Birmingham VA Loan Rates, Closing Costs & Stats

BIRMINGHAM-HOOVER, AL

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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.

    Birmingham's 126 lenders originated 1,385 VA loans during 2023. The total origination value was $427,825,000, with an average VA loan value of $308,899.

    Birmingham VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Birmingham averaged 6.24% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Birmingham's average VA mortgage closing costs are $5,678.

    The average rate for the prior week (2024-07-12) was 6.28% and one month ago for the week of 2024-06-14, the average rate was 6.64%.

    The average rate one year ago was 6.52%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.65%.

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

    Birmingham 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 Birmingham level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 207 6.68% $5,502
    UNITED WHOLESALE MORTGAGE, LLC 91 6.29% $7,635
    QUICKEN LOANS, LLC 73 6.15% $9,776
    NAVY FEDERAL CREDIT UNION 61 5.85% $4,713
    DHI MORTGAGE COMPANY, LTD. 44 5.20% $6,330
    FREEDOM MORTGAGE CORPORATION 43 6.60% $12,185
    PENNYMAC LOAN SERVICES, LLC 42 5.64% $8,780
    MOVEMENT MORTGAGE, LLC 33 6.50% $8,309
    Renasant Bank 31 6.21% $9,534
    LOANDEPOT.COM, LLC 31 6.30% $10,281
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 30 6.66% $6,997
    GUILD MORTGAGE COMPANY 30 6.41% $9,757
    USAA Federal Savings Bank 28 6.12% $9,195
    FBC MORTGAGE, LLC 27 6.05% $10,986
    Prosperity Home Mortgage, LLC 23 6.33% $7,609
    NEW DAY FINANCIAL, LLC 22 7.51% $12,699
    FirstBank 18 6.19% $8,297
    Regions Bank 18 6.17% $8,598
    The Federal Savings Bank 17 6.55% $12,725
    Trustmark National Bank 14 6.39% $8,036
    NEWREZ LLC 14 6.43% $10,967
    MORTGAGE SOLUTIONS OF COLORADO, LLC 14 7.76% $2,824
    SouthPoint Bank 13 6.53% $5,708
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 13 6.38% $9,191
    UNION HOME MORTGAGE CORP. 12 6.85% $8,973
    VILLAGE CAPITAL MORTGAGE 12 5.76% $7,515
    Magnolia Bank 11 6.22% $17,504
    First Federal Bank, A FSB 11 6.13% $9,421
    VANDERBILT MORTGAGE AND FINANCE, INC. 10 6.20% $4,906
    TJC Mortgage, Inc. 10 6.33% $8,025
    FIRST COMMUNITY MORTGAGE, INC. 10 6.15% $11,477
    Ameris Bank 9 6.36% $7,803
    Mid-Continent Funding, Inc. 9 6.53% $5,216
    Northpointe Bank 9 6.35% $5,936
    Citizens Bank 9 6.28% $9,380
    GUARANTEED RATE, INC. 8 6.45% $6,613
    Plains Commerce Bank 8 6.06% $10,229
    THE MORTGAGE FIRM, INC. 8 6.37% $5,223
    Barrington Bank & Trust Company, N.A. 7 6.14% $5,662
    Synovus Bank 7 6.41% $6,834
    PENTAGON FEDERAL CREDIT UNION 7 5.86% $6,966
    Mr. Cooper ( Nationstar Mortgage ) 7 6.16% $14,995
    HOMESTAR FINANCIAL CORPORATION 6 6.29% $8,620
    BROKER SOLUTIONS, INC. 6 6.39% $11,219
    CANOPY MORTGAGE, LLC 6 6.87% $17,906
    CARDINAL FINANCIAL 6 6.83% $16,916
    STOCKTON MORTGAGE CORPORATION 6 7.19% $8,177
    AMERISAVE MORTGAGE CORPORATION 6 6.00% $14,618
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.43% $11,094
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.40% $13,255
    Princeton Mortgage Corporation 5 6.95% $8,308
    Equity Prime Mortgage LLC 5 7.23% $7,546
    The Loan Store, Inc. 5 7.15% $9,244
    Bank of England 5 6.50% $13,426
    GMFS LLC 5 6.43% $6,053
    Wells Fargo Bank 4 6.28% $15,407
    AMERICAN FINANCIAL NETWORK, INC. 4 7.19% $7,072
    First Horizon Bank 4 6.19% $2,141
    Flagstar Bank, FSB 4 6.66% $8,161
    Hamilton Mortgage Corporation 4 6.75% $5,393
    INSPIRE HOME LOANS INC. 4 5.78% $3,397
    RELIANCE FIRST CAPITAL, LLC 4 6.59% $5,031
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 6.96% $5,317
    ACOPIA, LLC 3 7.04% $1,462
    DAS Acquisition Company, LLC 3 6.08% $5,357
    CROSSCOUNTRY MORTGAGE, LLC 3 5.67% $8,487
    SOVEREIGN LENDING GROUP INCORPORATED 3 5.88% $8,114
    CMG MORTGAGE, INC. 3 6.33% $9,118
    HUNT MORTGAGE CORPORATION 3 6.75% $2,548
    Truist 3 6.15% $8,271
    BancorpSouth 3 6.29% $5,734
    NBKC BANK 3 5.58% $7,884
    Assurance Financial Group, L.L.C. 3 7.38% $5,854
    Nations Lending Corporation 2 6.25% $7,127
    CONTOUR MORTGAGE CORPORATION 2 5.50% $13,597
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.13% $3,265
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.50% $7,256
    EVERETT FINANCIAL, INC. 2 7.44% $5,751
    LENOX FINANCIAL MORTGAGE CORPORATION 2 6.69% $12,978
    JPMorgan Chase Bank 2 5.50% $8,537
    LAKEVIEW LOAN SERVICING, LLC 2 5.88% $6,699
    MILEND, INC. 2 7.06% $8,093
    Armed Forces Bank 2 6.44% $9,253
    PNC Bank 2 6.88% $5,687
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.00% $21,351
    CORNERSTONE HOME LENDING, INC. 2 6.38% $7,269
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $12,171
    Cornerstone First Mortgage, Inc 2 7.50% $5,099
    REDSTONE Federal Credit Union 1 6.63% $2,573
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.75% $7,558
    RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.99% $11,291
    ROYAL UNITED MORTGAGE LLC 1 6.75% $19,879
    South State Bank 1 7.88% $3,059
    SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $17,336
    The Central Trust Bank 1 5.75% $2,105
    CB&S Bank, Inc. 1 5.75% $1,446
    THRIVE MORTGAGE, LLC 1 6.63% $18,447
    Carrington Mortgage Services, LLC 1 6.13% $2,524
    TOWNE MORTGAGE COMPANY 1 5.75% $4,166
    AVADIAN 1 6.50% $3,809
    LEADERONE FINANCIAL CORPORATION 1 6.63% $9,948
    LIBERTY HOME MORTGAGE CORPORATION 1 6.50% $9,793
    Liberty Mortgage Corporation 1 6.75% $4,740
    Ixonia Bank 1 6.75% $20,431
    MORTGAGE ACCESS CORP. 1 7.13% $15,992
    MORTGAGE INVESTORS GROUP, INC. 1 6.38% $600
    INTERLINC MORTGAGE SERVICES, LLC 1 7.63% $2,125
    HOMESPIRE MORTGAGE CORPORATION 1 6.75% $23,226
    HOMESIDE FINANCIAL, LLC 1 6.13% $3,939
    M&T Bank 1 6.75% $5,899
    HomePromise Corporation 1 7.50% $11,835
    NBH Bank 1 5.99% $4,504
    GUARANTY HOME MORTGAGE CORPORATION 1 6.50% $3,075
    North American Savings Bank, F.S.B. 1 5.75% $14,722
    GUARANTEED RATE AFFINITY, LLC 1 6.20% $20,292
    Old National Bank 1 5.50% $9,212
    Paramount Residential Mortgage Group, Inc. 1 5.25% $7,723
    First Western Trust Bank 1 6.75% $982
    FIRST COLONY MORTGAGE CORPORATION 1 6.75% $6,464
    Farmers Bank & Trust 1 5.13% $2,243
    PLANET HOME LENDING, LLC 1 2.75% $2,262
    PLAZA HOME MORTGAGE, INC. 1 5.38% $4,922
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.99% $24,739
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $6,161
    ENVOY MORTGAGE, LTD 1 6.25% $11,309
    EMM LOANS LLC 1 6.25% $14,079

    The top Birmingham VA lender as defined by loan originations is Mortgage Research Center, LLC, with 207 VA loans originated. Their average total fees are $5,502, which is $2,134 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Birmingham VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,824), NAVY FEDERAL CREDIT UNION ($4,713), VANDERBILT MORTGAGE AND FINANCE, INC. ($4,906), Mortgage Research Center, LLC ($5,502) and SouthPoint Bank ($5,708).

    The lowest rate Birmingham VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.20%), PENNYMAC LOAN SERVICES, LLC (5.64%), VILLAGE CAPITAL MORTGAGE (5.76%), NAVY FEDERAL CREDIT UNION (5.85%) and FBC MORTGAGE, LLC (6.05%).

    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.