Somerset VA Loan Rates, Closing Costs & Stats

Somerset, KY

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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.

    Somerset's 30 lenders originated 112 VA loans during 2024. The total origination value was $28,170,000, with an average VA loan value of $251,518.

    Somerset VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Somerset averaged 0.68% for the week of 2025-06-20, compared to the national average (all VA variants) of 0% for the same period.

    Somerset's average VA mortgage closing costs are $4,797.

    The average rate for the prior week (2025-06-13) was 7.03% and one month ago for the week of 2025-05-16, the average rate was 6.79%.

    The average rate one year ago was 6.89%.

    For refis of the same type during the week of 2025-06-20, the average rate was 0.21%.

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

    Somerset 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 Somerset level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 33 6.39% $3,634
    QUICKEN LOANS, LLC 12 6.27% $7,994
    FREEDOM MORTGAGE CORPORATION 11 6.28% $4,755
    UNITED WHOLESALE MORTGAGE, LLC 6 5.81% $4,307
    PENNYMAC LOAN SERVICES, LLC 6 5.85% $5,227
    BROKER SOLUTIONS, INC. 5 6.75% $8,367
    NEW DAY FINANCIAL, LLC 3 7.62% $7,813
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 7.13% $681
    VILLAGE CAPITAL MORTGAGE 2 5.50% $5,990
    EVERETT FINANCIAL, INC. 2 6.94% $1,118
    NAVY FEDERAL CREDIT UNION 2 6.06% $3,513
    NEWREZ LLC 2 5.75% $4,987
    Northpointe Bank 2 6.13% $8,361
    AMERISAVE MORTGAGE CORPORATION 2 6.06% $11,895
    Magnolia Bank 1 6.25% $7,801
    First Citizens National Bank 1 6.63% $2,392
    UNION HOME MORTGAGE CORP. 1 6.00% $4,220
    CLEARPATH LENDING 1 5.99% $4,612
    CANOPY MORTGAGE, LLC 1 7.13% $5,240
    USAA Federal Savings Bank 1 6.63% $2,605
    Century Mortgage Company DBA Century Lending Company 1 5.75% $15,354
    Plains Commerce Bank 1 7.13% $8,658
    PREMIER LENDING, INC. 1 5.75% $6,431
    Carrington Mortgage Services, LLC 1 6.13% $6,454
    STOCKTON MORTGAGE CORPORATION 1 6.25% $3,587
    T2 FINANCIAL LLC 1 6.75% $13,088
    GENEVA FINANCIAL, LLC 1 7.00% $7,113
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $1,972
    HOMESIDE FINANCIAL, LLC 1 6.75% $10,637
    LOANDEPOT.COM, LLC 1 6.13% $8,072

    The top Somerset VA lender as defined by loan originations is Mortgage Research Center, LLC, with 33 VA loans originated. Their average total fees are $3,634, which is $4,359 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Somerset VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($3,634), FREEDOM MORTGAGE CORPORATION ($4,755), QUICKEN LOANS, LLC ($7,994), .

    The lowest rate Somerset VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.27%), FREEDOM MORTGAGE CORPORATION (6.28%), Mortgage Research Center, LLC (6.39%), .

    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.