Chambersburg VA Loans

CHAMBERSBURG-WAYNESBORO, 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.

Chambersburg's 94 lenders originated 659 VA loans during 2021. The total origination value was $162,695,000, with an average VA loan value of $246,882.

Chambersburg VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Chambersburg averaged 5.58% for the week of 2022-05-20, compared to the national average (all VA variants) of 5.143% for the same period.

The average rate for the prior week (2022-05-13) was 5.29% and one month ago for the week of 2022-04-15, the average rate was 5.15%.

The average rate one year ago was 3.05%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.28%.

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

Chambersburg 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 Chambersburg level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
Mortgage Research Center, LLC 61 2.91% $6,159
QUICKEN LOANS, LLC 61 2.46% $4,615
PENNYMAC LOAN SERVICES, LLC 41 2.35% $6,020
FREEDOM MORTGAGE CORPORATION 39 2.47% $2,837
CROSSCOUNTRY MORTGAGE, LLC 25 2.93% $6,601
Integrity Home Mortgage Corp 23 2.74% $10,260
USAA Federal Savings Bank 22 2.82% $5,609
NAVY FEDERAL CREDIT UNION 21 2.49% $5,216
NEW DAY FINANCIAL, LLC 18 3.07% $10,167
PATRIOT 16 2.39% $6,929
LOANDEPOT.COM, LLC 15 2.76% $5,390
VILLAGE CAPITAL & INVESTMENT LLC 13 2.35% $3,422
UNITED WHOLESALE MORTGAGE, LLC 13 2.60% $6,796
UNION HOME MORTGAGE CORP. 10 2.95% $6,201
Northpointe Bank 10 2.78% $9,619
HOME POINT FINANCIAL CORPORATION 9 2.54% $6,861
RESIDENTIAL MORTGAGE SERVICES, INC. 9 2.92% $7,991
CALIBER HOME LOANS, INC. 8 2.41% $4,328
Wells Fargo Bank 8 2.53% $4,656
DHI MORTGAGE COMPANY, LTD. 7 2.63% $7,459
LAKEVIEW LOAN SERVICING, LLC 6 2.46% $3,822
Barrington Bank & Trust Company, N.A. 5 2.48% $3,753
The Federal Savings Bank 5 2.63% $6,830
AMERISAVE MORTGAGE CORPORATION 5 2.65% $7,143
George Mason Mortgage, LLC 4 2.90% $10,570
AMERICAN FINANCIAL NETWORK, INC. 4 2.31% $8,536
CLEARPATH LENDING 4 2.44% $2,971
PLANET HOME LENDING, LLC 4 2.38% $1,715
MILLENNIUM FINANCIAL GROUP, INC. 3 2.54% $2,804
Citizens Bank 3 2.67% $6,096
T2 FINANCIAL LLC 3 3.42% $10,060
HomePromise Corporation 3 2.83% $9,628
U.S. Bank 3 2.29% $12,741
BROKER SOLUTIONS, INC. 3 2.50% $8,770
Network Funding, L.P. 3 2.71% $12,963
Magnolia Bank 3 2.33% $6,734
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 3.21% $9,392
EMBRACE HOME LOANS, INC. 3 3.33% $10,917
FIRST HOME MORTGAGE CORPORATION 3 2.71% $7,073
NEWREZ LLC 3 2.83% $2,288
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.00% $10,986
Atlantic Union Bank 2 2.56% $3,305
Fulton Bank 2 2.88% $6,900
GUILD MORTGAGE COMPANY 2 3.19% $9,638
Homesale Mortgage, LLC 2 3.06% $7,685
HOMESPIRE MORTGAGE CORPORATION 2 2.63% $4,130
MCLEAN MORTGAGE CORPORATION 2 2.69% $5,228
MUTUAL OF OMAHA MORTGAGE, INC. 2 2.81% $8,260
PENTAGON FEDERAL CREDIT UNION 2 2.50% $2,184
Plains Commerce Bank 2 2.63% $5,062
Sierra Pacific Mortgage Company, Inc. 2 3.06% $7,562
SUN WEST MORTGAGE COMPANY, INC. 2 2.25% $2,679
THRIVE MORTGAGE, LLC 2 2.56% $6,713
TIDEWATER MORTGAGE SERVICES, INC. 2 2.69% $10,464
TJC Mortgage, Inc. 2 2.75% $2,586
NATIONWIDE MORTGAGE BANKERS, INC. 1 2.75% $7,916
InterContinental Capital Group, Inc 1 2.50% $4,510
NETWORK CAPITAL FUNDING CORPORATION 1 2.25% $3,814
Huntingdon Valley Bank 1 2.63% $12,726
Foote Capital Mortgage Company 1 3.13% $3,712
Flagstar Bank, FSB 1 2.50% $15,319
NFM, INC. 1 3.00% $27,880
First Heritage Mortgage, LLC 1 3.25% $26,420
NP, Inc. 1 2.25% $9,777
Orrstown Bank 1 3.00% $7,690
First Guaranty Mortgage Corporation 1 2.88% $4,630
Farmers and Merchants Trust Company of Chambersburg 1 2.50% $15,319
Bank of England 1 2.25% $7,266
PHH Mortgage Corporation 1 3.38% $5,931
AMERICAN FINANCING CORPORATION 1 2.25% $829
EMM LOANS LLC 1 2.75% $4,268
ACADEMY MORTGAGE CORPORATION 1 2.88% $525
CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 2.63% $4,857
RELIANCE FIRST CAPITAL, LLC 1 2.50% $12,989
CHURCHILL MORTGAGE CORPORATION 1 3.75% $12,391
Service Federal Credit Union 1 2.63% $3,146
SEVERN SAVINGS BANK, FSB DBA SEVERN BANK 1 2.75% $7,032
US MORTGAGE CORPORATION 1 3.38% $7,436
SOVEREIGN LENDING GROUP INCORPORATED 1 2.75% $5,846
Vellum Mortgage, Inc. 1 2.50% $4,303
CBM Mortgage, Inc. 1 3.00% $8,581
Carrington Mortgage Services, LLC 1 2.25% $6,212
ALLIED MORTGAGE GROUP, INC. 1 2.63% $5,619
ACCELERATE MORTGAGE, LLC 1 1.99% $8,055
WesBanco Bank, Inc. 1 2.63% $4,682
Capital Bank 1 2.88% $3,157
MEMBERS 1ST FEDERAL CREDIT UNION 1 2.38% $3,714
Meridian Bank Corporation 1 2.13% $9,944
Manufacturers and Traders Trust Company 1 2.88% $968
Mortgage America, Inc. 1 2.63% $11,719
Lakeview Community Capital, LLC 1 2.99% $1,745
MOVEMENT MORTGAGE, LLC 1 3.13% $9,506
Mr. Cooper ( Nationstar Mortgage ) 1 2.63% $7,075
BAY CAPITAL MORTGAGE CORPORATION 1 2.25% $4,720

The top Chambersburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 61 VA loans originated. Their average total fees are $6,159, which is $1,544 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Chambersburg VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,837), VILLAGE CAPITAL & INVESTMENT LLC ($3,422), QUICKEN LOANS, LLC ($4,615), NAVY FEDERAL CREDIT UNION ($5,216) and LOANDEPOT.COM, LLC ($5,390).

The lowest rate Chambersburg VA lenders (with over 10 loans originated) are VILLAGE CAPITAL & INVESTMENT LLC (2.35%), PENNYMAC LOAN SERVICES, LLC (2.35%), PATRIOT (2.39%), QUICKEN LOANS, LLC (2.46%) and FREEDOM MORTGAGE CORPORATION (2.47%).

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.