Fort Smith VA Loan Rates, Closing Costs & Stats

FORT SMITH, AR-OK

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 Smith's 67 lenders originated 366 VA loans during 2023. The total origination value was $84,890,000, with an average VA loan value of $231,940.

Fort Smith VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Fort Smith averaged 6.1% for the week of 2024-10-25, compared to the national average (all VA variants) of 6.14% for the same period.

Fort Smith's average VA mortgage closing costs are $4,780.

The average rate for the prior week (2024-10-18) was 6.31% and one month ago for the week of 2024-09-20, the average rate was 5.71%.

The average rate one year ago was 7.33%.

For refis of the same type during the week of 2024-10-25, the average rate was 6.26%.

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

Fort Smith 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 Smith level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 73 6.92% $4,428
Firstar Bank 32 6.21% $6,848
Arvest Bank 21 6.68% $4,136
SWBC MORTGAGE CORPORATION 20 6.53% $7,229
QUICKEN LOANS, LLC 15 6.29% $8,128
USAA Federal Savings Bank 14 6.37% $7,685
NAVY FEDERAL CREDIT UNION 12 5.70% $3,843
First Financial Bank 9 6.35% $8,686
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 6.49% $3,072
FREEDOM MORTGAGE CORPORATION 9 6.88% $10,458
PENNYMAC LOAN SERVICES, LLC 7 5.46% $4,791
MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.41% $5,351
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 6 6.71% $8,070
LEADERONE FINANCIAL CORPORATION 6 6.77% $4,051
Bank of England 6 5.90% $6,630
NEW DAY FINANCIAL, LLC 5 7.62% $8,945
LOANDEPOT.COM, LLC 5 6.45% $9,007
BancorpSouth 5 6.23% $5,262
Mr. Cooper ( Nationstar Mortgage ) 5 6.23% $9,310
FLAT BRANCH MORTGAGE, INC. 5 7.08% $7,196
AMERISAVE MORTGAGE CORPORATION 4 5.78% $17,052
Barrington Bank & Trust Company, N.A. 4 6.50% $6,152
U.S. Bank 4 6.34% $7,071
UNITED WHOLESALE MORTGAGE, LLC 4 6.53% $12,848
FIRST WESTERN MORTGAGE, INC. 3 6.75% $1,918
ON Q FINANCIAL, INC. 3 7.08% $5,661
Priority Bank 3 6.71% $5,670
LAKEVIEW LOAN SERVICING, LLC 2 6.25% $5,749
BROKER SOLUTIONS, INC. 2 6.06% $12,704
EVERETT FINANCIAL, INC. 2 6.75% $6,371
Flagstar Bank, FSB 2 6.25% $14,045
Gateway First Bank 2 6.25% $4,870
LOANPAL, LLC 2 6.00% $12,377
NEWREZ LLC 2 5.94% $7,783
Sierra Pacific Mortgage Company, Inc. 2 6.94% $1,484
UNITED 2 6.75% $5,245
BancFirst 1 6.38% $12,471
Mid-Continent Funding, Inc. 1 6.25% $10,254
MORTGAGE ACCESS CORP. 1 6.13% $13,804
MORTGAGE FINANCIAL SERVICES, LLC 1 6.50% $2,511
First Security Bank 1 6.00% $4,950
First Savings Bank 1 7.25% $5,419
First Horizon Bank 1 5.88% $3,391
First Federal Bank 1 6.75% $8,092
FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $5,419
AXIA FINANCIAL, LLC 1 7.13% $0
NP, Inc. 1 6.88% $9,381
ENCORE BANK 1 5.99% $1,984
Patriot Bank 1 5.25% $3,274
CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $14,698
POLARIS HOME FUNDING CORP. 1 5.75% $9,963
CORNERSTONE HOME LENDING, INC. 1 6.25% $7,218
Centennial Bank 1 6.75% $3,852
ROYAL UNITED MORTGAGE LLC 1 6.63% $13,912
ARKANSAS Federal Credit Union 1 5.25% $3,321
Simmons Bank 1 6.63% $10,641
STOCKTON MORTGAGE CORPORATION 1 5.75% $16,310
Carrington Mortgage Services, LLC 1 6.63% $6,856
The Central Trust Bank 1 5.75% $6,824
The Federal Savings Bank 1 6.25% $17,447
TOP FLITE FINANCIAL, INC. 1 7.25% $15,052
UNION HOME MORTGAGE CORP. 1 6.00% $2,882
VILLAGE CAPITAL MORTGAGE 1 5.75% $6,397
GUILD MORTGAGE COMPANY 1 7.63% $6,919
AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $65
GUARANTEED RATE, INC. 1 7.25% $0
Great Southern Bank 1 5.75% $2,369

The top Fort Smith VA lender as defined by loan originations is Mortgage Research Center, LLC, with 73 VA loans originated. Their average total fees are $4,428, which is $2,420 lower than the next largest lender, Firstar Bank.

The lowest fee Fort Smith VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,843), Arvest Bank ($4,136), Mortgage Research Center, LLC ($4,428), Firstar Bank ($6,848) and SWBC MORTGAGE CORPORATION ($7,229).

The lowest rate Fort Smith VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.70%), Firstar Bank (6.21%), QUICKEN LOANS, LLC (6.29%), USAA Federal Savings Bank (6.37%) and SWBC MORTGAGE CORPORATION (6.53%).

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.