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.