Tuscaloosa VA Loan Rates, Closing Costs & Stats

TUSCALOOSA, AL

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets

    • 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.

    Tuscaloosa's 60 lenders originated 255 VA loans during 2023. The total origination value was $71,635,000, with an average VA loan value of $280,922.

    Tuscaloosa VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Tuscaloosa averaged 6.42% for the week of 2024-11-08, compared to the national average (all VA variants) of 6.34% for the same period.

    Tuscaloosa's average VA mortgage closing costs are $5,242.

    The average rate for the prior week (2024-11-01) was 6.37% and one month ago for the week of 2024-10-04, the average rate was 5.4%.

    The average rate one year ago was 7.26%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.55%.

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

    Tuscaloosa 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 Tuscaloosa level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First Federal Bank, A FSB 32 6.18% $11,248
    Mortgage Research Center, LLC 29 6.86% $5,233
    MOVEMENT MORTGAGE, LLC 16 6.52% $7,297
    QUICKEN LOANS, LLC 12 5.95% $12,055
    DHI MORTGAGE COMPANY, LTD. 11 5.31% $4,991
    MORTGAGE SOLUTIONS OF COLORADO, LLC 10 7.86% $1,529
    UNITED WHOLESALE MORTGAGE, LLC 10 6.57% $9,293
    NAVY FEDERAL CREDIT UNION 9 5.94% $5,775
    PENNYMAC LOAN SERVICES, LLC 8 5.00% $5,549
    Regions Bank 8 6.08% $6,877
    FREEDOM MORTGAGE CORPORATION 8 6.47% $13,607
    Wells Fargo Bank 6 5.81% $4,681
    United Community Bank 6 6.25% $8,303
    FirstBank 5 6.30% $3,990
    NEW DAY FINANCIAL, LLC 5 7.40% $6,657
    Renasant Bank 5 5.57% $7,176
    U.S. Bank 4 6.66% $10,796
    GUILD MORTGAGE COMPANY 4 6.50% $6,754
    Barrington Bank & Trust Company, N.A. 4 5.97% $11,840
    TJC Mortgage, Inc. 3 6.54% $8,482
    Assurance Financial Group, L.L.C. 3 6.42% $8,386
    AMERISAVE MORTGAGE CORPORATION 2 6.31% $12,996
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 7.13% $3,730
    LOANDEPOT.COM, LLC 2 6.00% $10,236
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $6,324
    Mr. Cooper ( Nationstar Mortgage ) 2 6.13% $11,816
    RELIANCE FIRST CAPITAL, LLC 2 7.50% $9,738
    UNION HOME MORTGAGE CORP. 2 6.13% $5,656
    USAA Federal Savings Bank 2 5.81% $6,260
    VILLAGE CAPITAL MORTGAGE 2 6.25% $2,799
    PLAZA HOME MORTGAGE, INC. 1 6.25% $11,007
    BROKER SOLUTIONS, INC. 1 7.63% $16,878
    Citizens Bank 1 6.25% $4,661
    EVANSVILLE TEACHERS 1 6.00% $18,487
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $7,666
    GUARANTEED RATE, INC. 1 5.75% $5,770
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $1,815
    HOMESIDE FINANCIAL, LLC 1 6.13% $9,432
    JPMorgan Chase Bank 1 6.75% $23,218
    Magnolia Bank 1 6.25% $12,081
    MID AMERICA MORTGAGE, INC. 1 7.00% $4,267
    Mid-Continent Funding, Inc. 1 6.75% $8,391
    MORTGAGE ACCESS CORP. 1 5.75% $2,796
    NBKC BANK 1 6.13% $2,740
    NEWREZ LLC 1 6.25% $3,453
    North American Savings Bank, F.S.B. 1 6.75% $13,523
    Northpointe Bank 1 5.63% $3,134
    PENTAGON FEDERAL CREDIT UNION 1 5.88% $5,728
    PLANET HOME LENDING, LLC 1 5.50% $3,928
    1ST SIGNATURE LENDING, LLC 1 7.13% $7,638
    PNC Bank 1 6.88% $12,875
    Princeton Mortgage Corporation 1 7.50% $11,560
    Prosperity Home Mortgage, LLC 1 6.50% $11,755
    SouthPoint Bank 1 5.75% $5,483
    South State Bank 1 5.88% $11,626
    STOCKTON MORTGAGE CORPORATION 1 6.75% $5,414
    Synovus Bank 1 6.88% $2,021
    The Federal Savings Bank 1 6.75% $12,720
    Towne Bank 1 6.63% $5,451
    Waterstone Mortgage Corporation 1 6.13% $12,947

    The top Tuscaloosa VA lender as defined by loan originations is First Federal Bank, A FSB, with 32 VA loans originated. Their average total fees are $11,248, which is $6,015 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Tuscaloosa VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($1,529), DHI MORTGAGE COMPANY, LTD. ($4,991), Mortgage Research Center, LLC ($5,233), MOVEMENT MORTGAGE, LLC ($7,297) and UNITED WHOLESALE MORTGAGE, LLC ($9,293).

    The lowest rate Tuscaloosa VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.31%), QUICKEN LOANS, LLC (5.95%), First Federal Bank, A FSB (6.18%), MOVEMENT MORTGAGE, LLC (6.52%) and UNITED WHOLESALE MORTGAGE, LLC (6.57%).

    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.