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 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.