Scottsburg VA Loan Rates, Closing Costs & Stats

Scottsburg, IN

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.

Scottsburg's 22 lenders originated 50 VA loans during 2022. The total origination value was $10,710,000, with an average VA loan value of $214,200.

Scottsburg VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Scottsburg averaged 0.12% for the week of 2024-02-23, compared to the national average (all VA variants) of 0% for the same period.

Scottsburg's average VA mortgage closing costs are $4,558.

The average rate for the prior week (2024-02-16) was 6.6% and one month ago for the week of 2024-01-19, the average rate was 6.05%.

The average rate one year ago was 6.17%.

For refis of the same type during the week of 2024-02-23, the average rate was -0.2%.

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

Scottsburg 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 Scottsburg level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 8 4.84% $5,410
FREEDOM MORTGAGE CORPORATION 6 4.33% $9,383
INSPIRE HOME LOANS INC. 6 4.96% $5,143
UNITED WHOLESALE MORTGAGE, LLC 3 5.29% $7,660
RUOFF MORTGAGE COMPANY, INC. 2 4.50% $6,902
The Federal Savings Bank 2 5.63% $8,747
DIRECT MORTGAGE LOANS, LLC 2 6.44% $12,658
HOME POINT FINANCIAL CORPORATION 2 2.94% $6,665
QUICKEN LOANS, LLC 2 3.75% $5,425
Flagstar Bank, FSB 2 4.38% $8,200
ROYAL UNITED MORTGAGE LLC 1 4.63% $10,850
AMERICAN FINANCIAL RESOURCES, INC. 1 5.63% $2,157
USAA Federal Savings Bank 1 3.63% $1,615
Arbor Bank 1 5.99% $8,149
BAY EQUITY LLC 1 6.50% $13,827
Carrington Mortgage Services, LLC 1 6.63% $1,341
Century Mortgage Company DBA Century Lending Company 1 5.88% $13,679
LAKEVIEW LOAN SERVICING, LLC 1 4.25% $2,015
NAVY FEDERAL CREDIT UNION 1 2.50% $4,260
NEW DAY FINANCIAL, LLC 1 5.99% $13,708
Northpointe Bank 1 5.63% $4,453
PENNYMAC LOAN SERVICES, LLC 1 4.63% $8,565

The top Scottsburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 8 VA loans originated. Their average total fees are $5,410, which is $3,973 lower than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Scottsburg VA lenders (with over 10 loans originated) are .

The lowest rate Scottsburg VA lenders (with over 10 loans originated) are .

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.