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 6.6% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

Memphis's average VA mortgage closing costs are $6,497.

The average rate for the prior week (2024-04-05) was 6.45% and one month ago for the week of 2024-03-08, the average rate was 6.48%.

The average rate one year ago was 6.17%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.6%.

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%).


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 $186,375 (9.7%) $245,918 (5.7%) 0.69 3,814
2018-02-01 $184,350 (8.5%) $242,774 (5.0%) 0.67 3,798
2018-03-01 $185,000 (6.5%) $248,291 (5.6%) 0.65 3,799
2018-04-01 $193,450 (7.5%) $255,176 (3.6%) 0.66 3,202
2018-05-01 $199,950 (8.1%) $265,105 (5.2%) 0.67 3,161
2018-06-01 $210,875 (8.5%) $267,469 (5.0%) 0.70 3,415
2018-07-01 $212,700 (8.1%) $266,363 (4.4%) 0.71 3,759
2018-08-01 $212,900 (9.2%) $265,195 (4.9%) 0.71 3,759
2018-09-01 $212,000 (7.1%) $264,535 (4.2%) 0.71 3,761
2018-10-01 $215,000 (11.2%) $267,139 (7.0%) 0.73 3,768
2018-11-01 $210,000 (10.6%) $262,223 (5.1%) 0.71 3,732
2018-12-01 $209,900 (12.9%) $256,634 (3.4%) 0.72 3,470
2019-01-01 $204,925 (10.0%) $254,140 (3.3%) 0.71 3,141
2019-02-01 $208,244 (13.0%) $257,728 (6.2%) 0.70 3,034
2019-03-01 $214,186 (15.8%) $269,000 (8.3%) 0.70 2,968
2019-04-01 $222,325 (14.9%) $280,584 (10.0%) 0.71 2,987
2019-05-01 $230,000 (15.0%) $285,812 (7.8%) 0.72 3,001
2019-06-01 $230,000 (9.1%) $288,883 (8.0%) 0.72 3,102
2019-07-01 $231,075 (8.6%) $289,796 (8.8%) 0.72 3,245
2019-08-01 $232,845 (9.4%) $289,702 (9.2%) 0.74 3,227
2019-09-01 $231,189 (9.1%) $290,408 (9.8%) 0.74 3,194
2019-10-01 $230,134 (7.0%) $291,712 (9.2%) 0.74 3,162
2019-11-01 $232,700 (10.8%) $294,661 (12.4%) 0.76 3,093
2019-12-01 $232,450 (10.7%) $292,234 (13.9%) 0.78 2,936
2020-01-01 $228,200 (11.4%) $289,871 (14.1%) 0.76 2,744
2020-02-01 $230,000 (10.5%) $295,406 (14.6%) 0.75 2,508
2020-03-01 $242,735 (13.3%) $306,363 (13.9%) 0.76 2,390
2020-04-01 $249,073 (12.0%) $312,663 (11.4%) 0.78 2,396
2020-05-01 $249,900 (8.7%) $319,737 (11.9%) 0.76 2,225
2020-06-01 $258,138 (12.2%) $330,546 (14.4%) 0.76 1,991
2020-07-01 $261,900 (13.3%) $342,121 (18.1%) 0.76 1,811
2020-08-01 $264,950 (13.8%) $339,364 (17.1%) 0.76 1,722
2020-09-01 $259,906 (12.4%) $337,050 (16.1%) 0.74 1,614
2020-10-01 $259,900 (12.9%) $339,376 (16.3%) 0.74 1,615
2020-11-01 $257,500 (10.7%) $331,667 (12.6%) 0.75 1,552
2020-12-01 $249,950 (7.5%) $320,577 (9.7%) 0.74 1,434
2021-01-01 $240,000 (5.2%) $317,478 (9.5%) 0.72 1,261
2021-02-01 $234,800 (2.1%) $320,566 (8.5%) 0.68 1,107
2021-03-01 $238,900 (-1.6%) $328,999 (7.4%) 0.68 1,037
2021-04-01 $239,950 (-3.7%) $331,027 (5.9%) 0.65 1,024
2021-05-01 $239,900 (-4.0%) $325,602 (1.8%) 0.64 1,071
2021-06-01 $242,875 (-5.9%) $322,398 (-2.5%) 0.64 1,189
2021-07-01 $245,000 (-6.5%) $320,679 (-6.3%) 0.65 1,333
2021-08-01 $249,900 (-5.7%) $325,344 (-4.1%) 0.67 1,441
2021-09-01 $248,975 (-4.2%) $322,490 (-4.3%) 0.66 1,412
2021-10-01 $265,000 (2.0%) $338,544 (-0.2%) 0.71 1,335
2021-11-01 $257,500 (0.0%) $337,716 (1.8%) 0.69 1,283
2021-12-01 $243,375 (-2.6%) $326,952 (2.0%) 0.66 1,235
2022-01-01 $219,900 (-8.4%) $323,754 (2.0%) 0.59 1,089
2022-02-01 $226,450 (-3.6%) $331,601 (3.4%) 0.59 960
2022-03-01 $227,450 (-4.8%) $326,620 (-0.7%) 0.57 1,055
2022-04-01 $246,700 (2.8%) $340,862 (3.0%) 0.59 1,152
2022-05-01 $292,500 (21.9%) $366,848 (12.7%) 0.67 1,308
2022-06-01 $305,000 (25.6%) $376,587 (16.8%) 0.68 1,586
2022-07-01 $319,900 (30.6%) $376,112 (17.3%) 0.72 2,048
2022-08-01 $313,000 (25.3%) $369,982 (13.7%) 0.72 2,207
2022-09-01 $316,748 (27.2%) $370,822 (15.0%) 0.74 2,330
2022-10-01 $319,950 (20.7%) $367,511 (8.6%) 0.75 2,586
2022-11-01 $324,950 (26.2%) $369,171 (9.3%) 0.78 2,770
2022-12-01 $325,000 (33.5%) $370,937 (13.5%) 0.80 2,658
2023-01-01 $324,950 (47.8%) $364,778 (12.7%) 0.80 2,408
2023-02-01 $323,190 (42.7%) $362,229 (9.2%) 0.78 2,267
2023-03-01 $319,000 (40.3%) $355,899 (9.0%) 0.75 2,293
2023-04-01 $324,900 (31.7%) $365,244 (7.2%) 0.76 2,334
2023-05-01 $325,000 (11.1%) $369,570 (0.7%) 0.74 2,405
2023-06-01 $327,138 (7.3%) $375,526 (-0.3%) 0.74 2,529
2023-07-01 $325,000 (1.6%) $369,793 (-1.7%) 0.74 2,727
2023-08-01 $320,950 (2.5%) $368,137 (-0.5%) 0.74 2,886
2023-09-01 $310,000 (-2.1%) $360,107 (-2.9%) 0.72 3,159
2023-10-01 $318,500 (-0.5%) $365,974 (-0.4%) 0.75 3,370
2023-11-01 $319,925 (-1.6%) $368,490 (-0.2%) 0.76 3,464
2023-12-01 $318,900 (-1.9%) $366,710 (-1.1%) 0.78 3,412
2024-01-01 $320,450 (-1.4%) $369,275 (1.2%) 0.78 3,101
2024-02-01 $324,500 (0.4%) $373,827 (3.2%) 0.78 3,070
2024-03-01 $326,900 (2.5%) $377,008 (5.9%) 0.77 3,169
Memphis's median listing price for 2024-03-01 was $326,900, a difference of $7,900 (2.5%) versus the prior year and $2,400 versus the prior month.

Memphis's median listing price comes in at 77% of the national average.

Memphis's average listing price for 2024-03-01 was $377,008, a difference of $21,109 (5.9%) versus the prior year and $3,181 versus the prior month.

For the 2024-03-01 period, Memphis had 3,169 MLS listings, a difference of 99 listings (3%) versus the prior month and 876 listings (38%) 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 76 days 2,115 sqft
2018-02-01 69 days 2,096 sqft
2018-03-01 50 days 2,084 sqft
2018-04-01 51 days 2,102 sqft
2018-05-01 50 days 2,116 sqft
2018-06-01 47 days 2,157 sqft
2018-07-01 48 days 2,147 sqft
2018-08-01 54 days 2,186 sqft
2018-09-01 57 days 2,200 sqft
2018-10-01 59 days 2,223 sqft
2018-11-01 61 days 2,247 sqft
2018-12-01 67 days 2,228 sqft
2019-01-01 75 days 2,200 sqft
2019-02-01 70 days 2,201 sqft
2019-03-01 60 days 2,230 sqft
2019-04-01 51 days 2,265 sqft
2019-05-01 47 days 2,279 sqft
2019-06-01 51 days 2,244 sqft
2019-07-01 51 days 2,193 sqft
2019-08-01 53 days 2,205 sqft
2019-09-01 54 days 2,212 sqft
2019-10-01 55 days 2,234 sqft
2019-11-01 59 days 2,258 sqft
2019-12-01 67 days 2,257 sqft
2020-01-01 74 days 2,240 sqft
2020-02-01 72 days 2,250 sqft
2020-03-01 55 days 2,328 sqft
2020-04-01 52 days 2,303 sqft
2020-05-01 56 days 2,300 sqft
2020-06-01 52 days 2,317 sqft
2020-07-01 47 days 2,278 sqft
2020-08-01 45 days 2,409 sqft
2020-09-01 44 days 2,399 sqft
2020-10-01 43 days 2,403 sqft
2020-11-01 46 days 2,415 sqft
2020-12-01 52 days 2,367 sqft
2021-01-01 59 days 2,400 sqft
2021-02-01 57 days 2,226 sqft
2021-03-01 50 days 2,256 sqft
2021-04-01 39 days 2,196 sqft
2021-05-01 35 days 2,269 sqft
2021-06-01 34 days 2,146 sqft
2021-07-01 35 days 2,170 sqft
2021-08-01 38 days 2,200 sqft
2021-09-01 40 days 2,225 sqft
2021-10-01 33 days 2,186 sqft
2021-11-01 38 days 2,192 sqft
2021-12-01 44 days 2,313 sqft
2022-01-01 47 days 2,249 sqft
2022-02-01 39 days 2,129 sqft
2022-03-01 36 days 2,090 sqft
2022-04-01 32 days 2,200 sqft
2022-05-01 31 days 2,428 sqft
2022-06-01 30 days 2,500 sqft
2022-07-01 31 days 2,451 sqft
2022-08-01 38 days 2,418 sqft
2022-09-01 42 days 2,312 sqft
2022-10-01 45 days 2,285 sqft
2022-11-01 50 days 2,245 sqft
2022-12-01 61 days 2,274 sqft
2023-01-01 71 days 2,277 sqft
2023-02-01 67 days 2,248 sqft
2023-03-01 53 days 2,248 sqft
2023-04-01 47 days 2,250 sqft
2023-05-01 43 days 2,243 sqft
2023-06-01 44 days 2,262 sqft
2023-07-01 44 days 2,225 sqft
2023-08-01 46 days 2,209 sqft
2023-09-01 46 days 2,169 sqft
2023-10-01 50 days 2,200 sqft
2023-11-01 56 days 2,210 sqft
2023-12-01 63 days 2,250 sqft
2024-01-01 73 days 2,262 sqft
2024-02-01 68 days 2,270 sqft
2024-03-01 51 days 2,276 sqft
Memphis's median listing age (time on market) for 2024-03-01 was 51 days. This is -3% shorter than the same period one year ago.

Memphis's median square footage for active listings during the 2024-03-01 period was 2,276 sqft. One year prior, the average listing was 2,248 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.