New Orleans VA Loan Rates, Closing Costs & Stats

NEW ORLEANS-METAIRIE, LA

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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.

    New Orleans's 100 lenders originated 1,382 VA loans during 2024. The total origination value was $449,570,000, with an average VA loan value of $325,304.

    New Orleans VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in New Orleans averaged 6.98% for the week of 2025-07-18, compared to the national average (all VA variants) of 6.385% for the same period.

    New Orleans's average VA mortgage closing costs are $6,495.

    The average rate for the prior week (2025-07-11) was 6.57% and one month ago for the week of 2025-06-13, the average rate was 6.74%.

    The average rate one year ago was 6.84%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.31%.

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

    New Orleans 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 Orleans level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 201 6.43% $4,946
    UNITED WHOLESALE MORTGAGE, LLC 127 5.95% $6,941
    NAVY FEDERAL CREDIT UNION 94 6.03% $7,484
    FREEDOM MORTGAGE CORPORATION 92 6.23% $7,749
    QUICKEN LOANS, LLC 58 6.02% $10,184
    GMFS LLC 51 6.49% $7,736
    DHI MORTGAGE COMPANY, LTD. 49 4.79% $6,950
    DSLD MORTGAGE, LLC 48 5.95% $5,949
    PENNYMAC LOAN SERVICES, LLC 39 5.62% $7,155
    USAA Federal Savings Bank 34 6.29% $6,984
    MOVEMENT MORTGAGE, LLC 33 6.37% $9,548
    FIDELITY BANK 27 6.29% $8,802
    VILLAGE CAPITAL MORTGAGE 25 5.84% $5,357
    Gulf Coast Bank and Trust Company 22 6.45% $9,117
    EUSTIS AND AMERICAN MORTGAGE COMPANY 20 6.27% $10,396
    CROSSCOUNTRY MORTGAGE, LLC 20 6.58% $9,358
    NEWREZ LLC 19 6.08% $5,061
    LOANDEPOT.COM, LLC 15 5.81% $7,671
    NEW DAY FINANCIAL, LLC 14 7.34% $14,379
    MORTGAGE SOLUTIONS OF COLORADO, LLC 12 6.76% $4,554
    BROKER SOLUTIONS, INC. 11 6.65% $8,950
    PLANET HOME LENDING, LLC 11 5.86% $4,668
    STANDARD MORTGAGE CORPORATION 11 6.10% $10,590
    Mr. Cooper ( Nationstar Mortgage ) 10 6.21% $7,292
    AmRes Corporation 10 6.46% $8,064
    T2 FINANCIAL LLC 10 6.21% $10,360
    CMG MORTGAGE, INC. 10 6.61% $11,112
    Equity Prime Mortgage LLC 8 6.77% $10,929
    MUTUAL OF OMAHA MORTGAGE, INC. 8 6.55% $7,632
    Barrington Bank & Trust Company, N.A. 8 6.34% $5,915
    Carrington Mortgage Services, LLC 7 6.07% $16,857
    GUARANTEED RATE, INC. 7 6.24% $2,132
    LAKEVIEW LOAN SERVICING, LLC 7 5.66% $4,463
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 6.75% $10,119
    SUMMIT FUNDING, INC. 7 6.64% $10,467
    Hancock Whitney Bank 6 6.04% $9,482
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.25% $8,512
    First Horizon Bank 6 6.13% $7,863
    Flagstar Bank, FSB 6 6.21% $7,130
    The Federal Savings Bank 6 6.69% $15,467
    Towne Bank 6 6.29% $9,100
    CLEARPATH LENDING 6 5.81% $3,870
    S1L, Inc. 5 6.35% $21,188
    Magnolia Bank 5 6.13% $18,664
    JPMorgan Chase Bank 4 6.34% $5,621
    AMERICAN FINANCIAL NETWORK, INC. 4 6.47% $3,482
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.38% $6,199
    Cornerstone First Mortgage, Inc 4 6.72% $10,602
    First Federal Bank 4 5.72% $4,310
    Lakeview Community Capital, LLC 4 5.63% $6,031
    NBKC BANK 4 6.13% $7,396
    Paramount Residential Mortgage Group, Inc. 4 6.56% $9,729
    SOUTHWEST FUNDING, LP 4 6.81% $9,178
    UNION HOME MORTGAGE CORP. 4 6.28% $15,956
    AMERISAVE MORTGAGE CORPORATION 3 5.71% $20,343
    Armed Forces Bank 3 5.83% $6,500
    AmeriHome Mortgage Company, LLC 3 6.08% $3,740
    The Loan Store, Inc. 3 6.33% $6,304
    MID AMERICA MORTGAGE, INC. 3 6.63% $5,813
    CARDINAL FINANCIAL 3 6.46% $10,002
    America's Mortgage Resource, Inc. 3 6.08% $4,926
    FIRST COMMUNITY MORTGAGE, INC. 3 6.33% $15,374
    PHH Mortgage Corporation 2 5.56% $3,250
    Plains Commerce Bank 2 6.56% $6,020
    HOMESIDE FINANCIAL, LLC 2 7.37% $12,903
    Presidential Bank, FSB 2 7.00% $3,601
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.94% $5,802
    GUARANTEED RATE AFFINITY, LLC 2 6.56% $3,785
    SUN WEST MORTGAGE COMPANY, INC. 2 7.13% $9,685
    Assurance Financial Group, L.L.C. 2 6.50% $10,147
    THE MORTGAGE FIRM, INC. 2 6.37% $11,267
    PENTAGON FEDERAL CREDIT UNION 2 6.00% $10,424
    Renasant Bank 1 6.63% $600
    LAND HOME FINANCIAL SERVICES, INC. 1 6.88% $4,500
    SOUTHPOINT FINANCIAL SERVICES, INC. 1 7.25% $5,493
    Wells Fargo Bank 1 6.38% $4,421
    Bank of England 1 6.75% $5,555
    Atlantic Coast Mortgage, LLC 1 6.75% $8,794
    ZILLOW HOME LOANS, LLC 1 6.00% $1,311
    INTERLINC MORTGAGE SERVICES, LLC 1 7.13% $2,594
    Affiliated Bank 1 5.75% $7,120
    KEESLER 1 6.38% $39,296
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.25% $24,961
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.00% $829
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.25% $395
    Merchants & Marine Bank 1 6.13% $15,611
    GUILD MORTGAGE COMPANY 1 6.63% $24,442
    Goldwater Bank, N.A. 1 7.25% $4,342
    GENEVA FINANCIAL, LLC 1 7.13% $7,663
    FIRST COLONY MORTGAGE CORPORATION 1 7.00% $8,816
    US MORTGAGE CORPORATION 1 5.75% $14,150
    ENVOY MORTGAGE, LTD 1 7.13% $3,135
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.13% $656
    City Lending Inc. 1 6.63% $39,093
    Citizens Bank 1 6.13% $8,037
    PREMIA MORTGAGE, LLC 1 5.99% $19,214
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.63% $13,876
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $7,866
    Century Mortgage Company DBA Century Lending Company 1 6.13% $10,314
    Red River Bank 1 5.75% $250

    The top New Orleans VA lender as defined by loan originations is Mortgage Research Center, LLC, with 201 VA loans originated. Their average total fees are $4,946, which is $1,994 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee New Orleans VA lenders (with over 10 loans originated) are MORTGAGE SOLUTIONS OF COLORADO, LLC ($4,554), PLANET HOME LENDING, LLC ($4,668), Mortgage Research Center, LLC ($4,946), NEWREZ LLC ($5,061) and VILLAGE CAPITAL MORTGAGE ($5,357).

    The lowest rate New Orleans VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (4.79%), PENNYMAC LOAN SERVICES, LLC (5.62%), LOANDEPOT.COM, LLC (5.81%), VILLAGE CAPITAL MORTGAGE (5.84%) and PLANET HOME LENDING, LLC (5.86%).

    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.