Paducah VA Loan Rates, Closing Costs & Stats

Paducah, KY-IL

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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.

    Paducah's 35 lenders originated 105 VA loans during 2023. The total origination value was $24,055,000, with an average VA loan value of $229,095.

    Paducah VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Paducah averaged 6.52% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Paducah's average VA mortgage closing costs are $4,765.

    The average rate for the prior week (2024-11-01) was 6.87% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.86%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.24%.

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

    Paducah 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 Paducah level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 36 6.89% $4,418
    QUICKEN LOANS, LLC 8 6.21% $14,542
    EVERETT FINANCIAL, INC. 4 7.13% $2,877
    RUOFF MORTGAGE COMPANY, INC. 3 6.92% $4,201
    FREEDOM MORTGAGE CORPORATION 3 6.58% $15,023
    GERSHMAN INVESTMENT CORP. 3 6.54% $4,395
    UNITED WHOLESALE MORTGAGE, LLC 3 6.29% $3,094
    CapStar Bank 2 6.94% $3,654
    NEW DAY FINANCIAL, LLC 2 7.50% $4,030
    Mr. Cooper ( Nationstar Mortgage ) 2 5.63% $26,016
    STOCKTON MORTGAGE CORPORATION 2 6.19% $10,846
    NAVY FEDERAL CREDIT UNION 2 5.63% $3,291
    The Federal Savings Bank 2 6.75% $12,185
    FLAT BRANCH MORTGAGE, INC. 2 6.94% $4,337
    USAA Federal Savings Bank 2 5.81% $9,746
    U.S. Bank 2 7.19% $7,237
    VILLAGE CAPITAL MORTGAGE 2 6.25% $6,382
    LOANDEPOT.COM, LLC 2 6.13% $8,283
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $7,017
    Barrington Bank & Trust Company, N.A. 1 6.75% $2,734
    Citizens Bank 1 7.13% $1,420
    CRESCENT MORTGAGE COMPANY 1 7.38% $6,293
    Equity Prime Mortgage LLC 1 6.75% $2,486
    Fifth Third Bank 1 7.13% $8,724
    First National Bank of Omaha 1 7.13% $4,765
    FirstTrust Home Loans, Inc. 1 7.75% $10,432
    Flagstar Bank, FSB 1 7.49% $3,868
    Magnolia Bank 1 6.00% $7,096
    ACOPIA, LLC 1 6.50% $3,871
    MUTUAL OF OMAHA MORTGAGE, INC. 1 5.75% $4,426
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $8,111
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $1,881
    PENTAGON FEDERAL CREDIT UNION 1 5.13% $3,589
    Plains Commerce Bank 1 6.63% $6,416
    T2 FINANCIAL LLC 1 7.13% $11,107

    The top Paducah VA lender as defined by loan originations is Mortgage Research Center, LLC, with 36 VA loans originated. Their average total fees are $4,418, which is $10,124 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Paducah VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,418), .

    The lowest rate Paducah VA lenders (with over 10 loans originated) are 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.