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 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 7.02% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.95% and one month ago for the week of 2024-03-15, the average rate was 6.41%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.43%.

    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
    Tallahassee's median listing price for 2024-03-01 was $320,000, a difference of $-5,125 (-1.6%) versus the prior year and $1,350 versus the prior month.

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

    Tallahassee's average listing price for 2024-03-01 was $388,118, a difference of $633 (0.2%) versus the prior year and $4,740 versus the prior month.

    For the 2024-03-01 period, Tallahassee had 1,322 MLS listings, a difference of 64 listings (5%) versus the prior month and 256 listings (24%) 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
    Tallahassee's median listing age (time on market) for 2024-03-01 was 44 days. This is 9% longer than the same period one year ago.

    Tallahassee's median square footage for active listings during the 2024-03-01 period was 1,608 sqft. One year prior, the average listing was 1,696 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.