Fairbanks VA Loan Rates, Closing Costs & Stats

FAIRBANKS, AK

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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.

    Fairbanks's 45 lenders originated 513 VA loans during 2023. The total origination value was $171,955,000, with an average VA loan value of $335,195.

    Fairbanks VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fairbanks averaged 6.3% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Fairbanks's average VA mortgage closing costs are $7,418.

    The average rate for the prior week (2024-11-01) was 6.55% and one month ago for the week of 2024-10-04, the average rate was 5.68%.

    The average rate one year ago was 7.14%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.14%.

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

    Fairbanks 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 Fairbanks level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    NEWREZ LLC 106 6.58% $11,030
    Mortgage Research Center, LLC 99 6.81% $7,783
    UNITED WHOLESALE MORTGAGE, LLC 42 6.36% $7,621
    NAVY FEDERAL CREDIT UNION 25 5.91% $7,125
    CORNERSTONE HOME LENDING, INC. 20 6.26% $11,901
    CROSSCOUNTRY MORTGAGE, LLC 18 6.58% $7,929
    USAA Federal Savings Bank 17 5.96% $10,461
    Alaska USA Federal Credit Union 16 6.23% $7,439
    RESIDENTIAL MORTGAGE, LLC 16 6.38% $11,478
    GUARANTEED RATE, INC. 11 6.71% $9,678
    QUICKEN LOANS, LLC 10 5.97% $11,806
    PENNYMAC LOAN SERVICES, LLC 8 5.55% $7,483
    GUILD MORTGAGE COMPANY 8 6.23% $10,361
    The Federal Savings Bank 5 6.70% $17,273
    LOANDEPOT.COM, LLC 5 6.00% $12,300
    MOVEMENT MORTGAGE, LLC 5 6.90% $7,821
    Plains Commerce Bank 4 6.44% $9,763
    CRESCENT MORTGAGE COMPANY 4 5.84% $7,445
    BROKER SOLUTIONS, INC. 3 6.42% $9,864
    Mr. Cooper ( Nationstar Mortgage ) 3 6.08% $19,684
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.75% $10,796
    NEW DAY FINANCIAL, LLC 3 7.54% $19,154
    VILLAGE CAPITAL MORTGAGE 2 6.13% $8,433
    Community First National Bank 2 5.88% $13,350
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.25% $5,627
    NBKC BANK 2 6.00% $9,379
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $10,449
    Barrington Bank & Trust Company, N.A. 2 6.50% $14,624
    CMG MORTGAGE, INC. 2 5.75% $7,208
    FREEDOM MORTGAGE CORPORATION 2 6.31% $14,477
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $7,321
    American Mortgage & Equity Consultants, Inc. 2 5.50% $8,051
    Nations Lending Corporation 1 6.25% $6,728
    AMCAP MORTGAGE, LTD. 1 5.25% $17,090
    AMERICAN FINANCING CORPORATION 1 6.25% $7,909
    Armed Forces Bank 1 6.13% $13,947
    Bank of England 1 6.25% $20,392
    CARDINAL FINANCIAL 1 7.25% $6,533
    Flagstar Bank, FSB 1 5.63% $9,939
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $9,575
    ACADEMY MORTGAGE CORPORATION 1 5.75% $24,779
    Paramount Bank 1 6.25% $10,448
    Paramount Residential Mortgage Group, Inc. 1 5.75% $10,534
    PLANET HOME LENDING, LLC 1 6.75% $23,859
    Prosperity Home Mortgage, LLC 1 5.75% $4,194

    The top Fairbanks VA lender as defined by loan originations is NEWREZ LLC, with 106 VA loans originated. Their average total fees are $11,030, which is $3,247 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Fairbanks VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($7,125), Alaska USA Federal Credit Union ($7,439), UNITED WHOLESALE MORTGAGE, LLC ($7,621), Mortgage Research Center, LLC ($7,783) and CROSSCOUNTRY MORTGAGE, LLC ($7,929).

    The lowest rate Fairbanks VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.91%), USAA Federal Savings Bank (5.96%), QUICKEN LOANS, LLC (5.97%), Alaska USA Federal Credit Union (6.23%) and CORNERSTONE HOME LENDING, INC. (6.26%).

    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.