Mcminnville VA Loan Rates, Closing Costs & Stats

McMinnville, TN

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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.

    Mcminnville's 32 lenders originated 89 VA loans during 2024. The total origination value was $28,585,000, with an average VA loan value of $321,180.

    Mcminnville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Mcminnville averaged 0.4% for the week of 2025-07-04, compared to the national average (all VA variants) of 0% for the same period.

    Mcminnville's average VA mortgage closing costs are $5,861.

    The average rate for the prior week (2025-06-27) was 6.83% and one month ago for the week of 2025-05-30, the average rate was 6.86%.

    The average rate one year ago was 6.67%.

    For refis of the same type during the week of 2025-07-04, the average rate was 0.19%.

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

    Mcminnville 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 Mcminnville level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 16 6.17% $4,755
    PENNYMAC LOAN SERVICES, LLC 9 5.71% $7,409
    UNITED WHOLESALE MORTGAGE, LLC 9 6.14% $10,395
    QUICKEN LOANS, LLC 8 6.07% $10,420
    FREEDOM MORTGAGE CORPORATION 5 6.08% $8,842
    GUILD MORTGAGE COMPANY 3 6.25% $8,050
    SeaTrust Mortgage Company 3 6.38% $6,447
    The First National Bank of Middle Tennessee 3 6.38% $5,171
    USAA Federal Savings Bank 3 5.96% $5,889
    CMG MORTGAGE, INC. 3 6.46% $12,298
    U.S. Bank 2 6.44% $7,167
    Citizens Tri-County Bank 2 6.06% $5,107
    VILLAGE CAPITAL MORTGAGE 2 5.50% $5,035
    NEWREZ LLC 1 6.75% $3,984
    Renasant Bank 1 5.75% $3,451
    SIRVA MORTGAGE, INC. 1 6.75% $3,250
    SOUTHWEST STAGE FUNDING, LLC 1 5.38% $0
    The Federal Savings Bank 1 6.75% $22,180
    VAN DYK MORTGAGE CORPORATION 1 6.75% $10,208
    NAVY FEDERAL CREDIT UNION 1 5.88% $3,040
    Bank of England 1 6.50% $10,393
    Bank of Tennessee 1 6.00% $12,080
    BROKER SOLUTIONS, INC. 1 6.00% $7,324
    Carrington Mortgage Services, LLC 1 5.88% $12,641
    Century Mortgage Company DBA Century Lending Company 1 6.63% $665
    EVERETT FINANCIAL, INC. 1 7.13% $5,461
    FirstBank 1 5.13% $0
    FIRST COMMUNITY MORTGAGE, INC. 1 6.99% $23,539
    GVC MORTGAGE, INC. 1 6.25% $650
    HOMESIDE FINANCIAL, LLC 1 6.75% $13,334
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $6,025
    NEW DAY FINANCIAL, LLC 1 6.87% $32,020

    The top Mcminnville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 16 VA loans originated. Their average total fees are $4,755, which is $2,654 lower than the next largest lender, PENNYMAC LOAN SERVICES, LLC.

    The lowest fee Mcminnville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,755), .

    The lowest rate Mcminnville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.17%), .

    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.