Tuscaloosa VA Loan Rates, Closing Costs & Stats

TUSCALOOSA, AL

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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.

    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 6.54% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.37% and one month ago for the week of 2024-03-15, the average rate was 6.43%.

    The average rate one year ago was 6.02%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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
    Tuscaloosa's median listing price for 2024-03-01 was $299,900, a difference of $3,950 (1.3%) versus the prior year and $0 versus the prior month.

    Tuscaloosa's median listing price comes in at 71% of the national average.

    Tuscaloosa's average listing price for 2024-03-01 was $460,388, a difference of $64,139 (16.2%) versus the prior year and $3,782 versus the prior month.

    For the 2024-03-01 period, Tuscaloosa had 602 MLS listings, a difference of 33 listings (6%) versus the prior month and 95 listings (19%) 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
    Tuscaloosa's median listing age (time on market) for 2024-03-01 was 52 days. This is -6% shorter than the same period one year ago.

    Tuscaloosa's median square footage for active listings during the 2024-03-01 period was 1,802 sqft. One year prior, the average listing was 1,885 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.