Tallahassee VA Loan Rates, Closing Costs & Stats

TALLAHASSEE, FL

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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.

    Tallahassee's 90 lenders originated 639 VA loans during 2022. The total origination value was $188,945,000, with an average VA loan value of $295,689.

    Tallahassee VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Tallahassee averaged -0.02% for the week of 2023-06-02, compared to the national average (all VA variants) of 0% for the same period.

    Tallahassee's average VA mortgage closing costs are $6,208.

    The average rate for the prior week (2023-05-26) was 6.01% and one month ago for the week of 2023-04-28, the average rate was 6.06%.

    The average rate one year ago was 4.52%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.18%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 104 4.82% $8,401
    QUICKEN LOANS, LLC 52 4.19% $12,274
    LOANDEPOT.COM, LLC 48 4.90% $10,888
    UNIVERSITY LENDING GROUP, LLC 40 4.51% $8,521
    MOVEMENT MORTGAGE, LLC 32 4.75% $7,279
    UNITED WHOLESALE MORTGAGE, LLC 28 4.51% $10,795
    NAVY FEDERAL CREDIT UNION 25 3.82% $5,365
    USAA Federal Savings Bank 21 4.42% $7,457
    FREEDOM MORTGAGE CORPORATION 19 3.81% $10,222
    GMFS LLC 14 4.68% $10,162
    University Bank 13 5.80% $7,464
    NEW DAY FINANCIAL, LLC 11 4.42% $11,731
    BAY CAPITAL MORTGAGE CORPORATION 11 4.43% $17,557
    PENNYMAC LOAN SERVICES, LLC 9 3.63% $11,200
    CROSSCOUNTRY MORTGAGE, LLC 8 5.59% $6,750
    DHI MORTGAGE COMPANY, LTD. 8 4.03% $5,013
    Ameris Bank 7 5.38% $8,067
    DELMAR FINANCIAL COMPANY 7 5.59% $7,756
    CARDINAL FINANCIAL 7 4.30% $14,723
    VILLAGE CAPITAL MORTGAGE 6 4.13% $7,177
    Centennial Bank 5 4.43% $8,724
    Mr. Cooper ( Nationstar Mortgage ) 5 4.68% $4,553
    Truist 5 4.32% $6,728
    Mid-Continent Funding, Inc. 5 4.30% $9,460
    CALIBER HOME LOANS, INC. 4 4.41% $8,052
    AMERIFIRST FINANCIAL CORPORATION 4 4.78% $10,955
    Barrington Bank & Trust Company, N.A. 4 4.02% $11,338
    UNION HOME MORTGAGE CORP. 4 4.13% $6,973
    Capital City Home Loans, LLC 4 4.72% $9,959
    Equity Prime Mortgage LLC 4 5.28% $11,213
    Flagstar Bank, FSB 4 3.34% $13,994
    HOME POINT FINANCIAL CORPORATION 4 4.88% $9,327
    U.S. Bank 3 4.21% $12,341
    SOUTHWEST STAGE FUNDING, LLC 3 4.17% $981
    The Federal Savings Bank 3 6.04% $17,961
    CLEARPATH LENDING 3 3.08% $7,281
    Carrington Mortgage Services, LLC 3 3.96% $7,071
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.71% $2,677
    AMERISAVE MORTGAGE CORPORATION 3 4.83% $7,297
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 4.71% $8,426
    LAKEVIEW LOAN SERVICING, LLC 3 3.58% $1,881
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 4.13% $11,822
    FIRST FLORIDA Credit Union 3 5.08% $11,065
    AMERICAN FINANCING CORPORATION 2 3.31% $8,276
    Armed Forces Bank 2 4.25% $16,228
    FINANCE OF AMERICA MORTGAGE LLC 2 4.69% $6,875
    MICHIGAN MUTUAL, INC. 2 4.88% $11,901
    PENTAGON FEDERAL CREDIT UNION 2 2.31% $0
    PLAZA HOME MORTGAGE, INC. 2 5.75% $6,315
    Wells Fargo Bank 2 4.31% $11,993
    Mortgage Lenders Investment Trading Corporation 1 7.25% $14,253
    Loan Simple, Inc. 1 5.50% $5,497
    LOANPAL, LLC 1 2.25% $16,545
    LAND HOME FINANCIAL SERVICES, INC. 1 4.50% $8,550
    JPMorgan Chase Bank 1 4.25% $3,881
    NATIONS DIRECT MORTGAGE, LLC 1 6.13% $13,005
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.00% $3,217
    NETWORK CAPITAL FUNDING CORPORATION 1 4.63% $7,106
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.25% $16,010
    NEWREZ LLC 1 3.25% $5,315
    North American Savings Bank, F.S.B. 1 3.50% $8,842
    NORTHPOINT MORTGAGE, INC. 1 3.63% $4,180
    GUILD MORTGAGE COMPANY 1 5.13% $7,088
    VAN DYK MORTGAGE CORPORATION 1 5.00% $2,696
    PHH Mortgage Corporation 1 4.63% $13,691
    AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 5.50% $22,558
    PREMIA MORTGAGE, LLC 1 4.75% $2,508
    PREMIER LENDING, INC. 1 4.00% $5,118
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.13% $1,989
    FBC MORTGAGE, LLC 1 5.75% $7,876
    RELIANCE FIRST CAPITAL, LLC 1 6.00% $14,662
    RESIDENTIAL BANCORP. 1 4.49% $23,486
    Sierra Pacific Mortgage Company, Inc. 1 5.13% $3,436
    SOUTHERN TRUST MORTGAGE, LLC 1 3.25% $17,798
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.38% $16,305
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.99% $13,663
    Synovus Bank 1 3.63% $10,168
    EVERETT FINANCIAL, INC. 1 3.00% $6,711
    TJC Mortgage, Inc. 1 5.63% $4,982
    TOWNE MORTGAGE COMPANY 1 5.13% $10,655
    CONTOUR MORTGAGE CORPORATION 1 3.63% $9,269
    BROKER SOLUTIONS, INC. 1 3.13% $20,598
    BOKF 1 3.88% $3,477
    Bell Bank 1 5.75% $918
    Bank of England 1 5.63% $6,422
    Bank of America 1 4.25% $4,140
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.88% $7,760
    Magnolia Bank 1 4.50% $5,874
    MILEND, INC. 1 3.99% $12,522
    MORIA DEVELOPMENT, INC. 1 5.63% $13,171

    The top Tallahassee VA lender as defined by loan originations is Mortgage Research Center, LLC, with 104 VA loans originated. Their average total fees are $8,401, which is $3,873 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Tallahassee VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,365), MOVEMENT MORTGAGE, LLC ($7,279), USAA Federal Savings Bank ($7,457), University Bank ($7,464) and Mortgage Research Center, LLC ($8,401).

    The lowest rate Tallahassee VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (3.81%), NAVY FEDERAL CREDIT UNION (3.82%), QUICKEN LOANS, LLC (4.19%), NEW DAY FINANCIAL, LLC (4.42%) and USAA Federal Savings Bank (4.42%).

    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%) $295,037 (9.1%) 0.82 1,136
    2018-02-01 $220,000 (12.9%) $296,648 (11.4%) 0.80 1,150
    2018-03-01 $224,950 (12.5%) $300,808 (11.8%) 0.79 1,207
    2018-04-01 $224,075 (12.0%) $300,255 (9.9%) 0.76 1,285
    2018-05-01 $226,200 (11.7%) $303,198 (8.7%) 0.76 1,326
    2018-06-01 $233,900 (13.1%) $305,864 (8.4%) 0.78 1,347
    2018-07-01 $235,000 (11.9%) $301,841 (6.7%) 0.78 1,376
    2018-08-01 $229,500 (9.3%) $298,145 (5.2%) 0.77 1,433
    2018-09-01 $223,950 (5.7%) $294,164 (2.1%) 0.75 1,414
    2018-10-01 $222,780 (0.5%) $288,905 (-1.2%) 0.75 1,364
    2018-11-01 $224,340 (2.0%) $289,397 (-2.1%) 0.76 1,331
    2018-12-01 $223,780 (1.8%) $288,355 (-1.9%) 0.77 1,285
    2019-01-01 $225,000 (2.3%) $292,722 (-0.8%) 0.78 1,195
    2019-02-01 $231,125 (5.1%) $291,860 (-1.6%) 0.78 1,197
    2019-03-01 $235,000 (4.5%) $287,225 (-4.5%) 0.77 1,472
    2019-04-01 $234,950 (4.9%) $282,594 (-5.9%) 0.75 1,854
    2019-05-01 $232,600 (2.8%) $284,541 (-6.2%) 0.73 1,894
    2019-06-01 $238,360 (1.9%) $291,539 (-4.7%) 0.74 1,871
    2019-07-01 $239,800 (2.0%) $292,071 (-3.2%) 0.75 1,893
    2019-08-01 $239,900 (4.5%) $288,628 (-3.2%) 0.76 1,865
    2019-09-01 $239,900 (7.1%) $286,413 (-2.6%) 0.77 1,788
    2019-10-01 $239,900 (7.7%) $284,521 (-1.5%) 0.77 1,721
    2019-11-01 $235,000 (4.8%) $282,195 (-2.5%) 0.77 1,615
    2019-12-01 $229,450 (2.5%) $278,043 (-3.6%) 0.77 1,460
    2020-01-01 $232,590 (3.4%) $279,560 (-4.5%) 0.78 1,429
    2020-02-01 $235,000 (1.7%) $282,720 (-3.1%) 0.77 1,572
    2020-03-01 $240,000 (2.1%) $287,678 (0.2%) 0.75 1,656
    2020-04-01 $240,000 (2.2%) $287,848 (1.9%) 0.75 1,663
    2020-05-01 $241,000 (3.6%) $293,654 (3.2%) 0.73 1,659
    2020-06-01 $240,750 (1.0%) $290,319 (-0.4%) 0.71 1,701
    2020-07-01 $245,475 (2.4%) $290,808 (-0.4%) 0.71 1,670
    2020-08-01 $248,200 (3.5%) $295,220 (2.3%) 0.71 1,588
    2020-09-01 $249,900 (4.2%) $300,235 (4.8%) 0.72 1,555
    2020-10-01 $249,900 (4.2%) $301,043 (5.8%) 0.72 1,491
    2020-11-01 $241,550 (2.8%) $299,680 (6.2%) 0.71 1,438
    2020-12-01 $237,000 (3.3%) $299,850 (7.8%) 0.71 1,312
    2021-01-01 $239,900 (3.1%) $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 (4.7%) 0.71 1,331
    2021-04-01 $252,200 (5.1%) $300,986 (4.6%) 0.68 1,381
    2021-05-01 $259,900 (7.8%) $303,321 (3.3%) 0.69 1,424
    2021-06-01 $260,500 (8.2%) $307,341 (5.9%) 0.69 1,445
    2021-07-01 $260,000 (5.9%) $306,270 (5.3%) 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 $292,917 (12.7%) $351,672 (15.9%) 0.67 1,240
    2022-06-01 $299,450 (15.0%) $363,700 (18.3%) 0.67 1,281
    2022-07-01 $310,000 (19.2%) $374,874 (22.4%) 0.70 1,298
    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 $325,250 (12.2%) $387,614 (12.4%) 0.77 1,065
    2023-04-01 $330,000 (14.8%) $392,010 (13.8%) 0.77 1,091
    2023-05-01 $329,500 (12.5%) $391,806 (11.4%) 0.75 1,090
    Tallahassee's median listing price for 2023-05-01 was $329,500, a difference of $36,583 (12.5%) versus the prior year and $-500 versus the prior month.

    Tallahassee's median listing price comes in at 75% of the national average.

    Tallahassee's average listing price for 2023-05-01 was $391,806, a difference of $40,134 (11.4%) versus the prior year and $-204 versus the prior month.

    For the 2023-05-01 period, Tallahassee had 1,090 MLS listings, a difference of -1 listings (0%) versus the prior month and -150 listings (-12%) 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 74 days 1,700 sqft
    2018-02-01 67 days 1,694 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 1,731 sqft
    2018-07-01 58 days 1,744 sqft
    2018-08-01 55 days 1,717 sqft
    2018-09-01 60 days 1,707 sqft
    2018-10-01 69 days 1,692 sqft
    2018-11-01 73 days 1,682 sqft
    2018-12-01 79 days 1,660 sqft
    2019-01-01 79 days 1,670 sqft
    2019-02-01 70 days 1,712 sqft
    2019-03-01 58 days 1,705 sqft
    2019-04-01 48 days 1,696 sqft
    2019-05-01 48 days 1,695 sqft
    2019-06-01 51 days 1,713 sqft
    2019-07-01 51 days 1,728 sqft
    2019-08-01 53 days 1,729 sqft
    2019-09-01 56 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 1,670 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 1,655 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 1,695 sqft
    2023-04-01 39 days 1,702 sqft
    2023-05-01 39 days 1,685 sqft
    Tallahassee's median listing age (time on market) for 2023-05-01 was 39 days. This is 24% longer than the same period one year ago.

    Tallahassee's median square footage for active listings during the 2023-05-01 period was 1,685 sqft. One year prior, the average listing was 1,617 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.