Palatka VA Loan Rates, Closing Costs & Stats

Palatka, FL

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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.

    Palatka's 47 lenders originated 146 VA loans during 2023. The total origination value was $38,220,000, with an average VA loan value of $261,781.

    Palatka VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Palatka averaged 6.85% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Palatka's average VA mortgage closing costs are $5,986.

    The average rate for the prior week (2024-11-01) was 6.51% and one month ago for the week of 2024-10-04, the average rate was 6.04%.

    The average rate one year ago was 7.69%.

    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.

    Palatka 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 Palatka level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 25 6.97% $5,528
    UNITED WHOLESALE MORTGAGE, LLC 20 6.42% $7,428
    QUICKEN LOANS, LLC 15 6.44% $9,814
    Equity Prime Mortgage LLC 6 7.52% $7,638
    NAVY FEDERAL CREDIT UNION 5 5.70% $3,865
    South State Bank 4 6.34% $4,803
    PLAZA HOME MORTGAGE, INC. 3 7.25% $7,430
    LOANDEPOT.COM, LLC 3 6.21% $16,075
    FIRST MORTGAGE COMPANY, INC. 2 5.81% $18,205
    Truist 2 5.93% $16,486
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $0
    Mr. Cooper ( Nationstar Mortgage ) 2 5.56% $16,977
    MOVEMENT MORTGAGE, LLC 2 6.94% $15,296
    FREEDOM MORTGAGE CORPORATION 2 6.75% $6,149
    CROSSCOUNTRY MORTGAGE, LLC 2 6.56% $10,899
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.69% $11,107
    INSPIRE HOME LOANS INC. 2 6.31% $8,040
    PENNYMAC LOAN SERVICES, LLC 2 5.25% $19,831
    First Federal Bank 2 6.31% $10,723
    MILEND, INC. 2 7.50% $21,338
    Plains Commerce Bank 1 5.75% $14,738
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $9,722
    The Federal Savings Bank 1 6.75% $18,793
    THE MORTGAGE FIRM, INC. 1 6.75% $7,288
    TOWNE MORTGAGE COMPANY 1 6.99% $2,863
    USAA Federal Savings Bank 1 7.13% $6,094
    AMERICAN FINANCIAL NETWORK, INC. 1 7.13% $16,294
    VILLAGE CAPITAL MORTGAGE 1 6.50% $8,279
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 6.75% $12,964
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.99% $6,165
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $18,132
    Bank of England 1 5.75% $6,653
    BROKER SOLUTIONS, INC. 1 5.75% $9,360
    CARDINAL FINANCIAL 1 7.25% $9,578
    Century Mortgage Company DBA Century Lending Company 1 6.63% $4,937
    CHURCHILL MORTGAGE CORPORATION 1 6.25% $15,486
    EMM LOANS LLC 1 7.63% $14,851
    GERSHMAN INVESTMENT CORP. 1 6.25% $22,263
    Goldwater Bank, N.A. 1 7.25% $24,625
    Ixonia Bank 1 6.75% $9,832
    MID AMERICA MORTGAGE, INC. 1 7.25% $6,564
    Mortgage Lenders Investment Trading Corporation 1 6.75% $4,961
    Nations Lending Corporation 1 5.75% $16,049
    NBKC BANK 1 5.63% $8,665
    NEW DAY FINANCIAL, LLC 1 7.99% $10,381
    NEWREZ LLC 1 6.25% $14,997
    Paramount Residential Mortgage Group, Inc. 1 7.63% $17,840

    The top Palatka VA lender as defined by loan originations is Mortgage Research Center, LLC, with 25 VA loans originated. Their average total fees are $5,528, which is $1,899 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Palatka VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,528), UNITED WHOLESALE MORTGAGE, LLC ($7,428), QUICKEN LOANS, LLC ($9,814), .

    The lowest rate Palatka VA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.42%), QUICKEN LOANS, LLC (6.44%), Mortgage Research Center, LLC (6.97%), .

    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.