Madisonville VA Loan Rates, Closing Costs & Stats

Madisonville, KY

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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.

    Madisonville's 26 lenders originated 81 VA loans during 2023. The total origination value was $17,185,000, with an average VA loan value of $212,160.

    Madisonville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Madisonville averaged 6.67% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Madisonville's average VA mortgage closing costs are $4,331.

    The average rate for the prior week (2024-11-01) was 6.32% and one month ago for the week of 2024-10-04, the average rate was 5.95%.

    The average rate one year ago was 7.41%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

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

    Madisonville 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 Madisonville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 30 6.79% $4,803
    QUICKEN LOANS, LLC 6 6.33% $7,358
    NEW DAY FINANCIAL, LLC 4 7.50% $6,518
    UNITED WHOLESALE MORTGAGE, LLC 4 7.19% $4,016
    NAVY FEDERAL CREDIT UNION 3 5.42% $8,315
    PENNYMAC LOAN SERVICES, LLC 3 5.25% $11,511
    FREEDOM MORTGAGE CORPORATION 3 7.25% $4,600
    U.S. Bank 2 6.69% $8,358
    EVANSVILLE TEACHERS 2 6.63% $5,386
    MOVEMENT MORTGAGE, LLC 1 6.75% $9,083
    AMERISAVE MORTGAGE CORPORATION 1 5.25% $9,967
    NBKC BANK 1 6.50% $6,574
    NFM, INC. 1 7.13% $4,323
    Northpointe Bank 1 6.38% $550
    PLAZA HOME MORTGAGE, INC. 1 7.25% $11,086
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.75% $179
    STOCKTON MORTGAGE CORPORATION 1 7.25% $2,394
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $13,344
    BROKER SOLUTIONS, INC. 1 7.63% $6,262
    CRESCENT MORTGAGE COMPANY 1 6.63% $0
    Fifth Third Bank 1 6.38% $17,494
    FIRST COMMUNITY MORTGAGE, INC. 1 5.50% $12,200
    FirstTrust Home Loans, Inc. 1 7.13% $9,369
    Fortera Federal Credit Union 1 7.25% $3,572
    GERSHMAN INVESTMENT CORP. 1 6.50% $6,733
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $5,754

    The top Madisonville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 30 VA loans originated. Their average total fees are $4,803, which is $2,555 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Madisonville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,803), .

    The lowest rate Madisonville VA lenders (with over 10 loans originated) are 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.