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 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.