Amarillo VA Loan Rates, Closing Costs & Stats

AMARILLO, TX

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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.

    Amarillo's 57 lenders originated 320 VA loans during 2023. The total origination value was $95,450,000, with an average VA loan value of $298,281.

    Amarillo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Amarillo averaged 6.43% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Amarillo's average VA mortgage closing costs are $6,039.

    The average rate for the prior week (2024-11-01) was 6.69% and one month ago for the week of 2024-10-04, the average rate was 5.92%.

    The average rate one year ago was 7.57%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.42%.

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

    Amarillo 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 Amarillo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 66 6.67% $6,917
    Amarillo National Bank 30 6.19% $7,464
    ASSOCIATED MORTGAGE CORPORATION 17 6.57% $8,108
    AMCAP MORTGAGE, LTD. 14 6.80% $9,180
    CARDINAL FINANCIAL 14 6.65% $10,584
    NAVY FEDERAL CREDIT UNION 13 5.89% $6,745
    TEXAS TECH 11 6.06% $5,302
    USAA Federal Savings Bank 9 6.38% $6,489
    QUICKEN LOANS, LLC 9 6.09% $9,814
    PREMIER LENDING, INC. 9 6.58% $9,415
    NATIONS RELIABLE LENDING, LLC 8 6.31% $14,332
    EUSTIS AND AMERICAN MORTGAGE COMPANY 8 6.67% $7,576
    PENNYMAC LOAN SERVICES, LLC 7 5.34% $9,372
    EVERETT FINANCIAL, INC. 7 6.82% $5,457
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.26% $10,400
    SECURITYNATIONAL MORTGAGE COMPANY 4 7.03% $10,048
    First United Bank 4 6.53% $5,950
    UNITED WHOLESALE MORTGAGE, LLC 4 6.16% $4,993
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.38% $7,326
    GUARANTEED RATE, INC. 3 6.54% $3,097
    JMAC LENDING, INC. 3 6.79% $13,922
    VILLAGE CAPITAL MORTGAGE 3 5.58% $7,389
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.75% $2,063
    Plains Commerce Bank 3 5.92% $13,844
    THE MORTGAGE LINK, INC. 2 6.19% $7,891
    Paramount Residential Mortgage Group, Inc. 2 7.00% $4,293
    PILGRIM MORTGAGE LLC 2 6.62% $6,819
    FREEDOM MORTGAGE CORPORATION 2 7.00% $6,058
    NEW DAY FINANCIAL, LLC 2 7.25% $4,725
    Wells Fargo Bank 2 6.06% $4,920
    GUILD MORTGAGE COMPANY 2 6.50% $10,086
    LOANDEPOT.COM, LLC 2 7.13% $8,646
    CMG MORTGAGE, INC. 2 6.06% $8,056
    NTFN, INC. 1 7.25% $5,822
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $21,730
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.85% $8,953
    Barrington Bank & Trust Company, N.A. 1 5.63% $6,301
    Bell Bank 1 5.75% $5,110
    CALIBER HOME LOANS, INC. 1 5.75% $6,239
    Centennial Bank 1 6.75% $4,803
    Community First National Bank 1 7.25% $12,543
    CORNERSTONE HOME LENDING, INC. 1 6.25% $30,963
    CROSSCOUNTRY MORTGAGE, LLC 1 4.99% $12,087
    Equity Prime Mortgage LLC 1 7.75% $13,599
    First National Bank Texas 1 5.25% $24,492
    GENEVA FINANCIAL, LLC 1 6.63% $2,465
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 7.63% $28,214
    Mid-Continent Funding, Inc. 1 6.50% $4,686
    NBKC BANK 1 5.63% $2,594
    NEWREZ LLC 1 5.13% $7,464
    PENTAGON FEDERAL CREDIT UNION 1 5.38% $2,919
    PLANET HOME LENDING, LLC 1 5.63% $6,696
    Strong Home Mortgage, LLC 1 5.63% $7,935
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $5,727
    Trinity Oaks Mortgage, LLC 1 7.25% $10,255
    United Fidelity Funding Corp. 1 6.88% $7,914
    WesBanco 1 5.00% $7,199

    The top Amarillo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 66 VA loans originated. Their average total fees are $6,917, which is $547 lower than the next largest lender, Amarillo National Bank.

    The lowest fee Amarillo VA lenders (with over 10 loans originated) are TEXAS TECH ($5,302), NAVY FEDERAL CREDIT UNION ($6,745), Mortgage Research Center, LLC ($6,917), Amarillo National Bank ($7,464) and ASSOCIATED MORTGAGE CORPORATION ($8,108).

    The lowest rate Amarillo VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.89%), TEXAS TECH (6.06%), Amarillo National Bank (6.19%), ASSOCIATED MORTGAGE CORPORATION (6.57%) and CARDINAL FINANCIAL (6.65%).

    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.