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 103 lenders originated 998 VA loans during 2021. The total origination value was $248,960,000, with an average VA loan value of $249,459.

    Lancaster VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Lancaster averaged 6.72% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

    Lancaster's average VA mortgage closing costs are $6,298.

    The average rate for the prior week (2022-11-25) was 6.56% and one month ago for the week of 2022-10-28, the average rate was 6.95%.

    The average rate one year ago was 3.23%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.25%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Mortgage Research Center, LLC 105 2.83% $6,852
    QUICKEN LOANS, LLC 79 2.48% $6,050
    FREEDOM MORTGAGE CORPORATION 63 2.52% $3,101
    PENNYMAC LOAN SERVICES, LLC 52 2.39% $5,492
    NEW DAY FINANCIAL, LLC 36 2.80% $10,747
    CALIBER HOME LOANS, INC. 29 2.51% $6,487
    RESIDENTIAL MORTGAGE SERVICES, INC. 24 2.73% $6,864
    VILLAGE CAPITAL MORTGAGE 22 2.31% $4,294
    UNITED WHOLESALE MORTGAGE, LLC 21 2.49% $6,001
    USAA Federal Savings Bank 21 2.77% $5,812
    Mr. Cooper ( Nationstar Mortgage ) 19 2.82% $5,247
    NAVY FEDERAL CREDIT UNION 19 2.55% $6,430
    Wells Fargo Bank 17 2.62% $5,105
    Homesale Mortgage, LLC 14 2.87% $8,901
    LOANDEPOT.COM, LLC 13 2.59% $7,070
    CLEARPATH LENDING 13 2.35% $4,481
    LAKEVIEW LOAN SERVICING, LLC 12 2.62% $3,339
    BROKER SOLUTIONS, INC. 12 3.01% $12,302
    CROSSCOUNTRY MORTGAGE, LLC 11 2.88% $9,500
    Citizens Bank 11 2.56% $9,517
    Sierra Pacific Mortgage Company, Inc. 10 2.86% $7,966
    The Federal Savings Bank 10 2.46% $12,866
    HOME POINT FINANCIAL CORPORATION 9 2.56% $5,387
    AMERICAN FINANCIAL NETWORK, INC. 9 2.44% $8,527
    Carrington Mortgage Services, LLC 9 2.92% $5,831
    GUARANTEED RATE, INC. 7 2.70% $8,063
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 7 2.68% $7,121
    Mortgage America, Inc. 6 2.96% $7,183
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.75% $5,984
    RELIANCE FIRST CAPITAL, LLC 5 2.68% $6,477
    Barrington Bank & Trust Company, N.A. 5 2.79% $6,884
    Keystone Funding, Inc. 5 2.70% $8,062
    Fulton Bank 5 2.78% $8,189
    The Ephrata National Bank 5 2.98% $10,390
    PENTAGON FEDERAL CREDIT UNION 5 2.35% $3,948
    First Guaranty Mortgage Corporation 4 2.56% $5,622
    AMERISAVE MORTGAGE CORPORATION 4 3.44% $3,833
    InterContinental Capital Group, Inc 4 2.25% $4,461
    NEWREZ LLC 4 2.69% $6,687
    PLANET HOME LENDING, LLC 4 2.41% $1,745
    GUILD MORTGAGE COMPANY 4 3.41% $7,590
    AMERICAN FINANCING CORPORATION 4 2.34% $5,113
    Meridian Bank Corporation 4 2.44% $9,160
    AmRes Corporation 4 2.78% $9,324
    NP, Inc. 3 2.29% $5,938
    First Federal Bank 3 2.79% $15,137
    ACCELERATE MORTGAGE, LLC 3 1.92% $9,148
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.75% $4,634
    GUARANTEED RATE AFFINITY, LLC 3 2.54% $6,421
    EMM LOANS LLC 3 2.63% $5,445
    Paramount Residential Mortgage Group, Inc. 3 3.13% $8,925
    Low VA Rates, LLC 3 2.42% $3,282
    North American Savings Bank, F.S.B. 3 2.83% $5,000
    MUTUAL OF OMAHA MORTGAGE, INC. 2 2.63% $7,175
    Magnolia Bank 2 2.50% $5,645
    HOMESTEAD FUNDING CORP. 2 3.13% $4,044
    AmeriHome Mortgage Company, LLC 2 3.00% $2,797
    Nations Lending Corporation 2 2.50% $12,727
    CONTOUR MORTGAGE CORPORATION 2 3.00% $13,392
    Wyndham Capital Mortgage, Inc. 2 2.31% $2,652
    FBC MORTGAGE, LLC 2 2.50% $5,560
    TIDEWATER MORTGAGE SERVICES, INC. 2 2.88% $11,418
    MOVEMENT MORTGAGE, LLC 2 2.50% $10,660
    FINANCE OF AMERICA MORTGAGE LLC 2 3.00% $11,286
    M&T Bank 2 2.81% $6,012
    Lakeview Community Capital, LLC 2 2.31% $3,277
    Northpointe Bank 2 2.38% $4,286
    SUN WEST MORTGAGE COMPANY, INC. 1 2.25% $3,008
    Acre Mortgage and Financial Inc 1 2.88% $5,200
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.00% $5,212
    BAY CAPITAL MORTGAGE CORPORATION 1 2.88% $4,946
    Blue Ridge Bank 1 2.50% $3,332
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 1 2.25% $4,110
    CHURCHILL MORTGAGE CORPORATION 1 2.50% $25,573
    CMG MORTGAGE, INC. 1 3.75% $4,493
    Colonial Savings, F.A. 1 2.25% $7,358
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 1 2.88% $5,185
    EMBRACE HOME LOANS, INC. 1 2.25% $2,754
    EQUITY RESOURCES, INC. 1 2.25% $4,912
    Evesham Mortgage, LLC 1 3.13% $13,656
    First Savings Bank 1 2.25% $2,380
    Flagstar Bank, FSB 1 2.48% $3,500
    HomePromise Corporation 1 3.13% $5,515
    HOMESIDE FINANCIAL, LLC 1 2.25% $3,304
    HOMESPIRE MORTGAGE CORPORATION 1 2.88% $3,795
    LENDUS, LLC 1 3.25% $4,374
    MCLEAN MORTGAGE CORPORATION 1 2.63% $3,722
    MEMBERS 1ST FEDERAL CREDIT UNION 1 2.63% $3,301
    Mid-Continent Funding, Inc. 1 2.38% $4,775
    MORTGAGE ACCESS CORP. 1 2.25% $4,259
    NBKC BANK 1 2.25% $2,766
    NFM, INC. 1 2.88% $8,521
    Peoples Bank 1 3.13% $34,900
    PHH Mortgage Corporation 1 3.75% $3,321
    PNC Bank 1 3.13% $5,073
    Princeton Mortgage Corporation 1 2.75% $6,373
    STEARNS LENDING, LLC 1 2.75% $3,564
    SUCCESS MORTGAGE PARTNERS, INC. 1 3.13% $5,930
    ACADEMY MORTGAGE CORPORATION 1 3.75% $21,819
    SWBC MORTGAGE CORPORATION 1 2.88% $4,684
    TJC Mortgage, Inc. 1 2.25% $5,763
    Univest Bank and Trust Co. 1 2.50% $6,738
    Watermark Capital, Inc. 1 2.38% $5,004

    The top Lancaster VA lender as defined by loan originations is Mortgage Research Center, LLC, with 105 VA loans originated. Their average total fees are $6,852, which is $802 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Lancaster VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($3,101), LAKEVIEW LOAN SERVICING, LLC ($3,339), VILLAGE CAPITAL MORTGAGE ($4,294), CLEARPATH LENDING ($4,481) and Wells Fargo Bank ($5,105).

    The lowest rate Lancaster VA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (2.31%), CLEARPATH LENDING (2.35%), PENNYMAC LOAN SERVICES, LLC (2.39%), The Federal Savings Bank (2.46%) and QUICKEN LOANS, LLC (2.48%).

    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 $259,675 (6.0%) $295,872 (5.1%) 0.96 1,191
    2018-02-01 $266,774 (10.7%) $306,750 (7.5%) 0.97 1,133
    2018-03-01 $273,129 (11.5%) $315,267 (8.8%) 0.96 1,126
    2018-04-01 $269,900 (8.9%) $311,444 (5.0%) 0.92 1,185
    2018-05-01 $274,425 (9.8%) $316,638 (5.2%) 0.92 1,181
    2018-06-01 $272,900 (9.2%) $316,249 (5.7%) 0.91 1,271
    2018-07-01 $274,900 (12.2%) $318,786 (8.2%) 0.92 1,320
    2018-08-01 $270,618 (10.1%) $320,008 (9.6%) 0.91 1,315
    2018-09-01 $271,250 (9.6%) $320,723 (10.3%) 0.91 1,298
    2018-10-01 $269,900 (8.0%) $323,273 (10.3%) 0.91 1,307
    2018-11-01 $269,900 (9.9%) $321,102 (13.6%) 0.91 1,299
    2018-12-01 $274,900 (10.0%) $323,735 (12.5%) 0.95 1,242
    2019-01-01 $274,998 (5.9%) $325,580 (10.0%) 0.95 1,190
    2019-02-01 $278,945 (4.6%) $329,516 (7.4%) 0.94 1,123
    2019-03-01 $287,850 (5.4%) $337,578 (7.1%) 0.94 1,090
    2019-04-01 $295,400 (9.5%) $345,552 (11.0%) 0.94 1,092
    2019-05-01 $289,950 (5.7%) $342,508 (8.2%) 0.91 1,124
    2019-06-01 $289,900 (6.2%) $346,211 (9.5%) 0.91 1,135
    2019-07-01 $287,173 (4.5%) $347,045 (8.9%) 0.90 1,102
    2019-08-01 $286,264 (5.8%) $347,749 (8.7%) 0.91 1,087
    2019-09-01 $288,309 (6.3%) $348,064 (8.5%) 0.92 1,079
    2019-10-01 $289,900 (7.4%) $348,044 (7.7%) 0.94 1,073
    2019-11-01 $289,999 (7.5%) $345,468 (7.6%) 0.95 1,026
    2019-12-01 $297,000 (8.0%) $352,363 (8.8%) 0.99 896
    2020-01-01 $305,425 (11.1%) $359,679 (10.5%) 1.02 799
    2020-02-01 $319,000 (14.4%) $365,875 (11.0%) 1.04 749
    2020-03-01 $319,950 (11.2%) $373,478 (10.6%) 1.00 722
    2020-04-01 $325,000 (10.0%) $387,870 (12.3%) 1.02 690
    2020-05-01 $319,000 (10.0%) $380,928 (11.2%) 0.97 723
    2020-06-01 $318,495 (9.9%) $377,644 (9.1%) 0.94 744
    2020-07-01 $320,450 (11.6%) $384,140 (10.7%) 0.93 662
    2020-08-01 $333,825 (16.6%) $400,176 (15.1%) 0.96 608
    2020-09-01 $325,600 (12.9%) $393,389 (13.0%) 0.93 578
    2020-10-01 $325,000 (12.1%) $394,092 (13.2%) 0.93 546
    2020-11-01 $328,975 (13.4%) $392,617 (13.7%) 0.96 516
    2020-12-01 $329,950 (11.1%) $387,226 (9.9%) 0.98 486
    2021-01-01 $342,900 (12.3%) $398,591 (10.8%) 1.02 419
    2021-02-01 $353,775 (10.9%) $415,511 (13.6%) 1.03 359
    2021-03-01 $349,900 (9.4%) $406,618 (8.9%) 0.99 365
    2021-04-01 $349,369 (7.5%) $410,171 (5.8%) 0.95 391
    2021-05-01 $350,000 (9.7%) $408,314 (7.2%) 0.93 407
    2021-06-01 $322,450 (1.2%) $388,913 (3.0%) 0.85 470
    2021-07-01 $316,800 (-1.1%) $381,845 (-0.6%) 0.83 466
    2021-08-01 $328,950 (-1.5%) $413,429 (3.3%) 0.88 485
    2021-09-01 $320,438 (-1.6%) $419,560 (6.7%) 0.85 473
    2021-10-01 $320,000 (-1.5%) $414,773 (5.3%) 0.85 473
    2021-11-01 $329,950 (0.3%) $423,241 (7.8%) 0.88 427
    2021-12-01 $349,900 (6.1%) $438,890 (13.3%) 0.95 348
    2022-01-01 $369,900 (7.9%) $490,425 (23.0%) 1.00 255
    2022-02-01 $354,924 (0.3%) $469,170 (12.9%) 0.92 265
    2022-03-01 $358,725 (2.5%) $437,146 (7.5%) 0.90 326
    2022-04-01 $374,900 (7.3%) $451,260 (10.0%) 0.89 340
    2022-05-01 $379,900 (8.5%) $466,874 (14.3%) 0.87 378
    2022-06-01 $360,450 (11.8%) $451,356 (16.1%) 0.80 454
    2022-07-01 $359,950 (13.6%) $452,297 (18.5%) 0.81 477
    2022-08-01 $359,975 (9.4%) $455,915 (10.3%) 0.83 462
    2022-09-01 $344,700 (7.6%) $443,872 (5.8%) 0.81 432
    2022-10-01 $379,000 (18.4%) $467,298 (12.7%) 0.89 435
    2022-11-01 $386,775 (17.2%) $473,440 (11.9%) 0.93 446
    Lancaster's median listing price for 2022-11-01 was $386,775, a difference of $56,825 (17.2%) versus the prior year and $7,775 versus the prior month.

    Lancaster's median listing price comes in at 93% of the national average.

    Lancaster's average listing price for 2022-11-01 was $473,440, a difference of $50,199 (11.9%) versus the prior year and $6,142 versus the prior month.

    For the 2022-11-01 period, Lancaster had 446 MLS listings, a difference of 11 listings (3%) versus the prior month and 19 listings (4%) 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 94 days 1,861 sqft
    2018-02-01 97 days 1,892 sqft
    2018-03-01 78 days 1,917 sqft
    2018-04-01 65 days 1,897 sqft
    2018-05-01 65 days 1,897 sqft
    2018-06-01 53 days 2,044 sqft
    2018-07-01 54 days 2,039 sqft
    2018-08-01 62 days 2,029 sqft
    2018-09-01 68 days 2,041 sqft
    2018-10-01 66 days 1,993 sqft
    2018-11-01 66 days 1,985 sqft
    2018-12-01 78 days 1,970 sqft
    2019-01-01 81 days 1,942 sqft
    2019-02-01 81 days 1,958 sqft
    2019-03-01 71 days 2,014 sqft
    2019-04-01 51 days 2,084 sqft
    2019-05-01 46 days 2,067 sqft
    2019-06-01 51 days 2,045 sqft
    2019-07-01 54 days 2,030 sqft
    2019-08-01 53 days 2,033 sqft
    2019-09-01 52 days 2,048 sqft
    2019-10-01 52 days 2,058 sqft
    2019-11-01 61 days 2,039 sqft
    2019-12-01 77 days 2,045 sqft
    2020-01-01 85 days 2,104 sqft
    2020-02-01 86 days 2,158 sqft
    2020-03-01 60 days 2,137 sqft
    2020-04-01 81 days 2,145 sqft
    2020-05-01 78 days 2,120 sqft
    2020-06-01 47 days 2,145 sqft
    2020-07-01 42 days 2,157 sqft
    2020-08-01 46 days 2,197 sqft
    2020-09-01 50 days 2,119 sqft
    2020-10-01 56 days 2,046 sqft
    2020-11-01 53 days 2,089 sqft
    2020-12-01 58 days 2,018 sqft
    2021-01-01 64 days 2,061 sqft
    2021-02-01 69 days 2,112 sqft
    2021-03-01 50 days 2,084 sqft
    2021-04-01 32 days 2,073 sqft
    2021-05-01 35 days 2,044 sqft
    2021-06-01 39 days 1,907 sqft
    2021-07-01 43 days 1,927 sqft
    2021-08-01 41 days 1,978 sqft
    2021-09-01 44 days 1,924 sqft
    2021-10-01 45 days 1,958 sqft
    2021-11-01 47 days 1,925 sqft
    2021-12-01 58 days 1,920 sqft
    2022-01-01 58 days 1,972 sqft
    2022-02-01 42 days 1,951 sqft
    2022-03-01 32 days 1,916 sqft
    2022-04-01 36 days 1,971 sqft
    2022-05-01 35 days 1,996 sqft
    2022-06-01 35 days 1,963 sqft
    2022-07-01 36 days 1,968 sqft
    2022-08-01 39 days 1,969 sqft
    2022-09-01 43 days 1,901 sqft
    2022-10-01 39 days 1,968 sqft
    2022-11-01 44 days 2,012 sqft
    Lancaster's median listing age (time on market) for 2022-11-01 was 44 days. This is -6% shorter than the same period one year ago.

    Lancaster's median square footage for active listings during the 2022-11-01 period was 2,012 sqft. One year prior, the average listing was 1,925 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.