Enid VA Loans

ENID, OK

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 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.

Enid's 56 lenders originated 292 VA loans during 2021. The total origination value was $64,400,000, with an average VA loan value of $220,548.

Enid VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Enid averaged 5.38% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.61% and one month ago for the week of 2022-04-08, the average rate was 5.23%.

The average rate one year ago was 3.04%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.42%.

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

Enid VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Enid level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 37 2.84% $4,733
QUICKEN LOANS, LLC 26 2.55% $4,486
PRIMELENDING, A PLAINSCAPITAL COMPANY 25 2.69% $5,010
Gateway First Bank 23 2.82% $5,010
NBKC BANK 17 2.62% $7,147
PENNYMAC LOAN SERVICES, LLC 11 2.53% $3,932
FREEDOM MORTGAGE CORPORATION 10 2.66% $1,983
USAA Federal Savings Bank 10 2.95% $4,196
Wells Fargo Bank 6 2.54% $3,784
NAVY FEDERAL CREDIT UNION 5 2.48% $4,477
NEW DAY FINANCIAL, LLC 5 2.88% $4,144
Barrington Bank & Trust Company, N.A. 4 2.50% $3,197
VILLAGE CAPITAL & INVESTMENT LLC 4 2.63% $2,342
LOANDEPOT.COM, LLC 4 2.81% $3,664
AMERISAVE MORTGAGE CORPORATION 4 2.38% $6,741
The Federal Savings Bank 4 2.31% $7,949
LAKEVIEW LOAN SERVICING, LLC 3 2.46% $4,626
Armed Forces Bank 3 2.38% $6,193
PENTAGON FEDERAL CREDIT UNION 3 2.33% $5,226
UNITED WHOLESALE MORTGAGE, LLC 3 2.40% $3,494
ACCELERATE MORTGAGE, LLC 2 2.00% $6,643
BOKF 2 3.25% $4,051
CALIBER HOME LOANS, INC. 2 2.75% $4,501
First National Bank 2 2.25% $4,357
SOUTHWEST FUNDING, LP 2 3.75% $12,988
Stride Bank 2 3.00% $11,433
UNION HOME MORTGAGE CORP. 2 2.25% $6,363
Wyndham Capital Mortgage, Inc. 2 2.56% $3,381
Manufacturers and Traders Trust Company 1 2.75% $3,342
MidFirst Bank 1 2.38% $5,234
F & M Bank 1 2.75% $10,332
Mr. Cooper ( Nationstar Mortgage ) 1 2.38% $6,057
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $7,068
Flagstar Bank, FSB 1 2.25% $6,732
Fidelity Bank 1 3.00% $7,490
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $4,833
NEWREZ LLC 1 2.50% $3,985
Origin Bank 1 2.50% $3,541
Paramount Bank 1 3.00% $5,756
Equity Prime Mortgage LLC 1 2.88% $13,468
DELMAR FINANCIAL COMPANY 1 2.75% $3,135
PHH Mortgage Corporation 1 2.50% $4,975
PLAZA HOME MORTGAGE, INC. 1 2.25% $8,459
DAS Acquisition Company, LLC 1 2.75% $2,488
CERTAINTY HOME LOANS, LLC 1 2.99% $13,456
Service Federal Credit Union 1 3.00% $2,298
Bank of England 1 3.00% $3,507
BancFirst 1 2.38% $6,041
SUN WEST MORTGAGE COMPANY, INC. 1 2.38% $3,747
Carrington Mortgage Services, LLC 1 4.00% $1,241
AMCAP MORTGAGE, LTD. 1 4.25% $4,251
BROKER SOLUTIONS, INC. 1 3.00% $13,269
HOME POINT FINANCIAL CORPORATION 1 2.38% $3,405
LEADERONE FINANCIAL CORPORATION 1 3.25% $3,135
GUARANTEED RATE, INC. 1 2.50% $10,467
Low VA Rates, LLC 1 2.25% $4,143

The top Enid VA lender as defined by loan originations is Mortgage Research Center, LLC, with 37 VA loans originated. Their average total fees are $4,733, which is $247 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Enid VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,983), PENNYMAC LOAN SERVICES, LLC ($3,932), USAA Federal Savings Bank ($4,196), QUICKEN LOANS, LLC ($4,486) and Mortgage Research Center, LLC ($4,733).

The lowest rate Enid VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.53%), QUICKEN LOANS, LLC (2.55%), NBKC BANK (2.62%), FREEDOM MORTGAGE CORPORATION (2.66%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (2.69%).

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.