San Juan VA Loan Rates, Closing Costs & Stats

SAN JUAN-BAYAMÓN-CAGUAS, PR

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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.

    San Juan's 23 lenders originated 497 VA loans during 2023. The total origination value was $109,585,000, with an average VA loan value of $220,493.

    San Juan VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in San Juan averaged 6.51% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    San Juan's average VA mortgage closing costs are $7,910.

    The average rate for the prior week (2024-04-12) was 6.34% and one month ago for the week of 2024-03-15, the average rate was 6.4%.

    The average rate one year ago was 5.79%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.49%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    San Juan 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 San Juan level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PENTAGON FEDERAL CREDIT UNION 98 5.52% $9,439
    Banco Popular de Puerto Rico 71 5.03% $12,275
    FIRSTBANK PUERTO RICO 55 5.40% $10,934
    PREFERRED MORTGAGE CORPORATION 35 6.46% $9,033
    FIRST EQUITY MORTGAGE BANKERS, INC. 35 6.33% $11,283
    Oriental Bank 33 5.73% $8,830
    THE MONEY HOUSE INC. 25 6.68% $7,884
    TRUST MORTGAGE, CORP 20 6.35% $8,637
    METRO ISLAND MORTGAGE, INC. 15 6.48% $9,293
    Rf Mortgage & Investment Corp 10 6.40% $15,192
    SUN WEST MORTGAGE COMPANY, INC. 10 6.08% $14,723
    HR MORTGAGE CORP. 10 6.58% $9,407
    HOME MORTGAGE BANKERS CORP. 10 6.85% $12,943
    E.M.I. EQUITY MORTGAGE, INC. 7 6.25% $6,592
    Capital Mortgage Services Corp. 6 7.29% $10,670
    VIG MORTGAGE CORPORATION 5 6.55% $10,945
    Equity Prime Mortgage LLC 5 6.85% $8,266
    Senior Mortgage Bankers Inc 4 6.56% $16,538
    RM ACTUAL MORTGAGE, INC. 3 6.42% $7,673
    CALCON MUTUAL MORTGAGE LLC 3 7.17% $8,999
    The Lending Center Corporation 2 6.25% $12,373
    COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA 2 6.50% $9,374
    CROSSCOUNTRY MORTGAGE, LLC 2 6.66% $13,431

    The top San Juan VA lender as defined by loan originations is PENTAGON FEDERAL CREDIT UNION, with 98 VA loans originated. Their average total fees are $9,439, which is $2,835 lower than the next largest lender, Banco Popular de Puerto Rico.

    The lowest fee San Juan VA lenders (with over 10 loans originated) are THE MONEY HOUSE INC. ($7,884), TRUST MORTGAGE, CORP ($8,637), Oriental Bank ($8,830), PREFERRED MORTGAGE CORPORATION ($9,033) and METRO ISLAND MORTGAGE, INC. ($9,293).

    The lowest rate San Juan VA lenders (with over 10 loans originated) are Banco Popular de Puerto Rico (5.03%), FIRSTBANK PUERTO RICO (5.40%), PENTAGON FEDERAL CREDIT UNION (5.52%), Oriental Bank (5.73%) and SUN WEST MORTGAGE COMPANY, INC. (6.08%).

    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.