Gaffney VA Loan Rates, Closing Costs & Stats

Gaffney, SC

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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.

    Gaffney's 33 lenders originated 88 VA loans during 2023. The total origination value was $23,030,000, with an average VA loan value of $261,705.

    Gaffney VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Gaffney averaged 6.44% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Gaffney's average VA mortgage closing costs are $5,036.

    The average rate for the prior week (2024-11-01) was 6.19% and one month ago for the week of 2024-10-04, the average rate was 5.52%.

    The average rate one year ago was 7.58%.

    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.

    Gaffney 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 Gaffney level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 16 7.06% $5,165
    INSPIRE HOME LOANS INC. 9 6.11% $4,725
    QUICKEN LOANS, LLC 7 5.89% $9,007
    UNITED WHOLESALE MORTGAGE, LLC 4 6.76% $2,938
    CARDINAL FINANCIAL 4 6.94% $11,684
    Sierra Pacific Mortgage Company, Inc. 4 6.00% $9,299
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.13% $263
    Fifth Third Bank 2 6.56% $2,887
    NAVY FEDERAL CREDIT UNION 2 5.94% $2,974
    FREEDOM MORTGAGE CORPORATION 2 6.75% $9,486
    MOVEMENT MORTGAGE, LLC 2 7.00% $8,634
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $6,488
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.44% $11,925
    MLD MORTGAGE INC. 1 6.88% $3,732
    NEW DAY FINANCIAL, LLC 1 7.50% $10,032
    Paramount Residential Mortgage Group, Inc. 1 6.25% $6,505
    PENNYMAC LOAN SERVICES, LLC 1 5.00% $2,945
    RELIANCE FIRST CAPITAL, LLC 1 6.88% $11,838
    RESOURCE FINANCIAL SERVICES, INC. 1 7.25% $10,132
    The Federal Savings Bank 1 6.13% $18,300
    HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.13% $2,936
    Bank of America 1 6.88% $4,341
    Bank of England 1 6.25% $5,637
    BROKER SOLUTIONS, INC. 1 6.25% $6,147
    Equity Prime Mortgage LLC 1 7.50% $4,976
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $6,740
    First-Citizens Bank & Trust Company 1 5.50% $3,713
    First Federal Bank 1 7.13% $21,640
    Flagstar Bank, FSB 1 7.25% $4,500
    GUILD MORTGAGE COMPANY 1 6.13% $8,611
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 7.25% $8,755
    ACOPIA, LLC 1 5.50% $3,377
    LOANDEPOT.COM, LLC 1 5.50% $12,181

    The top Gaffney VA lender as defined by loan originations is Mortgage Research Center, LLC, with 16 VA loans originated. Their average total fees are $5,165, which is $440 higher than the next largest lender, INSPIRE HOME LOANS INC..

    The lowest fee Gaffney VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,165), .

    The lowest rate Gaffney VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (7.06%), .

    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.