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 6.53% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.66% and one month ago for the week of 2024-03-15, the average rate was 6.62%.

    The average rate one year ago was 6.11%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.23%.

    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
    Spartanburg's median listing price for 2024-03-01 was $310,000, a difference of $4,525 (1.5%) versus the prior year and $-1,760 versus the prior month.

    Spartanburg's median listing price comes in at 73% of the national average.

    Spartanburg's average listing price for 2024-03-01 was $366,313, a difference of $5,153 (1.4%) versus the prior year and $-4,658 versus the prior month.

    For the 2024-03-01 period, Spartanburg had 1,200 MLS listings, a difference of 98 listings (9%) versus the prior month and 298 listings (33%) 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 1,919 sqft
    2024-03-01 47 days 1,975 sqft
    Spartanburg's median listing age (time on market) for 2024-03-01 was 47 days. This is 8% longer than the same period one year ago.

    Spartanburg's median square footage for active listings during the 2024-03-01 period was 1,975 sqft. One year prior, the average listing was 1,958 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.