Cullman VA Loan Rates, Closing Costs & Stats

Cullman, AL

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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.

    Cullman's 44 lenders originated 131 VA loans during 2023. The total origination value was $38,065,000, with an average VA loan value of $290,573.

    Cullman VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cullman averaged 6.56% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Cullman's average VA mortgage closing costs are $5,384.

    The average rate for the prior week (2024-11-01) was 6.42% and one month ago for the week of 2024-10-04, the average rate was 5.65%.

    The average rate one year ago was 7.4%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

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

    Cullman 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 Cullman level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 24 6.89% $4,828
    QUICKEN LOANS, LLC 8 6.01% $10,859
    FREEDOM MORTGAGE CORPORATION 8 6.63% $7,686
    UNITED WHOLESALE MORTGAGE, LLC 6 6.48% $12,249
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.98% $11,670
    EAGLE HOME MORTGAGE, LLC 4 4.78% $247
    NEW DAY FINANCIAL, LLC 4 7.28% $11,636
    Prosperity Home Mortgage, LLC 4 6.65% $8,797
    DHI MORTGAGE COMPANY, LTD. 3 5.83% $3,536
    GUARANTEED RATE, INC. 3 6.33% $6,601
    GUILD MORTGAGE COMPANY 3 6.04% $6,079
    PENNYMAC LOAN SERVICES, LLC 3 5.50% $12,464
    USAA Federal Savings Bank 3 6.63% $8,602
    STOCKTON MORTGAGE CORPORATION 2 7.69% $5,984
    CARDINAL FINANCIAL 2 7.25% $16,154
    Consumer First Mortgage, Inc. 2 6.38% $8,270
    FirstBank 2 6.13% $9,352
    First Federal Bank, A FSB 2 6.13% $8,847
    LOANDEPOT.COM, LLC 2 4.94% $11,541
    MOVEMENT MORTGAGE, LLC 2 6.38% $6,768
    NAVY FEDERAL CREDIT UNION 2 5.44% $5,108
    ON Q FINANCIAL, INC. 2 6.44% $8,886
    REDSTONE Federal Credit Union 2 6.19% $2,572
    RELIANCE FIRST CAPITAL, LLC 2 6.94% $8,908
    SouthPoint Bank 2 6.13% $3,636
    NBKC BANK 1 5.00% $4,000
    GMFS LLC 1 5.63% $318
    The Federal Savings Bank 1 6.63% $8,949
    Paramount Residential Mortgage Group, Inc. 1 6.13% $3,660
    Gateway First Bank 1 6.75% $6,723
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $3,375
    Plains Commerce Bank 1 5.75% $3,198
    Equity Prime Mortgage LLC 1 6.75% $1,843
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $1,247
    BROKER SOLUTIONS, INC. 1 6.50% $6,050
    Barrington Bank & Trust Company, N.A. 1 6.75% $18,259
    Renasant Bank 1 6.25% $13,211
    Hometown Equity Mortgage, LLC 1 6.13% $16,229
    LEADERONE FINANCIAL CORPORATION 1 6.75% $12,820
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 7.00% $1,070
    MICHIGAN MUTUAL, INC. 1 7.63% $243
    Hamilton Mortgage Corporation 1 6.75% $6,784
    Ameris Bank 1 6.63% $3,263
    Synovus Bank 1 6.75% $4,063

    The top Cullman VA lender as defined by loan originations is Mortgage Research Center, LLC, with 24 VA loans originated. Their average total fees are $4,828, which is $6,031 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cullman VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,828), .

    The lowest rate Cullman VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.89%), .

    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.