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 44 lenders originated 253 VA loans during 2023. The total origination value was $100,765,000, with an average VA loan value of $398,281.

    Poughkeepsie VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Poughkeepsie averaged 6.69% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

    Poughkeepsie's average VA mortgage closing costs are $8,469.

    The average rate for the prior week (2024-04-05) was 6.84% and one month ago for the week of 2024-03-08, the average rate was 6.77%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-12, the average rate was 7.35%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 40 6.14% $16,206
    Mortgage Research Center, LLC 24 6.83% $12,122
    NAVY FEDERAL CREDIT UNION 19 5.89% $8,859
    CROSSCOUNTRY MORTGAGE, LLC 16 6.44% $11,837
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.60% $11,132
    USAA Federal Savings Bank 12 6.51% $10,496
    HOMESTEAD FUNDING CORP. 12 6.20% $14,947
    UNITED WHOLESALE MORTGAGE, LLC 9 6.29% $12,503
    PLAZA HOME MORTGAGE, INC. 9 6.28% $8,358
    LOANDEPOT.COM, LLC 9 6.07% $14,783
    Mr. Cooper ( Nationstar Mortgage ) 9 5.92% $15,369
    Barrington Bank & Trust Company, N.A. 7 6.39% $17,908
    GUARANTEED RATE, INC. 5 6.10% $11,686
    PENNYMAC LOAN SERVICES, LLC 5 6.00% $13,944
    PENTAGON FEDERAL CREDIT UNION 4 5.28% $11,152
    CALIBER HOME LOANS, INC. 4 6.13% $12,613
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 7.08% $6,594
    CARDINAL FINANCIAL 3 7.33% $18,963
    NEWREZ LLC 3 6.92% $8,730
    NBKC BANK 3 6.04% $8,910
    Valley National Bank 3 6.21% $12,273
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 6.56% $8,723
    Flagstar Bank, FSB 2 6.50% $14,666
    FREEDOM MORTGAGE CORPORATION 2 6.69% $13,909
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.13% $10,353
    HUDSON VALLEY CREDIT UNION 2 7.00% $12,029
    JPMorgan Chase Bank 2 7.19% $8,189
    MOVEMENT MORTGAGE, LLC 2 7.50% $14,976
    NATIONWIDE MORTGAGE BANKERS, INC. 2 6.25% $15,061
    The Federal Savings Bank 2 5.75% $30,429
    MID-ISLAND MORTGAGE CORP. 1 6.25% $8,987
    PLANET HOME LENDING, LLC 1 5.50% $5,170
    Magnolia Bank 1 7.25% $33,768
    KeyBank 1 6.38% $2,699
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $8,570
    TBI MORTGAGE COMPANY 1 5.99% $12,598
    Wells Fargo Bank 1 5.88% $11,922
    TOTAL MORTGAGE SERVICES, LLC 1 7.25% $14,048
    Advisors Mortgage Group, L.L.C. 1 6.75% $11,791
    CLIFFCO, INC. 1 7.75% $5,056
    Citizens Bank 1 6.13% $13,528
    U.S. Bank 1 5.25% $7,498
    AMERICAN FINANCING CORPORATION 1 6.00% $16,244
    NJ LENDERS CORP. 1 6.25% $26,928

    The top Poughkeepsie VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 40 VA loans originated. Their average total fees are $16,206, which is $4,084 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Poughkeepsie VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($8,859), USAA Federal Savings Bank ($10,496), PRIMELENDING, A PLAINSCAPITAL COMPANY ($11,132), CROSSCOUNTRY MORTGAGE, LLC ($11,837) and Mortgage Research Center, LLC ($12,122).

    The lowest rate Poughkeepsie VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.89%), QUICKEN LOANS, LLC (6.14%), HOMESTEAD FUNDING CORP. (6.20%), CROSSCOUNTRY MORTGAGE, LLC (6.44%) and USAA Federal Savings Bank (6.51%).

    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.