Mcallen VA Loan Rates, Closing Costs & Stats
MCALLEN-EDINBURG-MISSION, TX
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.
Mcallen's 68 lenders originated 488 VA
loans during 2023. The total origination value was $146,850,000, with an average VA loan value of
$300,922.
Mcallen VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Mcallen
averaged
6.54%
for the week of 2024-10-25, compared to the national average (all VA variants) of
6.14% for the same period.
Mcallen's average VA mortgage closing costs are $5,757.
The average rate for the prior week (2024-10-18) was
5.96% and
one month ago for the week of 2024-09-20, the
average rate was 5.66%.
The average rate one year ago was 7.58%.
For refis of the same type during the week of 2024-10-25, the average rate
was 6.03%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Mcallen 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 Mcallen level.
Name |
# of Loans |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Mortgage Research Center, LLC
|
105
|
6.70%
|
$6,666
|
UNITED WHOLESALE MORTGAGE, LLC
|
35
|
6.43%
|
$7,364
|
CORNERSTONE HOME LENDING, INC.
|
31
|
6.14%
|
$8,881
|
CROSSCOUNTRY MORTGAGE, LLC
|
23
|
6.55%
|
$11,484
|
NAVY FEDERAL CREDIT UNION
|
21
|
5.98%
|
$4,346
|
AMCAP MORTGAGE, LTD.
|
20
|
6.59%
|
$11,348
|
CMG MORTGAGE, INC.
|
19
|
6.69%
|
$11,249
|
USAA Federal Savings Bank
|
18
|
6.19%
|
$8,510
|
WILLOW BEND MORTGAGE COMPANY, LLC
|
17
|
6.84%
|
$12,219
|
QUICKEN LOANS, LLC
|
11
|
6.04%
|
$10,602
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
11
|
6.62%
|
$13,099
|
NATIONS RELIABLE LENDING, LLC
|
11
|
6.55%
|
$12,523
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
8
|
6.41%
|
$11,685
|
FREEDOM MORTGAGE CORPORATION
|
7
|
6.21%
|
$11,817
|
MOVEMENT MORTGAGE, LLC
|
7
|
6.75%
|
$6,475
|
PENNYMAC LOAN SERVICES, LLC
|
6
|
5.85%
|
$8,476
|
Equity Prime Mortgage LLC
|
6
|
7.25%
|
$5,434
|
DIRECTIONS EQUITY, LLC
|
5
|
6.33%
|
$10,225
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
5
|
7.70%
|
$4,971
|
THRIVE MORTGAGE, LLC
|
5
|
6.58%
|
$14,104
|
ACADEMY MORTGAGE CORPORATION
|
5
|
6.13%
|
$5,999
|
EUSTIS AND AMERICAN MORTGAGE COMPANY
|
5
|
6.07%
|
$8,274
|
First Savings Bank
|
5
|
6.65%
|
$9,958
|
Flagstar Bank, FSB
|
4
|
6.59%
|
$9,667
|
Nations Lending Corporation
|
4
|
7.06%
|
$11,853
|
Paramount Residential Mortgage Group, Inc.
|
4
|
7.00%
|
$11,080
|
HOMESIDE FINANCIAL, LLC
|
3
|
6.42%
|
$10,560
|
Barrington Bank & Trust Company, N.A.
|
3
|
6.92%
|
$7,192
|
CARDINAL FINANCIAL
|
3
|
7.00%
|
$11,666
|
SECURITYNATIONAL MORTGAGE COMPANY
|
3
|
7.21%
|
$14,761
|
LOANDEPOT.COM, LLC
|
2
|
6.94%
|
$7,007
|
Mid-Continent Funding, Inc.
|
2
|
6.13%
|
$9,094
|
INTERLINC MORTGAGE SERVICES, LLC
|
2
|
7.31%
|
$3,030
|
GUARANTEED RATE, INC.
|
2
|
5.96%
|
$10,845
|
NBKC BANK
|
2
|
6.44%
|
$8,565
|
DRAPER AND KRAMER MORTGAGE CORP.
|
2
|
6.94%
|
$6,279
|
PENTAGON FEDERAL CREDIT UNION
|
2
|
5.75%
|
$4,803
|
PLAZA HOME MORTGAGE, INC.
|
2
|
6.38%
|
$7,607
|
DAS Acquisition Company, LLC
|
2
|
5.50%
|
$6,307
|
Town Square Mortgage & Investments, Inc.
|
2
|
7.00%
|
$8,117
|
Wells Fargo Bank
|
2
|
6.63%
|
$5,623
|
Lone Star National Bank
|
1
|
6.25%
|
$3,973
|
NEWREZ LLC
|
1
|
7.13%
|
$11,429
|
North American Savings Bank, F.S.B.
|
1
|
4.88%
|
$11,223
|
Paramount Bank
|
1
|
6.63%
|
$4,999
|
First Community Bank
|
1
|
5.75%
|
$10,704
|
UNION HOME MORTGAGE CORP.
|
1
|
6.88%
|
$10,959
|
BROKER SOLUTIONS, INC.
|
1
|
6.99%
|
$6,883
|
Plains Commerce Bank
|
1
|
5.75%
|
$16,710
|
UNIVERSITY Federal Credit Union
|
1
|
7.13%
|
$11,429
|
PREMIA MORTGAGE, LLC
|
1
|
5.75%
|
$1,486
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
1
|
6.75%
|
$8,374
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
6.25%
|
$8,862
|
ASCENT HOME LENDING, LLC
|
1
|
6.25%
|
$10,392
|
RB MORTGAGE LLC
|
1
|
6.38%
|
$5,165
|
S1L, Inc.
|
1
|
6.75%
|
$10,132
|
SeaTrust Mortgage Company
|
1
|
6.75%
|
$7,319
|
AMERICAN FINANCING CORPORATION
|
1
|
6.25%
|
$7,724
|
SENTE MORTGAGE, INC.
|
1
|
6.25%
|
$6,175
|
MORTGAGE FINANCIAL SERVICES, LLC
|
1
|
5.35%
|
$5,332
|
MORTGAGEONE, INC.
|
1
|
6.88%
|
$757
|
JPMorgan Chase Bank
|
1
|
7.63%
|
$3,037
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
6.50%
|
$9,682
|
CALIBER HOME LOANS, INC.
|
1
|
6.99%
|
$5,551
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
5.99%
|
$10,123
|
GENEVA FINANCIAL, LLC
|
1
|
7.25%
|
$6,212
|
Gateway First Bank
|
1
|
6.38%
|
$5,165
|
First Financial Bank
|
1
|
6.88%
|
$14,111
|
The top Mcallen VA lender as defined by loan originations is Mortgage Research Center, LLC, with
105 VA loans originated. Their average total fees are
$6,666, which is $698
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Mcallen VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION ($4,346), Mortgage Research Center, LLC ($6,666), UNITED WHOLESALE MORTGAGE, LLC ($7,364), USAA Federal Savings Bank ($8,510) and CORNERSTONE HOME LENDING, INC. ($8,881).
The lowest rate Mcallen VA lenders (with over 10 loans originated) are
NAVY FEDERAL CREDIT UNION (5.98%), QUICKEN LOANS, LLC (6.04%), CORNERSTONE HOME LENDING, INC. (6.14%), USAA Federal Savings Bank (6.19%) and UNITED WHOLESALE MORTGAGE, LLC (6.43%).
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.