Alabama VA Loan Rates, Closing Costs & Stats

Alabama

  • 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.

    Alabama VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Alabama averaged 5.59% for the week of 2024-10-04, compared to the national average (all VA variants) of 5.596% for the same period.

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

    The average rate for the prior week (2024-09-27) was 5.62% and one month ago for the week of 2024-08-30, the average rate was 6.04%.

    The average rate one year ago was 7.28%.

    For refis of the same type during the week of 2024-10-04, the average rate was 5.8%.

    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.