New York VA Loan Rates, Closing Costs & Stats
New York
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
6.1%
for the week of 2024-12-06, compared to the national average (all VA variants) of
6.143% for the same period.
New York's average VA mortgage closing costs are $7,425.
The average rate for the prior week (2024-11-29) was
6.29% and
one month ago for the week of 2024-11-01, the
average rate was 6.35%.
The average rate one year ago was 6.6%.
For refis of the same type during the week of 2024-12-06, the average rate
was 6.34%.
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.