Shelbyville VA Loan Rates, Closing Costs & Stats

Shelbyville, TN

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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.

    Shelbyville's 34 lenders originated 106 VA loans during 2023. The total origination value was $36,050,000, with an average VA loan value of $340,094.

    Shelbyville VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Shelbyville averaged 6.67% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Shelbyville's average VA mortgage closing costs are $6,240.

    The average rate for the prior week (2024-11-01) was 6.22% and one month ago for the week of 2024-10-04, the average rate was 5.85%.

    The average rate one year ago was 7.51%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.7%.

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

    Shelbyville 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 Shelbyville level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 20 6.70% $8,721
    QUICKEN LOANS, LLC 10 6.16% $11,558
    CMG MORTGAGE, INC. 9 6.53% $8,222
    FIRST COMMUNITY MORTGAGE, INC. 8 6.23% $7,478
    UNITED WHOLESALE MORTGAGE, LLC 7 6.16% $9,753
    SeaTrust Mortgage Company 4 6.63% $10,513
    USAA Federal Savings Bank 4 6.03% $13,531
    NAVY FEDERAL CREDIT UNION 3 5.54% $10,250
    VILLAGE CAPITAL MORTGAGE 3 6.38% $11,971
    FREEDOM MORTGAGE CORPORATION 2 6.62% $11,443
    The Federal Savings Bank 2 6.19% $19,509
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $4,078
    CARDINAL FINANCIAL 2 5.88% $6,997
    LOANDEPOT.COM, LLC 2 6.38% $7,130
    AMERISAVE MORTGAGE CORPORATION 2 5.19% $11,943
    GUARANTEED RATE, INC. 2 6.88% $2,682
    The First National Bank of Middle Tennessee 1 5.50% $8,831
    VAN DYK MORTGAGE CORPORATION 1 6.88% $979
    MOVEMENT MORTGAGE, LLC 1 7.00% $1,378
    AMERICAN FINANCING CORPORATION 1 5.99% $7,960
    Barrington Bank & Trust Company, N.A. 1 6.25% $5,471
    BROKER SOLUTIONS, INC. 1 7.75% $13,103
    CROSSCOUNTRY MORTGAGE, LLC 1 7.75% $8,593
    FirstBank 1 6.00% $14,972
    FIRST CONTINENTAL MORTGAGE, LTD. 1 6.75% $5,574
    ISERVE RESIDENTIAL LENDING, LLC 1 7.63% $11,098
    ACOPIA, LLC 1 6.12% $3,731
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $650
    NEW DAY FINANCIAL, LLC 1 6.63% $7,328
    ON Q FINANCIAL, INC. 1 7.25% $18,849
    PENNYMAC LOAN SERVICES, LLC 1 5.00% $8,057
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 4.88% $20,238
    ROSS MORTGAGE CORPORATION 1 6.25% $10,022
    SUN WEST MORTGAGE COMPANY, INC. 1 5.63% $23,232

    The top Shelbyville VA lender as defined by loan originations is Mortgage Research Center, LLC, with 20 VA loans originated. Their average total fees are $8,721, which is $2,836 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Shelbyville VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($8,721), QUICKEN LOANS, LLC ($11,558), .

    The lowest rate Shelbyville VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.16%), Mortgage Research Center, LLC (6.70%), .

    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.