Erie VA Loans
ERIE, 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.
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.