Jackson VA Loan Rates, Closing Costs & Stats

JACKSON, TN

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.