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 29 lenders originated 70 VA loans during 2023. The total origination value was $18,460,000, with an average VA loan value of $263,714.

    Fort Payne VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Fort Payne averaged 6.35% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Fort Payne's average VA mortgage closing costs are $4,896.

    The average rate for the prior week (2024-11-01) was 6.51% and one month ago for the week of 2024-10-04, the average rate was 5.63%.

    The average rate one year ago was 7.59%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.54%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 12 6.83% $3,096
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.77% $7,808
    QUICKEN LOANS, LLC 5 6.20% $10,281
    NAVY FEDERAL CREDIT UNION 4 5.94% $1,439
    FREEDOM MORTGAGE CORPORATION 3 6.92% $24,965
    UNITED WHOLESALE MORTGAGE, LLC 3 6.37% $6,219
    ACOPIA, LLC 2 6.69% $7,081
    CROSSCOUNTRY MORTGAGE, LLC 2 6.38% $13,635
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.50% $4,969
    MOVEMENT MORTGAGE, LLC 2 6.50% $10,881
    NEW DAY FINANCIAL, LLC 2 6.99% $8,959
    PENNYMAC LOAN SERVICES, LLC 2 5.69% $3,300
    Renasant Bank 2 5.50% $3,563
    Victorian Finance, LLC 2 6.37% $7,162
    VILLAGE CAPITAL MORTGAGE 2 6.25% $10,029
    Wells Fargo Bank 1 5.50% $18,152
    Total Media Management, LLC 1 7.25% $13,236
    CMG MORTGAGE, INC. 1 6.25% $5,279
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.63% $7,429
    USAA Federal Savings Bank 1 6.75% $6,230
    Barrington Bank & Trust Company, N.A. 1 6.75% $5,561
    RELIANCE FIRST CAPITAL, LLC 1 5.88% $3,103
    First Federal Bank, A FSB 1 5.63% $20,860
    Equity Prime Mortgage LLC 1 7.75% $1,027
    Gateway First Bank 1 6.25% $4,627
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $12,478
    LOANDEPOT.COM, LLC 1 6.99% $3,864
    MILEND, INC. 1 7.50% $5,929
    Consumer First Mortgage, Inc. 1 6.88% $4,937

    The top Fort Payne VA lender as defined by loan originations is Mortgage Research Center, LLC, with 12 VA loans originated. Their average total fees are $3,096, which is $4,712 lower than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Fort Payne VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,096), .

    The lowest rate Fort Payne VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.83%), .

    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.