Springfield VA Loans

SPRINGFIELD, MA

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 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.

Springfield's 93 lenders originated 1,474 VA loans during 2021. The total origination value was $379,290,000, with an average VA loan value of $257,320.

Springfield VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Springfield averaged 5.57% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.6% and one month ago for the week of 2022-04-08, the average rate was 5.03%.

The average rate one year ago was 3.14%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.44%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Springfield VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Springfield level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 174 2.87% $5,946
QUICKEN LOANS, LLC 166 2.51% $4,640
PENNYMAC LOAN SERVICES, LLC 84 2.44% $4,838
FREEDOM MORTGAGE CORPORATION 76 2.37% $2,449
USAA Federal Savings Bank 54 2.83% $5,460
Mortgage Network, Inc. 50 2.84% $7,592
LOANDEPOT.COM, LLC 45 2.67% $4,610
LAKEVIEW LOAN SERVICING, LLC 41 2.55% $2,683
NAVY FEDERAL CREDIT UNION 36 2.46% $7,149
MOVEMENT MORTGAGE, LLC 33 2.89% $6,883
NEWREZ LLC 30 2.74% $5,363
GUARANTEED RATE, INC. 29 2.63% $4,834
The Federal Savings Bank 27 2.62% $6,529
HARBORONE MORTGAGE, LLC 25 2.93% $5,466
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 3.13% $8,283
Wells Fargo Bank 23 2.51% $4,101
Mr. Cooper ( Nationstar Mortgage ) 23 2.73% $4,145
CALIBER HOME LOANS, INC. 19 2.51% $3,326
AMERICAN FINANCIAL NETWORK, INC. 18 2.49% $10,116
RESIDENTIAL MORTGAGE SERVICES, INC. 16 2.62% $8,680
Evolve Bank & Trust 15 2.83% $3,432
ACADEMY MORTGAGE CORPORATION 13 3.14% $7,436
Barrington Bank & Trust Company, N.A. 12 2.69% $7,139
UNITED WHOLESALE MORTGAGE, LLC 11 2.70% $6,403
First Federal Bank 10 3.10% $4,631
GUARANTEED RATE AFFINITY, LLC 10 2.59% $9,749
First Guaranty Mortgage Corporation 7 2.46% $3,848
EMBRACE HOME LOANS, INC. 7 2.41% $2,797
MUTUAL OF OMAHA MORTGAGE, INC. 7 2.95% $6,167
CROSSCOUNTRY MORTGAGE, LLC 7 3.09% $9,459
RADIUS FINANCIAL GROUP INC. 6 2.46% $2,602
BAY EQUITY LLC 6 3.04% $6,584
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.79% $7,202
HOME POINT FINANCIAL CORPORATION 6 2.68% $8,088
INLAND BANK & TRUST 6 3.02% $9,028
NBKC BANK 5 2.65% $4,761
Citizens Bank 5 2.45% $4,049
PENTAGON FEDERAL CREDIT UNION 5 2.48% $2,803
EMM LOANS LLC 5 3.25% $10,997
VILLAGE CAPITAL & INVESTMENT LLC 5 2.35% $2,205
Prime Choice Funding Inc. 5 2.25% $2,287
NORTHPOINT MORTGAGE, INC. 5 2.93% $7,659
AMERISAVE MORTGAGE CORPORATION 3 2.50% $6,316
NORTHERN MORTGAGE SERVICES, LLC 3 2.71% $4,519
Flagstar Bank, FSB 3 2.71% $5,478
BROKER SOLUTIONS, INC. 3 2.46% $5,785
FIRST WORLD MORTGAGE CORPORATION 3 2.88% $7,056
North American Savings Bank, F.S.B. 3 2.42% $2,174
EVERETT FINANCIAL, INC. 3 3.71% $6,547
Envision Bank 3 2.88% $3,529
ENVOY MORTGAGE, LTD 2 3.31% $4,923
NORWICH COMMERCIAL GROUP, INC. 2 2.75% $10,265
NP, Inc. 2 2.25% $4,554
OCMBC, INC. 2 2.94% $9,529
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.63% $3,184
TD Bank 2 2.69% $8,456
AMERICAN FINANCING CORPORATION 2 2.81% $1,635
KS StateBank 2 2.81% $9,176
FINANCE OF AMERICA MORTGAGE LLC 2 2.69% $7,033
Magnolia Bank 2 2.44% $7,248
BNC National Bank 2 2.25% $7,077
Community First National Bank 1 2.75% $16,086
EQUITY RESOURCES, INC. 1 2.63% $2,690
Colonial Savings, F.A. 1 3.50% $14,507
First Federal Bank of Kansas City 1 2.25% $1,328
FIRST HOME MORTGAGE CORPORATION 1 3.25% $2,613
First Savings Bank 1 2.25% $3,043
Carrington Mortgage Services, LLC 1 2.25% $3,912
GUILD MORTGAGE COMPANY 1 3.13% $3,932
HANSCOM 1 3.13% $14,727
Hometown Equity Mortgage, LLC 1 4.25% $4,200
Leader Bank 1 2.50% $2,905
LEADERONE FINANCIAL CORPORATION 1 2.25% $2,489
Meridian Bank Corporation 1 2.25% $2,865
MID AMERICA MORTGAGE, INC. 1 2.63% $1,185
MILEND, INC. 1 3.25% $2,809
Berkshire Bank 1 2.75% $3,931
BAYSHORE MORTGAGE FUNDING, LLC 1 3.25% $2,717
Nations Lending Corporation 1 4.25% $938
Paramount Residential Mortgage Group, Inc. 1 2.99% $7,918
Bank of England 1 2.75% $9,602
PREMIA MORTGAGE, LLC 1 2.25% $8,910
Presidential Bank, FSB 1 2.25% $1,903
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 2.99% $3,485
RELIANCE FIRST CAPITAL, LLC 1 2.38% $4,277
Sierra Pacific Mortgage Company, Inc. 1 2.38% $11,035
SIWELL, INC. 1 2.25% $9,237
STEARNS LENDING, LLC 1 2.50% $4,013
Strong Home Mortgage, LLC 1 2.75% $2,268
TJC Mortgage, Inc. 1 2.25% $5,107
TOTAL MORTGAGE SERVICES, LLC 1 2.88% $8,550
Truist Bank 1 2.75% $9,659
CONTOUR MORTGAGE CORPORATION 1 2.25% $9,184

The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 174 VA loans originated. Their average total fees are $5,946, which is $1,306 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Springfield VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,449), LAKEVIEW LOAN SERVICING, LLC ($2,683), CALIBER HOME LOANS, INC. ($3,326), Evolve Bank & Trust ($3,432) and Wells Fargo Bank ($4,101).

The lowest rate Springfield VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.37%), PENNYMAC LOAN SERVICES, LLC (2.44%), NAVY FEDERAL CREDIT UNION (2.46%), AMERICAN FINANCIAL NETWORK, INC. (2.49%) and QUICKEN LOANS, LLC (2.51%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Springfield (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 $249,900 (11.1%) $309,955 (14.6%) 0.92 1,239
2018-02-01 $256,000 (13.8%) $314,825 (13.4%) 0.92 1,187
2018-03-01 $269,900 (12.5%) $323,778 (12.0%) 0.93 1,225
2018-04-01 $281,950 (10.6%) $335,575 (13.1%) 0.95 1,276
2018-05-01 $284,450 (9.5%) $333,709 (8.4%) 0.95 1,473
2018-06-01 $285,000 (7.6%) $334,512 (7.1%) 0.95 1,594
2018-07-01 $279,000 (5.3%) $333,684 (6.2%) 0.93 1,685
2018-08-01 $269,450 (0.8%) $325,475 (3.1%) 0.90 1,720
2018-09-01 $259,987 (-1.9%) $320,539 (2.0%) 0.87 1,784
2018-10-01 $259,900 (0.4%) $319,146 (2.1%) 0.87 1,792
2018-11-01 $259,900 (1.2%) $318,281 (1.9%) 0.87 1,624
2018-12-01 $249,999 (0.0%) $310,369 (0.9%) 0.86 1,423
2019-01-01 $249,900 (0.0%) $303,590 (-2.1%) 0.86 1,228
2019-02-01 $249,450 (-2.6%) $306,776 (-2.6%) 0.84 1,160
2019-03-01 $261,000 (-3.3%) $322,316 (-0.5%) 0.85 1,136
2019-04-01 $279,625 (-0.8%) $342,606 (2.1%) 0.88 1,143
2019-05-01 $289,850 (1.9%) $350,402 (5.0%) 0.89 1,262
2019-06-01 $299,000 (4.9%) $355,508 (6.3%) 0.92 1,359
2019-07-01 $292,350 (4.8%) $354,225 (6.2%) 0.91 1,412
2019-08-01 $285,386 (5.9%) $347,389 (6.7%) 0.90 1,418
2019-09-01 $280,586 (7.9%) $340,294 (6.2%) 0.89 1,432
2019-10-01 $275,850 (6.1%) $333,602 (4.5%) 0.88 1,480
2019-11-01 $270,000 (3.9%) $335,309 (5.4%) 0.87 1,341
2019-12-01 $272,400 (9.0%) $333,828 (7.6%) 0.91 1,129
2020-01-01 $275,000 (10.0%) $335,964 (10.7%) 0.92 992
2020-02-01 $279,900 (12.2%) $338,102 (10.2%) 0.90 946
2020-03-01 $312,450 (19.7%) $369,954 (14.8%) 0.98 958
2020-04-01 $316,950 (13.4%) $373,688 (9.1%) 0.99 933
2020-05-01 $329,900 (13.8%) $388,189 (10.8%) 1.00 897
2020-06-01 $349,044 (16.7%) $403,370 (13.5%) 1.02 846
2020-07-01 $349,900 (19.7%) $406,150 (14.7%) 1.00 781
2020-08-01 $349,900 (22.6%) $416,985 (20.0%) 1.00 755
2020-09-01 $349,500 (24.6%) $417,879 (22.8%) 1.00 769
2020-10-01 $339,000 (22.9%) $403,739 (21.0%) 0.97 800
2020-11-01 $310,000 (14.8%) $397,276 (18.5%) 0.89 722
2020-12-01 $295,000 (8.3%) $388,861 (16.5%) 0.87 650
2021-01-01 $299,900 (9.1%) $403,252 (20.0%) 0.88 522
2021-02-01 $332,450 (18.8%) $415,270 (22.8%) 0.96 437
2021-03-01 $345,000 (10.4%) $430,587 (16.4%) 0.97 411
2021-04-01 $369,950 (16.7%) $448,083 (19.9%) 0.99 427
2021-05-01 $350,000 (6.1%) $434,210 (11.9%) 0.92 480
2021-06-01 $347,000 (-0.6%) $437,718 (8.5%) 0.90 558
2021-07-01 $349,900 (0.0%) $438,845 (8.1%) 0.91 582
2021-08-01 $349,450 (-0.1%) $428,895 (2.9%) 0.92 646
2021-09-01 $325,000 (-7.0%) $421,170 (0.8%) 0.86 618
2021-10-01 $309,000 (-8.9%) $412,400 (2.2%) 0.81 593
2021-11-01 $312,950 (1.0%) $426,006 (7.2%) 0.82 543
2021-12-01 $312,500 (5.9%) $428,751 (10.3%) 0.83 461
2022-01-01 $330,000 (10.0%) $427,942 (6.1%) 0.88 358
2022-02-01 $317,250 (-4.6%) $417,173 (0.5%) 0.81 319
2022-03-01 $324,950 (-5.8%) $423,045 (-1.8%) 0.80 306
2022-04-01 $355,000 (-4.0%) $442,998 (-1.1%) 0.84 348
Springfield's median listing price for 2022-04-01 was $355,000, a difference of $-14,950 (-4.0%) versus the prior year and $30,050 versus the prior month.

Springfield's median listing price comes in at 84% of the national average.

Springfield's average listing price for 2022-04-01 was $442,998, a difference of $-5,085 (-1.1%) versus the prior year and $19,953 versus the prior month.

For the 2022-04-01 period, Springfield had 348 MLS listings, a difference of 42 listings (14%) versus the prior month and -79 listings (-19%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Springfield (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 91 days 1,630 sqft
2018-02-01 89 days 1,658 sqft
2018-03-01 60 days 1,716 sqft
2018-04-01 50 days 1,796 sqft
2018-05-01 43 days 1,806 sqft
2018-06-01 43 days 1,814 sqft
2018-07-01 51 days 1,804 sqft
2018-08-01 57 days 1,771 sqft
2018-09-01 63 days 1,735 sqft
2018-10-01 65 days 1,725 sqft
2018-11-01 70 days 1,737 sqft
2018-12-01 76 days 1,722 sqft
2019-01-01 83 days 1,700 sqft
2019-02-01 78 days 1,710 sqft
2019-03-01 56 days 1,754 sqft
2019-04-01 46 days 1,806 sqft
2019-05-01 40 days 1,821 sqft
2019-06-01 44 days 1,848 sqft
2019-07-01 49 days 1,823 sqft
2019-08-01 53 days 1,799 sqft
2019-09-01 60 days 1,778 sqft
2019-10-01 58 days 1,759 sqft
2019-11-01 60 days 1,737 sqft
2019-12-01 71 days 1,728 sqft
2020-01-01 74 days 1,737 sqft
2020-02-01 65 days 1,737 sqft
2020-03-01 49 days 1,799 sqft
2020-04-01 58 days 1,788 sqft
2020-05-01 71 days 1,801 sqft
2020-06-01 57 days 1,866 sqft
2020-07-01 49 days 1,812 sqft
2020-08-01 49 days 1,827 sqft
2020-09-01 43 days 1,818 sqft
2020-10-01 39 days 1,798 sqft
2020-11-01 47 days 1,735 sqft
2020-12-01 56 days 1,697 sqft
2021-01-01 61 days 1,683 sqft
2021-02-01 62 days 1,728 sqft
2021-03-01 45 days 1,712 sqft
2021-04-01 23 days 1,805 sqft
2021-05-01 23 days 1,740 sqft
2021-06-01 22 days 1,705 sqft
2021-07-01 26 days 1,730 sqft
2021-08-01 28 days 1,718 sqft
2021-09-01 31 days 1,655 sqft
2021-10-01 30 days 1,632 sqft
2021-11-01 32 days 1,632 sqft
2021-12-01 44 days 1,655 sqft
2022-01-01 52 days 1,644 sqft
2022-02-01 25 days 1,644 sqft
2022-03-01 25 days 1,641 sqft
2022-04-01 17 days 1,720 sqft
Springfield's median listing age (time on market) for 2022-04-01 was 17 days. This is -26% shorter than the same period one year ago.

Springfield's median square footage for active listings during the 2022-04-01 period was 1,720 sqft. One year prior, the average listing was 1,805 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.