Fort Payne VA Loan Rates, Closing Costs & Stats

Fort Payne, AL

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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.

    Fort Payne's 32 lenders originated 101 VA loans during 2024. The total origination value was $27,415,000, with an average VA loan value of $271,436.

    Fort Payne VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fort Payne averaged 6.55% for the week of 2025-04-04, compared to the national average (all VA variants) of 6.06% for the same period.

    Fort Payne's average VA mortgage closing costs are $5,314.

    The average rate for the prior week (2025-03-28) was 6.57% and one month ago for the week of 2025-02-28, the average rate was 6.65%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.42%.

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

    Fort Payne 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 Fort Payne level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 25 6.25% $5,407
    QUICKEN LOANS, LLC 11 6.04% $8,574
    UNITED WHOLESALE MORTGAGE, LLC 9 6.04% $5,532
    NEW DAY FINANCIAL, LLC 8 7.49% $15,418
    FREEDOM MORTGAGE CORPORATION 4 6.44% $9,423
    PENNYMAC LOAN SERVICES, LLC 4 6.03% $9,805
    FirstBank 3 6.08% $64
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.16% $7,400
    ACOPIA, LLC 2 6.75% $3,761
    CANOPY MORTGAGE, LLC 2 6.44% $7,200
    NAVY FEDERAL CREDIT UNION 2 6.00% $11,101
    STOCKTON MORTGAGE CORPORATION 2 3.56% $12,035
    USAA Federal Savings Bank 2 5.88% $6,130
    VILLAGE CAPITAL MORTGAGE 2 5.75% $8,846
    LAKEVIEW LOAN SERVICING, LLC 1 5.25% $8,204
    Legends Bank 1 6.50% $7,808
    Mid-Continent Funding, Inc. 1 5.75% $2,328
    Carrington Mortgage Services, LLC 1 6.38% $14,211
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $3,809
    UNION HOME MORTGAGE CORP. 1 5.88% $20,300
    BROKER SOLUTIONS, INC. 1 5.75% $4,170
    Barrington Bank & Trust Company, N.A. 1 5.75% $2,278
    PNC Bank 1 6.00% $3,292
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $15,542
    REDSTONE Federal Credit Union 1 6.00% $11,029
    Renasant Bank 1 6.75% $1,613
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.38% $12,324
    TOWNE MORTGAGE COMPANY 1 6.75% $2,820
    FIRST COMMUNITY MORTGAGE, INC. 1 6.13% $11,622
    CMG MORTGAGE, INC. 1 5.63% $4,189
    HOMESIDE FINANCIAL, LLC 1 6.63% $582
    JPMorgan Chase Bank 1 6.99% $10,017

    The top Fort Payne VA lender as defined by loan originations is Mortgage Research Center, LLC, with 25 VA loans originated. Their average total fees are $5,407, which is $3,167 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Fort Payne VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,407), QUICKEN LOANS, LLC ($8,574), .

    The lowest rate Fort Payne VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.04%), Mortgage Research Center, LLC (6.25%), .

    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.