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 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.