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 92 VA loans during 2023. The total origination value was $22,970,000, with an average VA loan value of $249,674.

    Somerset VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Somerset averaged 6.83% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Somerset's average VA mortgage closing costs are $4,715.

    The average rate for the prior week (2024-11-01) was 6.78% and one month ago for the week of 2024-10-04, the average rate was 5.91%.

    The average rate one year ago was 7.67%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.34%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 24 6.91% $2,215
    QUICKEN LOANS, LLC 9 6.39% $7,196
    NAVY FEDERAL CREDIT UNION 8 5.92% $5,401
    UNITED WHOLESALE MORTGAGE, LLC 8 5.96% $5,787
    HOMESIDE FINANCIAL, LLC 5 6.40% $5,898
    FREEDOM MORTGAGE CORPORATION 4 6.88% $8,768
    NEW DAY FINANCIAL, LLC 3 7.42% $11,857
    Mr. Cooper ( Nationstar Mortgage ) 3 6.25% $10,658
    AMERISAVE MORTGAGE CORPORATION 2 6.25% $5,165
    Northpointe Bank 2 6.75% $11,532
    PENNYMAC LOAN SERVICES, LLC 2 4.94% $4,079
    USAA Federal Savings Bank 2 5.75% $4,832
    Forcht Bank 1 6.50% $3,061
    First Financial Bank 1 6.50% $3,961
    NEWREZ LLC 1 7.25% $4,014
    Wells Fargo Bank 1 6.25% $5,577
    Paramount Residential Mortgage Group, Inc. 1 7.00% $2,524
    U.S. Bank 1 7.25% $3,983
    PLANET HOME LENDING, LLC 1 5.88% $4,750
    Princeton Mortgage Corporation 1 6.88% $8,781
    ATLANTIC BAY MORTGAGE GROUP, L.L.C. 1 6.99% $10,194
    Renasant Bank 1 5.50% $16,755
    STOCKTON MORTGAGE CORPORATION 1 6.25% $7,539
    The Central Trust Bank 1 6.25% $8,422
    TOP FLITE FINANCIAL, INC. 1 7.75% $11,402
    Towne Bank 1 6.75% $4,073
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.13% $8,281
    LOANDEPOT.COM, LLC 1 5.99% $10,359
    MOVEMENT MORTGAGE, LLC 1 6.75% $12,330
    GoPrime Mortgage, Inc. 1 7.38% $13,286

    The top Somerset VA lender as defined by loan originations is Mortgage Research Center, LLC, with 24 VA loans originated. Their average total fees are $2,215, which is $4,982 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 ($2,215), .

    The lowest rate Somerset VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC (6.91%), .

    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.