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.