Kokomo VA Loans

KOKOMO, IN

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.

Kokomo's 50 lenders originated 348 VA loans during 2021. The total origination value was $63,030,000, with an average VA loan value of $181,121.

Kokomo VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Kokomo averaged 5.83% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.86% and one month ago for the week of 2022-04-08, the average rate was 5.39%.

The average rate one year ago was 3%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.48%.

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

Kokomo 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 Kokomo level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 42 2.84% $4,850
FREEDOM MORTGAGE CORPORATION 34 2.63% $2,006
QUICKEN LOANS, LLC 28 2.57% $4,075
GVC MORTGAGE, INC. 24 3.19% $6,561
PLAZA HOME MORTGAGE, INC. 18 2.81% $4,591
LEADERONE FINANCIAL CORPORATION 16 3.01% $2,474
PENNYMAC LOAN SERVICES, LLC 14 2.70% $3,937
RUOFF MORTGAGE COMPANY, INC. 14 3.16% $3,572
USAA Federal Savings Bank 10 2.86% $3,106
VILLAGE CAPITAL & INVESTMENT LLC 9 2.60% $2,039
CALIBER HOME LOANS, INC. 8 2.53% $2,538
NEW DAY FINANCIAL, LLC 7 2.75% $4,286
Low VA Rates, LLC 7 2.48% $3,902
NAVY FEDERAL CREDIT UNION 6 2.44% $3,005
VANDERBILT MORTGAGE AND FINANCE, INC. 5 3.00% $4,057
LAKEVIEW LOAN SERVICING, LLC 5 2.82% $1,959
LOANDEPOT.COM, LLC 5 2.77% $2,904
NEWREZ LLC 4 2.84% $2,127
GUARANTEED RATE, INC. 4 3.03% $4,358
Mr. Cooper ( Nationstar Mortgage ) 3 3.08% $3,919
PLANET HOME LENDING, LLC 2 2.38% $2,195
AMERISAVE MORTGAGE CORPORATION 2 2.31% $5,949
CLEARPATH LENDING 2 2.50% $2,999
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.56% $4,223
InterContinental Capital Group, Inc 2 2.31% $2,194
STOCKTON MORTGAGE CORPORATION 2 3.25% $7,620
HOMESIDE FINANCIAL, LLC 1 3.25% $7,823
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $2,249
HALLMARK HOME MORTGAGE, LLC 1 3.25% $2,459
MEMBER FIRST MORTGAGE, LLC 1 3.00% $2,406
FLAT BRANCH MORTGAGE, INC. 1 2.88% $2,591
Flagstar Bank, FSB 1 2.75% $5,885
FIRST CENTENNIAL MORTGAGE CORPORATION 1 2.50% $1,740
FINANCE OF AMERICA MORTGAGE LLC 1 3.38% $8,632
EVERETT FINANCIAL, INC. 1 4.00% $1,003
CROSSCOUNTRY MORTGAGE, LLC 1 3.63% $617
PENTAGON FEDERAL CREDIT UNION 1 2.25% $0
AMERIFIRST FINANCIAL CORPORATION 1 2.38% $9,422
Century Mortgage Company DBA Century Lending Company 1 2.25% $5,801
Carrington Mortgage Services, LLC 1 3.38% $5,817
ROYAL UNITED MORTGAGE LLC 1 2.75% $8,290
BROKER SOLUTIONS, INC. 1 2.50% $3,075
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $302
Wolfe Financial, Inc 1 3.25% $447
UNION HOME MORTGAGE CORP. 1 3.25% $1,739
BAYSHORE MORTGAGE FUNDING, LLC 1 3.50% $5,551
Barrington Bank & Trust Company, N.A. 1 3.00% $1,724
AmeriHome Mortgage Company, LLC 1 3.38% $2,023
Wells Fargo Bank 1 2.75% $3,249
KeyBank 1 3.13% $5,557

The top Kokomo VA lender as defined by loan originations is Mortgage Research Center, LLC, with 42 VA loans originated. Their average total fees are $4,850, which is $2,845 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Kokomo VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,006), LEADERONE FINANCIAL CORPORATION ($2,474), USAA Federal Savings Bank ($3,106), RUOFF MORTGAGE COMPANY, INC. ($3,572) and PENNYMAC LOAN SERVICES, LLC ($3,937).

The lowest rate Kokomo VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.57%), FREEDOM MORTGAGE CORPORATION (2.63%), PENNYMAC LOAN SERVICES, LLC (2.70%), PLAZA HOME MORTGAGE, INC. (2.81%) and Mortgage Research Center, LLC (2.84%).

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.