Tallahassee VA Loan Rates, Closing Costs & Stats

TALLAHASSEE, FL

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.

Tallahassee's 75 lenders originated 457 VA loans during 2023. The total origination value was $141,535,000, with an average VA loan value of $309,705.

Tallahassee VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Tallahassee averaged 6.45% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Tallahassee's average VA mortgage closing costs are $6,489.

The average rate for the prior week (2024-05-31) was 6.86% and one month ago for the week of 2024-05-03, the average rate was 6.68%.

The average rate one year ago was 6.38%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.75%.

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

Tallahassee 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 Tallahassee level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 85 6.81% $5,949
University Bank 38 6.34% $6,971
LOANDEPOT.COM, LLC 30 6.62% $10,205
QUICKEN LOANS, LLC 24 5.91% $14,931
NAVY FEDERAL CREDIT UNION 23 5.77% $6,135
UNITED WHOLESALE MORTGAGE, LLC 18 6.41% $9,054
MOVEMENT MORTGAGE, LLC 17 6.43% $9,207
USAA Federal Savings Bank 16 6.20% $10,236
GMFS LLC 14 5.95% $10,847
FREEDOM MORTGAGE CORPORATION 12 6.38% $15,822
DHI MORTGAGE COMPANY, LTD. 10 5.45% $7,138
NEW DAY FINANCIAL, LLC 6 7.64% $12,628
UNION HOME MORTGAGE CORP. 6 7.19% $8,472
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 6 6.69% $3,519
BAY CAPITAL MORTGAGE CORPORATION 5 6.53% $11,090
CROSSCOUNTRY MORTGAGE, LLC 5 6.55% $7,560
VILLAGE CAPITAL MORTGAGE 5 6.63% $10,282
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 7.70% $8,550
The Federal Savings Bank 4 6.47% $20,806
Capital City Home Loans, LLC 4 6.59% $8,627
NEWREZ LLC 4 6.50% $12,129
Mr. Cooper ( Nationstar Mortgage ) 4 5.88% $11,336
Equity Prime Mortgage LLC 4 7.41% $8,157
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.25% $15,485
Bell Bank 3 5.83% $9,410
Centennial Bank 3 7.00% $10,064
Ameris Bank 3 6.54% $6,041
Barrington Bank & Trust Company, N.A. 3 6.42% $6,497
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.92% $2,006
ServisFirst Bank 3 6.67% $12,550
PENNYMAC LOAN SERVICES, LLC 3 5.46% $20,149
Plains Commerce Bank 2 5.94% $15,433
Armed Forces Bank 2 5.75% $12,874
Bank of England 2 6.25% $12,674
BAY EQUITY LLC 2 6.25% $5,336
CARDINAL FINANCIAL 2 6.50% $14,773
Century Mortgage Company DBA Century Lending Company 2 6.38% $4,724
DELMAR FINANCIAL COMPANY 2 6.88% $4,596
First Federal Bank 2 5.75% $10,207
HomePromise Corporation 2 7.19% $11,309
MICHIGAN MUTUAL, INC. 2 6.94% $15,629
Regions Bank 2 6.50% $13,021
Truist 2 6.18% $4,787
Wells Fargo Bank 2 6.06% $5,389
LOANPAL, LLC 1 6.13% $20,359
Lakeview Community Capital, LLC 1 5.75% $5,641
JPMorgan Chase Bank 1 5.38% $4,366
MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $17,889
HOMETRUST MORTGAGE COMPANY 1 6.63% $6,545
NETWORK CAPITAL FUNDING CORPORATION 1 5.00% $8,622
HOMESIDE FINANCIAL, LLC 1 7.75% $16,266
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.13% $10,067
Northpointe Bank 1 6.00% $4,778
Paramount Residential Mortgage Group, Inc. 1 7.75% $16,117
Flagstar Bank, FSB 1 6.75% $5,185
PENTAGON FEDERAL CREDIT UNION 1 5.50% $4,726
1ST SIGNATURE LENDING, LLC 1 7.25% $23,693
PLAZA HOME MORTGAGE, INC. 1 5.63% $19,728
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.63% $6,952
FIRST COMMUNITY MORTGAGE, INC. 1 7.00% $7,621
AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $9,382
FBC MORTGAGE, LLC 1 5.75% $55
STOCKTON MORTGAGE CORPORATION 1 6.75% $3,638
EMBRACE HOME LOANS, INC. 1 5.63% $8,313
Waterstone Mortgage Corporation 1 6.63% $19,406
Tyndall Federal Credit Union 1 6.75% $18,164
CHURCHILL MORTGAGE CORPORATION 1 6.63% $5,965
BROKER SOLUTIONS, INC. 1 6.25% $5,629
AMERISAVE MORTGAGE CORPORATION 1 5.75% $16,675
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.63% $13,123
VAN DYK MORTGAGE CORPORATION 1 6.25% $5,079
VERITAS FUNDING, LLC 1 6.25% $14,013
Mid-Continent Funding, Inc. 1 6.50% $4,261
Mortgage Lenders Investment Trading Corporation 1 7.25% $10,977
Magnolia Bank 1 5.75% $9,051

The top Tallahassee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 85 VA loans originated. Their average total fees are $5,949, which is $1,023 lower than the next largest lender, University Bank.

The lowest fee Tallahassee VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,949), NAVY FEDERAL CREDIT UNION ($6,135), University Bank ($6,971), DHI MORTGAGE COMPANY, LTD. ($7,138) and UNITED WHOLESALE MORTGAGE, LLC ($9,054).

The lowest rate Tallahassee VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.45%), NAVY FEDERAL CREDIT UNION (5.77%), QUICKEN LOANS, LLC (5.91%), GMFS LLC (5.95%) and USAA Federal Savings Bank (6.20%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Tallahassee (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 $219,900 (15.8%) $292,666 (8.1%) 0.82 1,135
2018-02-01 $220,000 (12.9%) $294,346 (10.4%) 0.80 1,149
2018-03-01 $224,900 (12.5%) $298,611 (10.9%) 0.79 1,206
2018-04-01 $223,950 (12.0%) $298,184 (9.0%) 0.76 1,284
2018-05-01 $225,600 (11.4%) $301,180 (7.9%) 0.75 1,325
2018-06-01 $231,950 (12.3%) $303,883 (8.5%) 0.77 1,346
2018-07-01 $235,000 (11.9%) $299,917 (6.8%) 0.78 1,375
2018-08-01 $229,500 (9.3%) $296,187 (5.3%) 0.77 1,432
2018-09-01 $223,781 (5.8%) $292,151 (2.1%) 0.75 1,412
2018-10-01 $221,800 (0.1%) $286,751 (-1.3%) 0.75 1,362
2018-11-01 $223,840 (1.8%) $287,118 (-2.2%) 0.76 1,328
2018-12-01 $222,780 (1.3%) $285,749 (-2.0%) 0.77 1,282
2019-01-01 $224,725 (2.2%) $289,995 (-0.9%) 0.78 1,192
2019-02-01 $229,973 (4.5%) $289,170 (-1.8%) 0.78 1,194
2019-03-01 $234,979 (4.5%) $285,593 (-4.4%) 0.77 1,470
2019-04-01 $234,925 (4.9%) $282,269 (-5.3%) 0.75 1,853
2019-05-01 $232,100 (2.9%) $284,966 (-5.4%) 0.73 1,894
2019-06-01 $238,360 (2.8%) $291,953 (-3.9%) 0.74 1,871
2019-07-01 $239,800 (2.0%) $292,454 (-2.5%) 0.75 1,893
2019-08-01 $239,900 (4.5%) $288,975 (-2.4%) 0.76 1,865
2019-09-01 $239,900 (7.2%) $286,764 (-1.8%) 0.77 1,788
2019-10-01 $239,900 (8.2%) $284,876 (-0.7%) 0.77 1,721
2019-11-01 $235,000 (5.0%) $282,576 (-1.6%) 0.77 1,615
2019-12-01 $229,450 (3.0%) $278,448 (-2.6%) 0.77 1,460
2020-01-01 $232,520 (3.5%) $279,670 (-3.6%) 0.78 1,428
2020-02-01 $235,000 (2.2%) $282,590 (-2.3%) 0.77 1,571
2020-03-01 $240,000 (2.1%) $288,028 (0.9%) 0.75 1,656
2020-04-01 $240,000 (2.2%) $288,195 (2.1%) 0.75 1,663
2020-05-01 $241,000 (3.8%) $293,959 (3.2%) 0.73 1,659
2020-06-01 $240,750 (1.0%) $290,619 (-0.5%) 0.71 1,701
2020-07-01 $245,450 (2.4%) $290,693 (-0.6%) 0.71 1,669
2020-08-01 $248,200 (3.5%) $295,101 (2.1%) 0.71 1,587
2020-09-01 $249,900 (4.2%) $300,235 (4.7%) 0.72 1,555
2020-10-01 $249,900 (4.2%) $301,043 (5.7%) 0.72 1,491
2020-11-01 $241,550 (2.8%) $299,680 (6.1%) 0.71 1,438
2020-12-01 $237,000 (3.3%) $299,850 (7.7%) 0.70 1,312
2021-01-01 $239,900 (3.2%) $295,607 (5.7%) 0.72 1,225
2021-02-01 $249,450 (6.2%) $299,066 (5.8%) 0.73 1,267
2021-03-01 $250,000 (4.2%) $301,086 (4.5%) 0.71 1,331
2021-04-01 $252,200 (5.1%) $300,986 (4.4%) 0.68 1,381
2021-05-01 $259,900 (7.8%) $303,321 (3.2%) 0.69 1,424
2021-06-01 $260,500 (8.2%) $307,341 (5.8%) 0.69 1,445
2021-07-01 $260,000 (5.9%) $306,270 (5.4%) 0.69 1,458
2021-08-01 $265,000 (6.8%) $309,583 (4.9%) 0.71 1,465
2021-09-01 $268,850 (7.6%) $311,672 (3.8%) 0.72 1,486
2021-10-01 $269,900 (8.0%) $316,156 (5.0%) 0.72 1,453
2021-11-01 $273,000 (13.0%) $320,321 (6.9%) 0.73 1,365
2021-12-01 $277,450 (17.1%) $323,338 (7.8%) 0.75 1,219
2022-01-01 $289,000 (20.5%) $334,249 (13.1%) 0.78 1,011
2022-02-01 $294,950 (18.2%) $340,203 (13.8%) 0.77 1,079
2022-03-01 $289,900 (16.0%) $345,020 (14.6%) 0.73 1,066
2022-04-01 $287,500 (14.0%) $344,550 (14.5%) 0.69 1,129
2022-05-01 $292,625 (12.6%) $351,626 (15.9%) 0.67 1,239
2022-06-01 $299,450 (15.0%) $363,667 (18.3%) 0.67 1,280
2022-07-01 $310,000 (19.2%) $374,857 (22.4%) 0.70 1,297
2022-08-01 $300,000 (13.2%) $372,617 (20.4%) 0.69 1,265
2022-09-01 $307,475 (14.4%) $372,109 (19.4%) 0.72 1,166
2022-10-01 $316,500 (17.3%) $380,008 (20.2%) 0.74 1,153
2022-11-01 $319,925 (17.2%) $383,646 (19.8%) 0.77 1,155
2022-12-01 $319,000 (15.0%) $383,927 (18.7%) 0.79 1,042
2023-01-01 $310,500 (7.4%) $375,319 (12.3%) 0.77 975
2023-02-01 $316,250 (7.2%) $376,072 (10.5%) 0.76 1,036
2023-03-01 $325,125 (12.2%) $387,485 (12.3%) 0.77 1,066
2023-04-01 $330,000 (14.8%) $391,891 (13.7%) 0.77 1,092
2023-05-01 $329,500 (12.6%) $391,688 (11.4%) 0.75 1,091
2023-06-01 $335,000 (11.9%) $395,128 (8.7%) 0.75 1,106
2023-07-01 $339,900 (9.7%) $398,040 (6.2%) 0.77 1,106
2023-08-01 $339,225 (13.1%) $397,887 (6.8%) 0.78 1,148
2023-09-01 $329,900 (7.3%) $394,013 (5.9%) 0.77 1,150
2023-10-01 $315,000 (-0.5%) $384,191 (1.1%) 0.74 1,202
2023-11-01 $317,225 (-0.8%) $383,928 (0.1%) 0.76 1,239
2023-12-01 $314,900 (-1.3%) $379,959 (-1.0%) 0.77 1,165
2024-01-01 $313,525 (1.0%) $376,455 (0.3%) 0.77 1,165
2024-02-01 $318,650 (0.8%) $383,378 (1.9%) 0.77 1,258
2024-03-01 $320,000 (-1.6%) $388,118 (0.2%) 0.75 1,322
2024-04-01 $321,549 (-2.6%) $384,482 (-1.9%) 0.75 1,394
2024-05-01 $325,000 (-1.4%) $388,986 (-0.7%) 0.73 1,495
Tallahassee's median listing price for 2024-05-01 was $325,000, a difference of $-4,500 (-1.4%) versus the prior year and $3,451 versus the prior month.

Tallahassee's median listing price comes in at 73% of the national average.

Tallahassee's average listing price for 2024-05-01 was $388,986, a difference of $-2,702 (-0.7%) versus the prior year and $4,504 versus the prior month.

For the 2024-05-01 period, Tallahassee had 1,495 MLS listings, a difference of 101 listings (7%) versus the prior month and 404 listings (37%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Tallahassee (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 73 days 1,698 sqft
2018-02-01 67 days 1,693 sqft
2018-03-01 54 days 1,714 sqft
2018-04-01 51 days 1,709 sqft
2018-05-01 50 days 1,700 sqft
2018-06-01 56 days 1,730 sqft
2018-07-01 58 days 1,742 sqft
2018-08-01 55 days 1,717 sqft
2018-09-01 60 days 1,706 sqft
2018-10-01 69 days 1,692 sqft
2018-11-01 73 days 1,681 sqft
2018-12-01 79 days 1,658 sqft
2019-01-01 79 days 1,670 sqft
2019-02-01 70 days 1,711 sqft
2019-03-01 58 days 1,704 sqft
2019-04-01 48 days 1,696 sqft
2019-05-01 48 days 1,695 sqft
2019-06-01 51 days 1,714 sqft
2019-07-01 51 days 1,728 sqft
2019-08-01 53 days 1,730 sqft
2019-09-01 57 days 1,720 sqft
2019-10-01 59 days 1,711 sqft
2019-11-01 63 days 1,682 sqft
2019-12-01 71 days 1,671 sqft
2020-01-01 72 days 1,657 sqft
2020-02-01 46 days 1,664 sqft
2020-03-01 45 days 1,685 sqft
2020-04-01 52 days 1,687 sqft
2020-05-01 57 days 1,677 sqft
2020-06-01 48 days 1,656 sqft
2020-07-01 48 days 1,655 sqft
2020-08-01 46 days 1,672 sqft
2020-09-01 47 days 1,672 sqft
2020-10-01 49 days 1,662 sqft
2020-11-01 51 days 1,640 sqft
2020-12-01 54 days 1,610 sqft
2021-01-01 58 days 1,614 sqft
2021-02-01 44 days 1,634 sqft
2021-03-01 40 days 1,645 sqft
2021-04-01 39 days 1,651 sqft
2021-05-01 37 days 1,631 sqft
2021-06-01 36 days 1,606 sqft
2021-07-01 38 days 1,592 sqft
2021-08-01 38 days 1,595 sqft
2021-09-01 41 days 1,594 sqft
2021-10-01 46 days 1,606 sqft
2021-11-01 50 days 1,625 sqft
2021-12-01 57 days 1,648 sqft
2022-01-01 60 days 1,670 sqft
2022-02-01 38 days 1,652 sqft
2022-03-01 36 days 1,622 sqft
2022-04-01 31 days 1,600 sqft
2022-05-01 32 days 1,617 sqft
2022-06-01 34 days 1,661 sqft
2022-07-01 35 days 1,690 sqft
2022-08-01 38 days 1,668 sqft
2022-09-01 45 days 1,665 sqft
2022-10-01 44 days 1,688 sqft
2022-11-01 44 days 1,697 sqft
2022-12-01 55 days 1,698 sqft
2023-01-01 60 days 1,655 sqft
2023-02-01 45 days 1,657 sqft
2023-03-01 41 days 1,696 sqft
2023-04-01 39 days 1,702 sqft
2023-05-01 39 days 1,686 sqft
2023-06-01 37 days 1,700 sqft
2023-07-01 38 days 1,686 sqft
2023-08-01 36 days 1,661 sqft
2023-09-01 42 days 1,640 sqft
2023-10-01 43 days 1,612 sqft
2023-11-01 45 days 1,617 sqft
2023-12-01 51 days 1,613 sqft
2024-01-01 53 days 1,592 sqft
2024-02-01 43 days 1,611 sqft
2024-03-01 44 days 1,608 sqft
2024-04-01 43 days 1,593 sqft
2024-05-01 38 days 1,613 sqft
Tallahassee's median listing age (time on market) for 2024-05-01 was 38 days. This is -4% shorter than the same period one year ago.

Tallahassee's median square footage for active listings during the 2024-05-01 period was 1,613 sqft. One year prior, the average listing was 1,686 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.