Lancaster VA Loan Rates, Closing Costs & Stats

LANCASTER, PA

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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.

    Lancaster's 75 lenders originated 397 VA loans during 2022. The total origination value was $120,235,000, with an average VA loan value of $302,859.

    Lancaster VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lancaster averaged -0.13% for the week of 2023-11-24, compared to the national average (all VA variants) of 0% for the same period.

    Lancaster's average VA mortgage closing costs are $6,830.

    The average rate for the prior week (2023-11-17) was 6.91% and one month ago for the week of 2023-10-20, the average rate was 7.14%.

    The average rate one year ago was 6.36%.

    For refis of the same type during the week of 2023-11-24, the average rate was -1.38%.

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

    Lancaster 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 Lancaster level.

    Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    Mortgage Research Center, LLC 70 5.38% $9,104
    GUILD MORTGAGE COMPANY 22 4.93% $9,399
    QUICKEN LOANS, LLC 20 3.94% $13,019
    UNITED WHOLESALE MORTGAGE, LLC 19 4.38% $11,379
    NEW DAY FINANCIAL, LLC 16 4.80% $15,191
    CALIBER HOME LOANS, INC. 15 3.91% $10,028
    NAVY FEDERAL CREDIT UNION 15 4.28% $6,622
    FREEDOM MORTGAGE CORPORATION 14 4.32% $12,601
    PENNYMAC LOAN SERVICES, LLC 13 3.54% $8,866
    LOANDEPOT.COM, LLC 11 3.33% $9,372
    CROSSCOUNTRY MORTGAGE, LLC 10 5.60% $12,789
    Citizens Bank 10 4.49% $14,166
    USAA Federal Savings Bank 9 4.22% $9,829
    Mr. Cooper ( Nationstar Mortgage ) 7 4.39% $14,843
    NEWREZ LLC 7 4.55% $12,012
    GUARANTEED RATE, INC. 6 5.41% $8,573
    VILLAGE CAPITAL MORTGAGE 5 4.80% $11,210
    BROKER SOLUTIONS, INC. 4 4.66% $6,892
    The Federal Savings Bank 4 4.50% $13,132
    Wells Fargo Bank 4 4.44% $13,246
    NVR Mortgage Finance, Inc. 4 3.97% $15,681
    NFM, INC. 4 4.69% $8,644
    ARC HOME LLC 4 3.34% $7,092
    Northpointe Bank 3 4.33% $6,929
    EMM LOANS LLC 3 4.79% $13,089
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.04% $8,309
    Flagstar Bank, FSB 3 3.51% $12,790
    Meridian Bank Corporation 3 5.17% $10,080
    CARDINAL FINANCIAL 2 3.31% $22,234
    AMERISAVE MORTGAGE CORPORATION 2 5.00% $15,189
    ALLIED MORTGAGE GROUP, INC. 2 4.25% $7,581
    CLEARPATH LENDING 2 3.69% $11,295
    FINANCE OF AMERICA MORTGAGE LLC 2 3.69% $17,751
    First Guaranty Mortgage Corporation 2 3.69% $18,571
    GUARANTEED RATE AFFINITY, LLC 2 5.56% $14,480
    HOME POINT FINANCIAL CORPORATION 2 6.13% $13,714
    LAKEVIEW LOAN SERVICING, LLC 2 2.75% $3,920
    Mid-Continent Funding, Inc. 2 6.00% $12,423
    MOVEMENT MORTGAGE, LLC 2 4.56% $3,872
    PNC Bank 2 4.44% $16,067
    Sierra Pacific Mortgage Company, Inc. 2 4.69% $9,255
    UNION HOME MORTGAGE CORP. 2 3.88% $11,847
    LOANPAL, LLC 1 3.13% $11,157
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.13% $5,549
    Lakeview Community Capital, LLC 1 4.50% $6,676
    NBKC BANK 1 2.25% $8,591
    Homesale Mortgage, LLC 1 7.13% $5,553
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.25% $16,908
    George Mason Mortgage, LLC 1 3.13% $7,581
    North American Savings Bank, F.S.B. 1 4.50% $14,177
    Fulton Bank 1 4.63% $16,746
    EVERETT FINANCIAL, INC. 1 4.13% $12,832
    ENVOY MORTGAGE, LTD 1 7.00% $10,013
    BELCO COMMUNITY CREDIT UNION 1 6.13% $3,951
    PREMIA MORTGAGE, LLC 1 3.25% $7,686
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.00% $8,053
    Prosperity Home Mortgage, LLC 1 6.25% $4,981
    CMG MORTGAGE, INC. 1 4.38% $11,426
    RELIANCE FIRST CAPITAL, LLC 1 4.63% $18,378
    Residential Mortgage Solutions, Inc. 1 5.25% $24,685
    AmRes Corporation 1 5.75% $5,531
    SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $3,636
    SUCCESS MORTGAGE PARTNERS, INC. 1 4.13% $21,726
    CHURCHILL MORTGAGE CORPORATION 1 2.88% $2,934
    TIDEWATER MORTGAGE SERVICES, INC. 1 2.75% $21,057
    Truist 1 4.90% $7,286
    York Traditions Bank 1 5.25% $13,058
    Union Savings Bank 1 6.75% $9,352
    BNC National Bank 1 4.63% $5,565
    Univest Bank and Trust Co. 1 3.25% $20,827
    MCLEAN MORTGAGE CORPORATION 1 5.13% $8,142
    Blue Ridge Bank 1 3.00% $3,870
    Magnolia Bank 1 3.75% $11,700
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.25% $17,814
    U.S. Bank 1 2.99% $13,467

    The top Lancaster VA lender as defined by loan originations is Mortgage Research Center, LLC, with 70 VA loans originated. Their average total fees are $9,104, which is $295 lower than the next largest lender, GUILD MORTGAGE COMPANY.

    The lowest fee Lancaster VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($6,622), PENNYMAC LOAN SERVICES, LLC ($8,866), Mortgage Research Center, LLC ($9,104), LOANDEPOT.COM, LLC ($9,372) and GUILD MORTGAGE COMPANY ($9,399).

    The lowest rate Lancaster VA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (3.33%), PENNYMAC LOAN SERVICES, LLC (3.54%), CALIBER HOME LOANS, INC. (3.91%), QUICKEN LOANS, LLC (3.94%) and NAVY FEDERAL CREDIT UNION (4.28%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Lancaster (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 $259,700 (6.0%) $296,078 (5.2%) 0.96 1,190
    2018-02-01 $266,900 (10.8%) $306,970 (7.6%) 0.97 1,132
    2018-03-01 $273,358 (11.6%) $315,492 (8.9%) 0.96 1,125
    2018-04-01 $269,900 (8.9%) $311,650 (5.1%) 0.92 1,184
    2018-05-01 $274,728 (9.9%) $316,851 (5.3%) 0.92 1,180
    2018-06-01 $272,900 (9.2%) $316,449 (5.8%) 0.91 1,270
    2018-07-01 $274,900 (12.2%) $318,983 (8.3%) 0.92 1,319
    2018-08-01 $271,248 (10.4%) $320,207 (9.7%) 0.91 1,314
    2018-09-01 $272,500 (10.1%) $320,926 (10.4%) 0.92 1,297
    2018-10-01 $269,900 (8.0%) $323,473 (10.4%) 0.91 1,306
    2018-11-01 $269,900 (9.9%) $321,303 (13.7%) 0.91 1,298
    2018-12-01 $274,900 (10.0%) $323,939 (12.5%) 0.95 1,241
    2019-01-01 $275,000 (5.9%) $325,806 (10.0%) 0.95 1,189
    2019-02-01 $278,945 (4.5%) $329,761 (7.4%) 0.94 1,122
    2019-03-01 $286,371 (4.8%) $337,521 (7.0%) 0.94 1,087
    2019-04-01 $295,000 (9.3%) $345,087 (10.7%) 0.94 1,086
    2019-05-01 $289,950 (5.5%) $342,505 (8.1%) 0.91 1,116
    2019-06-01 $289,900 (6.2%) $346,231 (9.4%) 0.91 1,127
    2019-07-01 $287,173 (4.5%) $347,072 (8.8%) 0.90 1,094
    2019-08-01 $286,264 (5.5%) $347,780 (8.6%) 0.91 1,079
    2019-09-01 $288,309 (5.8%) $348,096 (8.5%) 0.92 1,071
    2019-10-01 $289,900 (7.4%) $348,075 (7.6%) 0.94 1,065
    2019-11-01 $289,999 (7.5%) $345,481 (7.5%) 0.95 1,018
    2019-12-01 $297,550 (8.2%) $352,975 (9.0%) 0.99 891
    2020-01-01 $305,881 (11.2%) $360,415 (10.6%) 1.02 794
    2020-02-01 $319,900 (14.7%) $366,681 (11.2%) 1.05 744
    2020-03-01 $320,200 (11.8%) $374,354 (10.9%) 1.00 718
    2020-04-01 $326,250 (10.6%) $389,335 (12.8%) 1.02 686
    2020-05-01 $319,900 (10.3%) $382,250 (11.6%) 0.97 719
    2020-06-01 $319,675 (10.3%) $378,542 (9.3%) 0.94 739
    2020-07-01 $320,900 (11.7%) $385,175 (11.0%) 0.93 657
    2020-08-01 $334,900 (17.0%) $401,397 (15.4%) 0.96 603
    2020-09-01 $326,618 (13.3%) $394,671 (13.4%) 0.94 573
    2020-10-01 $325,750 (12.4%) $395,386 (13.6%) 0.93 541
    2020-11-01 $329,900 (13.8%) $393,979 (14.0%) 0.96 511
    2020-12-01 $331,400 (11.4%) $388,582 (10.1%) 0.99 481
    2021-01-01 $344,900 (12.8%) $400,339 (11.1%) 1.03 414
    2021-02-01 $354,948 (11.0%) $418,382 (14.1%) 1.03 355
    2021-03-01 $350,000 (9.3%) $409,277 (9.3%) 0.99 361
    2021-04-01 $349,900 (7.3%) $412,695 (6.0%) 0.95 387
    2021-05-01 $350,000 (9.4%) $410,742 (7.5%) 0.93 403
    2021-06-01 $323,750 (1.3%) $390,538 (3.2%) 0.85 466
    2021-07-01 $319,900 (-0.3%) $383,547 (-0.4%) 0.84 463
    2021-08-01 $329,204 (-1.7%) $415,139 (3.4%) 0.88 482
    2021-09-01 $323,725 (-0.9%) $421,584 (6.8%) 0.86 469
    2021-10-01 $322,000 (-1.2%) $416,637 (5.4%) 0.86 469
    2021-11-01 $333,370 (1.1%) $425,534 (8.0%) 0.89 424
    2021-12-01 $349,900 (5.6%) $441,484 (13.6%) 0.95 344
    2022-01-01 $369,900 (7.3%) $495,422 (23.8%) 1.00 251
    2022-02-01 $355,000 (0.0%) $473,356 (13.1%) 0.92 261
    2022-03-01 $368,200 (5.2%) $440,737 (7.7%) 0.92 321
    2022-04-01 $374,998 (7.2%) $454,485 (10.1%) 0.89 336
    2022-05-01 $379,950 (8.6%) $469,536 (14.3%) 0.87 374
    2022-06-01 $365,367 (12.9%) $453,645 (16.2%) 0.81 448
    2022-07-01 $365,000 (14.1%) $455,305 (18.7%) 0.82 473
    2022-08-01 $367,628 (11.7%) $458,726 (10.5%) 0.85 461
    2022-09-01 $349,950 (8.1%) $446,006 (5.8%) 0.82 431
    2022-10-01 $379,900 (18.0%) $469,700 (12.7%) 0.89 433
    2022-11-01 $389,425 (16.8%) $476,010 (11.9%) 0.94 444
    2022-12-01 $395,750 (13.1%) $471,880 (6.9%) 0.98 392
    2023-01-01 $399,975 (8.1%) $478,985 (-3.3%) 0.99 380
    2023-02-01 $422,925 (19.1%) $493,244 (4.2%) 1.02 353
    2023-03-01 $429,250 (16.6%) $492,351 (11.7%) 1.01 370
    2023-04-01 $399,900 (6.6%) $484,721 (6.7%) 0.93 327
    2023-05-01 $399,925 (5.3%) $470,852 (0.3%) 0.91 352
    2023-06-01 $398,725 (9.1%) $465,966 (2.7%) 0.90 357
    2023-07-01 $399,000 (9.3%) $472,372 (3.8%) 0.91 352
    2023-08-01 $395,750 (7.7%) $470,996 (2.7%) 0.91 363
    2023-09-01 $399,000 (14.0%) $471,268 (5.7%) 0.93 368
    2023-10-01 $375,000 (-1.3%) $464,265 (-1.2%) 0.88 431
    Lancaster's median listing price for 2023-10-01 was $375,000, a difference of $-4,900 (-1.3%) versus the prior year and $-24,000 versus the prior month.

    Lancaster's median listing price comes in at 88% of the national average.

    Lancaster's average listing price for 2023-10-01 was $464,265, a difference of $-5,435 (-1.2%) versus the prior year and $-7,003 versus the prior month.

    For the 2023-10-01 period, Lancaster had 431 MLS listings, a difference of 63 listings (17%) versus the prior month and -2 listings (0%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Lancaster (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 86 days 1,861 sqft
    2018-02-01 84 days 1,894 sqft
    2018-03-01 64 days 1,917 sqft
    2018-04-01 54 days 1,897 sqft
    2018-05-01 53 days 1,897 sqft
    2018-06-01 46 days 2,044 sqft
    2018-07-01 47 days 2,039 sqft
    2018-08-01 54 days 2,029 sqft
    2018-09-01 58 days 2,041 sqft
    2018-10-01 56 days 1,993 sqft
    2018-11-01 54 days 1,984 sqft
    2018-12-01 69 days 1,969 sqft
    2019-01-01 71 days 1,941 sqft
    2019-02-01 72 days 1,958 sqft
    2019-03-01 61 days 2,013 sqft
    2019-04-01 44 days 2,083 sqft
    2019-05-01 39 days 2,062 sqft
    2019-06-01 45 days 2,043 sqft
    2019-07-01 46 days 2,027 sqft
    2019-08-01 45 days 2,028 sqft
    2019-09-01 45 days 2,043 sqft
    2019-10-01 44 days 2,053 sqft
    2019-11-01 53 days 2,040 sqft
    2019-12-01 65 days 2,046 sqft
    2020-01-01 71 days 2,105 sqft
    2020-02-01 67 days 2,160 sqft
    2020-03-01 42 days 2,139 sqft
    2020-04-01 61 days 2,150 sqft
    2020-05-01 68 days 2,120 sqft
    2020-06-01 36 days 2,145 sqft
    2020-07-01 33 days 2,159 sqft
    2020-08-01 37 days 2,197 sqft
    2020-09-01 37 days 2,120 sqft
    2020-10-01 43 days 2,048 sqft
    2020-11-01 45 days 2,091 sqft
    2020-12-01 50 days 2,018 sqft
    2021-01-01 52 days 2,063 sqft
    2021-02-01 52 days 2,113 sqft
    2021-03-01 39 days 2,088 sqft
    2021-04-01 26 days 2,075 sqft
    2021-05-01 29 days 2,051 sqft
    2021-06-01 35 days 1,910 sqft
    2021-07-01 39 days 1,927 sqft
    2021-08-01 37 days 1,982 sqft
    2021-09-01 42 days 1,925 sqft
    2021-10-01 40 days 1,968 sqft
    2021-11-01 43 days 1,932 sqft
    2021-12-01 50 days 1,923 sqft
    2022-01-01 48 days 1,975 sqft
    2022-02-01 30 days 1,955 sqft
    2022-03-01 26 days 1,918 sqft
    2022-04-01 33 days 1,976 sqft
    2022-05-01 31 days 2,000 sqft
    2022-06-01 30 days 1,973 sqft
    2022-07-01 32 days 1,971 sqft
    2022-08-01 36 days 1,973 sqft
    2022-09-01 41 days 1,912 sqft
    2022-10-01 37 days 1,969 sqft
    2022-11-01 42 days 2,027 sqft
    2022-12-01 51 days 1,980 sqft
    2023-01-01 54 days 1,949 sqft
    2023-02-01 50 days 1,975 sqft
    2023-03-01 41 days 1,982 sqft
    2023-04-01 34 days 2,043 sqft
    2023-05-01 29 days 2,022 sqft
    2023-06-01 31 days 2,056 sqft
    2023-07-01 34 days 2,056 sqft
    2023-08-01 31 days 1,934 sqft
    2023-09-01 31 days 1,920 sqft
    2023-10-01 30 days 1,924 sqft
    Lancaster's median listing age (time on market) for 2023-10-01 was 30 days. This is -20% shorter than the same period one year ago.

    Lancaster's median square footage for active listings during the 2023-10-01 period was 1,924 sqft. One year prior, the average listing was 1,969 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.