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 6.63% for the week of 2024-04-12, compared to the national average (all VA variants) of 6.574% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.28% and one month ago for the week of 2024-03-08, the average rate was 6.21%.

The average rate one year ago was 5.8%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.87%.

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.