Puerto Rico VA Loan Rates, Closing Costs & Stats

Puerto Rico

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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.

    Puerto Rico VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Puerto Rico averaged 6.22% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

    Puerto Rico's average VA mortgage closing costs are $7,565.

    The average rate for the prior week (2024-12-06) was 6.26% and one month ago for the week of 2024-11-08, the average rate was 6.05%.

    The average rate one year ago was 6.7%.

    For refis of the same type during the week of 2024-12-13, the average rate was 5.76%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Puerto Rico 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 Puerto Rico level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PENTAGON FEDERAL CREDIT UNION 141 5.52% $9,380
    Banco Popular de Puerto Rico 117 5.19% $10,993
    FIRSTBANK PUERTO RICO 87 5.44% $10,446
    Oriental Bank 47 5.74% $9,280
    FIRST EQUITY MORTGAGE BANKERS, INC. 40 6.36% $10,723
    PREFERRED MORTGAGE CORPORATION 39 6.47% $8,594
    THE MONEY HOUSE INC. 37 6.66% $7,826
    SUN WEST MORTGAGE COMPANY, INC. 27 6.22% $11,575
    TRUST MORTGAGE, CORP 23 6.27% $8,594
    METRO ISLAND MORTGAGE, INC. 21 6.37% $8,746
    HOME MORTGAGE BANKERS CORP. 12 6.83% $13,218
    HR MORTGAGE CORP. 10 6.58% $9,407
    Equity Prime Mortgage LLC 10 6.60% $9,653
    Rf Mortgage & Investment Corp 10 6.40% $15,192
    E.M.I. EQUITY MORTGAGE, INC. 9 6.44% $6,623
    Capital Mortgage Services Corp. 9 7.33% $10,150
    RM ACTUAL MORTGAGE, INC. 7 6.75% $7,487
    VIG MORTGAGE CORPORATION 6 6.50% $11,064
    Senior Mortgage Bankers Inc 4 6.56% $16,538
    CROSSCOUNTRY MORTGAGE, LLC 3 6.52% $11,865
    CALCON MUTUAL MORTGAGE LLC 3 7.17% $8,999
    The Lending Center Corporation 2 6.25% $12,373
    COOPERATIVA DE AHORRO Y CREDITO VEGA ALTA 2 6.50% $9,374
    CARIBE FEDERAL CREDIT UNION 1 7.00% $7,226
    Cooperativa A/C Oriental 1 6.25% $7,491

    The top Puerto Rico VA lender as defined by loan originations is PENTAGON FEDERAL CREDIT UNION, with 141 VA loans originated. Their average total fees are $9,380, which is $1,613 lower than the next largest lender, Banco Popular de Puerto Rico.

    The lowest fee Puerto Rico VA lenders (with over 10 loans originated) are THE MONEY HOUSE INC. ($7,826), PREFERRED MORTGAGE CORPORATION ($8,594), TRUST MORTGAGE, CORP ($8,594), METRO ISLAND MORTGAGE, INC. ($8,746) and Oriental Bank ($9,280).

    The lowest rate Puerto Rico VA lenders (with over 10 loans originated) are Banco Popular de Puerto Rico (5.19%), FIRSTBANK PUERTO RICO (5.44%), PENTAGON FEDERAL CREDIT UNION (5.52%), Oriental Bank (5.74%) and SUN WEST MORTGAGE COMPANY, INC. (6.22%).

    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.