Lewisburg VA Loan Rates, Closing Costs & Stats

Lewisburg, TN

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.

Lewisburg's 29 lenders originated 76 VA loans during 2023. The total origination value was $26,650,000, with an average VA loan value of $350,658.

Lewisburg VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lewisburg averaged 6.16% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

Lewisburg's average VA mortgage closing costs are $5,784.

The average rate for the prior week (2024-07-12) was 6.3% and one month ago for the week of 2024-06-14, the average rate was 6.36%.

The average rate one year ago was 6.44%.

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.

Lewisburg 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 Lewisburg level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 10 6.40% $6,240
DHI MORTGAGE COMPANY, LTD. 7 5.32% $4,722
QUICKEN LOANS, LLC 6 6.35% $7,311
SeaTrust Mortgage Company 6 6.52% $11,237
UNITED WHOLESALE MORTGAGE, LLC 5 6.17% $10,202
PENNYMAC LOAN SERVICES, LLC 4 5.81% $10,982
CMG MORTGAGE, INC. 3 5.83% $10,470
FirstBank 3 5.83% $6,126
NAVY FEDERAL CREDIT UNION 3 6.33% $1,037
ROSS MORTGAGE CORPORATION 2 7.31% $6,074
FREEDOM MORTGAGE CORPORATION 2 6.94% $9,018
BROKER SOLUTIONS, INC. 2 6.19% $8,944
Legacy Home Loans, LLC 2 6.94% $7,542
The Federal Savings Bank 1 6.63% $16,201
USAA Federal Savings Bank 1 7.25% $4,985
1ST SIGNATURE LENDING, LLC 1 6.00% $14,246
VILLAGE CAPITAL MORTGAGE 1 6.25% $5,290
CHURCHILL MORTGAGE CORPORATION 1 7.25% $8,401
CROSSCOUNTRY MORTGAGE, LLC 1 5.75% $8,921
Equity Prime Mortgage LLC 1 5.88% $9,239
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $3,609
FIRST COLONY MORTGAGE CORPORATION 1 6.50% $6,480
GUARANTEED RATE, INC. 1 6.13% $3,640
HOMESIDE FINANCIAL, LLC 1 7.25% $0
KELLEY MORTGAGE, LLC 1 6.75% $2,512
LOANDEPOT.COM, LLC 1 5.63% $12,701
Magnolia Bank 1 6.25% $11,589
MORTGAGE INVESTORS GROUP, INC. 1 6.99% $8,864
STOCKTON MORTGAGE CORPORATION 1 6.13% $8,154

The top Lewisburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 10 VA loans originated. Their average total fees are $6,240, which is $1,518 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

The lowest fee Lewisburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,240), .

The lowest rate Lewisburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.40%), .

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.