Lexington VA Loan Rates, Closing Costs & Stats
LEXINGTON-FAYETTE, KY
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.
Lexington's 80 lenders originated 426 VA
loans during 2023. The total origination value was $128,570,000, with an average VA loan value of
$301,808.
Lexington VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Lexington
averaged
6.55%
for the week of 2024-07-19, compared to the national average (all VA variants) of
6.303% for the same period.
Lexington's average VA mortgage closing costs are $5,568.
The average rate for the prior week (2024-07-12) was
6.69% and
one month ago for the week of 2024-06-14, the
average rate was 6.55%.
The average rate one year ago was 6.93%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.37%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Lexington 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 Lexington level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Mortgage Research Center, LLC
|
75
|
6.72%
|
$6,465
|
QUICKEN LOANS, LLC
|
34
|
6.16%
|
$11,596
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
25
|
6.49%
|
$10,496
|
UNITED WHOLESALE MORTGAGE, LLC
|
21
|
6.47%
|
$10,454
|
THRIVE MORTGAGE, LLC
|
18
|
5.87%
|
$11,571
|
STOCKTON MORTGAGE CORPORATION
|
16
|
6.53%
|
$8,188
|
NAVY FEDERAL CREDIT UNION
|
15
|
5.77%
|
$4,991
|
GENEVA FINANCIAL, LLC
|
12
|
6.59%
|
$7,167
|
Bank of England
|
12
|
6.52%
|
$9,833
|
FREEDOM MORTGAGE CORPORATION
|
10
|
7.10%
|
$12,918
|
PENNYMAC LOAN SERVICES, LLC
|
9
|
5.54%
|
$9,537
|
USAA Federal Savings Bank
|
8
|
6.20%
|
$8,531
|
WesBanco
|
8
|
6.06%
|
$6,303
|
NEW DAY FINANCIAL, LLC
|
8
|
7.57%
|
$11,156
|
HOMESIDE FINANCIAL, LLC
|
6
|
6.35%
|
$9,506
|
FBC MORTGAGE, LLC
|
6
|
6.31%
|
$7,357
|
Northpointe Bank
|
5
|
5.68%
|
$11,496
|
GUARANTEED RATE, INC.
|
5
|
6.28%
|
$10,421
|
Guardian Savings Bank, A Federal Savings Bank
|
5
|
6.10%
|
$14,301
|
Central Bank
|
5
|
6.20%
|
$7,501
|
The Federal Savings Bank
|
4
|
6.81%
|
$15,884
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
4
|
7.50%
|
$4,016
|
VILLAGE CAPITAL MORTGAGE
|
4
|
6.13%
|
$13,096
|
PLANET HOME LENDING, LLC
|
4
|
6.28%
|
$10,800
|
Republic State Mortgage Co.
|
4
|
6.31%
|
$7,467
|
LOANDEPOT.COM, LLC
|
4
|
6.59%
|
$7,670
|
LAKEVIEW LOAN SERVICING, LLC
|
3
|
6.04%
|
$8,131
|
Peoples Exchange Bank
|
3
|
6.21%
|
$4,191
|
Fifth Third Bank
|
3
|
6.67%
|
$8,426
|
AMERISAVE MORTGAGE CORPORATION
|
3
|
5.54%
|
$8,539
|
Flagstar Bank, FSB
|
3
|
6.13%
|
$7,385
|
JPMorgan Chase Bank
|
3
|
6.79%
|
$3,480
|
Barrington Bank & Trust Company, N.A.
|
3
|
5.92%
|
$9,996
|
DAS Acquisition Company, LLC
|
3
|
6.83%
|
$6,654
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
3
|
6.71%
|
$12,412
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
2
|
6.69%
|
$12,195
|
Regions Bank
|
2
|
5.25%
|
$9,672
|
GoPrime Mortgage, Inc.
|
2
|
6.81%
|
$12,977
|
Stock Yards Bank & Trust Company
|
2
|
6.44%
|
$2,366
|
RUOFF MORTGAGE COMPANY, INC.
|
2
|
6.75%
|
$10,768
|
CROSSCOUNTRY MORTGAGE, LLC
|
2
|
6.94%
|
$4,198
|
PNC Bank
|
2
|
7.44%
|
$2,962
|
U.S. Bank
|
2
|
6.19%
|
$10,544
|
UNION HOME MORTGAGE CORP.
|
2
|
6.38%
|
$5,622
|
AMCAP MORTGAGE, LTD.
|
2
|
6.00%
|
$7,627
|
BNC National Bank
|
2
|
5.19%
|
$5,201
|
Western Ohio Mortgage Corporation
|
1
|
7.13%
|
$27,765
|
AMERICAN FINANCING CORPORATION
|
1
|
5.25%
|
$6,221
|
AmeriHome Mortgage Company, LLC
|
1
|
7.50%
|
$19,095
|
AmRes Corporation
|
1
|
7.63%
|
$19,476
|
ATLANTIC BAY MORTGAGE GROUP, L.L.C.
|
1
|
6.75%
|
$10,455
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
5.75%
|
$5,919
|
CARDINAL FINANCIAL
|
1
|
6.25%
|
$5,236
|
Century Mortgage Company DBA Century Lending Company
|
1
|
5.75%
|
$21,941
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
6.75%
|
$13,567
|
CITY FIRST MORTGAGE SERVICES, L.L.C.
|
1
|
6.75%
|
$11,612
|
ENDEAVOR CAPITAL, LLC.
|
1
|
5.99%
|
$5,574
|
Evolve Bank & Trust
|
1
|
7.25%
|
$3,896
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
1
|
7.25%
|
$6,048
|
FIDELITY BANK
|
1
|
7.13%
|
$13,235
|
First Horizon Bank
|
1
|
7.00%
|
$30,955
|
GUARANTEED RATE AFFINITY, LLC
|
1
|
6.25%
|
$5,107
|
LEADERONE FINANCIAL CORPORATION
|
1
|
6.75%
|
$884
|
MOVEMENT MORTGAGE, LLC
|
1
|
6.75%
|
$12,467
|
Mr. Cooper ( Nationstar Mortgage )
|
1
|
5.25%
|
$14,226
|
Old National Bank
|
1
|
5.75%
|
$5,466
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
6.00%
|
$9,656
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
6.25%
|
$4,908
|
Prosperity Home Mortgage, LLC
|
1
|
7.38%
|
$8,121
|
RELIANCE FIRST CAPITAL, LLC
|
1
|
5.88%
|
$13,987
|
Renasant Bank
|
1
|
5.63%
|
$9,924
|
Republic Bank & Trust Company
|
1
|
7.38%
|
$2,023
|
ROYAL UNITED MORTGAGE LLC
|
1
|
7.75%
|
$12,187
|
SOUTH CENTRAL BANK, INC.
|
1
|
7.00%
|
$2,975
|
Strong Home Mortgage, LLC
|
1
|
5.75%
|
$8,988
|
SUCCESS MORTGAGE PARTNERS, INC.
|
1
|
7.75%
|
$4,209
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
6.63%
|
$9,315
|
The First National Bank of Middle Tennessee
|
1
|
6.75%
|
$12,996
|
THE MORTGAGE WAREHOUSE,LLC
|
1
|
6.75%
|
$22,175
|
TOP FLITE FINANCIAL, INC.
|
1
|
7.50%
|
$9,313
|
The top Lexington VA lender as defined by loan originations is Mortgage Research Center, LLC, with
75 VA loans originated. Their average total fees are
$6,465, which is $5,131
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Lexington VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION ($4,991), Mortgage Research Center, LLC ($6,465), GENEVA FINANCIAL, LLC ($7,167), STOCKTON MORTGAGE CORPORATION ($8,188) and Bank of England ($9,833).
The lowest rate Lexington VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION (5.77%), THRIVE MORTGAGE, LLC (5.87%), QUICKEN LOANS, LLC (6.16%), UNITED WHOLESALE MORTGAGE, LLC (6.47%) and ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.49%).
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.