New Haven VA Loan Rates, Closing Costs & Stats

NEW HAVEN-MILFORD, CT

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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.

    New Haven's 62 lenders originated 314 VA loans during 2023. The total origination value was $110,420,000, with an average VA loan value of $351,656.

    New Haven VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in New Haven averaged 6.53% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    New Haven's average VA mortgage closing costs are $6,648.

    The average rate for the prior week (2024-07-12) was 6.37% and one month ago for the week of 2024-06-14, the average rate was 6.44%.

    The average rate one year ago was 6.72%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.89%.

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

    New Haven 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 New Haven level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 85 6.70% $9,711
    QUICKEN LOANS, LLC 33 6.06% $12,222
    UNITED WHOLESALE MORTGAGE, LLC 17 6.45% $11,845
    USAA Federal Savings Bank 16 6.46% $11,891
    NAVY FEDERAL CREDIT UNION 12 5.92% $6,624
    FREEDOM MORTGAGE CORPORATION 10 6.80% $14,984
    LOANDEPOT.COM, LLC 9 6.58% $12,279
    NEW DAY FINANCIAL, LLC 7 7.66% $12,184
    Citizens Bank 6 6.44% $10,631
    TOTAL MORTGAGE SERVICES, LLC 6 6.48% $10,851
    PENNYMAC LOAN SERVICES, LLC 6 6.08% $8,984
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.83% $8,761
    Barrington Bank & Trust Company, N.A. 5 6.35% $10,048
    PLAZA HOME MORTGAGE, INC. 5 6.35% $9,778
    GUARANTEED RATE, INC. 5 6.18% $6,380
    The Federal Savings Bank 5 6.55% $16,649
    MOVEMENT MORTGAGE, LLC 5 6.25% $4,016
    Mr. Cooper ( Nationstar Mortgage ) 4 5.75% $12,787
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 3 6.33% $16,355
    CARDINAL FINANCIAL 3 6.17% $20,294
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.25% $10,587
    NORWICH COMMERCIAL GROUP, INC. 3 6.58% $4,499
    NEWREZ LLC 3 6.50% $12,427
    NBKC BANK 3 5.75% $12,534
    CROSSCOUNTRY MORTGAGE, LLC 3 6.65% $5,120
    VILLAGE CAPITAL MORTGAGE 2 5.57% $9,624
    PENTAGON FEDERAL CREDIT UNION 2 6.56% $13,596
    AMERICAN FINANCIAL NETWORK, INC. 2 6.94% $17,615
    GUARANTEED RATE AFFINITY, LLC 2 6.00% $8,964
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.25% $14,621
    Waterstone Mortgage Corporation 1 7.25% $19,818
    Acre Mortgage and Financial Inc 1 6.88% $9,065
    Wells Fargo Bank 1 5.63% $0
    AMCAP MORTGAGE, LTD. 1 6.00% $12,365
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $17,160
    Bank of England 1 6.25% $4,670
    BNC National Bank 1 5.63% $9,992
    BROKER SOLUTIONS, INC. 1 6.25% $5,395
    CMG MORTGAGE, INC. 1 6.50% $12,422
    DAS Acquisition Company, LLC 1 7.75% $600
    EMM LOANS LLC 1 5.38% $11,860
    Equity Prime Mortgage LLC 1 7.25% $16,965
    EQUITY RESOURCES, INC. 1 6.99% $9,636
    First Federal Bank 1 5.75% $4,978
    Flagstar Bank, FSB 1 5.63% $10,153
    Gateway First Bank 1 6.13% $10,301
    HOMESTEAD FUNDING CORP. 1 7.25% $16,464
    MORTGAGE EQUITY PARTNERS LLC 1 6.99% $8,194
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $40,771
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $15,067
    NATIONS DIRECT MORTGAGE, LLC 1 5.99% $12,172
    NBH Bank 1 5.75% $10,700
    Paramount Residential Mortgage Group, Inc. 1 7.50% $20,451
    PLANET HOME LENDING, LLC 1 6.88% $4,146
    PREMIA MORTGAGE, LLC 1 6.25% $8,857
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 7.75% $22,848
    RESIDENTIAL HOME FUNDING CORP. 1 5.63% $18,341
    Residential Mortgage Solutions, Inc. 1 6.63% $12,712
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.25% $16,740
    Strong Home Mortgage, LLC 1 6.25% $6,123
    T2 FINANCIAL LLC 1 7.75% $696
    TOP FLITE FINANCIAL, INC. 1 6.75% $16,111

    The top New Haven VA lender as defined by loan originations is Mortgage Research Center, LLC, with 85 VA loans originated. Their average total fees are $9,711, which is $2,511 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Haven VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,624), Mortgage Research Center, LLC ($9,711), UNITED WHOLESALE MORTGAGE, LLC ($11,845), USAA Federal Savings Bank ($11,891) and QUICKEN LOANS, LLC ($12,222).

    The lowest rate New Haven VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.92%), QUICKEN LOANS, LLC (6.06%), UNITED WHOLESALE MORTGAGE, LLC (6.45%), USAA Federal Savings Bank (6.46%) and Mortgage Research Center, LLC (6.70%).

    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.