Florence VA Loan Rates, Closing Costs & Stats

FLORENCE-MUSCLE SHOALS, AL

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 6.28% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

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

The average rate for the prior week (2024-07-12) was 6.72% and one month ago for the week of 2024-06-14, the average rate was 6.38%.

The average rate one year ago was 6.86%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.35%.

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.