Owensboro VA Loan Rates, Closing Costs & Stats

OWENSBORO, KY

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.

Owensboro's 28 lenders originated 107 VA loans during 2023. The total origination value was $26,665,000, with an average VA loan value of $249,206.

Owensboro VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Owensboro averaged 0.34% for the week of 2024-06-21, compared to the national average (all VA variants) of 0% for the same period.

Owensboro's average VA mortgage closing costs are $4,893.

The average rate for the prior week (2024-06-14) was 6.44% and one month ago for the week of 2024-05-17, the average rate was 6.83%.

The average rate one year ago was 6.34%.

For refis of the same type during the week of 2024-06-21, the average rate was 0.65%.

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

Owensboro 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 Owensboro level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 27 6.73% $6,252
EVANSVILLE TEACHERS 11 6.59% $7,595
FBC MORTGAGE, LLC 8 5.25% $7,637
QUICKEN LOANS, LLC 7 6.21% $12,141
USAA Federal Savings Bank 6 6.04% $9,776
NEW DAY FINANCIAL, LLC 6 7.46% $8,410
NAVY FEDERAL CREDIT UNION 5 5.43% $6,731
UNITED WHOLESALE MORTGAGE, LLC 5 6.92% $2,780
U.S. Bank 4 6.62% $5,279
PENNYMAC LOAN SERVICES, LLC 4 5.84% $7,948
CHURCHILL MORTGAGE CORPORATION 3 6.29% $6,796
FREEDOM MORTGAGE CORPORATION 3 6.75% $18,541
STOCKTON MORTGAGE CORPORATION 1 8.13% $2,764
TOP FLITE FINANCIAL, INC. 1 7.00% $6,129
VILLAGE CAPITAL MORTGAGE 1 5.50% $4,699
Barrington Bank & Trust Company, N.A. 1 7.50% $13,678
Wells Fargo Bank 1 5.63% $4,069
EQUITY RESOURCES, INC. 1 6.25% $5,097
Fifth Third Bank 1 5.88% $2,056
First Federal Bank 1 6.50% $3,599
FIRST MORTGAGE COMPANY, INC. 1 7.49% $9,457
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 7.25% $6,680
HOMESIDE FINANCIAL, LLC 1 7.25% $787
JPMorgan Chase Bank 1 7.25% $3,222
Magnolia Bank 1 6.13% $3,371
MORTGAGE MASTERS OF INDIANA, INC. 1 6.13% $4,138
MOVEMENT MORTGAGE, LLC 1 6.00% $1,047
Old National Bank 1 6.25% $2,936

The top Owensboro VA lender as defined by loan originations is Mortgage Research Center, LLC, with 27 VA loans originated. Their average total fees are $6,252, which is $1,342 lower than the next largest lender, EVANSVILLE TEACHERS.

The lowest fee Owensboro VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($6,252), EVANSVILLE TEACHERS ($7,595), .

The lowest rate Owensboro VA lenders (with over 10 loans originated) are EVANSVILLE TEACHERS (6.59%), Mortgage Research Center, LLC (6.73%), .

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.