Harrisonburg VA Loan Rates, Closing Costs & Stats

HARRISONBURG, VA

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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.

    Harrisonburg's 40 lenders originated 88 VA loans during 2023. The total origination value was $30,630,000, with an average VA loan value of $348,068.

    Harrisonburg VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Harrisonburg averaged 6.55% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Harrisonburg's average VA mortgage closing costs are $6,275.

    The average rate for the prior week (2024-07-12) was 6.29% and one month ago for the week of 2024-06-14, the average rate was 6.35%.

    The average rate one year ago was 6.53%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.78%.

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

    Harrisonburg 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 Harrisonburg level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 12 6.82% $8,959
    NVR Mortgage Finance, Inc. 11 5.29% $10,167
    PENNYMAC LOAN SERVICES, LLC 5 5.53% $8,637
    QUICKEN LOANS, LLC 4 5.81% $10,109
    LOANDEPOT.COM, LLC 4 5.41% $10,978
    UNITED WHOLESALE MORTGAGE, LLC 3 5.71% $14,920
    USAA Federal Savings Bank 3 6.21% $9,348
    NAVY FEDERAL CREDIT UNION 3 6.13% $5,048
    Alcova Mortgage LLC 2 7.13% $6,190
    C & F Mortgage Corporation 2 7.00% $5,174
    HOMESPIRE MORTGAGE CORPORATION 2 7.25% $2,107
    Integrity Home Mortgage Corp 2 6.13% $7,902
    MOVEMENT MORTGAGE, LLC 2 6.75% $3,048
    The Federal Savings Bank 2 7.00% $10,201
    UNION HOME MORTGAGE CORP. 2 6.44% $14,231
    Vellum Mortgage, Inc. 2 7.13% $14,352
    AMERICAN FINANCING CORPORATION 1 5.88% $9,234
    Wells Fargo Bank 1 5.50% $12,104
    EMBRACE HOME LOANS, INC. 1 5.99% $19,153
    Mid-Continent Funding, Inc. 1 5.75% $15,192
    DUPONT COMMUNITY 1 6.75% $0
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.13% $4,610
    Nations Lending Corporation 1 6.25% $5,530
    DHI MORTGAGE COMPANY, LTD. 1 5.75% $6,758
    NEWREZ LLC 1 5.75% $13,073
    NFM, INC. 1 6.13% $14,079
    CROSSCOUNTRY MORTGAGE, LLC 1 5.99% $9,524
    Paramount Residential Mortgage Group, Inc. 1 6.63% $7,173
    BROKER SOLUTIONS, INC. 1 5.75% $25,550
    PENTAGON FEDERAL CREDIT UNION 1 4.63% $5,015
    PREMIA MORTGAGE, LLC 1 5.63% $5,163
    Prosperity Home Mortgage, LLC 1 7.50% $7,535
    Barrington Bank & Trust Company, N.A. 1 6.25% $3,340
    ROSS MORTGAGE CORPORATION 1 7.63% $20,100
    First Federal Bank 1 5.50% $4,842
    First Heritage Mortgage, LLC 1 6.63% $22,620
    F & M BANK CORP. 1 6.50% $3,709
    George Mason Mortgage, LLC 1 6.99% $7,978
    GSF Mortgage Corporation 1 6.75% $17,687
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.63% $1,406

    The top Harrisonburg VA lender as defined by loan originations is Mortgage Research Center, LLC, with 12 VA loans originated. Their average total fees are $8,959, which is $1,208 lower than the next largest lender, NVR Mortgage Finance, Inc..

    The lowest fee Harrisonburg VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($8,959), NVR Mortgage Finance, Inc. ($10,167), .

    The lowest rate Harrisonburg VA lenders (with over 10 loans originated) are NVR Mortgage Finance, Inc. (5.29%), Mortgage Research Center, LLC (6.82%), .

    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.