Massachusetts VA Loan Rates, Closing Costs & Stats

Massachusetts

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.