Enid VA Loans

ENID, OK

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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 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.