PlainLender
2024 data HMDA 2024 disclosure official source

Hanover County

5,158 mortgage applications, 14.1% denial rate. Verify FIPS 51085 with U.S. Census Bureau →

PlainLender home → About this data

Virginia · FIPS 51085

Local mortgage market. Hanover County, Virginia saw 5,158 HMDA-reported mortgage applications in 2024. Lenders originated 2,845 of those loans and denied 729, producing a denial rate of 14.1% and an approval (origination) rate of 55.2%. The average loan amount was $287,540 at an average note rate of 7.39%, with applicants self-reporting average annual income of $37K. 248 distinct institutions reported mortgage activity in this county.

Borrower leverage and affordability signal. The loan-to-income ratio averages 7.8x, meaning typical borrowers took on mortgages of about 7.8 times their annual income. That ratio is a rough affordability signal: higher multiples imply tighter monthly budgets and greater exposure to rate or income shocks. See our methodology for how to read the denial rate against a local applicant pool.

FIPS 51085 · CFPB HMDA 2024 Snapshot National Loan-Level Dataset. See our disclaimer before acting on this data.

5,158
Applications
2,845
Originated
14.1%
Denial Rate
55.2%
Approval Rate
$287,540
Avg Loan Amount
7.39%
Avg Interest Rate
$37K
Avg Applicant Income
7.8x
Loan-to-Income Ratio

Nearby Lenders in Hanover County

Top HMDA-reporting lenders active in this county. Compare any two side-by-side for rates, denial rates, and loan mix.

# Lender Originated Market Share
1 Virginia Federal Credit Union 244 8.6%
2 Rocket Mortgage 192 6.7%
3 Truist Bank 128 4.5%
4 United Bank 119 4.2%
5 Atlantic Union Bank 119 4.2%
Compare Virginia Federal Credit Union vs Rocket Mortgage →

Frequently Asked Questions

How many mortgage applications were filed in Hanover County?
In the 2024 HMDA reporting year, 5,158 mortgage applications were filed in Hanover County, Virginia. Of these, 2,845 were originated (approved and funded), while 729 were denied, resulting in a denial rate of 14.1%.
What is the mortgage denial rate in Hanover County?
The mortgage denial rate in Hanover County is 14.1%. The approval (origination) rate is 55.2%, reflecting originated loans as a share of all applications.
What is the average mortgage loan amount in Hanover County?
The average mortgage loan amount in Hanover County is $287,540. The average interest rate is 7.390%. The average applicant income is $37K.
What is the loan-to-income ratio in Hanover County?
The average loan-to-income ratio in Hanover County is 7.8x, meaning borrowers took on loans averaging 7.8 times their annual income. This reflects average borrower profiles for mortgages processed in this county.
Who are the top mortgage lenders in Hanover County?
The top mortgage lenders in Hanover County by origination volume are Virginia Federal Credit Union, Rocket Mortgage, Truist Bank. In total, 248 lenders reported mortgage activity in this county.
Where does this mortgage data come from?
This data comes from the CFPB HMDA 2024 Snapshot National Loan-Level Dataset, a mandatory federal disclosure dataset covering all mortgage applications filed with HMDA-reporting institutions. County boundaries are identified by FIPS codes.

Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024. County FIPS codes per U.S. Census Bureau standards.

Data from FFIEC / CFPB HMDA Snapshot National Loan-Level Dataset (2024). Provided for informational purposes only.

Read our methodology - how this data is sourced, computed, and verified.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.