Tuscaloosa VA Loan Rates, Closing Costs & Stats

TUSCALOOSA, AL

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.

Tuscaloosa's 60 lenders originated 255 VA loans during 2023. The total origination value was $71,635,000, with an average VA loan value of $280,922.

Tuscaloosa VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Tuscaloosa averaged 6.28% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Tuscaloosa's average VA mortgage closing costs are $5,242.

The average rate for the prior week (2024-05-10) was 6.49% and one month ago for the week of 2024-04-12, the average rate was 6.77%.

The average rate one year ago was 5.87%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.71%.

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

Tuscaloosa 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 Tuscaloosa level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
First Federal Bank, A FSB 32 6.18% $11,248
Mortgage Research Center, LLC 29 6.86% $5,233
MOVEMENT MORTGAGE, LLC 16 6.52% $7,297
QUICKEN LOANS, LLC 12 5.95% $12,055
DHI MORTGAGE COMPANY, LTD. 11 5.31% $4,991
MORTGAGE SOLUTIONS OF COLORADO, LLC 10 7.86% $1,529
UNITED WHOLESALE MORTGAGE, LLC 10 6.57% $9,293
NAVY FEDERAL CREDIT UNION 9 5.94% $5,775
PENNYMAC LOAN SERVICES, LLC 8 5.00% $5,549
Regions Bank 8 6.08% $6,877
FREEDOM MORTGAGE CORPORATION 8 6.47% $13,607
Wells Fargo Bank 6 5.81% $4,681
United Community Bank 6 6.25% $8,303
FirstBank 5 6.30% $3,990
NEW DAY FINANCIAL, LLC 5 7.40% $6,657
Renasant Bank 5 5.57% $7,176
U.S. Bank 4 6.66% $10,796
GUILD MORTGAGE COMPANY 4 6.50% $6,754
Barrington Bank & Trust Company, N.A. 4 5.97% $11,840
TJC Mortgage, Inc. 3 6.54% $8,482
Assurance Financial Group, L.L.C. 3 6.42% $8,386
AMERISAVE MORTGAGE CORPORATION 2 6.31% $12,996
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $3,730
LOANDEPOT.COM, LLC 2 6.00% $10,236
CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $6,324
Mr. Cooper ( Nationstar Mortgage ) 2 6.13% $11,816
RELIANCE FIRST CAPITAL, LLC 2 7.50% $9,738
UNION HOME MORTGAGE CORP. 2 6.13% $5,656
USAA Federal Savings Bank 2 5.81% $6,260
VILLAGE CAPITAL MORTGAGE 2 6.25% $2,799
PLAZA HOME MORTGAGE, INC. 1 6.25% $11,007
BROKER SOLUTIONS, INC. 1 7.63% $16,878
Citizens Bank 1 6.25% $4,661
EVANSVILLE TEACHERS 1 6.00% $18,487
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $7,666
GUARANTEED RATE, INC. 1 5.75% $5,770
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $1,815
HOMESIDE FINANCIAL, LLC 1 6.13% $9,432
JPMorgan Chase Bank 1 6.75% $23,218
Magnolia Bank 1 6.25% $12,081
MID AMERICA MORTGAGE, INC. 1 7.00% $4,267
Mid-Continent Funding, Inc. 1 6.75% $8,391
MORTGAGE ACCESS CORP. 1 5.75% $2,796
NBKC BANK 1 6.13% $2,740
NEWREZ LLC 1 6.25% $3,453
North American Savings Bank, F.S.B. 1 6.75% $13,523
Northpointe Bank 1 5.63% $3,134
PENTAGON FEDERAL CREDIT UNION 1 5.88% $5,728
PLANET HOME LENDING, LLC 1 5.50% $3,928
1ST SIGNATURE LENDING, LLC 1 7.13% $7,638
PNC Bank 1 6.88% $12,875
Princeton Mortgage Corporation 1 7.50% $11,560
Prosperity Home Mortgage, LLC 1 6.50% $11,755
SouthPoint Bank 1 5.75% $5,483
South State Bank 1 5.88% $11,626
STOCKTON MORTGAGE CORPORATION 1 6.75% $5,414
Synovus Bank 1 6.88% $2,021
The Federal Savings Bank 1 6.75% $12,720
Towne Bank 1 6.63% $5,451
Waterstone Mortgage Corporation 1 6.13% $12,947

The top Tuscaloosa VA lender as defined by loan originations is First Federal Bank, A FSB, with 32 VA loans originated. Their average total fees are $11,248, which is $6,015 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Tuscaloosa VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($1,529), DHI MORTGAGE COMPANY, LTD. ($4,991), Mortgage Research Center, LLC ($5,233), MOVEMENT MORTGAGE, LLC ($7,297) and UNITED WHOLESALE MORTGAGE, LLC ($9,293).

The lowest rate Tuscaloosa VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.31%), QUICKEN LOANS, LLC (5.95%), First Federal Bank, A FSB (6.18%), MOVEMENT MORTGAGE, LLC (6.52%) and UNITED WHOLESALE MORTGAGE, LLC (6.57%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Tuscaloosa (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 $189,900 (8.5%) $276,405 (12.2%) 0.70 842
2018-02-01 $191,515 (10.1%) $279,008 (13.1%) 0.70 869
2018-03-01 $198,500 (13.5%) $281,227 (10.4%) 0.70 875
2018-04-01 $199,900 (7.9%) $286,192 (9.0%) 0.68 877
2018-05-01 $199,900 (5.4%) $284,496 (7.8%) 0.67 856
2018-06-01 $204,925 (7.9%) $291,475 (8.2%) 0.68 861
2018-07-01 $214,900 (13.2%) $298,113 (10.6%) 0.72 901
2018-08-01 $211,950 (9.1%) $299,680 (7.6%) 0.71 891
2018-09-01 $214,900 (13.2%) $313,706 (11.6%) 0.72 901
2018-10-01 $209,900 (10.5%) $310,776 (12.8%) 0.71 924
2018-11-01 $209,900 (11.3%) $305,671 (10.1%) 0.71 915
2018-12-01 $205,800 (10.8%) $307,521 (12.6%) 0.71 894
2019-01-01 $208,029 (9.6%) $311,251 (12.6%) 0.72 874
2019-02-01 $210,410 (9.9%) $317,988 (14.0%) 0.71 879
2019-03-01 $217,043 (9.3%) $325,682 (15.8%) 0.71 853
2019-04-01 $222,425 (11.3%) $327,746 (14.5%) 0.71 836
2019-05-01 $238,250 (19.2%) $336,665 (18.3%) 0.74 852
2019-06-01 $232,395 (13.4%) $335,666 (15.2%) 0.73 874
2019-07-01 $238,225 (10.9%) $348,875 (17.0%) 0.75 891
2019-08-01 $238,536 (12.5%) $359,414 (19.9%) 0.76 888
2019-09-01 $236,491 (10.1%) $354,816 (13.1%) 0.76 907
2019-10-01 $234,250 (11.6%) $351,751 (13.2%) 0.76 920
2019-11-01 $229,900 (9.5%) $343,437 (12.4%) 0.75 893
2019-12-01 $224,099 (8.9%) $340,779 (10.8%) 0.75 887
2020-01-01 $223,825 (7.6%) $344,552 (10.7%) 0.75 823
2020-02-01 $235,900 (12.1%) $344,007 (8.2%) 0.77 790
2020-03-01 $238,710 (10.0%) $347,992 (6.9%) 0.75 768
2020-04-01 $245,075 (10.2%) $355,350 (8.4%) 0.77 763
2020-05-01 $240,000 (0.7%) $342,506 (1.7%) 0.73 727
2020-06-01 $245,150 (5.5%) $349,706 (4.2%) 0.72 685
2020-07-01 $249,900 (4.9%) $351,741 (0.8%) 0.72 684
2020-08-01 $249,900 (4.8%) $345,615 (-3.8%) 0.72 684
2020-09-01 $249,950 (5.7%) $349,878 (-1.4%) 0.72 665
2020-10-01 $249,900 (6.7%) $345,034 (-1.9%) 0.72 694
2020-11-01 $249,900 (8.7%) $350,561 (2.1%) 0.73 663
2020-12-01 $249,950 (11.5%) $353,860 (3.8%) 0.74 602
2021-01-01 $249,000 (11.3%) $351,506 (2.0%) 0.74 552
2021-02-01 $252,950 (7.2%) $352,698 (2.5%) 0.74 554
2021-03-01 $269,200 (12.8%) $351,306 (1.0%) 0.76 540
2021-04-01 $276,500 (12.8%) $376,350 (5.9%) 0.75 470
2021-05-01 $275,000 (14.6%) $384,241 (12.2%) 0.73 422
2021-06-01 $277,425 (13.2%) $387,941 (10.9%) 0.73 439
2021-07-01 $270,448 (8.2%) $378,135 (7.5%) 0.71 479
2021-08-01 $267,271 (7.0%) $380,523 (10.1%) 0.71 465
2021-09-01 $265,796 (6.3%) $383,530 (9.6%) 0.71 468
2021-10-01 $259,900 (4.0%) $379,199 (9.9%) 0.69 461
2021-11-01 $261,324 (4.6%) $378,516 (8.0%) 0.70 440
2021-12-01 $266,549 (6.6%) $370,245 (4.6%) 0.72 429
2022-01-01 $249,900 (0.4%) $362,835 (3.2%) 0.68 350
2022-02-01 $257,298 (1.7%) $373,790 (6.0%) 0.67 355
2022-03-01 $276,000 (2.5%) $370,936 (5.6%) 0.69 349
2022-04-01 $299,900 (8.5%) $382,387 (1.6%) 0.71 341
2022-05-01 $299,925 (9.1%) $379,823 (-1.2%) 0.69 415
2022-06-01 $308,895 (11.3%) $377,326 (-2.7%) 0.69 502
2022-07-01 $310,000 (14.6%) $383,849 (1.5%) 0.70 596
2022-08-01 $309,673 (15.9%) $385,939 (1.4%) 0.72 575
2022-09-01 $304,975 (14.7%) $382,834 (-0.2%) 0.71 570
2022-10-01 $303,816 (16.9%) $386,737 (2.0%) 0.71 520
2022-11-01 $292,574 (12.0%) $377,983 (-0.1%) 0.70 531
2022-12-01 $289,900 (8.8%) $378,944 (2.4%) 0.72 509
2023-01-01 $291,561 (16.7%) $385,076 (6.1%) 0.72 509
2023-02-01 $293,671 (14.1%) $394,562 (5.6%) 0.71 522
2023-03-01 $295,950 (7.2%) $396,249 (6.8%) 0.70 507
2023-04-01 $299,250 (-0.2%) $421,612 (10.3%) 0.70 496
2023-05-01 $297,000 (-1.0%) $436,892 (15.0%) 0.67 476
2023-06-01 $297,399 (-3.7%) $446,645 (18.4%) 0.67 485
2023-07-01 $294,900 (-4.9%) $435,404 (13.4%) 0.67 464
2023-08-01 $288,750 (-6.8%) $427,389 (10.7%) 0.66 485
2023-09-01 $280,000 (-8.2%) $413,149 (7.9%) 0.65 521
2023-10-01 $295,000 (-2.9%) $414,372 (7.2%) 0.69 604
2023-11-01 $289,900 (-0.9%) $410,990 (8.7%) 0.69 639
2023-12-01 $289,900 (0.0%) $413,964 (9.2%) 0.71 610
2024-01-01 $298,575 (2.4%) $429,711 (11.6%) 0.73 554
2024-02-01 $299,900 (2.1%) $456,606 (15.7%) 0.72 569
2024-03-01 $299,900 (1.3%) $460,388 (16.2%) 0.71 602
2024-04-01 $302,950 (1.2%) $463,617 (10.0%) 0.70 595
Tuscaloosa's median listing price for 2024-04-01 was $302,950, a difference of $3,700 (1.2%) versus the prior year and $3,050 versus the prior month.

Tuscaloosa's median listing price comes in at 70% of the national average.

Tuscaloosa's average listing price for 2024-04-01 was $463,617, a difference of $42,005 (10.0%) versus the prior year and $3,229 versus the prior month.

For the 2024-04-01 period, Tuscaloosa had 595 MLS listings, a difference of -7 listings (-1%) versus the prior month and 99 listings (20%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Tuscaloosa (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 93 days 1,773 sqft
2018-02-01 88 days 1,776 sqft
2018-03-01 61 days 1,761 sqft
2018-04-01 60 days 1,770 sqft
2018-05-01 63 days 1,767 sqft
2018-06-01 67 days 1,763 sqft
2018-07-01 68 days 1,810 sqft
2018-08-01 67 days 1,791 sqft
2018-09-01 68 days 1,774 sqft
2018-10-01 72 days 1,754 sqft
2018-11-01 73 days 1,736 sqft
2018-12-01 89 days 1,718 sqft
2019-01-01 94 days 1,717 sqft
2019-02-01 86 days 1,710 sqft
2019-03-01 76 days 1,732 sqft
2019-04-01 64 days 1,766 sqft
2019-05-01 64 days 1,813 sqft
2019-06-01 61 days 1,797 sqft
2019-07-01 65 days 1,847 sqft
2019-08-01 66 days 1,837 sqft
2019-09-01 64 days 1,817 sqft
2019-10-01 64 days 1,803 sqft
2019-11-01 78 days 1,804 sqft
2019-12-01 94 days 1,801 sqft
2020-01-01 97 days 1,779 sqft
2020-02-01 86 days 1,774 sqft
2020-03-01 69 days 1,779 sqft
2020-04-01 74 days 1,800 sqft
2020-05-01 77 days 1,774 sqft
2020-06-01 74 days 1,798 sqft
2020-07-01 63 days 1,799 sqft
2020-08-01 59 days 1,765 sqft
2020-09-01 74 days 1,800 sqft
2020-10-01 81 days 1,750 sqft
2020-11-01 79 days 1,755 sqft
2020-12-01 82 days 1,727 sqft
2021-01-01 71 days 1,642 sqft
2021-02-01 48 days 1,602 sqft
2021-03-01 47 days 1,611 sqft
2021-04-01 57 days 1,604 sqft
2021-05-01 58 days 1,647 sqft
2021-06-01 49 days 1,650 sqft
2021-07-01 48 days 1,746 sqft
2021-08-01 45 days 1,797 sqft
2021-09-01 49 days 1,810 sqft
2021-10-01 57 days 1,850 sqft
2021-11-01 61 days 1,850 sqft
2021-12-01 59 days 1,828 sqft
2022-01-01 65 days 1,712 sqft
2022-02-01 53 days 1,711 sqft
2022-03-01 40 days 1,783 sqft
2022-04-01 39 days 1,904 sqft
2022-05-01 37 days 1,939 sqft
2022-06-01 36 days 1,994 sqft
2022-07-01 39 days 2,040 sqft
2022-08-01 52 days 2,052 sqft
2022-09-01 61 days 2,050 sqft
2022-10-01 71 days 2,050 sqft
2022-11-01 67 days 1,987 sqft
2022-12-01 68 days 1,959 sqft
2023-01-01 73 days 1,888 sqft
2023-02-01 59 days 1,845 sqft
2023-03-01 55 days 1,885 sqft
2023-04-01 53 days 1,913 sqft
2023-05-01 51 days 1,890 sqft
2023-06-01 47 days 1,867 sqft
2023-07-01 49 days 1,870 sqft
2023-08-01 51 days 1,861 sqft
2023-09-01 50 days 1,849 sqft
2023-10-01 50 days 1,845 sqft
2023-11-01 52 days 1,827 sqft
2023-12-01 60 days 1,837 sqft
2024-01-01 80 days 1,834 sqft
2024-02-01 67 days 1,809 sqft
2024-03-01 52 days 1,802 sqft
2024-04-01 52 days 1,820 sqft
Tuscaloosa's median listing age (time on market) for 2024-04-01 was 52 days. This is -1% shorter than the same period one year ago.

Tuscaloosa's median square footage for active listings during the 2024-04-01 period was 1,820 sqft. One year prior, the average listing was 1,913 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.