New Jersey VA Loan Rates, Closing Costs & Stats

New Jersey

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 6.74% for the week of 2024-07-12, compared to the national average (all VA variants) of 6.364% for the same period.

New Jersey's average VA mortgage closing costs are $7,649.

The average rate for the prior week (2024-07-05) was 6.65% and one month ago for the week of 2024-06-07, the average rate was 6.47%.

The average rate one year ago was 6.84%.

For refis of the same type during the week of 2024-07-12, the average rate was 6.62%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 543 6.71% $9,997
QUICKEN LOANS, LLC 210 6.18% $13,478
NAVY FEDERAL CREDIT UNION 174 5.88% $8,857
UNITED WHOLESALE MORTGAGE, LLC 166 6.29% $12,757
CROSSCOUNTRY MORTGAGE, LLC 121 6.66% $12,980
LOANDEPOT.COM, LLC 99 6.04% $13,573
GUARANTEED RATE, INC. 86 6.32% $10,137
The Federal Savings Bank 78 6.22% $19,956
FREEDOM MORTGAGE CORPORATION 75 6.60% $18,881
NEW DAY FINANCIAL, LLC 75 7.37% $16,099
GREENTREE MORTGAGE COMPANY, L.P. 66 6.44% $10,235
USAA Federal Savings Bank 65 6.19% $13,148
Advisors Mortgage Group, L.L.C. 50 6.42% $9,176
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 50 6.74% $11,246
PENNYMAC LOAN SERVICES, LLC 49 5.87% $13,633
NATION ONE MORTGAGE CORPORATION 48 6.60% $10,600
NFM, INC. 46 6.43% $11,066
NEWREZ LLC 44 6.52% $12,009
Prosperity Home Mortgage, LLC 44 6.09% $9,459
Paramount Residential Mortgage Group, Inc. 38 6.77% $14,849
NVR Mortgage Finance, Inc. 36 5.50% $9,679
Mr. Cooper ( Nationstar Mortgage ) 35 6.01% $17,116
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 35 6.71% $13,149
NJ LENDERS CORP. 34 6.27% $11,649
PENTAGON FEDERAL CREDIT UNION 31 5.79% $9,775
MOVEMENT MORTGAGE, LLC 31 6.76% $12,819
DHI MORTGAGE COMPANY, LTD. 30 6.41% $10,803
ABSOLUTE HOME MORTGAGE CORPORATION 30 6.54% $14,496
ARK-LA-TEX FINANCIAL SERVICES, LLC. 29 6.44% $9,963
MORTGAGE ACCESS CORP. 29 6.49% $12,211
CMG MORTGAGE, INC. 29 6.80% $12,373
Citizens Bank 24 6.32% $10,965
CARDINAL FINANCIAL 23 6.49% $17,586
Wells Fargo Bank 23 5.92% $9,172
Barrington Bank & Trust Company, N.A. 23 6.36% $14,826
GUARANTEED RATE AFFINITY, LLC 22 6.16% $9,802
EMM LOANS LLC 21 6.58% $11,828
Magnolia Bank 20 6.46% $19,460
NBKC BANK 19 6.00% $8,862
VILLAGE CAPITAL MORTGAGE 18 6.07% $15,720
MUTUAL OF OMAHA MORTGAGE, INC. 17 6.46% $21,791
UNION HOME MORTGAGE CORP. 16 6.63% $12,563
AMERICAN FINANCIAL NETWORK, INC. 15 6.64% $14,368
Gateway First Bank 14 6.56% $10,514
BROKER SOLUTIONS, INC. 14 6.53% $14,583
Equity Prime Mortgage LLC 14 6.60% $11,366
AMERISAVE MORTGAGE CORPORATION 13 5.77% $21,850
MLB RESIDENTIAL LENDING, LLC 12 6.97% $18,966
DRAPER AND KRAMER MORTGAGE CORP. 12 6.24% $7,254
Flagstar Bank, FSB 11 6.21% $13,901
PLAZA HOME MORTGAGE, INC. 11 6.44% $12,554
PLANET HOME LENDING, LLC 11 5.56% $10,465
Northpointe Bank 11 6.38% $10,468
SUCCESS MORTGAGE PARTNERS, INC. 11 6.31% $14,300
PANORAMA MORTGAGE GROUP, LLC 10 6.66% $13,386
U.S. Bank 10 6.42% $8,448
BOND STREET MORTGAGE, LLC 9 6.30% $13,848
Keystone Funding, Inc. 8 6.47% $10,348
Plains Commerce Bank 8 6.08% $8,652
HOMEBRIDGE FINANCIAL SERVICES, INC. 8 6.89% $11,547
JERSEY MORTGAGE COMPANY OF NEW JERSEY, INC. 8 6.52% $20,632
ALLIED MORTGAGE GROUP, INC. 8 6.64% $9,763
EAGLE HOME MORTGAGE, LLC 7 6.14% $2,950
MORTGAGE SOLUTIONS OF COLORADO, LLC 7 7.50% $7,759
LAKEVIEW LOAN SERVICING, LLC 7 6.05% $13,135
RELIANCE FIRST CAPITAL, LLC 7 6.52% $16,778
VAN DYK MORTGAGE CORPORATION 7 6.68% $11,187
JPMorgan Chase Bank 7 6.30% $9,680
Acre Mortgage and Financial Inc 7 6.78% $15,348
CONTOUR MORTGAGE CORPORATION 6 6.25% $18,049
First Federal Bank 6 6.52% $10,294
1st Colonial Community Bank 5 6.78% $9,649
The Central Trust Bank 5 5.48% $13,139
Cornerstone First Mortgage, Inc 5 6.85% $13,857
Nations Lending Corporation 5 6.60% $11,587
NATIONWIDE MORTGAGE BANKERS, INC. 5 7.08% $14,058
SUN WEST MORTGAGE COMPANY, INC. 4 6.52% $7,079
CALIBER HOME LOANS, INC. 4 6.25% $10,515
Waterstone Mortgage Corporation 4 6.47% $14,732
Lakeview Community Capital, LLC 4 6.25% $19,524
RESIDENTIAL HOME FUNDING CORP. 4 5.66% $12,474
Credence Funding Corporation 4 6.13% $3,951
GSF Mortgage Corporation 4 6.81% $12,199
US MORTGAGE CORPORATION 4 6.09% $15,202
EMBRACE HOME LOANS, INC. 4 5.84% $20,291
NETWORK CAPITAL FUNDING CORPORATION 4 5.88% $17,896
Armed Forces Bank 3 5.33% $9,727
AMERICAN FEDERAL MORTGAGE CORPORATION 3 6.13% $5,319
ATLANTIS MORTGAGE CO., INC. 3 6.50% $10,557
BNC National Bank 3 5.67% $8,306
Century Mortgage Company DBA Century Lending Company 3 6.21% $12,190
Financial Freedom Mortgage, LLC 3 6.38% $15,604
First Savings Bank 3 5.96% $15,659
GUILD MORTGAGE COMPANY 3 6.63% $9,465
HOMESIDE FINANCIAL, LLC 3 7.25% $11,998
LOANPAL, LLC 3 6.54% $12,251
MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 3 6.71% $19,325
MLD MORTGAGE INC. 3 5.75% $9,361
M&T Bank 3 6.08% $11,650
North American Savings Bank, F.S.B. 3 6.17% $13,348
PHH Mortgage Corporation 3 6.66% $10,819
PINNACLE MORTGAGE, INC. 3 6.58% $6,932
PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.92% $9,535
ROYAL UNITED MORTGAGE LLC 3 6.25% $14,392
TD Bank 3 6.21% $5,729
VERITAS FUNDING, LLC 3 7.13% $27,177
NP, Inc. 2 6.88% $15,835
GREENWAY MORTGAGE FUNDING CORP. 2 5.75% $12,055
SUMMIT FUNDING, INC. 2 6.75% $22,078
Sunflower Bank 2 6.06% $23,642
BAY EQUITY LLC 2 6.19% $11,797
Farmers Bank & Trust 2 5.44% $18,889
EVERETT FINANCIAL, INC. 2 6.88% $10,808
PNC Bank 2 6.50% $4,727
OCEANSIDE MORTGAGE COMPANY 2 6.31% $12,402
OCMBC, INC. 2 7.31% $14,502
Presidential Bank, FSB 2 6.19% $12,761
GoPrime Mortgage, Inc. 2 6.88% $7,647
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.00% $8,022
Princeton Mortgage Corporation 2 6.69% $5,352
NEW FED MORTGAGE, CORP. 2 6.00% $19,515
Univest Bank and Trust Co. 2 6.38% $5,744
AmeriHome Mortgage Company, LLC 2 6.13% $9,929
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 2 6.31% $21,275
GLENDENNING MORTGAGE CORPORATION 2 6.88% $15,057
RESIDENTIAL BANCORP 2 5.75% $21,739
HARTFORD FUNDING, LTD. 2 6.63% $16,511
Mid-Continent Funding, Inc. 2 5.63% $13,949
Meridian Bank Corporation 2 6.31% $11,065
RESIDENTIAL HOME MORTGAGE CORPORATION 2 7.06% $12,595
Wilmington Savings Fund Society, FSB 2 6.88% $12,689
ACADEMY MORTGAGE CORPORATION 2 6.31% $13,005
Huntingdon Valley Bank 2 5.88% $6,433
TOTAL MORTGAGE SERVICES, LLC 1 5.25% $19,730
AmRes Corporation 1 6.25% $22,614
UNITED NORTHERN MORTGAGE BANKERS LIMITED 1 7.13% $14,204
Ameris Bank 1 6.00% $10,799
AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.50% $18,449
AMERICAN HERITAGE FCU 1 4.99% $19,284
Valley National Bank 1 6.25% $5,378
NATIONS DIRECT MORTGAGE, LLC 1 5.75% $10,347
MDE Home Loans, LLC 1 6.75% $23,143
LIBERTY HOME MORTGAGE CORPORATION 1 7.25% $23,410
Neighborhood Loans, Inc. 1 6.13% $11,259
INTERSTATE HOME LOAN CENTER, INC. 1 6.50% $31,573
Ixonia Bank 1 6.75% $17,639
HOMESTEAD FUNDING CORP. 1 6.25% $11,174
HomePromise Corporation 1 7.25% $5,715
AMERICAN FINANCING CORPORATION 1 5.50% $16,738
Northwest Federal Credit Union 1 7.50% $4,152
Paramount Bank 1 7.00% $10,950
FIRST MORTGAGE COMPANY, INC. 1 5.75% $23,169
PIKE CREEK MORTGAGE SERVICES, INC. 1 6.88% $10,210
AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $11,320
FBC MORTGAGE, LLC 1 5.75% $5,058
POLARIS HOME FUNDING CORP. 1 6.75% $21,654
PREMIA MORTGAGE, LLC 1 5.75% $3,279
Watermark Capital, Inc. 1 5.75% $8,131
ENVOY MORTGAGE, LTD 1 5.38% $0
Encompass Lending Group, LP 1 5.50% $10,850
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 7.50% $0
CHURCHILL MORTGAGE CORPORATION 1 6.25% $20,933
Residential Mortgage Solutions, Inc. 1 7.25% $10,708
Sierra Pacific Mortgage Company, Inc. 1 6.63% $14,928
SOVEREIGN LENDING GROUP INCORPORATED 1 5.25% $18,852
BAYSHORE MORTGAGE FUNDING, LLC 1 7.50% $16,376
T2 FINANCIAL LLC 1 6.75% $21,321
TBI MORTGAGE COMPANY 1 6.13% $5,637
Academy Bank 1 5.50% $6,726
1ST 2ND MORTGAGE COMPANY OF N.J., INC. 1 6.99% $14,708
ARC HOME LLC 1 7.13% $8,270
The Huntington National Bank 1 6.00% $1,490

The top New Jersey VA lender as defined by loan originations is Mortgage Research Center, LLC, with 543 VA loans originated. Their average total fees are $9,997, which is $3,481 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee New Jersey VA lenders (with over 10 loans originated) are DRAPER AND KRAMER MORTGAGE CORP. ($7,254), U.S. Bank ($8,448), NAVY FEDERAL CREDIT UNION ($8,857), NBKC BANK ($8,862) and Wells Fargo Bank ($9,172).

The lowest rate New Jersey VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.50%), PLANET HOME LENDING, LLC (5.56%), AMERISAVE MORTGAGE CORPORATION (5.77%), PENTAGON FEDERAL CREDIT UNION (5.79%) and PENNYMAC LOAN SERVICES, LLC (5.87%).

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.