Alabama VA Loan Rates, Closing Costs & Stats

Alabama

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.

Alabama VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Alabama averaged 6.77% for the week of 2024-07-05, compared to the national average (all VA variants) of 6.475% for the same period.

Alabama's average VA mortgage closing costs are $5,447.

The average rate for the prior week (2024-06-28) was 6.37% and one month ago for the week of 2024-05-31, the average rate was 6.59%.

The average rate one year ago was 6.54%.

For refis of the same type during the week of 2024-07-05, the average rate was 6.88%.

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

Alabama 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 Alabama level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 1,566 6.73% $5,169
UNITED WHOLESALE MORTGAGE, LLC 584 6.31% $7,466
QUICKEN LOANS, LLC 498 6.18% $9,880
NAVY FEDERAL CREDIT UNION 426 5.86% $5,092
DHI MORTGAGE COMPANY, LTD. 412 5.25% $5,216
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 311 6.60% $6,520
MOVEMENT MORTGAGE, LLC 269 6.55% $7,140
PENNYMAC LOAN SERVICES, LLC 261 5.51% $7,134
FREEDOM MORTGAGE CORPORATION 248 6.59% $13,604
USAA Federal Savings Bank 234 6.20% $8,114
Trustmark National Bank 208 6.20% $6,601
GUILD MORTGAGE COMPANY 208 6.37% $9,967
NEW DAY FINANCIAL, LLC 204 7.45% $10,811
FirstBank 167 6.12% $7,368
Renasant Bank 167 6.16% $8,342
LOANDEPOT.COM, LLC 161 6.20% $11,819
CROSSCOUNTRY MORTGAGE, LLC 148 6.53% $7,452
EAGLE HOME MORTGAGE, LLC 130 5.08% $3,883
GUARANTEED RATE, INC. 109 6.20% $7,424
GMFS LLC 107 6.29% $6,926
The Federal Savings Bank 106 6.55% $14,173
CMG MORTGAGE, INC. 104 6.56% $10,233
MORTGAGE SOLUTIONS OF COLORADO, LLC 100 7.62% $3,038
VANDERBILT MORTGAGE AND FINANCE, INC. 80 6.28% $5,588
ENVOY MORTGAGE, LTD 78 6.34% $8,106
Regions Bank 75 6.25% $7,810
First Federal Bank, A FSB 72 6.18% $10,024
Mr. Cooper ( Nationstar Mortgage ) 69 6.01% $12,478
NEWREZ LLC 69 6.44% $9,759
Plains Commerce Bank 68 6.22% $8,794
VILLAGE CAPITAL MORTGAGE 67 6.02% $9,407
BROKER SOLUTIONS, INC. 63 6.39% $8,780
PENTAGON FEDERAL CREDIT UNION 61 5.63% $7,159
Prosperity Home Mortgage, LLC 60 6.30% $7,773
CARDINAL FINANCIAL 56 6.76% $11,230
Barrington Bank & Trust Company, N.A. 56 6.35% $6,626
Flagstar Bank, FSB 54 6.33% $9,302
CANOPY MORTGAGE, LLC 53 6.76% $15,214
Wells Fargo Bank 51 5.98% $6,907
FIRST COMMUNITY MORTGAGE, INC. 49 6.27% $10,558
HOMESTAR FINANCIAL CORPORATION 48 6.20% $7,434
REDSTONE Federal Credit Union 48 6.38% $5,376
UNION HOME MORTGAGE CORP. 48 6.50% $9,844
Northpointe Bank 47 6.31% $7,600
Ameris Bank 46 6.32% $5,930
Synovus Bank 45 6.29% $7,112
TJC Mortgage, Inc. 45 6.29% $10,271
ARK-LA-TEX FINANCIAL SERVICES, LLC. 44 6.40% $9,391
DSLD MORTGAGE, LLC 43 5.95% $4,980
AMERISAVE MORTGAGE CORPORATION 41 5.96% $14,415
FBC MORTGAGE, LLC 39 5.81% $10,150
STOCKTON MORTGAGE CORPORATION 38 5.99% $10,200
Magnolia Bank 37 6.38% $15,269
PRIMELENDING, A PLAINSCAPITAL COMPANY 33 6.59% $6,327
South State Bank 33 6.00% $11,474
Equity Prime Mortgage LLC 31 7.23% $6,116
Assurance Financial Group, L.L.C. 31 6.69% $6,299
Armed Forces Bank 30 6.08% $8,406
AMERICAN PORTFOLIO MORTGAGE CORPORATION 30 6.13% $9,298
SouthPoint Bank 29 6.55% $6,546
NBKC BANK 28 5.73% $7,140
MUTUAL OF OMAHA MORTGAGE, INC. 27 6.49% $10,132
PLANET HOME LENDING, LLC 25 5.91% $9,950
Mid-Continent Funding, Inc. 24 6.31% $7,137
United Community Bank 24 5.86% $8,859
Bank of England 22 6.34% $12,676
EMBRACE HOME LOANS, INC. 21 6.39% $8,155
SWBC MORTGAGE CORPORATION 21 6.61% $7,238
INTERLINC MORTGAGE SERVICES, LLC 20 6.71% $4,407
Paramount Residential Mortgage Group, Inc. 18 6.23% $8,277
MILEND, INC. 18 6.82% $12,199
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 18 6.43% $9,623
Victorian Finance, LLC 18 6.32% $12,763
BancorpSouth 18 6.26% $9,111
HOMEBRIDGE FINANCIAL SERVICES, INC. 18 6.59% $8,245
First Federal Bank 16 6.35% $5,170
RELIANCE FIRST CAPITAL, LLC 16 6.66% $9,923
ACOPIA, LLC 15 6.96% $2,999
AMERICAN FINANCIAL NETWORK, INC. 15 6.71% $6,716
CB&S Bank, Inc. 15 6.12% $10,661
EVERETT FINANCIAL, INC. 15 7.08% $8,107
PNC Bank 14 6.65% $3,689
GUARANTEED RATE AFFINITY, LLC 14 6.16% $5,852
Citizens Bank 14 6.27% $9,121
Nations Lending Corporation 14 6.68% $7,243
LAKEVIEW LOAN SERVICING, LLC 13 5.84% $11,350
THE MORTGAGE FIRM, INC. 13 6.30% $5,462
CORNERSTONE HOME LENDING, INC. 13 6.63% $5,514
Presidential Bank, FSB 13 5.97% $5,992
AMERICAN PACIFIC MORTGAGE CORPORATION 12 6.58% $14,372
Hamilton Mortgage Corporation 12 6.71% $7,433
AVADIAN 12 6.18% $10,919
FirstTrust Home Loans, Inc. 11 6.39% $4,338
Princeton Mortgage Corporation 11 7.07% $7,782
Truist 11 6.29% $4,733
LEADERONE FINANCIAL CORPORATION 11 6.83% $9,967
Century Mortgage Company DBA Century Lending Company 10 6.24% $8,735
JPMorgan Chase Bank 10 6.01% $8,455
Consumer First Mortgage, Inc. 10 6.94% $6,214
HOMETRUST MORTGAGE COMPANY 10 6.24% $7,081
U.S. Bank 10 6.38% $10,223
AMERICAN FINANCIAL RESOURCES, INC. 10 6.73% $4,080
FIRST COLONY MORTGAGE CORPORATION 9 6.78% $11,039
SUCCESS MORTGAGE PARTNERS, INC. 9 6.85% $5,692
MORTGAGE INVESTORS GROUP, INC. 9 6.46% $5,185
Tyndall Federal Credit Union 9 6.61% $6,282
First Horizon Bank 9 6.17% $3,788
BNC National Bank 8 5.38% $8,185
Cornerstone First Mortgage, Inc 8 6.75% $5,946
DAS Acquisition Company, LLC 8 6.05% $6,502
SUN WEST MORTGAGE COMPANY, INC. 8 5.96% $8,319
EMM LOANS LLC 8 6.08% $9,717
Keystone Funding, Inc. 8 6.19% $10,406
HOMESIDE FINANCIAL, LLC 7 6.75% $14,404
The Loan Store, Inc. 7 7.00% $7,718
HUNT MORTGAGE CORPORATION 7 6.68% $4,071
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 7 6.13% $5,092
RUOFF MORTGAGE COMPANY, INC. 6 6.94% $8,069
The Central Trust Bank 6 5.65% $5,102
Ixonia Bank 6 6.98% $9,618
HOMEOWNERS FINANCIAL GROUP USA, LLC 6 6.23% $10,972
LOANPAL, LLC 6 6.38% $11,288
Carrington Mortgage Services, LLC 6 5.79% $7,562
PACIFIC RESIDENTIAL MORTGAGE, LLC 6 6.75% $7,512
Bank Independent 6 6.23% $10,735
Wolfe Financial, Inc 5 7.13% $5,280
American Mortgage & Equity Consultants, Inc. 5 7.18% $10,568
BankPlus 5 6.35% $4,761
DIRECT MORTGAGE LOANS, LLC 5 6.90% $6,983
Gateway First Bank 5 6.40% $5,709
INSPIRE HOME LOANS INC. 5 5.60% $4,385
North American Savings Bank, F.S.B. 5 5.98% $10,332
ON Q FINANCIAL, INC. 5 6.70% $7,377
PLAZA HOME MORTGAGE, INC. 5 6.35% $7,476
SUMMIT FUNDING, INC. 4 7.06% $6,902
ServisFirst Bank 4 5.75% $10,247
SOVEREIGN LENDING GROUP INCORPORATED 4 5.72% $11,670
PREMIA MORTGAGE, LLC 4 5.97% $7,391
DRAPER AND KRAMER MORTGAGE CORP. 4 6.13% $7,693
LIBERTY HOME MORTGAGE CORPORATION 4 6.72% $6,481
PHH Mortgage Corporation 4 6.81% $5,154
CHURCHILL MORTGAGE CORPORATION 4 6.09% $9,845
OPEN MORTGAGE, LLC 4 6.47% $5,658
HomePromise Corporation 4 7.41% $8,120
COMMUNITY MORTGAGE, LLC 3 6.67% $2,612
MORTGAGE ACCESS CORP. 3 6.54% $7,343
CONTOUR MORTGAGE CORPORATION 3 5.63% $10,239
BAY EQUITY LLC 3 6.71% $4,178
SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 5.79% $5,937
NFM, INC. 3 6.67% $10,683
TOWNE MORTGAGE COMPANY 3 5.75% $8,659
Waterstone Mortgage Corporation 3 5.88% $11,108
MID AMERICA MORTGAGE, INC. 3 6.54% $4,122
ROYAL UNITED MORTGAGE LLC 3 6.92% $16,144
FIDELITY BANK 3 6.54% $9,808
Pinnacle Bank 3 5.83% $11,071
AMERICAN FINANCING CORPORATION 3 6.50% $10,535
MORIA DEVELOPMENT, INC. 3 6.54% $10,887
Hancock Whitney Bank 3 6.54% $6,825
SOUTHWEST STAGE FUNDING, LLC 3 7.04% $3,526
GENEVA FINANCIAL, LLC 2 7.13% $8,602
MICHIGAN MUTUAL, INC. 2 7.06% $1,170
LENOX FINANCIAL MORTGAGE CORPORATION 2 6.69% $12,978
KEESLER 2 5.06% $2,816
Hometown Equity Mortgage, LLC 2 5.94% $10,780
HOMESPIRE MORTGAGE CORPORATION 2 6.44% $13,876
M&T Bank 2 6.94% $5,387
NBH Bank 2 5.87% $5,327
NETWORK CAPITAL FUNDING CORPORATION 2 6.50% $6,547
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.13% $21,628
NORWICH COMMERCIAL GROUP, INC. 2 6.69% $3,235
ACADEMY MORTGAGE CORPORATION 2 7.50% $6,597
First United Bank and Trust Company 2 7.13% $7,346
POLARIS HOME FUNDING CORP. 2 6.81% $10,950
PREMIER MORTGAGE RESOURCES, L.L.C. 2 6.37% $20,691
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.25% $6,789
Farmers Bank & Trust 2 5.06% $3,794
RESIDENTIAL BANCORP 2 6.00% $8,200
ROSS MORTGAGE CORPORATION 2 7.56% $10,652
S1L, Inc. 2 6.00% $7,751
SeaTrust Mortgage Company 2 6.38% $9,872
SIRVA MORTGAGE, INC. 2 7.13% $1,862
SmartBank 2 6.13% $7,341
COMMUNITY MORTGAGE CORPORATION 2 6.69% $12,544
Community First National Bank 2 6.50% $3,619
Community Bank of Mississippi 2 6.44% $12,623
CIS Financial Services, Inc. 2 6.56% $10,089
CERTAINTY HOME LOANS, LLC 2 5.75% $4,096
Centennial Bank 2 6.44% $12,337
THRIVE MORTGAGE, LLC 2 7.13% $14,339
Capital City Home Loans, LLC 2 6.88% $4,786
BAYSHORE MORTGAGE FUNDING, LLC 2 7.25% $7,706
University Bank 2 6.81% $9,213
Alcova Mortgage LLC 2 6.38% $4,924
RESOURCE FINANCIAL SERVICES, INC. 1 5.75% $16,334
Bell Bank 1 6.63% $6,472
OCEANSIDE MORTGAGE COMPANY 1 6.50% $1,848
CRESCENT MORTGAGE COMPANY 1 5.88% $14,194
BECKAM FUNDING CORP. 1 6.75% $24,347
LOANFLIGHT LENDING, LLC 1 6.00% $16,305
SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $9,717
Merchants & Marine Bank 1 6.13% $1,865
United Fidelity Funding Corp. 1 5.50% $10,766
KELLER MORTGAGE, LLC 1 5.63% $11,103
Goldwater Bank, N.A. 1 6.75% $5,788
GSF Mortgage Corporation 1 5.50% $13,428
GUARANTY HOME MORTGAGE CORPORATION 1 6.50% $3,075
NATIONWIDE MORTGAGE BANKERS, INC. 1 7.63% $9,948
NATIONS RELIABLE LENDING, LLC 1 5.75% $4,091
Stifel Bank and Trust 1 6.00% $1,961
Liberty Mortgage Corporation 1 6.75% $4,740
BANKSOUTH MORTGAGE COMPANY, LLC 1 5.75% $9,082
NATIONS DIRECT MORTGAGE, LLC 1 7.25% $4,000
Arvest Bank 1 6.50% $11,198
City Bank 1 5.13% $17,321
Valley National Bank 1 6.49% $2,635
T2 FINANCIAL LLC 1 7.13% $8,377
Texana Bank 1 6.13% $13,267
ISERVE RESIDENTIAL LENDING, LLC 1 7.25% $18,190
AmeriHome Mortgage Company, LLC 1 5.50% $12,178
MLB RESIDENTIAL LENDING, LLC 1 7.75% $6,553
CBM Mortgage, Inc. 1 6.75% $3,077
LEGEND LENDING CORPORATION 1 5.88% $13,083
CASTLE & COOKE MORTGAGE, LLC 1 6.25% $550
TOP FLITE FINANCIAL, INC. 1 6.75% $10,744
Total Media Management, LLC 1 7.25% $13,236
First Western Trust Bank 1 6.75% $982
First State Bank of St. Charles, Missouri 1 5.63% $12,756
First Savings Bank 1 7.25% $8,931
1ST SIGNATURE LENDING, LLC 1 7.13% $7,638
First National Bank Texas 1 5.63% $400
TOWN AND COUNTRY Credit Union 1 6.25% $8,184
FLAT BRANCH MORTGAGE, INC. 1 5.75% $6,069
Towne Bank 1 6.63% $5,451
First Financial Bank 1 7.00% $9,584
MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 6.88% $6,365
First Federal Bank of Kansas City 1 6.13% $11,145
Fifth Third Bank 1 5.88% $6,611
GARDNER FINANCIAL SERVICES, LTD. 1 6.63% $11,331
FCB Banks 1 6.50% $15,307
RAPID MORTGAGE COMPANY 1 6.63% $10,345
V.I.P. MORTGAGE, INC. 1 5.75% $2,077
Evolve Bank & Trust 1 6.63% $8,227
EVANSVILLE TEACHERS 1 6.00% $18,487
Old National Bank 1 5.50% $9,212
CALCON MUTUAL MORTGAGE LLC 1 6.75% $46,619
RESIDENTIAL WHOLESALE MORTGAGE, INC. 1 6.99% $11,291

The top Alabama VA lender as defined by loan originations is Mortgage Research Center, LLC, with 1,566 VA loans originated. Their average total fees are $5,169, which is $2,298 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Alabama VA lenders (with over 10 loans originated) are ACOPIA, LLC ($2,999), MORTGAGE SOLUTIONS OF COLORADO, LLC ($3,038), PNC Bank ($3,689), EAGLE HOME MORTGAGE, LLC ($3,883) and AMERICAN FINANCIAL RESOURCES, INC. ($4,080).

The lowest rate Alabama VA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (5.08%), DHI MORTGAGE COMPANY, LTD. (5.25%), PENNYMAC LOAN SERVICES, LLC (5.51%), PENTAGON FEDERAL CREDIT UNION (5.63%) and NBKC BANK (5.73%).

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.