Poughkeepsie VA Loans

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 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.