Memphis VA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

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.

Memphis's 140 lenders originated 2,198 VA loans during 2024. The total origination value was $747,040,000, with an average VA loan value of $339,873.

Memphis VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Memphis averaged 0.49% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

Memphis's average VA mortgage closing costs are $6,657.

The average rate for the prior week (2025-06-13) was 6.74% and one month ago for the week of 2025-05-16, the average rate was 6.8%.

The average rate one year ago was 6.6%.

For refis of the same type during the week of 2025-06-20, the average rate was 0.01%.

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

Memphis 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 Memphis level.

Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
Mortgage Research Center, LLC 368 6.43% $5,313
UNITED WHOLESALE MORTGAGE, LLC 152 5.85% $7,987
QUICKEN LOANS, LLC 136 6.02% $10,311
FREEDOM MORTGAGE CORPORATION 127 6.21% $7,460
COMMUNITY MORTGAGE CORPORATION 100 6.16% $11,692
NAVY FEDERAL CREDIT UNION 98 5.91% $6,509
DHI MORTGAGE COMPANY, LTD. 80 5.09% $7,135
PENNYMAC LOAN SERVICES, LLC 64 5.62% $8,003
GUARANTEED RATE, INC. 47 6.17% $5,259
NEW DAY FINANCIAL, LLC 46 7.69% $12,335
VILLAGE CAPITAL MORTGAGE 43 5.75% $7,222
USAA Federal Savings Bank 35 6.24% $8,325
Patriot Bank 31 6.04% $8,969
CROSSCOUNTRY MORTGAGE, LLC 30 6.36% $9,366
NEWREZ LLC 28 5.84% $7,486
Trustmark National Bank 25 6.21% $4,846
LOANDEPOT.COM, LLC 25 6.14% $9,199
PLANET HOME LENDING, LLC 23 5.73% $4,009
Leaders Credit Union 22 6.03% $7,375
Barrington Bank & Trust Company, N.A. 20 6.41% $9,097
The Federal Savings Bank 20 6.03% $19,139
STOCKTON MORTGAGE CORPORATION 20 5.81% $10,742
Eagle Bank and Trust Company 20 6.06% $6,632
MORTGAGE SOLUTIONS OF COLORADO, LLC 20 7.21% $4,202
MORTGAGE INVESTORS GROUP, INC. 18 6.13% $8,535
Pinnacle Bank 18 6.14% $9,678
Nations Lending Corporation 18 6.50% $7,869
MUTUAL OF OMAHA MORTGAGE, INC. 18 6.51% $18,457
BARTLETT MORTGAGE, INC. 16 6.23% $6,123
BROKER SOLUTIONS, INC. 16 6.41% $11,115
Mr. Cooper ( Nationstar Mortgage ) 14 6.03% $10,888
Evolve Bank & Trust 13 6.47% $7,315
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 6.19% $6,595
First Horizon Bank 13 6.23% $5,462
CMG MORTGAGE, INC. 12 6.20% $8,479
Magnolia Bank 11 5.97% $14,109
Bank of England 10 6.29% $7,692
BancorpSouth 10 6.28% $8,423
CLEARPATH LENDING 9 5.74% $5,695
Regions Bank 8 5.73% $6,625
Paramount Residential Mortgage Group, Inc. 8 6.47% $9,448
AmeriHome Mortgage Company, LLC 8 6.14% $7,252
Equity Prime Mortgage LLC 8 6.98% $8,325
Independent Bank 7 6.38% $8,013
LAKEVIEW LOAN SERVICING, LLC 7 5.44% $5,815
UNION HOME MORTGAGE CORP. 7 5.84% $9,699
T2 FINANCIAL LLC 7 6.68% $8,848
NBKC BANK 7 5.75% $9,088
SWBC MORTGAGE CORPORATION 7 6.13% $11,340
Wolfe Financial, Inc 6 6.63% $6,753
AMERICAN FINANCIAL NETWORK, INC. 6 6.38% $7,274
Carrington Mortgage Services, LLC 6 6.23% $9,269
HOMESIDE FINANCIAL, LLC 6 6.25% $14,962
Lakeview Community Capital, LLC 6 5.92% $5,864
SOUTHWEST FUNDING, LP 6 7.21% $10,228
EVERETT FINANCIAL, INC. 5 5.88% $8,197
ENVOY MORTGAGE, LTD 5 6.35% $9,988
GUILD MORTGAGE COMPANY 5 6.40% $9,912
ACOPIA, LLC 5 5.90% $3,781
MOVEMENT MORTGAGE, LLC 5 6.33% $9,892
First Federal Bank 5 5.85% $7,801
LOANPAL, LLC 4 5.87% $14,338
RELIANCE FIRST CAPITAL, LLC 4 7.34% $10,907
PENTAGON FEDERAL CREDIT UNION 4 6.28% $8,119
PHH Mortgage Corporation 4 6.06% $6,233
JPMorgan Chase Bank 4 6.31% $3,151
AMERISAVE MORTGAGE CORPORATION 4 5.94% $13,800
FIRST COMMUNITY MORTGAGE, INC. 4 6.53% $8,520
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.44% $5,847
MILEND, INC. 3 6.04% $12,571
PREMIA MORTGAGE, LLC 3 6.20% $14,766
CARDINAL FINANCIAL 3 6.75% $10,799
Renasant Bank 3 5.88% $7,008
Financial Federal Bank 3 6.04% $4,956
FBC MORTGAGE, LLC 3 4.32% $3,410
Cornerstone First Mortgage, Inc 3 6.54% $5,179
Truist 3 6.37% $5,173
Mid-Continent Funding, Inc. 3 5.87% $7,676
Flagstar Bank, FSB 3 6.67% $8,540
JMAC LENDING, INC. 2 6.38% $11,657
MORTGAGE ACCESS CORP. 2 6.06% $14,404
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.69% $9,835
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $15,243
TJC Mortgage, Inc. 2 5.00% $9,107
MORTGAGEONE, INC. 2 6.06% $12,153
MORTGAGE FINANCIAL SERVICES, LLC 2 7.25% $15,035
PLAZA HOME MORTGAGE, INC. 2 5.99% $15,918
MICHIGAN MUTUAL, INC. 2 6.75% $3,734
EMM LOANS LLC 2 6.88% $9,294
DIRECTIONS EQUITY, LLC 2 6.00% $17,353
Prosperity Home Mortgage, LLC 2 6.56% $7,906
FirstBank 2 6.69% $3,254
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 6.50% $3,814
AMERICAN FINANCIAL RESOURCES, INC. 2 6.25% $10,964
BAY EQUITY LLC 1 6.13% $5,719
Arvest Bank 1 5.50% $5,537
The Huntington National Bank 1 6.63% $23,224
TOWNE MORTGAGE COMPANY 1 6.63% $5,053
AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $19,496
AMERICAN FINANCING CORPORATION 1 5.13% $9,487
U.S. Bank 1 6.63% $4,391
First State Bank of St. Charles, Missouri 1 6.50% $5,023
First Community Bank 1 6.00% $21,018
GMFS LLC 1 6.75% $5,787
GSF Mortgage Corporation 1 6.13% $15,532
First Citizens National Bank 1 5.50% $10,840
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $8,672
HomePromise Corporation 1 7.38% $1,054
VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.63% $0
ALLIED MORTGAGE GROUP, INC. 1 6.75% $2,359
FEDEX EMPLOYEES CREDIT ASSOCIATION 1 6.50% $5,823
Merchants & Marine Bank 1 5.13% $15,571
MID AMERICA MORTGAGE, INC. 1 5.63% $6,528
ENDEAVOR CAPITAL, LLC. 1 6.25% $3,871
ENCORE BANK 1 5.63% $4,724
NASA Federal Credit Union 1 5.50% $11,279
DELMAR FINANCIAL COMPANY 1 6.13% $1,815
DATA MORTGAGE, INC. 1 5.75% $2,534
NETWORK CAPITAL FUNDING CORPORATION 1 6.25% $6,448
DAS Acquisition Company, LLC 1 6.25% $11,449
NexBank 1 5.88% $5,164
NFM, INC. 1 5.13% $8,966
NORWICH COMMERCIAL GROUP, INC. 1 6.63% $1,403
ONY GLO, INC. 1 7.13% $800
CONTOUR MORTGAGE CORPORATION 1 5.75% $3,893
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.00% $2,473
CIS Financial Services, Inc. 1 6.63% $4,933
CHURCHILL MORTGAGE CORPORATION 1 6.13% $21,985
CHARTER WEST BANK 1 6.25% $9,491
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.75% $7,372
Presidential Bank, FSB 1 5.63% $5,183
Century Mortgage Company DBA Century Lending Company 1 6.25% $13,962
CASTLE & COOKE MORTGAGE, LLC 1 7.25% $6,422
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.25% $14,066
SeaTrust Mortgage Company 1 6.50% $4,039
SFMC, LP 1 6.25% $9,157
SIRVA MORTGAGE, INC. 1 7.25% $4,725
SOUTHWEST STAGE FUNDING, LLC 1 6.38% $0
CALCON MUTUAL MORTGAGE LLC 1 6.63% $18,399
SUN WEST MORTGAGE COMPANY, INC. 1 5.87% $5,588

The top Memphis VA lender as defined by loan originations is Mortgage Research Center, LLC, with 368 VA loans originated. Their average total fees are $5,313, which is $2,674 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Memphis VA lenders (with over 10 loans originated) are PLANET HOME LENDING, LLC ($4,009), MORTGAGE SOLUTIONS OF COLORADO, LLC ($4,202), Trustmark National Bank ($4,846), GUARANTEED RATE, INC. ($5,259) and Mortgage Research Center, LLC ($5,313).

The lowest rate Memphis VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.09%), PENNYMAC LOAN SERVICES, LLC (5.62%), PLANET HOME LENDING, LLC (5.73%), VILLAGE CAPITAL MORTGAGE (5.75%) and STOCKTON MORTGAGE CORPORATION (5.81%).

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.