Lancaster VA Loan Rates, Closing Costs & Stats

LANCASTER, 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.

Lancaster's 63 lenders originated 244 VA loans during 2023. The total origination value was $77,650,000, with an average VA loan value of $318,238.

Lancaster VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Lancaster averaged 7.01% for the week of 2024-05-10, compared to the national average (all VA variants) of 6.593% for the same period.

Lancaster's average VA mortgage closing costs are $7,170.

The average rate for the prior week (2024-05-03) was 6.74% and one month ago for the week of 2024-04-05, the average rate was 6.64%.

The average rate one year ago was 6.21%.

For refis of the same type during the week of 2024-05-10, the average rate was 7.05%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 37 6.74% $7,849
UNITED WHOLESALE MORTGAGE, LLC 19 6.04% $11,228
GUILD MORTGAGE COMPANY 14 6.58% $13,317
NAVY FEDERAL CREDIT UNION 12 5.69% $9,408
QUICKEN LOANS, LLC 11 6.26% $15,940
EMM LOANS LLC 8 6.38% $10,818
LOANDEPOT.COM, LLC 7 6.10% $13,966
PENNYMAC LOAN SERVICES, LLC 7 5.45% $8,704
BROKER SOLUTIONS, INC. 6 6.48% $16,166
CALIBER HOME LOANS, INC. 6 5.67% $9,571
CROSSCOUNTRY MORTGAGE, LLC 6 6.80% $13,667
FREEDOM MORTGAGE CORPORATION 5 6.25% $19,842
NEW DAY FINANCIAL, LLC 5 7.60% $11,053
GUARANTEED RATE, INC. 4 6.04% $10,585
Homesale Mortgage, LLC 4 6.50% $13,330
NEWREZ LLC 4 6.59% $14,363
Fulton Bank 3 6.46% $10,643
USAA Federal Savings Bank 3 5.83% $7,961
VILLAGE CAPITAL MORTGAGE 3 6.00% $7,673
Citizens Bank 3 6.21% $17,899
Mr. Cooper ( Nationstar Mortgage ) 3 5.92% $20,211
York Traditions Bank 2 6.75% $10,220
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.00% $24,796
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.19% $13,547
First National Bank of Pennsylvania 2 5.75% $20,571
GREENTREE MORTGAGE COMPANY, L.P. 2 6.75% $12,458
HOWARD HANNA FINANCIAL SERVICES, INC. 2 6.81% $5,301
MEMBERS 1ST FEDERAL CREDIT UNION 2 6.63% $6,139
Northpointe Bank 2 6.38% $11,435
Orrstown Bank 2 6.13% $9,298
Paramount Residential Mortgage Group, Inc. 2 6.37% $6,389
RADIUS FINANCIAL GROUP INC. 2 7.13% $15,624
Sierra Pacific Mortgage Company, Inc. 2 6.19% $8,023
The Federal Savings Bank 2 6.00% $14,446
Wells Fargo Bank 2 5.25% $5,588
MOVEMENT MORTGAGE, LLC 1 7.13% $3,363
GUARANTY HOME MORTGAGE CORPORATION 1 5.50% $11,594
NATION ONE MORTGAGE CORPORATION 1 6.63% $20,067
Nations Lending Corporation 1 5.63% $24,180
GUARANTEED RATE AFFINITY, LLC 1 6.25% $5,846
GSF Mortgage Corporation 1 6.75% $7,278
CMG MORTGAGE, INC. 1 5.75% $19,036
UNION HOME MORTGAGE CORP. 1 5.38% $19,657
Barrington Bank & Trust Company, N.A. 1 6.25% $17,408
AMERISAVE MORTGAGE CORPORATION 1 5.75% $13,962
CARDINAL FINANCIAL 1 5.50% $6,363
PENTAGON FEDERAL CREDIT UNION 1 5.88% $13,220
PHH Mortgage Corporation 1 6.99% $18,625
BNC National Bank 1 5.25% $4,676
AMERICAN FINANCIAL NETWORK, INC. 1 6.75% $5,745
RELIANCE FIRST CAPITAL, LLC 1 6.88% $6,713
Alcova Mortgage LLC 1 7.38% $776
SOVEREIGN LENDING GROUP INCORPORATED 1 4.75% $21,609
SUCCESS MORTGAGE PARTNERS, INC. 1 6.00% $20,187
Wilmington Savings Fund Society, FSB 1 6.75% $15,641
Keystone Funding, Inc. 1 7.13% $4,118
HOMESPIRE MORTGAGE CORPORATION 1 7.13% $7,826
Magnolia Bank 1 7.00% $19,585
MCLEAN MORTGAGE CORPORATION 1 5.63% $12,551
TOP FLITE FINANCIAL, INC. 1 6.75% $20,517
Mid-Continent Funding, Inc. 1 5.50% $5,363
Mid Penn Bank 1 6.75% $30,848
HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.99% $25,674

The top Lancaster VA lender as defined by loan originations is Mortgage Research Center, LLC, with 37 VA loans originated. Their average total fees are $7,849, which is $3,379 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Lancaster VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,849), NAVY FEDERAL CREDIT UNION ($9,408), UNITED WHOLESALE MORTGAGE, LLC ($11,228), GUILD MORTGAGE COMPANY ($13,317) and QUICKEN LOANS, LLC ($15,940).

The lowest rate Lancaster VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.69%), UNITED WHOLESALE MORTGAGE, LLC (6.04%), QUICKEN LOANS, LLC (6.26%), GUILD MORTGAGE COMPANY (6.58%) and Mortgage Research Center, LLC (6.74%).


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 $259,800 (6.0%) $296,089 (5.1%) 0.96 1,191
2018-02-01 $267,073 (10.8%) $306,972 (7.5%) 0.97 1,133
2018-03-01 $273,679 (11.7%) $315,487 (8.8%) 0.96 1,126
2018-04-01 $269,900 (8.9%) $311,649 (5.1%) 0.92 1,185
2018-05-01 $274,845 (10.0%) $316,846 (5.3%) 0.92 1,181
2018-06-01 $272,977 (9.3%) $316,444 (5.8%) 0.91 1,271
2018-07-01 $274,900 (12.2%) $318,976 (8.2%) 0.92 1,320
2018-08-01 $271,350 (10.4%) $320,200 (9.6%) 0.91 1,315
2018-09-01 $272,700 (10.2%) $320,918 (10.3%) 0.92 1,298
2018-10-01 $269,900 (8.0%) $323,464 (10.4%) 0.91 1,307
2018-11-01 $269,900 (9.9%) $321,295 (13.7%) 0.91 1,299
2018-12-01 $274,900 (10.0%) $323,928 (12.5%) 0.95 1,242
2019-01-01 $275,000 (5.9%) $325,801 (10.0%) 0.95 1,190
2019-02-01 $278,948 (4.5%) $329,752 (7.4%) 0.94 1,123
2019-03-01 $288,043 (5.3%) $337,760 (7.1%) 0.94 1,090
2019-04-01 $296,093 (9.7%) $345,658 (10.9%) 0.94 1,090
2019-05-01 $291,973 (6.2%) $343,061 (8.3%) 0.91 1,120
2019-06-01 $289,900 (6.2%) $346,786 (9.6%) 0.91 1,130
2019-07-01 $287,725 (4.7%) $347,633 (9.0%) 0.90 1,097
2019-08-01 $286,682 (5.7%) $348,345 (8.8%) 0.91 1,083
2019-09-01 $289,356 (6.1%) $348,673 (8.7%) 0.93 1,075
2019-10-01 $290,420 (7.6%) $348,656 (7.8%) 0.94 1,069
2019-11-01 $290,000 (7.5%) $346,118 (7.7%) 0.95 1,021
2019-12-01 $298,316 (8.5%) $353,435 (9.1%) 0.99 891
2020-01-01 $306,445 (11.4%) $360,929 (10.8%) 1.02 794
2020-02-01 $319,900 (14.7%) $367,223 (11.4%) 1.05 744
2020-03-01 $320,200 (11.2%) $374,686 (10.9%) 1.00 718
2020-04-01 $326,250 (10.2%) $389,335 (12.6%) 1.02 686
2020-05-01 $319,900 (9.6%) $382,250 (11.4%) 0.97 719
2020-06-01 $319,900 (10.4%) $378,803 (9.2%) 0.94 740
2020-07-01 $320,950 (11.6%) $385,764 (11.0%) 0.93 657
2020-08-01 $334,900 (16.8%) $401,694 (15.3%) 0.96 603
2020-09-01 $327,095 (13.0%) $395,202 (13.3%) 0.94 574
2020-10-01 $326,000 (12.3%) $395,735 (13.5%) 0.93 542
2020-11-01 $329,900 (13.8%) $394,365 (13.9%) 0.96 512
2020-12-01 $331,400 (11.1%) $388,988 (10.1%) 0.99 482
2021-01-01 $344,900 (12.6%) $400,804 (11.1%) 1.03 415
2021-02-01 $354,948 (11.0%) $418,382 (13.9%) 1.03 355
2021-03-01 $350,000 (9.3%) $409,277 (9.2%) 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 (1.2%) $390,538 (3.1%) 0.85 466
2021-07-01 $319,900 (-0.3%) $383,547 (-0.6%) 0.84 463
2021-08-01 $329,204 (-1.7%) $415,139 (3.4%) 0.88 482
2021-09-01 $323,725 (-1.0%) $421,584 (6.7%) 0.86 469
2021-10-01 $322,000 (-1.2%) $416,637 (5.3%) 0.86 469
2021-11-01 $333,370 (1.1%) $425,534 (7.9%) 0.89 424
2021-12-01 $349,900 (5.6%) $441,724 (13.6%) 0.95 345
2022-01-01 $369,900 (7.3%) $495,422 (23.6%) 1.00 251
2022-02-01 $355,000 (0.0%) $473,439 (13.2%) 0.92 261
2022-03-01 $368,200 (5.2%) $440,737 (7.7%) 0.92 322
2022-04-01 $374,998 (7.2%) $454,485 (10.1%) 0.89 336
2022-05-01 $379,950 (8.6%) $469,875 (14.4%) 0.87 374
2022-06-01 $365,625 (12.9%) $453,750 (16.2%) 0.81 450
2022-07-01 $364,900 (14.1%) $454,661 (18.5%) 0.82 473
2022-08-01 $366,443 (11.3%) $458,517 (10.5%) 0.85 458
2022-09-01 $346,366 (7.0%) $446,199 (5.8%) 0.81 428
2022-10-01 $379,900 (18.0%) $470,063 (12.8%) 0.89 431
2022-11-01 $388,725 (16.6%) $476,175 (11.9%) 0.93 442
2022-12-01 $395,000 (12.9%) $472,056 (6.9%) 0.98 390
2023-01-01 $399,950 (8.1%) $479,141 (-3.3%) 0.99 379
2023-02-01 $422,450 (19.0%) $493,382 (4.2%) 1.02 352
2023-03-01 $428,725 (16.4%) $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 (0.2%) 0.91 352
2023-06-01 $398,725 (9.1%) $465,966 (2.7%) 0.90 357
2023-07-01 $399,000 (9.4%) $472,372 (3.9%) 0.91 352
2023-08-01 $395,750 (8.0%) $470,996 (2.7%) 0.91 363
2023-09-01 $399,000 (15.2%) $471,268 (5.6%) 0.93 368
2023-10-01 $375,000 (-1.3%) $464,265 (-1.2%) 0.88 431
2023-11-01 $399,900 (2.9%) $484,366 (1.7%) 0.95 408
2023-12-01 $411,157 (4.1%) $500,049 (5.9%) 1.00 368
2024-01-01 $429,900 (7.5%) $494,847 (3.3%) 1.05 332
2024-02-01 $420,250 (-0.5%) $495,608 (0.5%) 1.01 314
2024-03-01 $419,950 (-2.1%) $502,502 (2.1%) 0.99 298
2024-04-01 $423,725 (6.0%) $492,422 (1.6%) 0.99 374
Lancaster's median listing price for 2024-04-01 was $423,725, a difference of $23,825 (6.0%) versus the prior year and $3,775 versus the prior month.

Lancaster's median listing price comes in at 99% of the national average.

Lancaster's average listing price for 2024-04-01 was $492,422, a difference of $7,701 (1.6%) versus the prior year and $-10,080 versus the prior month.

For the 2024-04-01 period, Lancaster had 374 MLS listings, a difference of 76 listings (26%) versus the prior month and 47 listings (14%) 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 1,864 sqft
2018-02-01 84 days 1,895 sqft
2018-03-01 64 days 1,917 sqft
2018-04-01 54 days 1,900 sqft
2018-05-01 53 days 1,897 sqft
2018-06-01 46 days 2,043 sqft
2018-07-01 47 days 2,038 sqft
2018-08-01 54 days 2,028 sqft
2018-09-01 58 days 2,040 sqft
2018-10-01 56 days 1,993 sqft
2018-11-01 54 days 1,985 sqft
2018-12-01 69 days 1,970 sqft
2019-01-01 71 days 1,942 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 40 days 2,067 sqft
2019-06-01 45 days 2,046 sqft
2019-07-01 46 days 2,030 sqft
2019-08-01 45 days 2,033 sqft
2019-09-01 45 days 2,048 sqft
2019-10-01 44 days 2,058 sqft
2019-11-01 53 days 2,040 sqft
2019-12-01 65 days 2,049 sqft
2020-01-01 71 days 2,110 sqft
2020-02-01 67 days 2,160 sqft
2020-03-01 42 days 2,140 sqft
2020-04-01 61 days 2,150 sqft
2020-05-01 68 days 2,122 sqft
2020-06-01 36 days 2,146 sqft
2020-07-01 34 days 2,161 sqft
2020-08-01 37 days 2,208 sqft
2020-09-01 37 days 2,121 sqft
2020-10-01 43 days 2,054 sqft
2020-11-01 45 days 2,093 sqft
2020-12-01 51 days 2,019 sqft
2021-01-01 52 days 2,064 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 1,924 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 30 days 2,000 sqft
2022-06-01 30 days 1,970 sqft
2022-07-01 32 days 1,970 sqft
2022-08-01 36 days 1,972 sqft
2022-09-01 41 days 1,911 sqft
2022-10-01 37 days 1,969 sqft
2022-11-01 42 days 2,013 sqft
2022-12-01 50 days 1,974 sqft
2023-01-01 54 days 1,945 sqft
2023-02-01 49 days 1,972 sqft
2023-03-01 41 days 1,982 sqft
2023-04-01 34 days 2,043 sqft
2023-05-01 29 days 2,017 sqft
2023-06-01 31 days 2,052 sqft
2023-07-01 34 days 2,055 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
2023-11-01 34 days 1,947 sqft
2023-12-01 42 days 1,960 sqft
2024-01-01 47 days 1,941 sqft
2024-02-01 39 days 1,981 sqft
2024-03-01 37 days 1,907 sqft
2024-04-01 29 days 1,918 sqft
Lancaster's median listing age (time on market) for 2024-04-01 was 29 days. This is -14% shorter than the same period one year ago.

Lancaster's median square footage for active listings during the 2024-04-01 period was 1,918 sqft. One year prior, the average listing was 2,043 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.