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 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 6.72% for the week of 2024-07-19, compared to the national average (all VA variants) of 6.303% for the same period.

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

    The average rate for the prior week (2024-07-12) was 6.56% and one month ago for the week of 2024-06-14, the average rate was 6.42%.

    The average rate one year ago was 6.9%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.66%.

    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%).

    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.