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 130 lenders originated 1,786 VA
loans during 2023. The total origination value was $595,690,000, with an average VA loan value of
$333,533.
Memphis VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Memphis
averaged
6.08%
for the week of 2024-10-11, compared to the national average (all VA variants) of
5.854% for the same period.
Memphis's average VA mortgage closing costs are $6,497.
The average rate for the prior week (2024-10-04) was
5.55% and
one month ago for the week of 2024-09-06, the
average rate was 5.84%.
The average rate one year ago was 7.31%.
For refis of the same type during the week of 2024-10-11, the average rate
was 6.08%.
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/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 |
2023 Avg. 30yFix Rate |
2023 Avg. Closing Costs |
Mortgage Research Center, LLC
|
311
|
6.78%
|
$6,476
|
QUICKEN LOANS, LLC
|
123
|
6.04%
|
$12,288
|
COMMUNITY MORTGAGE CORPORATION
|
117
|
6.15%
|
$11,456
|
NAVY FEDERAL CREDIT UNION
|
99
|
5.75%
|
$6,782
|
DHI MORTGAGE COMPANY, LTD.
|
64
|
5.30%
|
$7,097
|
UNITED WHOLESALE MORTGAGE, LLC
|
64
|
6.19%
|
$9,980
|
FREEDOM MORTGAGE CORPORATION
|
51
|
6.41%
|
$15,375
|
PENNYMAC LOAN SERVICES, LLC
|
50
|
5.43%
|
$7,210
|
GUARANTEED RATE, INC.
|
47
|
6.35%
|
$6,171
|
Patriot Bank
|
40
|
6.01%
|
$8,743
|
NEW DAY FINANCIAL, LLC
|
33
|
7.47%
|
$14,304
|
LOANDEPOT.COM, LLC
|
32
|
6.24%
|
$11,945
|
The Federal Savings Bank
|
29
|
6.26%
|
$19,964
|
USAA Federal Savings Bank
|
27
|
6.24%
|
$7,897
|
Trustmark National Bank
|
23
|
6.04%
|
$7,838
|
CARDINAL FINANCIAL
|
18
|
6.45%
|
$12,417
|
STOCKTON MORTGAGE CORPORATION
|
18
|
6.26%
|
$14,231
|
Eagle Bank and Trust Company
|
17
|
6.12%
|
$9,743
|
MORTGAGE INVESTORS GROUP, INC.
|
17
|
6.40%
|
$8,704
|
Evolve Bank & Trust
|
16
|
6.52%
|
$5,869
|
Regions Bank
|
16
|
6.08%
|
$7,987
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
15
|
6.41%
|
$9,137
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
15
|
6.84%
|
$9,218
|
Paramount Residential Mortgage Group, Inc.
|
15
|
6.47%
|
$8,138
|
Pinnacle Bank
|
15
|
6.07%
|
$11,236
|
Citizens Bank
|
13
|
6.39%
|
$12,003
|
VILLAGE CAPITAL MORTGAGE
|
13
|
6.19%
|
$7,220
|
Renasant Bank
|
13
|
6.49%
|
$8,122
|
Bank of England
|
13
|
6.34%
|
$11,816
|
Mr. Cooper ( Nationstar Mortgage )
|
13
|
5.87%
|
$17,407
|
MORTGAGE SOLUTIONS OF COLORADO, LLC
|
13
|
7.57%
|
$8,947
|
CROSSCOUNTRY MORTGAGE, LLC
|
13
|
7.11%
|
$6,388
|
Nations Lending Corporation
|
12
|
6.70%
|
$4,224
|
BROKER SOLUTIONS, INC.
|
12
|
6.55%
|
$10,634
|
BARTLETT MORTGAGE, INC.
|
12
|
6.15%
|
$7,465
|
Wolfe Financial, Inc
|
11
|
6.56%
|
$9,968
|
Barrington Bank & Trust Company, N.A.
|
11
|
6.66%
|
$8,491
|
FirstTrust Home Loans, Inc.
|
10
|
6.78%
|
$6,206
|
Equity Prime Mortgage LLC
|
9
|
6.72%
|
$7,864
|
GUILD MORTGAGE COMPANY
|
8
|
6.48%
|
$12,151
|
HIGHLANDS RESIDENTIAL MORTGAGE, LTD.
|
8
|
6.73%
|
$10,169
|
Flagstar Bank, FSB
|
8
|
6.35%
|
$11,847
|
UNION HOME MORTGAGE CORP.
|
7
|
5.91%
|
$11,518
|
Mid-Continent Funding, Inc.
|
7
|
6.11%
|
$9,110
|
PENTAGON FEDERAL CREDIT UNION
|
7
|
5.79%
|
$5,689
|
BancorpSouth
|
7
|
6.29%
|
$11,004
|
EVERETT FINANCIAL, INC.
|
7
|
6.91%
|
$9,431
|
MUTUAL OF OMAHA MORTGAGE, INC.
|
6
|
5.81%
|
$14,231
|
CMG MORTGAGE, INC.
|
6
|
6.44%
|
$11,292
|
First Horizon Bank
|
6
|
6.44%
|
$7,066
|
RELIANCE FIRST CAPITAL, LLC
|
6
|
6.40%
|
$8,274
|
Wells Fargo Bank
|
6
|
5.69%
|
$7,416
|
Independent Bank
|
6
|
7.06%
|
$6,962
|
Plains Commerce Bank
|
5
|
5.68%
|
$11,994
|
Magnolia Bank
|
5
|
6.25%
|
$18,179
|
AMERISAVE MORTGAGE CORPORATION
|
5
|
6.08%
|
$15,536
|
GMFS LLC
|
5
|
6.33%
|
$7,968
|
NEWREZ LLC
|
5
|
6.53%
|
$19,071
|
NBKC BANK
|
5
|
5.53%
|
$5,901
|
SUN WEST MORTGAGE COMPANY, INC.
|
4
|
6.01%
|
$3,792
|
MOVEMENT MORTGAGE, LLC
|
4
|
6.47%
|
$15,089
|
CRESCENT MORTGAGE COMPANY
|
4
|
5.31%
|
$7,535
|
CORNERSTONE HOME LENDING, INC.
|
3
|
6.24%
|
$2,331
|
GUARANTEED RATE AFFINITY, LLC
|
3
|
6.48%
|
$11,546
|
MILEND, INC.
|
3
|
6.71%
|
$12,162
|
CONTOUR MORTGAGE CORPORATION
|
3
|
6.67%
|
$25,692
|
PLANET HOME LENDING, LLC
|
3
|
6.29%
|
$6,799
|
SWBC MORTGAGE CORPORATION
|
3
|
6.04%
|
$6,327
|
Truist
|
3
|
6.40%
|
$4,984
|
FBC MORTGAGE, LLC
|
2
|
4.99%
|
$6,388
|
VERITAS FUNDING, LLC
|
2
|
6.25%
|
$17,744
|
Century Mortgage Company DBA Century Lending Company
|
2
|
5.44%
|
$6,994
|
HOMESIDE FINANCIAL, LLC
|
2
|
7.00%
|
$7,823
|
PANORAMA MORTGAGE GROUP, LLC
|
2
|
6.13%
|
$5,387
|
JPMorgan Chase Bank
|
2
|
6.94%
|
$2,533
|
Financial Federal Bank
|
2
|
5.69%
|
$6,308
|
MORTGAGE FINANCIAL SERVICES, LLC
|
2
|
6.63%
|
$7,558
|
SOVEREIGN LENDING GROUP INCORPORATED
|
2
|
6.63%
|
$15,759
|
Armed Forces Bank
|
2
|
5.50%
|
$13,965
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
2
|
6.50%
|
$7,731
|
Hometown Equity Mortgage, LLC
|
2
|
6.81%
|
$5,118
|
Franklin Loan Corporation
|
2
|
6.44%
|
$12,810
|
LOANPAL, LLC
|
2
|
6.56%
|
$14,488
|
FIRST COMMUNITY MORTGAGE, INC.
|
2
|
6.94%
|
$9,126
|
LAKEVIEW LOAN SERVICING, LLC
|
2
|
5.50%
|
$14,536
|
PINNACLE LENDING GROUP, INC.
|
1
|
7.88%
|
$5,069
|
GSF Mortgage Corporation
|
1
|
7.13%
|
$11,461
|
AMERICAN FINANCIAL NETWORK, INC.
|
1
|
6.88%
|
$10,833
|
Presidential Bank, FSB
|
1
|
6.75%
|
$11,700
|
BAYSHORE MORTGAGE FUNDING, LLC
|
1
|
5.75%
|
$6,259
|
Prosperity Home Mortgage, LLC
|
1
|
6.88%
|
$8,930
|
Bank of America
|
1
|
7.50%
|
$4,022
|
Arvest Bank
|
1
|
6.50%
|
$24,637
|
ROYAL UNITED MORTGAGE LLC
|
1
|
6.25%
|
$8,734
|
SeaTrust Mortgage Company
|
1
|
7.99%
|
$16,488
|
SECURITYNATIONAL MORTGAGE COMPANY
|
1
|
6.75%
|
$9,824
|
Simmons Bank
|
1
|
5.75%
|
$4,873
|
SOUTHERN TRUST MORTGAGE, LLC
|
1
|
6.50%
|
$8,653
|
Stock Yards Bank & Trust Company
|
1
|
6.50%
|
$3,703
|
Strong Home Mortgage, LLC
|
1
|
6.25%
|
$1,882
|
Sunflower Bank
|
1
|
5.99%
|
$2,703
|
First Citizens National Bank
|
1
|
6.25%
|
$10,576
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
6.13%
|
$15,108
|
THE MORTGAGE FIRM, INC.
|
1
|
6.25%
|
$8,213
|
TOP FLITE FINANCIAL, INC.
|
1
|
5.75%
|
$13,735
|
TruHome Solutions, LLC
|
1
|
6.63%
|
$4,891
|
ACOPIA, LLC
|
1
|
7.00%
|
$9,440
|
FIDELITY BANK
|
1
|
6.25%
|
$15,404
|
VAN DYK MORTGAGE CORPORATION
|
1
|
7.25%
|
$5,987
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
1
|
6.25%
|
$16,354
|
U.S. Bank
|
1
|
6.75%
|
$3,894
|
Leaders Credit Union
|
1
|
5.75%
|
$22,235
|
ENCORE BANK
|
1
|
6.63%
|
$4,882
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
6.38%
|
$8,244
|
AmeriHome Mortgage Company, LLC
|
1
|
5.63%
|
$13,867
|
LADERA LENDING, INC.
|
1
|
6.50%
|
$17,309
|
Farmers Bank & Trust
|
1
|
5.25%
|
$18,235
|
Colonial Savings, F.A.
|
1
|
5.75%
|
$36,898
|
HOMESTAR FINANCIAL CORPORATION
|
1
|
5.75%
|
$3,145
|
Neighborhood Loans, Inc.
|
1
|
7.63%
|
$7,082
|
CBM Mortgage, Inc.
|
1
|
6.25%
|
$10,093
|
NFM, INC.
|
1
|
6.75%
|
$6,011
|
North American Savings Bank, F.S.B.
|
1
|
6.25%
|
$2,484
|
Northpointe Bank
|
1
|
6.25%
|
$2,955
|
ONY GLO, INC.
|
1
|
4.63%
|
$16,902
|
CALIBER HOME LOANS, INC.
|
1
|
5.75%
|
$4,941
|
CALCON MUTUAL MORTGAGE LLC
|
1
|
6.13%
|
$6,166
|
BOKF
|
1
|
7.00%
|
$37,396
|
GUARANTY HOME MORTGAGE CORPORATION
|
1
|
6.75%
|
$8,677
|
BNC National Bank
|
1
|
5.75%
|
$2,702
|
The top Memphis VA lender as defined by loan originations is Mortgage Research Center, LLC, with
311 VA loans originated. Their average total fees are
$6,476, which is $5,812
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Memphis VA lenders (with over 10 loans originated) are
Nations Lending Corporation ($4,224), Evolve Bank & Trust ($5,869), GUARANTEED RATE, INC. ($6,171), FirstTrust Home Loans, Inc. ($6,206) and CROSSCOUNTRY MORTGAGE, LLC ($6,388).
The lowest rate Memphis VA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. (5.30%), PENNYMAC LOAN SERVICES, LLC (5.43%), NAVY FEDERAL CREDIT UNION (5.75%), Mr. Cooper ( Nationstar Mortgage ) (5.87%) and Patriot Bank (6.01%).
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.