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.