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 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 -0.25% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

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

The average rate for the prior week (2024-02-16) was 6.13% and one month ago for the week of 2024-01-19, the average rate was 5.88%.

The average rate one year ago was 5.9%.

For refis of the same type during the week of 2024-02-23, the average rate was -1.43%.

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 $208,800 (12.9%) $247,077 (7.4%) 0.77 1,215
2018-02-01 $209,411 (10.3%) $247,880 (5.3%) 0.76 1,182
2018-03-01 $215,990 (13.8%) $257,984 (10.0%) 0.76 1,153
2018-04-01 $221,795 (15.6%) $267,118 (14.0%) 0.75 1,126
2018-05-01 $222,245 (14.6%) $269,101 (14.2%) 0.74 1,207
2018-06-01 $221,804 (11.5%) $269,506 (11.5%) 0.74 1,293
2018-07-01 $219,634 (9.1%) $268,670 (8.8%) 0.73 1,330
2018-08-01 $217,815 (7.6%) $267,300 (8.9%) 0.73 1,377
2018-09-01 $214,775 (4.8%) $264,498 (6.3%) 0.72 1,374
2018-10-01 $209,296 (0.3%) $259,669 (2.1%) 0.71 1,418
2018-11-01 $211,438 (2.4%) $258,934 (3.5%) 0.72 1,360
2018-12-01 $211,543 (2.3%) $253,594 (2.0%) 0.73 1,316
2019-01-01 $213,995 (2.5%) $259,858 (5.2%) 0.74 1,288
2019-02-01 $213,950 (2.2%) $259,293 (4.6%) 0.72 1,337
2019-03-01 $217,709 (0.8%) $304,217 (17.9%) 0.71 1,316
2019-04-01 $220,652 (-0.5%) $313,575 (17.4%) 0.70 1,275
2019-05-01 $223,400 (0.5%) $286,114 (6.3%) 0.70 1,271
2019-06-01 $225,000 (1.4%) $290,565 (7.8%) 0.70 1,288
2019-07-01 $225,000 (2.4%) $289,923 (7.9%) 0.70 1,278
2019-08-01 $224,973 (3.3%) $287,498 (7.6%) 0.71 1,336
2019-09-01 $224,932 (4.7%) $284,569 (7.6%) 0.72 1,383
2019-10-01 $224,900 (7.5%) $281,884 (8.6%) 0.73 1,413
2019-11-01 $224,900 (6.4%) $281,116 (8.6%) 0.74 1,379
2019-12-01 $222,853 (5.4%) $275,529 (8.7%) 0.74 1,381
2020-01-01 $219,900 (2.8%) $261,900 (0.8%) 0.73 1,300
2020-02-01 $224,900 (5.1%) $269,656 (4.0%) 0.74 1,238
2020-03-01 $230,400 (5.8%) $277,987 (-8.6%) 0.72 1,137
2020-04-01 $228,716 (3.7%) $279,098 (-11.0%) 0.72 1,166
2020-05-01 $233,775 (4.6%) $283,971 (-0.8%) 0.71 1,046
2020-06-01 $239,900 (6.6%) $298,186 (2.6%) 0.71 925
2020-07-01 $236,551 (5.1%) $296,015 (2.1%) 0.69 833
2020-08-01 $236,492 (5.1%) $302,540 (5.2%) 0.68 786
2020-09-01 $236,500 (5.1%) $314,017 (10.4%) 0.68 760
2020-10-01 $239,900 (6.7%) $313,917 (11.4%) 0.69 751
2020-11-01 $239,900 (6.7%) $318,673 (13.4%) 0.70 770
2020-12-01 $234,400 (5.2%) $306,373 (11.2%) 0.70 731
2021-01-01 $234,500 (6.6%) $303,944 (16.1%) 0.70 707
2021-02-01 $233,586 (3.9%) $307,458 (14.0%) 0.68 672
2021-03-01 $240,400 (4.3%) $316,047 (13.7%) 0.68 529
2021-04-01 $239,870 (4.9%) $307,228 (10.1%) 0.65 480
2021-05-01 $250,000 (6.9%) $313,276 (10.3%) 0.66 403
2021-06-01 $254,950 (6.3%) $313,367 (5.1%) 0.67 411
2021-07-01 $269,500 (13.9%) $340,023 (14.9%) 0.71 505
2021-08-01 $262,477 (11.0%) $331,566 (9.6%) 0.70 605
2021-09-01 $271,780 (14.9%) $348,729 (11.1%) 0.72 617
2021-10-01 $275,000 (14.6%) $350,953 (11.8%) 0.73 603
2021-11-01 $276,009 (15.1%) $357,446 (12.2%) 0.74 533
2021-12-01 $270,245 (15.3%) $341,065 (11.3%) 0.73 483
2022-01-01 $276,874 (18.1%) $334,268 (10.0%) 0.75 398
2022-02-01 $278,450 (19.2%) $336,991 (9.6%) 0.72 357
2022-03-01 $281,875 (17.3%) $334,479 (5.8%) 0.71 310
2022-04-01 $289,900 (20.9%) $350,079 (14.0%) 0.69 343
2022-05-01 $297,730 (19.1%) $341,896 (9.1%) 0.68 512
2022-06-01 $301,947 (18.4%) $340,875 (8.8%) 0.67 638
2022-07-01 $304,182 (12.9%) $342,129 (0.6%) 0.69 878
2022-08-01 $302,332 (15.2%) $344,035 (3.8%) 0.70 1,053
2022-09-01 $305,208 (12.3%) $346,438 (-0.7%) 0.71 1,130
2022-10-01 $302,475 (10.0%) $349,533 (-0.4%) 0.71 1,149
2022-11-01 $299,992 (8.7%) $346,501 (-3.1%) 0.72 1,162
2022-12-01 $299,900 (11.0%) $349,130 (2.4%) 0.74 1,054
2023-01-01 $299,950 (8.3%) $352,757 (5.5%) 0.74 988
2023-02-01 $299,900 (7.7%) $350,028 (3.9%) 0.72 951
2023-03-01 $303,705 (7.7%) $356,009 (6.4%) 0.72 935
2023-04-01 $310,778 (7.2%) $370,885 (5.9%) 0.72 966
2023-05-01 $316,125 (6.2%) $374,645 (9.6%) 0.72 929
2023-06-01 $312,400 (3.5%) $367,489 (7.8%) 0.70 965
2023-07-01 $310,570 (2.1%) $372,172 (8.8%) 0.71 1,009
2023-08-01 $309,495 (2.4%) $370,554 (7.7%) 0.71 1,046
2023-09-01 $305,900 (0.2%) $372,211 (7.4%) 0.71 1,013
2023-10-01 $307,708 (1.7%) $369,818 (5.8%) 0.72 1,072
2023-11-01 $302,225 (0.7%) $364,471 (5.2%) 0.72 1,123
2023-12-01 $305,812 (2.0%) $362,839 (3.9%) 0.75 1,160
Spartanburg's median listing price for 2023-12-01 was $305,812, a difference of $5,912 (2.0%) versus the prior year and $3,587 versus the prior month.

Spartanburg's median listing price comes in at 75% of the national average.

Spartanburg's average listing price for 2023-12-01 was $362,839, a difference of $13,709 (3.9%) versus the prior year and $-1,632 versus the prior month.

For the 2023-12-01 period, Spartanburg had 1,160 MLS listings, a difference of 37 listings (3%) versus the prior month and 106 listings (10%) 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 87 days 2,035 sqft
2018-02-01 83 days 2,027 sqft
2018-03-01 50 days 2,105 sqft
2018-04-01 50 days 2,142 sqft
2018-05-01 53 days 2,146 sqft
2018-06-01 53 days 2,150 sqft
2018-07-01 57 days 2,125 sqft
2018-08-01 56 days 2,100 sqft
2018-09-01 64 days 2,067 sqft
2018-10-01 66 days 2,009 sqft
2018-11-01 66 days 2,020 sqft
2018-12-01 72 days 2,000 sqft
2019-01-01 80 days 2,000 sqft
2019-02-01 72 days 2,007 sqft
2019-03-01 64 days 2,019 sqft
2019-04-01 61 days 2,040 sqft
2019-05-01 60 days 2,073 sqft
2019-06-01 58 days 2,099 sqft
2019-07-01 58 days 2,075 sqft
2019-08-01 57 days 2,087 sqft
2019-09-01 58 days 2,081 sqft
2019-10-01 58 days 2,070 sqft
2019-11-01 59 days 2,052 sqft
2019-12-01 66 days 2,018 sqft
2020-01-01 73 days 1,996 sqft
2020-02-01 73 days 2,003 sqft
2020-03-01 58 days 2,064 sqft
2020-04-01 61 days 2,007 sqft
2020-05-01 69 days 2,010 sqft
2020-06-01 67 days 2,062 sqft
2020-07-01 54 days 2,069 sqft
2020-08-01 46 days 2,077 sqft
2020-09-01 46 days 2,072 sqft
2020-10-01 49 days 2,040 sqft
2020-11-01 46 days 1,990 sqft
2020-12-01 49 days 1,910 sqft
2021-01-01 51 days 1,878 sqft
2021-02-01 50 days 1,810 sqft
2021-03-01 42 days 1,806 sqft
2021-04-01 44 days 1,793 sqft
2021-05-01 43 days 1,800 sqft
2021-06-01 39 days 1,880 sqft
2021-07-01 34 days 1,900 sqft
2021-08-01 38 days 1,822 sqft
2021-09-01 43 days 1,824 sqft
2021-10-01 47 days 1,848 sqft
2021-11-01 39 days 1,824 sqft
2021-12-01 43 days 1,773 sqft
2022-01-01 53 days 1,838 sqft
2022-02-01 35 days 1,825 sqft
2022-03-01 34 days 1,786 sqft
2022-04-01 32 days 1,812 sqft
2022-05-01 25 days 1,835 sqft
2022-06-01 30 days 1,849 sqft
2022-07-01 31 days 1,858 sqft
2022-08-01 39 days 1,888 sqft
2022-09-01 44 days 1,927 sqft
2022-10-01 51 days 1,925 sqft
2022-11-01 59 days 1,910 sqft
2022-12-01 66 days 1,915 sqft
2023-01-01 70 days 1,935 sqft
2023-02-01 63 days 1,920 sqft
2023-03-01 45 days 1,951 sqft
2023-04-01 42 days 1,973 sqft
2023-05-01 50 days 2,002 sqft
2023-06-01 51 days 2,001 sqft
2023-07-01 49 days 1,990 sqft
2023-08-01 48 days 1,940 sqft
2023-09-01 47 days 1,964 sqft
2023-10-01 51 days 1,972 sqft
2023-11-01 50 days 1,953 sqft
2023-12-01 55 days 1,962 sqft
Spartanburg's median listing age (time on market) for 2023-12-01 was 55 days. This is -17% shorter than the same period one year ago.

Spartanburg's median square footage for active listings during the 2023-12-01 period was 1,962 sqft. One year prior, the average listing was 1,915 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.