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 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.