Buffalo VA Loan Rates, Closing Costs & Stats

BUFFALO-CHEEKTOWAGA, 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.

    Buffalo's 50 lenders originated 620 VA loans during 2023. The total origination value was $167,400,000, with an average VA loan value of $270,000.

    Buffalo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Buffalo averaged 6.41% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Buffalo's average VA mortgage closing costs are $5,734.

    The average rate for the prior week (2024-11-01) was 6.47% and one month ago for the week of 2024-10-04, the average rate was 5.99%.

    The average rate one year ago was 7.25%.

    For refis of the same type during the week of 2024-11-08, the average rate was 7.28%.

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

    Buffalo 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 Buffalo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 85 6.32% $10,664
    Mortgage Research Center, LLC 84 6.87% $5,046
    Premium Mortgage Corporation 79 6.44% $6,893
    UNITED WHOLESALE MORTGAGE, LLC 54 6.66% $8,060
    NAVY FEDERAL CREDIT UNION 35 5.93% $5,697
    USAA Federal Savings Bank 24 6.87% $7,112
    M&T Bank 24 6.30% $7,238
    HUNT MORTGAGE CORPORATION 18 6.56% $9,457
    PLAZA HOME MORTGAGE, INC. 16 6.50% $7,726
    PENNYMAC LOAN SERVICES, LLC 15 5.97% $13,047
    CROSSCOUNTRY MORTGAGE, LLC 15 6.92% $8,367
    MOVEMENT MORTGAGE, LLC 14 7.00% $8,195
    Barrington Bank & Trust Company, N.A. 12 6.40% $7,600
    AMERICAN FINANCIAL NETWORK, INC. 12 6.45% $10,034
    Mr. Cooper ( Nationstar Mortgage ) 11 6.34% $9,909
    NVR Mortgage Finance, Inc. 10 5.46% $5,547
    LOANDEPOT.COM, LLC 8 6.17% $11,831
    Northwest Bank 8 5.97% $7,208
    1ST PRIORITY MORTGAGE, INC. 7 6.63% $8,383
    PENTAGON FEDERAL CREDIT UNION 6 5.88% $9,542
    Citizens Bank 6 6.23% $11,168
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.50% $6,754
    HOMESTEAD FUNDING CORP. 6 6.35% $8,775
    KeyBank 5 6.45% $4,643
    NEWREZ LLC 5 6.70% $9,446
    RELIANCE FIRST CAPITAL, LLC 4 6.72% $12,061
    Flagstar Bank, FSB 4 6.31% $9,346
    FREEDOM MORTGAGE CORPORATION 3 6.58% $17,236
    EVERETT FINANCIAL, INC. 3 6.79% $5,900
    Five Star Bank 3 6.79% $4,008
    The Federal Savings Bank 2 6.63% $24,077
    North American Savings Bank, F.S.B. 2 5.50% $8,164
    GUARANTEED RATE, INC. 2 6.25% $1,878
    U.S. Bank 2 6.19% $5,790
    Community First National Bank 2 6.75% $5,508
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $15,825
    PLANET HOME LENDING, LLC 1 6.99% $7,133
    Evans Bank 1 6.13% $7,485
    EMBRACE HOME LOANS, INC. 1 6.99% $15,506
    CALIBER HOME LOANS, INC. 1 7.25% $9,381
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.38% $6,135
    ROYAL UNITED MORTGAGE LLC 1 6.25% $24,158
    AMERICAN FINANCING CORPORATION 1 6.13% $12,516
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.50% $10,946
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.88% $9,356
    Wells Fargo Bank 1 6.00% $5,319
    NBKC BANK 1 6.50% $2,143
    First Western Trust Bank 1 6.13% $7,525
    First Federal Bank 1 8.00% $11,363
    Farmers Bank & Trust 1 5.25% $7,152

    The top Buffalo VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 85 VA loans originated. Their average total fees are $10,664, which is $5,619 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Buffalo VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,046), NVR Mortgage Finance, Inc. ($5,547), NAVY FEDERAL CREDIT UNION ($5,697), Premium Mortgage Corporation ($6,893) and USAA Federal Savings Bank ($7,112).

    The lowest rate Buffalo VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.46%), NAVY FEDERAL CREDIT UNION (5.93%), PENNYMAC LOAN SERVICES, LLC (5.97%), M&T Bank (6.30%) and QUICKEN LOANS, LLC (6.32%).

    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.