Savannah VA Loan Rates, Closing Costs & Stats
SAVANNAH, GA
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.
Savannah's 152 lenders originated 2,507 VA loans during 2022. The total origination value was $801,925,000, with an average VA loan value of $319,874.
Savannah VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Savannah
averaged
6.33%
for the week of 2023-05-26, compared to the national average (all VA variants) of
6.408% for the same period.
Savannah's average VA mortgage closing costs are $6,107.
The average rate for the prior week (2023-05-19) was
6.16% and
one month ago for the week of 2023-04-21, the
average rate was 5.88%.
The average rate one year ago was 4.75%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.21%.
Savannah 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 Savannah level.
The top Savannah VA lender as defined by loan originations is Mortgage Research Center, LLC, with
414 VA loans originated. Their average total fees are
$8,812, which is $451
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Savannah VA lenders (with over 10 loans originated) are
Colony Bank ($6,345), NAVY FEDERAL CREDIT UNION ($6,439), Wells Fargo Bank ($6,642), LAKEVIEW LOAN SERVICING, LLC ($6,981) and ANGEL OAK HOME LOANS LLC ($7,624).
The lowest rate Savannah VA lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION (3.63%), Wells Fargo Bank (3.65%), LAKEVIEW LOAN SERVICING, LLC (3.81%), PENNYMAC LOAN SERVICES, LLC (3.87%) and NAVY FEDERAL CREDIT UNION (3.89%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $266,650 (6.9%) | $384,285 (12.1%) | 0.99 | 2,367 |
2018-02-01 | $274,623 (6.7%) | $387,819 (9.6%) | 1.00 | 2,425 |
2018-03-01 | $279,000 (6.3%) | $388,826 (7.6%) | 0.98 | 2,526 |
2018-04-01 | $279,561 (5.5%) | $388,248 (5.9%) | 0.95 | 2,542 |
2018-05-01 | $279,900 (5.6%) | $388,548 (6.0%) | 0.93 | 2,563 |
2018-06-01 | $279,000 (4.3%) | $381,338 (2.9%) | 0.93 | 2,591 |
2018-07-01 | $279,900 (5.2%) | $384,867 (3.2%) | 0.93 | 2,529 |
2018-08-01 | $275,071 (4.6%) | $382,995 (4.0%) | 0.92 | 2,467 |
2018-09-01 | $279,250 (5.4%) | $389,745 (5.5%) | 0.94 | 2,417 |
2018-10-01 | $279,500 (7.3%) | $393,775 (6.1%) | 0.95 | 2,445 |
2018-11-01 | $279,000 (5.3%) | $392,032 (4.1%) | 0.95 | 2,543 |
2018-12-01 | $278,000 (4.9%) | $395,515 (4.3%) | 0.96 | 2,501 |
2019-01-01 | $278,350 (4.4%) | $402,206 (4.7%) | 0.96 | 2,428 |
2019-02-01 | $283,660 (3.3%) | $410,363 (5.8%) | 0.96 | 2,413 |
2019-03-01 | $289,700 (3.8%) | $415,486 (6.9%) | 0.97 | 2,435 |
2019-04-01 | $291,923 (4.4%) | $419,918 (8.2%) | 0.93 | 2,487 |
2019-05-01 | $289,950 (3.6%) | $419,564 (8.0%) | 0.91 | 2,484 |
2019-06-01 | $290,000 (3.9%) | $421,639 (10.6%) | 0.91 | 2,443 |
2019-07-01 | $290,363 (3.7%) | $418,300 (8.7%) | 0.91 | 2,438 |
2019-08-01 | $297,500 (8.2%) | $422,481 (10.3%) | 0.93 | 2,435 |
2019-09-01 | $301,238 (7.9%) | $429,234 (10.1%) | 0.95 | 2,302 |
2019-10-01 | $293,900 (5.2%) | $413,128 (4.9%) | 0.95 | 2,440 |
2019-11-01 | $294,000 (5.4%) | $414,040 (5.6%) | 0.96 | 2,356 |
2019-12-01 | $295,600 (6.3%) | $422,490 (6.8%) | 0.99 | 2,328 |
2020-01-01 | $297,445 (6.9%) | $424,131 (5.5%) | 0.99 | 2,195 |
2020-02-01 | $299,900 (5.7%) | $430,805 (5.0%) | 0.98 | 2,211 |
2020-03-01 | $304,888 (5.2%) | $435,587 (4.8%) | 0.96 | 2,182 |
2020-04-01 | $300,367 (2.9%) | $430,237 (2.5%) | 0.94 | 2,215 |
2020-05-01 | $309,000 (6.6%) | $437,326 (4.2%) | 0.94 | 2,120 |
2020-06-01 | $318,564 (9.9%) | $445,897 (5.8%) | 0.94 | 1,966 |
2020-07-01 | $322,350 (11.0%) | $451,189 (7.9%) | 0.93 | 1,850 |
2020-08-01 | $322,990 (8.6%) | $457,713 (8.3%) | 0.93 | 1,704 |
2020-09-01 | $325,000 (7.9%) | $472,791 (10.2%) | 0.93 | 1,618 |
2020-10-01 | $319,000 (8.5%) | $469,196 (13.6%) | 0.91 | 1,564 |
2020-11-01 | $304,335 (3.5%) | $455,906 (10.1%) | 0.89 | 1,537 |
2020-12-01 | $300,000 (1.5%) | $452,665 (7.1%) | 0.89 | 1,414 |
2021-01-01 | $305,000 (2.5%) | $464,601 (9.5%) | 0.91 | 1,204 |
2021-02-01 | $307,010 (2.4%) | $482,382 (12.0%) | 0.89 | 1,009 |
2021-03-01 | $312,060 (2.4%) | $501,286 (15.1%) | 0.89 | 832 |
2021-04-01 | $320,299 (6.6%) | $496,672 (15.4%) | 0.87 | 759 |
2021-05-01 | $321,496 (4.0%) | $516,510 (18.1%) | 0.85 | 737 |
2021-06-01 | $322,500 (1.2%) | $526,186 (18.0%) | 0.85 | 726 |
2021-07-01 | $329,000 (2.1%) | $523,175 (16.0%) | 0.87 | 792 |
2021-08-01 | $329,500 (2.0%) | $526,325 (15.0%) | 0.88 | 777 |
2021-09-01 | $329,248 (1.3%) | $537,744 (13.7%) | 0.88 | 770 |
2021-10-01 | $339,900 (6.6%) | $546,100 (16.4%) | 0.91 | 736 |
2021-11-01 | $337,731 (11.0%) | $542,994 (19.1%) | 0.90 | 655 |
2021-12-01 | $348,950 (16.3%) | $562,138 (24.2%) | 0.95 | 604 |
2022-01-01 | $349,000 (14.4%) | $577,187 (24.2%) | 0.94 | 494 |
2022-02-01 | $372,240 (21.3%) | $617,357 (28.0%) | 0.97 | 422 |
2022-03-01 | $383,128 (22.8%) | $629,855 (25.7%) | 0.96 | 437 |
2022-04-01 | $395,000 (23.3%) | $639,894 (28.8%) | 0.94 | 454 |
2022-05-01 | $394,473 (22.7%) | $610,726 (18.2%) | 0.90 | 604 |
2022-06-01 | $399,900 (24.0%) | $607,542 (15.5%) | 0.89 | 696 |
2022-07-01 | $404,731 (23.0%) | $611,477 (16.9%) | 0.91 | 834 |
2022-08-01 | $399,000 (21.1%) | $589,575 (12.0%) | 0.92 | 943 |
2022-09-01 | $399,898 (21.5%) | $600,842 (11.7%) | 0.93 | 955 |
2022-10-01 | $399,995 (17.7%) | $606,075 (11.0%) | 0.94 | 1,004 |
2022-11-01 | $399,700 (18.4%) | $595,054 (9.6%) | 0.96 | 1,047 |
2022-12-01 | $399,900 (14.6%) | $595,214 (5.9%) | 0.99 | 1,007 |
2023-01-01 | $399,718 (14.5%) | $595,171 (3.1%) | 0.99 | 900 |
2023-02-01 | $399,048 (7.2%) | $613,068 (-0.7%) | 0.96 | 757 |
2023-03-01 | $409,725 (6.9%) | $626,766 (-0.5%) | 0.97 | 758 |
2023-04-01 | $427,990 (8.4%) | $664,959 (3.9%) | 1.00 | 695 |
Savannah's median listing price comes in at 100% of the national average.
Savannah's average listing price for 2023-04-01 was $664,959, a difference of $25,065 (3.9%) versus the prior year and $38,193 versus the prior month.
For the 2023-04-01 period, Savannah had 695 MLS listings, a difference of -63 listings (-8%) versus the prior month and 241 listings (53%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 100 days | 2,173 sqft |
2018-02-01 | 93 days | 2,201 sqft |
2018-03-01 | 71 days | 2,248 sqft |
2018-04-01 | 71 days | 2,264 sqft |
2018-05-01 | 72 days | 2,238 sqft |
2018-06-01 | 75 days | 2,223 sqft |
2018-07-01 | 79 days | 2,226 sqft |
2018-08-01 | 84 days | 2,192 sqft |
2018-09-01 | 86 days | 2,210 sqft |
2018-10-01 | 85 days | 2,200 sqft |
2018-11-01 | 84 days | 2,201 sqft |
2018-12-01 | 89 days | 2,202 sqft |
2019-01-01 | 96 days | 2,200 sqft |
2019-02-01 | 100 days | 2,211 sqft |
2019-03-01 | 90 days | 2,239 sqft |
2019-04-01 | 72 days | 2,269 sqft |
2019-05-01 | 71 days | 2,279 sqft |
2019-06-01 | 73 days | 2,294 sqft |
2019-07-01 | 74 days | 2,293 sqft |
2019-08-01 | 86 days | 2,319 sqft |
2019-09-01 | 94 days | 2,363 sqft |
2019-10-01 | 85 days | 2,286 sqft |
2019-11-01 | 89 days | 2,273 sqft |
2019-12-01 | 95 days | 2,244 sqft |
2020-01-01 | 102 days | 2,247 sqft |
2020-02-01 | 96 days | 2,250 sqft |
2020-03-01 | 78 days | 2,293 sqft |
2020-04-01 | 81 days | 2,291 sqft |
2020-05-01 | 85 days | 2,300 sqft |
2020-06-01 | 87 days | 2,295 sqft |
2020-07-01 | 79 days | 2,349 sqft |
2020-08-01 | 71 days | 2,312 sqft |
2020-09-01 | 71 days | 2,271 sqft |
2020-10-01 | 72 days | 2,203 sqft |
2020-11-01 | 70 days | 2,147 sqft |
2020-12-01 | 74 days | 2,104 sqft |
2021-01-01 | 80 days | 2,097 sqft |
2021-02-01 | 65 days | 2,055 sqft |
2021-03-01 | 47 days | 2,036 sqft |
2021-04-01 | 45 days | 2,053 sqft |
2021-05-01 | 36 days | 2,100 sqft |
2021-06-01 | 39 days | 2,034 sqft |
2021-07-01 | 37 days | 2,092 sqft |
2021-08-01 | 42 days | 1,997 sqft |
2021-09-01 | 45 days | 2,011 sqft |
2021-10-01 | 51 days | 2,034 sqft |
2021-11-01 | 56 days | 2,044 sqft |
2021-12-01 | 59 days | 2,055 sqft |
2022-01-01 | 62 days | 2,041 sqft |
2022-02-01 | 31 days | 2,079 sqft |
2022-03-01 | 28 days | 2,109 sqft |
2022-04-01 | 27 days | 2,156 sqft |
2022-05-01 | 20 days | 2,123 sqft |
2022-06-01 | 26 days | 2,215 sqft |
2022-07-01 | 31 days | 2,160 sqft |
2022-08-01 | 38 days | 2,155 sqft |
2022-09-01 | 44 days | 2,148 sqft |
2022-10-01 | 49 days | 2,118 sqft |
2022-11-01 | 50 days | 2,152 sqft |
2022-12-01 | 59 days | 2,117 sqft |
2023-01-01 | 69 days | 2,122 sqft |
2023-02-01 | 64 days | 2,113 sqft |
2023-03-01 | 47 days | 2,175 sqft |
2023-04-01 | 44 days | 2,239 sqft |
Savannah's median square footage for active listings during the 2023-04-01 period was 2,239 sqft. One year prior, the average listing was 2,156 sqft.