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 6.37% for the week of 2023-03-17, compared to the national average (all VA variants) of 6.138% for the same period.

Massachusetts's average VA mortgage closing costs are $6,204.

The average rate for the prior week (2023-03-10) was 6.86% and one month ago for the week of 2023-02-10, the average rate was 6.38%.

The average rate one year ago was 3.98%.

For refis of the same type during the week of 2023-03-17, the average rate was 6.27%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
QUICKEN LOANS, LLC 1,121 2.46% $5,814
Mortgage Research Center, LLC 926 2.82% $8,086
FREEDOM MORTGAGE CORPORATION 640 2.43% $3,097
PENNYMAC LOAN SERVICES, LLC 620 2.36% $6,363
LOANDEPOT.COM, LLC 393 2.53% $5,644
GUARANTEED RATE, INC. 375 2.53% $5,062
LAKEVIEW LOAN SERVICING, LLC 311 2.45% $3,044
NAVY FEDERAL CREDIT UNION 303 2.46% $6,852
The Federal Savings Bank 287 2.49% $8,104
UNITED WHOLESALE MORTGAGE, LLC 281 2.51% $6,422
USAA Federal Savings Bank 269 2.84% $6,190
CALIBER HOME LOANS, INC. 254 2.51% $4,700
CROSSCOUNTRY MORTGAGE, LLC 222 2.71% $8,169
Mr. Cooper ( Nationstar Mortgage ) 218 2.64% $4,504
RESIDENTIAL MORTGAGE SERVICES, INC. 189 2.62% $6,743
NEWREZ LLC 159 2.62% $5,507
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 146 2.83% $7,592
AMERICAN FINANCIAL NETWORK, INC. 127 2.51% $11,364
HOME POINT FINANCIAL CORPORATION 118 2.44% $5,703
Mortgage Network, Inc. 117 2.74% $7,207
RADIUS FINANCIAL GROUP INC. 88 2.53% $6,182
Wells Fargo Bank 84 2.59% $4,591
Barrington Bank & Trust Company, N.A. 79 2.65% $6,610
Leader Bank 78 2.49% $6,407
North American Savings Bank, F.S.B. 75 2.31% $4,610
MOVEMENT MORTGAGE, LLC 74 2.81% $8,279
AMERISAVE MORTGAGE CORPORATION 71 2.52% $7,664
EMBRACE HOME LOANS, INC. 63 2.52% $5,531
TOTAL MORTGAGE SERVICES, LLC 63 3.15% $8,357
HOMEBRIDGE FINANCIAL SERVICES, INC. 61 2.72% $6,262
HARBORONE MORTGAGE, LLC 59 2.71% $5,420
BROKER SOLUTIONS, INC. 52 2.57% $6,611
GUARANTEED RATE AFFINITY, LLC 51 2.55% $8,558
MUTUAL OF OMAHA MORTGAGE, INC. 50 2.65% $7,525
NEW FED MORTGAGE, CORP. 49 2.54% $8,409
VILLAGE CAPITAL MORTGAGE 45 2.38% $5,462
Envision Bank 42 2.67% $6,529
First Guaranty Mortgage Corporation 40 2.43% $4,029
ENVOY MORTGAGE, LTD 40 2.63% $4,296
DRAPER AND KRAMER MORTGAGE CORP. 39 2.55% $5,716
PENTAGON FEDERAL CREDIT UNION 39 2.39% $3,017
NBKC BANK 38 2.53% $5,535
BNC National Bank 38 2.29% $5,436
Flagstar Bank, FSB 38 2.66% $5,527
First Federal Bank 35 2.96% $7,863
ACADEMY MORTGAGE CORPORATION 33 3.11% $7,978
Citizens Bank 32 2.58% $4,930
Evolve Bank & Trust 30 2.84% $5,281
Shamrock Home Loans, Inc. 30 2.70% $5,912
Magnolia Bank 29 2.45% $11,610
First Federal Bank of Kansas City 26 2.37% $6,983
SALEM FIVE MORTGAGE COMPANY, LLC 26 2.60% $8,610
HANSCOM 25 3.07% $10,014
FIRST HOME MORTGAGE CORPORATION 23 2.80% $6,512
Nations Lending Corporation 22 2.93% $9,882
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 22 2.62% $5,325
EQUITY RESOURCES, INC. 22 2.54% $4,895
BAY EQUITY LLC 21 2.88% $6,713
Northpointe Bank 20 2.77% $7,311
KS StateBank 19 2.42% $7,347
Bridgewater Savings Bank 18 2.40% $3,169
Prime Choice Funding Inc. 18 2.35% $4,334
NORTHPOINT MORTGAGE, INC. 17 2.67% $6,251
Meridian Bank Corporation 16 2.45% $6,208
Fall River Five Cents Savings Bank 16 2.46% $7,122
NORWICH COMMERCIAL GROUP, INC. 16 3.21% $9,897
Rockland Trust Company 15 2.56% $8,139
TJC Mortgage, Inc. 14 2.24% $6,972
MORTGAGE EQUITY PARTNERS LLC 14 2.56% $7,008
EMM LOANS LLC 14 2.88% $12,843
LADERA LENDING, INC. 13 2.63% $8,430
DREW MORTGAGE ASSOCIATES, INC. 13 2.64% $3,932
HANCOCK MORTGAGE PARTNERS, LLC 13 2.93% $8,593
PRIMELENDING, A PLAINSCAPITAL COMPANY 13 2.84% $8,036
Sierra Pacific Mortgage Company, Inc. 12 2.69% $8,937
Paramount Residential Mortgage Group, Inc. 12 2.75% $5,846
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 11 2.38% $3,137
LEADERONE FINANCIAL CORPORATION 11 2.63% $10,188
Paramount Bank 11 2.55% $17,875
Bank of England 11 2.78% $7,251
CONWAY FINANCIAL SERVICES, LLC 10 3.17% $10,728
CONTOUR MORTGAGE CORPORATION 10 2.41% $6,756
INLAND BANK & TRUST 10 2.88% $8,953
RELIANCE FIRST CAPITAL, LLC 10 2.75% $10,344
ALLIED MORTGAGE GROUP, INC. 9 2.99% $6,458
GUILD MORTGAGE COMPANY 9 2.85% $12,548
STEARNS LENDING, LLC 9 2.39% $7,899
Ross Mortgage Company, Inc. 9 2.69% $11,754
TD Bank 8 2.83% $4,342
West Town Bank & Trust 8 2.67% $10,501
OCMBC, INC. 8 2.77% $6,734
First Savings Bank 8 2.28% $6,525
Mid-Continent Funding, Inc. 8 2.63% $6,668
Equity Prime Mortgage LLC 8 3.06% $8,524
The Camden National Bank 8 2.34% $5,609
Capital Bank 7 2.25% $3,563
Network Funding, L.P. 7 2.84% $10,250
HOMESTEAD FUNDING CORP. 7 2.45% $2,547
Adams Community Bank 6 3.29% $3,298
Poli Mortgage Group, Inc. 6 2.33% $2,944
The Washington Trust Company, of Westerly 6 2.46% $5,415
First Home Bank 6 2.44% $4,351
Ixonia Bank 6 2.75% $7,967
BAYSHORE MORTGAGE FUNDING, LLC 6 2.67% $8,234
NP, Inc. 6 2.29% $5,039
U.S. Bank 6 2.83% $18,027
PLAZA HOME MORTGAGE, INC. 6 2.69% $10,865
FINANCE OF AMERICA MORTGAGE LLC 5 2.55% $5,786
LENOX FINANCIAL MORTGAGE CORPORATION 5 2.63% $6,489
AMERICAN FINANCING CORPORATION 5 2.58% $2,436
Bangor Savings Bank 5 2.63% $5,344
MSA MORTGAGE, LLC 5 2.63% $7,445
CHURCHILL MORTGAGE CORPORATION 5 2.48% $7,205
NFM, INC. 5 2.98% $9,660
NORTHERN MORTGAGE SERVICES, LLC 5 2.67% $4,217
Berkshire Bank 4 2.72% $4,472
AMERICAN PACIFIC MORTGAGE CORPORATION 4 2.88% $10,596
Workers Credit Union 4 2.97% $4,131
Eastern Bank 4 2.88% $5,140
CMG MORTGAGE, INC. 4 2.62% $6,021
UNION HOME MORTGAGE CORP. 4 2.41% $6,658
M&T Bank 4 2.50% $4,862
EVERETT FINANCIAL, INC. 3 3.71% $6,547
Strong Home Mortgage, LLC 3 2.42% $964
Community First National Bank 3 2.63% $14,379
Santander Bank, N.A. 3 2.71% $3,012
HOMESPIRE MORTGAGE CORPORATION 3 2.63% $3,152
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.33% $8,857
HOMESIDE FINANCIAL, LLC 3 2.50% $10,881
FIRST WORLD MORTGAGE CORPORATION 3 2.88% $7,056
Presidential Bank, FSB 2 2.31% $5,765
GUARANTY HOME MORTGAGE CORPORATION 2 2.44% $3,429
Home Loan Investment Bank, F.S.B. 2 2.69% $3,399
InterContinental Capital Group, Inc 2 2.38% $4,671
LENDUS, LLC 2 2.75% $7,383
FBC MORTGAGE, LLC 2 2.25% $2,908
MID AMERICA MORTGAGE, INC. 2 2.56% $1,839
MID-ISLAND MORTGAGE CORP. 2 2.56% $14,913
MountainOne Bank 2 2.88% $6,562
NATIONS DIRECT MORTGAGE, LLC 2 2.38% $5,269
NBH Bank 2 2.50% $5,648
Chickasaw Community Bank 2 3.19% $14,318
Carrington Mortgage Services, LLC 2 2.25% $4,771
NJ LENDERS CORP. 2 2.50% $6,236
OCEANSIDE MORTGAGE COMPANY 2 2.37% $1,073
Bank of America 2 3.06% $3,826
PNC Bank 2 3.00% $2,539
PREMIA MORTGAGE, LLC 2 2.25% $5,277
ZILLOW HOME LOANS, LLC 2 2.56% $8,263
PROVINCE MORTGAGE ASSOCIATES, INC. 2 2.69% $10,383
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.81% $6,113
ARC HOME LLC 2 2.56% $2,840
Service Federal Credit Union 2 2.75% $6,801
SIWELL, INC. 2 2.25% $18,546
TOP FLITE FINANCIAL, INC. 2 3.13% $22,259
Truist 2 2.75% $6,571
VAN DYK MORTGAGE CORPORATION 2 2.38% $5,067
Watermark Capital, Inc. 2 2.25% $7,311
Republic State Mortgage Co. 1 3.00% $3,250
Florida Capital Bank 1 2.38% $5,449
Advisors Mortgage Group, L.L.C. 1 2.25% $2,586
CELEBRITY HOME LOANS, LLC 1 3.99% $7,857
RUOFF MORTGAGE COMPANY, INC. 1 2.88% $2,142
Ameris Bank 1 2.38% $9,306
Colonial Savings, F.A. 1 3.50% $14,507
GENEVA FINANCIAL, LLC 1 4.13% $4,224
SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 1 2.75% $20,450
Amerifirst Financial, Inc. 1 2.75% $3,932
CRESCENT MORTGAGE COMPANY 1 2.75% $8,165
First United Bank and Trust Company 1 2.75% $13,907
MILEND, INC. 1 3.25% $2,809
MEMBER ADVANTAGE MORTGAGE, LLC 1 3.75% $11,247
Fidelity Co-operative Bank 1 2.75% $8,165
Texana Bank 1 2.75% $3,488
FirstBank 1 2.38% $2,259
JPMorgan Chase Bank 1 3.00% $17,610
The Union Bank Company 1 2.25% $17,719
ITHINK FINANCIAL Credit Union 1 2.50% $2,334
TIAA, FSB 1 2.38% $15,013
INTELLILOAN, INC. 1 2.25% $9,965
First Western Trust Bank 1 2.88% $5,052
Hometown Lenders, Inc. 1 3.75% $17,813
Willamette Valley Bank 1 2.75% $4,755
Hometown Equity Mortgage, LLC 1 4.25% $4,200
Plains Commerce Bank 1 2.63% $12,461
AMCAP MORTGAGE, LTD. 1 2.63% $10,365
Great Plains National Bank 1 2.50% $21,134
PHH Mortgage Corporation 1 3.38% $4,507
PARKSIDE LENDING, LLC 1 2.75% $1,743
First Midwest Bank 1 2.50% $2,422
Princeton Mortgage Corporation 1 2.50% $2,795
First Option Mortgage, LLC 1 2.25% $13,352
Atlantic Home Loans, Inc. 1 2.88% $7,425
Armed Forces Bank 1 2.25% $1,749
Blue Ridge Bank 1 3.00% $3,359

The top Massachusetts VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,121 VA loans originated. Their average total fees are $5,814, which is $2,272 lower than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Massachusetts VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION ($3,017), LAKEVIEW LOAN SERVICING, LLC ($3,044), FREEDOM MORTGAGE CORPORATION ($3,097), AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC ($3,137) and Bridgewater Savings Bank ($3,169).

The lowest rate Massachusetts VA lenders (with over 10 loans originated) are TJC Mortgage, Inc. (2.24%), BNC National Bank (2.29%), North American Savings Bank, F.S.B. (2.31%), Prime Choice Funding Inc. (2.35%) and PENNYMAC LOAN SERVICES, LLC (2.36%).

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.