Poughkeepsie VA Loan Rates, Closing Costs & Stats

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 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 6.44% for the week of 2024-02-16, compared to the national average (all VA variants) of 6.462% for the same period.

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

The average rate for the prior week (2024-02-09) was 6% and one month ago for the week of 2024-01-12, the average rate was 5.75%.

The average rate one year ago was 5.62%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.38%.

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.