Akron VA Loan Rates, Closing Costs & Stats

AKRON, OH

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.

Akron's 79 lenders originated 553 VA loans during 2023. The total origination value was $130,725,000, with an average VA loan value of $236,392.

Akron VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Akron averaged 6.67% for the week of 2024-06-14, compared to the national average (all VA variants) of 6.423% for the same period.

Akron's average VA mortgage closing costs are $5,592.

The average rate for the prior week (2024-06-07) was 6.64% and one month ago for the week of 2024-05-10, the average rate was 6.86%.

The average rate one year ago was 6.7%.

For refis of the same type during the week of 2024-06-14, the average rate was 7.38%.

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

Akron 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 Akron level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 143 6.88% $5,516
CROSSCOUNTRY MORTGAGE, LLC 57 6.92% $8,072
QUICKEN LOANS, LLC 38 6.12% $11,190
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.89% $8,892
UNITED WHOLESALE MORTGAGE, LLC 18 6.30% $11,257
NAVY FEDERAL CREDIT UNION 18 5.97% $3,679
NVR Mortgage Finance, Inc. 15 5.55% $6,940
The Huntington National Bank 13 6.84% $6,157
POLARIS HOME FUNDING CORP. 11 6.68% $10,757
USAA Federal Savings Bank 11 6.11% $7,260
PENNYMAC LOAN SERVICES, LLC 9 5.82% $5,180
AMERICAN PACIFIC MORTGAGE CORPORATION 8 6.67% $6,258
NEW DAY FINANCIAL, LLC 8 7.56% $11,164
FREEDOM MORTGAGE CORPORATION 8 6.61% $16,296
UNION HOME MORTGAGE CORP. 7 6.57% $7,404
DRAPER AND KRAMER MORTGAGE CORP. 7 6.57% $12,002
JPMorgan Chase Bank 6 6.48% $3,603
LIBERTY HOME MORTGAGE CORPORATION 6 6.90% $5,465
RUOFF MORTGAGE COMPANY, INC. 6 6.79% $6,667
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.95% $5,365
GUARANTEED RATE, INC. 5 5.99% $3,672
Mr. Cooper ( Nationstar Mortgage ) 4 6.06% $7,292
VILLAGE CAPITAL MORTGAGE 4 5.53% $10,704
Nations Lending Corporation 4 6.84% $9,668
HOWARD HANNA FINANCIAL SERVICES, INC. 4 6.34% $8,316
LOANDEPOT.COM, LLC 4 6.53% $11,928
Fifth Third Bank 4 6.53% $2,701
Barrington Bank & Trust Company, N.A. 3 5.42% $3,243
Flagstar Bank, FSB 3 6.84% $6,157
The Federal Savings Bank 3 7.21% $11,640
GVC MORTGAGE, INC. 3 7.17% $7,852
PULTE MORTGAGE LLC 3 5.42% $8,424
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.75% $6,572
AMERISAVE MORTGAGE CORPORATION 2 5.94% $22,911
Century Mortgage Company DBA Century Lending Company 2 7.00% $3,824
K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 2 5.44% $3,481
LEADERONE FINANCIAL CORPORATION 2 6.12% $5,725
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.38% $9,599
Magnolia Bank 2 6.06% $16,458
UNION CAPITAL MORTGAGE CORPORATION 2 6.75% $10,074
RELIANCE FIRST CAPITAL, LLC 2 6.88% $7,251
First Federal Bank of the Midwest 2 5.38% $4,735
First Federal Bank 2 6.19% $15,024
PREMIER LENDING, INC. 2 6.88% $6,648
FIRST CENTENNIAL MORTGAGE CORPORATION 2 6.94% $7,105
YOUR HOME FINANCIAL LLC 2 7.00% $10,929
The Union Bank Company 1 6.75% $8,962
American Mortgage & Equity Consultants, Inc. 1 8.13% $14,454
Armed Forces Bank 1 6.50% $12,026
Bank of England 1 7.50% $9,314
BAY EQUITY LLC 1 5.99% $10,252
BROKER SOLUTIONS, INC. 1 7.13% $7,180
CALIBER HOME LOANS, INC. 1 6.25% $5,910
Citizens Bank 1 7.63% $8,078
COMMUNITYAMERICA 1 6.63% $5,905
DAS Acquisition Company, LLC 1 6.99% $11,443
Farmers Bank & Trust 1 5.00% $12,219
First Commonwealth Bank 1 6.25% $19,468
FIRST EQUITY MORTGAGE INCORPORATED 1 5.99% $6,309
GSF Mortgage Corporation 1 7.13% $21,992
GUARANTEED RATE AFFINITY, LLC 1 6.63% $3,356
HomePromise Corporation 1 6.25% $8,887
HOMESIDE FINANCIAL, LLC 1 7.25% $1,152
Ixonia Bank 1 7.38% $19,852
MICHIGAN MUTUAL, INC. 1 7.63% $13,008
MID AMERICA MORTGAGE, INC. 1 6.63% $2,497
MYCUMORTGAGE, LLC 1 7.63% $5,312
NATIONS DIRECT MORTGAGE, LLC 1 6.50% $4,083
Northpointe Bank 1 6.75% $10,280
ON Q FINANCIAL, INC. 1 6.50% $0
Plains Commerce Bank 1 7.13% $5,680
PLANET HOME LENDING, LLC 1 6.38% $12,822
PLAZA HOME MORTGAGE, INC. 1 6.25% $2,937
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $6,928
Prosperity Home Mortgage, LLC 1 6.88% $14,176
American Midwest Mortgage Corporation 1 6.63% $5,473
TOP FLITE FINANCIAL, INC. 1 6.63% $1,128
Union Savings Bank 1 6.50% $3,864
Wells Fargo Bank 1 5.88% $5,002

The top Akron VA lender as defined by loan originations is Mortgage Research Center, LLC, with 143 VA loans originated. Their average total fees are $5,516, which is $2,556 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

The lowest fee Akron VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($3,679), Mortgage Research Center, LLC ($5,516), The Huntington National Bank ($6,157), NVR Mortgage Finance, Inc. ($6,940) and USAA Federal Savings Bank ($7,260).

The lowest rate Akron VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.55%), NAVY FEDERAL CREDIT UNION (5.97%), USAA Federal Savings Bank (6.11%), QUICKEN LOANS, LLC (6.12%) and UNITED WHOLESALE MORTGAGE, LLC (6.30%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Akron (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $132,450 (5.0%) $213,127 (8.5%) 0.49 1,867
2018-02-01 $133,800 (3.0%) $215,526 (7.0%) 0.49 1,844
2018-03-01 $145,000 (5.1%) $229,294 (9.2%) 0.51 1,792
2018-04-01 $149,950 (7.1%) $236,539 (9.6%) 0.51 1,770
2018-05-01 $162,400 (16.0%) $243,967 (6.9%) 0.54 1,807
2018-06-01 $169,900 (18.7%) $251,718 (9.6%) 0.57 1,920
2018-07-01 $172,875 (16.0%) $253,010 (9.6%) 0.58 1,959
2018-08-01 $165,725 (10.6%) $242,523 (6.5%) 0.56 2,098
2018-09-01 $160,000 (8.1%) $239,124 (5.2%) 0.54 2,130
2018-10-01 $159,900 (11.4%) $235,622 (7.2%) 0.54 2,104
2018-11-01 $154,950 (10.7%) $236,054 (8.9%) 0.53 2,004
2018-12-01 $152,000 (9.6%) $232,712 (8.8%) 0.52 1,789
2019-01-01 $149,900 (13.2%) $234,131 (9.9%) 0.52 1,623
2019-02-01 $152,775 (14.2%) $245,081 (13.7%) 0.52 1,480
2019-03-01 $163,872 (13.0%) $252,014 (9.9%) 0.54 1,485
2019-04-01 $169,125 (12.8%) $258,378 (9.2%) 0.54 1,493
2019-05-01 $174,900 (7.7%) $254,801 (4.4%) 0.55 1,548
2019-06-01 $179,000 (5.4%) $255,767 (1.6%) 0.56 1,692
2019-07-01 $177,450 (2.7%) $256,523 (1.4%) 0.56 1,787
2019-08-01 $172,200 (3.9%) $251,627 (3.8%) 0.55 1,816
2019-09-01 $168,150 (5.1%) $246,166 (2.9%) 0.54 1,868
2019-10-01 $165,000 (3.2%) $241,600 (2.5%) 0.53 1,938
2019-11-01 $154,150 (-0.5%) $224,815 (-4.8%) 0.51 1,873
2019-12-01 $149,900 (-1.4%) $216,795 (-6.8%) 0.50 1,705
2020-01-01 $144,900 (-3.3%) $216,557 (-7.5%) 0.48 1,544
2020-02-01 $149,900 (-1.9%) $225,280 (-8.1%) 0.49 1,388
2020-03-01 $159,950 (-2.4%) $240,318 (-4.6%) 0.50 1,295
2020-04-01 $167,200 (-1.1%) $246,488 (-4.6%) 0.52 1,261
2020-05-01 $179,500 (2.6%) $255,278 (0.2%) 0.55 1,134
2020-06-01 $189,450 (5.8%) $267,833 (4.7%) 0.56 1,062
2020-07-01 $189,950 (7.0%) $271,112 (5.7%) 0.55 1,015
2020-08-01 $189,900 (10.3%) $272,614 (8.3%) 0.54 923
2020-09-01 $179,950 (7.0%) $270,789 (10.0%) 0.52 918
2020-10-01 $179,900 (9.0%) $265,953 (10.1%) 0.52 927
2020-11-01 $166,750 (8.2%) $253,511 (12.8%) 0.49 915
2020-12-01 $158,500 (5.7%) $239,545 (10.5%) 0.47 792
2021-01-01 $149,900 (3.5%) $229,439 (6.0%) 0.45 676
2021-02-01 $153,850 (2.6%) $248,136 (10.2%) 0.45 523
2021-03-01 $167,400 (4.7%) $256,752 (6.8%) 0.48 482
2021-04-01 $179,925 (7.6%) $267,615 (8.6%) 0.49 478
2021-05-01 $189,450 (5.5%) $272,707 (6.8%) 0.50 583
2021-06-01 $187,450 (-1.1%) $272,231 (1.6%) 0.49 768
2021-07-01 $189,900 (0.0%) $268,163 (-1.1%) 0.50 909
2021-08-01 $183,950 (-3.1%) $279,379 (2.5%) 0.49 958
2021-09-01 $179,450 (-0.3%) $274,373 (1.3%) 0.48 965
2021-10-01 $175,000 (-2.7%) $265,176 (-0.3%) 0.47 975
2021-11-01 $169,950 (1.9%) $264,925 (4.5%) 0.45 861
2021-12-01 $157,400 (-0.7%) $254,561 (6.3%) 0.43 793
2022-01-01 $149,250 (-0.4%) $254,363 (10.9%) 0.40 644
2022-02-01 $155,000 (0.8%) $270,084 (8.9%) 0.40 489
2022-03-01 $171,950 (2.7%) $283,749 (10.5%) 0.43 473
2022-04-01 $179,900 (0.0%) $294,221 (9.9%) 0.43 559
2022-05-01 $187,425 (-1.1%) $293,413 (7.6%) 0.43 654
2022-06-01 $199,900 (6.6%) $298,113 (9.5%) 0.45 803
2022-07-01 $199,900 (5.3%) $289,189 (7.8%) 0.45 964
2022-08-01 $199,750 (8.6%) $278,782 (-0.2%) 0.46 966
2022-09-01 $198,000 (10.3%) $278,249 (1.4%) 0.46 1,001
2022-10-01 $189,000 (8.0%) $272,085 (2.6%) 0.44 1,085
2022-11-01 $187,594 (10.4%) $266,783 (0.7%) 0.45 1,089
2022-12-01 $179,999 (14.4%) $267,984 (5.3%) 0.44 929
2023-01-01 $177,450 (18.9%) $264,340 (3.9%) 0.44 792
2023-02-01 $180,450 (16.4%) $270,612 (0.2%) 0.44 656
2023-03-01 $179,925 (4.6%) $274,974 (-3.1%) 0.42 612
2023-04-01 $199,900 (11.1%) $290,906 (-1.1%) 0.46 578
2023-05-01 $211,000 (12.6%) $298,760 (1.8%) 0.48 587
2023-06-01 $225,500 (12.8%) $303,426 (1.8%) 0.51 685
2023-07-01 $230,000 (15.1%) $314,740 (8.8%) 0.52 670
2023-08-01 $232,475 (16.4%) $323,173 (15.9%) 0.53 763
2023-09-01 $234,950 (18.7%) $326,310 (17.3%) 0.55 823
2023-10-01 $229,925 (21.7%) $323,978 (19.1%) 0.54 900
2023-11-01 $214,993 (14.6%) $316,819 (18.8%) 0.51 884
2023-12-01 $214,995 (19.4%) $317,227 (18.4%) 0.52 786
2024-01-01 $210,500 (18.6%) $322,223 (21.9%) 0.51 701
2024-02-01 $207,823 (15.2%) $317,387 (17.3%) 0.50 639
2024-03-01 $212,500 (18.1%) $324,680 (18.1%) 0.50 645
2024-04-01 $228,750 (14.4%) $354,727 (21.9%) 0.53 594
2024-05-01 $252,400 (19.6%) $388,180 (29.9%) 0.57 638
Akron's median listing price for 2024-05-01 was $252,400, a difference of $41,400 (19.6%) versus the prior year and $23,650 versus the prior month.

Akron's median listing price comes in at 57% of the national average.

Akron's average listing price for 2024-05-01 was $388,180, a difference of $89,420 (29.9%) versus the prior year and $33,453 versus the prior month.

For the 2024-05-01 period, Akron had 638 MLS listings, a difference of 44 listings (7%) versus the prior month and 51 listings (9%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Akron (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,538 sqft
2018-02-01 68 days 1,548 sqft
2018-03-01 56 days 1,589 sqft
2018-04-01 49 days 1,606 sqft
2018-05-01 47 days 1,666 sqft
2018-06-01 45 days 1,698 sqft
2018-07-01 50 days 1,869 sqft
2018-08-01 48 days 1,800 sqft
2018-09-01 53 days 1,788 sqft
2018-10-01 57 days 1,781 sqft
2018-11-01 59 days 1,738 sqft
2018-12-01 67 days 1,722 sqft
2019-01-01 75 days 1,681 sqft
2019-02-01 72 days 1,707 sqft
2019-03-01 55 days 1,728 sqft
2019-04-01 44 days 1,747 sqft
2019-05-01 42 days 1,703 sqft
2019-06-01 43 days 1,725 sqft
2019-07-01 47 days 1,742 sqft
2019-08-01 51 days 1,733 sqft
2019-09-01 53 days 1,729 sqft
2019-10-01 54 days 1,726 sqft
2019-11-01 61 days 1,679 sqft
2019-12-01 70 days 1,634 sqft
2020-01-01 80 days 1,619 sqft
2020-02-01 77 days 1,645 sqft
2020-03-01 58 days 1,708 sqft
2020-04-01 54 days 1,714 sqft
2020-05-01 72 days 1,750 sqft
2020-06-01 55 days 1,820 sqft
2020-07-01 45 days 1,825 sqft
2020-08-01 48 days 1,800 sqft
2020-09-01 51 days 1,767 sqft
2020-10-01 46 days 1,750 sqft
2020-11-01 50 days 1,658 sqft
2020-12-01 57 days 1,578 sqft
2021-01-01 60 days 1,536 sqft
2021-02-01 50 days 1,559 sqft
2021-03-01 36 days 1,595 sqft
2021-04-01 32 days 1,659 sqft
2021-05-01 26 days 1,702 sqft
2021-06-01 24 days 1,707 sqft
2021-07-01 29 days 1,692 sqft
2021-08-01 31 days 1,657 sqft
2021-09-01 37 days 1,634 sqft
2021-10-01 39 days 1,616 sqft
2021-11-01 42 days 1,623 sqft
2021-12-01 45 days 1,564 sqft
2022-01-01 50 days 1,538 sqft
2022-02-01 46 days 1,547 sqft
2022-03-01 35 days 1,575 sqft
2022-04-01 25 days 1,590 sqft
2022-05-01 28 days 1,636 sqft
2022-06-01 28 days 1,668 sqft
2022-07-01 31 days 1,680 sqft
2022-08-01 36 days 1,670 sqft
2022-09-01 36 days 1,652 sqft
2022-10-01 36 days 1,641 sqft
2022-11-01 39 days 1,665 sqft
2022-12-01 49 days 1,624 sqft
2023-01-01 56 days 1,608 sqft
2023-02-01 48 days 1,621 sqft
2023-03-01 38 days 1,584 sqft
2023-04-01 36 days 1,671 sqft
2023-05-01 36 days 1,686 sqft
2023-06-01 33 days 1,693 sqft
2023-07-01 34 days 1,747 sqft
2023-08-01 32 days 1,743 sqft
2023-09-01 36 days 1,731 sqft
2023-10-01 36 days 1,728 sqft
2023-11-01 38 days 1,705 sqft
2023-12-01 44 days 1,685 sqft
2024-01-01 53 days 1,672 sqft
2024-02-01 41 days 1,626 sqft
2024-03-01 38 days 1,674 sqft
2024-04-01 36 days 1,807 sqft
2024-05-01 23 days 1,844 sqft
Akron's median listing age (time on market) for 2024-05-01 was 23 days. This is -35% shorter than the same period one year ago.

Akron's median square footage for active listings during the 2024-05-01 period was 1,844 sqft. One year prior, the average listing was 1,686 sqft.

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.