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 67 lenders originated 627 VA loans during 2024. The total origination value was $194,305,000, with an average VA loan value of $309,896.

    Mcallen VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mcallen averaged 0.22% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Mcallen's average VA mortgage closing costs are $5,980.

    The average rate for the prior week (2025-06-13) was 6.56% and one month ago for the week of 2025-05-16, the average rate was 6.62%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.3%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 109 6.41% $5,147
    UNITED WHOLESALE MORTGAGE, LLC 52 5.83% $5,453
    CMG MORTGAGE, INC. 47 6.45% $12,192
    CORNERSTONE HOME LENDING, INC. 29 5.84% $7,323
    CROSSCOUNTRY MORTGAGE, LLC 29 6.36% $8,342
    WILLOW BEND MORTGAGE COMPANY, LLC 23 6.41% $9,886
    FREEDOM MORTGAGE CORPORATION 22 6.04% $6,829
    NAVY FEDERAL CREDIT UNION 22 5.88% $4,773
    PENNYMAC LOAN SERVICES, LLC 16 5.56% $4,926
    QUICKEN LOANS, LLC 15 5.71% $9,756
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 6.94% $2,570
    MOVEMENT MORTGAGE, LLC 12 6.32% $10,609
    DAS Acquisition Company, LLC 11 6.31% $5,660
    DIRECTIONS EQUITY, LLC 11 6.00% $6,723
    NEWREZ LLC 11 5.75% $8,088
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 6.09% $7,402
    HOMESIDE FINANCIAL, LLC 10 6.11% $8,089
    VILLAGE CAPITAL MORTGAGE 10 5.65% $5,807
    USAA Federal Savings Bank 9 6.18% $5,994
    GUARANTEED RATE, INC. 8 6.18% $5,433
    SOUTHWEST FUNDING, LP 6 6.57% $9,559
    Paramount Residential Mortgage Group, Inc. 6 6.23% $10,749
    U.S. Bank 6 5.75% $11,433
    Flagstar Bank, FSB 6 6.33% $4,680
    Barrington Bank & Trust Company, N.A. 6 6.16% $5,502
    PLAZA HOME MORTGAGE, INC. 6 5.92% $8,076
    CLEARPATH LENDING 6 5.40% $5,140
    Equity Prime Mortgage LLC 5 6.03% $6,485
    Nations Lending Corporation 5 7.03% $12,745
    ASCENT HOME LENDING, LLC 4 5.95% $8,810
    EUSTIS AND AMERICAN MORTGAGE COMPANY 4 6.44% $3,753
    SUN WEST MORTGAGE COMPANY, INC. 4 6.28% $5,218
    PLANET HOME LENDING, LLC 3 5.33% $4,348
    PENTAGON FEDERAL CREDIT UNION 3 6.29% $4,721
    LAKEVIEW LOAN SERVICING, LLC 3 5.62% $7,757
    Lakeview Community Capital, LLC 3 5.12% $4,612
    Gateway First Bank 3 6.31% $7,934
    UNION HOME MORTGAGE CORP. 3 6.58% $6,325
    CARDINAL FINANCIAL 3 6.67% $10,221
    MORTGAGEONE, INC. 2 6.75% $802
    BROKER SOLUTIONS, INC. 2 6.00% $16,924
    JPMorgan Chase Bank 2 6.31% $250
    NATIONS RELIABLE LENDING, LLC 2 6.38% $9,133
    Wells Fargo Bank 2 5.88% $10,631
    Mr. Cooper ( Nationstar Mortgage ) 1 6.63% $5,700
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.50% $7,114
    PHH Mortgage Corporation 1 5.99% $2,376
    Mid-Continent Funding, Inc. 1 6.13% $8,322
    LOANDEPOT.COM, LLC 1 6.75% $16,731
    INTERLINC MORTGAGE SERVICES, LLC 1 6.25% $11,535
    SeaTrust Mortgage Company 1 5.25% $5,503
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.13% $16,398
    SENTE MORTGAGE, INC. 1 5.63% $9,277
    Sierra Pacific Mortgage Company, Inc. 1 5.50% $7,109
    HALLMARK HOME MORTGAGE, LLC 1 5.75% $15,194
    Sunflower Bank 1 6.63% $8,322
    GUILD MORTGAGE COMPANY 1 6.75% $5,981
    Texana Bank 1 5.75% $22,893
    First United Bank and Trust Company 1 6.75% $8,085
    UNITED MORTGAGE CORP 1 5.75% $13,014
    Credence Funding Corporation 1 5.88% $4,640
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.50% $22,917
    Century Mortgage Company DBA Century Lending Company 1 6.63% $4,727
    AMERISAVE MORTGAGE CORPORATION 1 5.63% $13,181
    Waterstone Mortgage Corporation 1 5.99% $8,498
    AmeriHome Mortgage Company, LLC 1 6.13% $4,519
    OCMBC, INC. 1 5.13% $11,299

    The top Mcallen VA lender as defined by loan originations is Mortgage Research Center, LLC, with 109 VA loans originated. Their average total fees are $5,147, which is $307 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Mcallen VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($2,570), NAVY FEDERAL CREDIT UNION ($4,773), PENNYMAC LOAN SERVICES, LLC ($4,926), Mortgage Research Center, LLC ($5,147) and UNITED WHOLESALE MORTGAGE, LLC ($5,453).

    The lowest rate Mcallen VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.56%), VILLAGE CAPITAL MORTGAGE (5.65%), QUICKEN LOANS, LLC (5.71%), NEWREZ LLC (5.75%) and UNITED WHOLESALE MORTGAGE, LLC (5.83%).

    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.