Richmond VA Loan Rates, Closing Costs & Stats

Richmond-Berea, KY

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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.

    Richmond's 61 lenders originated 240 VA loans during 2024. The total origination value was $73,780,000, with an average VA loan value of $307,417.

    Richmond VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Richmond averaged 6.98% for the week of 2025-07-18, compared to the national average (all VA variants) of 6.385% for the same period.

    Richmond's average VA mortgage closing costs are $5,261.

    The average rate for the prior week (2025-07-11) was 6.67% and one month ago for the week of 2025-06-13, the average rate was 7.04%.

    The average rate one year ago was 6.64%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.46%.

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

    Richmond 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 Richmond level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 46 6.38% $5,471
    UNITED WHOLESALE MORTGAGE, LLC 14 5.91% $5,777
    QUICKEN LOANS, LLC 13 5.95% $12,027
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 11 6.55% $5,923
    FREEDOM MORTGAGE CORPORATION 10 6.41% $4,787
    USAA Federal Savings Bank 9 5.72% $7,579
    STOCKTON MORTGAGE CORPORATION 9 6.32% $8,999
    PENNYMAC LOAN SERVICES, LLC 9 5.83% $5,391
    GENEVA FINANCIAL, LLC 9 6.40% $4,582
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.73% $4,163
    T2 FINANCIAL LLC 5 6.08% $14,597
    VILLAGE CAPITAL MORTGAGE 4 5.75% $7,872
    DAS Acquisition Company, LLC 4 5.97% $493
    U.S. Bank 4 6.47% $3,503
    NAVY FEDERAL CREDIT UNION 4 6.13% $4,418
    Republic State Mortgage Co. 4 6.56% $9,699
    PLANET HOME LENDING, LLC 4 5.90% $2,762
    Mr. Cooper ( Nationstar Mortgage ) 4 6.13% $8,067
    Armed Forces Bank 3 6.21% $3,676
    RUOFF MORTGAGE COMPANY, INC. 3 6.54% $5,707
    BROKER SOLUTIONS, INC. 3 6.08% $12,033
    Ixonia Bank 3 6.71% $8,895
    GUARANTEED RATE, INC. 2 5.95% $4,105
    Bank of England 2 6.44% $7,784
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.50% $21,519
    AmRes Corporation 2 6.88% $8,146
    Flagstar Bank, FSB 2 6.44% $6,040
    Stock Yards Bank & Trust Company 2 5.63% $5,509
    The Federal Savings Bank 2 6.50% $14,254
    GoPrime Mortgage, Inc. 2 6.50% $8,363
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.94% $2,067
    UNION HOME MORTGAGE CORP. 2 6.56% $7,699
    Guardian Savings Bank, A Federal Savings Bank 2 6.63% $3,551
    Carrington Mortgage Services, LLC 2 6.31% $8,428
    CROSSCOUNTRY MORTGAGE, LLC 2 6.50% $10,193
    NEWREZ LLC 2 5.50% $4,467
    V.I.P. MORTGAGE, INC. 1 6.49% $5,360
    AMERISAVE MORTGAGE CORPORATION 1 6.13% $3,522
    Barrington Bank & Trust Company, N.A. 1 6.25% $17,129
    BAYSHORE MORTGAGE FUNDING, LLC 1 7.13% $7,587
    CALCON MUTUAL MORTGAGE LLC 1 6.25% $5,329
    Equity Prime Mortgage LLC 1 7.50% $3,891
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 5.49% $5,022
    FBC MORTGAGE, LLC 1 6.50% $740
    First Federal Bank 1 5.13% $6,186
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $3,321
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $8,832
    NBKC BANK 1 6.63% $1,706
    NEW DAY FINANCIAL, LLC 1 7.99% $17,043
    Northpointe Bank 1 7.00% $7,500
    NORWICH COMMERCIAL GROUP, INC. 1 6.75% $1,253
    PENTAGON FEDERAL CREDIT UNION 1 6.38% $4,117
    Plains Commerce Bank 1 5.75% $7,587
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $3,900
    Prosperity Home Mortgage, LLC 1 6.75% $2,575
    Renasant Bank 1 7.13% $11,221
    Republic Bank & Trust Company 1 5.25% $4,815
    SUN WEST MORTGAGE COMPANY, INC. 1 7.75% $9,006
    THE MORTGAGE WAREHOUSE,LLC 1 6.63% $7,302
    Traditional Bank, Inc. 1 6.63% $5,703
    ALLIED MORTGAGE GROUP, INC. 1 7.00% $2,968

    The top Richmond VA lender as defined by loan originations is Mortgage Research Center, LLC, with 46 VA loans originated. Their average total fees are $5,471, which is $305 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Richmond VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($4,787), Mortgage Research Center, LLC ($5,471), UNITED WHOLESALE MORTGAGE, LLC ($5,777), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($5,923) and QUICKEN LOANS, LLC ($12,027).

    The lowest rate Richmond VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (5.91%), QUICKEN LOANS, LLC (5.95%), Mortgage Research Center, LLC (6.38%), FREEDOM MORTGAGE CORPORATION (6.41%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.55%).

    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.