Spartanburg VA Loan Rates, Closing Costs & Stats

SPARTANBURG, SC

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 6.26% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.67% and one month ago for the week of 2024-05-03, the average rate was 6.59%.

The average rate one year ago was 6.39%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.66%.

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%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Spartanburg (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 $209,950 (10.6%) $249,840 (6.2%) 0.78 1,173
2018-02-01 $212,620 (9.8%) $251,406 (4.8%) 0.77 1,137
2018-03-01 $218,214 (13.1%) $262,004 (9.5%) 0.77 1,107
2018-04-01 $224,139 (15.0%) $271,804 (13.8%) 0.76 1,087
2018-05-01 $224,306 (13.5%) $272,434 (13.7%) 0.75 1,171
2018-06-01 $222,500 (9.9%) $271,200 (10.7%) 0.74 1,260
2018-07-01 $219,900 (7.7%) $270,074 (8.5%) 0.73 1,294
2018-08-01 $219,054 (7.2%) $268,476 (8.8%) 0.73 1,340
2018-09-01 $215,082 (4.0%) $265,607 (5.9%) 0.72 1,335
2018-10-01 $211,700 (0.9%) $261,499 (2.0%) 0.72 1,376
2018-11-01 $213,708 (2.5%) $260,643 (3.3%) 0.72 1,312
2018-12-01 $214,900 (2.7%) $256,172 (2.3%) 0.74 1,261
2019-01-01 $216,285 (3.0%) $261,900 (4.8%) 0.75 1,243
2019-02-01 $215,082 (1.2%) $261,283 (3.9%) 0.73 1,298
2019-03-01 $219,372 (0.5%) $306,821 (17.1%) 0.72 1,283
2019-04-01 $221,482 (-1.2%) $316,317 (16.4%) 0.70 1,244
2019-05-01 $224,280 (0.0%) $288,400 (5.9%) 0.70 1,239
2019-06-01 $226,000 (1.6%) $294,304 (8.5%) 0.71 1,245
2019-07-01 $228,950 (4.1%) $294,417 (9.0%) 0.72 1,236
2019-08-01 $227,936 (4.1%) $291,558 (8.6%) 0.72 1,293
2019-09-01 $227,164 (5.6%) $288,378 (8.6%) 0.73 1,338
2019-10-01 $225,782 (6.7%) $285,549 (9.2%) 0.73 1,368
2019-11-01 $225,000 (5.3%) $283,922 (8.9%) 0.74 1,339
2019-12-01 $224,900 (4.7%) $278,424 (8.7%) 0.75 1,348
2020-01-01 $221,229 (2.3%) $265,310 (1.3%) 0.74 1,267
2020-02-01 $225,000 (4.6%) $273,025 (4.5%) 0.74 1,204
2020-03-01 $232,980 (6.2%) $281,823 (-8.2%) 0.73 1,101
2020-04-01 $229,350 (3.6%) $282,574 (-10.7%) 0.72 1,137
2020-05-01 $235,000 (4.8%) $287,314 (-0.4%) 0.71 1,019
2020-06-01 $240,995 (6.6%) $301,893 (2.6%) 0.71 902
2020-07-01 $237,250 (3.6%) $298,763 (1.5%) 0.69 816
2020-08-01 $239,000 (4.9%) $306,750 (5.2%) 0.68 765
2020-09-01 $237,250 (4.4%) $317,922 (10.3%) 0.68 736
2020-10-01 $240,245 (6.4%) $318,982 (11.7%) 0.69 734
2020-11-01 $239,925 (6.6%) $320,436 (12.9%) 0.70 754
2020-12-01 $234,472 (4.3%) $308,594 (10.8%) 0.70 713
2021-01-01 $234,900 (6.2%) $306,356 (15.5%) 0.70 692
2021-02-01 $233,985 (4.0%) $309,473 (13.4%) 0.68 661
2021-03-01 $240,988 (3.4%) $318,592 (13.1%) 0.68 515
2021-04-01 $240,396 (4.8%) $310,795 (10.0%) 0.65 468
2021-05-01 $251,376 (7.0%) $317,293 (10.4%) 0.67 392
2021-06-01 $255,120 (5.9%) $316,406 (4.8%) 0.67 401
2021-07-01 $271,275 (14.3%) $343,297 (14.9%) 0.72 492
2021-08-01 $265,880 (11.3%) $336,420 (9.7%) 0.71 587
2021-09-01 $273,370 (15.2%) $352,504 (10.9%) 0.73 597
2021-10-01 $276,990 (15.3%) $355,811 (11.6%) 0.74 582
2021-11-01 $278,033 (15.9%) $362,576 (13.2%) 0.74 515
2021-12-01 $272,610 (16.3%) $345,315 (11.9%) 0.74 463
2022-01-01 $279,110 (18.8%) $341,448 (11.5%) 0.75 381
2022-02-01 $282,643 (20.8%) $344,098 (11.2%) 0.74 339
2022-03-01 $286,245 (18.8%) $341,622 (7.2%) 0.72 295
2022-04-01 $291,855 (21.4%) $355,339 (14.3%) 0.70 336
2022-05-01 $299,940 (19.3%) $348,207 (9.7%) 0.69 495
2022-06-01 $304,003 (19.2%) $346,391 (9.5%) 0.68 613
2022-07-01 $305,000 (12.4%) $346,112 (0.8%) 0.69 855
2022-08-01 $304,825 (14.7%) $350,342 (4.1%) 0.70 1,006
2022-09-01 $307,150 (12.4%) $351,899 (-0.2%) 0.72 1,087
2022-10-01 $304,950 (10.1%) $355,091 (-0.2%) 0.72 1,105
2022-11-01 $303,973 (9.3%) $351,952 (-2.9%) 0.73 1,122
2022-12-01 $300,000 (10.1%) $353,885 (2.5%) 0.74 1,009
2023-01-01 $302,447 (8.4%) $358,841 (5.1%) 0.75 943
2023-02-01 $301,244 (6.6%) $356,538 (3.6%) 0.73 912
2023-03-01 $305,475 (6.7%) $361,160 (5.7%) 0.72 902
2023-04-01 $314,900 (7.9%) $375,920 (5.8%) 0.73 939
2023-05-01 $319,450 (6.5%) $380,741 (9.3%) 0.72 907
2023-06-01 $312,896 (2.9%) $371,341 (7.2%) 0.70 945
2023-07-01 $314,900 (3.3%) $375,871 (8.6%) 0.72 981
2023-08-01 $311,686 (2.3%) $373,965 (6.7%) 0.72 1,016
2023-09-01 $310,000 (0.9%) $376,634 (7.0%) 0.72 977
2023-10-01 $309,950 (1.6%) $374,063 (5.3%) 0.73 1,034
2023-11-01 $306,700 (0.9%) $369,600 (5.0%) 0.73 1,079
2023-12-01 $309,994 (3.3%) $368,987 (4.3%) 0.76 1,111
2024-01-01 $313,269 (3.6%) $366,242 (2.1%) 0.77 1,087
2024-02-01 $311,760 (3.5%) $370,971 (4.1%) 0.75 1,102
2024-03-01 $310,000 (1.5%) $366,313 (1.4%) 0.73 1,200
2024-04-01 $309,141 (-1.8%) $371,451 (-1.2%) 0.72 1,277
2024-05-01 $307,950 (-3.6%) $369,713 (-2.9%) 0.70 1,390
Spartanburg's median listing price for 2024-05-01 was $307,950, a difference of $-11,500 (-3.6%) versus the prior year and $-1,191 versus the prior month.

Spartanburg's median listing price comes in at 70% of the national average.

Spartanburg's average listing price for 2024-05-01 was $369,713, a difference of $-11,028 (-2.9%) versus the prior year and $-1,738 versus the prior month.

For the 2024-05-01 period, Spartanburg had 1,390 MLS listings, a difference of 113 listings (9%) versus the prior month and 483 listings (53%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Spartanburg (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 88 days 2,045 sqft
2018-02-01 83 days 2,042 sqft
2018-03-01 50 days 2,122 sqft
2018-04-01 50 days 2,152 sqft
2018-05-01 52 days 2,149 sqft
2018-06-01 52 days 2,150 sqft
2018-07-01 57 days 2,128 sqft
2018-08-01 56 days 2,106 sqft
2018-09-01 64 days 2,073 sqft
2018-10-01 66 days 2,020 sqft
2018-11-01 66 days 2,026 sqft
2018-12-01 71 days 2,000 sqft
2019-01-01 80 days 2,000 sqft
2019-02-01 71 days 2,017 sqft
2019-03-01 64 days 2,032 sqft
2019-04-01 61 days 2,048 sqft
2019-05-01 61 days 2,082 sqft
2019-06-01 58 days 2,103 sqft
2019-07-01 58 days 2,087 sqft
2019-08-01 57 days 2,096 sqft
2019-09-01 58 days 2,089 sqft
2019-10-01 58 days 2,080 sqft
2019-11-01 59 days 2,055 sqft
2019-12-01 66 days 2,019 sqft
2020-01-01 72 days 2,003 sqft
2020-02-01 73 days 2,006 sqft
2020-03-01 58 days 2,082 sqft
2020-04-01 61 days 2,014 sqft
2020-05-01 69 days 2,026 sqft
2020-06-01 66 days 2,072 sqft
2020-07-01 54 days 2,074 sqft
2020-08-01 46 days 2,100 sqft
2020-09-01 46 days 2,071 sqft
2020-10-01 49 days 2,030 sqft
2020-11-01 46 days 1,968 sqft
2020-12-01 48 days 1,896 sqft
2021-01-01 51 days 1,870 sqft
2021-02-01 49 days 1,808 sqft
2021-03-01 41 days 1,797 sqft
2021-04-01 44 days 1,797 sqft
2021-05-01 43 days 1,800 sqft
2021-06-01 38 days 1,882 sqft
2021-07-01 34 days 1,927 sqft
2021-08-01 38 days 1,844 sqft
2021-09-01 42 days 1,831 sqft
2021-10-01 46 days 1,856 sqft
2021-11-01 39 days 1,839 sqft
2021-12-01 44 days 1,779 sqft
2022-01-01 53 days 1,826 sqft
2022-02-01 34 days 1,828 sqft
2022-03-01 33 days 1,795 sqft
2022-04-01 32 days 1,820 sqft
2022-05-01 25 days 1,858 sqft
2022-06-01 30 days 1,879 sqft
2022-07-01 31 days 1,884 sqft
2022-08-01 39 days 1,900 sqft
2022-09-01 43 days 1,962 sqft
2022-10-01 51 days 1,931 sqft
2022-11-01 59 days 1,925 sqft
2022-12-01 67 days 1,922 sqft
2023-01-01 71 days 1,945 sqft
2023-02-01 63 days 1,942 sqft
2023-03-01 44 days 1,958 sqft
2023-04-01 41 days 1,990 sqft
2023-05-01 48 days 2,025 sqft
2023-06-01 51 days 2,002 sqft
2023-07-01 49 days 2,000 sqft
2023-08-01 47 days 1,955 sqft
2023-09-01 47 days 1,965 sqft
2023-10-01 51 days 1,996 sqft
2023-11-01 50 days 1,965 sqft
2023-12-01 55 days 1,969 sqft
2024-01-01 64 days 1,938 sqft
2024-02-01 49 days 1,925 sqft
2024-03-01 47 days 1,991 sqft
2024-04-01 44 days 1,968 sqft
2024-05-01 39 days 1,996 sqft
Spartanburg's median listing age (time on market) for 2024-05-01 was 39 days. This is -19% shorter than the same period one year ago.

Spartanburg's median square footage for active listings during the 2024-05-01 period was 1,996 sqft. One year prior, the average listing was 2,025 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.