Cincinnati VA Loan Rates, Closing Costs & Stats
CINCINNATI, OH-KY-IN
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.
Cincinnati's 141 lenders originated 1,998 VA
loans during 2023. The total origination value was $588,250,000, with an average VA loan value of
$294,419.
Cincinnati VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Cincinnati
averaged
6.08%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Cincinnati's average VA mortgage closing costs are $5,789.
The average rate for the prior week (2024-10-04) was
5.65% and
one month ago for the week of 2024-09-06, the
average rate was 5.84%.
The average rate one year ago was 7.31%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.57%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Cincinnati 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 Cincinnati level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Mortgage Research Center, LLC
|
374
|
6.79%
|
$6,990
|
QUICKEN LOANS, LLC
|
116
|
6.21%
|
$12,414
|
UNITED WHOLESALE MORTGAGE, LLC
|
109
|
6.55%
|
$9,810
|
NAVY FEDERAL CREDIT UNION
|
76
|
5.93%
|
$6,085
|
FREEDOM MORTGAGE CORPORATION
|
70
|
6.57%
|
$14,386
|
CROSSCOUNTRY MORTGAGE, LLC
|
64
|
6.66%
|
$8,972
|
NEW DAY FINANCIAL, LLC
|
44
|
7.43%
|
$13,293
|
USAA Federal Savings Bank
|
43
|
6.40%
|
$7,581
|
FIRST COMMUNITY MORTGAGE, INC.
|
40
|
6.73%
|
$8,703
|
PENNYMAC LOAN SERVICES, LLC
|
40
|
5.83%
|
$10,612
|
NVR Mortgage Finance, Inc.
|
37
|
5.43%
|
$6,904
|
VICTORY MORTGAGE, L.L.C.
|
35
|
5.88%
|
$6,588
|
The Federal Savings Bank
|
30
|
6.62%
|
$14,434
|
NEWREZ LLC
|
30
|
6.73%
|
$9,008
|
GUARANTEED RATE, INC.
|
30
|
6.25%
|
$5,899
|
DAS Acquisition Company, LLC
|
27
|
6.97%
|
$8,048
|
LOANDEPOT.COM, LLC
|
26
|
6.35%
|
$11,451
|
The Huntington National Bank
|
25
|
6.47%
|
$6,333
|
Prosperity Home Mortgage, LLC
|
24
|
6.20%
|
$8,608
|
UNION HOME MORTGAGE CORP.
|
23
|
6.95%
|
$7,755
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
22
|
6.69%
|
$10,773
|
FIRST EQUITY MORTGAGE INCORPORATED
|
22
|
5.71%
|
$12,133
|
THRIVE MORTGAGE, LLC
|
22
|
6.60%
|
$8,484
|
DHI MORTGAGE COMPANY, LTD.
|
20
|
5.73%
|
$9,719
|
Union Savings Bank
|
20
|
6.40%
|
$7,593
|
Paramount Residential Mortgage Group, Inc.
|
19
|
6.69%
|
$9,909
|
RAPID MORTGAGE COMPANY
|
18
|
6.90%
|
$11,602
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
18
|
6.88%
|
$6,577
|
GUARANTEED RATE AFFINITY, LLC
|
16
|
6.68%
|
$5,904
|
Fifth Third Bank
|
16
|
6.73%
|
$5,605
|
Barrington Bank & Trust Company, N.A.
|
16
|
6.54%
|
$8,383
|
Mr. Cooper ( Nationstar Mortgage )
|
15
|
5.89%
|
$13,026
|
RUOFF MORTGAGE COMPANY, INC.
|
15
|
7.23%
|
$4,814
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
13
|
6.94%
|
$7,495
|
Plains Commerce Bank
|
12
|
6.48%
|
$10,203
|
BAYSHORE MORTGAGE FUNDING, LLC
|
12
|
6.63%
|
$11,061
|
VILLAGE CAPITAL MORTGAGE
|
12
|
5.93%
|
$7,647
|
SIBCY CLINE MORTGAGE SERVICES, INC.
|
12
|
6.68%
|
$6,222
|
T2 FINANCIAL LLC
|
11
|
6.90%
|
$19,270
|
NATIONS RELIABLE LENDING, LLC
|
11
|
6.85%
|
$7,083
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
10
|
6.64%
|
$10,569
|
STOCKTON MORTGAGE CORPORATION
|
10
|
6.16%
|
$10,169
|
BROKER SOLUTIONS, INC.
|
9
|
6.80%
|
$7,280
|
AMERISAVE MORTGAGE CORPORATION
|
9
|
5.31%
|
$12,840
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
9
|
7.89%
|
$3,870
|
PLANET HOME LENDING, LLC
|
9
|
6.13%
|
$13,138
|
JPMorgan Chase Bank
|
8
|
6.76%
|
$2,921
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
8
|
6.64%
|
$17,243
|
SUCCESS MORTGAGE PARTNERS, INC.
|
8
|
6.84%
|
$10,825
|
Nations Lending Corporation
|
8
|
6.34%
|
$8,121
|
CARDINAL FINANCIAL
|
7
|
6.62%
|
$9,573
|
PNC Bank
|
7
|
6.34%
|
$5,770
|
NFM, INC.
|
7
|
6.98%
|
$10,355
|
PENTAGON FEDERAL CREDIT UNION
|
7
|
5.39%
|
$7,998
|
RiverHills Bank
|
7
|
6.46%
|
$4,047
|
AMERICAN FINANCIAL NETWORK, INC.
|
6
|
6.92%
|
$9,148
|
EQUITY RESOURCES, INC.
|
6
|
6.83%
|
$7,166
|
Guardian Savings Bank, A Federal Savings Bank
|
6
|
6.65%
|
$9,638
|
Cincinnati Federal
|
6
|
6.02%
|
$5,845
|
Bank of England
|
6
|
6.88%
|
$6,545
|
Flagstar Bank, FSB
|
6
|
6.13%
|
$11,203
|
Wells Fargo Bank
|
5
|
5.48%
|
$3,716
|
Citizens Bank
|
5
|
6.30%
|
$9,604
|
1st National Bank
|
5
|
6.48%
|
$5,614
|
RELIANCE FIRST CAPITAL, LLC
|
5
|
6.50%
|
$9,469
|
POLARIS HOME FUNDING CORP.
|
5
|
6.78%
|
$9,203
|
Magnolia Bank
|
5
|
6.05%
|
$17,401
|
MID AMERICA MORTGAGE, INC.
|
5
|
6.83%
|
$4,769
|
MOVEMENT MORTGAGE, LLC
|
5
|
6.25%
|
$9,397
|
VAN DYK MORTGAGE CORPORATION
|
5
|
7.03%
|
$6,006
|
NBKC BANK
|
4
|
6.31%
|
$5,368
|
LCNB National Bank
|
4
|
6.88%
|
$4,400
|
CHURCHILL MORTGAGE CORPORATION
|
4
|
6.50%
|
$8,061
|
Gateway First Bank
|
4
|
6.81%
|
$7,315
|
LAKEVIEW LOAN SERVICING, LLC
|
4
|
5.84%
|
$7,018
|
U.S. Bank
|
4
|
6.56%
|
$5,492
|
S1L, Inc.
|
3
|
5.75%
|
$4,732
|
Servion, Inc.
|
3
|
7.29%
|
$4,039
|
ENDEAVOR CAPITAL, LLC.
|
3
|
7.04%
|
$4,488
|
First Federal Bank
|
3
|
5.96%
|
$8,497
|
CMG MORTGAGE, INC.
|
3
|
7.17%
|
$9,877
|
CALIBER HOME LOANS, INC.
|
3
|
6.04%
|
$15,801
|
HOMESIDE FINANCIAL, LLC
|
3
|
6.17%
|
$5,370
|
M/I FINANCIAL, LLC
|
3
|
5.88%
|
$8,848
|
Heartland Bank
|
3
|
6.25%
|
$3,215
|
EVERETT FINANCIAL, INC.
|
3
|
6.54%
|
$10,340
|
Armed Forces Bank
|
3
|
6.46%
|
$12,545
|
Capital Bank
|
2
|
5.94%
|
$7,550
|
Equity Prime Mortgage LLC
|
2
|
7.44%
|
$16,192
|
OPTION FINANCIAL, LLC
|
2
|
6.00%
|
$9,289
|
Regions Bank
|
2
|
6.13%
|
$5,785
|
SIRVA MORTGAGE, INC.
|
2
|
6.38%
|
$7,968
|
The Loan Store, Inc.
|
2
|
6.38%
|
$12,620
|
Truist
|
2
|
6.18%
|
$10,101
|
Warsaw Federal Savings and Loan Association
|
2
|
6.31%
|
$10,427
|
WesBanco
|
2
|
5.56%
|
$13,066
|
LOANPAL, LLC
|
1
|
6.50%
|
$20,935
|
PREMIA MORTGAGE, LLC
|
1
|
5.50%
|
$5,408
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
1
|
6.75%
|
$3,952
|
LIBERTY HOME MORTGAGE CORPORATION
|
1
|
7.38%
|
$18,144
|
LEADERONE FINANCIAL CORPORATION
|
1
|
7.13%
|
$2,642
|
J. VIRGIL, INC.
|
1
|
6.88%
|
$10,323
|
Ixonia Bank
|
1
|
6.75%
|
$18,287
|
AMERICAN FINANCING CORPORATION
|
1
|
5.88%
|
$7,927
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
1
|
5.88%
|
$28,761
|
Republic Bank & Trust Company
|
1
|
6.13%
|
$9,883
|
Gulf Coast Bank and Trust Company
|
1
|
7.00%
|
$4,290
|
ROSS MORTGAGE CORPORATION
|
1
|
6.75%
|
$13,681
|
ROYAL UNITED MORTGAGE LLC
|
1
|
6.75%
|
$8,909
|
GUILD MORTGAGE COMPANY
|
1
|
6.63%
|
$5,897
|
GUARANTY HOME MORTGAGE CORPORATION
|
1
|
7.25%
|
$6,692
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
1
|
6.25%
|
$5,350
|
George Mason Mortgage, LLC
|
1
|
7.13%
|
$18,177
|
AMERICAN FINANCIAL RESOURCES, INC.
|
1
|
7.25%
|
$7,635
|
SOUTH CENTRAL BANK, INC.
|
1
|
6.25%
|
$2,584
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
4.75%
|
$3,108
|
Forcht Bank
|
1
|
6.38%
|
$2,673
|
First Financial Bank
|
1
|
7.25%
|
$4,028
|
SUMMIT FUNDING, INC.
|
1
|
7.75%
|
$16,118
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
6.99%
|
$7,401
|
Farmers Bank & Trust
|
1
|
4.88%
|
$17,521
|
The Central Trust Bank
|
1
|
5.25%
|
$3,712
|
EVANSVILLE TEACHERS
|
1
|
6.00%
|
$2,495
|
ENVOY MORTGAGE, LTD
|
1
|
6.50%
|
$7,601
|
WRIGHT-PATT CREDIT UNION, INC.
|
1
|
7.13%
|
$4,825
|
EMM LOANS LLC
|
1
|
5.88%
|
$11,903
|
Traditional Bank, Inc.
|
1
|
5.50%
|
$3,110
|
AMCAP MORTGAGE, LTD.
|
1
|
7.63%
|
$6,711
|
Credence Funding Corporation
|
1
|
5.75%
|
$9,821
|
Century Mortgage Company DBA Century Lending Company
|
1
|
7.75%
|
$20,002
|
Carrington Mortgage Services, LLC
|
1
|
5.13%
|
$2,120
|
BNC National Bank
|
1
|
5.75%
|
$7,206
|
Arvest Bank
|
1
|
6.50%
|
$7,310
|
VANDERBILT MORTGAGE AND FINANCE, INC.
|
1
|
6.38%
|
$5,160
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
7.13%
|
$70
|
NORWICH COMMERCIAL GROUP, INC.
|
1
|
6.25%
|
$5,500
|
Northpointe Bank
|
1
|
7.13%
|
$9,891
|
NJ LENDERS CORP.
|
1
|
6.13%
|
$2,782
|
Mid-Continent Funding, Inc.
|
1
|
5.99%
|
$3,331
|
MICHIGAN MUTUAL, INC.
|
1
|
7.13%
|
$1,726
|
Meridian Bank Corporation
|
1
|
7.25%
|
$4,345
|
The top Cincinnati VA lender as defined by loan originations is Mortgage Research Center, LLC, with
374 VA loans originated. Their average total fees are
$6,990, which is $5,424
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Cincinnati VA lenders (with over 10 loans originated) are
RUOFF MORTGAGE COMPANY, INC. ($4,814), Fifth Third Bank ($5,605), GUARANTEED RATE, INC. ($5,899), GUARANTEED RATE AFFINITY, LLC ($5,904) and NAVY FEDERAL CREDIT UNION ($6,085).
The lowest rate Cincinnati VA lenders (with over 10 loans originated) are
NVR Mortgage Finance, Inc. (5.43%), FIRST EQUITY MORTGAGE INCORPORATED (5.71%), DHI MORTGAGE COMPANY, LTD. (5.73%), PENNYMAC LOAN SERVICES, LLC (5.83%) and VICTORY MORTGAGE, L.L.C. (5.88%).
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.