Colorado VA Loan Rates, Closing Costs & Stats
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.
Colorado VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Colorado
for the week of 2023-11-24, compared to the national average (all VA variants) of
0% for the same period.
Colorado's average VA mortgage closing costs are $6,965.
The average rate for the prior week (2023-11-17) was 6.54% and one month ago for the week of 2023-10-20, the average rate was 7.07%.
The average rate one year ago was 5.89%.
For refis of the same type during the week of 2023-11-24, the average rate was -1.38%.
Colorado 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 Colorado level.
The top Colorado VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
2,365 VA loans originated. Their average total fees are
$9,974, which is $392
lower than the next largest lender,
Mortgage Research Center, LLC.
The lowest fee Colorado VA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,206), NOVA FINANCIAL & INVESTMENT CORPORATION ($4,256), Wyndham Capital Mortgage, Inc. ($5,310), SWBC MORTGAGE CORPORATION ($5,423) and Lakeview Community Capital, LLC ($5,507).
The lowest rate Colorado VA lenders (with over 10 loans originated) are Wyndham Capital Mortgage, Inc. (2.90%), UNION HOME MORTGAGE CORP. (3.04%), First Mortgage Solutions, LLC (3.07%), Strong Home Mortgage, LLC (3.17%) and Lakeview Community Capital, LLC (3.17%).