Massachusetts VA Loan Rates, Closing Costs & Stats

Massachusetts

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    • 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.

    Massachusetts VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Massachusetts averaged 6.21% for the week of 2023-09-15, compared to the national average (all VA variants) of 6.807% for the same period.

    Massachusetts's average VA mortgage closing costs are $6,694.

    The average rate for the prior week (2023-09-08) was 6.15% and one month ago for the week of 2023-08-11, the average rate was 6.4%.

    The average rate one year ago was 5.09%.

    For refis of the same type during the week of 2023-09-15, the average rate was 5.26%.

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

    Massachusetts 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 Massachusetts level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 547 4.97% $10,258
    QUICKEN LOANS, LLC 282 4.05% $13,630
    PENNYMAC LOAN SERVICES, LLC 200 3.36% $11,286
    UNITED WHOLESALE MORTGAGE, LLC 181 4.21% $10,212
    FREEDOM MORTGAGE CORPORATION 175 3.98% $12,377
    NAVY FEDERAL CREDIT UNION 160 3.77% $9,145
    LOANDEPOT.COM, LLC 158 3.71% $12,256
    GUARANTEED RATE, INC. 148 4.49% $8,432
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 119 4.80% $9,635
    USAA Federal Savings Bank 109 4.14% $10,255
    The Federal Savings Bank 96 4.35% $17,364
    CROSSCOUNTRY MORTGAGE, LLC 96 4.61% $12,590
    CALIBER HOME LOANS, INC. 77 4.43% $10,092
    GUILD MORTGAGE COMPANY 59 4.50% $9,257
    MOVEMENT MORTGAGE, LLC 58 4.99% $10,774
    Mr. Cooper ( Nationstar Mortgage ) 51 4.42% $13,407
    NEWREZ LLC 47 3.91% $8,502
    Mortgage Network, Inc. 44 4.88% $9,630
    LAKEVIEW LOAN SERVICING, LLC 41 3.51% $6,568
    TOTAL MORTGAGE SERVICES, LLC 37 4.81% $13,244
    AMERISAVE MORTGAGE CORPORATION 37 3.80% $13,017
    HOMEBRIDGE FINANCIAL SERVICES, INC. 35 4.68% $10,525
    ACADEMY MORTGAGE CORPORATION 32 5.06% $8,356
    HOME POINT FINANCIAL CORPORATION 30 4.05% $10,762
    RADIUS FINANCIAL GROUP INC. 27 4.34% $11,000
    Leader Bank 24 3.89% $8,331
    GUARANTEED RATE AFFINITY, LLC 24 4.77% $7,709
    ENVOY MORTGAGE, LTD 22 4.76% $7,354
    Evolve Bank & Trust 17 5.51% $8,168
    Armed Forces Bank 16 3.95% $10,354
    MUTUAL OF OMAHA MORTGAGE, INC. 16 4.55% $12,871
    BROKER SOLUTIONS, INC. 14 4.36% $11,318
    HARBORONE MORTGAGE, LLC 14 4.45% $8,810
    BAY EQUITY LLC 14 4.87% $17,230
    Barrington Bank & Trust Company, N.A. 14 4.13% $8,508
    PENTAGON FEDERAL CREDIT UNION 13 3.75% $7,692
    CMG MORTGAGE, INC. 13 4.11% $11,770
    Flagstar Bank, FSB 13 4.21% $12,594
    NEW FED MORTGAGE, CORP. 13 4.33% $9,172
    NBKC BANK 12 4.43% $8,906
    Wells Fargo Bank 12 4.51% $8,787
    EMBRACE HOME LOANS, INC. 12 4.46% $11,478
    Shamrock Home Loans, Inc. 12 4.64% $7,791
    BNC National Bank 12 4.14% $11,911
    RELIANCE FIRST CAPITAL, LLC 11 4.72% $12,006
    CARDINAL FINANCIAL 11 4.37% $13,292
    EMM LOANS LLC 11 4.45% $11,085
    Magnolia Bank 10 4.76% $15,307
    Ross Mortgage Company, Inc. 10 5.05% $15,047
    Nations Lending Corporation 10 4.03% $16,994
    SALEM FIVE MORTGAGE COMPANY, LLC 9 4.82% $6,492
    DREW MORTGAGE ASSOCIATES, INC. 9 4.15% $9,701
    DRAPER AND KRAMER MORTGAGE CORP. 9 4.28% $12,786
    PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.65% $11,169
    TD Bank 9 3.83% $8,049
    Northpointe Bank 9 4.64% $9,740
    NORWICH COMMERCIAL GROUP, INC. 9 4.58% $12,684
    HOMESIDE FINANCIAL, LLC 8 4.14% $14,981
    North American Savings Bank, F.S.B. 8 4.13% $11,339
    Equity Prime Mortgage LLC 8 4.59% $12,915
    Envision Bank 7 4.39% $8,545
    First Federal Bank 7 4.02% $9,716
    Citizens Bank 7 3.88% $7,853
    VILLAGE CAPITAL MORTGAGE 7 2.96% $11,478
    GENEVA FINANCIAL, LLC 6 5.79% $9,272
    FIRST HOME MORTGAGE CORPORATION 6 4.50% $15,522
    FINANCE OF AMERICA MORTGAGE LLC 6 3.31% $7,510
    HANSCOM 6 4.85% $6,199
    NFM, INC. 6 5.50% $9,510
    M&T Bank 6 4.08% $7,585
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 5.13% $10,529
    MORTGAGE EQUITY PARTNERS LLC 5 4.60% $10,768
    Bridgewater Savings Bank 5 4.35% $7,170
    Bank of England 5 3.70% $14,319
    ALLIED MORTGAGE GROUP, INC. 5 5.38% $15,727
    EQUITY RESOURCES, INC. 5 4.10% $7,397
    PLAZA HOME MORTGAGE, INC. 4 6.13% $14,056
    CONTOUR MORTGAGE CORPORATION 4 4.19% $12,090
    Semper Home Loans, Inc. 4 5.50% $13,105
    FIRST MORTGAGE COMPANY, INC. 4 5.41% $11,060
    West Town Bank & Trust 4 4.19% $12,081
    INLAND BANK & TRUST 4 4.63% $11,872
    EVERETT FINANCIAL, INC. 4 6.13% $5,775
    AMERICAN FINANCING CORPORATION 4 4.22% $16,665
    Bangor Savings Bank 4 3.25% $12,306
    Rockland Trust Company 4 4.81% $15,723
    NATIONS RELIABLE LENDING, LLC 4 4.88% $11,905
    NORTHPOINT MORTGAGE, INC. 4 4.44% $14,574
    PNC Bank 3 4.13% $8,476
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 4.00% $22,057
    First Guaranty Mortgage Corporation 3 3.00% $13,117
    First Home Bank 3 3.75% $10,952
    FIRST WORLD MORTGAGE CORPORATION 3 6.38% $14,304
    LADERA LENDING, INC. 3 2.96% $9,052
    OCMBC, INC. 3 5.58% $15,707
    Paramount Residential Mortgage Group, Inc. 3 6.04% $13,918
    Prosperity Home Mortgage, LLC 3 5.12% $17,497
    U.S. Bank 3 4.25% $5,982
    ZILLOW HOME LOANS, LLC 3 4.58% $11,874
    Mid-Continent Funding, Inc. 2 4.25% $4,730
    Meridian Bank Corporation 2 3.25% $8,606
    Home Loan Investment Bank, F.S.B. 2 4.13% $8,245
    NP, Inc. 2 2.25% $4,738
    Waterstone Mortgage Corporation 2 5.13% $15,626
    Paramount Bank 2 4.50% $7,961
    AMERICAN BANCSHARES MORTGAGE 2 4.25% $14,330
    First Federal Bank of Kansas City 2 3.50% $9,251
    Adams Community Bank 2 3.50% $7,218
    Eastern Bank 2 6.00% $17,254
    Capital Bank 2 2.62% $2,606
    Berkshire Bank 2 4.00% $11,890
    Sierra Pacific Mortgage Company, Inc. 2 4.75% $8,585
    Strong Home Mortgage, LLC 2 4.31% $15,984
    BAYSHORE MORTGAGE FUNDING, LLC 2 3.00% $6,957
    Texana Bank 2 3.50% $10,687
    The Washington Trust Company, of Westerly 2 3.69% $4,452
    Workers Credit Union 2 3.69% $7,970
    VAN DYK MORTGAGE CORPORATION 2 3.44% $7,984
    Mutual Federal Bank 2 4.75% $14,077
    MID-ISLAND MORTGAGE CORP. 2 5.75% $13,996
    Academy Bank 1 6.25% $2,048
    Poli Mortgage Group, Inc. 1 2.38% $13,014
    PREMIA MORTGAGE, LLC 1 3.38% $13,025
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.38% $17,588
    Prime Choice Funding Inc. 1 2.88% $8,030
    FirstBank 1 3.75% $12,422
    Austin Capital Bank SSB 1 3.75% $10,395
    PROVINCE MORTGAGE ASSOCIATES, INC. 1 3.75% $4,919
    First Bank 1 6.63% $13,169
    Fall River Five Cents Savings Bank 1 5.63% $13,069
    Easthampton Savings Bank 1 5.63% $4,277
    Residential Mortgage Solutions, Inc. 1 5.25% $8,129
    UNION HOME MORTGAGE CORP. 1 6.00% $15,619
    CONWAY FINANCIAL SERVICES, LLC 1 4.25% $4,708
    S1L, Inc. 1 3.38% $5,446
    Community First National Bank 1 5.75% $14,238
    Assurance Financial Group, L.L.C. 1 5.63% $6,218
    Ameris Bank 1 3.63% $15,562
    NATIONS DIRECT MORTGAGE, LLC 1 6.13% $21,338
    Simmons Bank 1 5.63% $14,409
    MILEND, INC. 1 5.25% $6,494
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.63% $5,269
    Luxury Mortgage Corp. 1 4.75% $15,804
    Network Funding, L.P. 1 3.13% $11,362
    NEW ENGLAND FEDERAL CREDIT UNION 1 5.38% $4,503
    KELLER MORTGAGE, LLC 1 5.25% $3,604
    JPMorgan Chase Bank 1 5.00% $11,259
    Ixonia Bank 1 4.75% $4,899
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 3.00% $5,155
    NORTHERN MORTGAGE SERVICES, LLC 1 7.13% $575
    HANCOCK MORTGAGE PARTNERS, LLC 1 3.63% $12,706
    First United Bank and Trust Company 1 4.63% $17,121
    Northwest Bank 1 5.38% $4,210
    First Savings Bank 1 5.75% $25,811
    Watermark Capital, Inc. 1 3.75% $8,155
    The Camden National Bank 1 2.63% $16,209
    BAYCOAST MORTGAGE COMPANY, LLC 1 6.00% $16,288
    MORTGAGE ACCESS CORP. 1 5.75% $6,448
    First Option Mortgage, LLC 1 3.00% $14,019
    First Horizon Bank 1 5.13% $3,763
    TJC Mortgage, Inc. 1 5.75% $24,673

    The top Massachusetts VA lender as defined by loan originations is Mortgage Research Center, LLC, with 547 VA loans originated. Their average total fees are $10,258, which is $3,372 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Massachusetts VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($6,568), ENVOY MORTGAGE, LTD ($7,354), PENTAGON FEDERAL CREDIT UNION ($7,692), GUARANTEED RATE AFFINITY, LLC ($7,709) and Shamrock Home Loans, Inc. ($7,791).

    The lowest rate Massachusetts VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.36%), LAKEVIEW LOAN SERVICING, LLC (3.51%), LOANDEPOT.COM, LLC (3.71%), PENTAGON FEDERAL CREDIT UNION (3.75%) and NAVY FEDERAL CREDIT UNION (3.77%).

    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.