Memphis VA Loans

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 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 187 lenders originated 4,874 VA loans during 2021. The total origination value was $1,329,370,000, with an average VA loan value of $272,747.

Memphis VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Memphis averaged 5.32% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.55% and one month ago for the week of 2022-04-08, the average rate was 5.08%.

The average rate one year ago was 3.29%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.08%.

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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Memphis level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 449 2.48% $5,165
Mortgage Research Center, LLC 415 2.90% $6,544
FREEDOM MORTGAGE CORPORATION 308 2.50% $3,148
COMMUNITY MORTGAGE CORPORATION 249 2.67% $7,644
PENNYMAC LOAN SERVICES, LLC 247 2.42% $5,511
NAVY FEDERAL CREDIT UNION 189 2.54% $5,370
NEW DAY FINANCIAL, LLC 132 2.86% $7,194
USAA Federal Savings Bank 112 2.89% $4,799
LOANDEPOT.COM, LLC 103 2.68% $6,065
Patriot Bank 98 2.36% $6,252
VILLAGE CAPITAL & INVESTMENT LLC 92 2.41% $3,208
UNITED WHOLESALE MORTGAGE, LLC 78 2.48% $5,608
Trustmark National Bank 56 2.52% $5,375
LAKEVIEW LOAN SERVICING, LLC 56 2.53% $2,265
The Federal Savings Bank 56 2.63% $7,412
Mr. Cooper ( Nationstar Mortgage ) 49 2.93% $4,499
BARTLETT MORTGAGE, INC. 47 2.56% $7,912
CLEARPATH LENDING 46 2.31% $3,776
Wells Fargo Bank 43 2.63% $3,840
CALIBER HOME LOANS, INC. 41 2.70% $5,655
Pinnacle Bank 39 2.52% $7,491
MORTGAGE INVESTORS GROUP, INC. 38 2.71% $6,307
PRIMELENDING, A PLAINSCAPITAL COMPANY 37 3.05% $5,291
PLANET HOME LENDING, LLC 37 2.53% $3,257
Barrington Bank & Trust Company, N.A. 35 2.74% $5,755
HOME POINT FINANCIAL CORPORATION 34 2.40% $4,742
Eagle Bank and Trust Company 34 2.71% $8,744
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 33 2.94% $7,591
Low VA Rates, LLC 32 2.28% $4,592
CROSSCOUNTRY MORTGAGE, LLC 30 2.91% $8,425
GUILD MORTGAGE COMPANY 30 2.96% $6,432
First Horizon Bank 28 2.60% $5,352
Bank of England 27 2.73% $8,552
Nations Lending Corporation 26 3.09% $6,840
Sierra Pacific Mortgage Company, Inc. 24 3.16% $8,023
PENTAGON FEDERAL CREDIT UNION 23 2.35% $3,901
AMERICAN FINANCIAL NETWORK, INC. 23 2.77% $8,157
BROKER SOLUTIONS, INC. 23 2.78% $9,286
Flagstar Bank, FSB 21 3.01% $8,707
Evolve Bank & Trust 20 2.80% $4,784
Regions Bank 20 3.03% $6,496
AMERISAVE MORTGAGE CORPORATION 20 2.67% $6,953
BancorpSouth Bank 19 2.76% $8,591
NBKC BANK 18 2.48% $5,015
Carrington Mortgage Services, LLC 17 3.10% $5,511
ACCELERATE MORTGAGE, LLC 17 2.38% $5,923
First Federal Bank 16 3.05% $5,791
GUARANTEED RATE, INC. 16 2.73% $6,539
FirstBank 16 2.68% $7,417
SOUTHWEST FUNDING, LP 16 3.59% $11,127
First Guaranty Mortgage Corporation 15 2.46% $3,484
SUN WEST MORTGAGE COMPANY, INC. 15 2.46% $4,060
MUTUAL OF OMAHA MORTGAGE, INC. 15 2.73% $4,486
NEWREZ LLC 14 2.70% $3,543
Plains Commerce Bank 14 2.65% $9,186
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 14 3.03% $8,417
Magnolia Bank 13 2.58% $7,928
InterContinental Capital Group, Inc 12 2.31% $3,577
Wolfe Financial, Inc 12 2.90% $12,342
Renasant Bank 12 2.70% $10,986
Mid-Continent Funding, Inc. 11 2.93% $6,482
NP, Inc. 11 2.36% $4,051
Citizens Bank 11 2.60% $8,348
Triumph Bank 10 2.55% $9,948
FINANCE OF AMERICA MORTGAGE LLC 9 2.54% $5,069
Lakeview Community Capital, LLC 8 2.53% $2,377
Independent Bank 8 2.86% $7,345
MOVEMENT MORTGAGE, LLC 8 2.97% $4,003
North American Savings Bank, F.S.B. 8 2.33% $4,003
The Home Loan Expert LLC 8 2.63% $7,347
SOVEREIGN LENDING GROUP INCORPORATED 8 2.73% $6,239
KELLER MORTGAGE, LLC 7 2.64% $5,502
AMERICAN PACIFIC MORTGAGE CORPORATION 7 2.86% $6,788
CMG MORTGAGE, INC. 7 2.70% $6,333
AMERICAN FINANCING CORPORATION 7 2.55% $3,733
BNC National Bank 7 2.46% $5,168
HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.73% $7,671
Paramount Residential Mortgage Group, Inc. 6 2.88% $4,065
U.S. Bank 6 2.58% $7,187
MORTGAGE SOLUTIONS OF COLORADO, LLC 5 3.28% $4,197
CRESCENT MORTGAGE COMPANY 5 2.40% $4,221
Commerce Home Mortgage, Inc. 5 2.73% $2,686
Hometown Lenders, Inc. 5 3.25% $7,690
HOMESIDE FINANCIAL, LLC 5 2.55% $6,027
TJC Mortgage, Inc. 5 2.40% $4,513
Wyndham Capital Mortgage, Inc. 4 2.31% $3,295
AmeriHome Mortgage Company, LLC 4 2.81% $2,725
CHURCHILL MORTGAGE CORPORATION 4 2.65% $8,372
CONTOUR MORTGAGE CORPORATION 4 2.31% $4,660
EMBRACE HOME LOANS, INC. 4 3.16% $6,613
Manufacturers and Traders Trust Company 4 2.97% $7,918
MID AMERICA MORTGAGE, INC. 4 2.94% $3,032
T2 FINANCIAL LLC 4 3.09% $7,064
Truist Bank 4 2.74% $3,980
Meridian Bank Corporation 3 2.25% $4,964
Strong Home Mortgage, LLC 3 2.54% $1,032
AMERICAN MORTGAGE SERVICE COMPANY 3 2.79% $3,214
BAYSHORE MORTGAGE FUNDING, LLC 3 2.29% $2,066
EVERETT FINANCIAL, INC. 3 3.04% $13,398
First Citizens National Bank 3 2.67% $2,125
SOUTHWEST STAGE FUNDING, LLC 3 3.13% $5,397
Goldwater Bank, N.A. 3 3.29% $6,636
KS StateBank 3 2.33% $2,237
Paramount Bank 2 3.00% $7,908
SIRVA MORTGAGE, INC. 2 3.38% $6,660
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.56% $9,015
BEST CAPITAL FUNDING 2 2.50% $6,715
TOWNE MORTGAGE COMPANY 2 2.81% $11,719
MORTGAGE FINANCIAL SERVICES, LLC 2 3.44% $12,691
ACOPIA, LLC 2 3.06% $6,636
Willamette Valley Bank 2 2.88% $6,002
UNION HOME MORTGAGE CORP. 2 2.25% $3,632
AMERICAN MORTGAGE SERVICES INCORPORATED 2 2.88% $6,430
Community Bank of Mississippi 2 2.81% $7,210
FirstTrust Home Loans, Inc. 2 3.63% $5,126
BELEM SERVICING LLC 2 3.75% $9,426
Ixonia Bank 2 3.38% $6,061
Hometown Equity Mortgage, LLC 2 3.25% $10,835
RELIANCE FIRST CAPITAL, LLC 2 2.44% $10,738
GUARANTEED RATE AFFINITY, LLC 2 2.31% $7,652
FIRST COMMUNITY MORTGAGE, INC. 2 2.56% $6,412
SUCCESS MORTGAGE PARTNERS, INC. 2 3.44% $15,035
Sunflower Bank 2 2.63% $3,143
LENDUS, LLC 2 2.44% $9,084
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.13% $4,092
NATIONWIDE MORTGAGE BANKERS, INC. 2 3.44% $5,846
Financial Federal Bank 2 2.38% $7,237
Presidential Bank, FSB 1 2.25% $477
CELEBRITY HOME LOANS, LLC 1 3.50% $6,375
Capital Bank 1 2.25% $3,000
BOKF 1 2.63% $5,837
ROUNDPOINT MORTGAGE SERVICING CORPORATION 1 3.25% $10,463
ROYAL UNITED MORTGAGE LLC 1 2.38% $9,701
SeaTrust Mortgage Company 1 2.75% $3,739
Home Mortgage Alliance Corp 1 2.38% $1,746
SHELTER LENDING SERVICES, L.L.C. 1 2.75% $3,308
Bank of Tennessee 1 2.63% $13,963
SRE MORTGAGE ALLIANCE INC. 1 2.25% $5,590
STEARNS LENDING, LLC 1 2.25% $1,238
Bank of America 1 3.00% $12,335
SWBC MORTGAGE CORPORATION 1 3.13% $2,442
ALLIED MORTGAGE GROUP, INC. 1 2.25% $3,617
Texana Bank 1 2.38% $3,163
The Central Trust Bank 1 2.75% $12,783
Assurance Financial Group, L.L.C. 1 2.75% $9,483
ASSEMBLIES OF GOD Credit Union 1 2.63% $3,327
TIDEWATER MORTGAGE SERVICES, INC. 1 2.38% $3,895
Towne Bank 1 2.25% $6,420
ARC HOME LLC 1 2.50% $1,297
Amerifirst Financial, Inc. 1 3.13% $3,466
AMERICAN PORTFOLIO MORTGAGE CORPORATION 1 3.00% $9,918
AMERICAN HOME LENDING USA, LLC 1 3.13% $8,655
AMERICAN FINANCIAL RESOURCES, INC. 1 3.25% $9,762
INTERCAP LENDING INC. 1 2.63% $4,939
SECURITYNATIONAL MORTGAGE COMPANY 1 2.63% $4,560
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $4,575
LEADERONE FINANCIAL CORPORATION 1 2.50% $1,866
Leaders Credit Union 1 2.50% $8,111
GSF Mortgage Corporation 1 4.13% $6,639
Wilson Bank And Trust 1 2.75% $4,627
GENEVA FINANCIAL, LLC 1 2.75% $3,829
Midwest Community Bank 1 2.25% $5,934
Gateway First Bank 1 3.00% $3,643
F&M Bank 1 2.50% $12,274
First Home Bank 1 2.38% $2,949
First Bank 1 2.75% $450
NATIONS RELIABLE LENDING, LLC 1 2.63% $9,619
NBH Bank 1 2.88% $499
Fifth Third Bank 1 3.13% $4,103
FIDELITY BANK 1 2.75% $5,813
FEDEX EMPLOYEES CREDIT ASSOCIATION 1 2.63% $3,031
NFM, INC. 1 3.00% $16,431
Northpointe Bank 1 3.13% $7,335
Equity Prime Mortgage LLC 1 3.75% $2,267
OCEANSIDE MORTGAGE COMPANY 1 2.25% $1,082
Origin Bank 1 2.50% $15,140
Orion Federal Credit Union 1 3.13% $2,600
OVM FINANCIAL, INC. 1 2.88% $19,564
DHI MORTGAGE COMPANY, LTD. 1 2.88% $22,215
DELMAR FINANCIAL COMPANY 1 3.25% $13,042
CORNERSTONE HOME LENDING, INC. 1 3.25% $10,603
PHH Mortgage Corporation 1 2.50% $3,618
CityWorth Mortgage LLC 1 2.75% $966
Citibank 1 2.88% $2,426
CHERRY CREEK MORTGAGE, LLC 1 2.50% $818
PLAZA HOME MORTGAGE, INC. 1 1.99% $2,869
PREMIA MORTGAGE, LLC 1 2.63% $5,040

The top Memphis VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 449 VA loans originated. Their average total fees are $5,165, which is $1,379 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Memphis VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,265), FREEDOM MORTGAGE CORPORATION ($3,148), VILLAGE CAPITAL & INVESTMENT LLC ($3,208), PLANET HOME LENDING, LLC ($3,257) and First Guaranty Mortgage Corporation ($3,484).

The lowest rate Memphis VA lenders (with over 10 loans originated) are Low VA Rates, LLC (2.28%), CLEARPATH LENDING (2.31%), InterContinental Capital Group, Inc (2.31%), PENTAGON FEDERAL CREDIT UNION (2.35%) and Patriot Bank (2.36%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $188,250 (10.8%) $245,305 (4.6%) 0.69 3,900
2018-02-01 $185,000 (8.1%) $242,658 (4.7%) 0.67 3,882
2018-03-01 $185,000 (5.4%) $247,593 (4.8%) 0.64 3,885
2018-04-01 $195,000 (6.9%) $254,992 (3.2%) 0.65 3,286
2018-05-01 $202,425 (8.4%) $265,309 (5.0%) 0.68 3,238
2018-06-01 $215,000 (10.3%) $268,259 (5.2%) 0.72 3,506
2018-07-01 $214,950 (8.6%) $266,062 (4.1%) 0.72 3,886
2018-08-01 $214,950 (10.2%) $265,662 (5.0%) 0.72 3,878
2018-09-01 $215,000 (8.1%) $266,004 (4.8%) 0.72 3,889
2018-10-01 $217,900 (11.8%) $268,398 (7.4%) 0.73 3,894
2018-11-01 $213,900 (11.8%) $263,227 (5.5%) 0.72 3,845
2018-12-01 $210,000 (11.9%) $257,565 (3.7%) 0.72 3,573
2019-01-01 $206,100 (9.5%) $254,767 (3.9%) 0.71 3,227
2019-02-01 $209,900 (13.5%) $258,248 (6.4%) 0.70 3,110
2019-03-01 $215,829 (16.7%) $269,738 (8.9%) 0.70 3,025
2019-04-01 $222,500 (14.1%) $280,887 (10.2%) 0.70 3,024
2019-05-01 $231,950 (14.6%) $286,602 (8.0%) 0.71 3,035
2019-06-01 $230,000 (7.0%) $289,335 (7.9%) 0.71 3,141
2019-07-01 $231,500 (7.7%) $289,338 (8.8%) 0.72 3,296
2019-08-01 $233,714 (8.7%) $290,677 (9.4%) 0.74 3,269
2019-09-01 $232,214 (8.0%) $290,677 (9.3%) 0.74 3,241
2019-10-01 $231,200 (6.1%) $291,371 (8.6%) 0.74 3,213
2019-11-01 $235,000 (9.9%) $295,162 (12.1%) 0.76 3,179
2019-12-01 $232,900 (10.9%) $290,529 (12.8%) 0.78 3,013
2020-01-01 $229,400 (11.3%) $288,076 (13.1%) 0.76 2,795
2020-02-01 $231,900 (10.5%) $294,070 (13.9%) 0.75 2,525
2020-03-01 $243,450 (12.8%) $305,118 (13.1%) 0.76 2,422
2020-04-01 $249,700 (12.2%) $310,475 (10.5%) 0.78 2,429
2020-05-01 $250,000 (7.8%) $319,676 (11.5%) 0.76 2,227
2020-06-01 $257,945 (12.2%) $328,921 (13.7%) 0.75 1,997
2020-07-01 $259,950 (12.3%) $340,411 (17.7%) 0.74 1,820
2020-08-01 $265,000 (13.4%) $339,594 (16.8%) 0.76 1,725
2020-09-01 $261,950 (12.8%) $339,250 (16.7%) 0.75 1,628
2020-10-01 $263,770 (14.1%) $343,021 (17.7%) 0.75 1,635
2020-11-01 $262,000 (11.5%) $333,770 (13.1%) 0.75 1,572
2020-12-01 $252,250 (8.3%) $323,190 (11.2%) 0.74 1,447
2021-01-01 $240,000 (4.6%) $318,610 (10.6%) 0.71 1,265
2021-02-01 $235,000 (1.3%) $321,362 (9.3%) 0.68 1,105
2021-03-01 $237,900 (-2.3%) $330,557 (8.3%) 0.67 1,041
2021-04-01 $239,750 (-4.0%) $329,167 (6.0%) 0.64 1,020
2021-05-01 $235,000 (-6.0%) $324,724 (1.6%) 0.62 1,066
2021-06-01 $238,950 (-7.4%) $318,338 (-3.2%) 0.62 1,178
2021-07-01 $240,000 (-7.7%) $319,323 (-6.2%) 0.62 1,308
2021-08-01 $249,200 (-6.0%) $325,345 (-4.2%) 0.66 1,419
2021-09-01 $249,450 (-4.8%) $324,015 (-4.5%) 0.66 1,399
2021-10-01 $265,000 (0.5%) $340,284 (-0.8%) 0.70 1,352
2021-11-01 $261,800 (-0.1%) $339,422 (1.7%) 0.69 1,269
2021-12-01 $242,500 (-3.9%) $328,000 (1.5%) 0.65 1,234
2022-01-01 $220,500 (-8.1%) $326,366 (2.4%) 0.59 1,075
2022-02-01 $226,000 (-3.8%) $332,469 (3.5%) 0.58 948
2022-03-01 $226,950 (-4.6%) $326,743 (-1.2%) 0.56 1,039
2022-04-01 $242,900 (1.3%) $342,551 (4.1%) 0.57 1,143
Memphis's median listing price for 2022-04-01 was $242,900, a difference of $3,150 (1.3%) versus the prior year and $15,950 versus the prior month.

Memphis's median listing price comes in at 57% of the national average.

Memphis's average listing price for 2022-04-01 was $342,551, a difference of $13,384 (4.1%) versus the prior year and $15,808 versus the prior month.

For the 2022-04-01 period, Memphis had 1,143 MLS listings, a difference of 104 listings (10%) versus the prior month and 123 listings (12%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 82 days 2,137 sqft
2018-02-01 75 days 2,137 sqft
2018-03-01 56 days 2,155 sqft
2018-04-01 57 days 2,202 sqft
2018-05-01 55 days 2,231 sqft
2018-06-01 51 days 2,301 sqft
2018-07-01 52 days 2,262 sqft
2018-08-01 58 days 2,286 sqft
2018-09-01 63 days 2,279 sqft
2018-10-01 64 days 2,323 sqft
2018-11-01 67 days 2,344 sqft
2018-12-01 72 days 2,354 sqft
2019-01-01 80 days 2,301 sqft
2019-02-01 77 days 2,320 sqft
2019-03-01 57 days 2,370 sqft
2019-04-01 57 days 2,397 sqft
2019-05-01 53 days 2,403 sqft
2019-06-01 55 days 2,370 sqft
2019-07-01 54 days 2,300 sqft
2019-08-01 56 days 2,332 sqft
2019-09-01 58 days 2,322 sqft
2019-10-01 57 days 2,350 sqft
2019-11-01 60 days 2,330 sqft
2019-12-01 68 days 2,366 sqft
2020-01-01 77 days 2,351 sqft
2020-02-01 79 days 2,367 sqft
2020-03-01 60 days 2,510 sqft
2020-04-01 57 days 2,482 sqft
2020-05-01 59 days 2,500 sqft
2020-06-01 58 days 2,490 sqft
2020-07-01 51 days 2,412 sqft
2020-08-01 48 days 2,433 sqft
2020-09-01 47 days 2,433 sqft
2020-10-01 44 days 2,500 sqft
2020-11-01 49 days 2,533 sqft
2020-12-01 52 days 2,550 sqft
2021-01-01 60 days 2,520 sqft
2021-02-01 57 days 2,426 sqft
2021-03-01 49 days 2,405 sqft
2021-04-01 43 days 2,382 sqft
2021-05-01 37 days 2,537 sqft
2021-06-01 36 days 2,405 sqft
2021-07-01 36 days 2,410 sqft
2021-08-01 37 days 2,400 sqft
2021-09-01 39 days 2,400 sqft
2021-10-01 33 days 2,400 sqft
2021-11-01 38 days 2,404 sqft
2021-12-01 45 days 2,630 sqft
2022-01-01 49 days 2,585 sqft
2022-02-01 40 days 2,341 sqft
2022-03-01 39 days 2,334 sqft
2022-04-01 35 days 2,450 sqft
Memphis's median listing age (time on market) for 2022-04-01 was 35 days. This is -18% shorter than the same period one year ago.

Memphis's median square footage for active listings during the 2022-04-01 period was 2,450 sqft. One year prior, the average listing was 2,382 sqft.

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.