Cape Girardeau VA Loans

CAPE GIRARDEAU, MO-IL

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.

Cape Girardeau's 48 lenders originated 303 VA loans during 2021. The total origination value was $63,115,000, with an average VA loan value of $208,300.

Cape Girardeau VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Cape Girardeau averaged 5.69% 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 5.52% and one month ago for the week of 2022-04-08, the average rate was 5.05%.

The average rate one year ago was 3.16%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.46%.

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

Cape Girardeau 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 Cape Girardeau level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 58 2.85% $4,577
FLAT BRANCH MORTGAGE, INC. 22 2.91% $4,825
PENNYMAC LOAN SERVICES, LLC 18 2.48% $5,237
DAS Acquisition Company, LLC 12 2.98% $4,862
GUILD MORTGAGE COMPANY 11 3.23% $3,680
QUICKEN LOANS, LLC 10 2.66% $3,770
FREEDOM MORTGAGE CORPORATION 10 2.66% $764
U.S. Bank 9 2.87% $5,768
NEW DAY FINANCIAL, LLC 8 2.56% $3,650
USAA Federal Savings Bank 8 2.95% $1,982
The Federal Savings Bank 7 2.61% $5,647
NAVY FEDERAL CREDIT UNION 7 2.39% $2,464
GERSHMAN INVESTMENT CORP. 6 3.17% $5,581
VILLAGE CAPITAL & INVESTMENT LLC 5 2.70% $2,783
MOVEMENT MORTGAGE, LLC 5 3.38% $2,513
UNITED WHOLESALE MORTGAGE, LLC 5 2.74% $2,823
LAKEVIEW LOAN SERVICING, LLC 5 2.78% $1,961
Low VA Rates, LLC 4 2.31% $3,683
CALIBER HOME LOANS, INC. 4 2.48% $2,453
HOME POINT FINANCIAL CORPORATION 4 2.59% $5,139
LOANDEPOT.COM, LLC 3 2.87% $4,093
Barrington Bank & Trust Company, N.A. 3 2.83% $1,807
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.42% $1,417
Mid-Continent Funding, Inc. 3 2.67% $6,541
Carrington Mortgage Services, LLC 3 3.00% $5,581
NEWREZ LLC 2 2.62% $1,207
Commerce Bank 2 3.63% $4,403
DELMAR FINANCIAL COMPANY 2 2.56% $7,759
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.24% $2,010
HALLMARK HOME MORTGAGE, LLC 2 3.06% $6,076
Mr. Cooper ( Nationstar Mortgage ) 2 2.88% $1,700
North American Savings Bank, F.S.B. 2 2.69% $2,348
PENTAGON FEDERAL CREDIT UNION 2 2.38% $654
Wells Fargo Bank 2 2.44% $4,022
LEADERONE FINANCIAL CORPORATION 1 2.25% $4,501
ACCELERATE MORTGAGE, LLC 1 1.75% $6,250
Equity Prime Mortgage LLC 1 4.25% $1,522
KS StateBank 1 2.50% $2,690
CROSSCOUNTRY MORTGAGE, LLC 1 2.25% $1,271
PLANET HOME LENDING, LLC 1 2.75% $760
FRONTIER FINANCIAL, INC. 1 3.13% $10,220
Regions Bank 1 3.75% $2,970
Flagstar Bank, FSB 1 2.44% $1,413
First Savings Bank 1 2.25% $996
Midwest Mortgage Associates Corporation 1 3.25% $6,201
First Federal Bank of Kansas City 1 2.25% $6,715
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.25% $5,934
Magnolia Bank 1 2.63% $7,277

The top Cape Girardeau VA lender as defined by loan originations is Mortgage Research Center, LLC, with 58 VA loans originated. Their average total fees are $4,577, which is $248 lower than the next largest lender, FLAT BRANCH MORTGAGE, INC..

The lowest fee Cape Girardeau VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($764), GUILD MORTGAGE COMPANY ($3,680), QUICKEN LOANS, LLC ($3,770), Mortgage Research Center, LLC ($4,577) and FLAT BRANCH MORTGAGE, INC. ($4,825).

The lowest rate Cape Girardeau VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.48%), QUICKEN LOANS, LLC (2.66%), FREEDOM MORTGAGE CORPORATION (2.66%), Mortgage Research Center, LLC (2.85%) and FLAT BRANCH MORTGAGE, INC. (2.91%).

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.