Sumter VA Loan Rates, Closing Costs & Stats

SUMTER, 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.

    Sumter's 84 lenders originated 735 VA loans during 2023. The total origination value was $191,355,000, with an average VA loan value of $260,347.

    Sumter VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Sumter averaged 6.09% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Sumter's average VA mortgage closing costs are $5,526.

    The average rate for the prior week (2024-12-06) was 6.12% and one month ago for the week of 2024-11-08, the average rate was 6.22%.

    The average rate one year ago was 6.37%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.08%.

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

    Sumter 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 Sumter level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 103 6.72% $7,086
    FBC MORTGAGE, LLC 88 5.42% $8,063
    MOVEMENT MORTGAGE, LLC 40 6.38% $6,844
    Trustmark National Bank 35 6.59% $8,062
    QUICKEN LOANS, LLC 34 6.30% $10,043
    RESOURCE FINANCIAL SERVICES, INC. 30 6.80% $7,909
    GUARANTEED RATE AFFINITY, LLC 29 6.79% $8,326
    UNITED WHOLESALE MORTGAGE, LLC 29 6.36% $6,623
    Gateway First Bank 22 6.20% $7,146
    NAVY FEDERAL CREDIT UNION 22 5.84% $5,979
    USAA Federal Savings Bank 20 6.24% $8,225
    GUARANTEED RATE, INC. 18 6.20% $8,073
    GUILD MORTGAGE COMPANY 15 6.28% $10,551
    Ameris Bank 13 6.22% $10,759
    FREEDOM MORTGAGE CORPORATION 12 6.46% $12,067
    DHI MORTGAGE COMPANY, LTD. 11 5.63% $7,155
    LOANDEPOT.COM, LLC 9 6.21% $12,532
    PENNYMAC LOAN SERVICES, LLC 8 5.64% $8,770
    CROSSCOUNTRY MORTGAGE, LLC 8 6.83% $9,031
    CARDINAL FINANCIAL 6 6.38% $8,816
    Equity Prime Mortgage LLC 6 6.79% $6,604
    NEW DAY FINANCIAL, LLC 6 7.14% $11,140
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 7.25% $2,755
    NTFN, INC. 6 6.48% $8,751
    BROKER SOLUTIONS, INC. 5 6.20% $9,614
    PENTAGON FEDERAL CREDIT UNION 5 5.33% $9,743
    NEWREZ LLC 5 6.93% $7,835
    Mr. Cooper ( Nationstar Mortgage ) 4 6.09% $9,335
    AMERISAVE MORTGAGE CORPORATION 4 5.81% $13,127
    Renasant Bank 4 5.75% $5,974
    DELMAR FINANCIAL COMPANY 3 7.00% $9,875
    Assurance Financial Group, L.L.C. 3 6.25% $6,537
    THRIVE MORTGAGE, LLC 3 6.58% $7,998
    Synovus Bank 3 6.33% $7,031
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.08% $14,907
    First Heritage Mortgage, LLC 3 7.46% $5,646
    First Palmetto Bank 3 7.12% $13,278
    Blue Ridge Bank 2 6.06% $19,257
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.69% $10,952
    CAROLINA ONE MORTGAGE, LLC 2 6.94% $5,837
    CHURCHILL MORTGAGE CORPORATION 2 6.81% $8,512
    First Federal Bank 2 6.56% $5,326
    Flagstar Bank, FSB 2 7.25% $14,669
    LAKEVIEW LOAN SERVICING, LLC 2 5.94% $17,640
    Mid-Continent Funding, Inc. 2 6.19% $12,515
    NBKC BANK 2 5.50% $11,651
    Palmetto Citizens Federal Credit Union 2 6.13% $7,843
    Paramount Residential Mortgage Group, Inc. 2 6.56% $16,171
    PHH Mortgage Corporation 2 6.00% $12,991
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $3,069
    SOVEREIGN LENDING GROUP INCORPORATED 2 6.56% $14,254
    VILLAGE CAPITAL MORTGAGE 2 6.50% $7,714
    Wells Fargo Bank 2 6.31% $3,354
    GSF Mortgage Corporation 1 6.50% $7,299
    First Western Trust Bank 1 5.63% $7,209
    North American Savings Bank, F.S.B. 1 6.13% $7,992
    FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $10,650
    Truist 1 5.63% $4,278
    Aurora Financial, LLC 1 5.25% $2,375
    FIDELITY DIRECT MORTGAGE, LLC 1 7.00% $6,980
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.50% $5,672
    UNION HOME MORTGAGE CORP. 1 6.50% $6,790
    Plains Commerce Bank 1 5.25% $23,695
    Armed Forces Bank 1 6.50% $14,463
    Prosperity Home Mortgage, LLC 1 5.75% $2,596
    CMG MORTGAGE, INC. 1 5.75% $4,771
    Regions Bank 1 5.25% $3,231
    RELIANCE FIRST CAPITAL, LLC 1 7.75% $5,532
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.75% $4,173
    1ST SIGNATURE LENDING, LLC 1 7.13% $8,693
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $13,604
    SUN WEST MORTGAGE COMPANY, INC. 1 8.00% $3,965
    BAY EQUITY LLC 1 6.75% $6,051
    T2 FINANCIAL LLC 1 6.75% $2,456
    Barrington Bank & Trust Company, N.A. 1 5.75% $4,453
    TIDEWATER MORTGAGE SERVICES, INC. 1 7.63% $10,415
    MORTGAGEONE, INC. 1 6.25% $8,613
    MIDLAND MORTGAGE CORPORATION 1 6.25% $10,700
    Magnolia Bank 1 6.13% $12,771
    LOANPAL, LLC 1 5.75% $5,794
    INTERCOASTAL MORTGAGE COMPANY 1 5.63% $4,045
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.50% $13,111
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.25% $2,347
    Towne Bank 1 6.25% $13,890

    The top Sumter VA lender as defined by loan originations is Mortgage Research Center, LLC, with 103 VA loans originated. Their average total fees are $7,086, which is $977 lower than the next largest lender, FBC MORTGAGE, LLC.

    The lowest fee Sumter VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,979), UNITED WHOLESALE MORTGAGE, LLC ($6,623), MOVEMENT MORTGAGE, LLC ($6,844), Mortgage Research Center, LLC ($7,086) and Gateway First Bank ($7,146).

    The lowest rate Sumter VA lenders (with over 10 loans originated) are FBC MORTGAGE, LLC (5.42%), DHI MORTGAGE COMPANY, LTD. (5.63%), NAVY FEDERAL CREDIT UNION (5.84%), GUARANTEED RATE, INC. (6.20%) and Gateway First Bank (6.20%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sumter (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 $159,995 (-0.7%) $183,810 (-3.3%) 0.00 603
    2018-02-01 $165,850 (3.7%) $186,713 (-0.8%) 0.00 588
    2018-03-01 $163,900 (-0.6%) $188,786 (0.0%) 0.00 553
    2018-04-01 $168,000 (0.8%) $194,416 (1.9%) 0.00 573
    2018-05-01 $169,650 (2.8%) $196,130 (2.9%) 0.00 570
    2018-06-01 $172,000 (4.0%) $199,104 (4.5%) 0.00 552
    2018-07-01 $173,825 (4.1%) $205,484 (8.2%) 0.00 549
    2018-08-01 $169,900 (3.0%) $204,259 (8.0%) 0.00 541
    2018-09-01 $166,928 (1.2%) $200,399 (7.4%) 0.00 533
    2018-10-01 $159,900 (-3.1%) $198,562 (5.5%) 0.00 540
    2018-11-01 $164,900 (0.0%) $199,647 (6.6%) 0.00 528
    2018-12-01 $167,000 (1.4%) $196,015 (6.8%) 0.00 514
    2019-01-01 $167,425 (4.6%) $196,394 (6.9%) 0.00 478
    2019-02-01 $169,925 (2.5%) $196,863 (5.4%) 0.00 501
    2019-03-01 $179,605 (9.6%) $197,913 (4.8%) 0.00 544
    2019-04-01 $184,600 (9.9%) $201,985 (3.9%) 0.00 580
    2019-05-01 $189,500 (11.7%) $208,114 (6.1%) 0.00 569
    2019-06-01 $193,620 (12.6%) $211,001 (6.0%) 0.00 532
    2019-07-01 $189,450 (9.0%) $207,072 (0.8%) 0.00 502
    2019-08-01 $186,409 (9.7%) $204,662 (0.2%) 0.00 509
    2019-09-01 $187,023 (12.0%) $202,759 (1.2%) 0.00 508
    2019-10-01 $187,432 (17.2%) $201,755 (1.6%) 0.00 504
    2019-11-01 $188,500 (14.3%) $204,352 (2.4%) 0.00 486
    2019-12-01 $186,750 (11.8%) $204,508 (4.3%) 0.00 457
    2020-01-01 $194,652 (16.3%) $209,936 (6.9%) 0.00 411
    2020-02-01 $199,000 (17.1%) $212,513 (8.0%) 0.00 398
    2020-03-01 $194,977 (8.6%) $210,051 (6.1%) 0.00 390
    2020-04-01 $194,529 (5.4%) $212,665 (5.3%) 0.00 392
    2020-05-01 $190,000 (0.3%) $209,731 (0.8%) 0.00 360
    2020-06-01 $189,500 (-2.1%) $209,590 (-0.7%) 0.00 319
    2020-07-01 $189,500 (0.0%) $223,987 (8.2%) 0.00 275
    2020-08-01 $190,450 (2.2%) $230,373 (12.6%) 0.00 243
    2020-09-01 $189,750 (1.5%) $240,752 (18.7%) 0.00 226
    2020-10-01 $191,400 (2.1%) $244,572 (21.2%) 0.00 215
    2020-11-01 $200,547 (6.4%) $246,144 (20.5%) 0.00 209
    2020-12-01 $188,250 (0.8%) $233,015 (13.9%) 0.00 202
    2021-01-01 $185,000 (-5.0%) $225,825 (7.6%) 0.00 188
    2021-02-01 $180,950 (-9.1%) $221,496 (4.2%) 0.00 186
    2021-03-01 $184,900 (-5.2%) $234,719 (11.7%) 0.00 176
    2021-04-01 $189,700 (-2.5%) $236,778 (11.3%) 0.00 154
    2021-05-01 $199,000 (4.7%) $249,865 (19.1%) 0.00 121
    2021-06-01 $189,950 (0.2%) $319,567 (52.5%) 0.00 129
    2021-07-01 $194,950 (2.9%) $316,701 (41.4%) 0.00 137
    2021-08-01 $212,200 (11.4%) $285,193 (23.8%) 0.00 131
    2021-09-01 $207,000 (9.1%) $283,530 (17.8%) 0.00 138
    2021-10-01 $200,000 (4.5%) $276,007 (12.9%) 0.00 156
    2021-11-01 $223,500 (11.5%) $268,221 (9.0%) 0.00 178
    2021-12-01 $219,700 (16.7%) $277,226 (19.0%) 0.00 176
    2022-01-01 $249,900 (35.1%) $267,297 (18.4%) 0.00 168
    2022-02-01 $254,739 (40.8%) $257,405 (16.2%) 0.00 152
    2022-03-01 $261,641 (41.5%) $299,092 (27.4%) 0.00 140
    2022-04-01 $270,170 (42.4%) $317,582 (34.1%) 0.00 131
    2022-05-01 $269,000 (35.2%) $305,962 (22.5%) 0.00 178
    2022-06-01 $269,450 (41.9%) $283,717 (-11.2%) 0.00 228
    2022-07-01 $279,900 (43.6%) $292,771 (-7.6%) 0.00 254
    2022-08-01 $289,700 (36.5%) $301,875 (5.9%) 0.00 331
    2022-09-01 $285,163 (37.8%) $299,225 (5.5%) 0.00 364
    2022-10-01 $284,563 (42.3%) $296,899 (7.6%) 0.00 375
    2022-11-01 $284,111 (27.1%) $293,014 (9.2%) 0.00 388
    2022-12-01 $275,000 (25.2%) $286,972 (3.5%) 0.00 399
    2023-01-01 $284,573 (13.9%) $286,727 (7.3%) 0.00 396
    2023-02-01 $293,249 (15.1%) $300,482 (16.7%) 0.00 394
    2023-03-01 $293,105 (12.0%) $299,633 (0.2%) 0.00 360
    2023-04-01 $285,000 (5.5%) $296,911 (-6.5%) 0.00 365
    2023-05-01 $279,900 (4.1%) $291,776 (-4.6%) 0.00 338
    2023-06-01 $282,948 (5.0%) $302,031 (6.5%) 0.00 348
    2023-07-01 $285,000 (1.8%) $308,034 (5.2%) 0.00 331
    2023-08-01 $285,950 (-1.3%) $312,511 (3.5%) 0.00 314
    2023-09-01 $290,000 (1.7%) $312,036 (4.3%) 0.00 355
    2023-10-01 $286,225 (0.6%) $311,290 (4.9%) 0.00 375
    2023-11-01 $279,900 (-1.5%) $305,677 (4.3%) 0.00 410
    2023-12-01 $287,257 (4.5%) $315,669 (10.0%) 0.00 383
    2024-01-01 $290,000 (1.9%) $308,085 (7.5%) 0.00 387
    2024-02-01 $287,000 (-2.1%) $305,916 (1.8%) 0.00 388
    2024-03-01 $298,500 (1.8%) $315,273 (5.2%) 0.00 366
    2024-04-01 $296,750 (4.1%) $324,675 (9.4%) 0.00 335
    2024-05-01 $287,673 (2.8%) $317,602 (8.9%) 0.00 346
    2024-06-01 $269,000 (-4.9%) $308,286 (2.1%) 0.00 374
    2024-07-01 $267,573 (-6.1%) $305,296 (-0.9%) 0.00 379
    2024-08-01 $276,900 (-3.2%) $322,157 (3.1%) 0.00 382
    2024-09-01 $287,350 (-0.9%) $326,481 (4.6%) 0.00 409
    2024-10-01 $295,000 (3.1%) $325,413 (4.5%) 0.00 418
    2024-11-01 $294,900 (5.4%) $318,552 (4.2%) 0.00 443
    Sumter's median listing price for 2024-11-01 was $294,900, a difference of $15,000 (5.4%) versus the prior year and $-100 versus the prior month.

    Sumter's median listing price comes in at 0% of the national average.

    Sumter's average listing price for 2024-11-01 was $318,552, a difference of $12,875 (4.2%) versus the prior year and $-6,861 versus the prior month.

    For the 2024-11-01 period, Sumter had 443 MLS listings, a difference of 25 listings (6%) versus the prior month and 33 listings (8%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sumter (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,906 sqft
    2018-02-01 0 days 1,910 sqft
    2018-03-01 0 days 1,908 sqft
    2018-04-01 0 days 1,918 sqft
    2018-05-01 0 days 1,929 sqft
    2018-06-01 0 days 1,918 sqft
    2018-07-01 0 days 1,924 sqft
    2018-08-01 0 days 1,915 sqft
    2018-09-01 0 days 1,889 sqft
    2018-10-01 0 days 1,857 sqft
    2018-11-01 0 days 1,900 sqft
    2018-12-01 0 days 1,905 sqft
    2019-01-01 0 days 1,908 sqft
    2019-02-01 0 days 1,910 sqft
    2019-03-01 0 days 1,945 sqft
    2019-04-01 0 days 1,961 sqft
    2019-05-01 0 days 1,990 sqft
    2019-06-01 0 days 2,003 sqft
    2019-07-01 0 days 1,954 sqft
    2019-08-01 0 days 1,942 sqft
    2019-09-01 0 days 1,953 sqft
    2019-10-01 0 days 1,965 sqft
    2019-11-01 0 days 1,992 sqft
    2019-12-01 0 days 1,940 sqft
    2020-01-01 0 days 1,981 sqft
    2020-02-01 0 days 1,959 sqft
    2020-03-01 0 days 1,910 sqft
    2020-04-01 0 days 1,879 sqft
    2020-05-01 0 days 1,877 sqft
    2020-06-01 0 days 1,871 sqft
    2020-07-01 0 days 1,877 sqft
    2020-08-01 0 days 1,921 sqft
    2020-09-01 0 days 1,903 sqft
    2020-10-01 0 days 1,951 sqft
    2020-11-01 0 days 1,984 sqft
    2020-12-01 0 days 1,922 sqft
    2021-01-01 0 days 1,871 sqft
    2021-02-01 0 days 1,862 sqft
    2021-03-01 0 days 1,850 sqft
    2021-04-01 0 days 1,893 sqft
    2021-05-01 0 days 1,968 sqft
    2021-06-01 0 days 1,921 sqft
    2021-07-01 0 days 1,873 sqft
    2021-08-01 0 days 1,967 sqft
    2021-09-01 0 days 1,923 sqft
    2021-10-01 0 days 1,952 sqft
    2021-11-01 0 days 1,942 sqft
    2021-12-01 0 days 1,945 sqft
    2022-01-01 0 days 1,996 sqft
    2022-02-01 0 days 2,035 sqft
    2022-03-01 0 days 2,024 sqft
    2022-04-01 0 days 2,034 sqft
    2022-05-01 0 days 2,048 sqft
    2022-06-01 0 days 2,003 sqft
    2022-07-01 0 days 2,031 sqft
    2022-08-01 0 days 2,068 sqft
    2022-09-01 0 days 2,035 sqft
    2022-10-01 0 days 2,026 sqft
    2022-11-01 0 days 2,026 sqft
    2022-12-01 0 days 2,035 sqft
    2023-01-01 0 days 2,039 sqft
    2023-02-01 0 days 2,086 sqft
    2023-03-01 0 days 2,071 sqft
    2023-04-01 0 days 2,071 sqft
    2023-05-01 0 days 2,008 sqft
    2023-06-01 0 days 2,006 sqft
    2023-07-01 0 days 2,050 sqft
    2023-08-01 0 days 1,977 sqft
    2023-09-01 0 days 2,004 sqft
    2023-10-01 0 days 1,983 sqft
    2023-11-01 0 days 1,936 sqft
    2023-12-01 0 days 1,988 sqft
    2024-01-01 0 days 2,015 sqft
    2024-02-01 0 days 2,019 sqft
    2024-03-01 0 days 2,072 sqft
    2024-04-01 0 days 2,076 sqft
    2024-05-01 0 days 1,931 sqft
    2024-06-01 0 days 1,865 sqft
    2024-07-01 0 days 1,813 sqft
    2024-08-01 0 days 1,875 sqft
    2024-09-01 0 days 1,929 sqft
    2024-10-01 0 days 1,989 sqft
    2024-11-01 0 days 1,967 sqft
    Sumter's median listing age (time on market) for 2024-11-01 was 0 days.

    Sumter's median square footage for active listings during the 2024-11-01 period was 1,967 sqft. One year prior, the average listing was 1,936 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.