New Jersey VA Loan Rates, Closing Costs & Stats

New Jersey

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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.

    New Jersey VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in New Jersey averaged 5.98% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    New Jersey's average VA mortgage closing costs are $7,280.

    The average rate for the prior week (2023-05-19) was 5.7% and one month ago for the week of 2023-04-21, the average rate was 6.02%.

    The average rate one year ago was 4.89%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.11%.

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

    New Jersey 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 New Jersey level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 811 4.94% $10,159
    QUICKEN LOANS, LLC 394 4.07% $12,736
    NAVY FEDERAL CREDIT UNION 268 3.94% $9,052
    UNITED WHOLESALE MORTGAGE, LLC 240 4.31% $11,439
    FREEDOM MORTGAGE CORPORATION 226 4.20% $13,364
    LOANDEPOT.COM, LLC 165 3.92% $11,991
    NEW DAY FINANCIAL, LLC 156 5.04% $13,667
    USAA Federal Savings Bank 155 4.15% $11,531
    CROSSCOUNTRY MORTGAGE, LLC 143 4.71% $13,466
    PENNYMAC LOAN SERVICES, LLC 129 3.33% $11,106
    GUARANTEED RATE, INC. 95 4.73% $9,351
    The Federal Savings Bank 88 4.32% $16,179
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 83 5.04% $11,375
    GREENTREE MORTGAGE COMPANY, L.P. 83 4.89% $8,677
    CALIBER HOME LOANS, INC. 80 4.18% $11,521
    Mr. Cooper ( Nationstar Mortgage ) 72 4.45% $10,496
    Paramount Residential Mortgage Group, Inc. 56 4.72% $14,806
    CARDINAL FINANCIAL 51 4.56% $13,770
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 50 4.70% $10,636
    AMERISAVE MORTGAGE CORPORATION 50 4.15% $13,963
    NEWREZ LLC 50 4.00% $9,503
    Advisors Mortgage Group, L.L.C. 49 4.84% $9,628
    ABSOLUTE HOME MORTGAGE CORPORATION 47 5.14% $13,362
    NFM, INC. 46 4.86% $11,553
    FINANCE OF AMERICA MORTGAGE LLC 46 4.32% $12,493
    HOME POINT FINANCIAL CORPORATION 45 3.86% $10,120
    MOVEMENT MORTGAGE, LLC 43 5.04% $8,633
    NVR Mortgage Finance, Inc. 42 3.96% $7,930
    PENTAGON FEDERAL CREDIT UNION 39 3.51% $9,264
    NATION ONE MORTGAGE CORPORATION 37 5.36% $11,657
    DHI MORTGAGE COMPANY, LTD. 36 3.97% $10,467
    Wells Fargo Bank 36 4.19% $8,443
    MORTGAGE ACCESS CORP. 36 5.31% $11,025
    Flagstar Bank, FSB 34 4.43% $14,315
    Prosperity Home Mortgage, LLC 32 4.66% $9,819
    MUTUAL OF OMAHA MORTGAGE, INC. 32 4.48% $12,288
    HOMEBRIDGE FINANCIAL SERVICES, INC. 31 4.82% $10,549
    CLEARPATH LENDING 30 3.67% $12,050
    Gateway First Bank 29 4.56% $9,701
    Barrington Bank & Trust Company, N.A. 29 4.79% $9,517
    NJ LENDERS CORP. 28 4.42% $8,547
    GUARANTEED RATE AFFINITY, LLC 26 4.54% $9,022
    Equity Prime Mortgage LLC 25 5.12% $9,473
    Carrington Mortgage Services, LLC 25 4.28% $9,158
    Northpointe Bank 24 4.55% $12,016
    LAKEVIEW LOAN SERVICING, LLC 20 3.55% $9,223
    CONTOUR MORTGAGE CORPORATION 17 4.33% $17,954
    Acre Mortgage and Financial Inc 17 4.76% $12,288
    ALLIED MORTGAGE GROUP, INC. 16 5.14% $9,623
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 16 4.06% $14,669
    MORTGAGE SOLUTIONS OF COLORADO, LLC 15 5.15% $12,737
    BROKER SOLUTIONS, INC. 15 4.05% $14,088
    CMG MORTGAGE, INC. 15 4.33% $9,342
    Citizens Bank 14 4.09% $14,018
    North American Savings Bank, F.S.B. 14 4.13% $12,978
    BOND STREET MORTGAGE, LLC 13 4.99% $14,550
    SUCCESS MORTGAGE PARTNERS, INC. 13 4.90% $7,148
    DRAPER AND KRAMER MORTGAGE CORP. 13 4.80% $11,549
    UNION HOME MORTGAGE CORP. 13 4.53% $9,011
    PANORAMA MORTGAGE GROUP, LLC 13 5.29% $22,846
    Nations Lending Corporation 12 4.51% $15,623
    VILLAGE CAPITAL MORTGAGE 12 3.62% $9,347
    PLANET HOME LENDING, LLC 12 3.99% $7,228
    MLB RESIDENTIAL LENDING, LLC 12 5.17% $13,138
    PNC Bank 11 3.60% $5,118
    NBKC BANK 11 4.25% $13,337
    UNITED MORTGAGE CORP. 10 5.15% $16,878
    Armed Forces Bank 10 4.50% $14,576
    NETWORK CAPITAL FUNDING CORPORATION 9 3.36% $6,834
    BNC National Bank 9 3.38% $8,182
    RELIANCE FIRST CAPITAL, LLC 9 5.03% $10,883
    EMBRACE HOME LOANS, INC. 9 4.43% $12,187
    EMM LOANS LLC 9 4.92% $20,435
    NATIONWIDE MORTGAGE BANKERS, INC. 9 4.68% $22,688
    Magnolia Bank 9 4.83% $15,083
    First Federal Bank 8 4.62% $8,517
    HOMESIDE FINANCIAL, LLC 8 4.92% $16,098
    SOVEREIGN LENDING GROUP INCORPORATED 7 3.64% $12,555
    First Home Bank 7 4.25% $12,439
    CHERRY CREEK MORTGAGE, LLC 7 3.63% $6,763
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 4.89% $6,659
    Huntingdon Valley Bank 7 4.80% $6,316
    Republic Bank 7 4.30% $7,664
    MLD MORTGAGE INC. 7 5.23% $9,053
    RESIDENTIAL HOME FUNDING CORP. 7 4.77% $16,723
    Mid-Continent Funding, Inc. 6 4.94% $8,426
    PRIMARY RESIDENTIAL MORTGAGE, INC. 6 4.73% $9,054
    Financial Freedom Mortgage, LLC 6 5.52% $9,647
    ENVOY MORTGAGE, LTD 6 5.13% $7,524
    EAGLE HOME MORTGAGE, LLC 6 5.00% $11,889
    Texana Bank 6 4.33% $11,308
    Meridian Bank Corporation 6 4.69% $14,901
    NP, Inc. 6 2.50% $10,080
    TOWNE MORTGAGE COMPANY 5 3.80% $7,724
    NATIONS DIRECT MORTGAGE, LLC 5 4.28% $13,682
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 4.85% $8,442
    Plains Commerce Bank 5 4.43% $12,313
    US MORTGAGE CORPORATION 5 4.68% $11,550
    Strong Home Mortgage, LLC 5 3.97% $14,428
    SUN WEST MORTGAGE COMPANY, INC. 5 4.82% $8,948
    Wyndham Capital Mortgage, Inc. 5 4.28% $6,858
    1st Colonial Community Bank 4 5.59% $9,871
    AMERICAN FINANCING CORPORATION 4 3.38% $7,107
    AmRes Corporation 4 4.41% $15,304
    Credence Funding Corporation 4 2.41% $7,015
    GREENWAY MORTGAGE FUNDING CORP. 4 4.13% $15,241
    JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 4 4.91% $21,257
    JPMorgan Chase Bank 4 3.40% $6,065
    Lakeview Community Capital, LLC 4 3.78% $9,848
    Low VA Rates, LLC 4 5.00% $10,733
    MDE Home Loans, LLC 4 4.19% $13,561
    M&T Bank 4 5.22% $7,476
    U.S. Bank 4 4.03% $11,847
    VAN DYK MORTGAGE CORPORATION 4 3.78% $10,526
    Wilmington Savings Fund Society, FSB 4 5.50% $6,830
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 3 4.58% $14,534
    Service Federal Credit Union 3 4.25% $4,374
    CHURCHILL MORTGAGE CORPORATION 3 4.17% $13,728
    Century Mortgage Company DBA Century Lending Company 3 4.75% $13,002
    GLENDENNING MORTGAGE CORPORATION 3 5.54% $14,679
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 3 5.04% $14,487
    BAYSHORE MORTGAGE FUNDING, LLC 3 5.58% $21,117
    NORWICH COMMERCIAL GROUP, INC. 3 5.08% $15,766
    Prime Choice Funding Inc. 3 2.75% $13,315
    TIDEWATER MORTGAGE SERVICES, INC. 3 4.25% $13,898
    LADERA LENDING, INC. 3 4.21% $21,575
    Truist 3 3.67% $11,757
    Princeton Mortgage Corporation 3 4.17% $13,937
    ARC HOME LLC 3 4.08% $6,235
    FIRST ALLIANCE HOME MORTGAGE, LLC 3 5.58% $15,590
    East Coast Capital Corp. 3 4.71% $8,412
    The Huntington National Bank 2 3.19% $10,496
    HOMESPIRE MORTGAGE CORPORATION 2 4.38% $9,188
    APEX HOME LOANS, INC. 2 3.75% $12,242
    PHH Mortgage Corporation 2 4.25% $5,339
    Philadelphia Mortgage Advisors, Inc. 2 4.31% $8,682
    PULTE MORTGAGE LLC 2 5.94% $3,683
    GUILD MORTGAGE COMPANY 2 4.88% $6,970
    NEW FED MORTGAGE, CORP. 2 4.19% $11,209
    PLAZA HOME MORTGAGE, INC. 2 5.69% $13,145
    EVERETT FINANCIAL, INC. 2 4.25% $11,798
    Bank of America 2 3.00% $2,150
    Summit Mortgage Corporation 2 5.50% $5,559
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 5.12% $15,963
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 2 4.75% $19,523
    TD Bank 2 4.81% $2,269
    Arvest Bank 2 4.94% $9,247
    The Central Trust Bank 2 3.81% $11,116
    DEVELOPER'S MORTGAGE COMPANY 2 5.50% $16,748
    ATLANTIS MORTGAGE CO., INC. 1 5.25% $12,898
    Willamette Valley Bank 1 3.25% $17,423
    AMERICAN FEDERAL MORTGAGE CORPORATION 1 3.63% $10,421
    Amerifirst Financial, Inc. 1 5.38% $19,088
    Mutual Federal Bank 1 6.25% $5,497
    Mortgage America, Inc. 1 2.50% $4,406
    MORIA DEVELOPMENT, INC. 1 2.63% $12,876
    MCLEAN MORTGAGE CORPORATION 1 3.25% $12,347
    LOANPAL, LLC 1 2.88% $9,120
    LAND HOME FINANCIAL SERVICES, INC. 1 6.25% $4,407
    KeyBank 1 5.63% $3,098
    KELLER MORTGAGE, LLC 1 4.75% $6,291
    Hometown Lenders, Inc. 1 4.75% $8,698
    Northeast Equitable Mortgage, LLC 1 5.38% $21,338
    GSF Mortgage Corporation 1 6.13% $11,964
    Great Southern Bank 1 5.25% $4,621
    Goldwater Bank, N.A. 1 3.25% $8,979
    OCMBC, INC. 1 5.75% $6,899
    ONY GLO, INC. 1 3.63% $8,769
    Paramount Bank 1 4.63% $17,120
    GENEVA FINANCIAL, LLC 1 5.75% $8,996
    Fulton Bank 1 6.63% $15,951
    First Western Trust Bank 1 4.75% $26,534
    First Savings Bank 1 3.75% $24,912
    First Mortgage Solutions, LLC 1 2.25% $38,914
    First Internet Bank of Indiana 1 5.75% $3,728
    POLARIS HOME FUNDING CORP. 1 3.75% $19,285
    First Guaranty Mortgage Corporation 1 3.25% $7,862
    First Federal Bank of Kansas City 1 6.63% $5,749
    DIRECT MORTGAGE LOANS, LLC 1 3.75% $14,292
    DAS Acquisition Company, LLC 1 5.63% $10,022
    ROYAL UNITED MORTGAGE LLC 1 5.75% $46,033
    SOUTHERN TRUST MORTGAGE, LLC 1 3.75% $19,658
    Community First National Bank 1 5.25% $5,301
    Stifel Bank and Trust 1 4.63% $7,717
    Centennial Bank 1 5.13% $28,055
    T2 FINANCIAL LLC 1 6.25% $16,841
    BAY EQUITY LLC 1 4.63% $600
    The Union Bank Company 1 4.25% $15,219
    Bank of England 1 4.25% $26,246

    The top New Jersey VA lender as defined by loan originations is Mortgage Research Center, LLC, with 811 VA loans originated. Their average total fees are $10,159, which is $2,576 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Jersey VA lenders (with over 10 loans originated) are PNC Bank ($5,118), SUCCESS MORTGAGE PARTNERS, INC. ($7,148), PLANET HOME LENDING, LLC ($7,228), NVR Mortgage Finance, Inc. ($7,930) and Wells Fargo Bank ($8,443).

    The lowest rate New Jersey VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.33%), PENTAGON FEDERAL CREDIT UNION (3.51%), LAKEVIEW LOAN SERVICING, LLC (3.55%), PNC Bank (3.60%) and VILLAGE CAPITAL MORTGAGE (3.62%).

    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.