Poughkeepsie VA Loans
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY
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 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 69 lenders originated 901 VA
loans during 2021. The total origination value was $298,775,000, with an average VA loan value of
$331,604.
Poughkeepsie VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Poughkeepsie
averaged
5.23%
for the week of 2022-08-05, compared to the national average (all VA variants) of
5.013% for the same period.
The average rate for the prior week (2022-07-29) was
5.38% and
one month ago for the week of 2022-07-01, the
average rate was 5.9%.
The average rate one year ago was 2.99%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.15%.
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 and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Poughkeepsie level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
QUICKEN LOANS, LLC
|
199
|
2.47%
|
$6,261
|
Mortgage Research Center, LLC
|
65
|
2.90%
|
$9,293
|
NAVY FEDERAL CREDIT UNION
|
58
|
2.51%
|
$6,921
|
USAA Federal Savings Bank
|
46
|
3.02%
|
$7,366
|
LOANDEPOT.COM, LLC
|
39
|
2.60%
|
$7,209
|
The Federal Savings Bank
|
28
|
2.54%
|
$7,585
|
Mr. Cooper ( Nationstar Mortgage )
|
26
|
2.71%
|
$3,593
|
FREEDOM MORTGAGE CORPORATION
|
26
|
2.60%
|
$6,078
|
HOMESTEAD FUNDING CORP.
|
22
|
2.92%
|
$8,648
|
Barrington Bank & Trust Company, N.A.
|
22
|
2.95%
|
$8,406
|
HOME POINT FINANCIAL CORPORATION
|
21
|
2.67%
|
$9,426
|
PENTAGON FEDERAL CREDIT UNION
|
21
|
2.42%
|
$4,922
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
20
|
3.00%
|
$11,017
|
NEWREZ LLC
|
17
|
2.62%
|
$7,401
|
UNITED WHOLESALE MORTGAGE, LLC
|
17
|
2.67%
|
$9,786
|
Wells Fargo Bank
|
13
|
2.73%
|
$4,633
|
CALIBER HOME LOANS, INC.
|
12
|
2.61%
|
$6,999
|
PLAZA HOME MORTGAGE, INC.
|
12
|
2.72%
|
$11,054
|
CROSSCOUNTRY MORTGAGE, LLC
|
12
|
3.04%
|
$11,656
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
11
|
2.81%
|
$8,886
|
GUARANTEED RATE, INC.
|
9
|
2.57%
|
$5,317
|
CONTOUR MORTGAGE CORPORATION
|
9
|
2.97%
|
$11,260
|
Valley National Bank
|
7
|
2.77%
|
$7,933
|
NATIONWIDE MORTGAGE BANKERS, INC.
|
7
|
3.34%
|
$15,210
|
NBKC BANK
|
6
|
2.38%
|
$5,383
|
Flagstar Bank, FSB
|
6
|
2.63%
|
$6,043
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
6
|
2.90%
|
$14,365
|
UNITED NORTHERN MORTGAGE BANKERS LIMITED
|
5
|
2.75%
|
$9,362
|
First Federal Bank
|
5
|
2.73%
|
$12,537
|
Carrington Mortgage Services, LLC
|
4
|
3.22%
|
$5,774
|
NJ LENDERS CORP.
|
4
|
2.66%
|
$6,701
|
RELIANCE FIRST CAPITAL, LLC
|
4
|
3.00%
|
$10,020
|
Magnolia Bank
|
4
|
3.09%
|
$4,632
|
Citizens Bank
|
4
|
2.44%
|
$9,431
|
MOVEMENT MORTGAGE, LLC
|
4
|
2.63%
|
$9,205
|
Manufacturers and Traders Trust Company
|
3
|
2.96%
|
$4,823
|
PHH Mortgage Corporation
|
3
|
3.00%
|
$3,450
|
Equity Prime Mortgage LLC
|
3
|
2.79%
|
$13,416
|
BNC National Bank
|
3
|
2.42%
|
$8,904
|
FINANCE OF AMERICA MORTGAGE LLC
|
3
|
2.58%
|
$11,701
|
InterContinental Capital Group, Inc
|
2
|
3.13%
|
$13,092
|
JPMorgan Chase Bank
|
2
|
3.50%
|
$10,426
|
KeyBank
|
2
|
2.81%
|
$8,906
|
RESIDENTIAL HOME FUNDING CORP.
|
2
|
3.25%
|
$12,006
|
NETWORK CAPITAL FUNDING CORPORATION
|
2
|
2.56%
|
$2,731
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
2
|
2.75%
|
$9,020
|
North American Savings Bank, F.S.B.
|
2
|
2.56%
|
$690
|
CLIFFCO, INC.
|
2
|
2.88%
|
$8,855
|
First Home Bank
|
2
|
3.00%
|
$9,367
|
Stride Bank
|
2
|
2.75%
|
$11,670
|
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC
|
1
|
3.75%
|
$3,419
|
GREENWAY MORTGAGE FUNDING CORP.
|
1
|
3.13%
|
$4,091
|
HARTFORD FUNDING, LTD.
|
1
|
2.99%
|
$6,707
|
Evolve Bank & Trust
|
1
|
3.13%
|
$6,480
|
HUDSON VALLEY CREDIT UNION
|
1
|
3.38%
|
$12,172
|
INLAND BANK & TRUST
|
1
|
2.88%
|
$28,207
|
EMBRACE HOME LOANS, INC.
|
1
|
3.99%
|
$4,646
|
Mortgage Unlimited, L.L.C.
|
1
|
3.75%
|
$4,852
|
CMG MORTGAGE, INC.
|
1
|
2.75%
|
$17,850
|
Paramount Bank
|
1
|
2.25%
|
$13,025
|
Pinnacle Bank
|
1
|
2.25%
|
$5,412
|
Plains Commerce Bank
|
1
|
2.38%
|
$18,508
|
ROUNDPOINT MORTGAGE SERVICING CORPORATION
|
1
|
3.25%
|
$10,427
|
SUN WEST MORTGAGE COMPANY, INC.
|
1
|
2.25%
|
$4,914
|
TD Bank
|
1
|
2.88%
|
$2,635
|
The Union Bank Company
|
1
|
2.88%
|
$17,346
|
TOTAL MORTGAGE SERVICES, LLC
|
1
|
3.13%
|
$12,535
|
UNITED MORTGAGE CORP.
|
1
|
2.88%
|
$11,899
|
UNITED SECURITY FINANCIAL CORP
|
1
|
1.99%
|
$3,264
|
The top Poughkeepsie VA lender as defined by loan originations is QUICKEN LOANS, LLC, with
199 VA loans originated. Their average total fees are
$6,261, which is $3,032
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Poughkeepsie VA lenders (with over 10 loans originated) are
Mr. Cooper ( Nationstar Mortgage ) ($3,593), Wells Fargo Bank ($4,633), PENTAGON FEDERAL CREDIT UNION ($4,922), FREEDOM MORTGAGE CORPORATION ($6,078) and QUICKEN LOANS, LLC ($6,261).
The lowest rate Poughkeepsie VA lenders (with over 10 loans originated) are
PENTAGON FEDERAL CREDIT UNION (2.42%), QUICKEN LOANS, LLC (2.47%), NAVY FEDERAL CREDIT UNION (2.51%), The Federal Savings Bank (2.54%) and FREEDOM MORTGAGE CORPORATION (2.60%).
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.