Cookeville VA Loan Rates, Closing Costs & Stats

Cookeville, TN

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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.

    Cookeville's 44 lenders originated 145 VA loans during 2023. The total origination value was $44,435,000, with an average VA loan value of $306,448.

    Cookeville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cookeville averaged 6.28% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Cookeville's average VA mortgage closing costs are $6,036.

    The average rate for the prior week (2024-07-12) was 6.42% and one month ago for the week of 2024-06-14, the average rate was 6.68%.

    The average rate one year ago was 6.86%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.29%.

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

    Cookeville 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 Cookeville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 23 6.57% $5,412
    QUICKEN LOANS, LLC 11 6.04% $10,584
    PENNYMAC LOAN SERVICES, LLC 7 5.43% $8,531
    UNION HOME MORTGAGE CORP. 7 6.39% $9,488
    GUARANTY MORTGAGE SERVICES, L.L.C. 6 6.90% $9,182
    UNITED WHOLESALE MORTGAGE, LLC 5 5.97% $15,056
    AMCAP MORTGAGE, LTD. 5 7.00% $13,330
    VAN DYK MORTGAGE CORPORATION 5 6.65% $3,633
    FirstBank 4 6.25% $6,281
    MORTGAGE INVESTORS GROUP, INC. 4 6.28% $7,291
    NAVY FEDERAL CREDIT UNION 4 5.84% $6,931
    CROSSCOUNTRY MORTGAGE, LLC 4 6.47% $9,734
    USAA Federal Savings Bank 4 6.34% $9,176
    STOCKTON MORTGAGE CORPORATION 3 6.38% $8,840
    PENTAGON FEDERAL CREDIT UNION 3 6.21% $4,806
    FIRST COMMUNITY MORTGAGE, INC. 3 6.96% $6,639
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.33% $13,750
    GUARANTEED RATE, INC. 3 5.99% $5,694
    CARDINAL FINANCIAL 3 7.04% $14,091
    The Federal Savings Bank 2 6.25% $13,081
    EMBRACE HOME LOANS, INC. 2 6.38% $6,464
    MOVEMENT MORTGAGE, LLC 2 6.44% $10,595
    NEW DAY FINANCIAL, LLC 2 7.81% $9,654
    VILLAGE CAPITAL MORTGAGE 1 5.75% $7,228
    Barrington Bank & Trust Company, N.A. 1 6.50% $7,849
    Capital City Home Loans, LLC 1 6.50% $23,961
    CapStar Bank 1 6.25% $3,567
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $8,097
    CMG MORTGAGE, INC. 1 6.75% $9,086
    Commerce Home Mortgage, Inc. 1 7.13% $1,229
    EVERETT FINANCIAL, INC. 1 6.63% $2,188
    First Federal Bank 1 6.00% $6,602
    First Horizon Bank 1 6.25% $14,091
    F&M Bank 1 5.63% $14,186
    HOMESIDE FINANCIAL, LLC 1 6.75% $25,773
    ISERVE RESIDENTIAL LENDING, LLC 1 6.00% $13,438
    LAKEVIEW LOAN SERVICING, LLC 1 7.25% $9,128
    Magnolia Bank 1 6.88% $16,182
    NFM, INC. 1 7.00% $3,209
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 5.75% $9,658
    RELIANCE FIRST CAPITAL, LLC 1 7.63% $16,015
    SUN WEST MORTGAGE COMPANY, INC. 1 6.13% $13,687
    Total Media Management, LLC 1 6.63% $11,907
    ACOPIA, LLC 1 5.38% $17,498

    The top Cookeville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 23 VA loans originated. Their average total fees are $5,412, which is $5,171 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cookeville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,412), QUICKEN LOANS, LLC ($10,584), .

    The lowest rate Cookeville VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.04%), Mortgage Research Center, LLC (6.57%), .

    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.