Buffalo VA Loans

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 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 66 lenders originated 1,558 VA loans during 2021. The total origination value was $339,030,000, with an average VA loan value of $217,606.

    Buffalo VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Buffalo averaged 5.53% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

    The average rate for the prior week (2022-05-13) was 5.54% and one month ago for the week of 2022-04-15, the average rate was 5.01%.

    The average rate one year ago was 3.3%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.66%.

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

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 373 2.55% $4,882
    Premium Mortgage Corporation 115 2.85% $5,938
    Mortgage Research Center, LLC 105 2.86% $5,918
    USAA Federal Savings Bank 70 3.04% $3,767
    FREEDOM MORTGAGE CORPORATION 67 2.74% $4,370
    NAVY FEDERAL CREDIT UNION 64 2.48% $6,044
    Manufacturers and Traders Trust Company 57 2.83% $6,202
    HUNT MORTGAGE CORPORATION 51 3.08% $5,993
    1ST PRIORITY MORTGAGE, INC. 41 3.03% $5,540
    UNITED WHOLESALE MORTGAGE, LLC 39 2.71% $6,295
    Mr. Cooper ( Nationstar Mortgage ) 38 2.95% $2,807
    Barrington Bank & Trust Company, N.A. 33 3.07% $5,358
    The Federal Savings Bank 27 2.61% $7,139
    PENTAGON FEDERAL CREDIT UNION 22 2.36% $2,843
    NEWREZ LLC 22 2.65% $6,042
    LOANDEPOT.COM, LLC 21 2.72% $4,183
    Wells Fargo Bank 18 2.46% $4,355
    PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.02% $6,749
    CALIBER HOME LOANS, INC. 14 2.51% $3,492
    AMERICAN FINANCIAL NETWORK, INC. 14 2.71% $10,611
    HOMESTEAD FUNDING CORP. 13 3.06% $5,852
    NVR Mortgage Finance, Inc. 12 2.79% $3,343
    CROSSCOUNTRY MORTGAGE, LLC 10 3.06% $6,692
    PLAZA HOME MORTGAGE, INC. 10 3.10% $5,620
    Carrington Mortgage Services, LLC 10 3.04% $4,790
    Citizens Bank 10 2.68% $3,762
    First Federal Bank 10 3.40% $7,448
    HOME POINT FINANCIAL CORPORATION 9 2.74% $4,659
    KeyBank 7 2.84% $5,607
    MOVEMENT MORTGAGE, LLC 7 2.77% $5,797
    RELIANCE FIRST CAPITAL, LLC 6 2.73% $6,916
    EVERETT FINANCIAL, INC. 6 3.27% $5,694
    North American Savings Bank, F.S.B. 6 2.96% $4,804
    NBKC BANK 5 2.58% $2,610
    Northwest Bank 5 2.58% $5,966
    PARAGON HOME LOANS INC. 4 2.84% $5,233
    Flagstar Bank, FSB 3 2.67% $8,429
    SUN WEST MORTGAGE COMPANY, INC. 3 2.33% $8,102
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.08% $9,114
    Bank of America 3 3.17% $8,619
    InterContinental Capital Group, Inc 2 3.19% $5,495
    FINANCE OF AMERICA MORTGAGE LLC 2 2.75% $9,445
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 3.00% $9,770
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 2.88% $3,724
    Truist Bank 2 2.75% $3,672
    AMERICAN FINANCING CORPORATION 2 2.50% $2,290
    ROYAL UNITED MORTGAGE LLC 2 3.25% $9,017
    Paramount Bank 1 3.00% $10,535
    First Savings Bank 1 2.75% $3,289
    First Home Bank 1 2.50% $3,131
    Genesee Regional Bank 1 3.25% $13,044
    GUARANTEED RATE, INC. 1 2.75% $2,786
    Magnolia Bank 1 2.25% $2,283
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 1 2.75% $7,779
    Equity Prime Mortgage LLC 1 3.75% $2,382
    NETWORK CAPITAL FUNDING CORPORATION 1 2.75% $3,172
    CONTOUR MORTGAGE CORPORATION 1 2.25% $4,364
    Northpointe Bank 1 2.75% $3,289
    First Internet Bank of Indiana 1 2.50% $2,883
    Bank of England 1 3.00% $1,880
    RESIDENTIAL HOME FUNDING CORP. 1 2.50% $10,779
    SEFCU SERVICES, LLC 1 2.75% $2,356
    UNITED MORTGAGE CORP. 1 3.00% $2,174
    Armed Forces Bank 1 2.75% $7,924
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.25% $12,462
    U.S. Bank 1 3.25% $3,958

    The top Buffalo VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 373 VA loans originated. Their average total fees are $4,882, which is $1,056 lower than the next largest lender, Premium Mortgage Corporation.

    The lowest fee Buffalo VA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) ($2,807), PENTAGON FEDERAL CREDIT UNION ($2,843), NVR Mortgage Finance, Inc. ($3,343), CALIBER HOME LOANS, INC. ($3,492) and Citizens Bank ($3,762).

    The lowest rate Buffalo VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (2.36%), Wells Fargo Bank (2.46%), NAVY FEDERAL CREDIT UNION (2.48%), CALIBER HOME LOANS, INC. (2.51%) and QUICKEN LOANS, LLC (2.55%).

    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.