Key West VA Loans

Key West, FL

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 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.

Key West's 83 lenders originated 447 VA loans during 2021. The total origination value was $242,605,000, with an average VA loan value of $542,740.

Key West VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Key West averaged 5.38% for the week of 2022-08-05, compared to the national average (all VA variants) of 5.013% for the same period.

The average rate for the prior week (2022-07-29) was 5.74% and one month ago for the week of 2022-07-01, the average rate was 5.56%.

The average rate one year ago was 2.94%.

For refis of the same type during the week of 2022-08-05, the average rate was 5.13%.

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

Key West VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Key West level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
First Horizon Bank 46 2.73% $13,599
Mortgage Research Center, LLC 42 2.81% $15,266
UNITED WHOLESALE MORTGAGE, LLC 35 2.65% $13,831
FREEDOM MORTGAGE CORPORATION 29 2.36% $5,413
QUICKEN LOANS, LLC 27 2.36% $7,380
NAVY FEDERAL CREDIT UNION 26 2.46% $8,784
HOME POINT FINANCIAL CORPORATION 22 2.45% $12,924
PENNYMAC LOAN SERVICES, LLC 21 2.34% $10,187
AXIA FINANCIAL, LLC 11 2.86% $9,218
LAKEVIEW LOAN SERVICING, LLC 10 2.50% $2,598
LOANDEPOT.COM, LLC 8 2.28% $10,025
NEW DAY FINANCIAL, LLC 7 2.59% $12,457
EMM LOANS LLC 6 2.90% $10,948
CALIBER HOME LOANS, INC. 6 2.79% $21,109
PENTAGON FEDERAL CREDIT UNION 6 2.33% $4,309
Lakeview Community Capital, LLC 5 2.35% $2,311
UNION HOME MORTGAGE CORP. 5 2.30% $10,937
MOVEMENT MORTGAGE, LLC 4 2.63% $10,454
Flagstar Bank, FSB 4 2.72% $10,930
CROSSCOUNTRY MORTGAGE, LLC 4 2.59% $19,478
CMG MORTGAGE, INC. 3 2.25% $23,715
Truist Bank 3 2.67% $8,129
AMERICAN FINANCIAL NETWORK, INC. 3 2.87% $44,624
NBKC BANK 3 2.63% $18,958
USAA Federal Savings Bank 3 2.67% $4,778
PLANET HOME LENDING, LLC 3 2.67% $7,716
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 3 2.63% $5,082
Mr. Cooper ( Nationstar Mortgage ) 3 2.46% $13,454
South State Bank 3 2.46% $18,349
Mid-Continent Funding, Inc. 2 2.69% $4,251
AMERISAVE MORTGAGE CORPORATION 2 2.38% $5,764
NP, Inc. 2 2.25% $4,859
Low VA Rates, LLC 2 2.25% $7,595
NEWREZ LLC 2 2.63% $2,892
GUARANTEED RATE AFFINITY, LLC 2 2.44% $4,761
Nations Lending Corporation 2 2.88% $8,367
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.44% $1,933
SUN WEST MORTGAGE COMPANY, INC. 1 2.75% $6,224
The Central Trust Bank 1 2.25% $3,188
The Cortland Savings and Banking Company 1 2.38% $4,378
THE MORTGAGE FIRM, INC. 1 2.88% $29,379
Towne Bank 1 2.25% $5,787
TOWNE MORTGAGE COMPANY 1 2.75% $4,847
U.S. Bank 1 2.99% $4,006
VILLAGE CAPITAL & INVESTMENT LLC 1 2.25% $1,900
ACCELERATE MORTGAGE, LLC 1 2.50% $6,283
Wells Fargo Bank 1 2.25% $4,198
AMERICAN FINANCING CORPORATION 1 2.25% $2,132
AmeriHome Mortgage Company, LLC 1 2.75% $2,197
BNC National Bank 1 2.38% $6,253
BROKER SOLUTIONS, INC. 1 2.25% $4,682
CALCON MUTUAL MORTGAGE LLC 1 2.25% $18,435
Carrington Mortgage Services, LLC 1 2.75% $2,289
Centennial Bank 1 2.25% $4,866
CHURCHILL MORTGAGE CORPORATION 1 2.25% $4,499
Citizens Bank 1 2.63% $14,906
CLEARPATH LENDING 1 2.75% $6,974
COLUMBUS CAPITAL LENDING, LLC 1 3.38% $13,481
CONTOUR MORTGAGE CORPORATION 1 2.38% $5,446
DIRECT MORTGAGE LOANS, LLC 1 4.13% $65,551
EVERETT FINANCIAL, INC. 1 3.38% $2,824
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 3.13% $6,792
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $14,265
First Option Mortgage, LLC 1 3.13% $4,322
Florida Capital Bank 1 2.25% $6,696
GENEVA FINANCIAL, LLC 1 2.50% $3,600
HOMESPIRE MORTGAGE CORPORATION 1 2.25% $2,533
InterContinental Capital Group, Inc 1 2.75% $7,532
Manufacturers and Traders Trust Company 1 2.38% $7,519
MID AMERICA MORTGAGE, INC. 1 3.38% $8,266
Mortgage Lenders Investment Trading Corporation 1 2.75% $27,795
Mortgage Network, Inc. 1 2.38% $8,756
Network Funding, L.P. 1 2.75% $7,047
North American Savings Bank, F.S.B. 1 2.75% $35,815
OVM FINANCIAL, INC. 1 3.00% $20,928
PARKSIDE LENDING, LLC 1 2.63% $10,759
PLAZA HOME MORTGAGE, INC. 1 2.50% $23,246
Prime Choice Funding Inc. 1 2.25% $2,414
Renasant Bank 1 3.13% $4,948
RESIDENTIAL BANCORP. 1 2.49% $4,600
Shamrock Home Loans, Inc. 1 2.88% $19,412
Strong Home Mortgage, LLC 1 2.50% $10,740
SUCCESS MORTGAGE PARTNERS, INC. 1 2.25% $7,607

The top Key West VA lender as defined by loan originations is First Horizon Bank, with 46 VA loans originated. Their average total fees are $13,599, which is $1,667 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Key West VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,598), FREEDOM MORTGAGE CORPORATION ($5,413), QUICKEN LOANS, LLC ($7,380), NAVY FEDERAL CREDIT UNION ($8,784) and AXIA FINANCIAL, LLC ($9,218).

The lowest rate Key West VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.34%), FREEDOM MORTGAGE CORPORATION (2.36%), QUICKEN LOANS, LLC (2.36%), HOME POINT FINANCIAL CORPORATION (2.45%) and NAVY FEDERAL CREDIT UNION (2.46%).

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.