Evansville VA Loans

EVANSVILLE, IN-KY

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.

Evansville's 87 lenders originated 892 VA loans during 2021. The total origination value was $177,010,000, with an average VA loan value of $198,442.

Evansville VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Evansville averaged 5.25% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.6% and one month ago for the week of 2022-07-01, the average rate was 5.92%.

The average rate one year ago was 3.01%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.2%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Evansville level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 109 2.98% $3,823
MORTGAGE MASTERS OF INDIANA, INC. 87 2.74% $4,031
FREEDOM MORTGAGE CORPORATION 73 2.63% $2,228
QUICKEN LOANS, LLC 64 2.57% $4,354
PENNYMAC LOAN SERVICES, LLC 35 2.61% $4,414
EVANSVILLE TEACHERS 35 2.74% $4,977
HOME POINT FINANCIAL CORPORATION 25 2.62% $5,165
NEW DAY FINANCIAL, LLC 24 2.78% $6,314
USAA Federal Savings Bank 23 2.88% $3,847
CALIBER HOME LOANS, INC. 21 2.81% $5,145
LAKEVIEW LOAN SERVICING, LLC 18 2.75% $1,990
UNITED WHOLESALE MORTGAGE, LLC 18 2.53% $3,632
NAVY FEDERAL CREDIT UNION 17 2.38% $5,949
VILLAGE CAPITAL & INVESTMENT LLC 13 2.52% $1,971
LOANDEPOT.COM, LLC 12 2.48% $3,381
Mr. Cooper ( Nationstar Mortgage ) 10 3.21% $2,396
RUOFF MORTGAGE COMPANY, INC. 10 2.95% $3,673
FBC MORTGAGE, LLC 9 3.08% $5,305
CLEARPATH LENDING 9 2.25% $3,611
Fifth Third Bank 8 2.80% $4,097
Low VA Rates, LLC 8 2.63% $4,598
GVC MORTGAGE, INC. 7 3.21% $6,525
Wells Fargo Bank 6 2.77% $2,174
The Federal Savings Bank 5 2.45% $5,626
Barrington Bank & Trust Company, N.A. 5 3.20% $3,683
Midwest Mortgage Associates Corporation 4 2.78% $4,003
Carrington Mortgage Services, LLC 4 3.56% $4,837
Bank of England 4 3.09% $1,806
PLANET HOME LENDING, LLC 4 2.56% $1,574
InterContinental Capital Group, Inc 3 2.46% $5,260
ACCELERATE MORTGAGE, LLC 3 1.92% $6,148
AMERICAN FINANCIAL NETWORK, INC. 3 2.75% $9,743
AMERICAN MORTGAGE SERVICE COMPANY 3 3.04% $4,354
AMERISAVE MORTGAGE CORPORATION 3 2.75% $10,282
BROKER SOLUTIONS, INC. 3 2.79% $8,392
Equity Prime Mortgage LLC 3 3.88% $4,196
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.04% $3,247
FAIR WAY LENDING LLC 3 3.17% $2,754
Magnolia Bank 3 2.46% $4,327
Mid-Continent Funding, Inc. 3 2.92% $5,887
MOVEMENT MORTGAGE, LLC 3 2.75% $1,087
SUN WEST MORTGAGE COMPANY, INC. 3 2.25% $4,278
MUTUAL OF OMAHA MORTGAGE, INC. 2 3.06% $3,136
Servion, Inc. 2 2.75% $5,620
Flagstar Bank, FSB 2 4.00% $11,122
First Guaranty Mortgage Corporation 2 3.06% $2,994
CROSSCOUNTRY MORTGAGE, LLC 2 2.88% $6,155
AMERICAN FINANCING CORPORATION 2 3.00% $4,262
German American Bank 2 2.94% $7,062
CHURCHILL MORTGAGE CORPORATION 2 2.69% $8,771
PLAZA HOME MORTGAGE, INC. 2 2.81% $9,591
First Federal Bank 2 2.81% $7,600
NEWREZ LLC 2 2.81% $1,487
RELIANCE FIRST CAPITAL, LLC 2 3.19% $11,783
Old National Bank 2 2.50% $3,949
NBKC BANK 1 2.75% $10,957
PANORAMA MORTGAGE GROUP, LLC 1 3.63% $11,977
Paramount Bank 1 2.50% $5,109
Paramount Residential Mortgage Group, Inc. 1 3.63% $11,796
PENTAGON FEDERAL CREDIT UNION 1 2.25% $1,152
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.88% $3,367
CHERRY CREEK MORTGAGE, LLC 1 2.75% $4,972
Renasant Bank 1 2.63% $19,606
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.75% $5,503
Sierra Pacific Mortgage Company, Inc. 1 3.75% $3,979
SOVEREIGN LENDING GROUP INCORPORATED 1 2.25% $24,428
STEARNS LENDING, LLC 1 3.25% $3,752
CapStar Bank 1 2.50% $2,669
TOP FLITE FINANCIAL, INC. 1 2.88% $11,282
United Fidelity Funding Corp. 1 2.75% $3,369
GUILD MORTGAGE COMPANY 1 2.63% $2,206
HALLMARK HOME MORTGAGE, LLC 1 3.25% $3,028
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 2.25% $2,396
HOMESIDE FINANCIAL, LLC 1 2.99% $8,367
GUARANTEED RATE, INC. 1 2.38% $11,823
1ST SIGNATURE LENDING, LLC 1 3.25% $8,258
GUARANTEED RATE AFFINITY, LLC 1 2.50% $13,091
LENDUS, LLC 1 2.25% $3,270
GENEVA FINANCIAL, LLC 1 2.75% $2,823
BNC National Bank 1 2.50% $1,769
Manufacturers and Traders Trust Company 1 2.63% $3,163
Bank of America 1 3.38% $10,189
F&M Bank 1 2.63% $6,780
FIRST STATE MORTGAGE SERVICES, LLC 1 2.13% $8,986
AmeriHome Mortgage Company, LLC 1 2.88% $3,339
First Option Mortgage, LLC 1 2.75% $4,325
MYCUMORTGAGE, LLC 1 2.88% $2,874

The top Evansville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 109 VA loans originated. Their average total fees are $3,823, which is $208 lower than the next largest lender, MORTGAGE MASTERS OF INDIANA, INC..

The lowest fee Evansville VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($1,971), LAKEVIEW LOAN SERVICING, LLC ($1,990), FREEDOM MORTGAGE CORPORATION ($2,228), Mr. Cooper ( Nationstar Mortgage ) ($2,396) and LOANDEPOT.COM, LLC ($3,381).

The lowest rate Evansville VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (2.38%), LOANDEPOT.COM, LLC (2.48%), VILLAGE CAPITAL & INVESTMENT LLC (2.52%), UNITED WHOLESALE MORTGAGE, LLC (2.53%) and QUICKEN LOANS, LLC (2.57%).

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.