Lake City VA Loan Rates, Closing Costs & Stats

Lake City, FL

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    • 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.

    Lake City's 44 lenders originated 148 VA loans during 2023. The total origination value was $41,830,000, with an average VA loan value of $282,635.

    Lake City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lake City averaged 6.41% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Lake City's average VA mortgage closing costs are $5,902.

    The average rate for the prior week (2024-07-12) was 6.65% and one month ago for the week of 2024-06-14, the average rate was 6.81%.

    The average rate one year ago was 6.69%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.4%.

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

    Lake City 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 Lake City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 29 6.79% $8,021
    MOVEMENT MORTGAGE, LLC 13 6.44% $9,321
    First Federal Bank 11 6.52% $6,833
    UNITED WHOLESALE MORTGAGE, LLC 10 6.83% $6,542
    QUICKEN LOANS, LLC 10 6.13% $9,457
    AMERICAN FINANCIAL NETWORK, INC. 6 7.04% $4,965
    FREEDOM MORTGAGE CORPORATION 4 6.31% $13,212
    NAVY FEDERAL CREDIT UNION 4 5.72% $3,373
    NEW DAY FINANCIAL, LLC 4 7.44% $18,010
    FBC MORTGAGE, LLC 4 5.75% $5,806
    CARDINAL FINANCIAL 3 6.12% $15,496
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.50% $5,746
    PENNYMAC LOAN SERVICES, LLC 2 5.75% $7,970
    Equity Prime Mortgage LLC 2 6.63% $8,151
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.81% $7,965
    Century Mortgage Company DBA Century Lending Company 2 6.13% $2,900
    AMERISAVE MORTGAGE CORPORATION 2 6.69% $3,195
    BROKER SOLUTIONS, INC. 2 7.00% $15,014
    GUILD MORTGAGE COMPANY 2 7.13% $7,589
    HomePromise Corporation 2 7.63% $9,806
    SUN WEST MORTGAGE COMPANY, INC. 1 7.25% $4,867
    THE MORTGAGE FIRM, INC. 1 6.00% $9,363
    UNION HOME MORTGAGE CORP. 1 6.25% $5,998
    AMERICAN BANCSHARES MORTGAGE 1 6.00% $16,472
    VYSTAR 1 6.38% $4,089
    Ameris Bank 1 6.13% $7,938
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.75% $6,632
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.25% $175
    Barrington Bank & Trust Company, N.A. 1 7.63% $25,580
    City National Bank of Florida 1 6.37% $11,479
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $1,874
    FIRST COMMUNITY MORTGAGE, INC. 1 6.99% $8,557
    Goldwater Bank, N.A. 1 9.63% $15,587
    GUARANTEED RATE, INC. 1 5.75% $7,937
    HOMESPIRE MORTGAGE CORPORATION 1 6.63% $3,483
    INSPIRE HOME LOANS INC. 1 5.25% $11,256
    JPMorgan Chase Bank 1 7.00% $1,788
    Mortgage Lenders Investment Trading Corporation 1 6.75% $13,868
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $20,895
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $5,803
    NFM, INC. 1 7.50% $4,770
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.63% $13,275
    RELIANCE FIRST CAPITAL, LLC 1 5.63% $19,853
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $25,433

    The top Lake City VA lender as defined by loan originations is Mortgage Research Center, LLC, with 29 VA loans originated. Their average total fees are $8,021, which is $1,300 lower than the next largest lender, MOVEMENT MORTGAGE, LLC.

    The lowest fee Lake City VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($6,542), First Federal Bank ($6,833), Mortgage Research Center, LLC ($8,021), MOVEMENT MORTGAGE, LLC ($9,321) and QUICKEN LOANS, LLC ($9,457).

    The lowest rate Lake City VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.13%), MOVEMENT MORTGAGE, LLC (6.44%), First Federal Bank (6.52%), Mortgage Research Center, LLC (6.79%) and UNITED WHOLESALE MORTGAGE, LLC (6.83%).

    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.