Lakeland VA Loan Rates, Closing Costs & Stats

LAKELAND-WINTER HAVEN, 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 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.

Lakeland's 152 lenders originated 1,663 VA loans during 2023. The total origination value was $554,635,000, with an average VA loan value of $333,515.

Lakeland VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lakeland averaged 6.59% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

Lakeland's average VA mortgage closing costs are $6,253.

The average rate for the prior week (2024-05-10) was 6.4% and one month ago for the week of 2024-04-12, the average rate was 6.48%.

The average rate one year ago was 6.09%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.88%.

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

Lakeland 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 Lakeland level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 203 6.72% $7,656
UNITED WHOLESALE MORTGAGE, LLC 143 6.29% $9,718
DHI MORTGAGE COMPANY, LTD. 93 5.42% $6,222
EAGLE HOME MORTGAGE, LLC 86 5.53% $4,708
QUICKEN LOANS, LLC 70 6.06% $11,910
LOANDEPOT.COM, LLC 61 5.94% $9,866
HOME SOLUTION LENDERS INC. 49 5.77% $11,594
VANDERBILT MORTGAGE AND FINANCE, INC. 38 5.54% $3,315
FREEDOM MORTGAGE CORPORATION 36 6.34% $15,999
NAVY FEDERAL CREDIT UNION 31 5.86% $5,224
THE MORTGAGE FIRM, INC. 31 6.25% $9,252
CROSSCOUNTRY MORTGAGE, LLC 29 6.54% $8,849
NEW DAY FINANCIAL, LLC 27 7.21% $13,955
USAA Federal Savings Bank 27 6.31% $10,088
MOVEMENT MORTGAGE, LLC 25 6.57% $7,853
FBC MORTGAGE, LLC 25 5.98% $6,964
KBHS HOME LOANS, LLC 22 6.07% $10,234
PENNYMAC LOAN SERVICES, LLC 22 5.95% $13,663
EVERETT FINANCIAL, INC. 21 6.95% $10,311
Plains Commerce Bank 19 6.35% $9,557
NFM, INC. 19 6.18% $8,967
NVR Mortgage Finance, Inc. 18 5.53% $6,852
NEWREZ LLC 18 6.22% $10,821
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 6.25% $10,236
CMG MORTGAGE, INC. 17 5.73% $16,579
GUARANTEED RATE, INC. 17 6.43% $7,930
BROKER SOLUTIONS, INC. 16 6.57% $13,478
The Federal Savings Bank 15 6.31% $16,681
HOMEBRIDGE FINANCIAL SERVICES, INC. 13 5.48% $15,965
VILLAGE CAPITAL MORTGAGE 13 6.01% $10,230
CARDINAL FINANCIAL 13 6.27% $12,301
South Pacific Financial Corporation 13 5.35% $6,872
GUILD MORTGAGE COMPANY 13 6.57% $13,759
STOCKTON MORTGAGE CORPORATION 12 6.69% $9,800
HOMEAMERICAN MORTGAGE CORPORATION 12 5.64% $7,606
Flagstar Bank, FSB 10 7.20% $7,969
Waterstone Mortgage Corporation 10 6.61% $14,257
PULTE MORTGAGE LLC 8 5.89% $3,561
Sierra Pacific Mortgage Company, Inc. 8 5.86% $11,585
CALIBER HOME LOANS, INC. 8 5.58% $7,092
Mr. Cooper ( Nationstar Mortgage ) 7 5.70% $15,715
Equity Prime Mortgage LLC 7 6.96% $11,262
Mid-Continent Funding, Inc. 7 6.45% $14,536
PLAZA HOME MORTGAGE, INC. 6 6.79% $10,268
GARDNER FINANCIAL SERVICES, LTD. 6 7.08% $8,798
Barrington Bank & Trust Company, N.A. 6 6.33% $10,419
AMERICAN FINANCIAL NETWORK, INC. 6 6.40% $8,243
AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.65% $18,466
JET HOMELOANS, LLC 5 6.83% $4,880
Paramount Residential Mortgage Group, Inc. 5 6.50% $9,954
Century Mortgage Company DBA Century Lending Company 5 5.83% $12,511
PENTAGON FEDERAL CREDIT UNION 5 5.33% $7,797
AMERISAVE MORTGAGE CORPORATION 5 5.68% $13,160
GUARANTEED RATE AFFINITY, LLC 4 6.00% $6,795
UNION HOME MORTGAGE CORP. 4 6.00% $12,062
PLANET HOME LENDING, LLC 4 6.59% $9,259
PARK SQUARE HOME MORTGAGE, LLC 4 4.59% $12,440
HOMESIDE FINANCIAL, LLC 4 7.00% $9,605
OCMBC, INC. 4 6.69% $10,338
MICHIGAN MUTUAL, INC. 4 6.31% $10,777
MUTUAL OF OMAHA MORTGAGE, INC. 4 6.34% $17,690
American Mortgage & Equity Consultants, Inc. 4 6.91% $9,915
GSF Mortgage Corporation 3 6.17% $9,340
AMCAP MORTGAGE, LTD. 3 6.96% $8,249
Mortgage Lenders Investment Trading Corporation 3 7.25% $8,718
SUN WEST MORTGAGE COMPANY, INC. 3 6.15% $8,986
LAKEVIEW LOAN SERVICING, LLC 3 5.92% $12,392
Citizens Bank 3 6.38% $7,567
NBKC BANK 3 6.13% $8,458
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 7.50% $4,112
RELIANCE FIRST CAPITAL, LLC 3 6.42% $9,916
VAN DYK MORTGAGE CORPORATION 3 6.75% $6,662
Ixonia Bank 2 7.19% $10,525
FIRST COMMUNITY MORTGAGE, INC. 2 6.94% $11,799
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.06% $8,552
BNC National Bank 2 5.69% $9,185
Armed Forces Bank 2 5.69% $11,153
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 5.63% $12,268
WATSON MORTGAGE CORP. 2 6.88% $8,015
T2 FINANCIAL LLC 2 7.19% $8,487
Truist 2 6.25% $3,598
First Federal Bank 2 5.88% $13,538
METROPLEX MORTGAGE SERVICES, INC. 2 6.38% $16,522
EMBRACE HOME LOANS, INC. 2 6.69% $19,349
ALLIED MORTGAGE GROUP, INC. 2 6.69% $10,609
EQUITY RESOURCES, INC. 2 6.50% $8,936
GERSHMAN INVESTMENT CORP. 2 6.56% $5,296
South State Bank 2 5.94% $2,663
ACOPIA, LLC 2 6.75% $5,175
Strong Home Mortgage, LLC 2 5.88% $9,012
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 2 6.44% $8,235
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.69% $9,747
INSPIRE HOME LOANS INC. 2 5.50% $5,615
Wells Fargo Bank 1 6.38% $17,085
Advance Financial Group, LLC 1 6.25% $12,852
Alcova Mortgage LLC 1 5.88% $10,837
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $10,326
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 6.75% $2,092
Ameris Bank 1 6.13% $12,973
Assurance Financial Group, L.L.C. 1 5.75% $15,584
Bank of England 1 6.25% $6,651
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 5.75% $10,177
CANOPY MORTGAGE, LLC 1 5.99% $11,387
Capital Bank 1 5.63% $4,720
CASTLE & COOKE MORTGAGE, LLC 1 5.99% $25,169
Centennial Bank 1 6.13% $19,699
CHERRY CREEK MORTGAGE, LLC 1 7.13% $11,010
CIBM Bank 1 5.75% $11,103
CLIFFCO, INC. 1 6.99% $9,797
Community First National Bank 1 5.25% $5,319
Cornerstone First Mortgage, Inc 1 6.25% $1,960
Credence Funding Corporation 1 5.63% $13,054
EMM LOANS LLC 1 6.13% $21,982
ENDEAVOR CAPITAL, LLC. 1 6.63% $6,515
Fifth Third Bank 1 6.00% $630
FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.75% $29,295
First Federal Bank, A FSB 1 5.25% $6,846
First Heritage Mortgage, LLC 1 6.50% $24,188
First Savings Bank 1 5.00% $13,902
GENEVA FINANCIAL, LLC 1 6.25% $23,361
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 6.49% $8,914
HomePromise Corporation 1 7.75% $9,002
JMJ FINANCIAL GROUP 1 6.00% $16,773
Keystone Funding, Inc. 1 5.25% $7,934
LEADERONE FINANCIAL CORPORATION 1 6.25% $20,825
LOANPAL, LLC 1 6.75% $19,252
Meridian Bank Corporation 1 7.63% $4,551
MILEND, INC. 1 7.00% $9,811
MORTGAGE 1 INCORPORATED 1 5.63% $6,509
MORTGAGE ACCESS CORP. 1 6.63% $37,178
MORTGAGEONE, INC. 1 7.25% $7,314
MY MORTGAGE, INC. 1 6.75% $8,712
Nations Lending Corporation 1 6.75% $22,137
NATIONS RELIABLE LENDING, LLC 1 6.50% $10,299
Network Funding, L.P. 1 5.75% $8,010
ON Q FINANCIAL, INC. 1 7.13% $13,588
OPEN MORTGAGE, LLC 1 5.25% $3,494
Pinnacle Bank 1 6.25% $5,346
PNC Bank 1 6.00% $5,868
PREMIA MORTGAGE, LLC 1 6.00% $9,930
ROSS MORTGAGE CORPORATION 1 6.50% $26,267
Shamrock Home Loans, Inc. 1 6.50% $3,032
SOUTHWEST STAGE FUNDING, LLC 1 7.50% $1,355
SWBC MORTGAGE CORPORATION 1 7.00% $8,620
Synovus Bank 1 6.25% $15,201
The Central Trust Bank 1 5.75% $14,712
TOWNE MORTGAGE COMPANY 1 6.25% $7,629
Town Square Mortgage & Investments, Inc. 1 6.75% $10,050
U.S. Bank 1 6.13% $2,866
VELOCIO MORTGAGE L.L.C. 1 5.50% $10,377
Watermark Capital, Inc. 1 5.50% $12,645
ACADEMY MORTGAGE CORPORATION 1 7.25% $6,542

The top Lakeland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 203 VA loans originated. Their average total fees are $7,656, which is $2,062 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Lakeland VA lenders (with over 10 loans originated) are VANDERBILT MORTGAGE AND FINANCE, INC. ($3,315), EAGLE HOME MORTGAGE, LLC ($4,708), NAVY FEDERAL CREDIT UNION ($5,224), DHI MORTGAGE COMPANY, LTD. ($6,222) and NVR Mortgage Finance, Inc. ($6,852).

The lowest rate Lakeland VA lenders (with over 10 loans originated) are South Pacific Financial Corporation (5.35%), DHI MORTGAGE COMPANY, LTD. (5.42%), HOMEBRIDGE FINANCIAL SERVICES, INC. (5.48%), EAGLE HOME MORTGAGE, LLC (5.53%) and NVR Mortgage Finance, Inc. (5.53%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Lakeland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $219,000 (9.6%) $258,660 (8.0%) 0.81 2,628
2018-02-01 $219,900 (7.6%) $259,706 (6.9%) 0.80 2,648
2018-03-01 $222,825 (8.8%) $263,192 (7.6%) 0.78 2,578
2018-04-01 $224,950 (7.1%) $273,636 (9.4%) 0.76 2,502
2018-05-01 $224,950 (4.7%) $275,616 (9.4%) 0.75 2,519
2018-06-01 $225,000 (3.9%) $275,270 (7.5%) 0.75 2,535
2018-07-01 $228,375 (4.8%) $278,348 (7.9%) 0.76 2,534
2018-08-01 $227,425 (3.6%) $276,628 (7.0%) 0.76 2,663
2018-09-01 $225,000 (2.5%) $272,424 (5.3%) 0.76 2,802
2018-10-01 $224,900 (2.5%) $271,559 (4.3%) 0.76 2,886
2018-11-01 $223,948 (1.6%) $268,801 (2.6%) 0.76 3,047
2018-12-01 $224,000 (2.3%) $266,583 (3.4%) 0.77 3,040
2019-01-01 $222,024 (1.4%) $261,527 (1.1%) 0.77 3,193
2019-02-01 $224,450 (2.1%) $260,067 (0.1%) 0.76 3,320
2019-03-01 $224,998 (1.0%) $267,344 (1.6%) 0.74 3,197
2019-04-01 $225,000 (0.0%) $273,390 (-0.1%) 0.71 3,034
2019-05-01 $229,450 (2.0%) $276,876 (0.5%) 0.72 2,877
2019-06-01 $229,900 (2.2%) $282,390 (2.6%) 0.72 2,808
2019-07-01 $229,553 (0.5%) $286,851 (3.1%) 0.72 2,810
2019-08-01 $229,245 (0.8%) $286,698 (3.6%) 0.73 2,933
2019-09-01 $229,614 (2.1%) $280,595 (3.0%) 0.73 3,018
2019-10-01 $229,859 (2.2%) $276,430 (1.8%) 0.74 3,070
2019-11-01 $229,000 (2.3%) $273,715 (1.8%) 0.75 3,035
2019-12-01 $229,700 (2.5%) $271,864 (2.0%) 0.77 2,977
2020-01-01 $230,056 (3.6%) $273,843 (4.7%) 0.77 2,916
2020-02-01 $234,000 (4.3%) $278,540 (7.1%) 0.77 2,810
2020-03-01 $234,900 (4.4%) $281,285 (5.2%) 0.74 2,692
2020-04-01 $234,463 (4.2%) $272,947 (-0.2%) 0.73 2,874
2020-05-01 $234,490 (2.2%) $274,454 (-0.9%) 0.71 2,723
2020-06-01 $234,950 (2.2%) $274,532 (-2.8%) 0.69 2,453
2020-07-01 $235,250 (2.5%) $275,408 (-4.0%) 0.68 2,319
2020-08-01 $239,900 (4.7%) $284,268 (-0.9%) 0.69 2,078
2020-09-01 $243,605 (6.1%) $287,781 (2.6%) 0.70 2,003
2020-10-01 $245,000 (6.6%) $286,107 (3.5%) 0.70 2,020
2020-11-01 $245,860 (7.4%) $288,862 (5.5%) 0.72 2,052
2020-12-01 $249,695 (8.7%) $290,439 (6.8%) 0.74 1,928
2021-01-01 $252,180 (9.6%) $296,770 (8.4%) 0.75 1,660
2021-02-01 $252,265 (7.8%) $301,684 (8.3%) 0.73 1,359
2021-03-01 $256,950 (9.4%) $314,013 (11.6%) 0.73 1,048
2021-04-01 $264,950 (13.0%) $326,804 (19.7%) 0.72 884
2021-05-01 $274,900 (17.2%) $347,849 (26.7%) 0.73 777
2021-06-01 $283,960 (20.9%) $363,544 (32.4%) 0.75 808
2021-07-01 $285,000 (21.2%) $355,889 (29.2%) 0.75 1,011
2021-08-01 $296,617 (23.6%) $357,204 (25.7%) 0.79 1,083
2021-09-01 $307,500 (26.2%) $372,904 (29.6%) 0.82 1,096
2021-10-01 $319,900 (30.6%) $379,838 (32.8%) 0.85 1,127
2021-11-01 $317,013 (28.9%) $380,058 (31.6%) 0.85 1,106
2021-12-01 $327,450 (31.1%) $394,418 (35.8%) 0.89 1,044
2022-01-01 $325,000 (28.9%) $401,222 (35.2%) 0.88 939
2022-02-01 $331,033 (31.2%) $410,887 (36.2%) 0.86 859
2022-03-01 $342,900 (33.5%) $415,868 (32.4%) 0.86 888
2022-04-01 $350,000 (32.1%) $430,510 (31.7%) 0.83 933
2022-05-01 $364,765 (32.7%) $430,146 (23.7%) 0.83 1,267
2022-06-01 $370,030 (30.3%) $429,737 (18.2%) 0.82 1,594
2022-07-01 $365,000 (28.1%) $414,408 (16.4%) 0.82 2,178
2022-08-01 $364,000 (22.7%) $414,283 (16.0%) 0.84 2,565
2022-09-01 $359,999 (17.1%) $409,778 (9.9%) 0.84 2,743
2022-10-01 $359,900 (12.5%) $408,043 (7.4%) 0.85 2,816
2022-11-01 $351,125 (10.8%) $400,055 (5.3%) 0.84 3,101
2022-12-01 $349,900 (6.9%) $397,010 (0.7%) 0.86 3,071
2023-01-01 $349,000 (7.4%) $400,193 (-0.3%) 0.86 2,994
2023-02-01 $349,000 (5.4%) $400,838 (-2.5%) 0.84 2,897
2023-03-01 $349,950 (2.1%) $408,401 (-1.8%) 0.83 2,725
2023-04-01 $349,495 (-0.1%) $403,789 (-6.2%) 0.81 2,680
2023-05-01 $350,000 (-4.1%) $415,882 (-3.3%) 0.79 2,633
2023-06-01 $353,700 (-4.4%) $420,839 (-2.1%) 0.79 2,571
2023-07-01 $358,000 (-1.9%) $423,952 (2.3%) 0.81 2,561
2023-08-01 $359,495 (-1.2%) $426,306 (2.9%) 0.83 2,765
2023-09-01 $358,793 (-0.3%) $415,459 (1.4%) 0.84 3,010
2023-10-01 $355,000 (-1.4%) $416,330 (2.0%) 0.84 3,307
2023-11-01 $355,000 (1.1%) $421,488 (5.4%) 0.85 3,481
2023-12-01 $350,000 (0.0%) $419,754 (5.7%) 0.85 3,582
2024-01-01 $350,000 (0.3%) $418,243 (4.5%) 0.85 3,554
2024-02-01 $350,000 (0.3%) $414,251 (3.4%) 0.84 3,746
2024-03-01 $349,950 (0.0%) $409,691 (0.3%) 0.82 3,922
2024-04-01 $349,000 (-0.1%) $405,803 (0.5%) 0.81 4,028
Lakeland's median listing price for 2024-04-01 was $349,000, a difference of $-495 (-0.1%) versus the prior year and $-950 versus the prior month.

Lakeland's median listing price comes in at 81% of the national average.

Lakeland's average listing price for 2024-04-01 was $405,803, a difference of $2,014 (0.5%) versus the prior year and $-3,888 versus the prior month.

For the 2024-04-01 period, Lakeland had 4,028 MLS listings, a difference of 106 listings (3%) versus the prior month and 1,348 listings (50%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Lakeland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 68 days 1,884 sqft
2018-02-01 65 days 1,880 sqft
2018-03-01 58 days 1,882 sqft
2018-04-01 58 days 1,918 sqft
2018-05-01 58 days 1,911 sqft
2018-06-01 57 days 1,911 sqft
2018-07-01 58 days 1,918 sqft
2018-08-01 54 days 1,919 sqft
2018-09-01 55 days 1,883 sqft
2018-10-01 60 days 1,862 sqft
2018-11-01 59 days 1,859 sqft
2018-12-01 65 days 1,855 sqft
2019-01-01 68 days 1,848 sqft
2019-02-01 59 days 1,836 sqft
2019-03-01 56 days 1,847 sqft
2019-04-01 60 days 1,847 sqft
2019-05-01 63 days 1,854 sqft
2019-06-01 64 days 1,877 sqft
2019-07-01 61 days 1,856 sqft
2019-08-01 61 days 1,845 sqft
2019-09-01 62 days 1,836 sqft
2019-10-01 63 days 1,829 sqft
2019-11-01 60 days 1,828 sqft
2019-12-01 67 days 1,828 sqft
2020-01-01 69 days 1,828 sqft
2020-02-01 67 days 1,831 sqft
2020-03-01 57 days 1,836 sqft
2020-04-01 57 days 1,828 sqft
2020-05-01 68 days 1,828 sqft
2020-06-01 75 days 1,828 sqft
2020-07-01 64 days 1,818 sqft
2020-08-01 57 days 1,821 sqft
2020-09-01 53 days 1,814 sqft
2020-10-01 51 days 1,787 sqft
2020-11-01 49 days 1,803 sqft
2020-12-01 54 days 1,816 sqft
2021-01-01 61 days 1,813 sqft
2021-02-01 54 days 1,776 sqft
2021-03-01 44 days 1,806 sqft
2021-04-01 40 days 1,806 sqft
2021-05-01 38 days 1,798 sqft
2021-06-01 34 days 1,807 sqft
2021-07-01 33 days 1,798 sqft
2021-08-01 36 days 1,810 sqft
2021-09-01 37 days 1,807 sqft
2021-10-01 36 days 1,825 sqft
2021-11-01 38 days 1,802 sqft
2021-12-01 51 days 1,819 sqft
2022-01-01 43 days 1,814 sqft
2022-02-01 33 days 1,800 sqft
2022-03-01 32 days 1,777 sqft
2022-04-01 31 days 1,798 sqft
2022-05-01 28 days 1,821 sqft
2022-06-01 30 days 1,826 sqft
2022-07-01 33 days 1,820 sqft
2022-08-01 37 days 1,823 sqft
2022-09-01 44 days 1,827 sqft
2022-10-01 55 days 1,828 sqft
2022-11-01 61 days 1,820 sqft
2022-12-01 67 days 1,824 sqft
2023-01-01 71 days 1,824 sqft
2023-02-01 67 days 1,828 sqft
2023-03-01 56 days 1,831 sqft
2023-04-01 58 days 1,819 sqft
2023-05-01 54 days 1,828 sqft
2023-06-01 55 days 1,838 sqft
2023-07-01 54 days 1,851 sqft
2023-08-01 51 days 1,851 sqft
2023-09-01 53 days 1,837 sqft
2023-10-01 54 days 1,834 sqft
2023-11-01 57 days 1,829 sqft
2023-12-01 64 days 1,820 sqft
2024-01-01 73 days 1,819 sqft
2024-02-01 70 days 1,823 sqft
2024-03-01 59 days 1,818 sqft
2024-04-01 60 days 1,809 sqft
Lakeland's median listing age (time on market) for 2024-04-01 was 60 days. This is 3% longer than the same period one year ago.

Lakeland's median square footage for active listings during the 2024-04-01 period was 1,809 sqft. One year prior, the average listing was 1,819 sqft.

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.