Springfield VA Loan Rates, Closing Costs & Stats

SPRINGFIELD, MA

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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.

    Springfield's 70 lenders originated 523 VA loans during 2024. The total origination value was $180,035,000, with an average VA loan value of $344,235.

    Springfield VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Springfield averaged 6.64% for the week of 2025-07-18, compared to the national average (all VA variants) of 6.385% for the same period.

    Springfield's average VA mortgage closing costs are $6,308.

    The average rate for the prior week (2025-07-11) was 6.53% and one month ago for the week of 2025-06-13, the average rate was 6.8%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2025-07-18, the average rate was 6.55%.

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

    Springfield 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 Springfield level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Mortgage Research Center, LLC 109 6.55% $7,972
    UNITED WHOLESALE MORTGAGE, LLC 34 6.15% $7,547
    QUICKEN LOANS, LLC 32 6.00% $10,265
    FREEDOM MORTGAGE CORPORATION 30 6.06% $7,134
    NAVY FEDERAL CREDIT UNION 25 5.78% $5,122
    PENNYMAC LOAN SERVICES, LLC 18 5.70% $8,925
    NEWREZ LLC 17 6.13% $7,001
    MOVEMENT MORTGAGE, LLC 16 6.23% $9,786
    LAKEVIEW LOAN SERVICING, LLC 14 5.79% $7,768
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 13 6.44% $7,389
    LOANDEPOT.COM, LLC 12 5.97% $9,859
    USAA Federal Savings Bank 12 6.35% $8,748
    CMG MORTGAGE, INC. 11 6.25% $11,293
    GUARANTEED RATE, INC. 11 6.09% $6,055
    The Federal Savings Bank 10 6.39% $14,862
    HOMESTEAD FUNDING CORP. 9 6.19% $10,355
    BROKER SOLUTIONS, INC. 9 6.75% $11,460
    TOTAL MORTGAGE SERVICES, LLC 9 6.42% $14,640
    VILLAGE CAPITAL MORTGAGE 8 5.59% $4,590
    NORTHPOINT MORTGAGE, INC. 7 6.45% $8,789
    Mr. Cooper ( Nationstar Mortgage ) 5 6.05% $5,842
    GENEVA FINANCIAL, LLC 4 7.31% $14,259
    GUARANTEED RATE AFFINITY, LLC 4 6.13% $9,072
    HOMEBRIDGE FINANCIAL SERVICES, INC. 4 6.69% $4,932
    CROSSCOUNTRY MORTGAGE, LLC 4 6.50% $11,566
    Nations Lending Corporation 4 7.00% $7,333
    Equity Prime Mortgage LLC 3 6.71% $7,751
    Barrington Bank & Trust Company, N.A. 3 6.25% $4,101
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.25% $14,973
    AMERISAVE MORTGAGE CORPORATION 3 6.13% $19,110
    HARBORONE MORTGAGE, LLC 3 5.96% $11,121
    GUILD MORTGAGE COMPANY 3 6.42% $14,403
    Magnolia Bank 3 6.13% $15,697
    NORWICH COMMERCIAL GROUP, INC. 2 6.44% $11,831
    Prosperity Home Mortgage, LLC 2 5.69% $8,940
    NBKC BANK 2 6.25% $6,687
    FIRST WORLD MORTGAGE CORPORATION 2 6.63% $18,280
    EMM LOANS LLC 2 6.19% $11,916
    Citizens Bank 2 5.88% $19,089
    PENTAGON FEDERAL CREDIT UNION 2 6.44% $10,963
    Evolve Bank & Trust 2 5.94% $7,875
    Paramount Residential Mortgage Group, Inc. 2 6.88% $7,117
    Waterstone Mortgage Corporation 1 6.63% $8,825
    AMERICAN FINANCING CORPORATION 1 5.25% $4,337
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 7.25% $4,515
    BAYCOAST MORTGAGE COMPANY, LLC 1 6.63% $3,781
    DREW MORTGAGE ASSOCIATES, INC. 1 6.63% $5,964
    Easthampton Savings Bank 1 6.25% $3,591
    FIRST COMMUNITY MORTGAGE, INC. 1 6.99% $16,083
    FIRST HOME MORTGAGE CORPORATION 1 6.50% $3,710
    Flagstar Bank, FSB 1 6.63% $9,928
    HOMESIDE FINANCIAL, LLC 1 5.75% $25,800
    HOMESPIRE MORTGAGE CORPORATION 1 5.75% $3,475
    JMAC LENDING, INC. 1 6.75% $3,736
    Keystone Funding, Inc. 1 6.63% $14,185
    MEMBER ADVANTAGE MORTGAGE, LLC 1 6.38% $14,709
    MILEND, INC. 1 7.25% $15,167
    NFM, INC. 1 7.75% $3,902
    North American Savings Bank, F.S.B. 1 6.50% $14,609
    PHH Mortgage Corporation 1 6.63% $17,751
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $9,779
    Princeton Mortgage Corporation 1 6.75% $7,244
    RADIUS FINANCIAL GROUP INC. 1 6.25% $8,831
    RELIANCE FIRST CAPITAL, LLC 1 7.00% $15,843
    Semper Home Loans, Inc. 1 7.25% $5,293
    Sierra Pacific Mortgage Company, Inc. 1 6.75% $7,429
    Texana Bank 1 6.25% $2,387
    TOP FLITE FINANCIAL, INC. 1 7.00% $13,101
    US MORTGAGE CORPORATION 1 5.75% $21,717
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.50% $4,559

    The top Springfield VA lender as defined by loan originations is Mortgage Research Center, LLC, with 109 VA loans originated. Their average total fees are $7,972, which is $425 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Springfield VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,122), GUARANTEED RATE, INC. ($6,055), NEWREZ LLC ($7,001), FREEDOM MORTGAGE CORPORATION ($7,134) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($7,389).

    The lowest rate Springfield VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.70%), NAVY FEDERAL CREDIT UNION (5.78%), LAKEVIEW LOAN SERVICING, LLC (5.79%), LOANDEPOT.COM, LLC (5.97%) and QUICKEN LOANS, LLC (6.00%).

    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.