Hermiston VA Loan Rates, Closing Costs & Stats

Hermiston-Pendleton, OR

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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.

    Hermiston's 32 lenders originated 130 VA loans during 2023. The total origination value was $39,590,000, with an average VA loan value of $304,538.

    Hermiston VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Hermiston averaged 6.28% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

    Hermiston's average VA mortgage closing costs are $6,625.

    The average rate for the prior week (2024-07-12) was 6.52% and one month ago for the week of 2024-06-14, the average rate was 6.59%.

    The average rate one year ago was 6.77%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.4%.

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

    Hermiston 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 Hermiston level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 19 6.78% $11,403
    Mortgage Research Center, LLC 18 6.71% $4,056
    QUICKEN LOANS, LLC 12 5.75% $12,653
    ACADEMY MORTGAGE CORPORATION 11 6.41% $12,488
    FREEDOM MORTGAGE CORPORATION 6 6.85% $11,821
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.77% $13,046
    CMG MORTGAGE, INC. 5 6.35% $14,035
    Umpqua Bank 4 6.00% $12,540
    LOANDEPOT.COM, LLC 3 6.17% $17,356
    Banner Bank 3 5.71% $10,248
    NEW DAY FINANCIAL, LLC 3 7.50% $11,821
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.92% $14,712
    The Federal Savings Bank 3 6.08% $17,308
    UNITED WHOLESALE MORTGAGE, LLC 3 6.95% $7,989
    CROSSCOUNTRY MORTGAGE, LLC 2 7.25% $12,224
    NATIONS DIRECT MORTGAGE, LLC 2 6.44% $16,538
    NAVY FEDERAL CREDIT UNION 2 6.00% $7,172
    USAA Federal Savings Bank 2 6.50% $4,208
    CANOPY MORTGAGE, LLC 1 6.88% $18,347
    Paramount Residential Mortgage Group, Inc. 1 6.50% $10,223
    PENNYMAC LOAN SERVICES, LLC 1 5.25% $9,065
    AMERICAN FINANCING CORPORATION 1 6.63% $9,619
    AXIA FINANCIAL, LLC 1 7.25% $18,607
    RANLIFE, INC. 1 6.50% $8,400
    SUMMIT FUNDING, INC. 1 6.63% $1,960
    Cornerstone First Mortgage, Inc 1 6.63% $15,621
    CHURCHILL MORTGAGE CORPORATION 1 7.00% $19,009
    IDAHO CENTRAL 1 6.63% $15,585
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $5,587
    LEADERONE FINANCIAL CORPORATION 1 6.25% $14,512
    CARDINAL FINANCIAL 1 5.63% $5,431
    LPMC, LLC 1 6.13% $4,029

    The top Hermiston VA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 19 VA loans originated. Their average total fees are $11,403, which is $7,347 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Hermiston VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($4,056), GUILD MORTGAGE COMPANY ($11,403), ACADEMY MORTGAGE CORPORATION ($12,488), QUICKEN LOANS, LLC ($12,653) and .

    The lowest rate Hermiston VA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (5.75%), ACADEMY MORTGAGE CORPORATION (6.41%), Mortgage Research Center, LLC (6.71%), GUILD MORTGAGE COMPANY (6.78%) and .

    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.