Cleveland VA Loan Rates, Closing Costs & Stats

CLEVELAND-ELYRIA, 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.

    Cleveland's 124 lenders originated 1,542 VA loans during 2023. The total origination value was $387,130,000, with an average VA loan value of $251,057.

    Cleveland VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Cleveland averaged 6.67% for the week of 2025-03-14, compared to the national average (all VA variants) of 6.169% for the same period.

    Cleveland's average VA mortgage closing costs are $5,654.

    The average rate for the prior week (2025-03-07) was 6.32% and one month ago for the week of 2025-02-07, the average rate was 6.77%.

    The average rate one year ago was 6.76%.

    For refis of the same type during the week of 2025-03-14, the average rate was 7.19%.

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

    Cleveland 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 Cleveland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 308 6.77% $6,484
    CROSSCOUNTRY MORTGAGE, LLC 136 6.84% $7,497
    QUICKEN LOANS, LLC 126 6.13% $10,333
    NAVY FEDERAL CREDIT UNION 80 5.84% $4,879
    UNITED WHOLESALE MORTGAGE, LLC 71 6.39% $8,483
    FREEDOM MORTGAGE CORPORATION 43 6.55% $12,408
    NVR Mortgage Finance, Inc. 40 5.61% $6,932
    USAA Federal Savings Bank 34 6.30% $8,491
    PENNYMAC LOAN SERVICES, LLC 33 5.72% $6,151
    UNION HOME MORTGAGE CORP. 32 6.80% $9,291
    NEW DAY FINANCIAL, LLC 31 7.71% $11,298
    The Huntington National Bank 30 6.69% $6,408
    HOWARD HANNA FINANCIAL SERVICES, INC. 29 6.51% $9,097
    RUOFF MORTGAGE COMPANY, INC. 23 6.60% $7,178
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 19 6.36% $6,535
    The Federal Savings Bank 19 6.60% $14,526
    Nations Lending Corporation 15 6.86% $10,137
    AMERICAN PACIFIC MORTGAGE CORPORATION 14 7.04% $6,957
    LOANDEPOT.COM, LLC 14 6.40% $9,118
    LIBERTY HOME MORTGAGE CORPORATION 14 7.01% $8,445
    American Midwest Mortgage Corporation 13 6.68% $8,234
    GUARANTEED RATE, INC. 12 6.50% $6,980
    RELIANCE FIRST CAPITAL, LLC 12 6.41% $7,492
    NEWREZ LLC 12 7.08% $8,746
    MUTUAL OF OMAHA MORTGAGE, INC. 12 6.52% $11,251
    Fifth Third Bank 11 6.38% $4,797
    DRAPER AND KRAMER MORTGAGE CORP. 10 6.87% $11,569
    FIRST EQUITY MORTGAGE INCORPORATED 9 6.15% $14,290
    VILLAGE CAPITAL MORTGAGE 9 5.96% $10,469
    AMERISAVE MORTGAGE CORPORATION 9 5.69% $16,332
    Barrington Bank & Trust Company, N.A. 8 6.31% $8,030
    PENTAGON FEDERAL CREDIT UNION 8 5.88% $7,507
    UNION CAPITAL MORTGAGE CORPORATION 8 6.19% $11,293
    Citizens Bank 7 6.27% $6,773
    NORTHERN MORTGAGE SERVICES, LLC 7 6.29% $9,004
    NFM, INC. 6 6.83% $8,439
    Mr. Cooper ( Nationstar Mortgage ) 5 5.68% $9,436
    Magnolia Bank 5 6.48% $14,913
    U.S. Bank 5 6.18% $6,827
    First Federal Savings and Loan Association of Lakewood 5 6.58% $7,610
    NBKC BANK 5 6.38% $8,166
    Dollar Bank, Federal Savings Bank 5 6.40% $5,191
    JPMorgan Chase Bank 5 6.72% $4,266
    PULTE MORTGAGE LLC 4 5.53% $7,015
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 4 6.09% $3,561
    Princeton Mortgage Corporation 4 7.06% $6,658
    Equity Prime Mortgage LLC 4 7.28% $7,663
    YOUR HOME FINANCIAL LLC 4 6.72% $13,806
    First National Bank of Pennsylvania 4 5.88% $3,101
    BROKER SOLUTIONS, INC. 4 6.78% $10,918
    PRIMELENDING, A PLAINSCAPITAL COMPANY 3 6.17% $11,240
    First Savings Bank 3 6.42% $9,289
    Flagstar Bank, FSB 3 6.27% $9,139
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.42% $17,368
    KeyBank 3 6.38% $4,315
    NATIONWIDE MORTGAGE BANKERS, INC. 3 6.92% $8,652
    Prosperity Home Mortgage, LLC 3 6.79% $12,894
    ROYAL UNITED MORTGAGE LLC 3 7.17% $12,288
    SUN WEST MORTGAGE COMPANY, INC. 3 6.88% $8,296
    BAY EQUITY LLC 3 6.17% $5,677
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.58% $9,877
    Ameris Bank 3 6.42% $6,816
    DELMAR FINANCIAL COMPANY 2 6.81% $10,443
    First Federal Bank 2 7.31% $5,740
    HOMESIDE FINANCIAL, LLC 2 6.44% $13,871
    Paramount Residential Mortgage Group, Inc. 2 7.69% $7,716
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.44% $6,102
    CMG MORTGAGE, INC. 2 6.69% $7,864
    TOWNE MORTGAGE COMPANY 2 6.13% $8,728
    GUILD MORTGAGE COMPANY 2 6.88% $6,697
    CHURCHILL MORTGAGE CORPORATION 2 6.88% $9,123
    CARDINAL FINANCIAL 2 6.75% $15,097
    MOVEMENT MORTGAGE, LLC 2 6.50% $8,727
    Ixonia Bank 2 7.13% $12,741
    First Federal Bank of the Midwest 2 6.00% $8,257
    CALIBER HOME LOANS, INC. 2 6.69% $7,297
    ENDEAVOR CAPITAL, LLC. 2 6.81% $8,031
    LOANPAL, LLC 2 6.06% $8,765
    Plains Commerce Bank 2 6.63% $6,821
    VAN DYK MORTGAGE CORPORATION 2 6.75% $6,154
    PNC Bank 2 7.06% $8,790
    Wells Fargo Bank 2 5.50% $15,321
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 7.75% $0
    RESIDENTIAL BANCORP 1 6.75% $13,165
    V.I.P. MORTGAGE, INC. 1 6.88% $8,976
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.63% $14,065
    SIRVA MORTGAGE, INC. 1 6.38% $16,112
    SUCCESS MORTGAGE PARTNERS, INC. 1 5.99% $29,891
    The Farmers National Bank of Canfield 1 6.13% $2,378
    WEST PENN FINANCIAL SERVICE CENTER, INC. 1 5.75% $7,802
    The Loan Store, Inc. 1 6.63% $7,688
    THRIVE MORTGAGE, LLC 1 6.75% $13,626
    TOP FLITE FINANCIAL, INC. 1 7.13% $8,791
    Bank of England 1 6.63% $7,902
    Armed Forces Bank 1 6.25% $10,760
    Union Savings Bank 1 7.00% $13,601
    United Fidelity Funding Corp. 1 6.63% $10,432
    Florida Capital Bank 1 6.50% $3,339
    First Federal Bank of Kansas City 1 6.50% $5,935
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $7,076
    MICHIGAN MUTUAL, INC. 1 8.00% $12,667
    Mid-Continent Funding, Inc. 1 5.88% $8,443
    MORTGAGE ACCESS CORP. 1 5.75% $8,215
    EMM LOANS LLC 1 6.88% $16,110
    KELLER MORTGAGE, LLC 1 6.38% $2,835
    EMBRACE HOME LOANS, INC. 1 6.25% $10,906
    MYCUMORTGAGE, LLC 1 7.63% $15,103
    NATIONS DIRECT MORTGAGE, LLC 1 7.25% $5,208
    Evolve Bank & Trust 1 6.75% $9,818
    Neighborhood Loans, Inc. 1 7.25% $16,297
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 6.25% $8,911
    Cornerstone First Mortgage, Inc 1 6.00% $10,277
    North American Savings Bank, F.S.B. 1 6.99% $2,623
    ZILLOW HOME LOANS, LLC 1 6.25% $3,837
    Northwest Bank 1 7.38% $10,527
    CONTOUR MORTGAGE CORPORATION 1 5.88% $18,745
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 6.50% $5,648
    Academy Bank 1 5.88% $19,559
    PHH Mortgage Corporation 1 7.63% $9,459
    PLAZA HOME MORTGAGE, INC. 1 6.25% $4,247
    POLARIS HOME FUNDING CORP. 1 6.63% $35,709
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.25% $4,655
    Home Federal Savings and Loan Association of Niles 1 7.13% $7,814
    AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $19,432

    The top Cleveland VA lender as defined by loan originations is Mortgage Research Center, LLC, with 308 VA loans originated. Their average total fees are $6,484, which is $1,014 lower than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Cleveland VA lenders (with over 10 loans originated) are Fifth Third Bank ($4,797), NAVY FEDERAL CREDIT UNION ($4,879), PENNYMAC LOAN SERVICES, LLC ($6,151), The Huntington National Bank ($6,408) and Mortgage Research Center, LLC ($6,484).

    The lowest rate Cleveland VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.61%), PENNYMAC LOAN SERVICES, LLC (5.72%), NAVY FEDERAL CREDIT UNION (5.84%), QUICKEN LOANS, LLC (6.13%) and USAA Federal Savings Bank (6.30%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cleveland (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 $160,975 (13.1%) $248,945 (7.4%) 0.60 5,646
    2018-02-01 $165,345 (13.1%) $256,958 (7.2%) 0.60 5,425
    2018-03-01 $173,950 (10.7%) $265,793 (6.3%) 0.61 5,333
    2018-04-01 $184,950 (16.3%) $275,814 (10.0%) 0.63 5,316
    2018-05-01 $191,500 (15.4%) $282,420 (9.2%) 0.64 5,516
    2018-06-01 $197,945 (13.6%) $283,679 (8.6%) 0.66 5,974
    2018-07-01 $190,000 (8.6%) $277,551 (5.8%) 0.63 6,461
    2018-08-01 $189,350 (11.5%) $272,120 (4.8%) 0.63 6,843
    2018-09-01 $185,000 (8.9%) $270,640 (5.3%) 0.62 6,917
    2018-10-01 $185,000 (10.5%) $269,040 (7.6%) 0.63 6,882
    2018-11-01 $184,600 (11.9%) $270,802 (8.9%) 0.63 6,722
    2018-12-01 $179,900 (10.4%) $269,088 (9.0%) 0.62 6,056
    2019-01-01 $179,900 (11.8%) $269,222 (8.2%) 0.62 5,642
    2019-02-01 $185,000 (11.9%) $277,995 (8.2%) 0.63 5,396
    2019-03-01 $198,471 (14.1%) $289,480 (8.9%) 0.65 5,402
    2019-04-01 $208,334 (12.6%) $296,862 (7.6%) 0.66 5,464
    2019-05-01 $202,450 (5.7%) $290,019 (2.7%) 0.63 5,637
    2019-06-01 $209,900 (6.0%) $291,670 (2.8%) 0.66 5,975
    2019-07-01 $204,923 (7.9%) $288,367 (3.9%) 0.64 6,278
    2019-08-01 $199,182 (5.2%) $286,500 (5.3%) 0.63 6,418
    2019-09-01 $197,955 (7.0%) $283,286 (4.7%) 0.63 6,466
    2019-10-01 $193,450 (4.6%) $279,747 (4.0%) 0.62 6,498
    2019-11-01 $184,900 (0.2%) $276,516 (2.1%) 0.61 6,216
    2019-12-01 $179,900 (0.0%) $274,374 (2.0%) 0.60 5,555
    2020-01-01 $179,575 (-0.2%) $275,499 (2.3%) 0.60 4,970
    2020-02-01 $184,950 (0.0%) $289,302 (4.1%) 0.61 4,432
    2020-03-01 $202,400 (2.0%) $303,186 (4.7%) 0.63 4,252
    2020-04-01 $199,900 (-4.1%) $303,372 (2.2%) 0.63 4,114
    2020-05-01 $215,000 (6.2%) $317,557 (9.5%) 0.65 3,759
    2020-06-01 $226,950 (8.1%) $329,082 (12.8%) 0.67 3,514
    2020-07-01 $235,000 (14.7%) $333,595 (15.7%) 0.68 3,349
    2020-08-01 $231,145 (16.1%) $330,186 (15.3%) 0.66 3,275
    2020-09-01 $215,950 (9.1%) $316,802 (11.8%) 0.62 3,273
    2020-10-01 $199,999 (3.4%) $305,114 (9.1%) 0.57 3,401
    2020-11-01 $199,450 (7.9%) $305,866 (10.6%) 0.58 3,294
    2020-12-01 $198,500 (10.3%) $301,803 (10.0%) 0.59 2,941
    2021-01-01 $189,900 (5.8%) $307,380 (11.6%) 0.57 2,471
    2021-02-01 $196,975 (6.5%) $324,274 (12.1%) 0.57 2,024
    2021-03-01 $210,500 (4.0%) $337,690 (11.4%) 0.60 1,962
    2021-04-01 $225,000 (12.6%) $339,382 (11.9%) 0.61 1,934
    2021-05-01 $221,389 (3.0%) $332,864 (4.8%) 0.59 2,312
    2021-06-01 $219,894 (-3.1%) $319,852 (-2.8%) 0.58 2,709
    2021-07-01 $214,900 (-8.6%) $312,462 (-6.3%) 0.57 3,060
    2021-08-01 $199,950 (-13.5%) $304,674 (-7.7%) 0.53 3,264
    2021-09-01 $198,950 (-7.9%) $301,804 (-4.7%) 0.53 3,205
    2021-10-01 $189,900 (-5.1%) $292,643 (-4.1%) 0.51 3,243
    2021-11-01 $189,900 (-4.8%) $294,546 (-3.7%) 0.51 2,945
    2021-12-01 $184,950 (-6.8%) $290,283 (-3.8%) 0.50 2,568
    2022-01-01 $179,000 (-5.7%) $298,791 (-2.8%) 0.48 2,072
    2022-02-01 $179,900 (-8.7%) $308,312 (-4.9%) 0.47 1,850
    2022-03-01 $189,900 (-9.8%) $317,053 (-6.1%) 0.48 1,827
    2022-04-01 $194,950 (-13.4%) $315,213 (-7.1%) 0.46 1,908
    2022-05-01 $217,000 (-2.0%) $329,533 (-1.0%) 0.50 2,269
    2022-06-01 $225,000 (2.3%) $332,700 (4.0%) 0.50 2,659
    2022-07-01 $224,950 (4.7%) $324,786 (3.9%) 0.51 3,123
    2022-08-01 $224,900 (12.5%) $315,058 (3.4%) 0.52 3,406
    2022-09-01 $219,700 (10.4%) $308,766 (2.3%) 0.51 3,401
    2022-10-01 $210,000 (10.6%) $306,730 (4.8%) 0.49 3,515
    2022-11-01 $199,900 (5.3%) $304,017 (3.2%) 0.48 3,439
    2022-12-01 $189,900 (2.7%) $290,396 (0.0%) 0.47 3,005
    2023-01-01 $189,950 (6.1%) $298,141 (-0.2%) 0.47 2,648
    2023-02-01 $199,450 (10.9%) $316,817 (2.8%) 0.48 2,365
    2023-03-01 $212,000 (11.6%) $330,431 (4.2%) 0.50 2,170
    2023-04-01 $225,000 (15.4%) $342,391 (8.6%) 0.52 2,197
    2023-05-01 $236,700 (9.1%) $348,652 (5.8%) 0.54 2,258
    2023-06-01 $248,480 (10.4%) $354,638 (6.6%) 0.56 2,409
    2023-07-01 $245,000 (8.9%) $353,877 (9.0%) 0.56 2,490
    2023-08-01 $249,900 (11.1%) $356,113 (13.0%) 0.57 2,583
    2023-09-01 $240,000 (9.2%) $345,200 (11.8%) 0.56 2,781
    2023-10-01 $238,000 (13.3%) $339,451 (10.7%) 0.56 2,968
    2023-11-01 $225,250 (12.7%) $329,962 (8.5%) 0.54 3,095
    2023-12-01 $219,900 (15.8%) $325,497 (12.1%) 0.54 2,901
    2024-01-01 $214,900 (13.1%) $329,269 (10.4%) 0.52 2,531
    2024-02-01 $212,475 (6.5%) $340,372 (7.4%) 0.51 2,229
    2024-03-01 $229,900 (8.4%) $352,490 (6.7%) 0.54 2,179
    2024-04-01 $255,250 (13.4%) $370,851 (8.3%) 0.59 2,145
    2024-05-01 $274,250 (15.9%) $390,168 (11.9%) 0.62 2,315
    2024-06-01 $285,000 (14.7%) $403,214 (13.7%) 0.64 2,543
    2024-07-01 $265,000 (8.2%) $376,121 (6.3%) 0.61 2,750
    2024-08-01 $269,900 (8.0%) $381,127 (7.0%) 0.63 2,936
    2024-09-01 $262,213 (9.3%) $377,101 (9.2%) 0.62 3,105
    2024-10-01 $250,000 (5.0%) $368,514 (8.6%) 0.59 3,282
    2024-11-01 $249,900 (10.9%) $360,746 (9.3%) 0.60 3,323
    2024-12-01 $239,950 (9.1%) $356,708 (9.6%) 0.60 3,007
    Cleveland's median listing price for 2024-12-01 was $239,950, a difference of $20,050 (9.1%) versus the prior year and $-9,950 versus the prior month.

    Cleveland's median listing price comes in at 60% of the national average.

    Cleveland's average listing price for 2024-12-01 was $356,708, a difference of $31,211 (9.6%) versus the prior year and $-4,038 versus the prior month.

    For the 2024-12-01 period, Cleveland had 3,007 MLS listings, a difference of -316 listings (-10%) versus the prior month and 106 listings (4%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 1,690 sqft
    2018-02-01 84 days 1,700 sqft
    2018-03-01 60 days 1,730 sqft
    2018-04-01 53 days 1,774 sqft
    2018-05-01 51 days 1,802 sqft
    2018-06-01 50 days 1,838 sqft
    2018-07-01 52 days 2,052 sqft
    2018-08-01 53 days 2,028 sqft
    2018-09-01 59 days 2,025 sqft
    2018-10-01 62 days 2,011 sqft
    2018-11-01 63 days 2,002 sqft
    2018-12-01 71 days 1,968 sqft
    2019-01-01 81 days 1,963 sqft
    2019-02-01 79 days 1,980 sqft
    2019-03-01 63 days 2,021 sqft
    2019-04-01 49 days 2,043 sqft
    2019-05-01 51 days 1,831 sqft
    2019-06-01 52 days 1,846 sqft
    2019-07-01 53 days 1,870 sqft
    2019-08-01 55 days 1,934 sqft
    2019-09-01 58 days 1,986 sqft
    2019-10-01 61 days 2,014 sqft
    2019-11-01 72 days 1,960 sqft
    2019-12-01 80 days 1,926 sqft
    2020-01-01 87 days 1,920 sqft
    2020-02-01 86 days 1,928 sqft
    2020-03-01 63 days 1,966 sqft
    2020-04-01 58 days 1,969 sqft
    2020-05-01 72 days 2,000 sqft
    2020-06-01 63 days 2,041 sqft
    2020-07-01 49 days 2,061 sqft
    2020-08-01 49 days 2,029 sqft
    2020-09-01 54 days 1,962 sqft
    2020-10-01 51 days 1,928 sqft
    2020-11-01 56 days 1,908 sqft
    2020-12-01 66 days 1,870 sqft
    2021-01-01 74 days 1,853 sqft
    2021-02-01 70 days 1,823 sqft
    2021-03-01 44 days 1,834 sqft
    2021-04-01 40 days 1,851 sqft
    2021-05-01 32 days 1,867 sqft
    2021-06-01 33 days 1,885 sqft
    2021-07-01 33 days 1,890 sqft
    2021-08-01 37 days 1,850 sqft
    2021-09-01 42 days 1,849 sqft
    2021-10-01 43 days 1,801 sqft
    2021-11-01 46 days 1,781 sqft
    2021-12-01 53 days 1,770 sqft
    2022-01-01 58 days 1,735 sqft
    2022-02-01 50 days 1,732 sqft
    2022-03-01 40 days 1,757 sqft
    2022-04-01 36 days 1,794 sqft
    2022-05-01 33 days 1,835 sqft
    2022-06-01 34 days 1,842 sqft
    2022-07-01 35 days 1,850 sqft
    2022-08-01 39 days 1,848 sqft
    2022-09-01 45 days 1,813 sqft
    2022-10-01 45 days 1,815 sqft
    2022-11-01 45 days 1,800 sqft
    2022-12-01 55 days 1,779 sqft
    2023-01-01 60 days 1,784 sqft
    2023-02-01 53 days 1,794 sqft
    2023-03-01 44 days 1,800 sqft
    2023-04-01 42 days 1,832 sqft
    2023-05-01 38 days 1,820 sqft
    2023-06-01 38 days 1,855 sqft
    2023-07-01 39 days 1,850 sqft
    2023-08-01 39 days 1,888 sqft
    2023-09-01 40 days 1,849 sqft
    2023-10-01 40 days 1,830 sqft
    2023-11-01 44 days 1,820 sqft
    2023-12-01 51 days 1,806 sqft
    2024-01-01 58 days 1,758 sqft
    2024-02-01 50 days 1,752 sqft
    2024-03-01 42 days 1,800 sqft
    2024-04-01 39 days 1,848 sqft
    2024-05-01 30 days 1,915 sqft
    2024-06-01 31 days 1,956 sqft
    2024-07-01 37 days 1,900 sqft
    2024-08-01 38 days 1,905 sqft
    2024-09-01 39 days 1,898 sqft
    2024-10-01 42 days 1,875 sqft
    2024-11-01 45 days 1,864 sqft
    2024-12-01 55 days 1,821 sqft
    Cleveland's median listing age (time on market) for 2024-12-01 was 55 days. This is 7% longer than the same period one year ago.

    Cleveland's median square footage for active listings during the 2024-12-01 period was 1,821 sqft. One year prior, the average listing was 1,806 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.