Lake Charles VA Loans

LAKE CHARLES, LA

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.

Lake Charles's 73 lenders originated 530 VA loans during 2021. The total origination value was $122,770,000, with an average VA loan value of $231,642.

Lake Charles VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lake Charles averaged 5.38% 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 5.41% and one month ago for the week of 2022-04-08, the average rate was 5.23%.

The average rate one year ago was 2.95%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.09%.

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

Lake Charles 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 Lake Charles level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 57 2.92% $4,708
QUICKEN LOANS, LLC 42 2.47% $3,604
FREEDOM MORTGAGE CORPORATION 40 2.58% $3,124
PENNYMAC LOAN SERVICES, LLC 24 2.41% $4,780
UNITED WHOLESALE MORTGAGE, LLC 18 2.66% $4,723
CALIBER HOME LOANS, INC. 18 2.83% $6,323
DHI MORTGAGE COMPANY, LTD. 17 2.76% $5,088
LOANDEPOT.COM, LLC 16 2.71% $4,627
HOME POINT FINANCIAL CORPORATION 13 2.92% $6,402
USAA Federal Savings Bank 13 2.92% $6,707
NTFN, INC. 13 3.00% $6,849
GMFS LLC 10 2.74% $5,394
NEW DAY FINANCIAL, LLC 10 2.77% $6,735
LAKEVIEW LOAN SERVICING, LLC 10 2.41% $2,586
GUILD MORTGAGE COMPANY 10 2.71% $6,699
FIDELITY BANK 9 2.88% $4,958
VILLAGE CAPITAL & INVESTMENT LLC 9 2.33% $2,660
CLEARPATH LENDING 7 2.39% $3,772
NAVY FEDERAL CREDIT UNION 7 2.50% $5,846
DSLD MORTGAGE, LLC 6 2.82% $2,256
AMERICAN FINANCIAL NETWORK, INC. 6 2.52% $7,277
NP, Inc. 4 2.25% $2,214
Citizens Bank 4 2.47% $3,942
Nations Lending Corporation 4 3.59% $4,145
First Horizon Bank 4 2.75% $5,816
CRESCENT MORTGAGE COMPANY 4 2.84% $8,343
Wells Fargo Bank 4 2.56% $6,044
NATIONS RELIABLE LENDING, LLC 3 3.00% $4,578
Plains Commerce Bank 3 2.46% $10,019
Mr. Cooper ( Nationstar Mortgage ) 3 2.83% $7,048
InterContinental Capital Group, Inc 3 2.33% $3,033
AmeriHome Mortgage Company, LLC 3 2.79% $3,261
Assurance Financial Group, L.L.C. 2 2.88% $3,866
MID AMERICA MORTGAGE, INC. 2 2.87% $2,687
MORTGAGE FINANCIAL SERVICES, LLC 2 3.25% $4,280
NBKC BANK 2 2.37% $1,858
The Federal Savings Bank 2 2.50% $5,724
THE MORTGAGE FIRM, INC. 2 3.38% $2,023
Barrington Bank & Trust Company, N.A. 2 2.87% $2,357
JPMorgan Chase Bank 2 2.75% $1,715
Lakeview Community Capital, LLC 2 2.56% $804
NEWREZ LLC 2 2.44% $1,683
Wyndham Capital Mortgage, Inc. 1 3.00% $1,650
AMERICAN FINANCIAL RESOURCES, INC. 1 4.13% $1,592
AMERISAVE MORTGAGE CORPORATION 1 2.88% $3,845
Carrington Mortgage Services, LLC 1 2.88% $3,573
Chickasaw Community Bank 1 3.13% $12,796
Community First National Bank 1 2.63% $3,512
DAS Acquisition Company, LLC 1 3.75% $0
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 2.75% $2,593
Evolve Bank & Trust 1 2.50% $2,219
First Guaranty Mortgage Corporation 1 2.25% $5,106
First Home Bank 1 2.88% $8,840
Gateway First Bank 1 2.88% $4,406
GENEVA FINANCIAL, LLC 1 3.25% $6,616
Hancock Whitney Bank 1 2.38% $14,600
HOMESIDE FINANCIAL, LLC 1 2.63% $2,729
Hometown Equity Mortgage, LLC 1 3.13% $4,411
Low VA Rates, LLC 1 2.25% $4,259
Magnolia Bank 1 2.25% $6,397
MOVEMENT MORTGAGE, LLC 1 2.88% $6,479
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.38% $9,912
NATIONWIDE MORTGAGE BANKERS, INC. 1 2.50% $4,476
North American Savings Bank, F.S.B. 1 3.13% $9,267
PENTAGON FEDERAL CREDIT UNION 1 2.50% $2,855
PLANET HOME LENDING, LLC 1 2.75% $1,615
PLAZA HOME MORTGAGE, INC. 1 2.88% $3,861
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.63% $4,935
RUOFF MORTGAGE COMPANY, INC. 1 3.13% $14,779
SOUTHWEST FUNDING, LP 1 4.25% $12,646
SOUTHWEST STAGE FUNDING, LLC 1 4.38% $2,784
SOVEREIGN LENDING GROUP INCORPORATED 1 2.38% $1,969
STEARNS LENDING, LLC 1 2.99% $8,134

The top Lake Charles VA lender as defined by loan originations is Mortgage Research Center, LLC, with 57 VA loans originated. Their average total fees are $4,708, which is $1,104 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Lake Charles VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,586), FREEDOM MORTGAGE CORPORATION ($3,124), QUICKEN LOANS, LLC ($3,604), LOANDEPOT.COM, LLC ($4,627) and Mortgage Research Center, LLC ($4,708).

The lowest rate Lake Charles VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.41%), LAKEVIEW LOAN SERVICING, LLC (2.41%), QUICKEN LOANS, LLC (2.47%), FREEDOM MORTGAGE CORPORATION (2.58%) and UNITED WHOLESALE MORTGAGE, LLC (2.66%).

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.