Florence VA Loan Rates, Closing Costs & Stats

FLORENCE-MUSCLE SHOALS, AL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Florence's 56 lenders originated 196 VA loans during 2023. The total origination value was $49,910,000, with an average VA loan value of $254,643.

    Florence VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Florence averaged 6.13% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

    Florence's average VA mortgage closing costs are $4,834.

    The average rate for the prior week (2024-10-04) was 5.9% and one month ago for the week of 2024-09-06, the average rate was 5.79%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-10-11, the average rate was 6.3%.

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

    Florence 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 Florence level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 40 6.81% $4,967
    QUICKEN LOANS, LLC 12 6.25% $7,655
    Trustmark National Bank 11 6.47% $4,666
    Assurance Financial Group, L.L.C. 11 6.83% $4,778
    NAVY FEDERAL CREDIT UNION 9 5.96% $2,239
    UNITED WHOLESALE MORTGAGE, LLC 9 6.01% $7,229
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 8 6.45% $4,721
    NEW DAY FINANCIAL, LLC 5 7.34% $10,320
    PENNYMAC LOAN SERVICES, LLC 4 5.13% $5,028
    LOANDEPOT.COM, LLC 4 5.53% $12,704
    First Federal Bank, A FSB 4 6.25% $10,801
    Wolfe Financial, Inc 3 7.42% $4,648
    FREEDOM MORTGAGE CORPORATION 3 6.92% $9,515
    GUILD MORTGAGE COMPANY 3 4.88% $7,760
    MORTGAGE SOLUTIONS OF COLORADO, LLC 3 8.00% $2,793
    United Community Bank 3 6.71% $9,617
    USAA Federal Savings Bank 3 6.29% $8,990
    VILLAGE CAPITAL MORTGAGE 3 6.00% $6,190
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.75% $3,867
    NEWREZ LLC 2 6.94% $4,542
    AMERISAVE MORTGAGE CORPORATION 2 5.81% $8,275
    Barrington Bank & Trust Company, N.A. 2 6.69% $7,440
    CROSSCOUNTRY MORTGAGE, LLC 2 5.84% $4,297
    JPMorgan Chase Bank 2 6.75% $1,374
    MOVEMENT MORTGAGE, LLC 2 7.44% $5,518
    The Federal Savings Bank 2 5.88% $20,295
    GUARANTEED RATE, INC. 2 6.00% $4,709
    NBH Bank 1 5.75% $6,150
    NBKC BANK 1 6.38% $12,838
    Bank Independent 1 6.13% $3,262
    Armed Forces Bank 1 5.75% $5,608
    PENTAGON FEDERAL CREDIT UNION 1 5.13% $5,884
    PHH Mortgage Corporation 1 6.50% $6,862
    Plains Commerce Bank 1 5.75% $5,617
    Prosperity Home Mortgage, LLC 1 5.63% $13,008
    REDSTONE Federal Credit Union 1 7.00% $2,860
    Regions Bank 1 5.63% $6,666
    Renasant Bank 1 5.63% $30,371
    American Mortgage & Equity Consultants, Inc. 1 7.25% $3,675
    UNION HOME MORTGAGE CORP. 1 5.63% $7,669
    Alcova Mortgage LLC 1 6.75% $0
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.25% $4,968
    Consumer First Mortgage, Inc. 1 6.50% $2,426
    DRAPER AND KRAMER MORTGAGE CORP. 1 5.25% $6,806
    Equity Prime Mortgage LLC 1 7.75% $641
    CIS Financial Services, Inc. 1 7.13% $3,314
    Century Mortgage Company DBA Century Lending Company 1 5.88% $6,078
    FirstBank 1 5.88% $8,474
    Wells Fargo Bank 1 6.00% $291
    U.S. Bank 1 5.75% $3,864
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $9,391
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $8,170
    CB&S Bank, Inc. 1 6.75% $14,891
    BROKER SOLUTIONS, INC. 1 6.75% $4,003
    Victorian Finance, LLC 1 7.25% $7,864
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $12,519

    The top Florence VA lender as defined by loan originations is Mortgage Research Center, LLC, with 40 VA loans originated. Their average total fees are $4,967, which is $2,689 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Florence VA lenders (with over 10 loans originated) are Trustmark National Bank ($4,666), Assurance Financial Group, L.L.C. ($4,778), Mortgage Research Center, LLC ($4,967), QUICKEN LOANS, LLC ($7,655) and .

    The lowest rate Florence VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.25%), Trustmark National Bank (6.47%), Mortgage Research Center, LLC (6.81%), Assurance Financial Group, L.L.C. (6.83%) and .

    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.