Mcallen VA Loan Rates, Closing Costs & Stats

MCALLEN-EDINBURG-MISSION, TX

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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.

    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.