Jackson VA Loan Rates, Closing Costs & Stats

JACKSON, TN

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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.

    Jackson's 61 lenders originated 264 VA loans during 2023. The total origination value was $71,360,000, with an average VA loan value of $270,303.

    Jackson VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Jackson averaged 5.97% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

    Jackson's average VA mortgage closing costs are $5,097.

    The average rate for the prior week (2024-10-04) was 5.94% and one month ago for the week of 2024-09-06, the average rate was 5.73%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2024-10-11, the average rate was 6.07%.

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

    Jackson 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 Jackson level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 59 6.79% $4,755
    QUICKEN LOANS, LLC 20 6.11% $12,647
    MORTGAGE INVESTORS GROUP, INC. 14 6.41% $4,642
    Leaders Credit Union 12 6.79% $6,184
    FREEDOM MORTGAGE CORPORATION 11 6.45% $9,335
    NAVY FEDERAL CREDIT UNION 10 5.80% $3,711
    PENNYMAC LOAN SERVICES, LLC 10 5.23% $4,978
    UNITED WHOLESALE MORTGAGE, LLC 9 6.33% $6,771
    FIRST COMMUNITY MORTGAGE, INC. 9 6.10% $6,150
    NEW DAY FINANCIAL, LLC 8 7.54% $8,752
    The Federal Savings Bank 7 6.27% $10,975
    Regions Bank 6 6.08% $7,586
    VILLAGE CAPITAL MORTGAGE 5 5.93% $7,745
    USAA Federal Savings Bank 4 5.91% $8,318
    BROKER SOLUTIONS, INC. 4 6.78% $6,459
    CROSSCOUNTRY MORTGAGE, LLC 3 6.92% $2,011
    NEWREZ LLC 3 6.42% $8,742
    First Horizon Bank 3 6.75% $4,016
    Mid-Continent Funding, Inc. 2 5.69% $7,143
    GUARANTEED RATE, INC. 2 6.00% $4,850
    Barrington Bank & Trust Company, N.A. 2 6.13% $7,516
    Bank of England 2 6.44% $7,715
    HomePromise Corporation 2 7.00% $8,750
    LOANDEPOT.COM, LLC 2 5.99% $8,359
    Equity Prime Mortgage LLC 2 7.00% $2,343
    Paramount Residential Mortgage Group, Inc. 2 6.44% $6,883
    POLARIS HOME FUNDING CORP. 1 7.25% $22,439
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $5,971
    Simmons Bank 1 5.63% $4,257
    SOVEREIGN LENDING GROUP INCORPORATED 1 4.50% $16,069
    STOCKTON MORTGAGE CORPORATION 1 6.75% $10,814
    SUMMIT FUNDING, INC. 1 6.50% $9,536
    THE MORTGAGE FIRM, INC. 1 5.25% $2,659
    V.I.P. MORTGAGE, INC. 1 6.75% $1,424
    ACOPIA, LLC 1 6.88% $1,624
    ZILLOW HOME LOANS, LLC 1 6.75% $3,285
    CANOPY MORTGAGE, LLC 1 5.75% $19,872
    CHURCHILL MORTGAGE CORPORATION 1 7.63% $13,365
    Citizens Bank 1 6.88% $4,353
    CMG MORTGAGE, INC. 1 6.75% $8,458
    Cornerstone First Mortgage, Inc 1 5.75% $5,799
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $5,817
    EVERETT FINANCIAL, INC. 1 6.25% $3,957
    Evolve Bank & Trust 1 5.75% $11,061
    FBC MORTGAGE, LLC 1 7.25% $8,917
    FirstBank 1 7.13% $1,623
    Flagstar Bank, FSB 1 7.25% $22,439
    GENEVA FINANCIAL, LLC 1 7.00% $3,373
    GUARANTEED RATE AFFINITY, LLC 1 5.75% $5,876
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.25% $7,584
    JPMorgan Chase Bank 1 6.49% $10,886
    LEADERONE FINANCIAL CORPORATION 1 6.63% $4,712
    Legends Bank 1 7.13% $3,440
    LOANPAL, LLC 1 6.75% $18,558
    Magnolia Bank 1 6.75% $15,624
    MOVEMENT MORTGAGE, LLC 1 6.63% $6,293
    Mr. Cooper ( Nationstar Mortgage ) 1 7.50% $6,436
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $10,684
    Patriot Bank 1 5.75% $23,980
    PENTAGON FEDERAL CREDIT UNION 1 5.13% $9,936
    PLANET HOME LENDING, LLC 1 5.38% $2,169

    The top Jackson VA lender as defined by loan originations is Mortgage Research Center, LLC, with 59 VA loans originated. Their average total fees are $4,755, which is $7,892 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Jackson VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,711), MORTGAGE INVESTORS GROUP, INC. ($4,642), Mortgage Research Center, LLC ($4,755), PENNYMAC LOAN SERVICES, LLC ($4,978) and Leaders Credit Union ($6,184).

    The lowest rate Jackson VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.23%), NAVY FEDERAL CREDIT UNION (5.80%), QUICKEN LOANS, LLC (6.11%), MORTGAGE INVESTORS GROUP, INC. (6.41%) and FREEDOM MORTGAGE CORPORATION (6.45%).

    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.