Amarillo VA Loans

AMARILLO, TX

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 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 95 lenders originated 814 VA loans during 2021. The total origination value was $204,650,000, with an average VA loan value of $251,413.

Amarillo VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Amarillo averaged 5.62% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.75% and one month ago for the week of 2022-04-08, the average rate was 5.37%.

The average rate one year ago was 2.99%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.4%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Amarillo level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 107 2.95% $5,119
FREEDOM MORTGAGE CORPORATION 52 2.46% $2,808
Amarillo National Bank 52 2.56% $7,879
QUICKEN LOANS, LLC 50 2.48% $5,116
USAA Federal Savings Bank 35 2.83% $5,486
ASSOCIATED MORTGAGE CORPORATION 34 2.80% $7,651
AMCAP MORTGAGE, LTD. 29 3.09% $9,171
PENNYMAC LOAN SERVICES, LLC 24 2.54% $4,909
NATIONS RELIABLE LENDING, LLC 24 3.27% $7,902
VILLAGE CAPITAL & INVESTMENT LLC 23 2.49% $2,578
CALIBER HOME LOANS, INC. 19 2.45% $2,568
Happy State Bank 18 2.49% $9,378
Mr. Cooper ( Nationstar Mortgage ) 16 2.94% $4,613
CLEARPATH LENDING 13 2.27% $3,924
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 3.05% $3,347
NAVY FEDERAL CREDIT UNION 12 2.51% $6,510
NEW DAY FINANCIAL, LLC 12 2.35% $4,793
EUSTIS AND AMERICAN MORTGAGE COMPANY 11 3.06% $7,224
First United Bank 10 2.54% $9,812
LAKEVIEW LOAN SERVICING, LLC 8 2.59% $3,031
Barrington Bank & Trust Company, N.A. 8 2.77% $3,104
PENTAGON FEDERAL CREDIT UNION 8 2.28% $6,931
Gateway First Bank 8 2.72% $3,829
UNITED WHOLESALE MORTGAGE, LLC 7 2.64% $6,417
Wells Fargo Bank 5 2.40% $8,438
LOANDEPOT.COM, LLC 5 2.45% $3,833
Low VA Rates, LLC 5 2.50% $4,606
Network Funding, L.P. 4 3.25% $3,216
GUARANTEED RATE, INC. 4 2.97% $2,491
First Guaranty Mortgage Corporation 4 2.69% $3,865
CMG MORTGAGE, INC. 4 2.81% $7,791
NEWREZ LLC 4 2.69% $3,384
NP, Inc. 3 2.25% $3,935
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.42% $5,035
Lakeview Community Capital, LLC 3 2.42% $1,969
AMERICAN FINANCIAL NETWORK, INC. 3 2.33% $7,879
PLANET HOME LENDING, LLC 3 2.25% $2,258
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.81% $10,999
EVERETT FINANCIAL, INC. 2 2.94% $11,329
MID AMERICA MORTGAGE, INC. 2 2.50% $2,184
Magnolia Bank 2 2.56% $4,313
AMERISAVE MORTGAGE CORPORATION 2 2.38% $8,051
PLAZA HOME MORTGAGE, INC. 2 2.43% $3,331
PREMIER LENDING, INC. 2 2.88% $7,961
SIWELL, INC. 2 2.69% $4,484
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.69% $3,297
The Federal Savings Bank 2 2.25% $11,187
Paramount Residential Mortgage Group, Inc. 2 2.81% $10,290
UNIVERSAL LENDING CORPORATION 2 2.69% $5,680
BROKER SOLUTIONS, INC. 2 2.50% $3,022
HOME POINT FINANCIAL CORPORATION 2 2.81% $8,918
NBKC BANK 2 2.25% $10,376
FEDEX EMPLOYEES CREDIT ASSOCIATION 2 3.00% $14,025
NATIONWIDE MORTGAGE BANKERS, INC. 1 3.00% $5,651
ACCELERATE MORTGAGE, LLC 1 2.25% $6,981
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.25% $935
Arvest Bank 1 2.50% $7,677
BNC National Bank 1 2.38% $7,777
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 4.00% $3,076
CHURCHILL MORTGAGE CORPORATION 1 2.38% $2,097
City Bank 1 2.31% $8,954
CORNERSTONE HOME LENDING, INC. 1 2.75% $5,504
Credence Funding Corporation 1 2.25% $1,108
EMBRACE HOME LOANS, INC. 1 2.38% $4,338
Evolve Bank & Trust 1 2.88% $3,703
First Bank 1 2.75% $1,246
First Financial Bank 1 2.50% $4,568
First Mortgage Solutions, LLC 1 2.25% $3,442
FirstTrust Home Loans, Inc. 1 2.88% $1,400
GREAT WESTERN FINANCIAL SERVICES, INC. 1 2.25% $6,027
GUILD MORTGAGE COMPANY 1 2.50% $18,220
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.13% $4,506
INFINITY MORTGAGE HOLDINGS, LLC 1 2.75% $3,346
KELLER MORTGAGE, LLC 1 2.25% $13,286
KS StateBank 1 2.25% $178
LENDING 3, INC. 1 2.25% $3,938
Manufacturers and Traders Trust Company 1 2.63% $3,090
Mid-Continent Funding, Inc. 1 2.88% $1,534
MUTUAL OF OMAHA MORTGAGE, INC. 1 3.75% $3,097
ACADEMY MORTGAGE CORPORATION 1 2.75% $2,661
North American Savings Bank, F.S.B. 1 3.50% $844
OPEN MORTGAGE, LLC 1 2.75% $8,918
PILGRIM MORTGAGE LLC 1 2.25% $4,528
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.99% $9,252
Republic State Mortgage Co. 1 2.75% $16,443
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 2.75% $16,402
S1L, Inc. 1 2.99% $7,583
SIRVA MORTGAGE, INC. 1 2.88% $7,451
TEXAS TECH 1 2.75% $4,121
THRIVE MORTGAGE, LLC 1 3.00% $10,131
TJC Mortgage, Inc. 1 2.25% $595
Truist Bank 1 2.70% $1,627
United Fidelity Funding Corp. 1 3.25% $14,742
UNITED MORTGAGE CORP. 1 2.75% $5,523
Wyndham Capital Mortgage, Inc. 1 2.25% $2,672

The top Amarillo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 107 VA loans originated. Their average total fees are $5,119, which is $2,311 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Amarillo VA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($2,568), VILLAGE CAPITAL & INVESTMENT LLC ($2,578), FREEDOM MORTGAGE CORPORATION ($2,808), PRIMELENDING, A PLAINSCAPITAL COMPANY ($3,347) and CLEARPATH LENDING ($3,924).

The lowest rate Amarillo VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.27%), NEW DAY FINANCIAL, LLC (2.35%), CALIBER HOME LOANS, INC. (2.45%), FREEDOM MORTGAGE CORPORATION (2.46%) and QUICKEN LOANS, LLC (2.48%).

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.