Tullahoma VA Loan Rates, Closing Costs & Stats

Tullahoma-Manchester, TN

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.

Tullahoma's 64 lenders originated 237 VA loans during 2023. The total origination value was $75,775,000, with an average VA loan value of $319,726.

Tullahoma VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Tullahoma averaged 6.5% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

Tullahoma's average VA mortgage closing costs are $5,707.

The average rate for the prior week (2024-07-12) was 6.54% and one month ago for the week of 2024-06-14, the average rate was 6.3%.

The average rate one year ago was 6.48%.

For refis of the same type during the week of 2024-07-19, the average rate was 6.35%.

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

Tullahoma 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 Tullahoma level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 43 6.79% $4,931
QUICKEN LOANS, LLC 21 5.94% $11,292
UNITED WHOLESALE MORTGAGE, LLC 13 6.13% $8,708
NAVY FEDERAL CREDIT UNION 11 5.77% $4,315
USAA Federal Savings Bank 9 5.89% $8,002
FIRST COMMUNITY MORTGAGE, INC. 9 6.32% $7,861
CMG MORTGAGE, INC. 7 6.23% $13,691
FirstBank 6 6.48% $8,261
First Vision Bank of Tennessee 6 6.06% $13,910
BROKER SOLUTIONS, INC. 6 6.60% $6,542
SeaTrust Mortgage Company 5 6.33% $10,627
NEW DAY FINANCIAL, LLC 5 7.27% $14,697
FREEDOM MORTGAGE CORPORATION 5 6.23% $13,074
GUARANTEED RATE, INC. 5 6.35% $1,806
VILLAGE CAPITAL MORTGAGE 5 6.20% $10,188
PENNYMAC LOAN SERVICES, LLC 4 5.88% $7,539
MOVEMENT MORTGAGE, LLC 4 6.88% $4,448
ISERVE RESIDENTIAL LENDING, LLC 4 6.16% $9,079
Citizens Tri-County Bank 4 6.34% $6,936
LOANDEPOT.COM, LLC 4 5.78% $10,124
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.08% $14,034
U.S. Bank 3 6.96% $4,773
Mr. Cooper ( Nationstar Mortgage ) 3 6.17% $6,433
MILEND, INC. 2 6.50% $16,198
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.69% $27,121
HOMESIDE FINANCIAL, LLC 2 7.25% $3,176
FirstTrust Home Loans, Inc. 2 7.06% $12,153
Legends Bank 2 5.88% $8,872
The Federal Savings Bank 2 5.94% $11,863
Renasant Bank 1 7.13% $4,806
RESOURCE FINANCIAL SERVICES, INC. 1 6.75% $7,776
Synovus Bank 1 5.50% $11,007
T2 FINANCIAL LLC 1 7.13% $11,539
The First National Bank of Middle Tennessee 1 6.00% $3,268
ACOPIA, LLC 1 7.50% $7,100
Wyndham Capital Mortgage, Inc. 1 5.75% $3,815
AMERISAVE MORTGAGE CORPORATION 1 5.63% $9,005
Bank of England 1 6.13% $7,051
Barrington Bank & Trust Company, N.A. 1 6.75% $15,198
CapStar Bank 1 6.00% $4,293
CARDINAL FINANCIAL 1 6.13% $6,132
COMPASS MORTGAGE, INC. 1 7.13% $30,573
Cornerstone First Mortgage, Inc 1 6.63% $7,022
CROSSCOUNTRY MORTGAGE, LLC 1 5.13% $5,056
ENVOY MORTGAGE, LTD 1 6.13% $10,518
Equity Prime Mortgage LLC 1 7.75% $5,974
First United Bank and Trust Company 1 5.88% $4,581
Flagstar Bank, FSB 1 5.38% $7,387
FLAT BRANCH MORTGAGE, INC. 1 7.25% $2,330
Franklin Loan Corporation 1 6.25% $8,800
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 6.25% $1,145
HomePromise Corporation 1 8.13% $8,775
Legacy Home Loans, LLC 1 5.50% $3,645
MEMBER FIRST MORTGAGE, LLC 1 6.00% $4,474
Mid-Continent Funding, Inc. 1 6.50% $20,378
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $0
M&T Bank 1 5.75% $8,431
NATIONS RELIABLE LENDING, LLC 1 7.63% $3,239
NEWREZ LLC 1 6.75% $7,776
Paramount Residential Mortgage Group, Inc. 1 5.63% $3,417
PENTAGON FEDERAL CREDIT UNION 1 5.50% $6,002
PHH Mortgage Corporation 1 6.00% $3,123
Plains Commerce Bank 1 5.75% $3,777
Prosperity Home Mortgage, LLC 1 7.63% $8,875

The top Tullahoma VA lender as defined by loan originations is Mortgage Research Center, LLC, with 43 VA loans originated. Their average total fees are $4,931, which is $6,361 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Tullahoma VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,315), Mortgage Research Center, LLC ($4,931), UNITED WHOLESALE MORTGAGE, LLC ($8,708), QUICKEN LOANS, LLC ($11,292) and .

The lowest rate Tullahoma VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.77%), QUICKEN LOANS, LLC (5.94%), UNITED WHOLESALE MORTGAGE, LLC (6.13%), Mortgage Research Center, LLC (6.79%) and .

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.