Meridian VA Loan Rates, Closing Costs & Stats

Meridian, MS

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    • 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.

    Meridian's 30 lenders originated 148 VA loans during 2023. The total origination value was $31,900,000, with an average VA loan value of $215,541.

    Meridian VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Meridian averaged 6.6% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Meridian's average VA mortgage closing costs are $5,630.

    The average rate for the prior week (2024-11-01) was 6.55% and one month ago for the week of 2024-10-04, the average rate was 5.58%.

    The average rate one year ago was 7.44%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.14%.

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

    Meridian 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 Meridian level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 37 6.89% $5,275
    Trustmark National Bank 24 6.14% $9,275
    NAVY FEDERAL CREDIT UNION 15 5.78% $5,353
    The Citizens National Bank of Meridian 9 6.49% $7,809
    Barrington Bank & Trust Company, N.A. 5 7.05% $5,597
    NEW DAY FINANCIAL, LLC 4 7.15% $8,042
    QUICKEN LOANS, LLC 4 5.84% $7,920
    NBKC BANK 3 5.92% $8,780
    CROSSCOUNTRY MORTGAGE, LLC 3 6.08% $5,024
    Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $11,303
    USAA Federal Savings Bank 2 6.56% $6,190
    FREEDOM MORTGAGE CORPORATION 2 6.81% $18,460
    LOANDEPOT.COM, LLC 2 6.63% $5,738
    Mid-Continent Funding, Inc. 2 5.75% $6,250
    MORTGAGE INVESTORS GROUP, INC. 2 5.81% $5,539
    Regions Bank 2 6.19% $8,302
    ROYAL UNITED MORTGAGE LLC 2 7.44% $11,001
    TOWNE MORTGAGE COMPANY 2 6.38% $5,816
    Bank of England 1 5.75% $11,202
    RELIANCE FIRST CAPITAL, LLC 1 7.25% $1,248
    Renasant Bank 1 5.75% $7,948
    UNITED WHOLESALE MORTGAGE, LLC 1 6.50% $2,830
    STOCKTON MORTGAGE CORPORATION 1 5.25% $17,629
    SUN WEST MORTGAGE COMPANY, INC. 1 6.25% $12,145
    GUILD MORTGAGE COMPANY 1 6.50% $12,527
    The Federal Savings Bank 1 6.75% $23,323
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $3,660
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $4,673
    PENNYMAC LOAN SERVICES, LLC 1 4.75% $4,236
    KEESLER 1 4.88% $12,346

    The top Meridian VA lender as defined by loan originations is Mortgage Research Center, LLC, with 37 VA loans originated. Their average total fees are $5,275, which is $4,000 lower than the next largest lender, Trustmark National Bank.

    The lowest fee Meridian VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,275), NAVY FEDERAL CREDIT UNION ($5,353), Trustmark National Bank ($9,275), .

    The lowest rate Meridian VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.78%), Trustmark National Bank (6.14%), Mortgage Research Center, LLC (6.89%), .

    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.