Poughkeepsie VA Loan Rates, Closing Costs & Stats

POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY

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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.

    Poughkeepsie's 54 lenders originated 463 VA loans during 2022. The total origination value was $183,265,000, with an average VA loan value of $395,821.

    Poughkeepsie VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Poughkeepsie averaged 5.98% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    Poughkeepsie's average VA mortgage closing costs are $8,122.

    The average rate for the prior week (2023-05-19) was 6.11% and one month ago for the week of 2023-04-21, the average rate was 6.03%.

    The average rate one year ago was 4.8%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.52%.

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

    Poughkeepsie 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 Poughkeepsie level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 64 5.02% $10,821
    QUICKEN LOANS, LLC 64 3.83% $13,494
    NAVY FEDERAL CREDIT UNION 35 3.78% $9,725
    UNITED WHOLESALE MORTGAGE, LLC 28 4.69% $11,432
    USAA Federal Savings Bank 27 4.58% $12,793
    PRIMELENDING, A PLAINSCAPITAL COMPANY 21 4.70% $12,655
    LOANDEPOT.COM, LLC 19 3.60% $13,587
    HOMESTEAD FUNDING CORP. 16 4.89% $14,395
    FREEDOM MORTGAGE CORPORATION 14 4.13% $11,354
    HOME POINT FINANCIAL CORPORATION 11 4.07% $13,353
    The Federal Savings Bank 11 4.94% $23,088
    Barrington Bank & Trust Company, N.A. 10 3.85% $10,055
    CROSSCOUNTRY MORTGAGE, LLC 10 5.29% $9,739
    CALIBER HOME LOANS, INC. 10 4.20% $13,863
    NATIONWIDE MORTGAGE BANKERS, INC. 9 4.39% $21,863
    PENTAGON FEDERAL CREDIT UNION 9 3.21% $9,074
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 4.36% $12,785
    Wells Fargo Bank 6 3.58% $13,788
    CONTOUR MORTGAGE CORPORATION 5 5.13% $15,361
    CARDINAL FINANCIAL 5 4.60% $16,712
    NBKC BANK 4 3.47% $7,944
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 3 6.08% $24,291
    MOVEMENT MORTGAGE, LLC 3 4.63% $16,132
    Flagstar Bank, FSB 3 4.62% $14,192
    GUARANTEED RATE, INC. 3 4.72% $7,477
    Valley National Bank 3 3.46% $7,145
    KeyBank 3 4.29% $8,650
    Mr. Cooper ( Nationstar Mortgage ) 3 4.92% $10,566
    PLAZA HOME MORTGAGE, INC. 2 4.81% $18,009
    Citizens Bank 2 2.63% $24,625
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 4.63% $13,278
    FIRST ALLIANCE HOME MORTGAGE, LLC 2 5.38% $22,920
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 2 5.00% $17,481
    Magnolia Bank 1 5.99% $10,558
    FM Home Loans, LLC 1 3.50% $4,961
    NEWREZ LLC 1 3.75% $31,430
    NJ LENDERS CORP. 1 5.25% $19,054
    NP, Inc. 1 3.38% $25,464
    First Federal Bank 1 5.49% $18,270
    Plains Commerce Bank 1 5.50% $5,010
    PLANET HOME LENDING, LLC 1 4.75% $20,737
    ABSOLUTE HOME MORTGAGE CORPORATION 1 4.50% $20,857
    FINANCE OF AMERICA MORTGAGE LLC 1 4.13% $6,910
    ENVOY MORTGAGE, LTD 1 3.75% $11,491
    RELIANCE FIRST CAPITAL, LLC 1 3.13% $19,188
    Service Federal Credit Union 1 3.63% $13,252
    EMM LOANS LLC 1 6.13% $15,334
    The Union Bank Company 1 5.25% $13,488
    TOTAL MORTGAGE SERVICES, LLC 1 5.63% $5,081
    EMBRACE HOME LOANS, INC. 1 6.50% $15,435
    DRAPER AND KRAMER MORTGAGE CORP. 1 4.99% $19,683
    CLIFFCO, INC. 1 4.99% $9,124
    Carrington Mortgage Services, LLC 1 5.63% $25,937
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $34,037

    The top Poughkeepsie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 64 VA loans originated. Their average total fees are $10,821, which is $2,674 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Poughkeepsie VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($9,725), CROSSCOUNTRY MORTGAGE, LLC ($9,739), Barrington Bank & Trust Company, N.A. ($10,055), Mortgage Research Center, LLC ($10,821) and FREEDOM MORTGAGE CORPORATION ($11,354).

    The lowest rate Poughkeepsie VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (3.60%), NAVY FEDERAL CREDIT UNION (3.78%), QUICKEN LOANS, LLC (3.83%), Barrington Bank & Trust Company, N.A. (3.85%) and HOME POINT FINANCIAL CORPORATION (4.07%).

    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.