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 6.93% for the week of 2024-05-03, compared to the national average (all VA variants) of 6.775% for the same period.

    New York's average VA mortgage closing costs are $7,425.

    The average rate for the prior week (2024-04-26) was 6.71% and one month ago for the week of 2024-03-29, the average rate was 6.32%.

    The average rate one year ago was 6.04%.

    For refis of the same type during the week of 2024-05-03, the average rate was 7.17%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 689 6.77% $7,048
    QUICKEN LOANS, LLC 517 6.31% $11,707
    NAVY FEDERAL CREDIT UNION 361 5.85% $7,854
    UNITED WHOLESALE MORTGAGE, LLC 252 6.38% $10,214
    MOVEMENT MORTGAGE, LLC 240 6.71% $8,947
    Premium Mortgage Corporation 194 6.59% $6,745
    HOMESTEAD FUNDING CORP. 185 6.41% $7,289
    PLAZA HOME MORTGAGE, INC. 169 6.39% $10,101
    USAA Federal Savings Bank 160 6.55% $10,773
    Barrington Bank & Trust Company, N.A. 110 6.55% $9,480
    CROSSCOUNTRY MORTGAGE, LLC 104 6.60% $13,380
    LOANDEPOT.COM, LLC 73 6.18% $14,948
    Mr. Cooper ( Nationstar Mortgage ) 65 6.23% $14,337
    The Federal Savings Bank 62 6.38% $24,170
    PRIMELENDING, A PLAINSCAPITAL COMPANY 60 6.67% $9,370
    CONTOUR MORTGAGE CORPORATION 51 6.48% $16,385
    NEWREZ LLC 51 6.61% $11,641
    Genesee Regional Bank 46 6.84% $9,058
    M&T Bank 44 6.38% $6,929
    FREEDOM MORTGAGE CORPORATION 43 6.63% $17,583
    HUNT MORTGAGE CORPORATION 38 6.72% $8,602
    PENNYMAC LOAN SERVICES, LLC 37 6.12% $12,632
    GUARANTEED RATE, INC. 37 6.19% $9,847
    1ST PRIORITY MORTGAGE, INC. 33 6.52% $7,762
    CARDINAL FINANCIAL 32 6.52% $19,526
    PENTAGON FEDERAL CREDIT UNION 30 5.78% $10,223
    RELIANCE FIRST CAPITAL, LLC 29 6.72% $12,589
    AMERICAN FINANCIAL NETWORK, INC. 27 6.58% $10,411
    NBKC BANK 25 6.27% $8,143
    SEFCU SERVICES, LLC 25 6.34% $8,354
    Wells Fargo Bank 24 6.18% $9,470
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 24 6.77% $10,098
    Flagstar Bank, FSB 23 6.63% $12,398
    NATIONWIDE MORTGAGE BANKERS, INC. 23 6.51% $21,093
    KeyBank 22 6.38% $6,163
    PARAGON HOME LOANS INC. 22 6.91% $9,421
    EMBRACE HOME LOANS, INC. 22 6.12% $12,295
    Citizens Bank 21 6.19% $11,386
    NVR Mortgage Finance, Inc. 17 5.29% $7,153
    Community Bank 17 6.65% $4,701
    JPMorgan Chase Bank 17 6.29% $8,164
    PLANET HOME LENDING, LLC 14 6.60% $13,885
    Northwest Bank 11 6.00% $7,119
    AMERICAN FINANCIAL RESOURCES, INC. 11 6.86% $8,972
    East Coast Capital Corp. 10 6.31% $17,503
    U.S. Bank 9 6.57% $5,171
    ABSOLUTE HOME MORTGAGE CORPORATION 9 6.94% $8,938
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 9 6.85% $6,354
    NORWICH COMMERCIAL GROUP, INC. 8 6.22% $16,239
    MID-ISLAND MORTGAGE CORP. 8 5.89% $16,029
    Magnolia Bank 7 6.46% $30,406
    CALIBER HOME LOANS, INC. 7 6.59% $10,384
    HOMEBRIDGE FINANCIAL SERVICES, INC. 7 6.50% $13,431
    CMG MORTGAGE, INC. 7 6.71% $22,750
    MEADOWBROOK FINANCIAL MORTGAGE BANKERS CORP. 6 6.63% $24,255
    North American Savings Bank, F.S.B. 6 5.65% $13,344
    PHH Mortgage Corporation 6 6.54% $9,674
    EMM LOANS LLC 6 7.17% $8,286
    Evolve Bank & Trust 6 6.35% $10,650
    UNITED NORTHERN MORTGAGE BANKERS LIMITED 6 6.44% $19,212
    Community First National Bank 6 6.56% $11,040
    ROYAL UNITED MORTGAGE LLC 6 6.90% $19,704
    CLIFFCO, INC. 6 6.39% $19,966
    Plains Commerce Bank 5 6.05% $16,621
    EVERETT FINANCIAL, INC. 5 6.73% $7,005
    AMERICU Credit Union 5 5.83% $9,447
    Equity Prime Mortgage LLC 4 6.88% $15,511
    PREMIA MORTGAGE, LLC 4 6.13% $6,769
    ESL Federal Credit Union 4 6.84% $6,021
    SUNMARK FEDERAL CREDIT UNION 4 6.63% $5,028
    Valley National Bank 4 6.22% $10,590
    NORTHERN CREDIT UNION 4 6.72% $9,090
    First Federal Bank 4 6.75% $9,986
    US MORTGAGE CORPORATION 4 6.75% $8,279
    AMERICAN FINANCING CORPORATION 4 6.28% $12,005
    TD Bank 4 6.22% $7,499
    HOME TOWN FUNDING, INC. 4 6.88% $5,945
    GUARANTEED RATE AFFINITY, LLC 3 6.17% $6,939
    Five Star Bank 3 6.79% $4,008
    FIRST ALLIANCE HOME MORTGAGE, LLC 3 6.92% $18,935
    NJ LENDERS CORP. 3 6.42% $16,364
    JET DIRECT FUNDING CORP 3 6.33% $9,687
    SUN WEST MORTGAGE COMPANY, INC. 3 6.33% $14,577
    BNC National Bank 2 5.44% $12,973
    FM Home Loans, LLC 2 5.94% $12,898
    Glens Falls National Bank and Trust Company 2 6.00% $6,975
    HARTFORD FUNDING, LTD. 2 6.69% $16,499
    HUDSON VALLEY CREDIT UNION 2 7.00% $12,029
    INTERSTATE HOME LOAN CENTER, INC. 2 6.56% $19,301
    CONTINENTAL MORTGAGE BANKERS, INC. 2 6.38% $17,343
    MLB RESIDENTIAL LENDING, LLC 2 6.19% $14,759
    MORTGAGE ACCESS CORP. 2 6.94% $15,205
    CFCU Community Credit Union 2 6.31% $5,724
    Byline Bank 2 5.56% $24,012
    Bank of England 2 6.44% $14,535
    Bank of America 2 6.19% $6,256
    Prosperity Home Mortgage, LLC 2 6.44% $10,179
    ALLIED MORTGAGE GROUP, INC. 2 6.19% $13,428
    Evans Bank 1 6.13% $7,485
    BOND STREET MORTGAGE, LLC 1 5.63% $6,143
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.63% $8,638
    NETWORK CAPITAL FUNDING CORPORATION 1 5.75% $10,124
    Carrington Mortgage Services, LLC 1 6.13% $1,169
    NATIONWIDE EQUITIES CORPORATION 1 6.00% $11,231
    Fifth Third Bank 1 7.25% $11,350
    Chambers Bank 1 7.13% $9,535
    Meridian Bank Corporation 1 7.63% $19,883
    LYNX MORTGAGE BANK LLC 1 6.75% $6,293
    Farmers Bank & Trust 1 5.25% $7,152
    INB 1 6.75% $8,602
    CORNING 1 7.50% $1,960
    TBI MORTGAGE COMPANY 1 5.99% $12,598
    DEVELOPER'S MORTGAGE COMPANY 1 7.00% $11,863
    Advisors Mortgage Group, L.L.C. 1 6.75% $11,791
    TOTAL MORTGAGE SERVICES, LLC 1 7.25% $14,048
    Truist 1 6.50% $5,144
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.75% $4,532
    Adams Community Bank 1 6.13% $10,212
    Academy Bank 1 7.00% $20,524
    EQUITY NOW INC. 1 6.75% $20,716
    First Western Trust Bank 1 6.13% $7,525
    ASSOCIATED MORTGAGE BANKERS, INC. 1 7.13% $24,306
    PATRIOT ONE MORTGAGE BANKERS, LLC 1 6.25% $17,643

    The top New York VA lender as defined by loan originations is Mortgage Research Center, LLC, with 689 VA loans originated. Their average total fees are $7,048, which is $4,658 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New York VA lenders (with over 10 loans originated) are Community Bank ($4,701), KeyBank ($6,163), Premium Mortgage Corporation ($6,745), M&T Bank ($6,929) and Mortgage Research Center, LLC ($7,048).

    The lowest rate New York VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.29%), PENTAGON FEDERAL CREDIT UNION (5.78%), NAVY FEDERAL CREDIT UNION (5.85%), Northwest Bank (6.00%) and PENNYMAC LOAN SERVICES, LLC (6.12%).

    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.