New York VA Loan Rates, Closing Costs & Stats

New York

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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 York VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in New York averaged 5.7% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

    New York's average VA mortgage closing costs are $7,160.

    The average rate for the prior week (2023-05-19) was 5.72% and one month ago for the week of 2023-04-21, the average rate was 5.44%.

    The average rate one year ago was 4.82%.

    For refis of the same type during the week of 2023-05-26, the average rate was 4.92%.

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

    New York 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 York level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    QUICKEN LOANS, LLC 1,006 4.10% $10,846
    Mortgage Research Center, LLC 927 5.12% $7,055
    NAVY FEDERAL CREDIT UNION 457 3.90% $7,947
    UNITED WHOLESALE MORTGAGE, LLC 320 4.55% $10,032
    USAA Federal Savings Bank 300 4.39% $9,287
    HOMESTEAD FUNDING CORP. 238 4.81% $7,824
    Premium Mortgage Corporation 219 4.97% $6,859
    MOVEMENT MORTGAGE, LLC 212 4.98% $6,853
    LOANDEPOT.COM, LLC 177 3.99% $12,662
    Barrington Bank & Trust Company, N.A. 169 4.71% $7,913
    PLAZA HOME MORTGAGE, INC. 168 4.64% $8,680
    Mr. Cooper ( Nationstar Mortgage ) 127 4.85% $9,770
    CROSSCOUNTRY MORTGAGE, LLC 118 4.88% $11,507
    FREEDOM MORTGAGE CORPORATION 110 4.29% $10,289
    PRIMELENDING, A PLAINSCAPITAL COMPANY 100 4.69% $9,203
    GUARANTEED RATE, INC. 93 4.76% $7,312
    The Federal Savings Bank 85 4.81% $20,002
    M&T Bank 79 3.96% $6,505
    Wells Fargo Bank 73 3.91% $8,364
    HUNT MORTGAGE CORPORATION 66 4.91% $7,968
    HOME POINT FINANCIAL CORPORATION 65 4.03% $11,381
    CONTOUR MORTGAGE CORPORATION 63 4.91% $17,352
    CALIBER HOME LOANS, INC. 58 4.38% $10,702
    CARDINAL FINANCIAL 54 4.51% $19,390
    Flagstar Bank, FSB 53 4.17% $11,184
    PENTAGON FEDERAL CREDIT UNION 51 3.45% $9,273
    1ST PRIORITY MORTGAGE, INC. 45 4.93% $7,434
    NATIONWIDE MORTGAGE BANKERS, INC. 44 4.70% $20,500
    Genesee Regional Bank 44 4.96% $8,895
    SEFCU SERVICES, LLC 43 4.22% $6,369
    PARAGON HOME LOANS INC. 42 4.88% $10,855
    RELIANCE FIRST CAPITAL, LLC 38 4.68% $14,417
    Citizens Bank 37 3.91% $9,755
    ROUNDPOINT MORTGAGE SERVICING CORPORATION 37 3.84% $19,219
    NEWREZ LLC 35 4.03% $12,149
    EMBRACE HOME LOANS, INC. 32 4.63% $13,888
    KeyBank 31 4.50% $6,373
    NBKC BANK 28 3.74% $9,514
    Carrington Mortgage Services, LLC 27 4.69% $10,692
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 27 5.10% $11,368
    HOMEBRIDGE FINANCIAL SERVICES, INC. 26 4.24% $16,990
    FINANCE OF AMERICA MORTGAGE LLC 25 4.04% $16,665
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 22 4.65% $19,786
    EVERETT FINANCIAL, INC. 18 4.64% $4,264
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 17 5.06% $18,412
    JPMorgan Chase Bank 17 4.00% $8,910
    UNITED MORTGAGE CORP. 16 4.39% $17,925
    North American Savings Bank, F.S.B. 14 4.20% $13,195
    NORTHERN CREDIT UNION 13 4.52% $8,124
    NVR Mortgage Finance, Inc. 13 4.26% $6,455
    AMERICAN FINANCING CORPORATION 12 3.80% $9,429
    Evolve Bank & Trust 12 5.38% $10,140
    NETWORK CAPITAL FUNDING CORPORATION 11 4.49% $11,671
    PLANET HOME LENDING, LLC 10 4.35% $8,376
    AMERICAN FINANCIAL RESOURCES, INC. 10 5.88% $10,273
    East Coast Capital Corp. 10 5.08% $12,848
    FIRST ALLIANCE HOME MORTGAGE, LLC 10 6.41% $15,251
    First Federal Bank 9 6.02% $10,160
    Northwest Bank 9 4.72% $8,020
    SUNMARK FEDERAL CREDIT UNION 9 4.03% $11,221
    ENVOY MORTGAGE, LTD 8 4.27% $8,679
    Equity Prime Mortgage LLC 8 5.56% $9,126
    Magnolia Bank 8 4.67% $14,626
    PREMIA MORTGAGE, LLC 7 4.16% $8,275
    BNC National Bank 7 4.14% $19,172
    CLIFFCO, INC. 7 4.32% $13,611
    JET DIRECT FUNDING CORP 7 4.23% $19,430
    HOME TOWN FUNDING, INC. 7 4.57% $7,626
    ROYAL UNITED MORTGAGE LLC 6 5.83% $9,989
    NJ LENDERS CORP. 6 5.00% $15,473
    GUARANTEED RATE AFFINITY, LLC 6 4.41% $10,249
    MID-ISLAND MORTGAGE CORP. 6 4.46% $20,391
    PENNYMAC LOAN SERVICES, LLC 6 6.13% $10,567
    Paramount Bank 6 4.10% $9,428
    SUN WEST MORTGAGE COMPANY, INC. 6 5.19% $9,626
    First Savings Bank 5 4.95% $15,719
    US MORTGAGE CORPORATION 5 5.43% $20,193
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 4.08% $11,426
    SIRVA MORTGAGE, INC. 5 4.70% $8,135
    PNC Bank 5 4.40% $17,452
    CFCU Community Credit Union 4 4.88% $732
    FM Home Loans, LLC 4 4.53% $17,260
    Plains Commerce Bank 4 5.69% $11,896
    Bank of America 4 4.00% $8,217
    Valley National Bank 4 3.87% $6,884
    TD Bank 4 3.09% $7,507
    NP, Inc. 4 4.63% $17,638
    ABSOLUTE HOME MORTGAGE CORPORATION 4 5.41% $22,382
    Armed Forces Bank 3 4.96% $31,472
    HARTFORD FUNDING, LTD. 3 5.00% $14,948
    First Home Bank 3 4.25% $13,920
    First Guaranty Mortgage Corporation 3 3.42% $17,678
    INLAND BANK & TRUST 3 5.17% $10,796
    INTERSTATE HOME LOAN CENTER, INC. 3 4.25% $17,395
    MLB RESIDENTIAL LENDING, LLC 3 4.75% $16,610
    ESL Federal Credit Union 3 4.71% $5,994
    EMM LOANS LLC 3 5.96% $22,834
    Elmira Savings Bank 3 3.67% $2,992
    NBH Bank 3 4.42% $13,989
    CMG MORTGAGE, INC. 3 4.29% $8,956
    PHH Mortgage Corporation 3 4.67% $15,698
    Bank of England 3 4.88% $26,079
    Service Federal Credit Union 3 4.08% $10,933
    Advisors Mortgage Group, L.L.C. 3 4.92% $28,711
    RESIDENTIAL HOME FUNDING CORP. 2 5.38% $13,560
    Meridian Bank Corporation 2 4.50% $9,325
    CONTINENTAL MORTGAGE BANKERS, INC. 2 3.75% $20,954
    ALLIED MORTGAGE GROUP, INC. 2 5.06% $4,973
    TOTAL MORTGAGE SERVICES, LLC 2 4.44% $9,036
    Northpointe Bank 2 4.63% $21,632
    HUDSON VALLEY CREDIT UNION 2 5.25% $6,088
    Community Bank 2 5.56% $6,373
    Ulster Savings Bank 2 5.25% $9,858
    RESIDENTIAL HOME MORTGAGE CORPORATION 1 5.75% $29,131
    ASSOCIATED MORTGAGE BANKERS, INC. 1 6.13% $14,419
    MORTGAGE ACCESS CORP. 1 7.13% $3,270
    Santander Bank, N.A. 1 2.75% $7,530
    GREENWAY MORTGAGE FUNDING CORP. 1 3.75% $5,156
    Shamrock Home Loans, Inc. 1 4.99% $2,321
    Evans Bank 1 5.75% $6,299
    Luxury Mortgage Corp. 1 5.25% $13,092
    FirstBank 1 3.25% $3,763
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 5.50% $9,731
    The Union Bank Company 1 5.25% $13,488
    Truist 1 3.25% $9,979
    Union Savings Bank 1 4.88% $9,741
    KELLER MORTGAGE, LLC 1 2.75% $5,957
    AMERICAN INTERNET MORTGAGE, INC. 1 3.88% $5,306
    Glens Falls National Bank and Trust Company 1 6.13% $7,717
    Colonial Savings, F.A. 1 3.25% $4,290
    Community First National Bank 1 3.63% $4,367
    U.S. Bank 1 4.63% $13,829
    Blue Ridge Bank 1 5.13% $22,855
    CORNING 1 3.88% $4,400
    DRAPER AND KRAMER MORTGAGE CORP. 1 4.99% $19,683
    Bethpage Federal Credit Union 1 5.88% $9,161
    Berkshire Bank 1 3.25% $10,233
    First Federal Bank of Kansas City 1 5.63% $8,166
    Quontic Bank 1 3.38% $27,793
    Nations Lending Corporation 1 5.25% $1,122

    The top New York VA lender as defined by loan originations is QUICKEN LOANS, LLC, with 1,006 VA loans originated. Their average total fees are $10,846, which is $3,791 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee New York VA lenders (with over 10 loans originated) are EVERETT FINANCIAL, INC. ($4,264), SEFCU SERVICES, LLC ($6,369), KeyBank ($6,373), NVR Mortgage Finance, Inc. ($6,455) and M&T Bank ($6,505).

    The lowest rate New York VA lenders (with over 10 loans originated) are PENTAGON FEDERAL CREDIT UNION (3.45%), NBKC BANK (3.74%), AMERICAN FINANCING CORPORATION (3.80%), ROUNDPOINT MORTGAGE SERVICING CORPORATION (3.84%) and NAVY FEDERAL CREDIT UNION (3.90%).

    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.