Sumter VA Loan Rates, Closing Costs & Stats

SUMTER, 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.

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 6.31% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.82% and one month ago for the week of 2024-04-12, the average rate was 6.8%.

The average rate one year ago was 6.11%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.5%.

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
Sumter's median listing price for 2024-04-01 was $296,750, a difference of $11,750 (4.1%) versus the prior year and $-1,750 versus the prior month.

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

Sumter's average listing price for 2024-04-01 was $324,675, a difference of $27,764 (9.4%) versus the prior year and $9,402 versus the prior month.

For the 2024-04-01 period, Sumter had 335 MLS listings, a difference of -31 listings (-8%) versus the prior month and -30 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
Sumter's median listing age (time on market) for 2024-04-01 was 0 days.

Sumter's median square footage for active listings during the 2024-04-01 period was 2,076 sqft. One year prior, the average listing was 2,071 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.