Spokane VA Loans

SPOKANE-SPOKANE VALLEY, WA

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 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.

Spokane's 170 lenders originated 3,704 VA loans during 2021. The total origination value was $1,163,840,000, with an average VA loan value of $314,212.

Spokane VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Spokane averaged 5.61% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.62% and one month ago for the week of 2022-04-15, the average rate was 5.19%.

The average rate one year ago was 3.08%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.16%.

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

Spokane VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Spokane level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
QUICKEN LOANS, LLC 282 2.41% $6,329
FREEDOM MORTGAGE CORPORATION 269 2.43% $2,757
Mortgage Research Center, LLC 242 2.79% $7,406
PENNYMAC LOAN SERVICES, LLC 145 2.41% $5,504
UNITED WHOLESALE MORTGAGE, LLC 124 2.51% $6,868
CALIBER HOME LOANS, INC. 124 2.52% $5,291
GUILD MORTGAGE COMPANY 120 2.53% $6,249
LOANDEPOT.COM, LLC 97 2.47% $4,838
NEW DAY FINANCIAL, LLC 83 2.79% $7,869
LAKEVIEW LOAN SERVICING, LLC 80 2.45% $2,451
USAA Federal Savings Bank 79 2.86% $4,588
HOMEBRIDGE FINANCIAL SERVICES, INC. 69 2.62% $8,848
NAVY FEDERAL CREDIT UNION 56 2.43% $7,624
The Federal Savings Bank 52 2.49% $7,601
CELEBRITY HOME LOANS, LLC 48 3.22% $9,746
Sunflower Bank 45 2.88% $9,720
Mr. Cooper ( Nationstar Mortgage ) 41 2.72% $3,659
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 41 2.86% $9,499
Flagstar Bank, FSB 40 2.70% $5,451
LEADERONE FINANCIAL CORPORATION 40 2.76% $7,024
Wheatland Bank 37 2.98% $8,382
HOMESIDE FINANCIAL, LLC 34 2.86% $8,034
Glacier Bank 34 2.65% $6,570
HOME POINT FINANCIAL CORPORATION 32 2.29% $4,857
AMERICAN PACIFIC MORTGAGE CORPORATION 29 2.82% $10,790
SUMMIT FUNDING, INC. 29 3.22% $9,106
DHI MORTGAGE COMPANY, LTD. 29 2.50% $8,193
Umpqua Bank 28 2.67% $7,882
MOVEMENT MORTGAGE, LLC 27 2.94% $5,968
Willamette Valley Bank 26 2.89% $10,220
Wells Fargo Bank 25 2.52% $4,231
ENVOY MORTGAGE, LTD 25 2.96% $8,449
HomeStreet Bank 24 2.72% $8,499
Banner Bank 24 2.37% $6,419
PREMIER MORTGAGE RESOURCES, L.L.C. 23 2.84% $9,148
BROKER SOLUTIONS, INC. 23 2.52% $5,287
VILLAGE CAPITAL & INVESTMENT LLC 23 2.32% $2,284
PENRITH HOME LOANS LLC 23 2.77% $8,924
AMERICAN FINANCIAL NETWORK, INC. 22 2.41% $8,873
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 20 2.79% $5,165
CHURCHILL MORTGAGE CORPORATION 20 2.56% $6,783
CHERRY CREEK MORTGAGE, LLC 19 2.61% $5,972
SUN WEST MORTGAGE COMPANY, INC. 19 2.35% $3,763
Washington Trust Bank 18 2.59% $5,297
Sierra Pacific Mortgage Company, Inc. 18 2.63% $7,118
NEWREZ LLC 18 2.76% $4,515
NUMERICA CREDIT UNION 17 2.71% $8,309
GLOBAL 17 2.49% $2,381
PRIORITY HOME LENDING, LLC 17 2.81% $10,161
NBKC BANK 17 2.54% $6,980
PLANET HOME LENDING, LLC 16 2.45% $2,430
GUARANTEED RATE, INC. 16 2.54% $5,081
MANN FINANCIAL INC. 16 3.02% $7,199
North American Savings Bank, F.S.B. 15 2.37% $6,285
Northpointe Bank 14 2.96% $3,586
CROSSCOUNTRY MORTGAGE, LLC 14 2.76% $6,348
STEARNS LENDING, LLC 13 2.38% $5,909
ACADEMY MORTGAGE CORPORATION 12 3.15% $6,006
GENEVA FINANCIAL, LLC 12 2.93% $6,926
AMERISAVE MORTGAGE CORPORATION 10 2.50% $8,559
FINANCE OF AMERICA MORTGAGE LLC 10 2.71% $4,724
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 10 3.32% $9,270
PENTAGON FEDERAL CREDIT UNION 10 2.30% $2,498
Paramount Residential Mortgage Group, Inc. 10 2.99% $7,169
Barrington Bank & Trust Company, N.A. 9 2.77% $3,699
CMG MORTGAGE, INC. 9 2.69% $7,695
SOVEREIGN LENDING GROUP INCORPORATED 9 2.56% $4,897
MUTUAL OF OMAHA MORTGAGE, INC. 9 2.42% $3,535
Magnolia Bank 8 2.70% $12,555
AMERICAN FINANCING CORPORATION 7 2.41% $6,773
Carrington Mortgage Services, LLC 7 3.05% $7,965
NP, Inc. 7 2.25% $3,469
LAND HOME FINANCIAL SERVICES, INC. 6 3.02% $10,347
ACCELERATE MORTGAGE, LLC 6 2.29% $6,089
DIRECTORS MORTGAGE, INC. 5 2.90% $17,291
Platinum Home Mortgage Corporation 5 2.90% $5,675
PREMIER LENDING, INC. 5 2.78% $7,198
Armed Forces Bank 5 2.48% $3,969
CONTOUR MORTGAGE CORPORATION 5 2.25% $3,431
First Federal Bank 5 2.90% $14,840
Low VA Rates, LLC 5 2.40% $10,135
First Home Bank 4 2.50% $3,198
Gateway First Bank 4 2.88% $6,150
LADERA LENDING, INC. 4 2.50% $6,500
Lakeview Community Capital, LLC 4 2.44% $4,022
Mid-Continent Funding, Inc. 4 2.63% $6,676
BAY EQUITY LLC 4 2.75% $10,396
PRIMELENDING, A PLAINSCAPITAL COMPANY 4 3.06% $15,962
S1L, Inc. 4 3.16% $11,215
Servion, Inc. 4 3.16% $7,157
Wallick & Volk, Inc. 4 3.19% $12,378
First Guaranty Mortgage Corporation 4 2.59% $2,787
LIBERTY HOME MORTGAGE CORPORATION 3 2.67% $5,510
IDAHO CENTRAL 3 2.67% $7,424
1st Security Bank of Washington 3 3.13% $19,167
NETWORK CAPITAL FUNDING CORPORATION 3 2.50% $5,266
PHH Mortgage Corporation 3 2.88% $3,178
LENDUS, LLC 3 2.46% $3,185
KELLER MORTGAGE, LLC 3 2.63% $4,166
InterContinental Capital Group, Inc 3 2.50% $11,330
TJC Mortgage, Inc. 3 2.33% $1,844
LOANPAL, LLC 3 2.33% $6,523
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.63% $5,224
Commerce Home Mortgage, Inc. 3 2.92% $4,059
First Interstate Bank 3 2.54% $5,069
NATIONS DIRECT MORTGAGE, LLC 3 2.71% $7,942
Nations Lending Corporation 3 2.96% $8,402
Columbia State Bank 3 2.54% $8,061
JPMorgan Chase Bank 2 2.44% $10,007
ZILLOW HOME LOANS, LLC 2 2.38% $4,284
Alaska USA Mortgage Company LLC 2 2.81% $4,232
INTERCAP LENDING INC. 2 2.31% $1,894
NBH Bank 2 2.56% $6,113
EVERETT FINANCIAL, INC. 2 2.63% $18,821
PLAZA HOME MORTGAGE, INC. 2 2.38% $2,431
Wyndham Capital Mortgage, Inc. 2 2.50% $1,933
Alaska USA Federal Credit Union 2 2.81% $4,232
Strong Home Mortgage, LLC 2 2.50% $1,487
First Savings Bank 2 2.56% $6,111
Amerifirst Financial, Inc. 2 2.31% $2,570
The Central Trust Bank 2 2.31% $4,213
Truist Bank 2 2.73% $1,671
First Mortgage Solutions, LLC 2 2.19% $7,538
AMERICAN FINANCIAL RESOURCES, INC. 2 2.75% $7,329
U.S. Bank 2 2.81% $2,971
First Federal Bank of Kansas City 2 2.38% $8,770
Credence Funding Corporation 2 2.00% $5,652
Neighborhood Loans, Inc. 1 2.38% $11,612
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 3.25% $22,470
UNION HOME MORTGAGE CORP. 1 2.25% $3,641
Meridian Bank Corporation 1 2.25% $5,424
Watermark Capital, Inc. 1 2.25% $1,184
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 2.75% $6,512
AMERICAN ADVISORS GROUP 1 2.88% $3,798
FirstBank 1 2.25% $949
Bank of England 1 2.88% $4,091
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 2.88% $3,962
INTELLILOAN, INC. 1 2.63% $28,957
SECURITYNATIONAL MORTGAGE COMPANY 1 3.75% $4,606
First Internet Bank of Indiana 1 2.25% $3,878
FIRST COMMUNITY MORTGAGE, INC. 1 2.63% $5,068
Florida Capital Bank 1 2.25% $4,246
STARBOARD FINANCIAL MANAGEMENT, LLC 1 3.25% $18,910
First State Bank of St. Charles, Missouri 1 2.63% $3,555
MASON MCDUFFIE MORTGAGE CORPORATION 1 2.38% $3,990
Community First National Bank 1 2.38% $2,042
SUMMIT MORTGAGE CORPORATION 1 2.50% $3,479
AMCAP MORTGAGE, LTD. 1 3.25% $23,587
CORNERSTONE HOME LENDING, INC. 1 3.25% $3,385
KS StateBank 1 2.25% $8,204
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.25% $2,694
The Huntington National Bank 1 2.50% $1,770
The Union Bank Company 1 2.38% $11,328
TIAA, FSB 1 2.25% $12,827
MORTGAGE MASTER SERVICE CORPORATION 1 2.25% $10,096
MICHIGAN MUTUAL, INC. 1 2.50% $10,026
CALCULATED RISK ANALYTICS LLC 1 2.50% $4,326
NexBank 1 2.38% $23,820
Hometown Equity Mortgage, LLC 1 3.13% $3,196
DHA FINANCIAL, LLC 1 3.13% $14,939
EMM LOANS LLC 1 3.00% $8,310
Boeing Employees Credit Union 1 3.13% $10,232
OCMBC, INC. 1 2.88% $12,446
ON Q FINANCIAL, INC. 1 2.75% $2,288
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 2.63% $10,241
BNC National Bank 1 2.88% $12,351
BKCO MORTGAGE, LLC 1 2.99% $2,290
Manufacturers and Traders Trust Company 1 3.50% $9,794
Peoples Bank 1 3.00% $11,514
HORIZON 1 2.63% $3,984

The top Spokane VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 282 VA loans originated. Their average total fees are $6,329, which is $3,572 higher than the next largest lender, FREEDOM MORTGAGE CORPORATION.

The lowest fee Spokane VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC ($2,284), GLOBAL ($2,381), PLANET HOME LENDING, LLC ($2,430), LAKEVIEW LOAN SERVICING, LLC ($2,451) and PENTAGON FEDERAL CREDIT UNION ($2,498).

The lowest rate Spokane VA lenders (with over 10 loans originated) are HOME POINT FINANCIAL CORPORATION (2.29%), PENTAGON FEDERAL CREDIT UNION (2.30%), VILLAGE CAPITAL & INVESTMENT LLC (2.32%), SUN WEST MORTGAGE COMPANY, INC. (2.35%) and North American Savings Bank, F.S.B. (2.37%).

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.