Topeka VA Loan Rates, Closing Costs & Stats

TOPEKA, KS

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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.

    Topeka's 52 lenders originated 289 VA loans during 2023. The total origination value was $74,165,000, with an average VA loan value of $256,626.

    Topeka VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Topeka averaged 6.69% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Topeka's average VA mortgage closing costs are $4,723.

    The average rate for the prior week (2024-11-01) was 6.35% and one month ago for the week of 2024-10-04, the average rate was 5.97%.

    The average rate one year ago was 7.53%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.52%.

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

    Topeka 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 Topeka level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 81 6.73% $5,131
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 34 6.80% $4,986
    QUICKEN LOANS, LLC 21 6.17% $7,722
    NAVY FEDERAL CREDIT UNION 14 6.01% $4,332
    UNITED WHOLESALE MORTGAGE, LLC 12 6.62% $8,146
    NEW DAY FINANCIAL, LLC 11 7.43% $10,539
    Landmark National Bank 10 6.76% $5,890
    USAA Federal Savings Bank 10 6.23% $5,743
    FREEDOM MORTGAGE CORPORATION 8 6.50% $10,644
    MORTGAGE SOLUTIONS OF COLORADO, LLC 6 7.56% $5,982
    U.S. Bank 6 6.77% $7,042
    The Federal Savings Bank 5 6.15% $13,400
    NBH Bank 5 6.25% $5,564
    LOANDEPOT.COM, LLC 4 6.72% $9,733
    FLAT BRANCH MORTGAGE, INC. 4 7.53% $8,805
    Flagstar Bank, FSB 4 6.12% $12,402
    LEADERONE FINANCIAL CORPORATION 3 7.33% $8,896
    Mr. Cooper ( Nationstar Mortgage ) 3 5.88% $11,064
    NBKC BANK 3 5.79% $4,320
    PENNYMAC LOAN SERVICES, LLC 3 5.58% $3,401
    MID AMERICA MORTGAGE, INC. 2 6.75% $3,327
    North American Savings Bank, F.S.B. 2 6.44% $760
    ENDEAVOR CAPITAL, LLC. 2 6.44% $1,826
    Magnolia Bank 2 6.06% $16,678
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $13,407
    Citizens Bank 1 6.25% $9,593
    American Mortgage & Equity Consultants, Inc. 1 5.49% $7,665
    Central National Bank 1 6.00% $1,646
    Carrington Mortgage Services, LLC 1 5.13% $1,705
    Capitol Federal Savings Bank 1 7.13% $2,885
    MOVEMENT MORTGAGE, LLC 1 7.13% $1,602
    Armed Forces Bank 1 6.00% $6,079
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.50% $4,410
    BOKF 1 7.13% $18,205
    Bell Bank 1 6.38% $7,687
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $21,938
    Neighborhood Loans, Inc. 1 7.25% $6,157
    Barrington Bank & Trust Company, N.A. 1 7.25% $4,815
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 7.25% $15,519
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $2,612
    PLANET HOME LENDING, LLC 1 6.25% $7,327
    PLAZA HOME MORTGAGE, INC. 1 5.25% $7,141
    Prosperity Home Mortgage, LLC 1 7.13% $8,678
    Azura Credit Union 1 7.63% $650
    SIRVA MORTGAGE, INC. 1 7.25% $5,680
    Arvest Bank 1 7.00% $1,531
    Equity Prime Mortgage LLC 1 6.63% $7,309
    CROSSCOUNTRY MORTGAGE, LLC 1 6.13% $0
    DELMAR FINANCIAL COMPANY 1 7.25% $6,613
    GUARANTEED RATE, INC. 1 6.25% $6,832
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.50% $5,494
    Ixonia Bank 1 6.75% $7,220

    The top Topeka VA lender as defined by loan originations is Mortgage Research Center, LLC, with 81 VA loans originated. Their average total fees are $5,131, which is $145 higher than the next largest lender, FAIRWAY INDEPENDENT MORTGAGE CORPORATION.

    The lowest fee Topeka VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,332), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,986), Mortgage Research Center, LLC ($5,131), USAA Federal Savings Bank ($5,743) and Landmark National Bank ($5,890).

    The lowest rate Topeka VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (6.01%), QUICKEN LOANS, LLC (6.17%), USAA Federal Savings Bank (6.23%), UNITED WHOLESALE MORTGAGE, LLC (6.62%) and Mortgage Research Center, LLC (6.73%).

    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.