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 64 lenders originated 416 VA loans during 2022. The total origination value was $114,290,000, with an average VA loan value of $274,736.

    Tuscaloosa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Tuscaloosa averaged 6.32% for the week of 2023-09-22, compared to the national average (all VA variants) of 6.823% for the same period.

    Tuscaloosa's average VA mortgage closing costs are $4,980.

    The average rate for the prior week (2023-09-15) was 6.3% and one month ago for the week of 2023-08-18, the average rate was 6.58%.

    The average rate one year ago was 5.35%.

    For refis of the same type during the week of 2023-09-22, the average rate was 5.75%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 64 5.07% $4,917
    First Federal Bank, A FSB 33 4.84% $7,439
    QUICKEN LOANS, LLC 28 4.09% $10,004
    DHI MORTGAGE COMPANY, LTD. 27 4.05% $7,099
    UNITED WHOLESALE MORTGAGE, LLC 18 4.54% $9,943
    MOVEMENT MORTGAGE, LLC 18 5.06% $5,816
    Regions Bank 15 4.98% $5,600
    NAVY FEDERAL CREDIT UNION 14 3.79% $6,058
    PENNYMAC LOAN SERVICES, LLC 12 3.17% $5,785
    NEW DAY FINANCIAL, LLC 12 5.52% $9,523
    FREEDOM MORTGAGE CORPORATION 12 4.90% $8,768
    LOANDEPOT.COM, LLC 9 4.51% $7,168
    INTERLINC MORTGAGE SERVICES, LLC 9 4.85% $7,408
    SOUTHWEST FUNDING, LP 8 5.61% $9,343
    USAA Federal Savings Bank 7 3.68% $9,050
    FirstBank 7 4.09% $9,309
    CALIBER HOME LOANS, INC. 6 4.39% $9,227
    AMERISAVE MORTGAGE CORPORATION 5 4.28% $9,231
    The Federal Savings Bank 5 5.13% $17,150
    Wells Fargo Bank 4 5.28% $6,224
    Mr. Cooper ( Nationstar Mortgage ) 4 4.59% $7,843
    CROSSCOUNTRY MORTGAGE, LLC 4 5.00% $6,413
    Renasant Bank 4 4.84% $9,502
    GUILD MORTGAGE COMPANY 4 5.41% $11,055
    U.S. Bank 4 3.78% $10,946
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 4.83% $3,650
    VILLAGE CAPITAL MORTGAGE 3 4.75% $7,541
    LAKEVIEW LOAN SERVICING, LLC 3 3.25% $5,085
    Synovus Bank 2 4.94% $8,627
    BancorpSouth 2 4.94% $3,020
    BROKER SOLUTIONS, INC. 2 5.31% $21,796
    CMG MORTGAGE, INC. 2 3.75% $20,129
    Hometown Lenders, Inc. 2 6.12% $6,773
    LEADERONE FINANCIAL CORPORATION 2 5.00% $17,334
    Mid-Continent Funding, Inc. 2 3.44% $7,670
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 4.50% $13,839
    RELIANCE FIRST CAPITAL, LLC 2 3.94% $8,026
    TJC Mortgage, Inc. 2 5.56% $4,278
    Trustmark National Bank 2 5.75% $10,197
    KELLER MORTGAGE, LLC 1 3.88% $7,233
    NEWREZ LLC 1 3.00% $1,630
    North American Savings Bank, F.S.B. 1 4.00% $11,716
    GMFS LLC 1 2.75% $3,191
    PENTAGON FEDERAL CREDIT UNION 1 3.13% $8,335
    PNC Bank 1 6.63% $3,196
    PREMIA MORTGAGE, LLC 1 2.63% $225
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.63% $0
    Prosperity Home Mortgage, LLC 1 5.13% $7,125
    First Federal Bank 1 5.49% $7,801
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 4.50% $13,446
    Assurance Financial Group, L.L.C. 1 6.13% $7,731
    EMM LOANS LLC 1 6.50% $10,956
    Service Federal Credit Union 1 6.13% $0
    SmartBank 1 5.25% $7,920
    CHURCHILL MORTGAGE CORPORATION 1 4.00% $7,208
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.25% $3,437
    Chambers Bank 1 4.88% $15,675
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 4.63% $27,116
    AMERIFIRST FINANCIAL CORPORATION 1 3.75% $20,695
    Barrington Bank & Trust Company, N.A. 1 5.25% $2,883
    Bank of England 1 4.75% $4,325
    MUTUAL OF OMAHA MORTGAGE, INC. 1 4.75% $11,645
    Low VA Rates, LLC 1 3.25% $9,088
    NBKC BANK 1 4.88% $2,208

    The top Tuscaloosa VA lender as defined by loan originations is Mortgage Research Center, LLC, with 64 VA loans originated. Their average total fees are $4,917, which is $2,522 lower than the next largest lender, First Federal Bank, A FSB.

    The lowest fee Tuscaloosa VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,917), Regions Bank ($5,600), PENNYMAC LOAN SERVICES, LLC ($5,785), MOVEMENT MORTGAGE, LLC ($5,816) and NAVY FEDERAL CREDIT UNION ($6,058).

    The lowest rate Tuscaloosa VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.17%), NAVY FEDERAL CREDIT UNION (3.79%), DHI MORTGAGE COMPANY, LTD. (4.05%), QUICKEN LOANS, LLC (4.09%) and UNITED WHOLESALE MORTGAGE, LLC (4.54%).

    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%) $276,399 (12.3%) 0.70 840
    2018-02-01 $190,445 (9.7%) $279,004 (13.3%) 0.69 867
    2018-03-01 $197,750 (13.1%) $281,184 (10.5%) 0.69 874
    2018-04-01 $199,900 (8.1%) $286,192 (9.0%) 0.68 877
    2018-05-01 $199,900 (5.4%) $284,496 (7.9%) 0.67 856
    2018-06-01 $204,925 (7.9%) $291,475 (8.2%) 0.68 861
    2018-07-01 $214,900 (13.2%) $298,124 (10.7%) 0.72 900
    2018-08-01 $211,950 (9.7%) $299,819 (7.7%) 0.71 891
    2018-09-01 $214,850 (13.1%) $313,706 (11.7%) 0.72 901
    2018-10-01 $209,900 (10.8%) $310,932 (12.9%) 0.71 922
    2018-11-01 $209,900 (11.8%) $306,985 (10.6%) 0.71 908
    2018-12-01 $207,900 (12.4%) $308,852 (13.1%) 0.72 885
    2019-01-01 $209,900 (10.5%) $312,591 (13.1%) 0.73 866
    2019-02-01 $211,686 (11.2%) $319,251 (14.4%) 0.72 872
    2019-03-01 $218,329 (10.4%) $327,072 (16.3%) 0.71 846
    2019-04-01 $226,400 (13.3%) $329,891 (15.3%) 0.72 830
    2019-05-01 $239,450 (19.8%) $338,174 (18.9%) 0.75 846
    2019-06-01 $235,000 (14.7%) $337,201 (15.7%) 0.73 866
    2019-07-01 $238,825 (11.1%) $350,200 (17.5%) 0.75 885
    2019-08-01 $238,536 (12.5%) $360,433 (20.2%) 0.76 883
    2019-09-01 $236,491 (10.1%) $355,378 (13.3%) 0.76 905
    2019-10-01 $234,600 (11.8%) $351,992 (13.2%) 0.76 918
    2019-11-01 $229,900 (9.5%) $343,437 (11.9%) 0.75 893
    2019-12-01 $224,099 (7.8%) $340,779 (10.3%) 0.75 887
    2020-01-01 $224,100 (6.8%) $344,784 (10.3%) 0.75 822
    2020-02-01 $236,148 (11.6%) $344,244 (7.8%) 0.77 789
    2020-03-01 $239,949 (9.9%) $349,416 (6.8%) 0.75 762
    2020-04-01 $245,800 (8.6%) $356,190 (8.0%) 0.77 759
    2020-05-01 $240,398 (0.4%) $343,242 (1.5%) 0.73 724
    2020-06-01 $245,100 (4.3%) $350,526 (4.0%) 0.72 682
    2020-07-01 $249,900 (4.6%) $351,893 (0.5%) 0.72 683
    2020-08-01 $249,900 (4.8%) $345,634 (-4.1%) 0.72 682
    2020-09-01 $249,975 (5.7%) $350,550 (-1.4%) 0.72 660
    2020-10-01 $249,900 (6.5%) $345,873 (-1.7%) 0.72 689
    2020-11-01 $249,900 (8.7%) $351,902 (2.5%) 0.73 652
    2020-12-01 $249,950 (11.5%) $355,035 (4.2%) 0.74 595
    2021-01-01 $248,250 (10.8%) $352,857 (2.3%) 0.74 547
    2021-02-01 $252,425 (6.9%) $353,428 (2.7%) 0.74 549
    2021-03-01 $268,225 (11.8%) $351,178 (0.5%) 0.76 535
    2021-04-01 $276,500 (12.5%) $376,846 (5.8%) 0.75 465
    2021-05-01 $274,950 (14.4%) $384,254 (12.0%) 0.73 417
    2021-06-01 $277,400 (13.2%) $387,927 (10.7%) 0.73 435
    2021-07-01 $269,900 (8.0%) $378,035 (7.4%) 0.71 475
    2021-08-01 $265,748 (6.3%) $380,340 (10.0%) 0.71 460
    2021-09-01 $264,950 (6.0%) $383,384 (9.4%) 0.71 463
    2021-10-01 $249,900 (0.0%) $378,808 (9.5%) 0.67 449
    2021-11-01 $258,524 (3.5%) $378,062 (7.4%) 0.69 432
    2021-12-01 $263,950 (5.6%) $369,505 (4.1%) 0.72 424
    2022-01-01 $249,900 (0.7%) $361,679 (2.5%) 0.68 344
    2022-02-01 $257,750 (2.1%) $373,805 (5.8%) 0.67 357
    2022-03-01 $278,238 (3.7%) $370,899 (5.6%) 0.70 351
    2022-04-01 $299,900 (8.5%) $382,512 (1.5%) 0.71 341
    2022-05-01 $299,900 (9.1%) $380,043 (-1.1%) 0.69 411
    2022-06-01 $304,900 (9.9%) $377,333 (-2.7%) 0.68 500
    2022-07-01 $310,000 (14.9%) $384,307 (1.7%) 0.70 597
    2022-08-01 $311,098 (17.1%) $386,433 (1.6%) 0.72 577
    2022-09-01 $306,900 (15.8%) $383,233 (0.0%) 0.72 573
    2022-10-01 $304,900 (22.0%) $387,218 (2.2%) 0.72 522
    2022-11-01 $292,974 (13.3%) $378,257 (0.1%) 0.70 535
    2022-12-01 $289,900 (9.8%) $379,082 (2.6%) 0.72 514
    2023-01-01 $288,148 (15.3%) $382,252 (5.7%) 0.71 524
    2023-02-01 $289,375 (12.3%) $391,758 (4.8%) 0.70 536
    2023-03-01 $294,450 (5.8%) $395,603 (6.7%) 0.69 512
    2023-04-01 $299,000 (-0.3%) $420,976 (10.1%) 0.70 495
    2023-05-01 $297,000 (-1.0%) $437,434 (15.1%) 0.67 475
    2023-06-01 $297,450 (-2.4%) $446,916 (18.4%) 0.67 486
    2023-07-01 $294,900 (-4.9%) $435,704 (13.4%) 0.67 465
    2023-08-01 $288,750 (-7.2%) $427,389 (10.6%) 0.66 485
    Tuscaloosa's median listing price for 2023-08-01 was $288,750, a difference of $-22,348 (-7.2%) versus the prior year and $-6,150 versus the prior month.

    Tuscaloosa's median listing price comes in at 66% of the national average.

    Tuscaloosa's average listing price for 2023-08-01 was $427,389, a difference of $40,956 (10.6%) versus the prior year and $-8,315 versus the prior month.

    For the 2023-08-01 period, Tuscaloosa had 485 MLS listings, a difference of 20 listings (4%) versus the prior month and -92 listings (-16%) 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 1,769 sqft
    2018-02-01 88 days 1,771 sqft
    2018-03-01 61 days 1,754 sqft
    2018-04-01 60 days 1,768 sqft
    2018-05-01 63 days 1,764 sqft
    2018-06-01 67 days 1,762 sqft
    2018-07-01 68 days 1,811 sqft
    2018-08-01 68 days 1,790 sqft
    2018-09-01 68 days 1,774 sqft
    2018-10-01 72 days 1,754 sqft
    2018-11-01 73 days 1,742 sqft
    2018-12-01 90 days 1,728 sqft
    2019-01-01 95 days 1,724 sqft
    2019-02-01 85 days 1,719 sqft
    2019-03-01 74 days 1,742 sqft
    2019-04-01 64 days 1,776 sqft
    2019-05-01 64 days 1,822 sqft
    2019-06-01 61 days 1,800 sqft
    2019-07-01 65 days 1,852 sqft
    2019-08-01 66 days 1,841 sqft
    2019-09-01 63 days 1,819 sqft
    2019-10-01 64 days 1,804 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 70 days 1,786 sqft
    2020-04-01 73 days 1,801 sqft
    2020-05-01 75 days 1,774 sqft
    2020-06-01 74 days 1,799 sqft
    2020-07-01 63 days 1,798 sqft
    2020-08-01 59 days 1,763 sqft
    2020-09-01 75 days 1,798 sqft
    2020-10-01 81 days 1,750 sqft
    2020-11-01 81 days 1,747 sqft
    2020-12-01 82 days 1,720 sqft
    2021-01-01 71 days 1,632 sqft
    2021-02-01 47 days 1,596 sqft
    2021-03-01 47 days 1,611 sqft
    2021-04-01 58 days 1,599 sqft
    2021-05-01 58 days 1,642 sqft
    2021-06-01 49 days 1,643 sqft
    2021-07-01 47 days 1,744 sqft
    2021-08-01 45 days 1,793 sqft
    2021-09-01 49 days 1,799 sqft
    2021-10-01 57 days 1,800 sqft
    2021-11-01 60 days 1,822 sqft
    2021-12-01 58 days 1,778 sqft
    2022-01-01 65 days 1,708 sqft
    2022-02-01 54 days 1,727 sqft
    2022-03-01 40 days 1,775 sqft
    2022-04-01 41 days 1,882 sqft
    2022-05-01 37 days 1,925 sqft
    2022-06-01 36 days 1,993 sqft
    2022-07-01 39 days 2,040 sqft
    2022-08-01 52 days 2,056 sqft
    2022-09-01 61 days 2,052 sqft
    2022-10-01 71 days 2,053 sqft
    2022-11-01 67 days 1,988 sqft
    2022-12-01 68 days 1,960 sqft
    2023-01-01 70 days 1,870 sqft
    2023-02-01 60 days 1,830 sqft
    2023-03-01 56 days 1,886 sqft
    2023-04-01 54 days 1,914 sqft
    2023-05-01 50 days 1,890 sqft
    2023-06-01 47 days 1,869 sqft
    2023-07-01 49 days 1,870 sqft
    2023-08-01 51 days 1,861 sqft
    Tuscaloosa's median listing age (time on market) for 2023-08-01 was 51 days. This is -2% shorter than the same period one year ago.

    Tuscaloosa's median square footage for active listings during the 2023-08-01 period was 1,861 sqft. One year prior, the average listing was 2,056 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.