Akron VA Loan Rates, Closing Costs & Stats

AKRON, OH

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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.

    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 6.85% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.79% and one month ago for the week of 2024-06-14, the average rate was 6.86%.

    The average rate one year ago was 6.94%.

    For refis of the same type during the week of 2024-07-19, the average rate was 7.36%.

    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%).

    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.