Durango VA Loan Rates, Closing Costs & Stats

Durango, CO

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Durango's 22 lenders originated 40 VA loans during 2023. The total origination value was $21,970,000, with an average VA loan value of $549,250.

    Durango VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Durango averaged 6.54% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Durango's average VA mortgage closing costs are $6,794.

    The average rate for the prior week (2024-11-01) was 6.49% and one month ago for the week of 2024-10-04, the average rate was 6.02%.

    The average rate one year ago was 7.78%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.54%.

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

    Durango 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 Durango level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 7 6.48% $11,461
    QUICKEN LOANS, LLC 5 6.34% $14,490
    Mortgage Research Center, LLC 4 6.72% $6,778
    NAVY FEDERAL CREDIT UNION 3 5.96% $15,100
    Flanagan State Bank 2 6.31% $8,477
    USAA Federal Savings Bank 2 5.56% $16,491
    MUTUAL OF OMAHA MORTGAGE, INC. 2 5.50% $18,157
    INFINITY EQUITY GROUP, INC. 1 6.63% $4,375
    NEW DAY FINANCIAL, LLC 1 6.99% $11,914
    PENNYMAC LOAN SERVICES, LLC 1 5.13% $32,847
    Prosperity Home Mortgage, LLC 1 6.49% $4,071
    The Central Trust Bank 1 6.00% $3,394
    The Federal Savings Bank 1 5.88% $18,406
    United Fidelity Funding Corp. 1 7.63% $20,078
    American Bank of Commerce 1 6.75% $11,206
    Wells Fargo Bank 1 5.63% $2,769
    Bank of Colorado 1 5.75% $1,537
    CARDINAL FINANCIAL 1 7.25% $19,763
    Century Mortgage Company DBA Century Lending Company 1 6.63% $18,583
    CONTOUR MORTGAGE CORPORATION 1 5.63% $9,509
    CORNERSTONE HOME LENDING, INC. 1 7.25% $6,120
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.25% $6,329

    The top Durango VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 7 VA loans originated. Their average total fees are $11,461, which is $3,029 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Durango VA lenders (with over 10 loans originated) are .

    The lowest rate Durango VA lenders (with over 10 loans originated) are .

    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.