Chattanooga VA Loan Rates, Closing Costs & Stats

CHATTANOOGA, TN-GA

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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.

    Chattanooga's 118 lenders originated 778 VA loans during 2023. The total origination value was $258,530,000, with an average VA loan value of $332,301.

    Chattanooga VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Chattanooga averaged 6.61% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Chattanooga's average VA mortgage closing costs are $6,052.

    The average rate for the prior week (2024-07-12) was 6.35% and one month ago for the week of 2024-06-14, the average rate was 6.62%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.62%.

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

    Chattanooga 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 Chattanooga level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 122 6.74% $6,422
    QUICKEN LOANS, LLC 52 6.18% $13,584
    MOVEMENT MORTGAGE, LLC 50 6.39% $8,009
    UNION HOME MORTGAGE CORP. 31 6.73% $9,164
    CMG MORTGAGE, INC. 29 6.41% $10,801
    FirstBank 25 6.41% $8,215
    NAVY FEDERAL CREDIT UNION 25 5.81% $5,634
    UNITED WHOLESALE MORTGAGE, LLC 22 6.42% $9,215
    USAA Federal Savings Bank 21 5.98% $9,336
    FREEDOM MORTGAGE CORPORATION 20 6.61% $14,927
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 20 6.57% $10,031
    NEW DAY FINANCIAL, LLC 18 7.33% $14,206
    MORTGAGE INVESTORS GROUP, INC. 17 6.12% $8,830
    PENNYMAC LOAN SERVICES, LLC 14 5.54% $11,920
    The Federal Savings Bank 13 6.15% $17,517
    SUMMIT FUNDING, INC. 13 6.50% $12,079
    LEADERONE FINANCIAL CORPORATION 11 6.29% $9,084
    LOANDEPOT.COM, LLC 10 6.27% $10,652
    DHI MORTGAGE COMPANY, LTD. 10 5.60% $6,699
    ALAMEDA MORTGAGE CORPORATION 9 6.51% $12,971
    TJC Mortgage, Inc. 9 6.17% $12,263
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 9 6.58% $8,324
    Barrington Bank & Trust Company, N.A. 9 6.03% $12,203
    GUARANTEED RATE, INC. 8 6.49% $3,785
    AMERISAVE MORTGAGE CORPORATION 6 5.92% $23,981
    FIRST COLONY MORTGAGE CORPORATION 6 7.06% $10,582
    Mr. Cooper ( Nationstar Mortgage ) 5 5.58% $16,399
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.82% $8,204
    Renasant Bank 5 6.15% $12,946
    MEMBER FIRST MORTGAGE, LLC 5 6.13% $9,542
    NBKC BANK 5 6.13% $8,070
    MORTGAGE SOLUTIONS OF COLORADO, LLC 5 6.98% $9,267
    NEWREZ LLC 4 6.34% $6,844
    RELIANCE FIRST CAPITAL, LLC 4 6.53% $12,608
    PENTAGON FEDERAL CREDIT UNION 4 5.38% $6,551
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.22% $10,571
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 4 6.53% $12,844
    Wells Fargo Bank 4 5.63% $13,194
    LAKEVIEW LOAN SERVICING, LLC 4 6.06% $10,884
    BROKER SOLUTIONS, INC. 3 6.42% $21,337
    SIRVA MORTGAGE, INC. 3 6.88% $1,798
    MUTUAL OF OMAHA MORTGAGE, INC. 3 5.79% $9,035
    Wolfe Financial, Inc 3 6.46% $5,110
    SUN WEST MORTGAGE COMPANY, INC. 3 6.17% $11,072
    Paramount Residential Mortgage Group, Inc. 3 6.46% $6,392
    Flagstar Bank, FSB 3 6.67% $12,932
    COMMUNITY MORTGAGE CORPORATION 2 6.81% $6,011
    Plains Commerce Bank 2 6.31% $3,825
    VAN DYK MORTGAGE CORPORATION 2 6.38% $7,682
    CONTOUR MORTGAGE CORPORATION 2 6.25% $18,957
    VILLAGE CAPITAL MORTGAGE 2 5.75% $13,895
    INTERLINC MORTGAGE SERVICES, LLC 2 6.25% $5,945
    FIRST COMMUNITY MORTGAGE, INC. 2 6.50% $9,433
    First Citizens National Bank 2 6.25% $5,187
    Cornerstone First Mortgage, Inc 2 7.68% $9,309
    CARDINAL FINANCIAL 2 5.94% $14,380
    PLAZA HOME MORTGAGE, INC. 2 6.25% $20,298
    LAND HOME FINANCIAL SERVICES, INC. 2 5.88% $13,898
    STOCKTON MORTGAGE CORPORATION 2 6.25% $6,002
    GUARANTY HOME MORTGAGE CORPORATION 2 6.25% $24,990
    ACOPIA, LLC 2 6.56% $6,707
    First Horizon Bank 2 7.06% $7,600
    CHURCHILL MORTGAGE CORPORATION 2 6.56% $17,762
    BAYSHORE MORTGAGE FUNDING, LLC 2 6.94% $12,274
    Legends Bank 1 6.38% $9,335
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $6,875
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.75% $8,532
    Ameris Bank 1 6.25% $7,259
    AXIA FINANCIAL, LLC 1 6.75% $5,018
    BancorpSouth 1 6.75% $9,057
    Bank of America 1 6.50% $535
    Bank of England 1 6.25% $4,585
    BANKSOUTH MORTGAGE COMPANY, LLC 1 5.13% $8,594
    Capital City Home Loans, LLC 1 7.00% $6,717
    Citibank 1 7.75% $4,372
    Citizens Bank 1 7.25% $12,130
    Citizens Tri-County Bank 1 6.25% $5,669
    COMPASS MORTGAGE, INC. 1 7.25% $11,944
    Credence Funding Corporation 1 6.00% $5,937
    CRESCENT MORTGAGE COMPANY 1 6.00% $4,003
    CROSSCOUNTRY MORTGAGE, LLC 1 5.99% $13,072
    DAS Acquisition Company, LLC 1 7.50% $0
    ENDEAVOR CAPITAL, LLC. 1 6.63% $5,646
    Equity Prime Mortgage LLC 1 7.75% $19,851
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 7.00% $10,617
    First Federal Bank 1 6.00% $8,025
    Gateway First Bank 1 6.25% $14,355
    GENEVA FINANCIAL, LLC 1 6.50% $33,413
    HOMESTAR FINANCIAL CORPORATION 1 6.25% $1,713
    HOMESTEAD FUNDING CORP. 1 6.25% $6,997
    Independent Bank 1 6.75% $18,563
    JPMorgan Chase Bank 1 5.99% $16,175
    LADERA LENDING, INC. 1 7.25% $15,364
    1ST SIGNATURE LENDING, LLC 1 6.63% $14,043
    Magnolia Bank 1 6.13% $8,471
    MICHIGAN MUTUAL, INC. 1 6.63% $296
    MID AMERICA MORTGAGE, INC. 1 6.75% $9,257
    MILEND, INC. 1 7.00% $17,469
    NATIONS RELIABLE LENDING, LLC 1 7.00% $2,254
    NTFN, INC. 1 5.75% $9,679
    Patriot Bank 1 6.38% $9,929
    PHH Mortgage Corporation 1 6.49% $8,244
    Pinnacle Bank 1 5.63% $8,257
    PLANET HOME LENDING, LLC 1 6.50% $15,705
    Prosperity Home Mortgage, LLC 1 5.25% $16,097
    Regions Bank 1 5.63% $7,086
    Simmons Bank 1 5.13% $11,830
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $5,183
    Synovus Bank 1 6.75% $3,647
    TENNESSEE VALLEY 1 6.63% $2,907
    The Central Trust Bank 1 5.49% $5,137
    TOWNE MORTGAGE COMPANY 1 6.63% $3,205
    Truist 1 5.75% $2,577
    United Community Bank 1 5.13% $10,119
    U.S. Bank 1 6.25% $16,611
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.75% $2,075
    VERITAS FUNDING, LLC 1 6.25% $18,499
    V.I.P. MORTGAGE, INC. 1 6.75% $6,793

    The top Chattanooga VA lender as defined by loan originations is Mortgage Research Center, LLC, with 122 VA loans originated. Their average total fees are $6,422, which is $7,161 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Chattanooga VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,634), Mortgage Research Center, LLC ($6,422), DHI MORTGAGE COMPANY, LTD. ($6,699), MOVEMENT MORTGAGE, LLC ($8,009) and FirstBank ($8,215).

    The lowest rate Chattanooga VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.54%), DHI MORTGAGE COMPANY, LTD. (5.60%), NAVY FEDERAL CREDIT UNION (5.81%), USAA Federal Savings Bank (5.98%) and MORTGAGE INVESTORS GROUP, INC. (6.12%).

    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.