Erie VA Loan Rates, Closing Costs & Stats

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 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.

Erie's 45 lenders originated 163 VA loans during 2023. The total origination value was $33,325,000, with an average VA loan value of $204,448.

Erie VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Erie averaged 0.5% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

Erie's average VA mortgage closing costs are $5,196.

The average rate for the prior week (2024-11-22) was 6.56% and one month ago for the week of 2024-10-25, the average rate was 6.36%.

The average rate one year ago was 7.4%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.1%.

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/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Erie level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 43 6.84% $5,472
QUICKEN LOANS, LLC 19 6.23% $7,207
UNITED WHOLESALE MORTGAGE, LLC 13 6.93% $9,144
NAVY FEDERAL CREDIT UNION 8 6.23% $5,518
USAA Federal Savings Bank 6 6.21% $8,281
AFFORDABLE MORTGAGE ADVISORS, LLC. 6 7.50% $9,541
Equity Prime Mortgage LLC 6 7.15% $6,082
The Federal Savings Bank 4 6.31% $13,235
PLAZA HOME MORTGAGE, INC. 3 6.08% $10,288
FREEDOM MORTGAGE CORPORATION 3 6.92% $11,469
MOVEMENT MORTGAGE, LLC 3 6.46% $5,075
NEW DAY FINANCIAL, LLC 3 7.58% $7,959
GUARANTEED RATE, INC. 2 6.38% $5,752
Barrington Bank & Trust Company, N.A. 2 6.50% $9,344
AMERISAVE MORTGAGE CORPORATION 2 5.75% $7,637
PENNYMAC LOAN SERVICES, LLC 2 5.75% $4,097
PNC Bank 2 6.75% $4,453
EQUITY RESOURCES, INC. 2 6.56% $3,233
Northwest Bank 2 6.19% $3,208
MICHIGAN MUTUAL, INC. 1 6.13% $3,719
First Federal Bank of Kansas City 1 7.63% $4,692
Wells Fargo Bank 1 5.88% $7,170
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $6,735
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $13,781
NBKC BANK 1 5.63% $3,950
ZILLOW HOME LOANS, LLC 1 7.63% $12,555
Paramount Residential Mortgage Group, Inc. 1 6.13% $8,646
PENTAGON FEDERAL CREDIT UNION 1 5.88% $5,375
Plains Commerce Bank 1 6.88% $2,864
PLANET HOME LENDING, LLC 1 7.25% $7,878
CONTOUR MORTGAGE CORPORATION 1 5.63% $11,015
BROKER SOLUTIONS, INC. 1 6.75% $8,074
RELIANCE FIRST CAPITAL, LLC 1 5.50% $8,119
BNC National Bank 1 5.13% $4,804
Victorian Finance, LLC 1 6.38% $7,777
FIRST HERITAGE FINANCIAL, LLC 1 5.75% $4,509
First National Bank of Pennsylvania 1 6.38% $4,708
Flagstar Bank, FSB 1 7.13% $12,151
First Western Trust Bank 1 5.88% $3,439
VILLAGE CAPITAL MORTGAGE 1 5.50% $7,920
HOMESIDE FINANCIAL, LLC 1 7.75% $25,537
HOWARD HANNA FINANCIAL SERVICES, INC. 1 7.75% $5,143
Ixonia Bank 1 6.13% $8,148
LAKEVIEW LOAN SERVICING, LLC 1 7.25% $8,967
Magnolia Bank 1 5.99% $12,635

The top Erie VA lender as defined by loan originations is Mortgage Research Center, LLC, with 43 VA loans originated. Their average total fees are $5,472, which is $1,735 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Erie VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($5,472), QUICKEN LOANS, LLC ($7,207), UNITED WHOLESALE MORTGAGE, LLC ($9,144), .

The lowest rate Erie VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.23%), Mortgage Research Center, LLC (6.84%), UNITED WHOLESALE MORTGAGE, LLC (6.93%), .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Erie (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 $129,900 (8.3%) $190,862 (7.4%) 0.48 1,011
2018-02-01 $133,250 (11.1%) $191,592 (4.8%) 0.48 947
2018-03-01 $134,900 (12.0%) $194,171 (5.0%) 0.47 968
2018-04-01 $139,900 (8.2%) $203,656 (4.2%) 0.47 940
2018-05-01 $147,363 (15.0%) $206,804 (5.8%) 0.49 984
2018-06-01 $144,000 (10.8%) $209,543 (4.3%) 0.48 1,042
2018-07-01 $144,900 (5.0%) $207,969 (2.7%) 0.48 1,089
2018-08-01 $141,175 (4.6%) $204,465 (2.4%) 0.47 1,122
2018-09-01 $136,950 (1.4%) $201,985 (1.5%) 0.46 1,162
2018-10-01 $138,400 (4.7%) $200,402 (2.6%) 0.47 1,137
2018-11-01 $134,925 (2.9%) $200,125 (2.4%) 0.46 1,078
2018-12-01 $134,900 (3.8%) $199,376 (3.5%) 0.47 1,005
2019-01-01 $136,400 (5.0%) $199,894 (4.7%) 0.47 912
2019-02-01 $139,900 (5.0%) $206,435 (7.8%) 0.47 884
2019-03-01 $146,400 (8.5%) $210,557 (8.4%) 0.48 871
2019-04-01 $155,000 (10.8%) $217,173 (6.6%) 0.49 858
2019-05-01 $161,944 (9.9%) $227,642 (10.1%) 0.51 864
2019-06-01 $167,950 (16.6%) $229,506 (9.5%) 0.52 897
2019-07-01 $166,250 (14.7%) $225,689 (8.5%) 0.52 919
2019-08-01 $159,155 (12.7%) $222,171 (8.7%) 0.50 920
2019-09-01 $151,136 (10.4%) $216,765 (7.3%) 0.48 909
2019-10-01 $142,413 (2.9%) $211,858 (5.7%) 0.46 899
2019-11-01 $140,000 (3.8%) $206,675 (3.3%) 0.46 822
2019-12-01 $136,775 (1.4%) $205,037 (2.8%) 0.46 732
2020-01-01 $134,900 (-1.1%) $201,860 (1.0%) 0.45 663
2020-02-01 $137,999 (-1.4%) $209,083 (1.3%) 0.45 599
2020-03-01 $145,287 (-0.8%) $221,563 (5.2%) 0.46 537
2020-04-01 $151,900 (-2.0%) $232,417 (7.0%) 0.48 506
2020-05-01 $164,800 (1.8%) $236,492 (3.9%) 0.50 500
2020-06-01 $171,325 (2.0%) $242,633 (5.7%) 0.50 455
2020-07-01 $167,450 (0.7%) $238,506 (5.7%) 0.49 458
2020-08-01 $162,900 (2.4%) $234,005 (5.3%) 0.47 419
2020-09-01 $153,450 (1.5%) $224,339 (3.5%) 0.44 392
2020-10-01 $139,950 (-1.7%) $214,619 (1.3%) 0.40 408
2020-11-01 $134,800 (-3.7%) $206,960 (0.1%) 0.39 382
2020-12-01 $129,900 (-5.0%) $209,033 (2.0%) 0.39 332
2021-01-01 $135,000 (0.1%) $220,454 (9.2%) 0.40 274
2021-02-01 $139,175 (0.9%) $222,857 (6.6%) 0.41 217
2021-03-01 $137,400 (-5.4%) $225,047 (1.6%) 0.39 207
2021-04-01 $134,900 (-11.2%) $219,258 (-5.7%) 0.37 188
2021-05-01 $149,900 (-9.0%) $252,874 (6.9%) 0.40 201
2021-06-01 $162,900 (-4.9%) $270,943 (11.7%) 0.43 263
2021-07-01 $160,000 (-4.5%) $260,742 (9.3%) 0.42 300
2021-08-01 $147,400 (-9.5%) $250,343 (7.0%) 0.39 319
2021-09-01 $149,900 (-2.3%) $247,559 (10.4%) 0.40 319
2021-10-01 $149,950 (7.2%) $255,610 (19.1%) 0.40 311
2021-11-01 $139,900 (3.8%) $254,738 (23.1%) 0.37 292
2021-12-01 $139,900 (7.7%) $278,740 (33.4%) 0.38 278
2022-01-01 $133,450 (-1.2%) $289,737 (31.4%) 0.36 236
2022-02-01 $138,725 (-0.3%) $286,784 (28.7%) 0.36 189
2022-03-01 $167,500 (21.9%) $313,198 (39.2%) 0.42 184
2022-04-01 $174,950 (29.7%) $304,085 (38.7%) 0.42 196
2022-05-01 $189,900 (26.7%) $296,170 (17.1%) 0.43 236
2022-06-01 $185,550 (13.9%) $281,611 (3.9%) 0.41 271
2022-07-01 $189,450 (18.4%) $275,649 (5.7%) 0.43 293
2022-08-01 $184,750 (25.3%) $281,288 (12.4%) 0.43 315
2022-09-01 $188,802 (26.0%) $271,753 (9.8%) 0.44 315
2022-10-01 $200,000 (33.4%) $283,120 (10.8%) 0.47 299
2022-11-01 $199,900 (42.9%) $287,172 (12.7%) 0.48 262
2022-12-01 $192,000 (37.2%) $279,029 (0.1%) 0.47 233
2023-01-01 $187,872 (40.8%) $278,772 (-3.8%) 0.47 216
2023-02-01 $182,450 (31.5%) $275,806 (-3.8%) 0.44 182
2023-03-01 $197,450 (17.9%) $284,830 (-9.1%) 0.47 182
2023-04-01 $229,950 (31.4%) $319,702 (5.1%) 0.53 173
2023-05-01 $239,450 (26.1%) $321,004 (8.4%) 0.54 191
2023-06-01 $229,500 (23.7%) $312,621 (11.0%) 0.52 193
2023-07-01 $209,900 (10.8%) $306,957 (11.4%) 0.48 231
2023-08-01 $220,650 (19.4%) $305,594 (8.6%) 0.51 243
2023-09-01 $222,450 (17.8%) $316,024 (16.3%) 0.52 258
2023-10-01 $227,000 (13.5%) $313,648 (10.8%) 0.53 277
2023-11-01 $225,000 (12.6%) $308,312 (7.4%) 0.54 291
2023-12-01 $215,950 (12.5%) $299,671 (7.4%) 0.53 241
2024-01-01 $224,950 (19.7%) $305,878 (9.7%) 0.55 227
2024-02-01 $231,200 (26.7%) $317,788 (15.2%) 0.56 193
2024-03-01 $264,900 (34.2%) $352,988 (23.9%) 0.62 178
2024-04-01 $282,075 (22.7%) $374,651 (17.2%) 0.66 175
2024-05-01 $302,400 (26.3%) $390,302 (21.6%) 0.68 190
2024-06-01 $259,900 (13.3%) $338,234 (8.2%) 0.58 214
2024-07-01 $266,250 (26.9%) $349,039 (13.7%) 0.61 203
2024-08-01 $243,450 (10.3%) $330,668 (8.2%) 0.57 226
2024-09-01 $239,925 (7.9%) $331,982 (5.1%) 0.56 247
2024-10-01 $239,675 (5.6%) $326,198 (4.0%) 0.56 258
Erie's median listing price for 2024-10-01 was $239,675, a difference of $12,675 (5.6%) versus the prior year and $-250 versus the prior month.

Erie's median listing price comes in at 56% of the national average.

Erie's average listing price for 2024-10-01 was $326,198, a difference of $12,550 (4.0%) versus the prior year and $-5,784 versus the prior month.

For the 2024-10-01 period, Erie had 258 MLS listings, a difference of 11 listings (4%) versus the prior month and -19 listings (-7%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Erie (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 122 days 1,611 sqft
2018-02-01 121 days 1,614 sqft
2018-03-01 107 days 1,613 sqft
2018-04-01 84 days 1,628 sqft
2018-05-01 70 days 1,637 sqft
2018-06-01 61 days 1,621 sqft
2018-07-01 65 days 1,612 sqft
2018-08-01 67 days 1,581 sqft
2018-09-01 68 days 1,600 sqft
2018-10-01 77 days 1,583 sqft
2018-11-01 89 days 1,574 sqft
2018-12-01 102 days 1,560 sqft
2019-01-01 113 days 1,559 sqft
2019-02-01 116 days 1,573 sqft
2019-03-01 104 days 1,600 sqft
2019-04-01 88 days 1,628 sqft
2019-05-01 75 days 1,642 sqft
2019-06-01 72 days 1,683 sqft
2019-07-01 61 days 1,662 sqft
2019-08-01 65 days 1,632 sqft
2019-09-01 72 days 1,623 sqft
2019-10-01 78 days 1,608 sqft
2019-11-01 87 days 1,593 sqft
2019-12-01 103 days 1,568 sqft
2020-01-01 109 days 1,550 sqft
2020-02-01 110 days 1,560 sqft
2020-03-01 91 days 1,586 sqft
2020-04-01 96 days 1,600 sqft
2020-05-01 89 days 1,640 sqft
2020-06-01 66 days 1,657 sqft
2020-07-01 54 days 1,652 sqft
2020-08-01 53 days 1,668 sqft
2020-09-01 54 days 1,555 sqft
2020-10-01 55 days 1,512 sqft
2020-11-01 69 days 1,487 sqft
2020-12-01 78 days 1,472 sqft
2021-01-01 85 days 1,509 sqft
2021-02-01 77 days 1,505 sqft
2021-03-01 51 days 1,491 sqft
2021-04-01 43 days 1,499 sqft
2021-05-01 36 days 1,524 sqft
2021-06-01 32 days 1,570 sqft
2021-07-01 38 days 1,544 sqft
2021-08-01 39 days 1,515 sqft
2021-09-01 51 days 1,554 sqft
2021-10-01 55 days 1,542 sqft
2021-11-01 64 days 1,544 sqft
2021-12-01 70 days 1,561 sqft
2022-01-01 81 days 1,544 sqft
2022-02-01 84 days 1,584 sqft
2022-03-01 67 days 1,641 sqft
2022-04-01 39 days 1,648 sqft
2022-05-01 35 days 1,667 sqft
2022-06-01 34 days 1,618 sqft
2022-07-01 39 days 1,608 sqft
2022-08-01 43 days 1,591 sqft
2022-09-01 46 days 1,657 sqft
2022-10-01 54 days 1,696 sqft
2022-11-01 63 days 1,724 sqft
2022-12-01 74 days 1,696 sqft
2023-01-01 80 days 1,647 sqft
2023-02-01 85 days 1,655 sqft
2023-03-01 55 days 1,653 sqft
2023-04-01 45 days 1,667 sqft
2023-05-01 38 days 1,674 sqft
2023-06-01 40 days 1,660 sqft
2023-07-01 40 days 1,647 sqft
2023-08-01 37 days 1,657 sqft
2023-09-01 44 days 1,650 sqft
2023-10-01 43 days 1,646 sqft
2023-11-01 42 days 1,690 sqft
2023-12-01 61 days 1,649 sqft
2024-01-01 73 days 1,642 sqft
2024-02-01 73 days 1,712 sqft
2024-03-01 50 days 1,745 sqft
2024-04-01 42 days 1,728 sqft
2024-05-01 34 days 1,733 sqft
2024-06-01 32 days 1,678 sqft
2024-07-01 43 days 1,740 sqft
2024-08-01 38 days 1,668 sqft
2024-09-01 39 days 1,628 sqft
2024-10-01 40 days 1,608 sqft
Erie's median listing age (time on market) for 2024-10-01 was 40 days. This is -8% shorter than the same period one year ago.

Erie's median square footage for active listings during the 2024-10-01 period was 1,608 sqft. One year prior, the average listing was 1,646 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.