London VA Loan Rates, Closing Costs & Stats

London, KY

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    London's 30 lenders originated 116 VA loans during 2023. The total origination value was $29,080,000, with an average VA loan value of $250,690.

    London VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in London averaged 6.52% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    London's average VA mortgage closing costs are $4,585.

    The average rate for the prior week (2024-11-01) was 6.78% and one month ago for the week of 2024-10-04, the average rate was 6.1%.

    The average rate one year ago was 7.56%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

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

    London 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 London level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 39 6.79% $4,165
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 13 6.68% $6,250
    UNITED WHOLESALE MORTGAGE, LLC 10 6.54% $4,148
    QUICKEN LOANS, LLC 9 6.27% $7,166
    NAVY FEDERAL CREDIT UNION 6 5.83% $4,945
    POLARIS HOME FUNDING CORP. 5 6.25% $6,340
    USAA Federal Savings Bank 4 5.81% $11,139
    NEW DAY FINANCIAL, LLC 2 7.37% $10,919
    CARDINAL FINANCIAL 2 6.75% $7,730
    LOANDEPOT.COM, LLC 2 5.69% $11,566
    Equity Prime Mortgage LLC 2 6.31% $6,960
    Flagstar Bank, FSB 2 6.75% $6,569
    U.S. Bank 2 6.75% $4,632
    The Federal Savings Bank 1 6.25% $9,748
    The Loan Store, Inc. 1 7.13% $3,444
    VILLAGE CAPITAL MORTGAGE 1 5.38% $5,006
    Waterstone Mortgage Corporation 1 5.63% $11,998
    Wells Fargo Bank 1 5.38% $17,281
    AXIA FINANCIAL, LLC 1 7.25% $2,295
    CMG MORTGAGE, INC. 1 6.25% $15,332
    CROSSCOUNTRY MORTGAGE, LLC 1 7.13% $5,746
    FREEDOM MORTGAGE CORPORATION 1 6.13% $1,288
    Magnolia Bank 1 5.75% $6,842
    Mr. Cooper ( Nationstar Mortgage ) 1 7.13% $19,575
    Paramount Residential Mortgage Group, Inc. 1 6.75% $7,513
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $4,874
    Plains Commerce Bank 1 6.75% $2,095
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $10,138
    Republic State Mortgage Co. 1 6.13% $3,355
    ROSS MORTGAGE CORPORATION 1 6.63% $13,710

    The top London VA lender as defined by loan originations is Mortgage Research Center, LLC, with 39 VA loans originated. Their average total fees are $4,165, which is $2,086 lower than the next largest lender, ARK-LA-TEX FINANCIAL SERVICES, LLC..

    The lowest fee London VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($4,148), Mortgage Research Center, LLC ($4,165), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,250), .

    The lowest rate London VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.54%), ARK-LA-TEX FINANCIAL SERVICES, LLC. (6.68%), Mortgage Research Center, LLC (6.79%), .

    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.