Albany VA Loan Rates, Closing Costs & Stats

ALBANY-SCHENECTADY-TROY, NY

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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.

    Albany's 51 lenders originated 427 VA loans during 2023. The total origination value was $132,075,000, with an average VA loan value of $309,309.

    Albany VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Albany averaged 6.1% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Albany's average VA mortgage closing costs are $6,776.

    The average rate for the prior week (2024-11-01) was 6.25% and one month ago for the week of 2024-10-04, the average rate was 5.58%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.16%.

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

    Albany 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 Albany level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 58 6.33% $11,506
    Mortgage Research Center, LLC 57 6.65% $8,719
    NAVY FEDERAL CREDIT UNION 48 5.97% $8,477
    UNITED WHOLESALE MORTGAGE, LLC 46 6.23% $9,558
    HOMESTEAD FUNDING CORP. 44 6.47% $8,060
    USAA Federal Savings Bank 17 6.32% $13,570
    SEFCU SERVICES, LLC 17 6.31% $8,839
    MOVEMENT MORTGAGE, LLC 14 6.44% $11,969
    NEWREZ LLC 8 6.63% $9,369
    PLAZA HOME MORTGAGE, INC. 8 6.38% $9,833
    Premium Mortgage Corporation 8 6.55% $7,749
    Barrington Bank & Trust Company, N.A. 7 6.61% $9,853
    Mr. Cooper ( Nationstar Mortgage ) 6 6.04% $15,945
    FREEDOM MORTGAGE CORPORATION 5 6.45% $18,824
    SUNMARK FEDERAL CREDIT UNION 4 6.63% $5,028
    1ST PRIORITY MORTGAGE, INC. 4 6.34% $9,259
    NBKC BANK 4 6.38% $6,906
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.19% $10,424
    EMM LOANS LLC 4 7.13% $7,105
    RELIANCE FIRST CAPITAL, LLC 3 6.67% $9,005
    GUARANTEED RATE, INC. 3 6.04% $14,620
    KeyBank 3 6.63% $7,027
    PENNYMAC LOAN SERVICES, LLC 3 6.13% $15,275
    Evolve Bank & Trust 3 6.54% $14,495
    Flagstar Bank, FSB 3 7.25% $7,848
    PHH Mortgage Corporation 2 6.50% $11,241
    Wells Fargo Bank 2 5.63% $12,936
    PLANET HOME LENDING, LLC 2 6.81% $10,032
    Magnolia Bank 2 6.62% $18,912
    LOANDEPOT.COM, LLC 2 6.25% $12,227
    PENTAGON FEDERAL CREDIT UNION 2 5.81% $8,866
    The Federal Savings Bank 1 7.13% $12,621
    ABSOLUTE HOME MORTGAGE CORPORATION 1 7.13% $1,885
    Adams Community Bank 1 6.13% $10,212
    AMERICAN FINANCING CORPORATION 1 5.50% $7,793
    CARDINAL FINANCIAL 1 6.50% $21,754
    Chambers Bank 1 7.13% $9,535
    Community First National Bank 1 6.25% $12,729
    CONTOUR MORTGAGE CORPORATION 1 5.63% $10,419
    CROSSCOUNTRY MORTGAGE, LLC 1 5.63% $1,287
    EMBRACE HOME LOANS, INC. 1 5.63% $7,051
    Equity Prime Mortgage LLC 1 7.75% $19,447
    JPMorgan Chase Bank 1 6.63% $10,565
    MORTGAGE ACCESS CORP. 1 7.13% $15,199
    M&T Bank 1 6.25% $9,310
    NATIONWIDE MORTGAGE BANKERS, INC. 1 6.25% $25,302
    North American Savings Bank, F.S.B. 1 6.13% $9,927
    PREMIA MORTGAGE, LLC 1 5.75% $15,660
    Truist 1 6.50% $5,144
    U.S. Bank 1 6.50% $1,178
    US MORTGAGE CORPORATION 1 6.88% $11,169

    The top Albany VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 58 VA loans originated. Their average total fees are $11,506, which is $2,788 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Albany VA lenders (with over 10 loans originated) are HOMESTEAD FUNDING CORP. ($8,060), NAVY FEDERAL CREDIT UNION ($8,477), Mortgage Research Center, LLC ($8,719), SEFCU SERVICES, LLC ($8,839) and UNITED WHOLESALE MORTGAGE, LLC ($9,558).

    The lowest rate Albany VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.97%), UNITED WHOLESALE MORTGAGE, LLC (6.23%), SEFCU SERVICES, LLC (6.31%), USAA Federal Savings Bank (6.32%) and QUICKEN LOANS, LLC (6.33%).

    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.