 (0.7%) 0.78 496
2021-11-01 $289,961 (6.4%) $410,712 (-0.3%) 0.78 446
2021-12-01 $302,475 (13.0%) $428,808 (7.0%) 0.82 363
2022-01-01 $317,950 (16.7%) $439,475 (10.4%) 0.86 299
2022-02-01 $326,700 (13.6%) $460,856 (8.9%) 0.85 267
2022-03-01 $325,065 (10.2%) $453,828 (5.7%) 0.81 259
2022-04-01 $309,900 (5.9%) $444,328 (6.0%) 0.74 285
2022-05-01 $349,475 (23.5%) $483,209 (20.8%) 0.80 338
2022-06-01 $343,975 (18.8%) $499,277 (23.7%) 0.77 416
2022-07-01 $349,450 (20.5%) $486,365 (24.9%) 0.79 452
2022-08-01 $326,200 (16.7%) $465,622 (17.9%) 0.75 419
2022-09-01 $341,463 (17.8%) $470,078 (18.3%) 0.80 419
2022-10-01 $337,925 (15.4%) $446,700 (9.9%) 0.80 451
2022-11-01 $329,975 (13.8%) $450,571 (9.7%) 0.79 457
2022-12-01 $339,950 (12.4%) $453,026 (5.7%) 0.84 429
2023-01-01 $347,250 (9.2%) $478,288 (8.8%) 0.86 423
2023-02-01 $349,950 (7.1%) $499,237 (8.3%) 0.84 362
2023-03-01 $368,950 (13.5%) $513,623 (13.2%) 0.87 340
2023-04-01 $377,475 (21.8%) $528,828 (19.0%) 0.88 344
2023-05-01 $383,925 (9.9%) $541,173 (12.0%) 0.87 337
2023-06-01 $375,725 (9.2%) $542,377 (8.6%) 0.84 384
2023-07-01 $379,000 (8.5%) $550,288 (13.1%) 0.86 427
2023-08-01 $374,925 (14.9%) $536,813 (15.3%) 0.86 445
2023-09-01 $365,000 (6.9%) $518,796 (10.4%) 0.85 485
2023-10-01 $353,725 (4.7%) $498,625 (11.6%) 0.83 552
2023-11-01 $347,950 (5.5%) $490,207 (8.8%) 0.83 552
2023-12-01 $349,900 (2.9%) $479,931 (5.9%) 0.85 513
2024-01-01 $340,873 (-1.8%) $462,292 (-3.3%) 0.83 487
2024-02-01 $342,499 (-2.1%) $466,583 (-6.5%) 0.82 441
2024-03-01 $350,000 (-5.1%) $483,897 (-5.8%) 0.82 436
2024-04-01 $361,113 (-4.3%) $496,527 (-6.1%) 0.84 454
Roanoke's median listing price for 2024-04-01 was $361,113, a difference of $-16,362 (-4.3%) versus the prior year and $11,113 versus the prior month.

Roanoke's median listing price comes in at 84% of the national average.

Roanoke's average listing price for 2024-04-01 was $496,527, a difference of $-32,301 (-6.1%) versus the prior year and $12,630 versus the prior month.

For the 2024-04-01 period, Roanoke had 454 MLS listings, a difference of 18 listings (4%) versus the prior month and 110 listings (32%) 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 91 days 2,060 sqft
2018-02-01 84 days 2,062 sqft
2018-03-01 66 days 2,110 sqft
2018-04-01 58 days 2,136 sqft
2018-05-01 53 days 2,153 sqft
2018-06-01 60 days 2,160 sqft
2018-07-01 70 days 2,151 sqft
2018-08-01 72 days 2,156 sqft
2018-09-01 72 days 2,156 sqft
2018-10-01 74 days 2,119 sqft
2018-11-01 79 days 2,127 sqft
2018-12-01 82 days 2,100 sqft
2019-01-01 93 days 2,089 sqft
2019-02-01 95 days 2,121 sqft
2019-03-01 79 days 2,149 sqft
2019-04-01 57 days 2,166 sqft
2019-05-01 55 days 2,175 sqft
2019-06-01 61 days 2,168 sqft
2019-07-01 67 days 2,157 sqft
2019-08-01 70 days 2,154 sqft
2019-09-01 71 days 2,141 sqft
2019-10-01 72 days 2,131 sqft
2019-11-01 73 days 2,142 sqft
2019-12-01 80 days 2,116 sqft
2020-01-01 89 days 2,066 sqft
2020-02-01 82 days 2,121 sqft
2020-03-01 54 days 2,133 sqft
2020-04-01 57 days 2,144 sqft
2020-05-01 71 days 2,200 sqft
2020-06-01 62 days 2,196 sqft
2020-07-01 58 days 2,161 sqft
2020-08-01 57 days 2,200 sqft
2020-09-01 54 days 2,198 sqft
2020-10-01 55 days 2,150 sqft
2020-11-01 60 days 2,175 sqft
2020-12-01 66 days 2,160 sqft
2021-01-01 67 days 2,131 sqft
2021-02-01 64 days 2,147 sqft
2021-03-01 47 days 2,092 sqft
2021-04-01 42 days 2,005 sqft
2021-05-01 40 days 2,007 sqft
2021-06-01 40 days 2,026 sqft
2021-07-01 43 days 2,005 sqft
2021-08-01 45 days 1,977 sqft
2021-09-01 52 days 2,002 sqft
2021-10-01 49 days 2,019 sqft
2021-11-01 64 days 2,006 sqft
2021-12-01 61 days 2,014 sqft
2022-01-01 84 days 2,031 sqft
2022-02-01 64 days 2,005 sqft
2022-03-01 38 days 1,942 sqft
2022-04-01 35 days 1,934 sqft
2022-05-01 32 days 2,021 sqft
2022-06-01 34 days 2,056 sqft
2022-07-01 40 days 2,031 sqft
2022-08-01 42 days 1,947 sqft
2022-09-01 46 days 1,977 sqft
2022-10-01 40 days 2,008 sqft
2022-11-01 44 days 1,977 sqft
2022-12-01 54 days 1,960 sqft
2023-01-01 60 days 2,006 sqft
2023-02-01 63 days 2,008 sqft
2023-03-01 50 days 2,044 sqft
2023-04-01 44 days 2,117 sqft
2023-05-01 43 days 2,113 sqft
2023-06-01 42 days 2,100 sqft
2023-07-01 43 days 2,094 sqft
2023-08-01 45 days 2,082 sqft
2023-09-01 43 days 1,980 sqft
2023-10-01 45 days 1,979 sqft
2023-11-01 50 days 1,980 sqft
2023-12-01 59 days 1,939 sqft
2024-01-01 63 days 1,914 sqft
2024-02-01 61 days 1,906 sqft
2024-03-01 46 days 1,908 sqft
2024-04-01 39 days 1,943 sqft
Roanoke's median listing age (time on market) for 2024-04-01 was 39 days. This is -13% shorter than the same period one year ago.

Roanoke's median square footage for active listings during the 2024-04-01 period was 1,943 sqft. One year prior, the average listing was 2,117 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.