Forest City VA Loan Rates, Closing Costs & Stats

Forest City, NC

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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.

    Forest City's 26 lenders originated 80 VA loans during 2023. The total origination value was $22,990,000, with an average VA loan value of $287,375.

    Forest City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Forest City averaged 6.74% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Forest City's average VA mortgage closing costs are $5,305.

    The average rate for the prior week (2024-11-01) was 6.69% and one month ago for the week of 2024-10-04, the average rate was 5.82%.

    The average rate one year ago was 7.68%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

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

    Forest City 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 Forest City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 19 6.95% $8,074
    MOVEMENT MORTGAGE, LLC 10 6.84% $3,155
    QUICKEN LOANS, LLC 7 6.14% $9,827
    UNITED WHOLESALE MORTGAGE, LLC 5 6.11% $8,539
    HOMESTAR FINANCIAL CORPORATION 4 7.00% $4,309
    NAVY FEDERAL CREDIT UNION 4 5.94% $3,035
    USAA Federal Savings Bank 4 6.00% $8,221
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.33% $9,291
    NEW DAY FINANCIAL, LLC 3 7.71% $9,974
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.13% $14,109
    LOANDEPOT.COM, LLC 1 5.99% $25,187
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 5.99% $7,124
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $15,068
    Encompass Lending Group, LP 1 7.49% $5,878
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $13,128
    CONTOUR MORTGAGE CORPORATION 1 6.75% $15,068
    VILLAGE CAPITAL MORTGAGE 1 5.38% $10,007
    ON Q FINANCIAL, INC. 1 7.75% $4,916
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $3,327
    CMG MORTGAGE, INC. 1 6.75% $3,705
    SOUTHWEST STAGE FUNDING, LLC 1 8.25% $11,322
    T2 FINANCIAL LLC 1 7.25% $6,622
    The Federal Savings Bank 1 6.75% $17,301
    CARDINAL FINANCIAL 1 8.25% $2,284
    BROKER SOLUTIONS, INC. 1 7.25% $10,344
    GoPrime Mortgage, Inc. 1 5.75% $4,313

    The top Forest City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $8,074, which is $4,919 higher than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Forest City VA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($3,155), Mortgage Research Center, LLC ($8,074), .

    The lowest rate Forest City VA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC (6.84%), Mortgage Research Center, LLC (6.95%), .

    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.