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.