Spartanburg VA Loan Rates, Closing Costs & Stats

SPARTANBURG, SC

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    • 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.

    Spartanburg's 87 lenders originated 646 VA loans during 2023. The total origination value was $190,510,000, with an average VA loan value of $294,907.

    Spartanburg VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Spartanburg averaged 6.41% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Spartanburg's average VA mortgage closing costs are $5,752.

    The average rate for the prior week (2024-11-01) was 6.27% and one month ago for the week of 2024-10-04, the average rate was 5.49%.

    The average rate one year ago was 7.05%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.51%.

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

    Spartanburg 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 Spartanburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 107 6.63% $6,512
    QUICKEN LOANS, LLC 44 5.93% $9,584
    NVR Mortgage Finance, Inc. 40 5.72% $6,852
    DHI MORTGAGE COMPANY, LTD. 38 5.28% $7,437
    UNITED WHOLESALE MORTGAGE, LLC 26 6.06% $9,542
    NAVY FEDERAL CREDIT UNION 26 5.70% $5,518
    PRIMELENDING, A PLAINSCAPITAL COMPANY 21 5.93% $7,601
    MOVEMENT MORTGAGE, LLC 21 6.41% $6,993
    LOANDEPOT.COM, LLC 21 5.53% $9,512
    FREEDOM MORTGAGE CORPORATION 21 6.67% $10,090
    Sierra Pacific Mortgage Company, Inc. 13 6.18% $8,258
    NEW DAY FINANCIAL, LLC 13 7.37% $11,118
    PENNYMAC LOAN SERVICES, LLC 11 5.34% $12,071
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.73% $7,798
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 7.84% $713
    CARDINAL FINANCIAL 9 6.36% $11,791
    USAA Federal Savings Bank 9 6.47% $11,915
    CROSSCOUNTRY MORTGAGE, LLC 9 6.77% $9,234
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.46% $6,320
    VILLAGE CAPITAL MORTGAGE 8 6.44% $9,803
    American Mortgage & Equity Consultants, Inc. 8 6.61% $3,451
    BROKER SOLUTIONS, INC. 8 6.32% $8,600
    VANDERBILT MORTGAGE AND FINANCE, INC. 7 5.79% $5,556
    Flagstar Bank, FSB 7 6.04% $7,324
    Mr. Cooper ( Nationstar Mortgage ) 7 6.55% $12,224
    HOMESIDE FINANCIAL, LLC 7 7.02% $7,840
    Ameris Bank 6 6.58% $8,423
    ACOPIA, LLC 6 6.58% $6,483
    EAGLE HOME MORTGAGE, LLC 6 6.50% $5,161
    Renasant Bank 6 6.39% $4,188
    First Heritage Mortgage, LLC 6 6.71% $9,617
    CRESCENT MORTGAGE COMPANY 5 6.28% $4,558
    GSF Mortgage Corporation 4 6.06% $6,938
    ON Q FINANCIAL, INC. 3 6.54% $4,544
    Equity Prime Mortgage LLC 3 7.50% $9,186
    CORNERSTONE HOME LENDING, INC. 3 6.00% $5,193
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.54% $4,880
    Atlantic Coast Mortgage, LLC 3 6.50% $10,533
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.54% $5,833
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.50% $27,988
    GENEVA FINANCIAL, LLC 3 7.04% $7,357
    MORTGAGEONE, INC. 3 7.63% $4,689
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.54% $9,466
    MORTGAGE EQUITY PARTNERS LLC 2 7.88% $6,781
    AMERISAVE MORTGAGE CORPORATION 2 6.88% $14,048
    BAY EQUITY LLC 2 7.19% $7,222
    FBC MORTGAGE, LLC 2 5.37% $4,340
    INSPIRE HOME LOANS INC. 2 5.31% $7,222
    NBKC BANK 2 5.94% $12,007
    Paramount Residential Mortgage Group, Inc. 2 7.00% $14,584
    The Federal Savings Bank 2 5.63% $17,224
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $6,510
    Century Mortgage Company DBA Century Lending Company 1 5.63% $0
    KELLER MORTGAGE, LLC 1 5.75% $3,901
    NEW FED MORTGAGE, CORP. 1 6.75% $8,394
    NFM, INC. 1 6.88% $22,747
    NORTHPOINT MORTGAGE, INC. 1 7.13% $4,603
    Integrity Home Mortgage Corp 1 6.50% $5,184
    GUILD MORTGAGE COMPANY 1 6.63% $7,307
    CALCON MUTUAL MORTGAGE LLC 1 7.00% $16,338
    GUARANTEED RATE, INC. 1 5.73% $4,182
    PLANET HOME LENDING, LLC 1 6.75% $3,939
    PNC Bank 1 6.63% $45,764
    PREMIA MORTGAGE, LLC 1 6.75% $6,798
    First Palmetto Bank 1 7.25% $7,074
    First Federal Bank 1 5.63% $6,389
    Regions Bank 1 5.25% $9,649
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $5,711
    First-Citizens Bank & Trust Company 1 6.25% $9,195
    RESOURCE FINANCIAL SERVICES, INC. 1 5.63% $9,933
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 8.25% $19,546
    South State Bank 1 5.75% $8,602
    STOCKTON MORTGAGE CORPORATION 1 6.25% $4,859
    Strong Home Mortgage, LLC 1 5.25% $6,163
    Wells Fargo Bank 1 6.00% $0
    The Loan Store, Inc. 1 6.75% $7,661
    Towne Bank 1 6.13% $12,942
    TOWNE MORTGAGE COMPANY 1 6.13% $11,420
    UNION HOME MORTGAGE CORP. 1 5.75% $21,457
    UNITED 1 6.75% $9,255
    United Bank 1 5.50% $3,697
    DELMAR FINANCIAL COMPANY 1 6.88% $7,706
    Credence Funding Corporation 1 6.38% $3,978
    U.S. Bank 1 6.75% $9,255
    Mid-Continent Funding, Inc. 1 6.13% $4,395
    Magnolia Bank 1 6.75% $3,090
    Nations Lending Corporation 1 5.75% $10,878

    The top Spartanburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 107 VA loans originated. Their average total fees are $6,512, which is $3,072 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Spartanburg VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($713), NAVY FEDERAL CREDIT UNION ($5,518), Mortgage Research Center, LLC ($6,512), NVR Mortgage Finance, Inc. ($6,852) and MOVEMENT MORTGAGE, LLC ($6,993).

    The lowest rate Spartanburg VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.28%), PENNYMAC LOAN SERVICES, LLC (5.34%), LOANDEPOT.COM, LLC (5.53%), NAVY FEDERAL CREDIT UNION (5.70%) and NVR Mortgage Finance, Inc. (5.72%).

    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.