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 -0.23% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

Alabama's average VA mortgage closing costs are $5,182.

The average rate for the prior week (2023-11-17) was 6.62% and one month ago for the week of 2023-10-20, the average rate was 6.95%.

The average rate one year ago was 5.96%.

For refis of the same type during the week of 2023-11-24, the average rate was -0.93%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 2,082 5.12% $5,760
QUICKEN LOANS, LLC 867 4.25% $9,439
UNITED WHOLESALE MORTGAGE, LLC 602 4.58% $8,315
NAVY FEDERAL CREDIT UNION 516 4.06% $5,890
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 495 4.83% $6,824
FREEDOM MORTGAGE CORPORATION 465 4.33% $9,258
USAA Federal Savings Bank 436 4.49% $6,880
PENNYMAC LOAN SERVICES, LLC 434 3.42% $7,341
LOANDEPOT.COM, LLC 386 4.32% $9,818
NEW DAY FINANCIAL, LLC 382 4.91% $9,266
DHI MORTGAGE COMPANY, LTD. 375 4.01% $7,088
Trustmark National Bank 245 4.68% $7,854
GUILD MORTGAGE COMPANY 234 4.94% $9,744
MOVEMENT MORTGAGE, LLC 222 4.85% $5,987
HOME POINT FINANCIAL CORPORATION 219 4.27% $8,498
FirstBank 211 4.51% $7,394
INTERLINC MORTGAGE SERVICES, LLC 152 4.45% $6,842
Hometown Lenders, Inc. 139 4.66% $9,183
CROSSCOUNTRY MORTGAGE, LLC 132 4.93% $8,466
Mr. Cooper ( Nationstar Mortgage ) 130 4.86% $9,165
Renasant Bank 123 4.66% $7,223
VANDERBILT MORTGAGE AND FINANCE, INC. 121 4.69% $6,217
GMFS LLC 121 4.40% $6,463
MORTGAGE SOLUTIONS OF COLORADO, LLC 121 5.74% $6,742
CMG MORTGAGE, INC. 112 4.90% $9,877
Regions Bank 111 4.61% $7,870
Flagstar Bank, FSB 110 4.70% $7,375
CALIBER HOME LOANS, INC. 109 4.69% $7,988
BROKER SOLUTIONS, INC. 105 4.97% $9,261
The Federal Savings Bank 99 4.72% $13,379
Wells Fargo Bank 99 4.34% $4,638
First Federal Bank, A FSB 98 4.76% $7,394
ENVOY MORTGAGE, LTD 93 4.86% $8,010
LAKEVIEW LOAN SERVICING, LLC 92 3.55% $4,633
TJC Mortgage, Inc. 88 4.45% $10,613
AMERISAVE MORTGAGE CORPORATION 86 4.17% $11,343
Barrington Bank & Trust Company, N.A. 83 4.63% $6,073
CERTAINTY HOME LOANS, LLC 82 4.47% $9,373
HOMESTAR FINANCIAL CORPORATION 80 5.04% $7,776
NEWREZ LLC 73 4.26% $7,393
VILLAGE CAPITAL MORTGAGE 72 4.09% $7,504
Ameris Bank 66 4.34% $6,421
ARK-LA-TEX FINANCIAL SERVICES, LLC. 65 5.01% $9,488
PENTAGON FEDERAL CREDIT UNION 64 3.62% $7,922
Northpointe Bank 60 4.75% $6,611
GUARANTEED RATE, INC. 57 4.69% $7,376
Mid-Continent Funding, Inc. 55 4.69% $6,453
Synovus Bank 51 4.78% $5,407
REDSTONE Federal Credit Union 50 4.88% $5,835
Carrington Mortgage Services, LLC 50 4.76% $7,829
CARDINAL FINANCIAL 49 4.95% $9,536
FIRST COMMUNITY MORTGAGE, INC. 47 4.44% $6,965
PRIMELENDING, A PLAINSCAPITAL COMPANY 46 4.95% $8,076
SouthPoint Bank 46 4.77% $6,815
BancorpSouth 45 4.81% $6,766
CLEARPATH LENDING 44 3.72% $10,761
Bank of England 43 4.69% $9,735
Prosperity Home Mortgage, LLC 43 4.67% $8,749
Progress Bank and Trust 43 4.05% $9,624
Armed Forces Bank 38 4.33% $7,150
Nations Lending Corporation 33 5.37% $8,805
HOMEBRIDGE FINANCIAL SERVICES, INC. 33 4.99% $7,639
PLANET HOME LENDING, LLC 33 4.17% $8,184
UNION HOME MORTGAGE CORP. 32 5.11% $8,151
EVERETT FINANCIAL, INC. 32 5.09% $4,227
Assurance Financial Group, L.L.C. 31 4.84% $7,351
First Federal Bank 30 4.45% $7,046
North American Savings Bank, F.S.B. 30 3.90% $5,550
EAGLE HOME MORTGAGE, LLC 30 5.22% $6,015
MUTUAL OF OMAHA MORTGAGE, INC. 29 4.70% $11,289
FBC MORTGAGE, LLC 29 4.74% $9,001
South State Bank 29 4.66% $13,446
EMBRACE HOME LOANS, INC. 29 4.96% $6,966
DSLD MORTGAGE, LLC 28 4.09% $5,071
Hamilton Mortgage Corporation 28 4.46% $8,366
AMERICAN FINANCING CORPORATION 26 4.19% $7,281
LEADERONE FINANCIAL CORPORATION 26 5.37% $8,396
BAY EQUITY LLC 26 4.73% $6,945
SOUTHWEST FUNDING, LP 25 5.13% $9,533
Magnolia Bank 25 4.12% $12,978
Truist 25 4.43% $5,038
RUOFF MORTGAGE COMPANY, INC. 24 5.31% $8,114
Citizens Bank 22 4.74% $6,441
AMERICAN PACIFIC MORTGAGE CORPORATION 22 5.18% $9,109
RELIANCE FIRST CAPITAL, LLC 22 4.68% $8,680
NBKC BANK 22 4.02% $7,771
SUCCESS MORTGAGE PARTNERS, INC. 21 4.82% $7,313
First Horizon Bank 20 4.28% $5,163
Low VA Rates, LLC 20 4.26% $10,174
Equity Prime Mortgage LLC 19 5.70% $7,820
U.S. Bank 18 4.80% $8,218
CONTOUR MORTGAGE CORPORATION 18 4.41% $12,157
MILEND, INC. 17 6.11% $11,969
Bank Independent 17 4.74% $6,537
PREMIA MORTGAGE, LLC 16 4.48% $5,168
FirstTrust Home Loans, Inc. 16 5.02% $6,143
MORTGAGE INVESTORS GROUP, INC. 16 4.90% $9,730
SUN WEST MORTGAGE COMPANY, INC. 15 4.58% $4,042
BNC National Bank 14 3.74% $6,959
The Central Trust Bank 13 3.84% $7,965
GUARANTY HOME MORTGAGE CORPORATION 13 4.61% $6,183
Gateway First Bank 13 4.61% $7,626
HUNT MORTGAGE CORPORATION 13 5.17% $5,870
FINANCE OF AMERICA MORTGAGE LLC 12 4.44% $10,508
HOMETRUST MORTGAGE COMPANY 12 4.00% $8,082
GUARANTEED RATE AFFINITY, LLC 12 4.69% $3,685
The Home Loan Expert LLC 11 5.15% $13,085
Plains Commerce Bank 11 4.88% $8,775
West Town Bank & Trust 11 4.77% $8,124
SECURITYNATIONAL MORTGAGE COMPANY 11 4.66% $10,212
Total Media Management, LLC 10 4.12% $8,454
PNC Bank 10 4.51% $6,800
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 4.86% $5,601
DIRECT MORTGAGE LOANS, LLC 10 5.36% $8,466
SOVEREIGN LENDING GROUP INCORPORATED 10 4.75% $8,989
Texana Bank 10 4.16% $10,919
THE MORTGAGE FIRM, INC. 10 5.25% $7,261
HOMEOWNERS FINANCIAL GROUP USA, LLC 10 4.96% $7,799
Waterstone Mortgage Corporation 10 4.95% $11,961
CORNERSTONE HOME LENDING, INC. 9 5.90% $4,530
NETWORK CAPITAL FUNDING CORPORATION 9 4.85% $8,834
AMERIFIRST FINANCIAL CORPORATION 9 5.25% $10,128
Goldwater Bank, N.A. 9 5.32% $9,143
Tyndall Federal Credit Union 9 5.11% $8,635
DAS Acquisition Company, LLC 8 5.67% $9,360
SWBC MORTGAGE CORPORATION 8 5.19% $8,092
SUMMIT FUNDING, INC. 8 5.23% $10,950
Paramount Residential Mortgage Group, Inc. 8 4.67% $7,801
SOUTHWEST STAGE FUNDING, LLC 8 5.50% $2,917
NFM, INC. 8 4.98% $5,345
AMERICAN FINANCIAL RESOURCES, INC. 8 5.22% $3,991
Consumer First Mortgage, Inc. 8 4.66% $5,158
Sierra Pacific Mortgage Company, Inc. 7 3.95% $6,742
Ixonia Bank 7 5.84% $8,667
M&T Bank 7 4.96% $8,311
KELLER MORTGAGE, LLC 7 4.55% $9,091
T2 FINANCIAL LLC 7 5.25% $8,408
AVADIAN 7 2.91% $8,259
ACOPIA, LLC 7 4.78% $4,137
HOMESIDE FINANCIAL, LLC 7 4.46% $10,161
Sunflower Bank 6 5.12% $10,127
CB&S Bank, Inc. 6 4.29% $4,488
CHURCHILL MORTGAGE CORPORATION 6 4.46% $7,816
First Guaranty Mortgage Corporation 6 4.31% $5,631
JPMorgan Chase Bank 6 4.23% $6,217
MAX Credit Union 6 4.56% $8,745
NATIONS DIRECT MORTGAGE, LLC 6 3.67% $7,631
STOCKTON MORTGAGE CORPORATION 6 4.23% $6,438
TOWNE MORTGAGE COMPANY 6 4.33% $7,619
Wolfe Financial, Inc 6 4.81% $5,075
First Federal Bank of Kansas City 5 3.18% $4,197
COMMUNITY MORTGAGE CORPORATION 5 4.10% $8,193
S1L, Inc. 5 4.58% $6,523
KEESLER 5 3.98% $4,990
BAYSHORE MORTGAGE FUNDING, LLC 5 5.43% $7,559
Pinnacle Bank 5 5.00% $8,006
Wyndham Capital Mortgage, Inc. 5 4.70% $3,820
PACIFIC RESIDENTIAL MORTGAGE, LLC 4 5.00% $8,523
PLAZA HOME MORTGAGE, INC. 4 5.41% $6,567
Century Mortgage Company DBA Century Lending Company 4 3.97% $5,890
DRAPER AND KRAMER MORTGAGE CORP. 4 4.38% $7,915
HomePromise Corporation 4 5.47% $8,866
ROYAL UNITED MORTGAGE LLC 4 5.38% $13,644
Amerifirst Financial, Inc. 4 4.16% $12,815
CITY FIRST MORTGAGE SERVICES, L.L.C. 4 4.22% $18,500
NBH Bank 4 5.31% $13,988
SIRVA MORTGAGE, INC. 4 4.94% $7,535
Community Bank of Mississippi 4 4.91% $10,663
First Option Mortgage, LLC 4 4.91% $11,756
ALL IN 4 4.66% $14,906
Centennial Bank 4 4.81% $9,750
Capital Bank 3 4.38% $7,389
Paramount Bank 3 3.04% $4,821
CIS Financial Services, Inc. 3 4.58% $16,890
FIDELITY BANK 3 5.17% $3,342
PHH Mortgage Corporation 3 4.88% $4,554
First Savings Bank 3 5.25% $15,268
EMM LOANS LLC 3 6.08% $6,186
Community First National Bank 3 4.46% $9,669
Princeton Mortgage Corporation 3 6.08% $18,059
LENOX FINANCIAL MORTGAGE CORPORATION 3 3.88% $12,395
Valley National Bank 3 4.37% $3,900
Core Bank 3 3.33% $7,458
AMERICAN MORTGAGE SERVICE COMPANY 3 4.96% $8,024
Meridian Bank Corporation 3 4.66% $14,953
GSF Mortgage Corporation 3 4.71% $12,267
GoPrime Mortgage, Inc. 3 6.00% $10,589
Alcova Mortgage LLC 3 3.88% $6,481
GENEVA FINANCIAL, LLC 3 4.88% $7,536
ATLANTIC BAY MORTGAGE GROUP, L.L.C. 3 6.38% $9,762
ZILLOW HOME LOANS, LLC 3 3.04% $2,775
LOANPAL, LLC 3 4.08% $11,119
Austin Capital Bank SSB 3 4.25% $7,008
SOUTHEAST MORTGAGE OF GEORGIA, INC. 3 4.71% $15,982
Bank of America 3 4.13% $9,736
BankPlus 3 4.04% $10,182
NP, Inc. 3 3.00% $9,616
INSPIRE HOME LOANS INC. 2 5.31% $8,077
HOMESTEAD FUNDING CORP. 2 3.81% $23,266
HOMESPIRE MORTGAGE CORPORATION 2 4.25% $5,419
ACADEMY MORTGAGE CORPORATION 2 5.00% $4,392
MIDLAND MORTGAGE CORPORATION 2 5.50% $8,102
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 4.63% $13,274
MORTGAGE MANAGEMENT CONSULTANTS, INC. 2 4.88% $5,331
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 4.81% $12,562
GERSHMAN INVESTMENT CORP. 2 5.06% $12,886
Florida Capital Bank 2 4.19% $7,199
NATIONS RELIABLE LENDING, LLC 2 5.00% $13,847
First Internet Bank of Indiana 2 5.69% $5,400
DELMAR FINANCIAL COMPANY 2 3.25% $4,804
CRESCENT MORTGAGE COMPANY 2 3.81% $4,133
Credence Funding Corporation 2 4.75% $10,867
ROSS MORTGAGE CORPORATION 2 6.38% $6,826
Service Federal Credit Union 2 5.38% $7,591
Colten Mortgage, LLC 2 3.75% $6,041
Strong Home Mortgage, LLC 2 2.38% $6,818
CBM Mortgage, Inc. 2 3.69% $22,341
Capital City Home Loans, LLC 2 5.94% $4,568
BANK OF LITTLE ROCK MORTGAGE CORPORATION 2 5.88% $12,726
THRIVE MORTGAGE, LLC 2 4.94% $7,628
ARC HOME LLC 2 6.63% $11,026
UNIVERSITY LENDING GROUP, LLC 2 4.06% $10,524
AMCAP MORTGAGE, LTD. 2 4.25% $15,654
LOANFLIGHT LENDING, LLC 1 2.75% $2,525
Platinum Home Mortgage Corporation 1 5.63% $7,362
SmartBank 1 5.25% $7,920
EUSTIS AND AMERICAN MORTGAGE COMPANY 1 3.99% $16,424
CityWorth Mortgage LLC 1 2.75% $4,216
SOUTHPOINT FINANCIAL SERVICES, INC. 1 4.75% $8,003
EVANSVILLE TEACHERS 1 3.25% $3,500
Fifth Third Bank 1 3.00% $1,932
Chambers Bank 1 4.88% $15,675
FIRST COLONY MORTGAGE CORPORATION 1 5.63% $9,567
PANORAMA MORTGAGE GROUP, LLC 1 4.63% $6,677
Stride Bank 1 4.13% $11,982
V.I.P. MORTGAGE, INC. 1 3.99% $17,417
OPEN MORTGAGE, LLC 1 4.75% $8,114
Midwest Mortgage Associates Corporation 1 4.50% $5,159
ABSOLUTE HOME MORTGAGE CORPORATION 1 5.50% $8,209
MID AMERICA MORTGAGE, INC. 1 3.75% $2,304
OCEANSIDE MORTGAGE COMPANY 1 5.00% $1,527
Blue Ridge Bank 1 3.63% $7,603
Bell Bank 1 5.63% $11,173
BELEM SERVICING LLC 1 4.75% $16,159
BECKAM FUNDING CORP. 1 5.75% $21,407
First Home Bank 1 3.00% $16,739
The First National Bank of Middle Tennessee 1 2.75% $2,076
First Palmetto Bank 1 5.25% $12,595
MICHIGAN MUTUAL, INC. 1 4.13% $2,329
INTERCAP LENDING INC. 1 3.88% $7,736
First Reliance Bank 1 6.63% $7,900
First United Bank and Trust Company 1 5.63% $24,434
Towne Bank 1 4.88% $4,017
Wyoming Bank & Trust 1 6.00% $4,860
MYCUMORTGAGE, LLC 1 3.00% $0
LOANLEADERS OF AMERICA, INC. 1 3.75% $17,167
AmRes Corporation 1 2.75% $4,888
Gulf Coast Bank and Trust Company 1 5.13% $4,147
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 5.75% $39
LIBERTY HOME MORTGAGE CORPORATION 1 4.75% $3,775
Hancock Whitney Bank 1 2.75% $12,818
American Mortgage & Equity Consultants, Inc. 1 6.99% $13,992
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 2.88% $9,595
DATA MORTGAGE, INC. 1 6.13% $600
RESIDENTIAL BANCORP 1 3.13% $4,627
MORTGAGE ACCESS CORP. 1 3.75% $1,655
DIRECT LENDERS, LLC 1 5.63% $8,294
PREMIER MORTGAGE RESOURCES, L.L.C. 1 5.75% $18,830
Eagle Bank and Trust Company 1 3.63% $2,900
POLARIS HOME FUNDING CORP. 1 6.75% $8,856
Semper Home Loans, Inc. 1 4.63% $2,135
AMERICAN HOME LENDING USA, LLC 1 6.13% $6,376
ServisFirst Bank 1 3.25% $2,259

The top Alabama VA lender as defined by loan originations is Mortgage Research Center, LLC, with 2,082 VA loans originated. Their average total fees are $5,760, which is $3,679 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Alabama VA lenders (with over 10 loans originated) are GUARANTEED RATE AFFINITY, LLC ($3,685), SUN WEST MORTGAGE COMPANY, INC. ($4,042), EVERETT FINANCIAL, INC. ($4,227), LAKEVIEW LOAN SERVICING, LLC ($4,633) and Wells Fargo Bank ($4,638).

The lowest rate Alabama VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.42%), LAKEVIEW LOAN SERVICING, LLC (3.55%), PENTAGON FEDERAL CREDIT UNION (3.62%), CLEARPATH LENDING (3.72%) and BNC National Bank (3.74%).

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.