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%.
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.
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%).