Erie VA Loans

ERIE, PA

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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 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.

    Erie's 60 lenders originated 526 VA loans during 2021. The total origination value was $103,570,000, with an average VA loan value of $196,901.

    Erie VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Erie averaged 5.3% 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 5.73% and one month ago for the week of 2022-04-08, the average rate was 5.25%.

    The average rate one year ago was 3.06%.

    For refis of the same type during the week of 2022-05-13, the average rate was 5.1%.

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

    Erie 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 Erie level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    Mortgage Research Center, LLC 85 2.84% $4,174
    QUICKEN LOANS, LLC 65 2.58% $4,911
    FREEDOM MORTGAGE CORPORATION 28 2.73% $2,723
    AFFORDABLE MORTGAGE ADVISORS, LLC. 17 2.85% $5,778
    PENNYMAC LOAN SERVICES, LLC 16 2.51% $4,559
    PLAZA HOME MORTGAGE, INC. 16 2.62% $6,427
    NAVY FEDERAL CREDIT UNION 15 2.52% $4,208
    USAA Federal Savings Bank 14 2.85% $4,452
    EQUITY RESOURCES, INC. 14 2.55% $4,207
    VILLAGE CAPITAL & INVESTMENT LLC 13 2.53% $2,732
    Citizens Bank 13 2.83% $4,253
    NEW DAY FINANCIAL, LLC 13 2.81% $5,866
    MOVEMENT MORTGAGE, LLC 13 3.06% $4,144
    LOANDEPOT.COM, LLC 11 2.57% $5,355
    TIDEWATER MORTGAGE SERVICES, INC. 9 3.01% $6,551
    UNITED WHOLESALE MORTGAGE, LLC 7 2.62% $5,205
    Princeton Mortgage Corporation 6 2.73% $7,834
    CALIBER HOME LOANS, INC. 6 2.50% $1,762
    Flagstar Bank, FSB 6 3.17% $6,878
    Barrington Bank & Trust Company, N.A. 6 2.87% $6,650
    HOWARD HANNA FINANCIAL SERVICES, INC. 5 2.70% $8,072
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 4 2.59% $16,626
    CLEARPATH LENDING 4 2.50% $4,113
    Low VA Rates, LLC 4 2.13% $4,535
    NEWREZ LLC 4 3.03% $3,726
    Wells Fargo Bank 4 2.47% $3,501
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.42% $4,005
    Equity Prime Mortgage LLC 3 3.17% $2,753
    LAKEVIEW LOAN SERVICING, LLC 3 2.71% $2,905
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.75% $3,344
    The Federal Savings Bank 3 2.75% $7,921
    UNION HOME MORTGAGE CORP. 3 2.50% $8,269
    HOMESTEAD FUNDING CORP. 3 2.96% $1,172
    First Federal Bank of Kansas City 2 2.63% $5,614
    BOKF 2 2.94% $8,999
    AMERICAN FINANCIAL NETWORK, INC. 2 2.25% $8,497
    GUARANTEED RATE, INC. 2 2.75% $4,492
    FIRST HERITAGE FINANCIAL, LLC 2 2.88% $4,329
    HOME POINT FINANCIAL CORPORATION 2 2.68% $5,595
    PNC Bank 1 3.13% $4,463
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.75% $4,068
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 3.63% $4,761
    CROSSCOUNTRY MORTGAGE, LLC 1 3.13% $1,699
    Carrington Mortgage Services, LLC 1 4.63% $3,103
    RELIANCE FIRST CAPITAL, LLC 1 3.00% $7,242
    RESIDENTIAL MORTGAGE SERVICES, INC. 1 2.50% $3,959
    Atlantic Coast Mortgage, LLC 1 2.25% $4,509
    Peoples National Bank , N.A. 1 3.25% $3,134
    LOANLEADERS OF AMERICA, INC. 1 2.75% $5,247
    AMERISAVE MORTGAGE CORPORATION 1 2.25% $5,372
    MEMBER FIRST MORTGAGE, LLC 1 3.50% $3,701
    Mid-Continent Funding, Inc. 1 3.25% $7,379
    First Midwest Bank 1 2.50% $3,176
    MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $2,404
    Northwest Bank 1 3.00% $3,167
    Paramount Residential Mortgage Group, Inc. 1 2.75% $5,686
    EMBRACE HOME LOANS, INC. 1 2.50% $21,459
    PENTAGON FEDERAL CREDIT UNION 1 2.25% $354
    InterContinental Capital Group, Inc 1 2.25% $4,660
    DIRECT MORTGAGE LOANS, LLC 1 3.13% $6,587

    The top Erie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 85 VA loans originated. Their average total fees are $4,174, which is $738 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Erie VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,723), VILLAGE CAPITAL & INVESTMENT LLC ($2,732), MOVEMENT MORTGAGE, LLC ($4,144), Mortgage Research Center, LLC ($4,174) and EQUITY RESOURCES, INC. ($4,207).

    The lowest rate Erie VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (2.51%), NAVY FEDERAL CREDIT UNION (2.52%), VILLAGE CAPITAL & INVESTMENT LLC (2.53%), EQUITY RESOURCES, INC. (2.55%) and LOANDEPOT.COM, LLC (2.57%).

    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.