Evansville VA Loan Rates, Closing Costs & Stats

EVANSVILLE, IN-KY

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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.

    Evansville's 54 lenders originated 289 VA loans during 2023. The total origination value was $69,515,000, with an average VA loan value of $240,536.

    Evansville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Evansville averaged 6.45% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Evansville's average VA mortgage closing costs are $4,448.

    The average rate for the prior week (2024-07-12) was 6.79% and one month ago for the week of 2024-06-14, the average rate was 6.75%.

    The average rate one year ago was 6.63%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.64%.

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

    Evansville 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 Evansville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 73 6.93% $4,232
    MORTGAGE MASTERS OF INDIANA, INC. 46 6.72% $4,470
    QUICKEN LOANS, LLC 21 6.10% $9,710
    UNITED WHOLESALE MORTGAGE, LLC 16 6.37% $8,084
    Bank of England 12 6.75% $4,864
    FREEDOM MORTGAGE CORPORATION 8 7.00% $12,363
    PENNYMAC LOAN SERVICES, LLC 7 5.68% $4,858
    RUOFF MORTGAGE COMPANY, INC. 7 6.82% $3,009
    CALIBER HOME LOANS, INC. 6 6.42% $6,417
    FBC MORTGAGE, LLC 5 5.09% $10,198
    NAVY FEDERAL CREDIT UNION 5 5.78% $7,084
    AMERISAVE MORTGAGE CORPORATION 4 5.81% $19,203
    NEW DAY FINANCIAL, LLC 4 7.47% $12,988
    NEWREZ LLC 4 6.38% $9,073
    EVANSVILLE TEACHERS 4 6.97% $8,643
    LOANDEPOT.COM, LLC 4 5.94% $12,405
    The Federal Savings Bank 4 6.03% $12,521
    PLAZA HOME MORTGAGE, INC. 3 6.25% $4,823
    USAA Federal Savings Bank 3 6.17% $2,920
    Northpointe Bank 3 5.92% $5,103
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $1,051
    Nations Lending Corporation 2 7.50% $9,515
    Servion, Inc. 2 5.63% $7,453
    ROYAL UNITED MORTGAGE LLC 2 6.44% $5,128
    Barrington Bank & Trust Company, N.A. 2 5.50% $9,962
    VILLAGE CAPITAL MORTGAGE 2 7.00% $4,174
    THRIVE MORTGAGE, LLC 1 7.13% $4,635
    Truist 1 5.75% $4,778
    Stock Yards Bank & Trust Company 1 6.00% $5,970
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $5,281
    BROKER SOLUTIONS, INC. 1 6.75% $6,737
    CARDINAL FINANCIAL 1 7.25% $7,911
    Century Mortgage Company DBA Century Lending Company 1 7.63% $8,025
    CMG MORTGAGE, INC. 1 5.63% $9,939
    DAS Acquisition Company, LLC 1 7.50% $552
    Equity Prime Mortgage LLC 1 6.75% $6,537
    Fifth Third Bank 1 7.00% $6,750
    GUARANTEED RATE, INC. 1 7.75% $0
    GUILD MORTGAGE COMPANY 1 5.88% $3,114
    GVC MORTGAGE, INC. 1 7.13% $3,460
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $1,307
    JPMorgan Chase Bank 1 5.75% $3,926
    Magnolia Bank 1 7.13% $5,435
    Mid-Continent Funding, Inc. 1 6.13% $16,659
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $6,941
    MOVEMENT MORTGAGE, LLC 1 6.75% $357
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $8,456
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $10,995
    NFM, INC. 1 7.63% $2,768
    Paramount Residential Mortgage Group, Inc. 1 5.75% $2,149
    POLARIS HOME FUNDING CORP. 1 7.38% $9,342
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.25% $18,038
    SOUTH CENTRAL BANK, INC. 1 6.75% $2,032
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $6,897

    The top Evansville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 73 VA loans originated. Their average total fees are $4,232, which is $238 lower than the next largest lender, MORTGAGE MASTERS OF INDIANA, INC..

    The lowest fee Evansville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,232), MORTGAGE MASTERS OF INDIANA, INC. ($4,470), Bank of England ($4,864), UNITED WHOLESALE MORTGAGE, LLC ($8,084) and QUICKEN LOANS, LLC ($9,710).

    The lowest rate Evansville VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.10%), UNITED WHOLESALE MORTGAGE, LLC (6.37%), MORTGAGE MASTERS OF INDIANA, INC. (6.72%), Bank of England (6.75%) and Mortgage Research Center, LLC (6.93%).

    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.