Altoona VA Loans

ALTOONA, PA

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 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.

Altoona's 46 lenders originated 278 VA loans during 2021. The total origination value was $51,760,000, with an average VA loan value of $186,187.

Altoona VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Altoona averaged 5.21% for the week of 2022-05-13, compared to the national average (all VA variants) of 5.158% for the same period.

The average rate for the prior week (2022-05-06) was 5.44% and one month ago for the week of 2022-04-08, the average rate was 4.86%.

The average rate one year ago was 2.98%.

For refis of the same type during the week of 2022-05-13, the average rate was 5.15%.

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

Altoona VA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Altoona level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 32 2.88% $4,950
QUICKEN LOANS, LLC 27 2.57% $4,347
NEW DAY FINANCIAL, LLC 15 2.87% $5,194
EQUITY RESOURCES, INC. 15 2.46% $5,203
FREEDOM MORTGAGE CORPORATION 14 2.54% $1,680
NAVY FEDERAL CREDIT UNION 9 2.46% $3,821
VILLAGE CAPITAL & INVESTMENT LLC 8 2.39% $2,614
PENNYMAC LOAN SERVICES, LLC 8 2.59% $4,278
Mr. Cooper ( Nationstar Mortgage ) 7 2.82% $3,474
Citizens Bank 7 2.68% $4,827
USAA Federal Savings Bank 6 2.73% $4,572
UNITED WHOLESALE MORTGAGE, LLC 6 2.77% $5,613
Flagstar Bank, FSB 6 2.35% $9,199
Low VA Rates, LLC 5 2.43% $2,963
Wells Fargo Bank 5 2.68% $3,606
LAKEVIEW LOAN SERVICING, LLC 4 2.75% $3,653
LOANDEPOT.COM, LLC 4 2.84% $5,135
NORWICH COMMERCIAL GROUP, INC. 4 3.75% $7,656
First Federal Bank 4 3.16% $12,681
Barrington Bank & Trust Company, N.A. 4 3.16% $4,378
The Federal Savings Bank 3 2.54% $4,713
NEWREZ LLC 3 2.63% $3,429
PENTAGON FEDERAL CREDIT UNION 2 2.25% $6,630
CLEARPATH LENDING 2 2.50% $2,700
HOME POINT FINANCIAL CORPORATION 2 3.06% $9,874
MCLEAN MORTGAGE CORPORATION 2 2.75% $4,349
MICHIGAN MUTUAL, INC. 1 2.75% $0
Meridian Bank Corporation 1 2.25% $3,421
MOVEMENT MORTGAGE, LLC 1 2.75% $310
MEMBER FIRST MORTGAGE, LLC 1 3.13% $8,285
Integrity Home Mortgage Corp 1 3.00% $3,989
FIRST HERITAGE FINANCIAL, LLC 1 2.63% $9,801
First Commonwealth Bank 1 2.75% $6,040
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.99% $6,129
C & F Mortgage Corporation 1 3.25% $2,603
ACCELERATE MORTGAGE, LLC 1 1.75% $8,008
PLANET HOME LENDING, LLC 1 2.88% $1,005
CALIBER HOME LOANS, INC. 1 2.25% $1,855
SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $4,299
CALCON MUTUAL MORTGAGE LLC 1 3.75% $17,696
TJC Mortgage, Inc. 1 2.25% $4,199
TOWNE MORTGAGE COMPANY 1 3.25% $9,229
AMERISAVE MORTGAGE CORPORATION 1 2.50% $5,826
AmeriHome Mortgage Company, LLC 1 2.50% $4,399
AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $3,964
ALLIED MORTGAGE GROUP, INC. 1 2.50% $2,019

The top Altoona VA lender as defined by loan originations is Mortgage Research Center, LLC, with 32 VA loans originated. Their average total fees are $4,950, which is $603 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Altoona VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($1,680), QUICKEN LOANS, LLC ($4,347), Mortgage Research Center, LLC ($4,950), NEW DAY FINANCIAL, LLC ($5,194) and EQUITY RESOURCES, INC. ($5,203).

The lowest rate Altoona VA lenders (with over 10 loans originated) are EQUITY RESOURCES, INC. (2.46%), FREEDOM MORTGAGE CORPORATION (2.54%), QUICKEN LOANS, LLC (2.57%), NEW DAY FINANCIAL, LLC (2.87%) and Mortgage Research Center, LLC (2.88%).


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Altoona (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 $138,900 (20.8%) $210,366 (11.9%) 0.00 346
2018-02-01 $137,950 (20.0%) $205,966 (8.2%) 0.00 342
2018-03-01 $138,000 (8.3%) $208,985 (0.6%) 0.00 334
2018-04-01 $139,925 (7.7%) $213,197 (3.8%) 0.00 312
2018-05-01 $139,975 (1.8%) $189,066 (-8.7%) 0.00 343
2018-06-01 $140,000 (0.1%) $188,714 (-13.6%) 0.00 355
2018-07-01 $139,900 (0.0%) $187,519 (-13.1%) 0.00 374
2018-08-01 $139,925 (0.7%) $185,899 (-14.0%) 0.00 377
2018-09-01 $138,000 (2.3%) $187,402 (-10.9%) 0.00 369
2018-10-01 $133,250 (2.5%) $182,474 (-8.7%) 0.00 380
2018-11-01 $129,000 (-0.7%) $173,747 (-10.2%) 0.00 378
2018-12-01 $125,000 (-4.6%) $173,593 (-15.2%) 0.00 344
2019-01-01 $127,450 (-8.2%) $178,499 (-15.2%) 0.00 322
2019-02-01 $127,950 (-7.3%) $180,371 (-12.4%) 0.00 323
2019-03-01 $131,529 (-4.7%) $180,407 (-13.7%) 0.00 318
2019-04-01 $137,400 (-1.8%) $183,715 (-13.8%) 0.00 319
2019-05-01 $137,400 (-1.8%) $185,303 (-2.0%) 0.00 357
2019-06-01 $134,900 (-3.6%) $181,160 (-4.0%) 0.00 381
2019-07-01 $134,700 (-3.7%) $177,653 (-5.3%) 0.00 391
2019-08-01 $132,586 (-5.3%) $178,562 (-4.0%) 0.00 389
2019-09-01 $129,700 (-6.0%) $177,416 (-5.3%) 0.00 395
2019-10-01 $129,200 (-3.0%) $175,622 (-3.8%) 0.00 408
2019-11-01 $126,000 (-2.3%) $181,479 (4.5%) 0.00 390
2019-12-01 $124,975 (0.0%) $179,661 (3.5%) 0.00 384
2020-01-01 $126,950 (-0.4%) $180,077 (0.9%) 0.00 360
2020-02-01 $125,000 (-2.3%) $175,702 (-2.6%) 0.00 340
2020-03-01 $127,000 (-3.4%) $177,974 (-1.4%) 0.00 330
2020-04-01 $130,000 (-5.4%) $185,747 (1.1%) 0.00 319
2020-05-01 $139,900 (1.8%) $195,074 (5.3%) 0.00 321
2020-06-01 $137,200 (1.7%) $187,408 (3.5%) 0.00 296
2020-07-01 $149,900 (11.3%) $192,882 (8.6%) 0.00 277
2020-08-01 $149,000 (12.4%) $197,172 (10.4%) 0.00 271
2020-09-01 $145,000 (11.8%) $191,866 (8.1%) 0.00 263
2020-10-01 $144,900 (12.2%) $191,354 (9.0%) 0.00 264
2020-11-01 $145,000 (15.1%) $204,103 (12.5%) 0.00 219
2020-12-01 $149,450 (19.6%) $203,151 (13.1%) 0.00 198
2021-01-01 $145,900 (14.9%) $205,114 (13.9%) 0.00 196
2021-02-01 $145,450 (16.4%) $192,026 (9.3%) 0.00 175
2021-03-01 $149,900 (18.0%) $197,841 (11.2%) 0.00 156
2021-04-01 $158,500 (21.9%) $201,146 (8.3%) 0.00 142
2021-05-01 $150,000 (7.2%) $194,742 (-0.2%) 0.00 128
2021-06-01 $157,000 (14.4%) $198,101 (5.7%) 0.00 141
2021-07-01 $160,000 (6.7%) $199,407 (3.4%) 0.00 157
2021-08-01 $149,900 (0.6%) $189,638 (-3.8%) 0.00 167
2021-09-01 $149,950 (3.4%) $188,103 (-2.0%) 0.00 170
2021-10-01 $149,900 (3.5%) $200,753 (4.9%) 0.00 170
2021-11-01 $152,950 (5.5%) $218,451 (7.0%) 0.00 163
2021-12-01 $140,000 (-6.3%) $205,565 (1.2%) 0.00 157
2022-01-01 $144,900 (-0.7%) $209,682 (2.2%) 0.00 138
2022-02-01 $143,450 (-1.4%) $208,470 (8.6%) 0.00 128
2022-03-01 $145,950 (-2.6%) $217,901 (10.1%) 0.00 108
2022-04-01 $149,900 (-5.4%) $227,696 (13.2%) 0.00 106
Altoona's median listing price for 2022-04-01 was $149,900, a difference of $-8,600 (-5.4%) versus the prior year and $3,950 versus the prior month.

Altoona's median listing price comes in at 0% of the national average.

Altoona's average listing price for 2022-04-01 was $227,696, a difference of $26,550 (13.2%) versus the prior year and $9,795 versus the prior month.

For the 2022-04-01 period, Altoona had 106 MLS listings, a difference of -2 listings (-2%) versus the prior month and -36 listings (-25%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Altoona (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 2,020 sqft
2018-02-01 0 days 1,901 sqft
2018-03-01 0 days 1,900 sqft
2018-04-01 0 days 1,843 sqft
2018-05-01 0 days 1,788 sqft
2018-06-01 0 days 1,828 sqft
2018-07-01 0 days 1,745 sqft
2018-08-01 0 days 1,728 sqft
2018-09-01 0 days 1,800 sqft
2018-10-01 0 days 1,737 sqft
2018-11-01 0 days 1,684 sqft
2018-12-01 0 days 1,700 sqft
2019-01-01 0 days 1,729 sqft
2019-02-01 0 days 1,740 sqft
2019-03-01 0 days 1,782 sqft
2019-04-01 0 days 1,800 sqft
2019-05-01 0 days 1,873 sqft
2019-06-01 0 days 1,805 sqft
2019-07-01 0 days 1,848 sqft
2019-08-01 0 days 1,892 sqft
2019-09-01 0 days 1,907 sqft
2019-10-01 0 days 1,795 sqft
2019-11-01 0 days 1,826 sqft
2019-12-01 0 days 1,816 sqft
2020-01-01 0 days 1,798 sqft
2020-02-01 0 days 1,800 sqft
2020-03-01 0 days 1,740 sqft
2020-04-01 0 days 1,734 sqft
2020-05-01 0 days 1,800 sqft
2020-06-01 0 days 1,793 sqft
2020-07-01 0 days 1,878 sqft
2020-08-01 0 days 1,860 sqft
2020-09-01 0 days 1,736 sqft
2020-10-01 0 days 1,758 sqft
2020-11-01 0 days 1,718 sqft
2020-12-01 0 days 1,713 sqft
2021-01-01 0 days 1,784 sqft
2021-02-01 0 days 1,897 sqft
2021-03-01 0 days 2,040 sqft
2021-04-01 0 days 1,988 sqft
2021-05-01 0 days 1,824 sqft
2021-06-01 0 days 1,853 sqft
2021-07-01 0 days 1,882 sqft
2021-08-01 0 days 1,832 sqft
2021-09-01 0 days 1,797 sqft
2021-10-01 0 days 1,732 sqft
2021-11-01 0 days 1,810 sqft
2021-12-01 0 days 1,810 sqft
2022-01-01 0 days 1,792 sqft
2022-02-01 0 days 1,780 sqft
2022-03-01 0 days 1,800 sqft
2022-04-01 0 days 1,848 sqft
Altoona's median listing age (time on market) for 2022-04-01 was 0 days.

Altoona's median square footage for active listings during the 2022-04-01 period was 1,848 sqft. One year prior, the average listing was 1,988 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.