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 124 lenders originated 866 VA loans during 2022. The total origination value was $242,030,000, with an average VA loan value of $279,480.

    Spartanburg VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Spartanburg averaged 6.57% for the week of 2023-09-22, compared to the national average (all VA variants) of 6.823% for the same period.

    Spartanburg's average VA mortgage closing costs are $5,456.

    The average rate for the prior week (2023-09-15) was 6.45% and one month ago for the week of 2023-08-18, the average rate was 6.54%.

    The average rate one year ago was 5.5%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.39%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 116 5.13% $7,452
    QUICKEN LOANS, LLC 63 4.03% $9,825
    DHI MORTGAGE COMPANY, LTD. 44 4.18% $7,889
    FREEDOM MORTGAGE CORPORATION 37 4.19% $10,139
    NEW DAY FINANCIAL, LLC 32 4.92% $11,194
    UNITED WHOLESALE MORTGAGE, LLC 31 4.45% $7,227
    NAVY FEDERAL CREDIT UNION 29 3.96% $6,702
    LOANDEPOT.COM, LLC 24 4.63% $9,000
    PENNYMAC LOAN SERVICES, LLC 24 3.75% $8,144
    PRIMELENDING, A PLAINSCAPITAL COMPANY 23 5.45% $7,347
    USAA Federal Savings Bank 23 4.68% $7,668
    NVR Mortgage Finance, Inc. 21 4.17% $4,732
    MOVEMENT MORTGAGE, LLC 21 4.77% $5,585
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 20 5.39% $5,966
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 16 5.30% $9,128
    MORTGAGE SOLUTIONS OF COLORADO, LLC 15 5.58% $5,374
    Mr. Cooper ( Nationstar Mortgage ) 13 4.74% $7,560
    GUILD MORTGAGE COMPANY 11 4.47% $8,442
    Ameris Bank 11 4.42% $7,319
    Sierra Pacific Mortgage Company, Inc. 10 4.88% $9,776
    AMERISAVE MORTGAGE CORPORATION 9 3.89% $13,770
    LAKEVIEW LOAN SERVICING, LLC 9 3.66% $5,470
    Flagstar Bank, FSB 7 5.27% $9,873
    BROKER SOLUTIONS, INC. 7 4.39% $13,781
    RELIANCE FIRST CAPITAL, LLC 6 4.60% $7,926
    Renasant Bank 6 4.19% $11,134
    CALIBER HOME LOANS, INC. 6 4.31% $10,709
    LOANPAL, LLC 6 3.58% $13,821
    INSPIRE HOME LOANS INC. 6 5.37% $6,281
    CROSSCOUNTRY MORTGAGE, LLC 5 5.43% $8,365
    VANDERBILT MORTGAGE AND FINANCE, INC. 5 4.58% $4,193
    CARDINAL FINANCIAL 5 5.40% $6,802
    ACOPIA, LLC 5 4.75% $3,702
    Barrington Bank & Trust Company, N.A. 5 5.08% $6,206
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 5.30% $6,955
    NATIONS DIRECT MORTGAGE, LLC 5 4.27% $6,904
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 4.22% $4,874
    GUARANTEED RATE, INC. 4 3.78% $5,922
    CORNERSTONE HOME LENDING, INC. 4 3.88% $10,227
    EAGLE HOME MORTGAGE, LLC 4 5.47% $6,607
    MUTUAL OF OMAHA MORTGAGE, INC. 4 3.69% $6,824
    TOWNE MORTGAGE COMPANY 4 4.19% $4,941
    The Federal Savings Bank 4 4.63% $18,498
    HOME POINT FINANCIAL CORPORATION 4 4.56% $5,990
    Low VA Rates, LLC 3 6.38% $15,736
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 5.25% $20,918
    APEX HOME LOANS, INC. 3 4.04% $12,356
    Carrington Mortgage Services, LLC 3 4.63% $1,798
    First Heritage Mortgage, LLC 3 3.63% $14,974
    GENEVA FINANCIAL, LLC 3 5.33% $14,442
    HOMESIDE FINANCIAL, LLC 3 5.08% $12,071
    North American Savings Bank, F.S.B. 3 3.79% $11,513
    ON Q FINANCIAL, INC. 3 4.75% $7,744
    Paramount Residential Mortgage Group, Inc. 3 4.58% $12,242
    PENTAGON FEDERAL CREDIT UNION 3 3.79% $9,617
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.96% $4,583
    SWBC MORTGAGE CORPORATION 3 4.00% $7,474
    VILLAGE CAPITAL MORTGAGE 3 4.21% $11,749
    Wyndham Capital Mortgage, Inc. 2 2.81% $10,694
    SUN WEST MORTGAGE COMPANY, INC. 2 3.67% $4,390
    Wells Fargo Bank 2 4.94% $6,498
    Northpointe Bank 2 4.75% $5,190
    Magnolia Bank 2 5.44% $11,238
    CRESCENT MORTGAGE COMPANY 2 5.19% $4,798
    FINANCE OF AMERICA MORTGAGE LLC 2 3.69% $4,257
    TJC Mortgage, Inc. 2 3.88% $11,371
    Network Funding, L.P. 2 4.63% $13,412
    Equity Prime Mortgage LLC 2 5.44% $9,130
    NEWREZ LLC 2 5.00% $12,757
    HOMEOWNERS FINANCIAL GROUP USA, LLC 2 3.81% $10,933
    Mortgage Network, Inc. 2 6.19% $9,452
    South State Bank 2 4.94% $6,002
    Mid-Continent Funding, Inc. 2 4.63% $8,380
    INTERCOASTAL MORTGAGE COMPANY 2 4.50% $11,675
    SOUTHWEST STAGE FUNDING, LLC 2 5.38% $993
    KELLER MORTGAGE, LLC 2 3.50% $9,071
    Strong Home Mortgage, LLC 2 5.19% $2,163
    American Security Mortgage Corp. 1 3.25% $4,105
    Capital City Home Loans, LLC 1 5.25% $3,732
    Alcova Mortgage LLC 1 3.38% $725
    PNC Bank 1 5.25% $12,109
    POLARIS HOME FUNDING CORP. 1 6.25% $8,195
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.25% $3,814
    BNC National Bank 1 2.38% $8,432
    BAY EQUITY LLC 1 4.99% $9,588
    Regions Bank 1 5.38% $16,022
    Bank of England 1 3.88% $22,383
    Atlantic Coast Mortgage, LLC 1 6.13% $6,301
    RESOURCE FINANCIAL SERVICES, INC. 1 6.75% $12,129
    Assurance Financial Group, L.L.C. 1 7.75% $5,103
    Southern First Bank 1 5.25% $11,146
    SOUTHWEST FUNDING, LP 1 5.25% $6,847
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.99% $11,551
    TD Bank 1 4.75% $1,642
    The Central Trust Bank 1 5.25% $3,269
    Armed Forces Bank 1 2.38% $12,007
    THE MORTGAGE FIRM, INC. 1 4.50% $1,669
    TOP FLITE FINANCIAL, INC. 1 5.75% $13,062
    TOTAL MORTGAGE SERVICES, LLC 1 5.25% $11,014
    ARC HOME LLC 1 2.50% $2,776
    Trustmark National Bank 1 3.63% $3,431
    Goldwater Bank, N.A. 1 6.13% $11,900
    INTERCAP LENDING INC. 1 5.13% $16,055
    JPMorgan Chase Bank 1 3.63% $5,717
    First Reliance Bank 1 5.25% $4,130
    Lakeview Community Capital, LLC 1 6.25% $8,416
    LIBERTY HOME MORTGAGE CORPORATION 1 4.50% $4,365
    First Palmetto Bank 1 4.88% $6,292
    First Horizon Bank 1 4.25% $5,941
    FIRST COMMUNITY MORTGAGE, INC. 1 3.63% $5,270
    MCLEAN MORTGAGE CORPORATION 1 6.13% $4,140
    MEMBER ADVANTAGE MORTGAGE, LLC 1 4.00% $6,425
    MORTGAGE EQUITY PARTNERS LLC 1 3.88% $3,331
    First-Citizens Bank & Trust Company 1 5.25% $6,187
    FirstBank 1 5.38% $1,100
    EMBRACE HOME LOANS, INC. 1 2.75% $18,293
    DAS Acquisition Company, LLC 1 5.50% $771
    Nations Lending Corporation 1 6.75% $5,833
    NBKC BANK 1 4.50% $3,440
    CONTOUR MORTGAGE CORPORATION 1 5.13% $16,299
    NFM, INC. 1 6.25% $3,100
    UNION HOME MORTGAGE CORP. 1 3.13% $5,506
    CMG MORTGAGE, INC. 1 6.75% $7,050
    AMERIFIRST FINANCIAL CORPORATION 1 5.75% $5,852

    The top Spartanburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 116 VA loans originated. Their average total fees are $7,452, which is $2,373 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Spartanburg VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. ($4,732), MORTGAGE SOLUTIONS OF COLORADO, LLC ($5,374), MOVEMENT MORTGAGE, LLC ($5,585), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,966) and NAVY FEDERAL CREDIT UNION ($6,702).

    The lowest rate Spartanburg VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.75%), NAVY FEDERAL CREDIT UNION (3.96%), QUICKEN LOANS, LLC (4.03%), NVR Mortgage Finance, Inc. (4.17%) and DHI MORTGAGE COMPANY, LTD. (4.18%).

    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 $209,975 (10.6%) $250,070 (6.4%) 0.78 1,174
    2018-02-01 $212,790 (9.9%) $251,586 (4.9%) 0.77 1,136
    2018-03-01 $218,102 (12.9%) $261,951 (9.5%) 0.77 1,104
    2018-04-01 $224,079 (15.0%) $271,776 (13.8%) 0.76 1,084
    2018-05-01 $224,222 (13.5%) $272,319 (13.6%) 0.75 1,168
    2018-06-01 $222,497 (9.9%) $271,003 (10.7%) 0.74 1,258
    2018-07-01 $219,900 (7.3%) $269,879 (8.5%) 0.73 1,292
    2018-08-01 $219,000 (6.9%) $268,287 (8.8%) 0.73 1,338
    2018-09-01 $215,082 (3.6%) $265,418 (5.8%) 0.72 1,335
    2018-10-01 $211,769 (0.9%) $261,482 (2.2%) 0.72 1,377
    2018-11-01 $213,830 (2.4%) $260,626 (3.3%) 0.72 1,313
    2018-12-01 $214,900 (2.6%) $256,158 (2.2%) 0.74 1,262
    2019-01-01 $216,285 (3.0%) $261,890 (4.7%) 0.75 1,243
    2019-02-01 $215,082 (1.1%) $261,283 (3.9%) 0.73 1,298
    2019-03-01 $219,372 (0.6%) $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 $224,216 (0.0%) $288,265 (5.9%) 0.70 1,238
    2019-06-01 $225,995 (1.6%) $294,040 (8.5%) 0.71 1,244
    2019-07-01 $228,950 (4.1%) $294,183 (9.0%) 0.72 1,238
    2019-08-01 $228,436 (4.3%) $291,382 (8.6%) 0.72 1,298
    2019-09-01 $227,741 (5.9%) $288,234 (8.6%) 0.73 1,343
    2019-10-01 $226,102 (6.8%) $285,768 (9.3%) 0.73 1,372
    2019-11-01 $225,000 (5.2%) $284,433 (9.1%) 0.74 1,345
    2019-12-01 $224,900 (4.7%) $278,972 (8.9%) 0.75 1,358
    2020-01-01 $222,825 (3.0%) $266,386 (1.7%) 0.74 1,281
    2020-02-01 $225,000 (4.6%) $274,028 (4.9%) 0.74 1,224
    2020-03-01 $234,419 (6.9%) $282,836 (-7.8%) 0.73 1,117
    2020-04-01 $229,925 (3.8%) $283,643 (-10.3%) 0.72 1,152
    2020-05-01 $235,000 (4.8%) $287,495 (-0.3%) 0.71 1,032
    2020-06-01 $244,348 (8.1%) $301,887 (2.7%) 0.72 918
    2020-07-01 $239,323 (4.5%) $298,872 (1.6%) 0.69 829
    2020-08-01 $239,995 (5.1%) $307,133 (5.4%) 0.69 773
    2020-09-01 $238,486 (4.7%) $318,266 (10.4%) 0.68 743
    2020-10-01 $240,990 (6.6%) $319,099 (11.7%) 0.69 735
    2020-11-01 $240,906 (7.1%) $320,391 (12.6%) 0.70 757
    2020-12-01 $235,245 (4.6%) $308,698 (10.7%) 0.70 719
    2021-01-01 $235,000 (5.5%) $306,513 (15.1%) 0.70 699
    2021-02-01 $234,234 (4.1%) $309,505 (13.0%) 0.68 664
    2021-03-01 $240,800 (2.7%) $318,519 (12.6%) 0.68 515
    2021-04-01 $240,396 (4.6%) $311,184 (9.7%) 0.65 466
    2021-05-01 $252,490 (7.4%) $317,102 (10.3%) 0.67 392
    2021-06-01 $255,183 (4.4%) $316,421 (4.8%) 0.67 401
    2021-07-01 $271,275 (13.4%) $343,678 (15.0%) 0.72 493
    2021-08-01 $265,709 (10.7%) $335,983 (9.4%) 0.71 586
    2021-09-01 $273,055 (14.5%) $351,745 (10.5%) 0.73 596
    2021-10-01 $277,219 (15.0%) $354,606 (11.1%) 0.74 585
    2021-11-01 $278,152 (15.5%) $362,260 (13.1%) 0.74 516
    2021-12-01 $273,650 (16.3%) $345,581 (12.0%) 0.74 460
    2022-01-01 $279,209 (18.8%) $343,697 (12.1%) 0.75 381
    2022-02-01 $285,495 (21.9%) $345,453 (11.6%) 0.74 340
    2022-03-01 $288,373 (19.8%) $342,654 (7.6%) 0.72 297
    2022-04-01 $291,990 (21.5%) $356,725 (14.6%) 0.70 334
    2022-05-01 $299,950 (18.8%) $348,880 (10.0%) 0.69 490
    2022-06-01 $304,005 (19.1%) $346,612 (9.5%) 0.68 603
    2022-07-01 $305,310 (12.6%) $346,962 (1.0%) 0.69 844
    2022-08-01 $304,950 (14.8%) $350,994 (4.5%) 0.71 999
    2022-09-01 $306,973 (12.4%) $352,186 (0.1%) 0.72 1,085
    2022-10-01 $304,975 (10.0%) $355,323 (0.2%) 0.72 1,108
    2022-11-01 $304,120 (9.3%) $352,255 (-2.8%) 0.73 1,124
    2022-12-01 $301,499 (10.2%) $354,259 (2.5%) 0.74 1,015
    2023-01-01 $303,490 (8.7%) $359,128 (4.5%) 0.75 950
    2023-02-01 $302,068 (5.8%) $356,792 (3.3%) 0.73 914
    2023-03-01 $305,000 (5.8%) $361,165 (5.4%) 0.72 899
    2023-04-01 $314,945 (7.9%) $376,169 (5.5%) 0.73 937
    2023-05-01 $319,663 (6.6%) $380,954 (9.2%) 0.72 903
    2023-06-01 $313,740 (3.2%) $371,467 (7.2%) 0.71 946
    2023-07-01 $314,900 (3.1%) $375,888 (8.3%) 0.72 982
    2023-08-01 $311,686 (2.2%) $373,965 (6.5%) 0.72 1,016
    Spartanburg's median listing price for 2023-08-01 was $311,686, a difference of $6,736 (2.2%) versus the prior year and $-3,214 versus the prior month.

    Spartanburg's median listing price comes in at 72% of the national average.

    Spartanburg's average listing price for 2023-08-01 was $373,965, a difference of $22,971 (6.5%) versus the prior year and $-1,923 versus the prior month.

    For the 2023-08-01 period, Spartanburg had 1,016 MLS listings, a difference of 34 listings (3%) versus the prior month and 17 listings (2%) 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 2,055 sqft
    2018-02-01 83 days 2,053 sqft
    2018-03-01 50 days 2,129 sqft
    2018-04-01 49 days 2,162 sqft
    2018-05-01 52 days 2,162 sqft
    2018-06-01 52 days 2,162 sqft
    2018-07-01 57 days 2,141 sqft
    2018-08-01 56 days 2,113 sqft
    2018-09-01 64 days 2,076 sqft
    2018-10-01 66 days 2,013 sqft
    2018-11-01 66 days 2,017 sqft
    2018-12-01 72 days 2,000 sqft
    2019-01-01 80 days 2,000 sqft
    2019-02-01 71 days 2,019 sqft
    2019-03-01 64 days 2,032 sqft
    2019-04-01 61 days 2,044 sqft
    2019-05-01 61 days 2,085 sqft
    2019-06-01 58 days 2,107 sqft
    2019-07-01 58 days 2,096 sqft
    2019-08-01 57 days 2,100 sqft
    2019-09-01 58 days 2,093 sqft
    2019-10-01 58 days 2,082 sqft
    2019-11-01 59 days 2,076 sqft
    2019-12-01 66 days 2,059 sqft
    2020-01-01 72 days 2,009 sqft
    2020-02-01 72 days 2,009 sqft
    2020-03-01 58 days 2,090 sqft
    2020-04-01 62 days 2,017 sqft
    2020-05-01 70 days 2,049 sqft
    2020-06-01 67 days 2,103 sqft
    2020-07-01 54 days 2,100 sqft
    2020-08-01 46 days 2,078 sqft
    2020-09-01 46 days 2,073 sqft
    2020-10-01 49 days 2,010 sqft
    2020-11-01 46 days 1,962 sqft
    2020-12-01 49 days 1,893 sqft
    2021-01-01 50 days 1,847 sqft
    2021-02-01 50 days 1,805 sqft
    2021-03-01 42 days 1,797 sqft
    2021-04-01 44 days 1,800 sqft
    2021-05-01 43 days 1,800 sqft
    2021-06-01 38 days 1,876 sqft
    2021-07-01 33 days 1,892 sqft
    2021-08-01 38 days 1,850 sqft
    2021-09-01 42 days 1,843 sqft
    2021-10-01 45 days 1,859 sqft
    2021-11-01 39 days 1,831 sqft
    2021-12-01 44 days 1,801 sqft
    2022-01-01 53 days 1,856 sqft
    2022-02-01 34 days 1,860 sqft
    2022-03-01 34 days 1,816 sqft
    2022-04-01 32 days 1,829 sqft
    2022-05-01 25 days 1,865 sqft
    2022-06-01 31 days 1,894 sqft
    2022-07-01 31 days 1,900 sqft
    2022-08-01 38 days 1,900 sqft
    2022-09-01 43 days 1,969 sqft
    2022-10-01 51 days 1,955 sqft
    2022-11-01 59 days 1,925 sqft
    2022-12-01 66 days 1,925 sqft
    2023-01-01 71 days 1,947 sqft
    2023-02-01 63 days 1,937 sqft
    2023-03-01 44 days 1,953 sqft
    2023-04-01 41 days 1,963 sqft
    2023-05-01 49 days 2,002 sqft
    2023-06-01 51 days 2,000 sqft
    2023-07-01 49 days 1,984 sqft
    2023-08-01 48 days 1,946 sqft
    Spartanburg's median listing age (time on market) for 2023-08-01 was 48 days. This is 24% longer than the same period one year ago.

    Spartanburg's median square footage for active listings during the 2023-08-01 period was 1,946 sqft. One year prior, the average listing was 1,900 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.