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 5.93% for the week of 2024-02-16, compared to the national average (all VA variants) of 6.462% for the same period.

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

The average rate for the prior week (2024-02-09) was 5.89% and one month ago for the week of 2024-01-12, the average rate was 6.05%.

The average rate one year ago was 5.41%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.17%.

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.